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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08261
Madison Funds
(Exact name of registrant as specified in charter)
550 Science Drive, Madison, WI 53711
(Address of principal executive offices)(Zip code)
Steve J. Fredricks
Chief Legal Officer & Chief Compliance Officer
550 Science Drive
Madison, WI 53711
(Name and address of agent for service)
Registrant's telephone number, including area code: 608-274-0300
Date of fiscal year end: October 31
Date of reporting period: April 30, 2020
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders
Semi-annual Report
(unaudited)
April 30, 2020
Madison Conservative Allocation Fund
Madison Moderate Allocation Fund
Madison Aggressive Allocation Fund
Madison Government Money Market Fund
Madison Tax-Free Virginia Fund
Madison Tax-Free National Fund
Madison High Quality Bond Fund
Madison Core Bond Fund
Madison Corporate Bond Fund
Madison High Income Fund
Madison Diversified Income Fund
Madison Covered Call & Equity Income Fund
Madison Dividend Income Fund
Madison Large Cap Value Fund
Madison Investors Fund
Madison Mid Cap Fund
Madison Small Cap Fund
Madison International Stock Fund
Beginning March 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, we will no longer mail paper copies of the funds’ shareholder reports, unless you specifically request paper copies from Madison Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Madison Funds website and we will notify you by mail each time a report is posted and provide you with a website link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you can update your mailing preferences with your financial intermediary, or enroll in e-delivery at madisonfunds.com (for accounts held directly with the funds).
You may elect to receive all future reports in paper free of charge by calling Madison Funds at (800) 877-6089 if you hold shares directly with the funds. Your election to receive reports in paper will apply to all funds held with Madison Funds. If your fund shares are held through a financial intermediary, please contact them directly to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.
Madison Funds | April 30, 2020
Table of Contents |
Although each fund’s name begins with the word “Madison,” the word “Madison” may be omitted in this report for simplicity when referring to any particular fund, group of funds or list of funds.
Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.
For more complete information about Madison Funds, including charges and expenses, request a prospectus from your financial advisor or from Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the funds.
For more current performance information, please call 1-800-877-6089 or visit our website at www.madisonfunds.com. Current performance may be lower or higher than the performance data quoted within. Performance data shown represents past performance, past performance does not guarantee future results.
Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.
1
Madison Funds | April 30, 2020
It is impossible to review the past six months without starting with the shock and continued disruption of the COVID-19 pandemic. The first three months of this period, November through January, have already developed an aura of the distant past, with schools in session, public gatherings proceeding in unremarkable succession and people shaking hands. As we conclude this semi-annual period at the end of April, the world seems quite a different place.
While we all struggle to make personal adjustments to the new reality, the market too has struggled to make sense of it all. Through much of the latter half of this period we witnessed intense volatility as investors were buffeted by news in turn demoralizing and promising. We began the period in the midst of the longest bull market in history and hit an all-time high for the S&P 500® Index on February 19, 2020, with a steady 7.8% advance in the Index since the start of the period at the beginning of November. This was followed by a precipitous drop that will not soon be forgotten. By March 23 the Index had lost -33.9% of its value from that February high. In terms of duration and size, this was the sharpest drop in Index history.
On February 19, 2020, at the market’s peak, reports reached the west that cases of a new virus had spiked in central China. The virus news continued to worsen and on March 6th the oil markets were disrupted by a conflict between the OPEC nations and Russia. This sent an already troubled market into freefall. The bond market was also roiled as a flight to safety sent U.S. Treasury yields to new all-time lows while corporate bonds suffered intense selling pressure. As the fear of a U.S. pandemic turned into reality and the country began to shelter to “flatten the curve” of cases, the economic damage was sharp and unprecedented, with no end in sight.
But the final weeks of the period showed a surprising turn of market direction in the face of these considerable economic woes. By the end of April we saw a surprising 32% S&P 500® Index rally from its March 23 intraday low, with an April return of a robust 12.8%. This was the best monthly return since 1987. With the economy reeling and unemployment setting new records, the market was still down year-to-date, but just -9.3%, a far cry from the -30% loss we were looking at in late March. Disruptions in the bond market had also settled, but by April 30 investors looking towards the safety of Treasury Bonds were getting paid a mere 0.6% on the 10-year Treasury. With even the top scientific experts unable to reliably predict the path of the virus and the parallel inability of economists to chart the likely economic future, and knowing that the stock market hates uncertainty, why the rally?
Perhaps the best answer came from Minneapolis Federal Reserve President Neel Kashkari who told his 60 Minutes interviewer on March 22nd, “There is an infinite amount of cash at the Federal Reserve.” This suggestion that there was no limit to the Fed’s potential monetary stimulus, along with the federal government’s massive $2 trillion spending bill which indicated a similar position on fiscal stimulus may have been the reason for the market’s rally. The comfort of substantial and promissory stimulus was enough to balance, at least for the moment, the anxiety over the viral and economic unknowns. At the Fed’s latest meeting on April 29th, the Fed’s policy was reaffirmed by Chairman Powell, as he pledged to do everything within the Fed’s powers to set the stage for recovery, even as the first quarter’s GDP was announced as slowing by -4.8%. The prospects for the second quarter were considerably worse. The consensus, which we subscribe to, is that this government commitment has put at least a temporary bottom in the stock market.
It’s not only the virus which is novel -- investors haven’t witnessed anything like this either. These unique circumstances have led us to a renewed review of the market action and the holdings in Madison’s portfolios. The rapidly changing economic landscape has meant a commensurate increase in our analytical load.
While the April market rally was of some comfort to investors, the overhanging question for most of us is “when will we be back to normal?” Here we profess no better crystal ball than the multitude of experts who are hardened to the same inquiry. So much remains unknown and so much depends on human behavior. What we do have is faith in the long-term resilience of the U.S. economy and the ability of the world’s mobilized scientific community to find a solution to COVID-19. The April market rally was augmented by late-month news of advances in both COVID-19 treatment and prevention, the first steps toward this resolution. While the extended sheltering might try our patience, we expect to be able to look back at this time as another of the incredibly trying, difficult periods our country has survived, including world wars, the flu pandemic of 1918, the Great Depression and the Global Financial Crisis of 2008-2009.
2
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds invest primarily in shares of registered investment companies (the “Underlying Funds”). The funds are diversified among a number of asset classes and their allocation among Underlying Funds are based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the funds’ investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:
● | Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the funds’ aim to achieve a favorable overall risk profile for any targeted portfolio return. |
● | Scenario analysis– historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the funds under different economic and market conditions. |
● | Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. In addition, Madison has a flexible mandate which permits the funds, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action. |
MADISON CONSERVATIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Conservative Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 35% equity investments and 65% fixed income investments. Underlying Funds in which the fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the “Affiliated Underlying Funds”). Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Conservative Allocation Fund (Class A at NAV) returned 0.80% for the period, underperforming the Conservative Allocation Fund Custom Index return of 1.01%. The fund outperformed its peers as measured by the Morningstar U.S. Fund Allocation 30%-50% Equity category, which fell -4.96%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Bond Funds | 65.2 | % | ||
Foreign Stock Funds | 5.8 | % | ||
Short-Term Investments | 7.2 | % | ||
Stock Funds | 22.6 | % | ||
Net Other Assets and Liabilities | (0.8 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Madison Core Bond Fund Class Y | 17.0 | % | ||
Vanguard Short-Term Treasury ETF | 12.7 | % | ||
Vanguard Short-Term Corporate Bond ETF | 12.2 | % | ||
Baird Aggregate Bond Fund Institutional Shares | 11.6 | % | ||
Madison Investors Fund Class Y | 6.7 | % | ||
Madison Corporate Bond Fund Class Y | 6.3 | % | ||
Madison Dividend Income Fund Class Y | 6.1 | % | ||
iShares 20+ Year Treasury Bond ETF | 5.4 | % | ||
Vanguard Information Technology ETF | 4.9 | % | ||
Vanguard Health Care ETF | 2.9 | % |
MADISON MODERATE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Moderate Allocation Fund (Class A at NAV) returned -2.15% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned -1.96%. The fund outpaced its Morningstar peer group as the U.S. Fund Allocation 50%-70% Equity category returned an average of -4.79%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Bond Funds | 39.8 | % | ||
Foreign Stock Funds | 9.1 | % | ||
Short-Term Investments | 13.3 | % | ||
Stock Funds | 40.0 | % | ||
Net Other Assets and Liabilities | (2.2 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Madison Investors Fund Class Y | 11.5 | % | ||
Madison Core Bond Fund Class Y | 11.1 | % | ||
Madison Dividend Income Fund Class Y | 10.8 | % | ||
Vanguard Short-Term Corporate Bond ETF | 10.0 | % | ||
Baird Aggregate Bond Fund Institutional Shares | 8.8 | % | ||
Vanguard Information Technology ETF | 8.8 | % | ||
Vanguard Short-Term Treasury ETF | 5.5 | % | ||
iShares 20+ Year Treasury Bond ETF | 4.4 | % | ||
iShares Edge MSCI Minimum Volatility EAFE ETF | 4.2 | % | ||
Vanguard Health Care ETF | 3.9 | % |
MADISON AGGRESSIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Aggressive Allocation Fund (Class A at NAV) returned -4.92% for the period, trailing its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned -4.45%. The fund outperformed its Morningstar U.S. Fund Allocation 70%-85% Equity category peer group, which averaged a -8.21% return. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
3
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Bond Funds | 19.3 | % | ||
Foreign Stock Funds | 12.9 | % | ||
Short-Term Investments | 23.3 | % | ||
Stock Funds | 52.3 | % | ||
Net Other Assets and Liabilities | (7.8 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Madison Investors Fund Class Y | 13.2 | % | ||
Madison Dividend Income Fund Class Y | 13.1 | % | ||
Vanguard Information Technology ETF | 12.3 | % | ||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19% | 7.6 | % | ||
Vanguard Health Care ETF | 6.3 | % | ||
Madison Core Bond Fund Class Y | 6.0 | % | ||
Vanguard Short-Term Corporate Bond ETF | 5.1 | % | ||
iShares MSCI China ETF | 4.4 | % | ||
Madison Mid Cap Fund Class Y | 4.4 | % | ||
iShares Edge MSCI Minimum Volatility EAFE ETF | 4.2 | % |
MADISON GOVERNMENT MONEY MARKET FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Government Money Market Fund invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized by cash or government securities, including but not limited to the Federal National Mortgage Association, Federal Home Loan Banks, Federal Home Loan Mortgage Corporate, and Federal Farm Credit Banks.
The fund is a money market fund that seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. The fund’s investments must have a remaining maturity of no more than 397 days and must be high quality. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.
PERFORMANCE DISCUSSION
The Madison Government Money Market Fund (Class A) returned 0.45% for the period, compared to a 0.76% return on the fund’s FTSE 90 day U.S. Treasury Bill benchmark. The Morningstar U.S. Fund Money Market -Taxable peer group returned 0.47% for the period.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Fannie Mae | 21.0 | % | ||
Federal Home Loan Bank | 30.4 | % | ||
Freddie Mac | 30.6 | % | ||
Short-Term Investments | 9.5 | % | ||
U.S. Treasury Notes | 8.3 | % | ||
Net Other Assets and Liabilities | 0.2 | % |
MADISON TAX-FREE VIRGINIA FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free Virginia Fund seeks to achieve its investment objectives by investing at least 80% of its net assets in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years.
PERFORMANCE DISCUSSION
The Madison Tax-Free Virginia Fund (Class Y) had a total return of 0.01% for the period. The ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index fell -1.15%, while the fund’s Morningstar peer group, the Municipal Single State Intermediate Category lost -0.80%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Airport | 3.0 | % | ||
Development | 3.3 | % | ||
Education | 10.4 | % | ||
Facilities | 6.6 | % | ||
General | 15.6 | % | ||
General Obligation | 28.5 | % | ||
Medical | 7.8 | % | ||
Power | 1.5 | % | ||
Transportation | 9.4 | % | ||
Utilities | 1.5 | % | ||
Water | 10.5 | % | ||
Net Other Assets and Liabilities | 1.9 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Northern Virginia Transportation Authority, 5.0%, 6/1/30 | 4.1 | % | ||
County of Arlington VA, 5.0%, 8/15/30 | 3.4 | % | ||
James City County Economic Development Authority, 5.0%, 6/15/30 | 2.9 | % | ||
City of Norfolk VA, 5.0%, 8/1/47 | 2.7 | % | ||
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25 | 2.7 | % | ||
County of Henrico VA Water & Sewer Revenue, 4.0%, 5/1/32 | 2.7 | % | ||
Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42 | 2.6 | % | ||
Commonwealth of Virginia, 5.0%, 6/1/23 | 2.6 | % | ||
Metropolitan Washington Airports Authority Revenue, 5.0%, 10/1/43 | 2.5 | % | ||
Virginia College Building Authority, 5.0%, 2/1/23 | 2.5 | % |
MADISON TAX-FREE NATIONAL FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free National Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal income taxes. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this fund will invest in bonds that are exempt from federal income tax.
PERFORMANCE DISCUSSION
The Madison Tax-Free National Fund (Class Y) had a total return of -0.05% for the period, outperforming its benchmark ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index which was down -1.15%, while the fund’s Morningstar peer group, the Municipal National Long Category, fell -3.61%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
4
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||||||||
Alabama | 3.2 | % | New Jersey | 5.5 | % | |||||
Arkansas | 0.9 | % | New York | 4.2 | % | |||||
California | 0.6 | % | North Carolina | 3.7 | % | |||||
Colorado | 2.2 | % | Ohio | 2.5 | % | |||||
Florida | 8.6 | % | Oklahoma | 6.5 | % | |||||
Georgia | 3.2 | % | Pennsylvania | 1.8 | % | |||||
Hawaii | 2.3 | % | South Carolina | 1.1 | % | |||||
Idaho | 2.3 | % | Tennessee | 2.4 | % | |||||
Illinois | 6.6 | % | Texas | 11.0 | % | |||||
Indiana | 2.6 | % | Utah | 1.6 | % | |||||
Iowa | 2.1 | % | Virginia | 5.5 | % | |||||
Kansas | 3.7 | % | Washington | 1.0 | % | |||||
Kentucky | 2.2 | % | West Virginia | 2.3 | % | |||||
Michigan | 1.5 | % | Wisconsin | 1.9 | % | |||||
Mississippi | 2.5 | % | Net Other Assets and Liabilities | 2.4 | % | |||||
Missouri | 2.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
City of Austin TX, General Obligation, 5.0%, 9/1/26 | 2.9 | % | ||
Cook County School District No. 111, General Obligation, 5.0%, 12/1/35 | 2.9 | % | ||
Hampton Roads Sanitation District, 5.0%, 10/1/36 | 2.8 | % | ||
City of Wichita KS, General Obligation, 5.0%, 12/1/24 | 2.6 | % | ||
Vanderburgh County Redevelopment District, 5.0%, 2/1/26 | 2.6 | % | ||
City of Fort Worth TX, General Obligation, 4.0%, 3/1/29 | 2.5 | % | ||
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24 | 2.5 | % | ||
Medical Center Educational Building Corp., 5.0%, 6/1/30 | 2.5 | % | ||
Orlando Utilities Commission, 5.0%, 10/1/22 | 2.5 | % | ||
Caddo County Governmental Building Authority Revenue, 5.0%, 9/1/40 | 2.4 | % |
MADISON HIGH QUALITY BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Quality Bond Fund seeks to achieve its investment objective through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the fund’s goals, the fund’s management will (1) shorten or lengthen the dollar weighted average maturity of the fund based on its anticipation of the movement of interest rates (the dollar weighted average maturity is expected to be ten years or less), and (2) monitor the yields of the various bonds that satisfy the fund’s investment guidelines to determine the best combination of yield, credit risk and diversification for the fund. Under normal market conditions, the fund will invest at least 80% of its net assets in higher quality bond issues and, therefore, intends to maintain an overall portfolio quality rating of A by Standard & Poor’s and/or A2 by Moody’s.
PERFORMANCE DISCUSSION
The Madison High Quality Bond Fund (Class Y) returned 3.33% for the period, trailing the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government Credit A+ Bond Index, which advanced 4.73%. The Morningstar Short-Term Bond peer group lost -0.14% for the period. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 1.0 | % | ||
Consumer Discretionary | 3.6 | % | ||
Consumer Staples | 2.0 | % | ||
Energy | 0.9 | % | ||
Fannie Mae | 5.3 | % | ||
Financials | 17.6 | % | ||
Freddie Mac | 4.9 | % | ||
Health Care | 2.1 | % | ||
Industrials | 0.3 | % | ||
Information Technology | 8.5 | % | ||
Short-Term Investments | 4.6 | % | ||
U.S. Treasury Notes | 46.1 | % | ||
Net Other Assets and Liabilities | 3.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
U.S. Treasury Notes, 2.125%, 5/15/25 | 3.0 | % | ||
Freddie Mac, 2.375%, 1/13/22 | 2.9 | % | ||
Fannie Mae, 1.375%, 10/7/21 | 2.8 | % | ||
U.S. Treasury Notes, 1.125%, 2/28/22 | 2.8 | % | ||
Fannie Mae, 1.875%, 4/5/22 | 2.5 | % | ||
U.S. Treasury Notes, 2.625%, 11/15/20 | 2.5 | % | ||
U.S. Treasury Notes, 2.375%, 5/15/27 | 2.5 | % | ||
U.S. Treasury Notes, 1.750%, 5/15/23 | 2.5 | % | ||
U.S. Treasury Notes, 2.0%, 7/31/20 | 2.5 | % | ||
U.S. Treasury Notes, 1.375%, 8/31/20 | 2.5 | % |
INVESTMENT STRATEGY HIGHLIGHTS
Under normal market conditions, the Madison Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The fund strives to add incremental return in the portfolio by making strategic decisions related to credit risk, sector exposure and yield curve positioning. The fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.
PERFORMANCE DISCUSSION
The Madison Core Bond Fund (Class Y) returned 4.31% for the period, trailing the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index®, which advanced 4.86%. The Fund outpaced its Morningstar Intermediate-Term Core Bond peer group which gained 3.49% for the period. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Asset Backed Securities | 6.1 | % | ||
Collateralized Mortgage Obligations | 5.7 | % | ||
Commercial Mortgage-Backed Securities | 4.4 | % | ||
Corporate Notes and Bonds | 32.5 | % | ||
Long Term Municipal Bonds | 1.1 | % | ||
Mortgage Backed Securities | 24.0 | % | ||
Short-Term Investments | 1.8 | % | ||
U.S. Government and Agency Obligations | 24.8 | % | ||
Net Other Assets and Liabilities | (0.4 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
U.S. Treasury Bonds, 4.500%, 5/15/38 | 2.0 | % | ||
U.S. Treasury Notes, 1.500%, 8/15/26 | 1.8 | % | ||
U.S. Treasury Bonds, 6.625%, 2/15/27 | 1.8 | % | ||
U.S. Treasury Bonds, 5.375%, 2/15/31 | 1.6 | % | ||
U.S. Treasury Bonds, 3.750%, 8/15/41 | 1.6 | % | ||
U.S. Treasury Notes, 2.0%, 11/15/21 | 1.5 | % | ||
U.S. Treasury Notes, 2.875%, 5/15/28 | 1.5 | % | ||
U.S. Treasury Notes, 2.625%, 2/15/29 | 1.5 | % | ||
Freddie Mac, 2.500%, 10/1/34 | 1.4 | % | ||
U.S. Treasury Notes, 2.250%, 11/15/25 | 1.1 | % |
5
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Corporate Bond Fund seeks to achieve its investment objective through diversified investment in a broad range of corporate debt securities. Under normal market conditions, the fund will invest at least 80% of its net assets in income-producing corporate bonds, and at least 80% of its assets in investment grade bonds. Up to 20% of the fund’s assets may be invested in non-investment grade fixed-income securities commonly referred to as “high yield” or “junk” bonds. The fund expects to maintain an average overall portfolio quality of BBB or better, an overall portfolio dollar weighted average maturity of 15 years or less, and an overall portfolio duration within 25% of the Bloomberg Barclays U.S. Corporate Bond Index benchmark (with the flexibility to occasionally vary from the benchmark by up to 50% when the investment adviser believes interest rates are likely to materially change).
PERFORMANCE DISCUSSION
The Madison Corporate Bond Fund (Class Y) gained 1.57% for the period, trailing its benchmark, the Bloomberg Barclays U.S. Corporate Bond Index, which gained 2.00%. The fund outperformed its peer group, the Morningstar Corporate Bond category, which averaged a 0.61% gain. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 9.7 | % | ||
Consumer Discretionary | 10.3 | % | ||
Consumer Staples | 2.7 | % | ||
Energy | 14.9 | % | ||
Financials | 36.5 | % | ||
Health Care | 3.0 | % | ||
Industrials | 10.4 | % | ||
Information Technology | 5.1 | % | ||
Materials | 3.2 | % | ||
Short-Term Investments | 2.2 | % | ||
Utilities | 2.1 | % | ||
Net Other Assets and Liabilities | (0.1 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Valero Energy Corp., 6.625%, 6/15/37 | 2.6 | % | ||
AT&T Inc., 4.250%, 3/1/27 | 2.0 | % | ||
Huntington National Bank/The, 3.550%, 10/6/23 | 1.9 | % | ||
Goldman Sachs Group Inc./The, 3.500%, 11/16/26 | 1.9 | % | ||
KeyCorp, 5.100%, 3/24/21 | 1.9 | % | ||
Berkshire Hathaway Finance Corp., 4.200%, 8/15/48 | 1.8 | % | ||
Verizon Communications Inc., 4.400%, 11/1/34 | 1.7 | % | ||
Prudential Financial Inc., 3.500%, 5/15/24 | 1.6 | % | ||
Affiliated Managers Group Inc., 4.250%, 2/15/24 | 1.5 | % | ||
Lockheed Martin Corp., 2.900%, 3/1/25 | 1.5 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Income Fund invests primarily in lower-rated, higher-yielding, income bearing securities, such as “junk” bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the fund may rotate securities selection by business sector according to economic outlook. Under normal market conditions, the fund invests at least 80% of its net assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.
PERFORMANCE DISCUSSION
The Madison High Income Fund (class A at NAV) returned -8.55% during the period, trailing the ICE Bank of America Merrill Lynch U.S. High Yield Constrained Index’s -7.69% return. The fund lagged its Morningstar High Yield Bond category peer group, which returned -7.80%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Bond Funds | 2.7 | % | ||
Communication Services | 6.9 | % | ||
Consumer Discretionary | 22.1 | % | ||
Consumer Staples | 5.8 | % | ||
Energy | 13.7 | % | ||
Financials | 6.8 | % | ||
Health Care | 4.6 | % | ||
Industrials | 15.6 | % | ||
Information Technology | 5.2 | % | ||
Materials | 3.6 | % | ||
Real Estate | 1.8 | % | ||
Short-Term Investments | 2.8 | % | ||
Utilities | 5.0 | % | ||
Net Other Assets and Liabilities | 3.4 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.625%, 2/15/24 | 3.1 | % | ||
Ford Motor Co., 9.0%, 4/22/25 | 3.0 | % | ||
iShares iBoxx High Yield Corporate Bond ETF | 2.7 | % | ||
Murphy Oil USA Inc., 5.625%, 5/1/27 | 2.6 | % | ||
Alliance Data Systems Corp., 4.750%, 12/15/24 | 2.3 | % | ||
Pilgrim’s Pride Corp., 5.750%, 3/15/25 | 2.2 | % | ||
Simmons Foods Inc., 5.750%, 11/1/24 | 2.2 | % | ||
American Midstream Partners L.P. / American Midstream Finance Corp., 9.500%, 12/15/21 | 2.2 | % | ||
Univision Communications Inc., 5.125%, 5/15/23 | 1.9 | % | ||
Calpine Corp., 5.500%, 2/1/24 | 1.9 | % |
MADISON DIVERSIFIED INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds may constitute up to 80% of the fund’s assets, stocks will constitute up to 70% of the fund’s assets, real estate securities will constitute up to 25% of the fund’s assets, foreign stocks and bonds will constitute up to 25% of the fund’s assets and money market instruments may constitute up to 25% of the fund’s assets. Although the fund is permitted in invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the fund intends to limit the investment in lower credit quality bonds to less than 50% of the fund’s assets.
PERFORMANCE DISCUSSION
The Madison Diversified Income Fund (Class A at NAV) returned -4.93% for the period, underperforming its blended index (50% ICE Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500®) which returned 1.33%. The fund’s comparative Morningstar peer group, the U.S. Funds Allocation 50%-70% Equity category, averaged a -4.79% return for the period. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
6
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Asset Backed Securities | 1.7 | % | ||
Collateralized Mortgage Obligations | 1.2 | % | ||
Commercial Mortgage-Backed Securities | 1.6 | % | ||
Common Stocks | 64.5 | % | ||
Corporate Notes and Bonds | 11.3 | % | ||
Long Term Municipal Bonds | 0.7 | % | ||
Mortgage Backed Securities | 7.1 | % | ||
Short-Term Investments | 2.6 | % | ||
U.S. Government and Agency Obligations | 9.0 | % | ||
Net Other Assets and Liabilities | 0.3 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Verizon Communications Inc. | 3.0 | % | ||
Johnson & Johnson | 3.0 | % | ||
Home Depot Inc./The | 2.7 | % | ||
Comcast Corp. | 2.5 | % | ||
Bristol-Myers Squibb Co. | 2.5 | % | ||
PepsiCo Inc. | 2.2 | % | ||
BlackRock Inc. | 2.2 | % | ||
Cisco Systems Inc. | 2.2 | % | ||
Fastenal Co. | 2.1 | % | ||
Caterpillar Inc. | 2.1 | % |
MADISON COVERED CALL & EQUITY INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Covered Call & Equity Income Fund invests, under normal market conditions, primarily in common stocks of large-and mid-capitalization companies that are, in the view of the fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the fund’s assets among stocks in sectors of the economy based upon their views on forward earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.
The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The extent of option writing activity will depend upon market conditions and the portfolio manager’s ongoing assessment of the attractiveness of writing call options on the fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the fund by providing downside protection.
PERFORMANCE DISCUSSION
The Madison Covered Call & Equity Income Fund (Class Y) returned -3.90% for the period, outperforming its covered call benchmark, the CBOE S&P 500 Buy/Write® Index (BXM), which returned -16.81%. The fund outperformed the Morningstar Option-Based category’s return of -5.00%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/20 | ||||
Communication Services | 6.7 | % | ||
Consumer Discretionary | 9.1 | % | ||
Consumer Staples | 7.6 | % | ||
Energy | 9.7 | % | ||
Exchange Traded Funds | 5.9 | % | ||
Financials | 10.4 | % | ||
Health Care | 14.4 | % | ||
Industrials | 3.9 | % | ||
Information Technology | 9.2 | % | ||
Materials | 10.3 | % | ||
Short Term Investments | 10.0 | % | ||
Utilities | 2.8 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Becton, Dickinson and Co. | 4.4 | % | ||
Range Resources Corp. | 4.1 | % | ||
Lowe’s Cos. Inc. | 3.9 | % | ||
Accenture PLC | 3.5 | % | ||
Barrick Gold Corp. | 3.5 | % | ||
Berkshire Hathaway Inc. | 3.5 | % | ||
CVS Health Corp. | 3.4 | % | ||
Freeport-McMoRan Inc. | 3.4 | % | ||
Zimmer Biomet Holdings Inc. | 3.4 | % | ||
VanEck Vectors Gold Miners ETF | 3.3 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Dividend Income Fund invests in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the fund’s net assets will be invested in dividend paying equity securities. The fund typically owns 30-60 securities which generally have a dividend yield of at least the S&P 500’s average yield, a strong balance sheet, a dividend that has been maintained and likely to increase and trades at a high relative dividend yield due to issues viewed by the adviser as temporary, among other characteristics.
PERFORMANCE DISCUSSION
The Madison Dividend Income Fund (Class Y) returned -9.32% for the period, underperforming the first of its benchmark indices, the S&P 500® Index, which declined -3.16%, while outperforming its second benchmark, the Lipper Equity Income Funds Index®, which dropped -10.59%. This performance beat its peer group, as the Morningstar Large Value category returned -13.76%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 7.8 | % | ||
Consumer Discretionary | 8.7 | % | ||
Consumer Staples | 10.1 | % | ||
Financials | 13.2 | % | ||
Health Care | 20.6 | % | ||
Industrials | 10.7 | % | ||
Information Technology | 14.5 | % | ||
Materials | 2.8 | % | ||
Short-Term Investments | 5.5 | % | ||
Utilities | 5.3 | % | ||
Net Other Assets and Liabilities | 0.8 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Johnson & Johnson | 4.4 | % | ||
Verizon Communications Inc. | 4.3 | % | ||
Home Depot Inc./The | 3.9 | % | ||
Bristol-Myers Squibb Co. | 3.6 | % | ||
Comcast Corp. | 3.5 | % | ||
BlackRock Inc. | 3.3 | % | ||
Cisco Systems Inc. | 3.3 | % | ||
PepsiCo Inc. | 3.2 | % | ||
Caterpillar Inc. | 3.2 | % | ||
Fastenal Co. | 3.1 | % |
7
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Large Cap Value Fund will, under normal market conditions, maintain at least 80% of its net assets in large cap stocks. The fund follows a “value” approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The fund will diversify its holdings among various industries and among companies within those industries. The fund typically sells a stock when the fundamental expectations for buying it no longer apply, the price exceeds its intrinsic value or other stocks appear more attractively priced relative to their intrinsic values. The fund generally holds 25-60 individual securities in its portfolio at any given time.
PERFORMANCE DISCUSSION
The Madison Large Cap Value Fund (Class Y) returned -13.82% for the period, slightly below its benchmark, the Russell 1000 Value® Index, which fell -13.66%. The fund fractionally underperformed its Morningstar peer group, Large Cap Value category, which showed a -13.76% return. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 5.9 | % | ||
Consumer Discretionary | 5.6 | % | ||
Consumer Staples | 7.0 | % | ||
Financials | 16.7 | % | ||
Health Care | 17.6 | % | ||
Industrials | 9.7 | % | ||
Information Technology | 10.9 | % | ||
Materials | 11.5 | % | ||
Real Estate | 1.6 | % | ||
Short-Term Investments | 7.7 | % | ||
Utilities | 6.3 | % | ||
Net Other Assets and Liabilities | (0.5 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Barrick Gold Corp. | 4.7 | % | ||
JPMorgan Chase & Co. | 4.7 | % | ||
Baxter International Inc. | 4.5 | % | ||
Bristol-Myers Squibb Co. | 3.5 | % | ||
Verizon Communications Inc. | 3.5 | % | ||
Sempra Energy | 3.4 | % | ||
Royal Gold Inc. | 3.0 | % | ||
Johnson & Johnson | 2.9 | % | ||
Franco-Nevada Corp. | 2.8 | % | ||
Home Depot Inc./The | 2.7 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Investors Fund invests primarily in the common stocks of established, high-quality growth companies selected via bottom-up fundamental analysis. The fund typically owns 25-40 securities which have demonstrated stable revenue and earnings growth patterns, have high profitability metrics, and have maintained proportionately low levels of debt. A rigorous analytical process is followed when evaluating companies. The business model, the management team and the valuation of each potential investment are considered. Management strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows. Management corroborates this valuation work with additional valuation methodologies. The fund typically sells a stock when the valuation target the portfolio managers have set for the stock has been exceeded, the fundamental business prospects for the company have materially changed, or the portfolio managers find a more attractive alternative.
PERFORMANCE DISCUSSION
The Madison Investors Fund (Class Y) returned -8.22% for the period, underperforming its benchmark, the S&P 500® Index, which declined -3.16%. This performance trailed its peer group, as the Morningstar Large Blend category returned -5.86%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 9.6 | % | ||
Consumer Discretionary | 10.7 | % | ||
Financials | 15.8 | % | ||
Health Care | 19.3 | % | ||
Industrials | 10.8 | % | ||
Information Technology | 19.1 | % | ||
Materials | 6.5 | % | ||
Real Estate | 2.1 | % | ||
Short-Term Investments | 6.0 | % | ||
Net Other Assets and Liabilities | 0.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Becton, Dickinson and Co. | 5.1 | % | ||
Alphabet Inc., Class C | 5.0 | % | ||
Lowe’s Cos. Inc. | 4.9 | % | ||
Jacobs Engineering Group Inc. | 4.8 | % | ||
Liberty Broadband Corp., Class C | 4.7 | % | ||
Progressive Corp./The | 4.7 | % | ||
Berkshire Hathaway Inc. | 4.2 | % | ||
US Bancorp | 4.1 | % | ||
Visa Inc., Class A | 4.1 | % | ||
Varian Medical Systems Inc. | 3.8 | % |
8
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such midcap securities. The fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The fund’s portfolio managers believe in selecting stocks for the fund that show steady, sustainable growth and reasonable valuation. The fund generally holds 25-40 individual securities in its portfolio at any given time. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.
PERFORMANCE DISCUSSION
The Madison Mid Cap Fund (Class Y) returned -14.50% for the period, underperforming its benchmark Russell Midcap® Index’s -11.63% return. The fund also trailed its peer group, the Morningstar Mid-Cap Growth category, which returned -2.89%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www. madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 6.8 | % | ||
Consumer Discretionary | 19.0 | % | ||
Consumer Staples | 1.4 | % | ||
Financials | 26.7 | % | ||
Health Care | 5.2 | % | ||
Industrials | 19.1 | % | ||
Information Technology | 12.2 | % | ||
Materials | 2.4 | % | ||
Short-Term Investments | 7.0 | % | ||
Net Other Assets and Liabilities | 0.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Liberty Broadband Corp., Class C | 6.8 | % | ||
Dollar Tree Inc. | 4.9 | % | ||
IHS Markit Ltd. | 4.8 | % | ||
Copart Inc. | 4.7 | % | ||
CarMax Inc. | 4.4 | % | ||
Gartner Inc. | 4.4 | % | ||
Arch Capital Group Ltd. | 4.2 | % | ||
Markel Corp. | 4.1 | % | ||
Brown & Brown Inc. | 3.9 | % | ||
Laboratory Corp. of America Holdings | 3.9 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small-cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in small-cap securities.
Madison focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be monitored by Madison. Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.
PERFORMANCE DISCUSSION
The Madison Small Cap Fund (Class Y) returned -14.30% for the period, outperforming the Russell 2000® Index’s -15.47% and the Russell 2000® Value Index’s -23.44 return. The fund also outpaced its peer group average, as the Morningstar Small Blend category returned -18.75%. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Consumer Discretionary | 5.0 | % | ||
Consumer Staples | 11.7 | % | ||
Financials | 9.2 | % | ||
Health Care | 21.7 | % | ||
Industrials | 20.0 | % | ||
Information Technology | 17.6 | % | ||
Materials | 4.8 | % | ||
Short-Term Investments | 11.5 | % | ||
Net Other Assets and Liabilities | (1.5 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Hain Celestial Group Inc./The | 4.0 | % | ||
Masco Corp. | 3.7 | % | ||
Encompass Health Corp. | 3.2 | % | ||
CommVault Systems Inc. | 3.1 | % | ||
Edgewell Personal Care Co. | 3.0 | % | ||
MGIC Investment Corp. | 2.8 | % | ||
PRA Health Sciences Inc. | 2.7 | % | ||
Boston Beer Co. Inc./The | 2.6 | % | ||
Catalent Inc. | 2.5 | % | ||
TCF Financial Corp. | 2.4 | % |
MADISON INTERNATIONAL STOCK FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the fund’s assets are invested in relatively large capitalization stocks of companies located or operating in developed countries. The fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the fund’s portfolio in such stocks which they believe have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The fund may also invest in foreign debt and other income bearing securities at times when the portfolio managers believe that income bearing securities have greater capital appreciation potential than equity securities. The fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 60-80 individual securities in its portfolio at any given time.
PERFORMANCE DISCUSSION
The Madison International Stock Fund (Class A at NAV) returned -15.61% for the period, lagging the -14.21% return of the MSCI EAFE Index (net). The fund trailed its peer group, with the Morningstar Foreign Large Blend Category averaging a -13.96% return. For more up-to-date information about the fund, including a quarterly investment letter from the portfolio managers, please visit www. madisonfunds.com.
9
Madison Funds | Review of Period (unaudited) - continued | April 30, 2020
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
United Kingdom | 16.5 | % | ||
Japan | 13.8 | % | ||
France | 13.2 | % | ||
Germany | 9.9 | % | ||
Switzerland | 7.3 | % | ||
United States | 5.3 | % | ||
Ireland | 4.5 | % | ||
Canada | 3.8 | % | ||
Netherlands | 3.3 | % | ||
China | 2.6 | % | ||
Norway | 2.6 | % | ||
Denmark | 2.4 | % | ||
Sweden | 2.4 | % | ||
Finland | 2.3 | % | ||
Singapore | 2.1 | % | ||
Italy | 2.0 | % | ||
South Korea | 1.5 | % | ||
Portugal | 1.4 | % | ||
Australia | 1.1 | % | ||
Israel | 1.1 | % | ||
Luxembourg | 0.7 | % | ||
Mexico | 0.6 | % | ||
Hong Kong | 0.5 | % | ||
Indonesia | 0.3 | % | ||
Other Net Assets | (1.2 | )% |
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Communication Services | 10.5 | % | ||
Consumer Discretionary | 5.4 | % | ||
Consumer Staples | 7.8 | % | ||
Energy | 3.0 | % | ||
Financials | 14.5 | % | ||
Health Care | 13.9 | % | ||
Industrials | 17.9 | % | ||
Information Technology | 8.2 | % | ||
Materials | 5.6 | % | ||
Real Estate | 3.2 | % | ||
Short-Term Investments | 5.3 | % | ||
Utilities | 5.9 | % | ||
Net Other Assets and Liabilities | (1.2 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/20 | ||||
Novartis AG | 4.2 | % | ||
SAP SE | 3.5 | % | ||
Sanofi | 3.3 | % | ||
Medtronic PLC | 3.2 | % | ||
RELX PLC | 2.9 | % | ||
Vivendi S.A. | 2.5 | % | ||
Nintendo Co. Ltd. | 2.4 | % | ||
Volkswagen AG | 2.3 | % | ||
Prudential PLC | 2.1 | % | ||
Tesco PLC | 2.1 | % |
10
Madison Funds | Review of Period (unaudited) - concluded | April 30, 2020
BENCHMARK DESCRIPTIONS
Allocation Fund Indexes*
The Conservative Allocation Fund Custom Index consists of 65% Bloomberg Barclays US Aggregate Bond Index, 24.5% Russell 3000® Index and 10.5% MSCI ACWI ex-US Index. See market index descriptions below.
The Moderate Allocation Fund Custom Index consists of 42% Russell 3000® Index, 40% Bloomberg Barclays US Aggregate Bond Index and 18% MSCI ACWI ex-US Index. See market index descriptions below.
The Aggressive Allocation Fund Custom Index consists of 56% Russell 3000® Index, 24% MSCI ACWI ex-US Index and 20% Bloomberg Barclays US Aggregate Bond Index. See market index descriptions below.
Hybrid Fund Indexes*
The Custom Blended Index consists of 50% S&P 500® Index and 50% ICE Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index. See market index descriptions below.
Market Indexes
The CBOE S&P 500 BuyWrite® IndexSM (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy (i.e. holding a long position in and selling covered call options on that position) on the S&P 500® Index.
The ICE Bank of America Merrill Lynch 1-22 Year U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, their political subdivisions, in the U.S. domestic market, with a remaining term to final maturity less than 22 years.
The ICE Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.
The ICE Bank of America Merrill Lynch U.S. High Yield Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.
The Bloomberg Barclays U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. financial issuers.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed-securities, asset-backed securities and corporate securities, with maturities greater than one year.
The Bloomberg Barclays U.S. Intermediate Government Credit A+ Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with quality ratings of A3/A-or better and maturities between one and 10 years.
The Lipper Equity Income Funds Index tracks the performance of funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio weight in dividend-paying equity securities. The Index is composed of the 30 largest funds by asset size in the Lipper investment objective category.
THE MSCI ACWI ex-U.S. Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The Index includes both developed and emerging markets.
The MSCI EAFE (Europe, Australasia & Far East) Index is a free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.
The Russell 1000® Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000® Index.
The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.
The Russell Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.
The S&P 500® Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.
*The Custom Indexes are calculated using a monthly re-balancing frequency (i.e., rebalanced back to original constituent weight every calendar month-end).
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Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.
11
MADISON FUNDS | April 30, 2020
Madison Conservative Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES - 93.6% | ||||||||
Bond Funds - 65.2% | ||||||||
Baird Aggregate Bond Fund Institutional | ||||||||
Shares | 663,527 | $ | 7,690,282 | |||||
iShares 20+ Year Treasury Bond ETF | 21,346 | 3,559,232 | ||||||
Madison Core Bond Fund Class Y (A) | 1,068,189 | 11,258,713 | ||||||
Madison Corporate Bond Fund Class Y (A) | 346,961 | 4,184,355 | ||||||
Vanguard Short-Term Corporate Bond ETF | 99,287 | 8,050,190 | ||||||
Vanguard Short-Term Treasury ETF | 135,230 | 8,422,124 | ||||||
43,164,896 | ||||||||
Foreign Stock Funds - 5.8% | ||||||||
iShares Edge MSCI Minimum Volatility | ||||||||
EAFE ETF | 27,514 | 1,772,727 | ||||||
iShares MSCI China ETF | 22,315 | 1,338,454 | ||||||
VanEck Vectors Gold Miners ETF | 22,028 | 710,623 | ||||||
3,821,804 |
Stock Funds - 22.6% | ||||||||
JPMorgan BetaBuilders Japan ETF | 20,955 | 448,227 | ||||||
Madison Dividend Income Fund Class Y (A) | 166,276 | 4,030,541 | ||||||
Madison Investors Fund Class Y (A) | 211,691 | 4,415,882 | ||||||
Madison Mid Cap Fund Class Y (A) | 98,538 | 975,522 | ||||||
Vanguard Health Care ETF (B) | 10,043 | 1,892,302 | ||||||
Vanguard Information Technology ETF | 13,427 | 3,249,334 | ||||||
15,011,808 | ||||||||
Total Investment Companies | ||||||||
(Cost $58,923,210) | 61,998,508 | |||||||
SHORT-TERM INVESTMENTS - 7.2% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.22%, Premier | ||||||||
Class (C) | 4,341,077 | 4,341,077 | ||||||
State Street Navigator Securities | ||||||||
Lending Government Money Market | ||||||||
Portfolio,0.19% (C) (D) | 410,556 | 410,556 | ||||||
Total Short-Term Investments | ||||||||
(Cost $4,751,633) | 4,751,633 |
TOTAL INVESTMENTS - 100.8% | ||||
(Cost $63,674,843**) | $ | 66,750,141 | ||
NET OTHER ASSETS AND LIABILITIES - (0.8%) | (509,492 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 66,240,649 |
** | Aggregate cost for Federal tax purposes was $63,707,072.. |
(A) | Affiliated Company (see Note 12). |
(B) | All or a portion of these securities, with an aggregate fair value of $399,262, are on loan as part of a securities lending program. See footnote (D) and Note 9 for details on the securities lending program. |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
EAFE | Europe, Australasia and Far East. |
ETF | Exchange Traded Fund. |
Madison Moderate Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES - 88.9% | ||||||||
Bond Funds - 39.8% | ||||||||
Baird Aggregate Bond Fund Institutional Shares | 962,759 | $ | 11,158,378 | |||||
iShares 20+ Year Treasury Bond ETF | 33,261 | 5,545,939 | ||||||
Madison Core Bond Fund Class Y (A) | 1,339,664 | 14,120,065 | ||||||
Vanguard Short-Term Corporate Bond ETF | 156,050 | 12,652,534 | ||||||
Vanguard Short-Term Treasury ETF | 112,434 | 7,002,389 | ||||||
50,479,305 | ||||||||
Foreign Stock Funds - 9.1% | ||||||||
iShares Edge MSCI Minimum Volatility EAFE ETF | 82,625 | 5,323,529 | ||||||
iShares MSCI China ETF | 59,093 | 3,544,398 | ||||||
SPDR S&P Emerging Asia Pacific ETF (B) | 13,831 | 1,257,929 | ||||||
VanEck Vectors Gold Miners ETF | 41,952 | 1,353,372 | ||||||
11,479,228 | ||||||||
Stock Funds - 40.0% | ||||||||
JPMorgan BetaBuilders Japan ETF | 97,916 | 2,094,423 | ||||||
Madison Dividend Income Fund Class Y (A) | 566,926 | 13,742,279 |
Madison Investors Fund Class Y (A) | 701,245 | 14,627,974 | ||||||
Madison Mid Cap Fund Class Y (A) | 432,431 | 4,281,063 | ||||||
Vanguard Health Care ETF (B) | 26,274 | 4,950,547 | ||||||
Vanguard Information Technology ETF | 45,949 | 11,119,658 | ||||||
50,815,944 | ||||||||
Total Investment Companies | ||||||||
(Cost $107,329,524) | 112,774,477 | |||||||
SHORT-TERM INVESTMENTS - 13.3% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.22%, Premier Class (C) | 14,186,109 | 14,186,109 | ||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, 0.19% (C) (D) | 2,699,539 | 2,699,539 | ||||||
Total Short-Term Investments | ||||||||
(Cost $16,885,648) | 16,885,648 | |||||||
TOTAL INVESTMENTS - 102.2% | ||||||||
(Cost $124,215,172**) | 129,660,125 | |||||||
NET OTHER ASSETS AND LIABILITIES - (2.2%) | (2,732,315 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 126,927,810 |
** | Aggregate cost for Federal tax purposes was $124,427,371. |
(A) | Affiliated Company. |
(B) | All or a portion of these securities, with an aggregate fair value of $2,617,397, are on loan as part of a securities lending program. See footnote (D) and Note 9 for details on the securities lending program. |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
EAFE | Europe, Australasia and Far East. |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
12
MADISON FUNDS | April 30, 2020
Madison Aggressive Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES - 84.5% | ||||||||
Bond Funds - 19.3% | ||||||||
Baird Aggregate Bond Fund Institutional | ||||||||
Shares | 94,621 | $ | 1,096,654 | |||||
iShares 20+ Year Treasury Bond ETF | 10,232 | 1,706,084 | ||||||
Madison Core Bond Fund Class Y (A) | 332,834 | 3,508,074 | ||||||
Vanguard Short-Term Corporate Bond ETF | 36,817 | 2,985,122 | ||||||
Vanguard Short-Term Treasury ETF | 33,696 | 2,098,587 | ||||||
11,394,521 | ||||||||
Foreign Stock Funds - 12.9% | ||||||||
iShares Edge MSCI Minimum Volatility | ||||||||
EAFE ETF | 38,748 | 2,496,534 | ||||||
iShares MSCI China ETF | 43,053 | 2,582,319 | ||||||
SPDR S&P Emerging Asia Pacific ETF (B) | 12,492 | 1,136,147 | ||||||
VanEck Vectors Gold Miners ETF | 24,197 | 780,595 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 13,675 | 599,102 | ||||||
7,594,697 | ||||||||
Stock Funds - 52.3% | ||||||||
JPMorgan BetaBuilders Japan ETF | 78,655 | 1,682,431 | ||||||
Madison Dividend Income Fund Class Y (A) | 317,676 | 7,700,461 |
Madison Investors Fund Class Y (A) | 374,043 | 7,802,532 | ||||||
Madison Mid Cap Fund Class Y (A) | 261,803 | 2,591,849 | ||||||
Vanguard Health Care ETF (B) | 19,795 | 3,729,774 | ||||||
Vanguard Information Technology ETF | 30,051 | 7,272,342 | ||||||
30,779,389 | ||||||||
Total Investment Companies | ||||||||
(Cost $47,562,344) | 49,768,607 | |||||||
SHORT-TERM INVESTMENTS - 23.3% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.22%, Premier Class (C) | 9,230,131 | 9,230,131 | ||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, 0.19% (C) (D) | 4,492,236 | 4,492,236 | ||||||
Total Short-Term Investments | ||||||||
(Cost $13,722,367) | 13,722,367 | |||||||
TOTAL INVESTMENTS - 107.8% (Cost $61,284,711**) | 63,490,974 | |||||||
NET OTHER ASSETS AND LIABILITIES - (7.8%) | (4,578,768 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 58,912,206 |
** | Aggregate cost for Federal tax purposes was $61,422,349. |
(A) | Affiliated Company (see Note 12). |
(B) | All or a portion of these securities, with an aggregate fair value of $4,752,814, are on loan as part of a securities lending program. See footnote (D) and Note 9 for details on the securities lending program. |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
EAFE | Europe, Australasia and Far East. |
ETF | Exchange Traded Fund. |
Madison Government Money Market Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - 90.3% | ||||||||
Fannie Mae - 21.0% | ||||||||
1.520%, 5/1/20 | $ | 450,000 | $ | 450,000 | ||||
1.515%, 5/8/20 (A) | 300,000 | 299,912 | ||||||
1.470%, 6/12/20 (A) | 190,000 | 189,674 | ||||||
0.477%, 6/22/20 (A) | 485,000 | 484,671 | ||||||
0.396%, 6/24/20 (A) | 600,000 | 599,649 | ||||||
0.061%, 7/20/20 (A) | 600,000 | 599,920 | ||||||
0.096%, 7/22/20 (A) | 800,000 | 799,827 | ||||||
0.010%, 8/10/20 (A) | 300,000 | 299,991 | ||||||
3,723,644 | ||||||||
Federal Home Loan Bank - 30.4% | �� | |||||||
0.528%, 5/6/20 (A) | 700,000 | 699,949 | ||||||
1.563%, 5/13/20 (A) | 500,000 | 499,740 | ||||||
0.132%, 5/14/20 (A) | 700,000 | 699,967 | ||||||
1.550%, 5/22/20 (A) | 430,000 | 429,611 | ||||||
1.528%, 5/28/20 (A) | 625,000 | 624,284 | ||||||
0.736%, 6/2/20 (A) | 900,000 | 899,420 | ||||||
1.550%, 6/10/20 (A) | 300,000 | 299,483 | ||||||
1.540%, 6/29/20 (A) | 375,000 | 374,054 | ||||||
0.274%, 9/15/20 (A) | 850,000 | 849,127 | ||||||
5,375,635 |
Freddie Mac - 30.6% | ||||||||
1.530%, 6/3/20 (A) | 565,000 | 564,208 | ||||||
1.525%, 6/17/20 (A) | 450,000 | 449,104 | ||||||
1.520%, 6/19/20 (A) | 360,000 | 359,255 | ||||||
1.355%, 7/2/20 (A) | 350,000 | 349,183 | ||||||
0.193%, 7/6/20 (A) | 400,000 | 399,861 | ||||||
0.005%, 8/5/20 (A) | 500,000 | 499,993 | ||||||
0.152%, 8/6/20 (A) | 500,000 | 499,798 | ||||||
0.081%, 8/12/20 (A) | 200,000 | 199,954 | ||||||
0.132%, 8/19/20 (A) | 500,000 | 499,801 | ||||||
0.142%, 8/24/20 (A) | 300,000 | 299,866 | ||||||
0.091%, 9/3/20 (A) | 500,000 | 499,844 | ||||||
0.122%, 9/4/20 (A) | 800,000 | 799,664 | ||||||
5,420,531 | ||||||||
U.S. Treasury Notes - 8.3% | ||||||||
3.500%, 5/15/20 (A) | 725,000 | 725,538 | ||||||
1.500%, 6/15/20 (A) | 200,000 | 199,986 | ||||||
1.500%, 7/15/20 (A) | 550,000 | 549,979 | ||||||
1,475,503 | ||||||||
Total U.S. Government and Agency | ||||||||
Obligations (Cost $15,995,313) | 15,995,313 |
SHORT-TERM INVESTMENTS - 9.5% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.22%, Premier | ||||||||
Class (B) | 1,691,672 | $ | 1,691,672 | |||||
Total Short-Term Investments | ||||||||
(Cost $1,691,672) | 1,691,672 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $17,686,985**) | 17,686,985 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.2% | 27,799 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 17,714,784 |
** | Aggregate cost for Federal tax purposes was $17,686,985. |
(A) | Rate noted represents annualized yield at time of purchase. |
(B) | 7-day yield. |
See accompanying Notes to Financial Statements.
13
MADISON FUNDS | April 30, 2020
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS - 98.1% | ||||||||
Airport - 3.0% | ||||||||
Metropolitan Washington Airports Authority Revenue, 5%, 10/1/21 | $ | 100,000 | $ | 105,002 | ||||
Metropolitan Washington Airports Authority Revenue, Series A, AMT, 5%, 10/1/43 | 500,000 | 553,225 | ||||||
658,227 | ||||||||
Development - 3.3% | ||||||||
Fairfax County Economic Development Authority, Series A, 5%, 10/1/26 | 150,000 | 173,908 | ||||||
Norfolk Economic Development Authority, (Prerefunded 11/1/22 @ $100), 5%, 11/1/29 | 480,000 | 529,133 | ||||||
703,041 | ||||||||
Education - 10.4% | ||||||||
Henrico County Economic Development Authority, 4%, 4/15/42 | 220,000 | 225,634 | ||||||
Roanoke County Economic Development Authority, Series A, 5%, 9/1/30 | 400,000 | 430,160 | ||||||
Virginia College Building Authority, Series E, 5%, 2/1/23 | 500,000 | 552,615 | ||||||
Virginia Commonwealth University, Series A, 5%, 5/1/26 | 385,000 | 427,327 | ||||||
Virginia Public School Authority, (ST AID WITHHLDG), 3%, 2/1/30 | 305,000 | 326,963 | ||||||
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | 250,000 | 283,550 | ||||||
2,246,249 | ||||||||
Facilities - 6.6% | ||||||||
Henry County Virginia Industrial | ||||||||
Development Authority, 4.125%, 11/1/50 | 250,000 | 267,538 | ||||||
New River Valley Regional Jail Authority, 5%, 10/1/25 | 100,000 | 118,507 | ||||||
Prince Edward County Industrial | ||||||||
Development Authority, 5%, 9/1/32 | 405,000 | 475,887 | ||||||
Stafford County & Staunton Industrial | ||||||||
Development Authority, Series B, (NATL-RE), 4.5%, 8/1/25 | 30,000 | 30,003 | ||||||
Western Regional Jail Authority, | ||||||||
(Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29 | 245,000 | 272,318 | ||||||
Western Regional Jail Authority, 3.125%, 12/1/29 | 255,000 | 272,814 | ||||||
1,437,067 | ||||||||
General - 15.6% | ||||||||
Chesterfield County Economic | ||||||||
Development Authority Revenue, Series B, 3%, 4/1/38 | 285,000 | 292,820 | ||||||
James City County Economic Development Authority, 5%, 6/15/30 | 500,000 | 632,240 | ||||||
Northern Virginia Transportation Authority, 5%, 6/1/30 | 780,000 | 891,813 | ||||||
Virginia Beach Development Authority, 5%, 9/1/28 | 100,000 | 109,949 | ||||||
Virginia Beach Development Authority, 5%, 9/1/29 | 125,000 | 137,094 | ||||||
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | 250,000 | 264,193 | ||||||
Virginia Public Building Authority, 5%, 8/1/25 | 235,000 | 280,087 | ||||||
Virginia Resources Authority, Series C, 5%, 11/1/30 | 250,000 | 314,780 | ||||||
Virginia Resources Authority, Series C, 4%, 11/1/34 | 125,000 | 137,631 |
Wise County Industrial Development | ||||||||
Authority Revenue, 5%, 11/1/20 | 100,000 | 102,042 | ||||||
Wise County Industrial Development | ||||||||
Authority Revenue, 5%, 11/1/21 | 100,000 | 105,846 | ||||||
Wise County Industrial Development | ||||||||
Authority Revenue, 5%, 11/1/22 | 100,000 | 109,323 | ||||||
3,377,818 | ||||||||
General Obligation - 28.5% | ||||||||
City of Alexandria VA, (ST AID WITHHLDG), 5%, 7/15/27 | 150,000 | 183,151 | ||||||
City of Alexandria VA, Series A, (ST AID WITHHLDG), 5%, 7/15/28 | 100,000 | 125,266 | ||||||
City of Danville VA, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | 190,000 | 213,919 | ||||||
City of Fredericksburg VA, Series A, 3.625%, 7/15/30 | 400,000 | 401,268 | ||||||
City of Norfolk VA, (Prerefunded 8/1/28 @ $100), (ST AID WTHHLDG), 5%, 8/1/47 | 455,000 | 596,951 | ||||||
City of Poquoson VA, (ST AID WITHHLDG), 4%, 2/15/29 | 425,000 | 502,465 | ||||||
City of Portsmouth VA, Series A, (ST AID WITHHLDG), 5%, 2/1/31 | 75,000 | 82,336 | ||||||
City of Richmond VA, Series C, (ST AID WITHHLDG), 5%, 7/15/22 | 100,000 | 100,794 | ||||||
City of Richmond VA, Series A, (ST AID WITHHLDG), 3%, 7/15/34 | 435,000 | 456,559 | ||||||
City of Virginia Beach VA, Series A, (ST AID WITHHLDG), 5%, 7/15/21 | 200,000 | 209,864 | ||||||
City of Virginia Beach VA, Series A, 4%, 8/1/22 | 300,000 | 320,316 | ||||||
Commonwealth of Virginia, Series A, 5%, 6/1/23 | 500,000 | 560,090 | ||||||
County of Arlington VA, Series B, (ST AID WITHHLDG), 5%, 8/15/27 | 175,000 | 202,480 | ||||||
County of Arlington VA, Series A, 5%, 8/15/30 | 600,000 | 730,920 | ||||||
County of Fairfax VA, Series B, (ST AID WITHHLDG), 4%, 10/1/22 | 250,000 | 268,025 | ||||||
County of Fairfax VA, Series A, (ST AID WITHHLDG), 5%, 10/1/26 | 410,000 | 505,276 | ||||||
County of Henrico VA, 5%, 7/15/25 | 150,000 | 151,295 | ||||||
County of Prince William VA, (ST AID WITHHLDG), 5%, 8/1/21 | 105,000 | 110,370 | ||||||
County of Spotsylvania VA, (ST AID WITHHLDG), 5%, 1/15/24 | 200,000 | 228,432 | ||||||
Town of Leesburg VA, (ST AID WITHHLDG), 5%, 1/15/25 | 90,000 | 105,990 | ||||||
Town of Leesburg VA, Series A, | ||||||||
(Prerefunded 1/15/21 @ $100), 5%, 1/15/41 | 135,000 | 139,086 | ||||||
6,194,853 | ||||||||
Medical - 7.8% | ||||||||
Lynchburg Economic Development | ||||||||
Authority, Series A, (Central Health), 4%, 1/1/47 | 260,000 | 265,182 | ||||||
Norfolk Economic Development Authority, Series B, 5%, 11/1/36 | 480,000 | 508,339 | ||||||
Prince William County Industrial | ||||||||
Development Authority, Series B, 4%, 11/1/22 | 300,000 | 317,736 | ||||||
Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | 260,000 | 294,447 | ||||||
Virginia Small Business Financing Authority, 5%, 11/1/40 | 300,000 | 300,000 | ||||||
1,685,704 |
Power - 1.5% | ||||||||
Puerto Rico Electric Power Authority, Series | ||||||||
V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | 290,000 | 326,731 | ||||||
Transportation - 9.4% | ||||||||
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | 470,000 | 560,179 | ||||||
Puerto Rico Highways & Transportation Authority, Series N, (ASSURED GTY), 5.25%, 7/1/34 | 100,000 | 107,007 | ||||||
Richmond Metropolitan Authority, (NATL- RE), 5.25%, 7/15/22 | 85,000 | 88,608 | ||||||
Virginia Commonwealth Transportation Board, 5%, 5/15/22 | 100,000 | 108,189 | ||||||
Virginia Commonwealth Transportation Board, Series A, (Prerefunded 3/15/22 @ $100), 5%, 9/15/24 | 225,000 | 242,926 | ||||||
Virginia Commonwealth Transportation Board, Series B, (Prerefunded 9/15/22 @ $100), 5%, 3/15/25 | 535,000 | 588,971 | ||||||
Virginia Commonwealth Transportation Board, 5%, 9/15/27 | 200,000 | 246,148 | ||||||
Virginia Port Authority Revenue, Series B, 5%, 7/1/21 | 100,000 | 104,534 | ||||||
2,046,562 | ||||||||
Utilities - 1.5% | ||||||||
City of Richmond VA Public Utility Revenue, Series A, 5%, 1/15/38 | 300,000 | 333,552 | ||||||
Water - 10.5% | ||||||||
County of Henrico VA Water & Sewer Revenue, 4%, 5/1/32 | 500,000 | 580,155 | ||||||
County of Henrico VA Water & Sewer Revenue, 5%, 5/1/27 | 150,000 | 182,678 | ||||||
Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | 180,000 | 201,886 | ||||||
Fairfax County Water Authority, (Prerefunded 4/1/22 @ $100), 5%, 4/1/27 | 150,000 | 162,234 | ||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | 410,000 | 524,800 | ||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 250,000 | 320,000 | ||||||
Prince William County Service Authority, 5%, 7/1/22 | 250,000 | 271,677 | ||||||
Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | 35,000 | 37,058 | ||||||
2,280,488 | ||||||||
TOTAL INVESTMENTS - 98.1% | ||||||||
(Cost $20,418,519**) | 21,290,292 | |||||||
NET OTHER ASSETS AND LIABILITIES - 1.9% | 420,125 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 21,710,417 |
** | Aggregate cost for Federal tax purposes was $20,418,519. |
ASSURED GTY | Assured Guaranty. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
MBIA-RE | MBIA Insurance Corp. | |
MORAL OBLG | Moral Obligation. | |
NATL-RE | National Public Finance Guarantee Corp. | |
ST AID WITHHLDG | State Aid Withholding. |
See accompanying Notes to Financial Statements.
14
MADISON FUNDS | April 30, 2020
Madison Tax-Free National Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS - 97.6% | ||||||||
Alabama - 3.2% | ||||||||
Lee County Board of Education Authority Revenue, 4%, 2/1/28 | $ | 490,000 | $ | 547,565 | ||||
Town of Pike Road Authority Revenue, 4%, 9/1/31 | 170,000 | 186,587 | ||||||
734,152 | ||||||||
Arkansas - 0.9% | ||||||||
Arkansas Development Finance Authority, 5%, 2/1/26 | 175,000 | 200,345 | ||||||
California - 0.6% | ||||||||
Los Angeles County Metropolitan Transportation Authority, 5%, 7/1/40 | 120,000 | 140,947 | ||||||
Colorado - 2.2% | ||||||||
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27 | 400,000 | 497,312 | ||||||
Florida - 8.6% | ||||||||
Lee County Industrial Development Authority, 5%, 11/1/28 | 500,000 | 509,810 | ||||||
Northern Palm Beach County Improvement District, (AGM), 5%, 8/1/21 | 250,000 | 261,637 | ||||||
Orlando Utilities Commission, Series C, 5%, 10/1/22 | 525,000 | 574,791 | ||||||
Palm Beach County Solid Waste Authority, 5%, 10/1/24 | 300,000 | 316,728 | ||||||
Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26 | 250,000 | 296,585 | ||||||
1,959,551 | ||||||||
Georgia - 3.2% | ||||||||
City of Atlanta GA Water & Wastewater Revenue, (AGM), 5.75%, 11/1/30 | 300,000 | 413,817 | ||||||
City of Atlanta GA Water & Wastewater Revenue, 5%, 11/1/43 | 275,000 | 309,845 | ||||||
723,662 | ||||||||
Hawaii - 2.3% | ||||||||
State of Hawaii, General Obligation, Series | ||||||||
EY, 5%, 10/1/25 | 435,000 | 518,002 | ||||||
Idaho - 2.3% | ||||||||
Idaho Health Facilities Authority, Series A, 5%, 3/1/34 | 500,000 | 535,190 | ||||||
Illinois - 6.6% | ||||||||
City of Chicago IL Waterworks Revenue, 5%, 11/1/20 | 150,000 | 152,042 | ||||||
Cook County School District No. 111, General Obligation, (BAM), 5%, 12/1/35 | 545,000 | 651,302 | ||||||
Du Page County School District No. 45, General Obligation, 4%, 1/1/26 | 460,000 | 517,698 | ||||||
Regional Transportation Authority, Series A, (AMBAC, GO of AUTH) *, 7.2%, 11/1/20 | 40,000 | 41,072 | ||||||
Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | 140,000 | 157,038 | ||||||
1,519,152 | ||||||||
Indiana - 2.6% | ||||||||
Vanderburgh County Redevelopment District, (AGM), 5%, 2/1/26 | 500,000 | 594,020 | ||||||
Iowa - 2.1% | ||||||||
City of Bettendorf IA, General Obligation, Series A, (Prerefunded 6/1/20 @ $100), 5%, 6/1/28 | 475,000 | 476,558 |
Kansas - 3.7% | ||||||||
City of Wichita KS, General Obligation, Series 816, 5%, 12/1/24 | 510,000 | 597,501 | ||||||
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | 220,000 | 245,533 | ||||||
843,034 | ||||||||
Kentucky - 2.2% | ||||||||
Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33 | 445,000 | 506,793 | ||||||
Michigan - 1.5% | ||||||||
Redford Unified School District No. 1, General Obligation, (AMBAC, Q-SBLF) *, 5%, 5/1/22 | 320,000 | 333,024 | ||||||
Mississippi - 2.5% | ||||||||
Medical Center Educational Building Corp., 5%, 6/1/30 | 475,000 | 565,492 | ||||||
Missouri - 2.1% | ||||||||
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25 | 400,000 | 472,384 | ||||||
New Jersey - 5.5% | ||||||||
New Jersey Economic Development Authority Revenue, (ST APPROP), 5%, 3/1/26 | 450,000 | 458,411 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28 | 250,000 | 311,760 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29 | 250,000 | 317,535 | ||||||
Union County Improvement Authority, Series A, 4%, 2/1/25 | 150,000 | 163,878 | ||||||
1,251,584 | ||||||||
New York - 4.2% | ||||||||
Brookhaven Local Development Corp., 5%, 11/1/24 | 110,000 | 114,374 | ||||||
New York State Dormitory Authority, Series 1, (BHAC-CR, AMBAC) *, 5.5%, 7/1/31 | 250,000 | 322,320 | ||||||
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28 | 455,000 | 523,550 | ||||||
960,244 | ||||||||
North Carolina - 3.7% | ||||||||
North Carolina Medical Care Commission, 5%, 6/1/40 | 500,000 | 543,705 | ||||||
Town of Cary NC Combined Utility Systems Revenue, 5%, 12/1/23 | 285,000 | 314,073 | ||||||
857,778 | ||||||||
Ohio - 2.5% | ||||||||
Cleveland-Cuyahoga County Port Authority, 5%, 7/1/24 | 500,000 | 570,595 | ||||||
Oklahoma - 6.5% | ||||||||
Caddo County Governmental Building Authority Revenue, 5%, 9/1/40 | 500,000 | 557,015 | ||||||
Elk City Industrial Authority, 4%, 5/1/30 | 435,000 | 509,681 | ||||||
Tulsa County Industrial Authority, 3%, 2/1/31 | 400,000 | 419,108 | ||||||
1,485,804 | ||||||||
Pennsylvania - 1.8% | ||||||||
Commonwealth Financing Authority Revenue, Series A, 5%, 6/1/35 | 370,000 | 420,816 | ||||||
South Carolina - 1.1% | ||||||||
City of Newberry SC Revenue, (AGM), 4%, 4/1/22 | 240,000 | 251,522 |
Tennessee - 2.4% | ||||||||
City of Newport Tennessee Electric System Revenue, (AGM), 4%, 5/1/32 | 370,000 | 415,125 | ||||||
Town of Decatur TN Water & Sewer Revenue, General Obligation, 3%, 6/1/24 | 120,000 | 128,017 | ||||||
543,142 | ||||||||
Texas - 11.0% | ||||||||
Beaumont Independent School District, General Obligation, (Prerefunded 2/15/21 @ $100), (PSF-GTD), 4.75%, 2/15/38 | 300,000 | 309,582 | ||||||
City of Austin TX, General Obligation, 5%, 9/1/26 | 550,000 | 656,986 | ||||||
City of Center TX, General Obligation, 3%, 8/15/34 | 410,000 | 434,657 | ||||||
City of Fort Worth TX, General Obligation, 4%, 3/1/29 | 500,000 | 574,795 | ||||||
Red River Education Finance Corp., REF-ST Edwards University Project., 5%, 6/1/21 | 300,000 | 310,824 | ||||||
San Jacinto River Authority, (BAM), 4%, 10/1/23 | 200,000 | 217,314 | ||||||
2,504,158 | ||||||||
Utah - 1.6% | ||||||||
Utah Transit Authority, (BHAC-CR, MBIA), 5%, 6/15/35 | 280,000 | 366,352 | ||||||
Virginia - 5.5% | ||||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 500,000 | 640,000 | ||||||
Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34 | 250,000 | 312,398 | ||||||
Western Regional Jail Authority, 5%, 12/1/34 | 250,000 | 300,990 | ||||||
1,253,388 | ||||||||
Washington - 1.0% | ||||||||
State of Washington, General Obligation, Series E, 5%, 2/1/29 | 205,000 | 232,044 | ||||||
West Virginia - 2.3% | ||||||||
West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | 450,000 | 531,383 | ||||||
Wisconsin - 1.9% | ||||||||
Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | 400,000 | 424,440 | ||||||
TOTAL INVESTMENTS - 97.6% (Cost $21,256,766**) | 22,272,868 | |||||||
NET OTHER ASSETS AND LIABILITIES - 2.4% | 550,283 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 22,823,151 |
See accompanying Notes to Financial Statements.
15
MADISON FUNDS | April 30, 2020
Madison Tax-Free National Fund Portfolio of Investments (unaudited) - continued |
* | This bond is covered by insurance issued by Ambac Assurance Corporation (“AMBAC”). On November 8, 2010, Ambac Financial Group, Inc., the holding company of AMBAC, announced that it had filed for Chapter 11 bankruptcy protection. Although AMBAC’s claim paying ability appears strong at this point, its ultimate ability to guarantee timely payment of principal and interest on these bonds, should they default, will be dependent on the timing and magnitude of losses within the entity’s overall portfolio. |
** | Aggregate cost for Federal tax purposes was $21,256,766. |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC AMBAC | Indemnity Corp. | |
BAM Build | America Mutual Assurance Co. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
GO of AUTH | General Obligation of the Authority. | |
MBIA MBIA | Insurance Corp. | |
PSF-GTD | Permanent School Fund Guaranteed. |
Q-SBLF | Qualified School Board Loan Fund. | |
ST AID DIR DEP | State Aid Direct Deposit. | |
ST APPROP | State Appropriations. | |
ST INTERCEPT | State Intercept. |
Madison High Quality Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - 36.0% | ||||||||
Communication Service - 1.0% | ||||||||
Walt Disney Co./The, 3.8%, 3/22/30 | $ | 1,250,000 | $ | 1,435,773 | ||||
Consumer Discretionary - 3.6% | ||||||||
Costco Wholesale Corp., 1.375%, 6/20/27 | 1,500,000 | 1,508,639 | ||||||
Home Depot Inc./The, 2.7%, 4/15/30 | 1,250,000 | 1,337,969 | ||||||
Target Corp., 2.9%, 1/15/22 | 2,000,000 | 2,082,364 | ||||||
Target Corp., 3.5%, 7/1/24 | 305,000 | 338,430 | ||||||
5,267,402 | ||||||||
Consumer Staples - 2.0% | ||||||||
Coca-Cola Co./The, 2.45%, 11/1/20 | 1,500,000 | 1,510,666 | ||||||
PepsiCo Inc., 2.75%, 3/19/30 | 1,250,000 | 1,367,691 | ||||||
2,878,357 | ||||||||
Energy - 0.9% | ||||||||
Chevron Corp., 2.427%, 6/24/20 | 1,250,000 | 1,251,584 | ||||||
Financials - 17.6% | ||||||||
American Express Credit Corp., MTN, 2.7%, 3/3/22 | 1,500,000 | 1,537,725 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 0.930%) (A), 2.816%, 7/21/23 | 1,750,000 | 1,797,679 | ||||||
Bank of New York Mellon Corp./The, MTN, 2.2%, 8/16/23 | 1,500,000 | 1,537,534 | ||||||
Berkshire Hathaway Finance Corp., 2.9%, 10/15/20 | 500,000 | 505,191 | ||||||
BlackRock Inc., 3.5%, 3/18/24 | 2,000,000 | 2,191,921 | ||||||
Goldman Sachs Bank USA, 3.2%, 6/5/20 | 1,000,000 | 1,001,891 | ||||||
Huntington National Bank/The, 3.55%, 10/6/23 | 1,500,000 | 1,605,066 | ||||||
John Deere Capital Corp., MTN, 2.65%, 1/6/22 | 2,000,000 | 2,052,465 | ||||||
JPMorgan Chase & Co., 2.972%, 1/15/23 | 1,500,000 | 1,543,062 | ||||||
JPMorgan Chase & Co., FRN, (3M USD LIBOR + 1.155%) (A), 3.22%, 3/1/25 | 1,750,000 | 1,842,807 | ||||||
Morgan Stanley, 2.8%, 6/16/20 | 1,750,000 | 1,753,185 | ||||||
PNC Financial Services Group Inc./The, 3.3%, 3/8/22 | 1,300,000 | 1,351,954 | ||||||
State Street Corp., (SOFR + 0.940%) (A), 2.354%, 11/1/25 | 1,750,000 | 1,800,951 | ||||||
Truist Financial Corp., MTN, 2.85%, 10/26/24 | 1,500,000 | 1,580,639 |
U.S. Bancorp, MTN, 2.625%, 1/24/22 | 1,250,000 | 1,282,226 | ||||||
Wells Fargo & Co., MTN, (3M USD LIBOR + 0.825%) (A), 2.406%, 10/30/25 | 2,000,000 | 2,030,533 | ||||||
25,414,829 | ||||||||
Health Care - 2.1% | ||||||||
Merck & Co. Inc., 3.875%, 1/15/21 | 1,500,000 | 1,520,746 | ||||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 1,500,000 | 1,581,763 | ||||||
3,102,509 | ||||||||
Industrials - 0.3% | ||||||||
Caterpillar Inc., 3.9%, 5/27/21 | 500,000 | 515,148 | ||||||
Information Technology - 8.5% | ||||||||
Apple Inc., 2.4%, 5/3/23 | 1,500,000 | 1,572,386 | ||||||
Cisco Systems Inc., 2.2%, 2/28/21 | 1,500,000 | 1,518,879 | ||||||
Intel Corp., 3.3%, 10/1/21 | 1,750,000 | 1,816,393 | ||||||
Microsoft Corp., 3%, 10/1/20 | 1,250,000 | 1,257,901 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 500,000 | 538,069 | ||||||
salesforce.com Inc., 3.25%, 4/11/23 | 2,000,000 | 2,131,390 | ||||||
Texas Instruments Inc., 1.375%, 3/12/25 | 1,750,000 | 1,770,458 | ||||||
Visa Inc., 2.2%, 12/14/20 | 1,700,000 | 1,713,623 | ||||||
12,319,099 | ||||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $50,775,014) | 52,184,701 | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - 56.3% | ||||||||
Fannie Mae - 5.3% | ||||||||
1.375%, 10/7/21 | 4,000,000 | 4,065,763 | ||||||
1.875%, 4/5/22 | 3,500,000 | 3,610,352 | ||||||
7,676,115 | ||||||||
Freddie Mac - 4.9% | ||||||||
2.375%, 1/13/22 | 4,000,000 | 4,141,876 | ||||||
0.375%, 4/20/23 | 3,000,000 | 3,000,963 | ||||||
7,142,839 | ||||||||
U.S. Treasury Notes - 46.1% | ||||||||
2.000%, 7/31/20 | 3,625,000 | 3,642,210 | ||||||
1.375%, 8/31/20 | 3,625,000 | 3,640,435 | ||||||
2.625%, 11/15/20 | 3,625,000 | 3,673,994 | ||||||
2.250%, 7/31/21 | 3,000,000 | 3,077,344 | ||||||
1.875%, 11/30/21 | 2,500,000 | 2,566,504 | ||||||
2.000%, 2/15/22 | 3,000,000 | 3,096,680 |
1.125%, 2/28/22 | 4,000,000 | 4,067,656 | ||||||
1.875%, 7/31/22 | 3,000,000 | 3,112,031 | ||||||
1.750%, 5/15/23 | 3,500,000 | 3,658,320 | ||||||
1.625%, 5/31/23 | 2,750,000 | 2,865,156 | ||||||
2.500%, 8/15/23 | 3,000,000 | 3,219,375 | ||||||
2.750%, 11/15/23 | 3,000,000 | 3,259,102 | ||||||
2.125%, 2/29/24 | 2,500,000 | 2,672,754 | ||||||
2.375%, 8/15/24 | 3,300,000 | 3,587,461 | ||||||
2.250%, 11/15/24 | 3,000,000 | 3,257,344 | ||||||
2.125%, 5/15/25 | 4,000,000 | 4,349,062 | ||||||
1.625%, 5/15/26 | 3,000,000 | 3,208,008 | ||||||
1.500%, 8/15/26 | 3,250,000 | 3,455,410 | ||||||
2.375%, 5/15/27 | 3,250,000 | 3,669,834 | ||||||
2.250%, 11/15/27 | 2,250,000 | 2,535,996 | ||||||
66,614,676 | ||||||||
Total U.S. Government and Agency | ||||||||
Obligations (Cost $78,703,042) | 81,433,630 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (B) | 6,629,693 | 6,629,693 | ||||||
Total Short-Term Investments | ||||||||
(Cost $6,629,693) | 6,629,693 | |||||||
TOTAL INVESTMENTS - 96.9% (Cost $136,107,749**) | 140,248,024 | |||||||
NET OTHER ASSETS AND LIABILITIES - 3.1% | 4,445,974 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 144,693,998 |
** | Aggregate cost for Federal tax purposes was $136,107,749. | |
(A) | Floating rate or variable rate note. Rate shown is as of April 30, 2020. | |
(B) | 7-day yield. | |
LIBOR | London Interbank Offered Rate. | |
MTN | Medium Term Note. | |
SOFR | Secured Overnight Financing Rate. |
See accompanying Notes to Financial Statements.
16
Madison Funds | April 30, 2020
Madison Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
ASSET BACKED SECURITIES - 6.1% | ||||||||
BMW Floorplan Master Owner Trust, Series 2018-1, Class A2, (1M USD LIBOR + 0.320%) (A) (B), 1.134%, 5/15/23 | $ | 325,000 | $ | 320,127 | ||||
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31 | 100,000 | 102,305 | ||||||
Chesapeake Funding II LLC, Series 2017-4A, Class A1 (A), 2.12%, 11/15/29 | 372,735 | 369,080 | ||||||
Chesapeake Funding II LLC, Series 2018-1A, Class A1 (A), 3.04%, 4/15/30 | 339,759 | 338,922 | ||||||
Chesapeake Funding II LLC, Series 2018-2A, Class A1 (A), 3.23%, 8/15/30 | 246,545 | 248,403 | ||||||
Chesapeake Funding II LLC, Series 2018-2A, Class B (A), 3.52%, 8/15/30 | 350,000 | 354,753 | ||||||
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 385,000 | 403,305 | ||||||
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24 | 550,000 | 543,679 | ||||||
Enterprise Fleet Financing LLC, Series 2017-2, Class A2 (A), 1.97%, 1/20/23 | 20,509 | 20,514 | ||||||
Enterprise Fleet Financing LLC, Series 2017-3, Class A3 (A), 2.36%, 5/20/23 | 1,000,000 | 1,000,003 | ||||||
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 500,000 | 501,953 | ||||||
Evergreen Credit Card Trust, Series 2019-1, Class B (A), 3.59%, 1/15/23 | 275,000 | 277,337 | ||||||
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22 | 300,000 | 299,227 | ||||||
Synchrony Credit Card Master Note Trust, Series 2017-1, Class B, 2.19%, 6/15/23 | 1,000,000 | 997,249 | ||||||
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23 | 830,000 | 846,616 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 350,000 | 349,034 | ||||||
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28 | 300,000 | 285,620 | ||||||
Total Asset Backed Securities | ||||||||
(Cost $7,233,800) | 7,258,127 | |||||||
COLLATERALIZED MORTGAGE | ||||||||
OBLIGATIONS - 5.7% | ||||||||
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (C), 2.879%, 7/25/49 | 512,356 | 504,930 | ||||||
Fannie Mae REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 1,258,179 | 111,666 | ||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 724,762 | 780,799 | ||||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 849,110 | 932,703 | ||||||
Fannie Mae REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 180,931 | 202,117 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 138,166 | 162,095 | ||||||
Fannie Mae REMICS, Series 2011-101, Class NC, 2.5%, 4/25/40 | 166,137 | 167,691 | ||||||
Fannie Mae REMICS, Series 2015-44, Class GI, IO, 3%, 11/25/40 | 394,414 | 7,659 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 462,606 | 478,104 | ||||||
Freddie Mac REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 1,676,347 | 107,852 | ||||||
Government National Mortgage Association, Series 2015-53, Class IL, IO,3%, 9/20/44 | 1,328,293 | 29,264 | ||||||
JPMorgan Mortgage Trust, Series 2019-3, Class A4 (A) (B) (D), 4%, 9/25/49 | 270,398 | 271,961 | ||||||
JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (D), 4%, 11/25/49 | 319,514 | 326,988 | ||||||
JPMorgan Mortgage Trust, Series 2019-5, Class A4 (A) (B) (D), 4%, 11/25/49 | 113,010 | 114,280 | ||||||
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (D), 3.5%, 2/25/50 | 578,414 | 585,089 | ||||||
OBX Trust, Series 2019-INV1, Class A8 (A) (B) (D), 4%, 11/25/48 | 438,417 | 441,615 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (B) (D), 3%, 11/25/45 | 500,175 | 503,502 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (B) (D), 3.5%, 10/25/49 | 427,440 | 435,993 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (D), 3%, 6/25/43 | 436,396 | 442,357 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (D), 4%, 4/25/49 | 269,566 | 274,860 | ||||||
Total Collateralized Mortgage Obligations (Cost $7,094,595) | 6,881,525 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4% | ||||||||
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (B) (D), 3.196%, 11/25/27 | 900,000 | 985,369 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K718, Class X1, IO (B) (D), 0.725%, 1/25/22 | 21,940,048 | 169,344 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 400,000 | 436,102 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | 1,000,000 | 1,090,000 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, IO (B) (D), 0.434%, 9/25/26 | 15,719,216 | 265,419 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 1,000,000 | 1,115,631 | ||||||
FREMF Mortgage Trust, Series 2011-K12, Class B (A) (B) (D), 4.487%, 1/25/46 | 500,000 | 503,948 | ||||||
FREMF Mortgage Trust, Series 2015- K721, Class B (A) (B) (D), 3.681%, 11/25/47 | 750,000 | 758,295 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $5,035,077) | 5,324,108 | |||||||
CORPORATE NOTES AND BONDS - 32.5% | ||||||||
Communication Services - 2.4% | ||||||||
AT&T Inc., 4.75%, 5/15/46 | 500,000 | 578,298 | ||||||
Comcast Corp., 3.4%, 4/1/30 | 225,000 | 252,640 | ||||||
Comcast Corp., 4.7%, 10/15/48 | 250,000 | 327,855 | ||||||
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (A), 3.36%, 3/20/23 | 187,500 | 187,969 | ||||||
Verizon Communications Inc., 4.4%, 11/1/34 | 500,000 | 605,726 | ||||||
Vodafone Group PLC (E), 3.75%, 1/16/24 | 250,000 | 269,773 | ||||||
Vodafone Group PLC (E), 5%, 5/30/38 | 250,000 | 297,184 | ||||||
Walt Disney Co./The, 3.8%, 3/22/30 | 300,000 | 344,585 | ||||||
2,864,030 | ||||||||
Consumer Discretionary - 6.6% | ||||||||
Advance Auto Parts Inc. (A), 3.9%, 4/15/30 | 300,000 | 300,393 | ||||||
Booking Holdings Inc., 4.1%, 4/13/25 | 300,000 | 318,648 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22 | 500,000 | 526,731 | ||||||
Costco Wholesale Corp., 1.6%, 4/20/30 | 400,000 | 396,993 | ||||||
Costco Wholesale Corp., 1.75%, 4/20/32 | 150,000 | 148,487 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 500,000 | 550,962 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 250,000 | 249,000 | ||||||
eBay Inc., 1.9%, 3/11/25 | 325,000 | 323,415 | ||||||
Estee Lauder Cos. Inc./The, 2.6%, 4/15/30 | 200,000 | 208,477 | ||||||
Expedia Group Inc., 3.25%, 2/15/30 | 500,000 | 417,334 | ||||||
Home Depot Inc./The, 3.35%, 4/15/50 | 250,000 | 276,862 | ||||||
Kimberly-Clark Corp., 3.1%, 3/26/30 | 325,000 | 362,857 | ||||||
Lennar Corp., 4.75%, 4/1/21 | 500,000 | 502,800 | ||||||
Lowe’s Cos. Inc., 4.55%, 4/5/49 | 500,000 | 607,413 | ||||||
McDonald’s Corp., MTN, 2.125%, 3/1/30 | 250,000 | 249,319 | ||||||
McDonald’s Corp., MTN, 4.2%, 4/1/50 | 250,000 | 297,743 | ||||||
NIKE Inc., 2.85%, 3/27/30 | 250,000 | 271,352 | ||||||
NIKE Inc., 3.375%, 3/27/50 | 750,000 | 840,893 | ||||||
QVC Inc., 4.75%, 2/15/27 | 250,000 | 224,975 | ||||||
Southwest Airlines Co., 5.25%, 5/4/25 | 350,000 | 348,712 | ||||||
Walgreens Boots Alliance Inc., 4.5%, 11/18/34 | 500,000 | 550,640 | ||||||
7,974,006 | ||||||||
Consumer Staples - 1.8% | ||||||||
General Mills Inc., 2.875%, 4/15/30 | 200,000 | 213,965 | ||||||
Keurig Dr Pepper Inc., 3.8%, 5/1/50 | 300,000 | 319,596 | ||||||
Mars Inc. (A), 3.875%, 4/1/39 | 400,000 | 474,320 | ||||||
PepsiCo Inc., 2.25%, 3/19/25 | 700,000 | 740,884 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 300,000 | 354,543 | ||||||
2,103,308 | ||||||||
Energy - 3.4% | ||||||||
Antero Resources Corp., 5.625%, 6/1/23 | 150,000 | 88,155 | ||||||
Boardwalk Pipelines L.P., 4.45%, 7/15/27 | 400,000 | 344,602 | ||||||
Energy Transfer Operating L.P., 5.25%, 4/15/29 | 375,000 | 376,555 | ||||||
EnLink Midstream Partners L.P., 5.45%, 6/1/47 | 400,000 | 162,500 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 500,000 | 532,033 | ||||||
Kinder Morgan Inc., 5.55%, 6/1/45 | 400,000 | 459,093 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 275,000 | 276,881 | ||||||
Marathon Petroleum Corp., 3.8%, 4/1/28 | 600,000 | 553,984 | ||||||
MPLX L.P., 4.8%, 2/15/29 | 250,000 | 251,336 | ||||||
Occidental Petroleum Corp. (F), 3.5%, 8/15/29 | 500,000 | 345,000 | ||||||
Occidental Petroleum Corp. (F), 4.4%, 8/15/49 | 250,000 | 149,687 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 500,000 | 596,692 | ||||||
4,136,518 | ||||||||
Financials - 9.0% | ||||||||
Air Lease Corp., 3.75%, 2/1/22 | 300,000 | 279,860 | ||||||
American International Group Inc., 4.75%, 4/1/48 | 500,000 | 573,381 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 0.930%) (B), 2.816%, 7/21/23 | 500,000 | 513,623 | ||||||
Bank of Montreal (E), 3.3%, 2/5/24 | 325,000 | 343,159 | ||||||
Capital One Financial Corp., 3.3%, 10/30/24 | 350,000 | 356,813 | ||||||
Cboe Global Markets Inc., 3.65%, 1/12/27 | 445,000 | 485,652 | ||||||
Charles Schwab Corp./The, Series G, VRN, (5Y H15 + 4.971%) (B), 5.375%, 6/1/25 | 325,000 | 332,719 |
See accompanying Notes to Financial Statements.
17
Madison Funds | April 30, 2020
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Financials - continued | ||||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | $ | 700,000 | $ | 698,621 | ||||
Goldman Sachs Group Inc./The (3M USD LIBOR + 1.201%) (B), 3.272%, 9/29/25 | 850,000 | 888,653 | ||||||
Huntington Bancshares Inc., 2.55%, 2/4/30 | 300,000 | 289,288 | ||||||
Huntington National Bank/The, 3.55%, 10/6/23 | 500,000 | 535,022 | ||||||
Intercontinental Exchange Inc., 3.75%, 9/21/28 | 250,000 | 284,841 | ||||||
JPMorgan Chase & Co., 3.125%, 1/23/25 | 500,000 | 529,126 | ||||||
JPMorgan Chase & Co., Series II, FRN, (SOFR + 2.745%) (B), 4%, 4/1/25 | 600,000 | 522,000 | ||||||
Liberty Mutual Group Inc. (A), 3.95%, 5/15/60 | 150,000 | 149,374 | ||||||
M&T Bank Corp., 3.55%, 7/26/23 | 250,000 | 267,154 | ||||||
Mitsubishi UFJ Financial Group Inc. (E), 3.195%, 7/18/29 | 500,000 | 530,175 | ||||||
Morgan Stanley, FRN, (SOFR + 1.990%) (B), 2.188%, 4/28/26 | 175,000 | 177,139 | ||||||
Morgan Stanley, 4.3%, 1/27/45 | 500,000 | 602,903 | ||||||
National Securities Clearing Corp. (A), 1.5%, 4/23/25 | 400,000 | 402,056 | ||||||
PNC Bank NA, 2.7%, 10/22/29 | 250,000 | 258,794 | ||||||
Regions Financial Corp., 2.75%, 8/14/22 | 600,000 | 610,152 | ||||||
State Street Corp. (SOFR + 1.490%) (B), 3.031%, 11/1/34 | 250,000 | 262,649 | ||||||
Truist Bank, 2.25%, 3/11/30 | 325,000 | 316,279 | ||||||
USAA Capital Corp. (A), 2.125%, 5/1/30 | 175,000 | 180,590 | ||||||
Wells Fargo & Co., FRN, (SOFR + 2.000%) (B), 2.188%, 4/30/26 | 350,000 | 352,257 | ||||||
10,742,280 | ||||||||
Health Care - 2.2% | ||||||||
AbbVie Inc., 3.75%, 11/14/23 | 400,000 | 430,468 | ||||||
Allergan Sales LLC (A), 5%, 12/15/21 | 200,000 | 209,507 | ||||||
Becton, Dickinson and Co., 2.894%, 6/6/22 | 400,000 | 410,143 | ||||||
Cigna Corp., 4.9%, 12/15/48 | 500,000 | 643,767 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 500,000 | 624,972 | ||||||
UnitedHealth Group Inc., 3.7%, 8/15/49 | 250,000 | 293,642 | ||||||
2,612,499 | ||||||||
Industrials - 2.8% | ||||||||
Boeing Co./The, 5.805%, 5/1/50 | 350,000 | 350,000 | ||||||
Carlisle Cos. Inc., 3.5%, 12/1/24 | 500,000 | 518,708 | ||||||
Carrier Global Corp. (A), 3.577%, 4/5/50 | 200,000 | 180,390 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 250,000 | 228,750 | ||||||
FedEx Corp., 3.8%, 5/15/25 | 300,000 | 321,339 | ||||||
General Electric Co., 3.45%, 5/1/27 | 250,000 | 254,473 | ||||||
Howmet Aerospace Inc., 5.125%, 10/1/24 | 200,000 | 192,328 | ||||||
Otis Worldwide Corp. (A), 2.565%, 2/15/30 | 350,000 | 352,711 | ||||||
TransDigm Inc. (A), 6.25%, 3/15/26 | 200,000 | 195,750 | ||||||
WRKCo Inc., 3.9%, 6/1/28 | 700,000 | 752,596 | ||||||
3,347,045 | ||||||||
Information Technology - 2.4% | ||||||||
Dell International LLC / EMC Corp. (A), 8.35%, 7/15/46 | 350,000 | 437,147 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 350,000 | 348,845 | ||||||
Marvell Technology Group Ltd. (E), 4.2%, 6/22/23 | 500,000 | 517,458 | ||||||
Micron Technology Inc., 2.497%, 4/24/23 | 250,000 | 254,488 | ||||||
NXP BV / NXP Funding LLC / NXP USA Inc. (A) (E), 3.15%, 5/1/27 | 200,000 | 202,071 | ||||||
PayPal Holdings Inc., 2.4%, 10/1/24 | 500,000 | 519,007 | ||||||
Salesforce.com Inc., 3.7%, 4/11/28 | 500,000 | 570,261 | ||||||
2,849,277 | ||||||||
Real Estate - 0.4% | ||||||||
Store Capital Corp., 4.5%, 3/15/28 | 500,000 | 486,992 | ||||||
Utilities - 1.5% | ||||||||
Dominion Energy Gas Holdings LLC, Series B, 3%, 11/15/29 | 350,000 | 345,101 | ||||||
Duke Energy Corp., 3.75%, 9/1/46 | 500,000 | 566,911 | ||||||
Florida Power and Light Co., 2.85%, 4/1/25 | 325,000 | 352,160 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 250,000 | 270,126 | ||||||
PacifiCorp., 4.15%, 2/15/50 | 250,000 | 317,869 | ||||||
1,852,167 | ||||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $37,288,594) | 38,968,122 | |||||||
LONG TERM MUNICIPAL BONDS - 1.1% | ||||||||
South Dakota State Building Authority Revenue, Series F, 4.7%, 6/1/32 | 1,250,000 | 1,353,762 | ||||||
Total Long Term Municipal Bonds | ||||||||
(Cost $1,250,000) | 1,353,762 | |||||||
MORTGAGE BACKED SECURITIES - 24.0% | ||||||||
Fannie Mae - 12.2% | ||||||||
3%, 9/1/30 Pool # 890696 | 679,516 | 721,718 | ||||||
3%, 12/1/30 Pool # AL8924 | 348,586 | 369,871 | ||||||
7%, 11/1/31 Pool # 607515 | 5,882 | 6,823 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 239,792 | 253,327 | ||||||
6.5%, 3/1/32 Pool # 631377 | 21,648 | 24,114 | ||||||
6.5%, 5/1/32 Pool # 636758 | 1,866 | 2,126 | ||||||
7%, 5/1/32 Pool # 644591 | 495 | 515 | ||||||
6.5%, 6/1/32 Pool # 545691 | 48,989 | 55,873 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 424,929 | 448,535 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 288,226 | 304,958 | ||||||
5.5%, 11/1/33 Pool # 555880 | 54,484 | 62,165 | ||||||
5%, 5/1/34 Pool # 780890 | 23,433 | 26,759 | ||||||
7%, 7/1/34 Pool # 792636 | 7,132 | 7,442 | ||||||
2.5%, 10/1/34 Pool # MA3797 | 229,980 | 240,546 | ||||||
4%, 2/1/35 Pool # MA2177 | 567,220 | 613,120 | ||||||
5%, 8/1/35 Pool # 829670 | 57,687 | 65,734 | ||||||
5%, 9/1/35 Pool # 835699 | 58,329 | 65,488 | ||||||
5%, 9/1/35 Pool # 820347 | 80,533 | 91,916 | ||||||
3.5%, 12/1/35 Pool # MA2473 | 694,112 | 745,867 | ||||||
4.5%, 12/1/35 Pool # 745147 | 8,467 | 9,306 | ||||||
5%, 12/1/35 Pool # 850561 | 20,232 | 23,094 | ||||||
6%, 11/1/36 Pool # 902510 | 49,198 | 57,255 | ||||||
6%, 10/1/37 Pool # 947563 | 61,378 | 71,541 | ||||||
6.5%, 12/1/37 Pool # 889072 | 46,000 | 55,402 | ||||||
6.5%, 8/1/38 Pool # 987711 | 111,910 | 138,968 | ||||||
3%, 11/1/39 Pool # MA3831 | 474,589 | 501,911 | ||||||
4%, 9/1/40 Pool # AE3039 | 602,760 | 666,497 | ||||||
4%, 1/1/41 Pool # AB2080 | 481,575 | 528,641 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 384,513 | 439,458 | ||||||
4%, 9/1/41 Pool # AJ1406 | 309,756 | 338,890 | ||||||
4%, 10/1/41 Pool # AJ4046 | 586,920 | 649,195 | ||||||
3.5%, 11/1/41 Pool # AB3867 | 263,448 | 285,126 | ||||||
4%, 3/1/42 Pool # AL1998 | 842,386 | 931,671 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 909,951 | 984,682 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 545,089 | 588,164 | ||||||
3%, 9/1/42 Pool # AP6568 | 88,849 | 95,429 | ||||||
3.5%, 9/1/42 Pool # AB6228 | 332,857 | 359,248 | ||||||
4%, 10/1/42 Pool # AP7363 | 652,355 | 713,794 | ||||||
3.5%, 1/1/43 Pool # AQ9326 | 458,963 | 504,831 | ||||||
3%, 2/1/43 Pool # AL3072 | 774,823 | 833,456 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 412,602 | 445,352 | ||||||
3.5%, 4/1/43 Pool # AT2887 | 375,239 | 405,981 | ||||||
4%, 1/1/45 Pool # AS4257 | 161,590 | 176,121 | ||||||
4.5%, 10/1/46 Pool # MA2783 | 111,925 | 121,872 | ||||||
3%, 1/1/47 Pool # BE0108 | 567,661 | 609,584 | ||||||
14,642,366 | ||||||||
Freddie Mac - 11.7% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 73,958 | 79,147 | ||||||
4.5%, 5/1/25 Pool # J12247 | 151,669 | 161,923 | ||||||
8%, 6/1/30 Pool # C01005 | 486 | 584 | ||||||
6.5%, 1/1/32 Pool # C62333 | 20,019 | 22,923 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 490,226 | 513,174 | ||||||
3.5%, 8/1/32 Pool # C91485 | 283,441 | 304,715 | ||||||
4%, 5/1/33 Pool # G18693 | 759,892 | 805,827 | ||||||
4.5%, 6/1/34 Pool # C01856 | 320,659 | 351,254 | ||||||
2.5%, 10/1/34 Pool # SB8010 | 1,599,000 | 1,672,838 | ||||||
6.5%, 11/1/36 Pool # C02660 | 7,438 | 8,704 | ||||||
5.5%, 1/1/37 Pool # G04593 | 176,572 | 201,773 | ||||||
5.5%, 11/1/37 Pool # A68787 | 127,339 | 145,558 | ||||||
5.5%, 12/1/38 Pool # G05267 | 336,708 | 384,783 | ||||||
4.5%, 8/1/39 Pool # G08361 | 407,265 | 452,269 | ||||||
3.5%, 11/1/40 Pool # G06168 | 420,733 | 453,686 | ||||||
4%, 10/1/41 Pool # Q04092 | 675,493 | 741,182 | ||||||
4.5%, 3/1/42 Pool # G07491 | 441,059 | 489,484 | ||||||
3%, 9/1/42 Pool # C04233 | 551,583 | 589,519 | ||||||
3%, 2/1/43 Pool # Q15767 | 363,205 | 390,243 | ||||||
3%, 4/1/43 Pool # V80026 | 369,766 | 395,189 | ||||||
3%, 4/1/43 Pool # V80025 | 376,243 | 402,157 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 493,393 | 533,640 | ||||||
3%, 7/1/45 Pool # G08653 | 890,183 | 946,794 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 561,714 | 604,591 | ||||||
3%, 11/1/45 Pool # G08675 | 750,757 | 797,316 | ||||||
3%, 1/1/46 Pool # G08686 | 933,669 | 991,613 | ||||||
3%, 10/1/46 Pool # G60722 | 692,089 | 740,884 | ||||||
3.5%, 11/1/47 Pool # Q52079 | 809,798 | 860,931 | ||||||
14,042,701 | ||||||||
Ginnie Mae - 0.1% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 6,982 | 8,163 | ||||||
6.5%, 4/20/31 Pool # 3068 | 3,529 | 4,190 | ||||||
4%, 4/15/39 Pool # 698089 | 28,667 | 31,039 | ||||||
43,392 | ||||||||
Total Mortgage Backed Securities | ||||||||
(Cost $27,386,546) | 28,728,459 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 24.8% | ||||||||
U.S. Treasury Bonds - 12.0% | ||||||||
6.625%, 2/15/27 | 1,500,000 | 2,117,988 | ||||||
5.375%, 2/15/31 | 1,250,000 | 1,871,973 | ||||||
4.500%, 5/15/38 | 1,500,000 | 2,392,441 | ||||||
3.750%, 8/15/41 | 1,250,000 | 1,869,092 | ||||||
3.000%, 5/15/45 | 1,000,000 | 1,374,141 | ||||||
2.250%, 8/15/46 | 1,000,000 | 1,216,875 | ||||||
3.000%, 5/15/47 | 850,000 | 1,187,842 | ||||||
3.000%, 2/15/48 | 750,000 | 1,052,871 | ||||||
3.375%, 11/15/48 | 750,000 | 1,129,805 | ||||||
2.000%, 2/15/50 | 150,000 | 176,935 | ||||||
14,389,963 |
See accompanying Notes to Financial Statements.
18
Madison Funds | April 30, 2020
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2) | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - continued | ||||||||
U.S. Treasury Notes - 12.8% | ||||||||
0.125%, 10/15/24 | $ | 756,105 | $ | 773,504 | ||||
2.125%, 8/15/21 | 500,000 | 512,520 | ||||||
2.000%, 10/31/21 | 1,000,000 | 1,026,758 | ||||||
2.000%, 11/15/21 | 1,750,000 | 1,799,356 | ||||||
2.750%, 2/15/24 | 1,000,000 | 1,092,148 | ||||||
2.125%, 3/31/24 | 1,000,000 | 1,070,859 | ||||||
2.250%, 11/15/25 | 1,250,000 | 1,375,049 | ||||||
1.500%, 8/15/26 | 2,000,000 | 2,126,406 | ||||||
2.375%, 5/15/27 | 1,000,000 | 1,129,180 | ||||||
2.875%, 5/15/28 | 1,500,000 | 1,772,871 | ||||||
2.625%, 2/15/29 | 1,500,000 | 1,761,504 | ||||||
1.500%, 2/15/30 | 770,000 | 833,946 | ||||||
15,274,101 | ||||||||
Total U.S. Government and Agency Obligations (Cost $24,648,219) | 29,664,064 |
Shares | Value (Note 2) | |||||||
SHORT-TERM INVESTMENTS - 1.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (G) | 1,710,099 | $ | 1,710,099 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19% (G) (H) | 448,505 | 448,505 | ||||||
Total Short-Term Investments | ||||||||
(Cost $2,158,604) | 2,158,604 | |||||||
TOTAL INVESTMENTS - 100.4% | ||||||||
(Cost $112,095,435**) | 120,336,771 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.4%) | (437,035 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 119,899,736 |
** | Aggregate cost for Federal tax purposes was $112,106,553. |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(B) | Floating rate or variable rate note. Rate shown is as of April 30, 2020. |
(C) | Stepped rate security. Rate shown is as of April 30, 2020. |
(D) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. |
(E) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.8% of total net assets. |
(F) | All or a portion of these securities, with an aggregate fair value of $452,921, are on loan as part of a securities lending program. See footnote (H) and Note 9 for details on the securities lending program. |
(G) | 7-day yield. |
(H) | Represents investments of cash collateral received in connection with securities lending. |
IO | Interest Only. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
PLC | Public Limited Company. |
SOFR | Secured Overnight Financing Rate. |
Madison Corporate Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - 97.9% | ||||||||
Communication Services - 9.7% | ||||||||
AT&T Inc., 4.25%, 3/1/27 | $ | 250,000 | $ | 275,509 | ||||
AT&T Inc., 4.75%, 5/15/46 | 125,000 | 144,575 | ||||||
Comcast Corp., 4.15%, 10/15/28 | 100,000 | 117,061 | ||||||
Comcast Corp., 3.4%, 4/1/30 | 25,000 | 28,071 | ||||||
L3Harris Technologies Inc., 5.054%, 4/27/45 | 160,000 | 200,495 | ||||||
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (A), 3.36%, 3/20/23 | 37,500 | 37,594 | ||||||
Verizon Communications Inc., 4.329%, 9/21/28 | 115,000 | 136,038 | ||||||
Verizon Communications Inc., 3.875%, 2/8/29 | 100,000 | 115,281 | ||||||
Verizon Communications Inc., 4.4%, 11/1/34 | 200,000 | 242,290 | ||||||
Walt Disney Co./The, 3.8%, 3/22/30 | 50,000 | 57,431 | ||||||
1,354,345 | ||||||||
Consumer Discretionary - 10.3% | ||||||||
Advance Auto Parts Inc. (A), 3.9%, 4/15/30 | 25,000 | 25,033 | ||||||
Booking Holdings Inc., 4.1%, 4/13/25 | 25,000 | 26,554 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 5.875%, 5/1/27 | 100,000 | 104,144 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22 | 100,000 | 105,346 | ||||||
Costco Wholesale Corp., 1.6%, 4/20/30 | 50,000 | 49,624 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 100,000 | 110,192 | ||||||
eBay Inc., 1.9%, 3/11/25 | 100,000 | 99,512 | ||||||
Estee Lauder Cos. Inc./The, 2.6%, 4/15/30 | 25,000 | 26,060 | ||||||
Expedia Group Inc., 3.25%, 2/15/30 | 100,000 | 83,467 | ||||||
General Motors Financial Co. Inc., 3.2%, 7/6/21 | 75,000 | 73,418 | ||||||
Harman International Industries Inc., 4.15%, 5/15/25 | 100,000 | 107,175 | ||||||
Home Depot Inc./The, 3.35%, 4/15/50 | 25,000 | 27,686 | ||||||
Kimberly-Clark Corp., 3.1%, 3/26/30 | 25,000 | 27,912 | ||||||
Lowe’s Cos. Inc., 2.5%, 4/15/26 | 100,000 | 103,882 | ||||||
Lowe’s Cos. Inc., 4.55%, 4/5/49 | 100,000 | 121,483 | ||||||
McDonald’s Corp., MTN, 2.125%, 3/1/30 | 150,000 | 149,591 | ||||||
McDonald’s Corp., MTN, 4.875%, 12/9/45 | 50,000 | 62,546 | ||||||
McDonald’s Corp., MTN, 4.2%, 4/1/50 | 25,000 | 29,774 | ||||||
NIKE Inc., 2.85%, 3/27/30 | 25,000 | 27,135 | ||||||
NIKE Inc., 3.375%, 3/27/50 | 25,000 | 28,030 | ||||||
QVC Inc., 4.75%, 2/15/27 | 25,000 | 22,498 | ||||||
Southwest Airlines Co., 5.25%, 5/4/25 | 25,000 | 24,908 | ||||||
1,435,970 | ||||||||
Consumer Staples - 2.7% | ||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch | ||||||||
InBev Worldwide Inc., 4.9%, 2/1/46 | 100,000 | 115,379 | ||||||
General Mills Inc., 2.875%, 4/15/30 | 25,000 | 26,746 | ||||||
Keurig Dr Pepper Inc., 3.8%, 5/1/50 | 25,000 | 26,633 | ||||||
Mars Inc. (A), 3.875%, 4/1/39 | 100,000 | 118,580 | ||||||
PepsiCo Inc., 2.25%, 3/19/25 | 50,000 | 52,920 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 25,000 | 29,545 | ||||||
369,803 | ||||||||
Energy - 14.9% | ||||||||
Antero Resources Corp., 5.625%, 6/1/23 | 25,000 | 14,693 | ||||||
Boardwalk Pipelines L.P., 4.45%, 7/15/27 | 100,000 | 86,150 | ||||||
BP Capital Markets America Inc., 3.119%, | ||||||||
5/4/26 | 100,000 | 104,705 | ||||||
Chevron Corp., 3.191%, 6/24/23 | 200,000 | 211,576 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 20,000 | 21,663 | ||||||
Devon Energy Corp., 5.6%, 7/15/41 | 100,000 | 81,290 | ||||||
Energy Transfer Operating L.P., 5.25%, 4/15/29 | 150,000 | 150,622 | ||||||
EnLink Midstream Partners L.P., 5.45%, 6/1/47 | 50,000 | 20,313 | ||||||
Enterprise Products Operating LLC, 4.45%, 2/15/43 | 100,000 | 101,389 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 50,000 | 59,483 | ||||||
Helmerich & Payne Inc., 4.65%, 3/15/25 | 100,000 | 101,611 | ||||||
Kinder Morgan Inc. (A), 5%, 2/15/21 | 50,000 | 50,677 | ||||||
Kinder Morgan Inc., 5.55%, 6/1/45 | 100,000 | 114,773 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 25,000 | 25,171 | ||||||
Marathon Petroleum Corp., 3.8%, 4/1/28 | 100,000 | 92,331 | ||||||
Occidental Petroleum Corp., 3.5%, 8/15/29 | 50,000 | 34,500 | ||||||
Occidental Petroleum Corp., 4.4%, 8/15/49 | 50,000 | 29,938 | ||||||
Phillips 66, 4.65%, 11/15/34 | 100,000 | 107,548 | ||||||
Phillips 66 Partners L.P., 3.605%, 2/15/25 | 200,000 | 198,315 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 300,000 | 358,015 | ||||||
Valero Energy Partners L.P., 4.5%, 3/15/28 | 100,000 | 103,765 | ||||||
2,068,528 | ||||||||
Financials - 36.5% | ||||||||
Banks - 18.6% | ||||||||
Bank of America Corp., MTN, 3.3%, 1/11/23 | 200,000 | 209,618 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 1.090%) (B), 3.093%, 10/1/25 | 100,000 | 104,816 | ||||||
Citigroup Inc. (3M USD LIBOR + 1.192%) (B), 4.075%, 4/23/29 | 150,000 | 165,800 | ||||||
Discover Bank, 3.45%, 7/27/26 | 100,000 | 99,472 | ||||||
Goldman Sachs Group Inc./The, 3.5%, 11/16/26 | 250,000 | 265,645 | ||||||
Huntington Bancshares Inc., 2.55%, 2/4/30 | 50,000 | 48,215 | ||||||
Huntington National Bank/The, 3.55%, 10/6/23 | 250,000 | 267,511 | ||||||
JPMorgan Chase & Co., 3.125%, 1/23/25 | 200,000 | 211,650 | ||||||
JPMorgan Chase & Co., Series II, FRN, (SOFR + 2.745%) (B), 4%, 4/1/25 | 50,000 | 43,500 | ||||||
KeyCorp, MTN, 5.1%, 3/24/21 | 250,000 | 258,463 | ||||||
Mitsubishi UFJ Financial Group Inc. (C), 3.195%, 7/18/29 | 200,000 | 212,070 | ||||||
Morgan Stanley, MTN, 3.7%, 10/23/24 | 100,000 | 107,893 | ||||||
Morgan Stanley, MTN, 3.875%, 1/27/26 | 150,000 | 164,942 | ||||||
Morgan Stanley, FRN, (SOFR + 1.990%) (B), 2.188%, 4/28/26 | 25,000 | 25,306 | ||||||
Morgan Stanley, FRN, (3M USD LIBOR + 1.340%) (B), 3.591%, 7/22/28 | 150,000 | 162,660 | ||||||
PNC Financial Services Group Inc./The, 3.45%, 4/23/29 | 100,000 | 109,954 |
See accompanying Notes to Financial Statements.
19
Madison Funds | April 30, 2020
Madison Corporate Bond Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - | ||||||||
continued | ||||||||
Financials - continued | ||||||||
Banks - continued | ||||||||
Truist Bank, 2.25%, 3/11/30 | $ | 100,000 | $ | 97,317 | ||||
Wells Fargo & Co., FRN, (SOFR + 2.000%) (B), 2.188%, 4/30/26 | 25,000 | 25,161 | ||||||
2,579,993 | ||||||||
Diversified Financial Services - 6.9% | ||||||||
Affiliated Managers Group Inc., 4.25%, 2/15/24 | 200,000 | 215,386 | ||||||
American Express Co., 4.2%, 11/6/25 | 100,000 | 112,607 | ||||||
Capital One Financial Corp., 3.3%, 10/30/24 | 200,000 | 203,893 | ||||||
Cboe Global Markets Inc., 3.65%, 1/12/27 | 150,000 | 163,703 | ||||||
Charles Schwab Corp./The, Series G, VRN, (5Y H15 + 4.971%) (B), 5.375%, 6/1/25 | 25,000 | 25,594 | ||||||
Intercontinental Exchange Inc., 3.75%, 9/21/28 | 50,000 | 56,968 | ||||||
Nasdaq Inc., 3.85%, 6/30/26 | 50,000 | 54,732 | ||||||
TD Ameritrade Holding Corp., 3.3%, 4/1/27 | 100,000 | 106,856 | ||||||
Western Union Co./The, 2.85%, 1/10/25 | 25,000 | 24,764 | ||||||
964,503 | ||||||||
Insurance - 8.4% | ||||||||
Aflac Inc., 4.75%, 1/15/49 | 100,000 | 128,041 | ||||||
American International Group Inc., 3.875%, 1/15/35 | 100,000 | 106,769 | ||||||
Berkshire Hathaway Finance Corp., 4.2%, 8/15/48 | 200,000 | 251,875 | ||||||
Berkshire Hathaway Inc., 3.125%, 3/15/26 | 150,000 | 164,826 | ||||||
Liberty Mutual Group Inc. (A), 4.25%, 6/15/23 | 23,000 | 24,464 | ||||||
Liberty Mutual Group Inc. (A), 4.569%, 2/1/29 | 77,000 | 86,340 | ||||||
Liberty Mutual Group Inc. (A), 3.95%, 5/15/60 | 25,000 | 24,896 | ||||||
Markel Corp., 5%, 5/20/49 | 50,000 | 57,220 | ||||||
MetLife Inc., 3.6%, 4/10/24 | 100,000 | 109,147 | ||||||
Prudential Financial Inc., MTN, 3.5%, 5/15/24 | 200,000 | 218,419 | ||||||
1,171,997 | ||||||||
Machinery-Diversified - 0.4% | ||||||||
John Deere Capital Corp., MTN, 1.75%, 3/9/27 | 50,000 | 50,139 | ||||||
Real Estate - 2.2% | ||||||||
Boston Properties L.P., 3.65%, 2/1/26 | 100,000 | 104,689 | ||||||
Boston Properties L.P., 3.4%, 6/21/29 | 100,000 | 103,804 | ||||||
Healthpeak Properties Inc., 3.25%, 7/15/26 | 100,000 | 100,390 | ||||||
308,883 | ||||||||
5,075,515 | ||||||||
Health Care - 3.0% | ||||||||
Anthem Inc., 2.375%, 1/15/25 | 50,000 | 51,456 | ||||||
Cigna Corp., 4.9%, 12/15/48 | 100,000 | 128,753 | ||||||
CVS Health Corp., 2.625%, 8/15/24 | 50,000 | 52,056 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 100,000 | 124,994 | ||||||
UnitedHealth Group Inc., 3.7%, 8/15/49 | 50,000 | 58,729 | ||||||
415,988 | ||||||||
Industrials - 10.4% | ||||||||
Boeing Co./The, 5.805%, 5/1/50 | 25,000 | 25,000 | ||||||
Bristol-Myers Squibb Co. (A), 3.4%, 7/26/29 | 100,000 | 114,429 | ||||||
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 100,000 | 123,006 | ||||||
Carrier Global Corp. (A), 3.577%, 4/5/50 | 50,000 | 45,098 | ||||||
CRH America Inc. (A), 3.875%, 5/18/25 | 200,000 | 210,050 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 50,000 | 45,750 | ||||||
FedEx Corp., 3.8%, 5/15/25 | 25,000 | 26,778 | ||||||
General Dynamics Corp., 1.875%, 8/15/23 | 100,000 | 102,667 | ||||||
General Electric Co., 3.45%, 5/1/27 | 25,000 | 25,447 | ||||||
Howmet Aerospace Inc., 5.125%, 10/1/24 | 50,000 | 48,082 | ||||||
Lockheed Martin Corp., 2.9%, 3/1/25 | 200,000 | 214,172 | ||||||
Otis Worldwide Corp. (A), 2.565%, 2/15/30 | 50,000 | 50,387 | ||||||
Textron Inc., 3.875%, 3/1/25 | 200,000 | 206,604 | ||||||
WRKCo Inc., 3.75%, 3/15/25 | 100,000 | 105,657 | ||||||
WRKCo Inc., 3.9%, 6/1/28 | 100,000 | 107,514 | ||||||
1,450,641 | ||||||||
Information Technology - 5.1% | ||||||||
Broadridge Financial Solutions Inc., 2.9%, 12/1/29 | 100,000 | 103,127 | ||||||
Citrix Systems Inc., 4.5%, 12/1/27 | 35,000 | 38,935 | ||||||
Dell International LLC / EMC Corp. (A), 8.35%, 7/15/46 | 75,000 | 93,674 | ||||||
Intel Corp., 3.734%, 12/8/47 | 50,000 | 60,110 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 25,000 | 24,917 | ||||||
Micron Technology Inc., 2.497%, 4/24/23 | 25,000 | 25,449 | ||||||
Microsoft Corp., 3.5%, 2/12/35 | 100,000 | 119,089 | ||||||
NVIDIA Corp., 2.2%, 9/16/21 | 100,000 | 101,917 | ||||||
NXP BV / NXP Funding LLC / NXP USA Inc. (A) (C), 3.15%, 5/1/27 | 25,000 | 25,259 | ||||||
Oracle Corp., 4%, 7/15/46 | 50,000 | 59,482 | ||||||
PayPal Holdings Inc., 2.4%, 10/1/24 | 50,000 | 51,901 | ||||||
703,860 | ||||||||
Materials - 3.2% | ||||||||
Dow Chemical Co./The, 4.8%, 5/15/49 | 50,000 | 57,200 | ||||||
Nutrien Ltd. (C), 3.375%, 3/15/25 | 200,000 | 209,500 | ||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 175,000 | 185,349 | ||||||
452,049 | ||||||||
Utilities - 2.1% | ||||||||
Dominion Energy Gas Holdings LLC, Series B, 3%, 11/15/29 | 100,000 | 98,601 | ||||||
Duke Energy Corp., 3.75%, 9/1/46 | 100,000 | 113,382 | ||||||
Florida Power and Light Co., 2.85%, 4/1/25 | 25,000 | 27,089 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 50,000 | 54,025 | ||||||
293,097 | ||||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $12,711,737) | 13,619,796 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (D) | 311,541 | 311,541 | ||||||
Total Short-Term Investments | ||||||||
(Cost $311,541) | 311,541 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $13,023,278**) | 13,931,337 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (10,771 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 13,920,566 |
** | Aggregate cost for Federal tax purposes was $13,023,278. |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(B) | Floating rate or variable rate note. Rate shown is as of April 30, 2020. |
(C) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 3.2% of total net assets. |
(D) | 7-day yield. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
SOFR | Secured Overnight Financing Rate. |
See accompanying Notes to Financial Statements.
20
Madison Funds | April 30, 2020
Madison High Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - 91.1% | ||||||||
Communication Services - 6.9% | ||||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. (A), 5.375%, 8/15/26 | $ | 225,000 | $ | 171,000 | ||||
GrubHub Holdings Inc. (A), 5.5%, 7/1/27 | 200,000 | 187,000 | ||||||
Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 200,000 | 211,000 | ||||||
Nexstar Broadcasting Inc. (A), 5.625%, 8/1/24 | 225,000 | 219,937 | ||||||
Sprint Communications Inc., 6%, 11/15/22 | 100,000 | 105,761 | ||||||
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (A), 3.36%, 3/20/23 | 93,750 | 93,984 | ||||||
Telesat Canada / Telesat LLC (A) (B), 6.5%, 10/15/27 | 125,000 | 117,588 | ||||||
1,106,270 | ||||||||
Consumer Discretionary - 22.1% | ||||||||
ACCO Brands Corp. (A), 5.25%, 12/15/24 | 250,000 | 248,125 | ||||||
Avon International Operations Inc. (A), 7.875%, 8/15/22 | 250,000 | 243,437 | ||||||
Central Garden & Pet Co., 6.125%, 11/15/23 | 250,000 | 252,500 | ||||||
Diamond Resorts International Inc. (A), 7.75%, 9/1/23 | 250,000 | 201,385 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 275,000 | 273,900 | ||||||
Ford Motor Co., 9%, 4/22/25 | 500,000 | 486,875 | ||||||
IRB Holding Corp. (A), 6.75%, 2/15/26 | 250,000 | 207,500 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (C), 5.625%, 2/15/24 | 500,000 | 496,250 | ||||||
Penske Automotive Group Inc., 5.75%, 10/1/22 | 275,000 | 262,625 | ||||||
Scientific Games International Inc. (A), 5%, 10/15/25 | 275,000 | 240,158 | ||||||
Scotts Miracle-Gro Co./The, 5.25%, 12/15/26 | 75,000 | 76,088 | ||||||
Sirius XM Radio Inc. (A), 4.625%, 5/15/23 | 250,000 | 251,562 | ||||||
Univision Communications Inc. (A), 5.125%, 5/15/23 | 325,000 | 308,750 | ||||||
3,549,155 | ||||||||
Consumer Staples - 5.8% | ||||||||
Kraft Heinz Foods Co., 3%, 6/1/26 | 225,000 | 223,630 | ||||||
Pilgrim’s Pride Corp. (A), 5.75%, 3/15/25 | 350,000 | 353,545 | ||||||
Simmons Foods Inc. (A), 5.75%, 11/1/24 | 375,000 | 348,750 | ||||||
925,925 | ||||||||
Energy - 13.7% | ||||||||
American Midstream Partners L.P. / American Midstream Finance Corp. (A), 9.5%, 12/15/21 | 375,000 | 345,000 | ||||||
Berry Petroleum Co. LLC (A), 7%, 2/15/26 | 150,000 | 69,750 | ||||||
Buckeye Partners L.P. (A), 4.125%, 3/1/25 | 125,000 | 115,625 | ||||||
Callon Petroleum Co., 6.25%, 4/15/23 | 375,000 | 77,812 | ||||||
EnerSys (A), 4.375%, 12/15/27 | 125,000 | 120,625 | ||||||
Indigo Natural Resources LLC (A), 6.875%, 2/15/26 | 275,000 | 255,750 | ||||||
Jonah Energy LLC / Jonah Energy Finance Corp. (A), 7.25%, 10/15/25 | 125,000 | 2,188 | ||||||
Murphy Oil USA Inc., 5.625%, 5/1/27 | 400,000 | 411,820 | ||||||
Occidental Petroleum Corp., 2.7%, 2/15/23 | 200,000 | 171,800 | ||||||
QEP Resources Inc., 5.375%, 10/1/22 | 300,000 | 103,500 | ||||||
Southern Star Central Corp. (A), 5.125%, 7/15/22 | 300,000 | 286,020 | ||||||
Sunoco L.P. / Sunoco Finance Corp., 4.875%, 1/15/23 | 250,000 | 242,500 | ||||||
2,202,390 | ||||||||
Financials - 6.8% | ||||||||
Credit Acceptance Corp. (A), 5.125%, 12/31/24 | 125,000 | 109,688 | ||||||
Equinix Inc., 5.875%, 1/15/26 | 250,000 | 259,650 | ||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp. (A), 7.25%, 8/15/24 | 250,000 | 218,750 | ||||||
MPT Operating Partnership L.P. / MPT Finance Corp., 5%, 10/15/27 | 250,000 | 255,000 | ||||||
Quicken Loans Inc. (A), 5.75%, 5/1/25 | 250,000 | 245,000 | ||||||
1,088,088 | ||||||||
Health Care - 4.6% | ||||||||
Acadia Healthcare Co. Inc., 5.125%, 7/1/22 | 250,000 | 240,000 | ||||||
HCA Inc., 5.875%, 2/15/26 | 250,000 | 279,450 | ||||||
MEDNAX Inc. (A), 5.25%, 12/1/23 | 225,000 | 212,625 | ||||||
732,075 | ||||||||
Industrials - 15.6% | ||||||||
Avis Budget Car Rental LLC / Avis Budget | ||||||||
Finance Inc. (A), 5.25%, 3/15/25 | 250,000 | 147,500 | ||||||
Covanta Holding Corp., 5.875%, 3/1/24 | 225,000 | 221,063 | ||||||
DAE Funding LLC (A), 5%, 8/1/24 | 250,000 | 221,250 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 200,000 | 183,000 | ||||||
Gartner Inc. (A), 5.125%, 4/1/25 | 225,000 | 232,031 | ||||||
Mueller Industries Inc., 6%, 3/1/27 | 250,000 | 230,000 | ||||||
Nielsen Finance LLC / Nielsen Finance Co. (A), 5%, 4/15/22 | 250,000 | 246,277 | ||||||
Spirit AeroSystems Inc. (A), 7.5%, 4/15/25 | 250,000 | 246,250 | ||||||
Tennant Co., 5.625%, 5/1/25 | 275,000 | 275,344 | ||||||
TransDigm Inc. (A), 6.25%, 3/15/26 | 275,000 | 269,156 | ||||||
Waste Pro USA Inc. (A), 5.5%, 2/15/26 | 225,000 | 222,750 | ||||||
2,494,621 | ||||||||
Information Technology - 5.2% | ||||||||
Alliance Data Systems Corp. (A) (C), 4.75%, 12/15/24 | 500,000 | 370,000 | ||||||
Donnelley Financial Solutions Inc., 8.25%, 10/15/24 | 275,000 | 255,750 | ||||||
Solera LLC / Solera Finance Inc. (A), 10.5%, 3/1/24 | 200,000 | 199,000 | ||||||
824,750 | ||||||||
Materials - 3.6% | ||||||||
Arconic Corp. (A), 6%, 5/15/25 | 100,000 | 101,125 | ||||||
Berry Global Inc., 5.125%, 7/15/23 | 275,000 | 276,719 | ||||||
Cornerstone Chemical Co. (A), 6.75%, 8/15/24 | 250,000 | 202,500 | ||||||
580,344 | ||||||||
Real Estate - 1.8% | ||||||||
Iron Mountain Inc., 5.75%, 8/15/24 | 300,000 | 294,750 | ||||||
Utilities - 5.0% | ||||||||
AES Corp./The, 5.5%, 4/15/25 | 250,000 | 256,250 | ||||||
AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.5%, 5/20/25 | 250,000 | 253,880 | ||||||
Calpine Corp., 5.5%, 2/1/24 | 300,000 | 297,375 | ||||||
807,505 | ||||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $16,012,054) | 14,605,873 | |||||||
Shares | ||||||||
EXCHANGE TRADED FUNDS - 2.7% | ||||||||
iShares iBoxx High Yield Corporate Bond ETF | 5,400 | 434,322 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $465,512) | 434,322 | |||||||
SHORT-TERM INVESTMENTS - 2.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (D) | 444,471 | 444,471 | ||||||
Total Short-Term Investments | ||||||||
(Cost $444,471) | 444,471 | |||||||
TOTAL INVESTMENTS - 96.6% (Cost $16,922,037**) | 15,484,666 | |||||||
NET OTHER ASSETS AND LIABILITIES - 3.4% | 545,832 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 16,030,498 |
** | Aggregate cost for Federal tax purposes was $16,922,037. |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(B) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.7% of total net assets. |
(C) | Restricted. The aggregate cost of such securities is $1,000,000. The aggregate value is $866,250, representing 5.4% of net assets. |
(D) | 7-day yield. |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
21
Madison Funds | April 30, 2020
Madison Diversified Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 64.5% | ||||||||
Communication Services - 5.5% | ||||||||
Comcast Corp., Class A | 101,000 | $ | 3,800,630 | |||||
Verizon Communications Inc. | 79,000 | 4,538,550 | ||||||
8,339,180 | ||||||||
Consumer Discretionary - 6.0% | ||||||||
Home Depot Inc./The | 18,500 | 4,066,855 | ||||||
McDonald’s Corp. | 17,000 | 3,188,520 | ||||||
TJX Cos. Inc./The | 39,500 | 1,937,475 | ||||||
9,192,850 | ||||||||
Consumer Staples - 6.9% | ||||||||
Coca-Cola Co./The | 21,500 | 986,635 | ||||||
Hershey Co./The | 9,000 | 1,191,870 | ||||||
Nestle S.A., ADR | 22,000 | 2,312,200 | ||||||
PepsiCo Inc. | 25,500 | 3,373,395 | ||||||
Procter & Gamble Co./The | 22,000 | 2,593,140 | ||||||
10,457,240 | ||||||||
Financials - 9.1% | ||||||||
BlackRock Inc. | 6,700 | 3,363,668 | ||||||
Chubb Ltd. | 16,000 | 1,728,160 | ||||||
JPMorgan Chase & Co. | 34,000 | 3,255,840 | ||||||
Northern Trust Corp. | 23,500 | 1,860,260 | ||||||
Travelers Cos. Inc./The | 21,000 | 2,125,410 | ||||||
US Bancorp | 39,500 | 1,441,750 | ||||||
13,775,088 | ||||||||
Health Care - 14.2% | ||||||||
Amgen Inc. | 9,200 | 2,200,824 | ||||||
Bristol-Myers Squibb Co. | 61,500 | 3,739,815 | ||||||
Gilead Sciences Inc. | 12,000 | 1,008,000 | ||||||
Johnson & Johnson | 30,200 | 4,531,208 | ||||||
Medtronic PLC | 31,500 | 3,075,345 | ||||||
Merck & Co. Inc. | 35,000 | 2,776,900 | ||||||
Novartis AG, ADR | 26,000 | 2,202,980 | ||||||
Pfizer Inc. | 54,000 | 2,071,440 | ||||||
21,606,512 | ||||||||
Industrials - 7.2% | ||||||||
Caterpillar Inc. | 28,000 | 3,258,640 | ||||||
Emerson Electric Co. | 29,500 | 1,682,385 | ||||||
Fastenal Co. | 90,000 | 3,259,800 | ||||||
General Dynamics Corp. | 7,500 | 979,650 | ||||||
Union Pacific Corp. | 11,500 | 1,837,585 | ||||||
11,018,060 | ||||||||
Information Technology - 9.9% | ||||||||
Accenture PLC, Class A | 8,500 | 1,574,115 | ||||||
Analog Devices Inc. | 23,500 | 2,575,600 | ||||||
Automatic Data Processing Inc. | 9,000 | 1,320,210 | ||||||
Cisco Systems Inc. | 79,000 | 3,348,020 | ||||||
Paychex Inc. | 19,000 | 1,301,880 | ||||||
TE Connectivity Ltd. | 29,000 | 2,130,340 | ||||||
Texas Instruments Inc. | 24,000 | 2,785,680 | ||||||
15,035,845 | ||||||||
Materials - 2.0% | ||||||||
Linde PLC | 16,500 | 3,035,835 | ||||||
Utilities - 3.7% | ||||||||
Dominion Energy Inc. | 36,500 | 2,815,245 | ||||||
NextEra Energy Inc. | 12,000 | 2,773,440 | ||||||
5,588,685 | ||||||||
Total Common Stocks | ||||||||
(Cost $78,674,479) | 98,049,295 |
Par Value | Value (Note 2) | |||||||
ASSET BACKED SECURITIES - 1.7% | ||||||||
BMW Floorplan Master Owner Trust, Series 2018-1, Class A2, (1M USD LIBOR + 0.320%) (A) (B), 1.134%, 5/15/23 | $ | 175,000 | $ | 172,376 | ||||
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31 | 100,000 | 102,305 | ||||||
Chesapeake Funding II LLC, Series 2017-4A, Class A1 (A), 2.12%, 11/15/29 | 149,094 | 147,632 | ||||||
Chesapeake Funding II LLC, Series 2018-1A, Class A1 (A), 3.04%, 4/15/30 | 261,353 | 260,709 | ||||||
Chesapeake Funding II LLC, Series 2018-2A, Class A1 (A), 3.23%, 8/15/30 | 92,455 | 93,151 | ||||||
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 130,000 | 136,181 | ||||||
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24 | 250,000 | 247,127 | ||||||
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 300,000 | 301,172 | ||||||
Evergreen Credit Card Trust, Series 2019-1, Class B (A), 3.59%, 1/15/23 | 100,000 | 100,850 | ||||||
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22 | 100,000 | 99,742 | ||||||
Synchrony Credit Card Master Note Trust, Series 2017-1, Class B, 2.19%, 6/15/23 | 450,000 | 448,762 | ||||||
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23 | 250,000 | 255,005 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 100,000 | 99,724 | ||||||
Wheels SPV LLC, Series 2019-1A, Class A2 (A), 2.3%, 5/22/28 | 98,852 | 98,703 | ||||||
Total Asset Backed Securities | ||||||||
(Cost $2,552,157) | 2,563,439 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2% | ||||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 165,660 | 178,468 | ||||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 212,277 | 233,176 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 64,765 | 75,982 | ||||||
Fannie Mae REMICS, Series 2011-101, Class NC, 2.5%, 4/25/40 | 83,069 | 83,845 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 185,042 | 191,241 | ||||||
Freddie Mac REMICS, Series 3187, Class Z, 5%, 7/15/36 | 179,860 | 204,172 | ||||||
JPMorgan Mortgage Trust, Series 2019-3, Class A4 (A) (B) (C), 4%, 9/25/49 | 86,527 | 87,027 | ||||||
JPMorgan Mortgage Trust, Series 2019-5, Class A4 (A) (B) (C), 4%, 11/25/49 | 94,175 | 95,233 | ||||||
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | 177,725 | 179,776 | ||||||
OBX Trust, Series 2019-INV1, Class A8 (A) (B) (C), 4%, 11/25/48 | 87,683 | 88,323 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (B) (C), 3%, 11/25/45 | 214,361 | 215,787 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | 85,488 | 87,199 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43 | 187,027 | 189,582 | ||||||
Total Collateralized Mortgage | ||||||||
Obligations (Cost $1,888,119) | 1,909,811 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.6% | ||||||||
Fannie Mae-Aces, Series 2013-M12, Class APT (B) (C), 2.489%, 3/25/23 | 280,798 | 289,971 | ||||||
Fannie Mae-Aces, Series 2017-M15, Class A1, VRN (B) (C), 3.058%, 9/25/27 | 392,610 | 425,298 | ||||||
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.196%, 11/25/27 | 250,000 | 273,714 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 250,000 | 272,564 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 600,000 | 669,378 | ||||||
FREMF Mortgage Trust, Series 2011-K12, Class B (A) (B) (C), 4.487%, 1/25/46 | 250,000 | 251,974 | ||||||
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (C), 3.681%, 11/25/47 | 200,000 | 202,212 | ||||||
Total Commercial Mortgage-Backed | ||||||||
Securities (Cost $2,232,746) | 2,385,111 | |||||||
CORPORATE NOTES AND BONDS - 11.3% | ||||||||
Communication Services - 0.8% | ||||||||
AT&T Inc., 4.75%, 5/15/46 | 200,000 | 231,319 | ||||||
Comcast Corp., 4.15%, 10/15/28 | 275,000 | 321,918 | ||||||
Comcast Corp., 3.4%, 4/1/30 | 50,000 | 56,142 | ||||||
Verizon Communications Inc., 4.329%, 9/21/28 | 331,000 | 391,554 | ||||||
Verizon Communications Inc., 3.875%, 2/8/29 | 100,000 | 115,281 | ||||||
Walt Disney Co./The, 3.8%, 3/22/30 | 50,000 | 57,431 | ||||||
�� | 1,173,645 | |||||||
Consumer Discretionary - 1.7% | ||||||||
Advance Auto Parts Inc. (A), 3.9%, 4/15/30 | 75,000 | 75,098 | ||||||
Booking Holdings Inc., 4.1%, 4/13/25 | 75,000 | 79,662 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22 | 200,000 | 210,692 | ||||||
Costco Wholesale Corp., 1.6%, 4/20/30 | 250,000 | 248,121 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 250,000 | 275,481 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 100,000 | 99,600 | ||||||
eBay Inc., 1.9%, 3/11/25 | 50,000 | 49,756 | ||||||
ERAC USA Finance LLC (A), 6.7%, 6/1/34 | 45,000 | 58,408 | ||||||
Expedia Group Inc., 3.25%, 2/15/30 | 200,000 | 166,934 | ||||||
Home Depot Inc./The, 3.35%, 4/15/50 | 100,000 | 110,745 | ||||||
Kimberly-Clark Corp., 3.1%, 3/26/30 | 100,000 | 111,648 | ||||||
Lennar Corp., 4.75%, 4/1/21 | 150,000 | 150,840 | ||||||
Lowe’s Cos. Inc., 4.55%, 4/5/49 | 150,000 | 182,224 | ||||||
McDonald’s Corp., MTN, 2.125%, 3/1/30 | 50,000 | 49,864 | ||||||
McDonald’s Corp., MTN, 4.875%, 12/9/45 | 300,000 | 375,276 | ||||||
NIKE Inc., 3.375%, 3/27/50 | 150,000 | 168,179 | ||||||
Southwest Airlines Co., 5.25%, 5/4/25 | 50,000 | 49,816 | ||||||
Walgreens Boots Alliance Inc., 4.5%, 11/18/34 | 155,000 | 170,698 | ||||||
2,633,042 | ||||||||
Consumer Staples - 0.4% | ||||||||
Keurig Dr Pepper Inc., 3.8%, 5/1/50 | 75,000 | 79,899 | ||||||
Mars Inc. (A), 3.95%, 4/1/49 | 200,000 | 245,786 | ||||||
PepsiCo Inc., 2.25%, 3/19/25 | 150,000 | 158,761 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 100,000 | 118,181 | ||||||
602,627 |
See accompanying Notes to Financial Statements.
22
Madison Funds | April 30, 2020
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Energy - 2.0% | ||||||||
Antero Resources Corp., 5.625%, 6/1/23 | $ | 75,000 | $ | 44,077 | ||||
BP Capital Markets America Inc., 3.119%, 5/4/26 | 200,000 | 209,411 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 129,000 | 139,728 | ||||||
Energy Transfer Operating L.P., 5.25%, 4/15/29 | 75,000 | 75,311 | ||||||
Enterprise Products Operating LLC, 5.2%, 9/1/20 | 300,000 | 302,982 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 300,000 | 319,220 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 225,000 | 267,675 | ||||||
Kinder Morgan Inc., 5.55%, 6/1/45 | 200,000 | 229,546 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 100,000 | 100,684 | ||||||
MPLX L.P., 4.8%, 2/15/29 | 150,000 | 150,802 | ||||||
Occidental Petroleum Corp. (D), 3.5%, 8/15/29 | 100,000 | 69,000 | ||||||
Phillips 66, 4.65%, 11/15/34 | 250,000 | 268,869 | ||||||
Schlumberger Holdings Corp. (A), 4%, 12/21/25 | 20,000 | 20,192 | ||||||
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | 292,000 | 280,828 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 250,000 | 298,346 | ||||||
Valero Energy Partners L.P., 4.5%, 3/15/28 | 300,000 | 311,295 | ||||||
3,087,966 | ||||||||
Financials - 3.4% | ||||||||
American Express Co., 2.5%, 8/1/22 | 150,000 | 153,201 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 0.930%) (B), 2.816%, 7/21/23 | 250,000 | 256,811 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 1.090%) (B), 3.093%, 10/1/25 | 400,000 | 419,264 | ||||||
Bank of Montreal, MTN (E), 3.3%, 2/5/24 | 110,000 | 116,146 | ||||||
Capital One Financial Corp., 3.3%, 10/30/24 | 200,000 | 203,893 | ||||||
Cboe Global Markets Inc., 3.65%, 1/12/27 | 130,000 | 141,876 | ||||||
Charles Schwab Corp./The, Series G, VRN, (5Y H15 + 4.971%) (B), 5.375%, 6/1/25 | 50,000 | 51,188 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 250,000 | 249,507 | ||||||
Goldman Sachs Group Inc./The, (3M USD LIBOR + 1.201%) (B), 3.272%, 9/29/25 | 350,000 | 365,916 | ||||||
Healthpeak Properties Inc., 3.25%, 7/15/26 | 100,000 | 100,390 | ||||||
Huntington Bancshares Inc., 2.55%, 2/4/30 | 100,000 | 96,430 | ||||||
JPMorgan Chase & Co., 2.972%, 1/15/23 | 300,000 | 308,612 | ||||||
JPMorgan Chase & Co., Series II, FRN, (SOFR + 2.745%) (B), 4%, 4/1/25 | 250,000 | 217,500 | ||||||
JPMorgan Chase & Co., 2.95%, 10/1/26 | 225,000 | 235,959 | ||||||
Liberty Mutual Group Inc. (A), 3.95%, 5/15/60 | 25,000 | 24,896 | ||||||
Mitsubishi UFJ Financial Group Inc. (E), 3.195%, 7/18/29 | 200,000 | 212,070 | ||||||
Morgan Stanley, MTN, 3.875%, 1/27/26 | 100,000 | 109,962 | ||||||
Morgan Stanley, 4.3%, 1/27/45 | 250,000 | 301,451 | ||||||
PNC Financial Services Group Inc./The, 3.45%, 4/23/29 | 300,000 | 329,863 | ||||||
Regions Financial Corp., 3.2%, 2/8/21 | 250,000 | 251,062 | ||||||
Regions Financial Corp., 2.75%, 8/14/22 | 250,000 | 254,230 | ||||||
Synchrony Financial, 3.7%, 8/4/26 | 150,000 | 138,245 | ||||||
Truist Bank, 2.25%, 3/11/30 | 50,000 | 48,658 | ||||||
Truist Financial Corp., MTN, 2.85%, 10/26/24 | 200,000 | 210,752 | ||||||
Wells Fargo & Co., FRN, (SOFR + 2.000%) (B), 2.188%, 4/30/26 | 125,000 | 125,806 | ||||||
Zions Bancorp NA, 3.5%, 8/27/21 | 250,000 | 251,117 | ||||||
5,174,805 | ||||||||
Health Care - 0.9% | ||||||||
AbbVie Inc., 3.75%, 11/14/23 | 150,000 | 161,426 | ||||||
Anthem Inc., 2.375%, 1/15/25 | 50,000 | 51,456 | ||||||
Cigna Corp., 4.375%, 10/15/28 | 50,000 | 57,244 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 250,000 | 312,486 | ||||||
Humana Inc., 2.5%, 12/15/20 | 300,000 | 301,457 | ||||||
UnitedHealth Group Inc., 3.7%, 8/15/49 | 50,000 | 58,728 | ||||||
Zoetis Inc., 3%, 9/12/27 | 350,000 | 379,132 | ||||||
1,321,929 | ||||||||
Industrials - 0.6% | ||||||||
Boeing Co./The, 5.805%, 5/1/50 | 50,000 | 50,000 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 100,000 | 91,500 | ||||||
FedEx Corp., 3.8%, 5/15/25 | 100,000 | 107,113 | ||||||
General Electric Co., 3.45%, 5/1/27 | 100,000 | 101,789 | ||||||
Masco Corp., 4.375%, 4/1/26 | 25,000 | 26,033 | ||||||
Otis Worldwide Corp. (A), 2.565%, 2/15/30 | 125,000 | 125,968 | ||||||
TransDigm Inc. (A), 6.25%, 3/15/26 | 75,000 | 73,406 | ||||||
WRKCo Inc., 3.9%, 6/1/28 | 250,000 | 268,785 | ||||||
844,594 | ||||||||
Information Technology - 1.0% | ||||||||
Broadridge Financial Solutions Inc., 3.95%, 9/1/20 | 300,000 | 301,413 | ||||||
Broadridge Financial Solutions Inc., 2.9%, 12/1/29 | 150,000 | 154,690 | ||||||
Citrix Systems Inc., 4.5%, 12/1/27 | 55,000 | 61,183 | ||||||
Dell International LLC / EMC Corp. (A), 8.35%, 7/15/46 | 75,000 | 93,674 | ||||||
Intel Corp., 3.734%, 12/8/47 | 272,000 | 326,997 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 50,000 | 49,835 | ||||||
Micron Technology Inc., 2.497%, 4/24/23 | 100,000 | 101,795 | ||||||
Oracle Corp., 4%, 7/15/46 | 200,000 | 237,927 | ||||||
PayPal Holdings Inc., 2.4%, 10/1/24 | 200,000 | 207,603 | ||||||
1,535,117 | ||||||||
Materials - 0.1% | ||||||||
DuPont de Nemours Inc., 4.725%, 11/15/28 | 180,000 | 204,446 | ||||||
Real Estate - 0.1% | ||||||||
Store Capital Corp., 4.5%, 3/15/28 | 100,000 | 97,398 | ||||||
Utilities - 0.3% | ||||||||
Dominion Energy Gas Holdings LLC, Series B, 3%, 11/15/29 | 150,000 | 147,901 | ||||||
Florida Power and Light Co., 2.85%, 4/1/25 | 100,000 | 108,357 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 100,000 | 108,050 | ||||||
PacifiCorp., 4.15%, 2/15/50 | 100,000 | 127,147 | ||||||
491,455 | ||||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $16,095,899) | 17,167,024 | |||||||
LONG TERM MUNICIPAL BONDS - 0.7% | ||||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325,000 | 372,677 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 6.267%, 8/1/39 | 500,000 | 500,030 | ||||||
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39 | 35,000 | 35,117 | ||||||
Washington County Hillsboro School District #1J, General Obligation, 4.355%, 6/30/34 | 200,000 | 219,552 | ||||||
Total Long Term Municipal Bonds | ||||||||
(Cost $1,149,536) | 1,127,376 | |||||||
MORTGAGE BACKED SECURITIES - 7.1% | ||||||||
Fannie Mae - 4.1% | ||||||||
3%, 9/1/30 Pool # 890696 | 142,479 | 151,328 | ||||||
3%, 12/1/30 Pool # AL8924 | 232,391 | 246,580 | ||||||
7%, 11/1/31 Pool # 607515 | 5,882 | 6,823 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 382,018 | 403,581 | ||||||
7%, 5/1/32 Pool # 644591 | 792 | 825 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 141,643 | 149,512 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 117,267 | 124,075 | ||||||
5.5%, 10/1/33 Pool # 254904 | 36,430 | 41,632 | ||||||
7%, 7/1/34 Pool # 792636 | 4,483 | 4,678 | ||||||
4%, 2/1/35 Pool # MA2177 | 245,795 | 265,685 | ||||||
5%, 8/1/35 Pool # 829670 | 33,539 | 38,217 | ||||||
5%, 9/1/35 Pool # 835699 | 36,307 | 40,763 | ||||||
5%, 9/1/35 Pool # 820347 | 48,037 | 54,827 | ||||||
3%, 12/1/35 Pool # AS6267 | 226,150 | 240,044 | ||||||
5%, 12/1/35 Pool # 850561 | 12,315 | 14,057 | ||||||
4%, 6/1/36 Pool # AL8618 | 185,592 | 200,722 | ||||||
5.5%, 9/1/36 Pool # 831820 | 56,785 | 65,238 | ||||||
5.5%, 10/1/36 Pool # 901723 | 18,719 | 20,939 | ||||||
5.5%, 12/1/36 Pool # 903059 | 39,995 | 44,656 | ||||||
3%, 11/1/39 Pool # MA3831 | 237,294 | 250,956 | ||||||
4.5%, 7/1/41 Pool # AB3274 | 131,580 | 146,193 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 115,354 | 131,838 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 213,270 | 230,785 | ||||||
4%, 6/1/42 Pool # MA1087 | 150,829 | 165,032 | ||||||
3.5%, 8/1/42 Pool # AO8100 | 128,650 | 138,851 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 163,527 | 176,449 | ||||||
4%, 10/1/42 Pool # AP7363 | 279,581 | 305,912 | ||||||
3%, 2/1/43 Pool # AB8563 | 157,498 | 168,301 | ||||||
3%, 2/1/43 Pool # AB8486 | 261,692 | 279,643 | ||||||
3%, 2/1/43 Pool # AL3072 | 236,549 | 254,449 | ||||||
3%, 3/1/43 Pool # AB8818 | 242,858 | 259,484 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 117,886 | 127,243 | ||||||
4%, 1/1/45 Pool # AS4257 | 85,047 | 92,695 | ||||||
4%, 1/1/45 Pool # MA2145 | 255,250 | 278,230 | ||||||
4.5%, 2/1/45 Pool # MA2193 | 177,594 | 194,666 | ||||||
3.5%, 12/1/45 Pool # AS6309 | 108,249 | 116,238 | ||||||
3%, 1/1/47 Pool # BE0108 | 189,220 | 203,195 | ||||||
3.5%, 12/1/47 Pool # MA3210 | 448,026 | 475,881 | ||||||
4%, 7/1/48 Pool # MA3415 | 153,023 | 162,839 | ||||||
6,273,062 | ||||||||
Freddie Mac - 3.0% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 18,489 | 19,787 | ||||||
4.5%, 5/1/25 Pool # J12247 | 16,250 | 17,349 | ||||||
8%, 6/1/30 Pool # C01005 | 899 | 1,080 | ||||||
6.5%, 1/1/32 Pool # C62333 | 30,029 | 34,385 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 326,817 | 342,116 | ||||||
2.5%, 10/1/34 Pool # SB8010 | 502,543 | 525,749 | ||||||
4.5%, 8/1/39 Pool # G08361 | 203,633 | 226,134 | ||||||
3.5%, 11/1/40 Pool # G06168 | 223,179 | 240,659 | ||||||
4.5%, 9/1/41 Pool # Q03516 | 117,540 | 130,493 | ||||||
4%, 10/1/41 Pool # Q04092 | 159,662 | 175,188 | ||||||
3%, 8/1/42 Pool # G08502 | 212,310 | 226,724 | ||||||
3%, 9/1/42 Pool # C04233 | 101,551 | 108,536 | ||||||
3%, 4/1/43 Pool # V80025 | 250,829 | 268,104 | ||||||
3%, 4/1/43 Pool # V80026 | 246,511 | 263,460 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 382,379 | 413,571 | ||||||
3%, 7/1/45 Pool # G08653 | 296,728 | 315,598 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 280,857 | 302,295 | ||||||
3%, 10/1/46 Pool # G60722 | 224,929 | 240,787 | ||||||
4%, 3/1/47 Pool # Q46801 | 239,229 | 257,610 | ||||||
3.5%, 12/1/47 Pool # Q52955 | 403,418 | 428,891 | ||||||
4,538,516 |
See accompanying Notes to Financial Statements.
23
Madison Funds | April 30, 2020
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2) | |||||||
MORTGAGE BACKED SECURITIES - continued | ||||||||
Ginnie Mae - 0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | $ | 9,775 | $ | 11,428 | ||||
6.5%, 4/20/31 Pool # 3068 | 5,881 | 6,983 | ||||||
18,411 | ||||||||
Total Mortgage Backed Securities | ||||||||
(Cost $10,377,813) | 10,829,989 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.0% | ||||||||
U.S. Treasury Bonds - 3.4% | ||||||||
6.625%, 2/15/27 | 700,000 | 988,395 | ||||||
3.750%, 8/15/41 | 550,000 | 822,400 | ||||||
3.000%, 5/15/42 | 550,000 | 743,918 | ||||||
2.500%, 2/15/45 | 500,000 | 631,094 | ||||||
2.500%, 5/15/46 | 400,000 | 508,641 | ||||||
2.250%, 8/15/46 | 300,000 | 365,063 | ||||||
3.000%, 5/15/47 | 250,000 | 349,365 | ||||||
3.000%, 2/15/48 | 250,000 | 350,957 | ||||||
3.375%, 11/15/48 | 200,000 | 301,281 | ||||||
2.000%, 2/15/50 | 60,000 | 70,774 | ||||||
5,131,888 | ||||||||
U.S. Treasury Notes - 5.6% | ||||||||
0.125%, 10/15/24 | 504,070 | 515,669 | ||||||
2.000%, 11/15/21 | 1,000,000 | 1,028,203 | ||||||
2.500%, 8/15/23 | 750,000 | 804,844 | ||||||
2.125%, 3/31/24 | 1,280,000 | 1,370,700 | ||||||
2.000%, 8/15/25 | 250,000 | 270,947 | ||||||
2.250%, 11/15/25 | 875,000 | 962,534 | ||||||
1.500%, 8/15/26 | 1,500,000 | 1,594,805 | ||||||
2.875%, 5/15/28 | 1,000,000 | 1,181,914 | ||||||
2.625%, 2/15/29 | 500,000 | 587,168 | ||||||
1.500%, 2/15/30 | 165,000 | 178,703 | ||||||
8,495,487 | ||||||||
Total U.S. Government and Agency | ||||||||
Obligations (Cost $11,667,914) | 13,627,375 |
| Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENTS - 2.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (F) | 3,901,088 | 3,901,088 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19% (F) (G) | 67,375 | 67,375 | ||||||
Total Short-Term Investments | ||||||||
(Cost $3,968,463) | 3,968,463 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $128,607,126**) | 151,627,883 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.3% | 389,987 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 152,017,870 |
** | Aggregate cost for Federal tax purposes was $128,787,353. | |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” | |
(B) | Floating rate or variable rate note. Rate shown is as of April 30, 2020. | |
(C) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. | |
(D) | All or a portion of these securities, with an aggregate fair value of $68,335, are on loan as part of a securities lending program. See footnote (G) and Note 9 for details on the securities lending program. | |
(E) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.2% of total net assets. | |
(F) | 7-day yield. | |
(G) | Represents investments of cash collateral received in connection with securities lending. | |
ADR | American Depositary Receipt. | |
FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. | |
FREMF | Freddie Mac Multifamily. | |
LIBOR | London Interbank Offered Rate. | |
LLC | Limited Liability Company. | |
MTN | Medium Term Note. | |
PLC | Public Limited Company. | |
REMIC | Real Estate Mortgage Investment Conduit. | |
SOFR | Secured Overnight Financing Rate. |
See accompanying Notes to Financial Statements.
24
Madison Funds | April 30, 2020
Madison Covered Call & Equity Income Fund Portfolio of Investments |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 86.9% | ||||||||
Communication Services - 6.9% | ||||||||
Alphabet Inc., Class C * (A) | 1,400 | $ | 1,888,124 | |||||
CenturyLink Inc. | 189,000 | 2,007,180 | ||||||
Discovery Inc., Class C * | 91,000 | 1,857,310 | ||||||
5,752,614 | ||||||||
Consumer Discretionary - 9.4% | ||||||||
General Motors Co. (A) | 90,100 | 2,008,329 | ||||||
Lowe’s Cos. Inc. (A) | 32,500 | �� | 3,404,375 | |||||
Nordstrom Inc. (A) | 52,300 | 982,194 | ||||||
Whirlpool Corp. (A) | 13,300 | 1,486,142 | ||||||
7,881,040 | ||||||||
Consumer Staples - 7.8% | ||||||||
Archer-Daniels-Midland Co. (A) | 43,000 | 1,597,020 | ||||||
JM Smucker Co./The (A) | 20,000 | 2,298,200 | ||||||
PepsiCo Inc. (A) | 20,100 | 2,659,029 | ||||||
6,554,249 | ||||||||
Energy - 10.0% | ||||||||
Apache Corp. (A) | 52,600 | 688,008 | ||||||
Baker Hughes Co. | 96,300 | 1,343,385 | ||||||
Canadian Natural Resources Ltd. | 63,000 | 1,055,880 | ||||||
EOG Resources Inc. (A) | 29,500 | 1,401,545 | ||||||
Range Resources Corp. (B) | 602,200 | 3,510,826 | ||||||
Transocean Ltd. * (B) | 295,000 | 377,600 | ||||||
8,377,244 | ||||||||
Financials - 10.7% | ||||||||
Bank of America Corp. (A) | 105,000 | 2,525,250 | ||||||
Berkshire Hathaway Inc., Class B * (A) | 16,000 | 2,997,760 | ||||||
JPMorgan Chase & Co. (A) | 20,000 | 1,915,200 | ||||||
Regions Financial Corp. (A) | 143,000 | 1,537,250 | ||||||
8,975,460 | ||||||||
Health Care - 14.9% | ||||||||
Becton, Dickinson and Co. (A) | 15,000 | 3,787,950 | ||||||
CVS Health Corp. (A) | 48,200 | 2,966,710 | ||||||
Gilead Sciences Inc. (A) | 32,500 | 2,730,000 | ||||||
Zimmer Biomet Holdings Inc. (A) | 24,800 | 2,968,560 | ||||||
12,453,220 | ||||||||
Industrials - 4.0% | ||||||||
FedEx Corp. (A) | 8,000 | 1,014,160 | ||||||
General Dynamics Corp. (A) | 18,100 | 2,364,222 | ||||||
3,378,382 | ||||||||
Information Technology - 9.5% | ||||||||
Accenture PLC, Class A (A) | 16,100 | 2,981,559 | ||||||
Texas Instruments Inc. (A) | 21,000 | 2,437,470 | ||||||
Xilinx Inc. (A) | 29,000 | 2,534,600 | ||||||
7,953,629 | ||||||||
Materials - 10.6% | ||||||||
Alcoa Corp. * | 141,700 | 1,154,855 | ||||||
Barrick Gold Corp. (A) | 116,000 | 2,983,520 | ||||||
Freeport-McMoRan Inc. | 335,900 | 2,965,997 | ||||||
Steel Dynamics Inc. (A) | 75,000 | 1,820,250 | ||||||
8,924,622 | ||||||||
Utilities - 3.1% | ||||||||
AES Corp. (A) | 195,000 | 2,583,750 | ||||||
Total Common Stocks | ||||||||
(Cost $108,949,470) | 72,834,210 | |||||||
EXCHANGE TRADED FUNDS - 6.1% | ||||||||
Invesco DB Gold Fund | 45,000 | 2,237,850 | ||||||
VanEck Vectors Gold Miners ETF (A) | 88,600 | 2,858,236 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $4,131,089) | 5,096,086 | |||||||
SHORT-TERM INVESTMENTS - 10.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (C) | 7,566,774 | 7,566,774 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19% (C) (D) | 1,078,822 | 1,078,822 | ||||||
Total Short-Term Investments | ||||||||
(Cost $8,645,596) | 8,645,596 | |||||||
TOTAL PUT OPTIONS PURCHASED - 4.3% | ||||||||
(Cost $3,181,322) | 3,606,150 | |||||||
TOTAL INVESTMENTS - 107.6% (Cost | ||||||||
$124,907,477**) | 90,182,042 | |||||||
TOTAL CALL & PUT OPTIONS WRITTEN - (6.1%) | (5,084,728 | ) | ||||||
NET OTHER ASSETS AND LIABILITIES - (1.5%) | (1,264,650 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 83,832,664 |
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $126,610,706. | |
(A) | All or a portion of these securities’ positions, with a value of $61,419,413, represent covers (directly or through conversion rights) for outstanding options written. | |
(B) | All or a portion of these securities, with an aggregate fair value of $968,593, are on loan as part of a securities lending program. See footnote (D) and Note 9 for details on the securities lending program. | |
(C) | 7-day yield. | |
(D) | Represents investments of cash collateral received in connection with securities lending. | |
ETF | Exchange Traded Fund. | |
PLC | Public Limited Company. |
Purchased Option Contracts Outstanding at April 30, 2020
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Fair Value | Premiums (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Put Option Purchased | ||||||||||||||||||||||||||
S&P 500 Index | $ | 2,800.00 | 07/17/2020 | 290 | $ | 81,200,000 | $ | 3,606,150 | $ | 3,181,322 | $ | 424,828 | ||||||||||||||
Total Put Options Purchased | $ | 3,606,150 | $ | 3,181,322 | $ | 424,828 |
See accompanying Notes to Financial Statements.
25
Madison Funds | April 30, 2020
Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited) - continued |
Written Option Contracts Outstanding at April 30, 2020
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Fair Value | Premiums (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call Options Written | ||||||||||||||||||||||||||||
Accenture PLC | $ | 175.00 | 05/15/2020 | (100 | ) | $ | (1,750,000 | ) | $ | (129,000 | ) | $ | (46,895 | ) | $ | (82,105 | ) | |||||||||||
Accenture PLC | 190.00 | 06/19/2020 | (61 | ) | (1,159,000 | ) | (43,920 | ) | (29,826 | ) | (14,094 | ) | ||||||||||||||||
AES Corp. | 19.00 | 08/21/2020 | (89 | ) | (169,100 | ) | (1,112 | ) | (7,472 | ) | 6,360 | |||||||||||||||||
Alphabet Inc., Class C | 1,250.00 | 05/15/2020 | (14 | ) | (1,750,000 | ) | (145,950 | ) | (41,500 | ) | (104,450 | ) | ||||||||||||||||
Apache Corp. | 15.00 | 07/17/2020 | (265 | ) | (397,500 | ) | (59,758 | ) | (30,199 | ) | (29,558 | ) | ||||||||||||||||
Archer-Daniels-Midland Co. | 40.00 | 06/19/2020 | (128 | ) | (512,000 | ) | (7,680 | ) | (14,943 | ) | 7,263 | |||||||||||||||||
Archer-Daniels-Midland Co. | 37.00 | 05/15/2020 | (153 | ) | (566,100 | ) | (18,360 | ) | (19,764 | ) | 1,404 | |||||||||||||||||
Bank of America Corp. | 25.00 | 05/15/2020 | (1,050 | ) | (2,625,000 | ) | (54,075 | ) | (125,137 | ) | 71,062 | |||||||||||||||||
Barrick Gold Corp. | 23.00 | 05/15/2020 | (580 | ) | (1,334,000 | ) | (174,870 | ) | (47,409 | ) | (127,461 | ) | ||||||||||||||||
Barrick Gold Corp. | 27.00 | 06/19/2020 | (580 | ) | (1,566,000 | ) | (80,040 | ) | (66,769 | ) | (13,271 | ) | ||||||||||||||||
Becton, Dickinson and Co., | 270.00 | 06/19/2020 | (150 | ) | (4,050,000 | ) | (71,250 | ) | (80,842 | ) | 9,592 | |||||||||||||||||
Berkshire Hathaway Inc., Class B | 200.00 | 06/19/2020 | (160 | ) | (3,200,000 | ) | (36,800 | ) | (70,603 | ) | 33,803 | |||||||||||||||||
CVS Health Corp. | 67.50 | 06/19/2020 | (482 | ) | (3,253,500 | ) | (52,056 | ) | (68,510 | ) | 16,454 | |||||||||||||||||
EOG Resources Inc. | 55.00 | 06/19/2020 | (150 | ) | (825,000 | ) | (30,750 | ) | (26,187 | ) | (4,563 | ) | ||||||||||||||||
FedEx Corp. | 140.00 | 05/15/2020 | (80 | ) | (1,120,000 | ) | (4,600 | ) | (31,916 | ) | 27,316 | |||||||||||||||||
General Dynamics Corp. | 140.00 | 05/15/2020 | (181 | ) | (2,534,000 | ) | (8,597 | ) | (45,512 | ) | 36,914 | |||||||||||||||||
General Motors Co. | 25.00 | 05/15/2020 | (451 | ) | (1,127,500 | ) | (21,873 | ) | (83,213 | ) | 61,339 | |||||||||||||||||
General Motors Co. | 27.00 | 06/19/2020 | (296 | ) | (799,200 | ) | (13,024 | ) | (32,844 | ) | 19,820 | |||||||||||||||||
Gilead Sciences Inc. | 80.00 | 05/15/2020 | (325 | ) | (2,600,000 | ) | (190,938 | ) | (117,134 | ) | (73,803 | ) | ||||||||||||||||
JM Smucker Co./The | 130.00 | 07/17/2020 | (200 | ) | (2,600,000 | ) | (58,500 | ) | (57,245 | ) | (1,255 | ) | ||||||||||||||||
JPMorgan Chase & Co. | 100.00 | 05/15/2020 | (200 | ) | (2,000,000 | ) | (35,400 | ) | (37,931 | ) | 2,531 | |||||||||||||||||
Lowe’s Cos. Inc. | 110.00 | 06/19/2020 | (325 | ) | (3,575,000 | ) | (140,563 | ) | (81,306 | ) | (59,256 | ) | ||||||||||||||||
Nordstrom Inc. | 25.00 | 07/17/2020 | (523 | ) | (1,307,500 | ) | (53,084 | ) | (139,410 | ) | 86,325 | |||||||||||||||||
PepsiCo Inc. | 130.00 | 05/15/2020 | (140 | ) | (1,820,000 | ) | (59,850 | ) | (36,721 | ) | (23,129 | ) | ||||||||||||||||
PepsiCo Inc. | 145.00 | 06/19/2020 | (61 | ) | (884,500 | ) | (4,178 | ) | (17,626 | ) | 13,448 | |||||||||||||||||
Regions Financial Corp. | 12.00 | 08/21/2020 | (715 | ) | (858,000 | ) | (47,905 | ) | (29,149 | ) | (18,756 | ) | ||||||||||||||||
Steel Dynamics Inc. | 24.00 | 05/15/2020 | (500 | ) | (1,200,000 | ) | (58,750 | ) | (34,255 | ) | (24,495 | ) | ||||||||||||||||
Steel Dynamics Inc. | 25.00 | 05/15/2020 | (195 | ) | (487,500 | ) | (13,162 | ) | (25,147 | ) | 11,984 | |||||||||||||||||
Texas Instruments Inc. | 110.00 | 05/15/2020 | (210 | ) | (2,310,000 | ) | (143,850 | ) | (52,747 | ) | (91,103 | ) | ||||||||||||||||
VanEck Vectors Gold Miners ETF | 32.00 | 05/15/2020 | (543 | ) | (1,737,600 | ) | (81,722 | ) | (70,214 | ) | (11,507 | ) | ||||||||||||||||
VanEck Vectors Gold Miners ETF | 33.00 | 05/15/2020 | (343 | ) | (1,131,900 | ) | (36,015 | ) | (38,512 | ) | 2,497 | |||||||||||||||||
Whirlpool Corp. | 100.00 | 05/15/2020 | (133 | ) | (1,330,000 | ) | (187,863 | ) | (53,811 | ) | (134,052 | ) | ||||||||||||||||
Xilinx Inc. | 85.00 | 05/15/2020 | (175 | ) | (1,487,500 | ) | (73,938 | ) | (58,897 | ) | (15,041 | ) | ||||||||||||||||
Xilinx Inc. | 100.00 | 06/19/2020 | (115 | ) | (1,150,000 | ) | (9,085 | ) | (24,035 | ) | 14,950 | |||||||||||||||||
Zimmer Biomet Holdings, Inc. | 125.00 | 06/19/2020 | (138 | ) | (1,725,000 | ) | (68,310 | ) | (44,936 | ) | (23,374 | ) | ||||||||||||||||
Zimmer Biomet Holdings, Inc. | 130.00 | 06/19/2020 | (110 | ) | (1,430,000 | ) | (30,250 | ) | (41,685 | ) | 11,435 | |||||||||||||||||
Total Call Options Written | $ | (2,247,078 | ) | $ | (1,830,302 | ) | $ | (416,776 | ) | |||||||||||||||||||
Put Option Written | ||||||||||||||||||||||||||||
S&P 500 Index | $ | 2,700.00 | 07/17/2020 | (290 | ) | $ | (78,300,000 | ) | $ | (2,837,650 | ) | $ | (2,481,066 | ) | $ | (356,584 | ) | |||||||||||
Total Options Written, at Value | $ | (5,084,728 | ) | $ | (4,311,368 | ) | $ | (773,360 | ) |
See accompanying Notes to Financial Statements.
26
Madison Funds | April 30, 2020
Madison Dividend Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 93.7% | ||||||||
Communication Services - 7.8% | ||||||||
Comcast Corp., Class A | 182,500 | $ | 6,867,475 | |||||
Verizon Communications Inc. | 145,000 | 8,330,250 | ||||||
15,197,725 | ||||||||
Consumer Discretionary - 8.7% | ||||||||
Home Depot Inc./The | 34,000 | 7,474,220 | ||||||
McDonald’s Corp. | 31,000 | 5,814,360 | ||||||
TJX Cos. Inc./The | 71,000 | 3,482,550 | ||||||
16,771,130 | ||||||||
Consumer Staples - 10.1% | ||||||||
Coca-Cola Co./The | 41,000 | 1,881,490 | ||||||
Hershey Co./The | 18,500 | 2,449,955 | ||||||
Nestle S.A., ADR | 41,500 | 4,361,650 | ||||||
PepsiCo Inc. | 46,500 | 6,151,485 | ||||||
Procter & Gamble Co./The | 39,500 | 4,655,865 | ||||||
19,500,445 | ||||||||
Financials - 13.2% | ||||||||
BlackRock Inc. | 12,700 | 6,375,908 | ||||||
Chubb Ltd. | 29,500 | 3,186,295 | ||||||
JPMorgan Chase & Co. | 61,000 | 5,841,360 | ||||||
Northern Trust Corp. | 43,000 | 3,403,880 | ||||||
Travelers Cos. Inc./The | 39,500 | 3,997,795 | ||||||
US Bancorp | 74,500 | 2,719,250 | ||||||
25,524,488 | ||||||||
Health Care - 20.6% | ||||||||
Amgen Inc. | 17,000 | 4,066,740 | ||||||
Bristol-Myers Squibb Co. | 114,000 | 6,932,340 | ||||||
Gilead Sciences Inc. | 22,500 | 1,890,000 | ||||||
Johnson & Johnson | 56,500 | 8,477,260 | ||||||
Medtronic PLC | 57,000 | 5,564,910 | ||||||
Merck & Co. Inc. | 64,500 | 5,117,430 | ||||||
Novartis AG, ADR | 48,000 | 4,067,040 | ||||||
Pfizer Inc. | 101,000 | 3,874,360 | ||||||
39,990,080 | ||||||||
Industrials - 10.7% | ||||||||
Caterpillar Inc. | 52,500 | 6,109,950 | ||||||
Emerson Electric Co. | 57,500 | 3,279,225 | ||||||
Fastenal Co. | 164,000 | 5,940,080 | ||||||
General Dynamics Corp. | 14,500 | 1,893,990 | ||||||
Union Pacific Corp. | 22,000 | 3,515,380 | ||||||
20,738,625 | ||||||||
Information Technology - 14.5% | ||||||||
Accenture PLC, Class A | 16,000 | 2,963,040 | ||||||
Analog Devices Inc. | 43,000 | 4,712,800 | ||||||
Automatic Data Processing Inc. | 17,000 | 2,493,730 | ||||||
Cisco Systems Inc. | 149,000 | 6,314,620 | ||||||
Paychex Inc. | 37,000 | 2,535,240 | ||||||
TE Connectivity Ltd. | 54,500 | 4,003,570 | ||||||
Texas Instruments Inc. | 44,000 | 5,107,080 | ||||||
28,130,080 | ||||||||
Materials - 2.8% | ||||||||
Linde PLC | 30,000 | 5,519,700 | ||||||
Utilities - 5.3% | ||||||||
Dominion Energy Inc. | 67,000 | 5,167,710 | ||||||
NextEra Energy Inc. | 22,000 | 5,084,640 | ||||||
10,252,350 | ||||||||
Total Common Stocks | ||||||||
(Cost $171,022,561) | 181,624,623 | |||||||
SHORT-TERM INVESTMENTS - 5.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (A) | 10,704,499 | 10,704,499 | ||||||
Total Short-Term Investments | ||||||||
(Cost $10,704,499) | 10,704,499 | |||||||
TOTAL INVESTMENTS - 99.2% (Cost $181,727,060**) | 192,329,122 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.8% | 1,468,132 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 193,797,254 |
** | Aggregate cost for Federal tax purposes was $181,864,408. |
(A) | 7-day yield. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
Madison Large Cap Value Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 92.8% | ||||||||
Communication Services - 5.9% | ||||||||
Comcast Corp., Class A | 32,500 | $ | 1,222,975 | |||||
Verizon Communications Inc. | 31,500 | 1,809,675 | ||||||
3,032,650 | ||||||||
Consumer Discretionary - 5.6% | ||||||||
Home Depot Inc./The | 6,400 | 1,406,912 | ||||||
McDonald’s Corp. | 4,500 | 844,020 | ||||||
TJX Cos. Inc./The | 13,000 | 637,650 | ||||||
2,888,582 | ||||||||
Consumer Staples - 7.0% | ||||||||
Coca-Cola Co./The | 11,000 | 504,790 | ||||||
Hershey Co./The | 3,500 | 463,505 | ||||||
Mondelez International Inc., Class A | 15,500 | 797,320 | ||||||
Nestle S.A., ADR | 4,600 | 483,460 | ||||||
PepsiCo Inc. | 6,300 | 833,427 | ||||||
Procter & Gamble Co./The | 4,500 | 530,415 | ||||||
3,612,917 | ||||||||
Financials - 16.7% | ||||||||
Aon PLC | 4,500 | 777,015 | ||||||
Berkshire Hathaway Inc., Class B * | 4,100 | 768,176 | ||||||
BlackRock Inc. | 2,300 | 1,154,692 | ||||||
Chubb Ltd. | 6,700 | 723,667 | ||||||
JPMorgan Chase & Co. | 25,200 | 2,413,152 | ||||||
Northern Trust Corp. | 10,300 | 815,348 | ||||||
Travelers Cos. Inc./The | 10,200 | 1,032,342 | ||||||
US Bancorp | 25,000 | 912,500 | ||||||
8,596,892 | ||||||||
Health Care - 17.6% | ||||||||
Amgen Inc. | 3,500 | 837,270 | ||||||
Baxter International Inc. | 26,000 | 2,308,280 | ||||||
Bristol-Myers Squibb Co. | 29,800 | 1,812,138 | ||||||
Gilead Sciences Inc. | 6,400 | 537,600 | ||||||
Johnson & Johnson | 9,800 | 1,470,392 | ||||||
Medtronic PLC | 5,500 | 536,965 | ||||||
Merck & Co. Inc. | 6,600 | 523,644 | ||||||
Novartis AG, ADR | 5,600 | 474,488 | ||||||
Pfizer Inc. | 14,000 | 537,040 | ||||||
9,037,817 | ||||||||
Industrials - 9.7% | ||||||||
Caterpillar Inc. | 8,900 | 1,035,782 | ||||||
Emerson Electric Co. | 9,500 | 541,785 | ||||||
Fastenal Co. | 21,000 | 760,620 | ||||||
General Dynamics Corp. | 3,500 | 457,170 | ||||||
Jacobs Engineering Group Inc. | 16,000 | 1,324,000 | ||||||
Union Pacific Corp. | 5,500 | 878,845 | ||||||
4,998,202 | ||||||||
Information Technology - 10.9% | ||||||||
Accenture PLC, Class A | 3,000 | 555,570 | ||||||
Analog Devices Inc. | 9,400 | 1,030,240 | ||||||
Automatic Data Processing Inc. | 4,800 | 704,112 | ||||||
Cisco Systems Inc. | 18,100 | 767,078 | ||||||
Paychex Inc. | 7,500 | 513,900 | ||||||
TE Connectivity Ltd. | 9,500 | 697,870 | ||||||
Texas Instruments Inc. | 11,400 | 1,323,198 | ||||||
5,591,968 | ||||||||
Materials - 11.5% | ||||||||
Barrick Gold Corp. | 93,000 | 2,391,960 | ||||||
Franco-Nevada Corp. | 11,000 | 1,454,310 | ||||||
Linde PLC | 2,900 | 533,571 | ||||||
Royal Gold Inc. | 12,500 | 1,531,625 | ||||||
5,911,466 | ||||||||
Real Estate - 1.6% | ||||||||
Prologis Inc., REIT | 8,800 | 785,224 | ||||||
Utilities - 6.3% | ||||||||
Dominion Energy Inc. | 9,800 | 755,874 | ||||||
NextEra Energy Inc. | 3,200 | 739,584 | ||||||
Sempra Energy | 14,100 | 1,746,285 | ||||||
3,241,743 | ||||||||
Total Common Stocks | ||||||||
(Cost $40,899,678) | 47,697,461 | |||||||
SHORT-TERM INVESTMENTS - 7.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (A) | 3,975,500 | 3,975,500 | ||||||
Total Short-Term Investments | ||||||||
(Cost $3,975,500) | 3,975,500 | |||||||
TOTAL INVESTMENTS - 100.5% (Cost $44,875,178**) | 51,672,961 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.5%) | (258,922 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 51,414,039 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $$45,132,435. |
(A) | 7-day yield. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
27 |
Madison Funds | April 30, 2020
Madison Investors Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 93.9% | ||||||||
Communication Services - 9.6% | ||||||||
Alphabet Inc., Class C * | 11,173 | $ | 15,068,578 | |||||
Liberty Broadband Corp., Class C * | 114,698 | 14,071,151 | ||||||
29,139,729 | ||||||||
Consumer Discretionary - 10.7% | ||||||||
Dollar Tree Inc. * | 113,375 | 9,032,586 | ||||||
Lowe’s Cos. Inc. | 142,687 | 14,946,463 | ||||||
TJX Cos. Inc./The | 169,389 | 8,308,531 | ||||||
32,287,580 | ||||||||
Financials - 15.8% | ||||||||
Berkshire Hathaway Inc., Class B * | 67,744 | 12,692,516 | ||||||
Brookfield Asset Management Inc., Class A | 242,405 | 8,198,137 | ||||||
Progressive Corp./The | 185,087 | 14,307,225 | ||||||
US Bancorp | 343,237 | 12,528,150 | ||||||
47,726,028 | ||||||||
Health Care - 19.3% | ||||||||
Alcon Inc. * | 181,097 | 9,563,732 | ||||||
Becton, Dickinson and Co. | 61,354 | 15,493,726 | ||||||
Danaher Corp. | 66,405 | 10,854,561 | ||||||
Novartis AG, ADR | 131,312 | 11,126,066 | ||||||
Varian Medical Systems Inc. * | 99,528 | 11,384,013 | ||||||
58,422,098 | ||||||||
Industrials - 10.8% | ||||||||
Copart Inc. * | 112,776 | 9,034,485 | ||||||
Jacobs Engineering Group Inc. | 173,777 | 14,380,047 | ||||||
PACCAR Inc. | 134,725 | 9,327,012 | ||||||
32,741,544 | ||||||||
Information Technology - 19.1% | ||||||||
Accenture PLC, Class A | 57,429 | 10,635,276 | ||||||
Adobe Inc. * | 18,670 | 6,602,459 | ||||||
Analog Devices Inc. | 96,248 | 10,548,781 | ||||||
Cognizant Technology Solutions Corp., Class A | 172,983 | 10,036,474 | ||||||
TE Connectivity Ltd. | 99,725 | 7,325,798 | ||||||
Visa Inc., Class A | 69,550 | 12,429,976 | ||||||
57,578,764 | ||||||||
Materials - 6.5% | ||||||||
Linde PLC | 46,086 | 8,479,363 | ||||||
PPG Industries Inc. | 123,114 | 11,182,445 | ||||||
19,661,808 | ||||||||
Real Estate - 2.1% | ||||||||
American Tower Corp., REIT | 26,173 | 6,229,174 | ||||||
Total Common Stocks | ||||||||
(Cost $224,809,852) | 283,786,725 | |||||||
SHORT-TERM INVESTMENTS - 6.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (A) | 18,159,090 | 18,159,090 | ||||||
Total Short-Term Investments | ||||||||
(Cost $18,159,090) | 18,159,090 | |||||||
TOTAL INVESTMENTS - 99.9% (Cost $242,968,942**) | 301,945,815 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.1% | 294,673 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 302,240,488 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $243,641,894. |
(A) | 7-day yield. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
Madison Mid Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 92.8% | ||||||||
Communication Service - 6.8% | ||||||||
Liberty Broadband Corp., Class C * | 272,145 | $ | 33,386,749 | |||||
Consumer Discretionary - 19.0% | ||||||||
CarMax Inc. * | 289,069 | 21,289,932 | ||||||
Dollar Tree Inc. * | 300,779 | 23,963,063 | ||||||
Floor & Decor Holdings Inc., Class A * | 160,841 | 6,819,658 | ||||||
Mohawk Industries Inc. * | 95,750 | 8,399,190 | ||||||
O’Reilly Automotive Inc. * | 41,604 | 16,073,289 | ||||||
Ross Stores Inc. | 180,846 | 16,522,091 | ||||||
93,067,223 | ||||||||
Consumer Staples - 1.4% | ||||||||
Brown-Forman Corp., Class B | 109,280 | 6,797,216 | ||||||
Financials - 26.7% | ||||||||
Capital Markets - 3.5% | ||||||||
Brookfield Asset Management Inc., Class A | 503,376 | 17,024,176 | ||||||
Commercial Banks - 2.8% | ||||||||
Cullen/Frost Bankers Inc. | 59,630 | 4,285,012 | ||||||
Glacier Bancorp Inc. | 254,860 | 9,705,069 | ||||||
13,990,081 | ||||||||
Insurance - 20.4% | ||||||||
Arch Capital Group Ltd. * | 860,172 | 20,669,933 | ||||||
Brown & Brown Inc. | 527,477 | 18,941,699 | ||||||
Kemper Corp. | 161,650 | 10,866,113 | ||||||
Markel Corp. * | 23,106 | 20,006,099 | ||||||
Progressive Corp./The | 215,010 | 16,620,273 | ||||||
WR Berkley Corp. | 232,902 | 12,576,708 | ||||||
99,680,825 | ||||||||
Health Care - 5.2% | ||||||||
Elanco Animal Health Inc. * | 251,578 | 6,216,492 | ||||||
Laboratory Corp. of America Holdings * | 115,192 | 18,943,325 | ||||||
25,159,817 | ||||||||
Industrials - 19.1% | ||||||||
Carlisle Cos. Inc. | 78,937 | 9,548,220 | ||||||
Copart Inc. * | 288,035 | 23,074,484 | ||||||
Expeditors International of Washington Inc. | 132,700 | 9,501,983 | ||||||
Fastenal Co. | 450,562 | 16,319,356 | ||||||
HD Supply Holdings Inc. * | 385,606 | 11,444,786 | ||||||
IHS Markit Ltd. | 348,857 | 23,478,076 | ||||||
93,366,905 | ||||||||
Information Technology - 12.2% | ||||||||
Amphenol Corp., Class A | 150,839 | 13,313,050 | ||||||
CDW Corp. | 145,085 | 16,075,418 | ||||||
Gartner Inc. * | 182,963 | 21,737,834 | ||||||
TE Connectivity Ltd. | 115,574 | 8,490,066 | ||||||
59,616,368 | ||||||||
Materials - 2.4% | ||||||||
NewMarket Corp. | 28,411 | 11,689,422 | ||||||
Total Common Stocks | ||||||||
(Cost $333,234,593) | 453,778,782 | |||||||
SHORT-TERM INVESTMENTS - 7.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (A) | 34,427,812 | 34,427,812 | ||||||
Total Short-Term Investments | ||||||||
(Cost $34,427,812) | 34,427,812 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $367,662,405**) | 488,206,594 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.2% | 1,045,919 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 489,252,513 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $369,583,359. |
(A) | 7-day yield. |
See accompanying Notes to Financial Statements.
28 |
Madison Funds | April 30, 2020
Madison Small Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 90.0% | ||||||||
Consumer Discretionary - 5.0% | ||||||||
Brunswick Corp. | 71,700 | $ | 3,421,524 | |||||
Etsy Inc. * | 35,217 | 2,284,527 | ||||||
Hibbett Sports Inc. * | 202,857 | 3,130,083 | ||||||
Nordstrom Inc. | 46,800 | 878,904 | ||||||
9,715,038 | ||||||||
Consumer Staples - 11.7% | ||||||||
Boston Beer Co. Inc./The, Class A * | 11,050 | 5,154,936 | ||||||
Edgewell Personal Care Co. * | 212,605 | 5,870,024 | ||||||
Hain Celestial Group Inc./The * | 303,197 | 7,834,611 | ||||||
Primo Water Corp. | 198,786 | 2,039,544 | ||||||
Simply Good Foods Co./The * | 115,019 | 2,168,108 | ||||||
23,067,223 | ||||||||
Financials - 9.2% | ||||||||
MGIC Investment Corp. | 748,266 | 5,469,825 | ||||||
PRA Group Inc. * | 125,441 | 3,479,733 | ||||||
TCF Financial Corp. | 158,425 | 4,703,638 | ||||||
Veritex Holdings Inc. | 54,236 | 952,384 | ||||||
Western Alliance Bancorp | 98,468 | 3,533,032 | ||||||
18,138,612 | ||||||||
Health Care - 21.7% | ||||||||
AMN Healthcare Services Inc. * | 68,869 | 3,235,466 | ||||||
Avanos Medical Inc. * | 91,509 | 2,841,354 | ||||||
Cardiovascular Systems Inc. * | 40,519 | 1,701,798 | ||||||
Catalent Inc. * | 70,278 | 4,859,724 | ||||||
Covetrus Inc. * | 333,245 | 3,962,283 | ||||||
Encompass Health Corp. | 95,439 | 6,322,834 | ||||||
Flexion Therapeutics Inc. * (A) | 192,211 | 2,045,125 | ||||||
Glaukos Corp. * | 37,340 | 1,370,005 | ||||||
Globus Medical Inc., Class A * | 79,537 | 3,774,826 | ||||||
Natera Inc. * | 82,860 | 3,069,134 | ||||||
Phibro Animal Health Corp., Class A | 154,686 | 4,131,663 | ||||||
PRA Health Sciences Inc. * | 55,177 | 5,324,580 | ||||||
42,638,792 | ||||||||
Industrials - 20.0% | ||||||||
Beacon Roofing Supply Inc. * | 78,849 | 1,734,678 | ||||||
Carlisle Cos. Inc. | 25,317 | 3,062,344 | ||||||
Construction Partners Inc., Class A * | 83,053 | 1,522,361 | ||||||
Crane Co. | 62,661 | 3,411,891 | ||||||
Healthcare Services Group Inc. | 149,343 | 3,806,753 | ||||||
Insperity Inc. | 29,859 | 1,424,573 | ||||||
Kennametal Inc. | 100,967 | 2,585,765 | ||||||
Knight-Swift Transportation Holdings Inc. | 39,253 | 1,459,426 | ||||||
Kornit Digital Ltd. * | 46,684 | 1,548,742 | ||||||
ManpowerGroup Inc. | 30,986 | 2,300,401 | ||||||
Masco Corp. | 176,073 | 7,226,036 | ||||||
Rexnord Corp. | 128,357 | 3,500,295 | ||||||
Robert Half International Inc. | 20,948 | 990,212 | ||||||
Welbilt Inc. * | 208,192 | 1,026,387 | ||||||
WillScot Corp. * | 312,467 | 3,640,241 | ||||||
39,240,105 | ||||||||
Information Technology - 17.6% | ||||||||
Box Inc., - Class A * | 188,883 | 3,048,572 | ||||||
CommVault Systems Inc. * | 140,543 | 5,999,781 | ||||||
Entegris Inc. | 65,456 | 3,549,679 | ||||||
FireEye Inc. * | 398,989 | 4,592,363 | ||||||
FLIR Systems Inc. | 84,713 | 3,676,544 | ||||||
Keysight Technologies Inc. * | 20,932 | 2,025,590 | ||||||
LiveRamp Holdings Inc. * | 70,083 | 2,653,342 | ||||||
Marvell Technology Group Ltd. | 119,433 | 3,193,638 | ||||||
National Instruments Corp. | 46,511 | 1,786,953 | ||||||
PTC Inc. * | 44,343 | 3,070,753 | ||||||
Varonis Systems Inc. * | 15,583 | 1,044,840 | ||||||
34,642,055 | ||||||||
Materials - 4.8% | ||||||||
Olin Corp. | 205,275 | 2,740,421 | ||||||
Scotts Miracle-Gro Co./The | 32,236 | 3,998,231 | ||||||
Vulcan Materials Co. | 23,621 | 2,668,465 | ||||||
9,407,117 | ||||||||
Total Common Stocks | ||||||||
(Cost $165,753,465) | 176,848,942 | |||||||
SHORT-TERM INVESTMENTS - 11.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (B) | 21,036,986 | 21,036,986 | ||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, 0.19% (B) (C) | 1,593,295 | 1,593,295 | ||||||
Total Short-Term Investments | ||||||||
(Cost $22,630,281) | 22,630,281 | |||||||
TOTAL INVESTMENTS - 101.5% (Cost $188,383,746**) | 199,479,223 | |||||||
NET OTHER ASSETS AND LIABILITIES - (1.5%) | (2,917,518 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 196,561,705 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $189,737,276. |
(A) | All or a portion of these securities, with an aggregate fair value of $2,702,438 are on loan as part of a securities lending program. |
See footnote (C) and Note 9 for details on the securities lending program. |
(B) | 7-day yield. |
(C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Financial Statements.
29 |
Madison Funds | April 30, 2020
Madison International Stock Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
COMMON STOCKS - 93.6% | ||||||||
Australia - 1.1% | ||||||||
BHP Group PLC (A) | 10,451 | $ | 175,520 | |||||
Canada - 3.8% | ||||||||
Canadian National Railway Co. | 2,150 | 177,798 | ||||||
Suncor Energy Inc. | 13,058 | 232,839 | ||||||
TMX Group Ltd. | 2,009 | 174,047 | ||||||
584,684 | ||||||||
China - 2.6% | ||||||||
ENN Energy Holdings Ltd. (A) | 12,300 | 136,717 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H (A) | 25,000 | 253,494 | ||||||
390,211 | ||||||||
Denmark - 2.4% | ||||||||
Carlsberg AS, Class B (A) | 1,924 | 242,881 | ||||||
Vestas Wind Systems AS (A) | 1,342 | 115,731 | ||||||
358,612 | ||||||||
Finland - 2.3% | ||||||||
Nordea Bank Abp * (A) | 26,997 | 174,595 | ||||||
Sampo Oyj, Class A (A) | 5,447 | 180,691 | ||||||
355,286 | ||||||||
France - 13.2% | ||||||||
Air Liquide S.A. (A) | 2,224 | 283,227 | ||||||
BNP Paribas S.A. (A) | 3,204 | 100,848 | ||||||
Engie S.A. (A) | 28,108 | 305,347 | ||||||
Safran S.A. (A) | 2,890 | 267,152 | ||||||
Sanofi (A) | 5,167 | 505,506 | ||||||
Vinci S.A. (A) | 1,970 | 161,479 | ||||||
Vivendi S.A. (A) | 17,741 | 383,458 | ||||||
2,007,017 | ||||||||
Germany - 7.6% | ||||||||
Fresenius Medical Care AG & Co. KGaA (A) | 2,479 | 194,274 | ||||||
Infineon Technologies AG (A) | 8,388 | 155,857 | ||||||
Merck KGaA (A) | 1,033 | 120,402 | ||||||
SAP SE (A) | 4,458 | 531,696 | ||||||
Vonovia SE (A) | 3,209 | 158,667 | ||||||
1,160,896 | ||||||||
Hong Kong - 0.5% | ||||||||
ESR Cayman Ltd. * (A) (B) | 32,000 | 70,239 | ||||||
Indonesia - 0.3% | ||||||||
Bank Mandiri Persero Tbk PT (A) | 163,600 | 48,979 | ||||||
Ireland - 4.5% | ||||||||
Medtronic PLC | 5,018 | 489,908 | ||||||
Ryanair Holdings PLC, ADR * | 2,992 | 189,902 | ||||||
679,810 | ||||||||
Israel - 1.1% | ||||||||
Bank Leumi Le-Israel BM (A) | 29,697 | 161,242 | ||||||
Italy - 2.0% | ||||||||
Enel SpA (A) | 45,412 | 310,898 | ||||||
Japan - 13.8% | ||||||||
Daiwa House Industry Co. Ltd. (A) | 10,396 | 264,953 | ||||||
Hitachi Ltd. (A) | 9,200 | 276,030 | ||||||
Kao Corp. (A) | 3,010 | 232,175 | ||||||
Makita Corp. (A) | 6,100 | 198,471 | ||||||
Nexon Co. Ltd. (A) | 17,100 | 276,575 | ||||||
Nintendo Co. Ltd. (A) | 900 | 372,728 | ||||||
Sumitomo Mitsui Financial Group Inc. (A) | 7,900 | 208,053 | ||||||
Suzuki Motor Corp. (A) | 4,000 | 128,375 | ||||||
Yamaha Corp. (A) | 3,500 | 141,633 | ||||||
2,098,993 | ||||||||
Luxembourg - 0.7% | ||||||||
ArcelorMittal S.A. (A) | 10,191 | 111,932 | ||||||
Mexico - 0.6% | ||||||||
Arca Continental S.A.B. de C.V. | 22,400 | 86,120 | ||||||
Netherlands - 3.3% | ||||||||
Koninklijke DSM N.V. (A) | 2,385 | 292,413 | ||||||
Wolters Kluwer N.V. (A) | 2,836 | 208,808 | ||||||
501,221 | ||||||||
Norway - 2.6% | ||||||||
Equinor ASA (A) | 11,844 | 166,260 | ||||||
Telenor ASA (A) (C) | 15,193 | 233,470 | ||||||
399,730 | ||||||||
Portugal - 1.4% | ||||||||
EDP - Energias de Portugal S.A. (A) | 35,404 | 149,523 | ||||||
Galp Energia SGPS S.A. (A) | 5,626 | 64,896 | ||||||
214,419 | ||||||||
Singapore - 2.1% | ||||||||
DBS Group Holdings Ltd. (A) | 11,340 | 158,953 | ||||||
NetLink NBN Trust (A) | 228,000 | 160,891 | ||||||
319,844 | ||||||||
South Korea - 1.5% | ||||||||
Samsung Electronics Co. Ltd. (A) | 5,402 | 222,601 | ||||||
Sweden - 2.4% | ||||||||
Assa Abloy AB, Class B (A) | 10,793 | 194,334 | ||||||
Epiroc AB, Class A (A) | 16,903 | 169,628 | ||||||
363,962 | ||||||||
Switzerland - 7.3% | ||||||||
ABB Ltd. (A) | 16,353 | 310,848 | ||||||
Novartis AG (A) | 7,501 | 639,881 | ||||||
Roche Holding AG (A) | 482 | 167,653 | ||||||
1,118,382 | ||||||||
United Kingdom - 16.5% | ||||||||
Aon PLC | 1,723 | 297,510 | ||||||
Compass Group PLC (A) | 11,824 | 199,214 | ||||||
Ferguson PLC (A) | 2,548 | 184,289 | ||||||
Howden Joinery Group PLC (A) | 13,073 | 86,564 | ||||||
Informa PLC (A) | 31,499 | 173,733 | ||||||
Network International Holdings PLC * (A) (B) | 12,399 | 64,889 | ||||||
Prudential PLC (A) | 22,965 | 327,089 | ||||||
RELX PLC (A) | 19,487 | 441,340 | ||||||
RSA Insurance Group PLC (A) | 24,523 | 111,705 | ||||||
Tesco PLC (A) | 108,054 | 320,247 | ||||||
Unilever PLC (A) | 6,001 | 310,263 | ||||||
2,516,843 | ||||||||
Total Common Stocks | ||||||||
(Cost $13,290,402) | 14,257,441 | |||||||
PREFERRED STOCK - 2.3% | ||||||||
Germany - 2.3% | ||||||||
Volkswagen AG (A) | 2,458 | 344,933 | ||||||
Total Preferred Stocks | ||||||||
(Cost $452,593) | 344,933 | |||||||
Short-Term Investments - 5.3% | ||||||||
United States - 5.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.22%, Premier Class (D) | 620,472 | 620,472 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19% (D) (E) | 183,056 | 183,056 | ||||||
803,528 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $803,528) | 803,528 | |||||||
TOTAL INVESTMENTS - 101.2% (Cost $14,546,523**) | 15,405,902 | |||||||
NET OTHER ASSETS AND LIABILITIES - (1.2%) | (177,158 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 15,228,744 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $14,699,719. |
(A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). |
(B) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional investors.” The securities have been determined to be liquid under guidelines established by the Board of Trustees. |
(C) | All or a portion of these securities, with an aggregate fair value of $175,774, are on loan as part of a securities lending program. |
See footnote (E) and Note 9 for details on the securities lending program. |
(D) | 7-day yield. |
(E) | Represents investments of cash collateral received in connection with securities lending. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
30 |
Madison Funds | April 30, 2020
Statements of Assets and Liabilities as of April 30, 2020 (unaudited) |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Government Money Market Fund | Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | Corporate Bond Fund | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair value† §. | $ | 41,885,128 | $ | 82,888,744 | $ | 41,888,058 | $ | 17,686,985 | $ | 21,290,292 | $ | 22,272,868 | $ | 140,248,024 | $ | 120,336,771 | $ | 13,931,337 | ||||||||||||||||||
Investments in affiliated securities, at fair value1 ‡ | 24,865,013 | 46,771,381 | 21,602,916 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash | — | — | — | — | 177,087 | 294,811 | — | 863,393 | — | |||||||||||||||||||||||||||
Foreign currency (cost of $934) (Note 2) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||||||
Investments sold | — | — | — | — | — | — | — | 1,260,043 | 51,394 | |||||||||||||||||||||||||||
Fund shares sold | 35,574 | 12,562 | 3,339 | 23,900 | 50 | 12 | 3,780,731 | 1,357 | — | |||||||||||||||||||||||||||
Dividends and interest | 51,368 | 102,704 | 49,544 | 15,533 | 259,735 | 287,287 | 762,729 | 669,603 | 115,882 | |||||||||||||||||||||||||||
Due from Adviser | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total assets | 66,837,083 | 129,775,391 | 63,543,857 | 17,726,418 | 21,727,164 | 22,854,978 | 144,791,484 | 123,131,167 | 14,098,613 | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||||||
Investments purchased | — | — | — | — | — | — | — | 2,517,781 | 149,788 | |||||||||||||||||||||||||||
Fund shares repurchased | 133,573 | 64,847 | 102,310 | 3,568 | 566 | 12,863 | 43,808 | 42,290 | 9 | |||||||||||||||||||||||||||
Upon return of securities loaned | 410,556 | 2,699,539 | 4,492,236 | — | — | — | — | 448,505 | — | |||||||||||||||||||||||||||
Advisory agreement fees | 10,683 | 20,351 | 9,382 | 5,804 | 8,938 | 7,549 | 32,864 | 48,891 | 4,461 | |||||||||||||||||||||||||||
Administrative services agreement fees | 13,355 | 25,439 | 11,727 | 2,176 | 6,257 | 6,606 | 20,814 | 14,453 | 2,788 | |||||||||||||||||||||||||||
Distribution fees - Class B | 2,953 | 6,666 | 2,895 | 26 | — | — | — | 632 | — | |||||||||||||||||||||||||||
Distribution fees - Class C | 11,977 | 5,397 | 1,447 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shareholder service fees | 13,337 | 25,342 | 11,654 | — | — | — | — | 6,184 | — | |||||||||||||||||||||||||||
Dividends | — | — | — | 60 | 986 | 4,809 | — | 152,695 | 21,001 | |||||||||||||||||||||||||||
Options written, at value (premium received $4,311,368) (Note 6) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total liabilities | 596,434 | 2,847,581 | 4,631,651 | 11,634 | 16,747 | 31,827 | 97,486 | 3,231,431 | 178,047 | |||||||||||||||||||||||||||
Net Assets | $ | 66,240,649 | $ | 126,927,810 | $ | 58,912,206 | $ | 17,714,784 | $ | 21,710,417 | $ | 22,823,151 | $ | 144,693,998 | $ | 119,899,736 | $ | 13,920,566 | ||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||
Common Stock/Shares: | ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 62,279,513 | $ | 117,045,095 | $ | 55,171,166 | $ | 17,715,055 | $ | 20,855,295 | $ | 21,806,826 | $ | 140,292,968 | $ | 110,038,641 | $ | 12,968,983 | ||||||||||||||||||
Accumulated distributable earnings (loss) | 3,961,136 | 9,882,715 | 3,741,040 | (271 | ) | 855,122 | 1,016,325 | 4,401,030 | 9,861,095 | 951,583 | ||||||||||||||||||||||||||
Net Assets | $ | 66,240,649 | $ | 126,927,810 | $ | 58,912,206 | $ | 17,714,784 | $ | 21,710,417 | $ | 22,823,151 | $ | 144,693,998 | $ | 119,899,736 | $ | 13,920,566 | ||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 41,502,040 | $ | 106,971,453 | $ | 51,667,225 | $ | 17,624,748 | �� | $ | 29,667,862 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,889,306 | 9,659,974 | 4,764,767 | 17,625,011 | 2,797,524 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share. | $ | 10.67 | $ | 11.07 | $ | 10.84 | $ | 1.00 | $ | 10.61 | ||||||||||||||||||||||||||
Sales charge of offering price2 | 0.65 | 0.68 | 0.66 | — | 0.50 | |||||||||||||||||||||||||||||||
Maximum offering price per share | $ | 11.32 | $ | 11.75 | $ | 11.50 | $ | 1.00 | $ | 11.11 | ||||||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 4,873,122 | $ | 10,970,735 | $ | 4,802,930 | $ | 90,036 | $ | 1,032,851 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 449,572 | 1,000,843 | 457,026 | 90,043 | 97,368 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.84 | $ | 10.96 | $ | 10.51 | $ | 1.00 | $ | 10.61 | ||||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 19,865,487 | $ | 8,985,622 | $ | 2,442,051 | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,831,403 | 818,772 | 232,150 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.85 | $ | 10.97 | $ | 10.52 | ||||||||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 21,710,417 | $ | 22,823,151 | $ | 144,693,998 | $ | 87,154,778 | $ | 13,920,566 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,870,341 | 2,110,882 | 12,698,097 | 8,268,623 | 1,154,674 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 11.61 | $ | 10.81 | $ | 11.39 | $ | 10.54 | $ | 12.06 | ||||||||||||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,044,245 | ||||||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 192,190 | |||||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.64 | ||||||||||||||||||||||||||||||||||
† Cost of Investments in unaffiliated securities | $ | 40,185,604 | $ | 79,766,921 | $ | 40,650,809 | $ | 17,686,985 | $ | 20,418,519 | $ | 21,256,766 | $ | 136,107,749 | $ | 112,095,435 | $ | 13,023,278 | ||||||||||||||||||
‡ Cost of investments in affiliated securities1 | $ | 23,489,239 | $ | 44,448,252 | $ | 20,633,902 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
§ Fair Value of securities on loan | $ | 399,262 | $ | 2,617,397 | $ | 4,752,814 | $ | — | $ | — | $ | — | $ | — | $ | 452,921 | $ | — |
1 See Note 12 for information on affiliated issuers.
2 Sales charge of offering price is 4.50% for the Core Bond and High Income funds and 5.75% for the Conservative Allocation, Moderate Allocation, Aggressive Allocation, Diversified Income, Covered Call & Equity Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock funds.
3 If applicable, redemption price per share may be reduced by a contingent deferred sales charge.
See accompanying Notes to Financial Statements.
31 |
Madison Funds | April 30, 2020
Statements of Assets and Liabilities as of April 30, 2020 (unaudited) |
High Income Fund | Diversified Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Large Cap Value Fund | Investors Fund | Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair value† § | $ | 15,484,666 | $ | 151,627,883 | $ | 90,182,042 | $ | 192,329,122 | $ | 51,672,961 | $ | 301,945,815 | $ | 488,206,594 | $ | 199,479,223 | $ | 15,405,902 | ||||||||||||||||||
Investments in affiliated securities, at fair value1 ‡ | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash | 129,772 | 188,429 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency (cost of $934) (Note 2) | — | — | — | — | — | — | — | — | 935 | |||||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||||||
Investments sold | 310,844 | 364,001 | — | — | 607,704 | — | — | — | 173 | |||||||||||||||||||||||||||
Fund shares sold | 159 | 49,781 | 102,299 | 1,446,728 | 2,102 | 343,452 | 1,656,184 | 26,122 | 815 | |||||||||||||||||||||||||||
Dividends and interest | 235,800 | 515,177 | 104,024 | 469,607 | 57,259 | 365,260 | 171,946 | 29,008 | 91,031 | |||||||||||||||||||||||||||
Due from Adviser | — | — | — | 22,788 | — | — | — | 5,907 | — | |||||||||||||||||||||||||||
Total assets | 16,161,241 | 152,745,271 | 90,388,365 | 194,268,245 | 52,340,026 | 302,654,527 | 490,034,724 | 199,540,260 | 15,498,856 | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||||||
Investments purchased | 100,000 | 492,669 | 784 | 150,321 | 867,573 | — | — | 1,107,357 | 22,671 | |||||||||||||||||||||||||||
Fund shares repurchased | 15,904 | 14,980 | 316,300 | 153,559 | 10,758 | 183,495 | 405,726 | 92,787 | 45,100 | |||||||||||||||||||||||||||
Upon return of securities loaned | — | 67,375 | 1,078,822 | — | — | — | — | 1,593,295 | 183,056 | |||||||||||||||||||||||||||
Advisory agreement fees | 7,138 | 79,124 | 57,275 | 113,940 | 22,498 | 177,765 | 284,948 | 147,688 | 12,613 | |||||||||||||||||||||||||||
Administrative services agreement fees | 2,596 | 24,346 | 10,015 | 53,171 | 14,726 | 37,439 | 80,103 | 36,922 | 3,604 | |||||||||||||||||||||||||||
Distribution fees - Class B | 461 | 4,676 | — | — | 899 | — | 740 | 17 | 316 | |||||||||||||||||||||||||||
Distribution fees - Class C | — | 9,157 | 4,110 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shareholder service fees | 3,020 | 33,476 | 3,667 | — | 9,533 | 15,340 | 10,694 | 489 | 2,752 | |||||||||||||||||||||||||||
Dividends | 1,624 | 1,598 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Options written, at value (premium received $4,311,368) (Note 6) | — | — | 5,084,728 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total liabilities | 130,743 | 727,401 | 6,555,701 | 470,991 | 925,987 | 414,039 | 782,211 | 2,978,555 | 270,112 | |||||||||||||||||||||||||||
Net Assets | $ | 16,030,498 | $ | 152,017,870 | $ | 83,832,664 | $ | 193,797,254 | $ | 51,414,039 | $ | 302,240,488 | $ | 489,252,513 | $ | 196,561,705 | $ | 15,228,744 | ||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||
Common Stock/Shares: | ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 19,898,720 | $ | 128,274,913 | $ | 120,359,540 | $ | 185,015,180 | $ | 50,989,913 | $ | 229,730,213 | $ | 374,599,018 | $ | 179,936,173 | $ | 14,235,029 | ||||||||||||||||||
Accumulated distributable earnings (loss) | (3,868,222 | ) | 23,742,957 | (36,526,876 | ) | 8,782,074 | 424,126 | 72,510,275 | 114,653,495 | 16,625,532 | 993,715 | |||||||||||||||||||||||||
Net Assets | $ | 16,030,498 | $ | 152,017,870 | $ | 83,832,664 | $ | 193,797,254 | $ | 51,414,039 | $ | 302,240,488 | $ | 489,252,513 | $ | 196,561,705 | $ | 15,228,744 | ||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 14,550,833 | $ | 128,979,726 | $ | 12,024,253 | $ | 48,415,933 | $ | 79,767,418 | $ | 53,823,115 | $ | 2,638,415 | $ | 13,902,490 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 2,794,505 | 8,781,025 | 1,667,082 | 4,493,542 | 3,866,448 | 5,911,910 | 287,932 | 1,298,146 | ||||||||||||||||||||||||||||
Net Asset Value and redemption price per share. | $ | 5.21 | $ | 14.69 | $ | 7.21 | $ | 10.77 | $ | 20.63 | $ | 9.10 | $ | 9.16 | $ | 10.71 | ||||||||||||||||||||
Sales charge of offering price2 | 0.25 | 0.90 | 0.44 | 0.66 | 1.26 | 0.56 | 0.56 | 0.65 | ||||||||||||||||||||||||||||
Maximum offering price per share | $ | 5.46 | $ | 15.59 | $ | 7.65 | $ | 11.43 | $ | 21.89 | $ | 9.66 | $ | 9.72 | $ | 11.36 | ||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets. | $ | 755,243 | $ | 7,736,525 | $ | 1,510,378 | $ | 1,202,437 | $ | 519,106 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 140,574 | 522,634 | 144,391 | 168,067 | 49,799 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 5.37 | $ | 14.80 | $ | 10.46 | $ | 7.15 | $ | 10.42 | ||||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 15,301,619 | $ | 7,033,627 | ||||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,034,105 | 1,051,051 | ||||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 14.80 | $ | 6.69 | ||||||||||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets. | $ | 724,422 | $ | 63,094,574 | $ | 193,797,254 | $ | 1,487,728 | $ | 153,507,665 | $ | 346,115,726 | $ | 193,923,290 | $ | 807,148 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 142,511 | 8,488,807 | 7,994,958 | 138,549 | 7,440,870 | 35,873,096 | 21,040,604 | 75,450 | ||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 5.08 | $ | 7.43 | $ | 24.24 | $ | 10.74 | $ | 20.63 | $ | 9.65 | $ | 9.22 | $ | 10.70 | ||||||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 1,680,210 | $ | 68,965,405 | $ | 88,111,235 | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 223,032 | 3,306,689 | 8,897,206 | |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 7.53 | $ | 20.86 | $ | 9.90 | ||||||||||||||||||||||||||||||
† Cost of Investments in unaffiliated securities | $ | 16,922,037 | $ | 128,607,126 | $ | 124,907,477 | $ | 181,727,060 | $ | 44,875,178 | $ | 242,968,942 | $ | 367,662,405 | $ | 188,383,746 | $ | 14,546,523 | ||||||||||||||||||
‡ Cost of investments in affiliated securities1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
§ Fair Value of securities on loan | $ | — | $ | 68,335 | $ | 968,593 | $ | — | $ | — | $ | — | $ | — | $ | 2,702,438 | $ | 175,774 |
1 See Note 12 for information on affiliated issuers.
2 Sales charge of offering price is 4.50% for the Core Bond and High Income funds and 5.75% for the Conservative Allocation, Moderate Allocation, Aggressive Allocation, Diversified Income, Covered Call & Equity Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock funds.
3 If applicable, redemption price per share may be reduced by a contingent deferred sales charge.
See accompanying Notes to Financial Statements.
32 |
Madison Funds | April 30, 2020 |
Statements of Operations for the Six Months Ended April 30, 2020 (unaudited) |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Government Money Market Fund | Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | Corporate Bond Fund | ||||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||||||
Interest | $ | 26,658 | $ | 80,817 | $ | 48,317 | $ | 112,598 | $ | 300,945 | $ | 326,561 | $ | 1,107,771 | $ | 1,716,463 | $ | 254,364 | ||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | 442,897 | 861,740 | 374,603 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Affiliated issuers1 | 294,083 | 493,589 | 224,735 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Income from securities lending | 4,388 | 11,427 | 6,975 | – | – | – | 262 | 706 | – | |||||||||||||||||||||||||||
Total investment income | 768,026 | 1,447,573 | 654,630 | 112,598 | 300,945 | 326,561 | 1,108,033 | 1,717,169 | 254,364 | |||||||||||||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||||||||||
Advisory agreement fees | 67,024 | 132,108 | 61,396 | 31,372 | 55,038 | 46,891 | 155,423 | 306,396 | 28,257 | |||||||||||||||||||||||||||
Administrative Services agreement fees | 83,782 | 165,135 | 76,745 | 11,764 | 38,527 | 41,029 | 98,434 | 90,655 | 17,661 | |||||||||||||||||||||||||||
Distribution fees - Class B | 19,300 | 46,808 | 20,836 | 206 | – | – | – | 4,212 | – | |||||||||||||||||||||||||||
Distribution fees - Class C | 75,170 | 34,991 | 8,437 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Shareholder service fees - Class A | 52,256 | 137,682 | 66,881 | – | – | – | – | 35,764 | – | |||||||||||||||||||||||||||
Shareholder service fees - Class B | 6,433 | 15,593 | 6,902 | – | – | – | – | 1,404 | – | |||||||||||||||||||||||||||
Shareholder service fees - Class C | 25,057 | 11,664 | 2,812 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Total expenses before reimbursement/waiver | 329,022 | 543,981 | 244,009 | 43,342 | 93,565 | 87,920 | 253,857 | 438,431 | 45,918 | |||||||||||||||||||||||||||
Less reimbursement/waiver | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Total expenses net of reimbursement/waiver | 329,022 | 543,981 | 244,009 | 43,342 | 93,565 | 87,920 | 253,857 | 438,431 | 45,918 | |||||||||||||||||||||||||||
Net Investment Income (Loss) | 439,004 | 903,592 | 410,621 | 69,256 | 207,380 | 238,641 | 854,176 | 1,278,738 | 208,446 | |||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||||||||||||||||||||||
Options purchased | – | – | – | – | – | – | – | (8,870 | ) | – | ||||||||||||||||||||||||||
Options written | – | – | – | – | – | – | – | 6,130 | – | |||||||||||||||||||||||||||
Unaffiliated issuers | 1,036,132 | 793,860 | (447,084 | ) | (24 | ) | (13,601 | ) | (1,851 | ) | 314,693 | 1,734,022 | 110,544 | |||||||||||||||||||||||
Affiliated issuers1 | (292,793 | ) | 1,808,254 | 1,022,368 | – | – | – | – | – | – | ||||||||||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||||||||||
Affiliated issuers1 | 498,947 | 1,676,598 | 935,096 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | ||||||||||||||||||||||||||||||||||||
(including net unrealized appreciation (depreciation) on foreign currency | ||||||||||||||||||||||||||||||||||||
related transactions) | ||||||||||||||||||||||||||||||||||||
Options purchased | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Options written | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Unaffiliated issuers | 27,700 | (541,533 | ) | (429,980 | ) | – | (181,105 | ) | (265,153 | ) | 2,477,902 | 1,972,718 | (134,441 | ) | ||||||||||||||||||||||
Affiliated issuers1 | (1,279,671 | ) | (7,583,066 | ) | (4,458,597 | ) | – | – | – | – | – | – | ||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (9,685 | ) | (3,845,887 | ) | (3,378,197 | ) | (24 | ) | (194,706 | ) | (267,004 | ) | 2,792,595 | 3,704,000 | (23,897 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 429,319 | $ | (2,942,295 | ) | $ | (2,967,576 | ) | $ | 69,232 | $ | 12,674 | $ | (28,363 | ) | $ | 3,646,771 | $ | 4,982,738 | $ | 184,549 |
1 | See Note 12 for information on affiliated issuers. |
2 | See Note 3 for information on expense, including any waivers. |
See accompanying Notes to Financial Statements. | |
33 |
Madison Funds | April 30, 2020 |
Statements of Operations for the Six Months Ended April 30, 2020 (unaudited) |
High Income Fund | Diversified Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Large Cap Value Fund | Investors Fund | Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||||||
Interest | $ | 489,412 | $ | 748,829 | $ | 119,048 | $ | 32,611 | $ | 11,037 | $ | 117,649 | $ | 326,524 | $ | 146,452 | $ | 3,267 | ||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | 11,595 | 1,579,324 | 1,116,439 | 2,983,069 | 657,656 | 2,780,745 | 2,298,431 | 1,737,625 | 193,469 | |||||||||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | – | (21,141 | ) | (6,673 | ) | (40,553 | ) | (11,763 | ) | (75,068 | ) | (21,524 | ) | – | (23,080 | ) | ||||||||||||||||||||
Income from securities lending | 3,136 | 467 | 3,348 | 140 | 134 | 7,471 | – | 3,956 | 1,098 | |||||||||||||||||||||||||||
Total investment income | 504,143 | 2,307,479 | 1,232,162 | 2,975,267 | 657,064 | 2,830,797 | 2,603,431 | 1,888,033 | 174,754 | |||||||||||||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||||||||||
Advisory agreement fees | 48,401 | 523,682 | 484,886 | 788,154 | 169,354 | 1,192,232 | 2,060,496 | 1,169,099 | 93,026 | |||||||||||||||||||||||||||
Administrative Services agreement fees | 17,600 | 161,133 | 84,127 | 367,806 | 110,850 | 296,356 | 608,414 | 292,275 | 26,579 | |||||||||||||||||||||||||||
Distribution fees - Class B | 3,368 | 32,959 | – | – | 6,796 | – | 5,853 | – | 2,415 | |||||||||||||||||||||||||||
Distribution fees - Class C | – | 59,731 | 28,747 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Shareholder service fees - Class A | 19,658 | 170,134 | 16,176 | – | 70,244 | 105,573 | 77,607 | 3,890 | 19,866 | |||||||||||||||||||||||||||
Shareholder service fees - Class B | 1,122 | 10,974 | – | – | 2,257 | – | 1,951 | – | 805 | |||||||||||||||||||||||||||
Shareholder service fees - Class C | – | 19,465 | 9,582 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Total expenses before reimbursement/waiver | 90,149 | 978,078 | 623,518 | 1,155,960 | 359,501 | 1,594,161 | 2,754,321 | 1,465,264 | 142,691 | |||||||||||||||||||||||||||
Less reimbursement/waiver | – | – | – | (157,631 | ) | – | – | – | (46,764 | ) | – | |||||||||||||||||||||||||
Total expenses net of reimbursement | 90,149 | 978,078 | 623,518 | 998,329 | 359,501 | 1,594,161 | 2,754,321 | 1,418,500 | 142,691 | |||||||||||||||||||||||||||
Net Investment Income (Loss) | 413,994 | 1,329,401 | 608,644 | 1,976,938 | 297,563 | 1,236,636 | (150,890 | ) | 469,533 | 32,063 | ||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||||||||||||||||||||||
Options purchased | – | – | 14,260,870 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Options written | – | – | (11,004,327 | ) | – | – | – | – | – | – | ||||||||||||||||||||||||||
Unaffiliated issuers | (661,518 | ) | 893,879 | (816,143 | ) | (2,188,549 | ) | (6,470,860 | ) | 13,102,712 | (3,867,104 | ) | 7,140,830 | 306,080 | ||||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||||||||||
Options purchased | – | – | 424,828 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Options written | – | – | (948,861 | ) | – | – | – | – | – | – | ||||||||||||||||||||||||||
Unaffiliated issuers | (1,326,323 | ) | (10,616,145 | ) | (9,797,354 | ) | (20,025,982 | ) | (2,844,475 | ) | (42,617,773 | ) | (80,933,651 | ) | (40,958,931 | ) | (3,230,502 | ) | ||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (1,987,841 | ) | (9,722,266 | ) | (7,880,987 | ) | (22,214,531 | ) | (9,315,335 | ) | (29,515,061 | ) | (84,800,755 | ) | (33,818,101 | ) | (2,924,422 | ) | ||||||||||||||||||
Net Increase in Net Assets from Operations | $ | (1,573,847 | ) | $ | (8,392,865 | ) | $ | (7,272,343 | ) | $ | (20,237,593 | ) | $ | (9,017,772 | ) | $ | (28,278,425 | ) | $ | (84,951,645 | ) | $ | (33,348,568 | ) | $ | (2,892,359 | ) |
1 | See Note 12 for information on affiliated issuers. |
2 | See Note 3 for information on expenses, including any waivers. |
See accompanying Notes to Financial Statements. | |
34 |
Madison Funds | April 30, 2020 |
Statements of Changes in Net Assets |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Government Money Market Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 68,422,301 | $ | 68,296,655 | $ | 136,276,491 | $ | 135,277,809 | $ | 63,324,971 | $ | 61,371,867 | $ | 15,053,695 | $ | 14,774,271 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 439,004 | 921,969 | 903,592 | 1,701,887 | 410,621 | 710,416 | 69,256 | 262,297 | ||||||||||||||||||||||||
Net realized gain (loss) | 1,242,286 | 1,314,205 | 4,278,712 | 3,476,604 | 1,510,380 | 2,534,070 | (24 | ) | – | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (1,251,971 | ) | 4,261,044 | (8,124,599 | ) | 8,314,921 | (4,888,577 | ) | 3,147,970 | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets from operations | 429,319 | 6,497,218 | (2,942,295 | ) | 13,493,412 | (2,967,576 | ) | 6,392,456 | 69,232 | 262,297 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (1,447,217 | ) | (1,846,529 | ) | (4,358,238 | ) | (8,683,332 | ) | (2,900,149 | ) | (4,781,352 | ) | (69,209 | ) | (261,075 | ) | ||||||||||||||||
Class B | (148,704 | ) | (183,316 | ) | (416,490 | ) | (1,253,989 | ) | (274,537 | ) | (664,087 | ) | (71 | ) | (1,222 | ) | ||||||||||||||||
Class C | (571,710 | ) | (632,431 | ) | (302,209 | ) | (697,160 | ) | (104,938 | ) | (193,786 | ) | – | – | ||||||||||||||||||
Total distributions | (2,167,631 | ) | (2,662,276 | ) | (5,076,937 | ) | (10,634,481 | ) | (3,279,624 | ) | (5,639,225 | ) | (69,280 | ) | (262,297 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,806,584 | 4,630,711 | 4,675,914 | 8,705,197 | 2,728,510 | 4,634,404 | 6,401,405 | 6,569,533 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,445,486 | 1,844,632 | 4,354,000 | 8,677,765 | 2,899,065 | 4,779,615 | 68,047 | 256,983 | ||||||||||||||||||||||||
Shares redeemed | (4,304,684 | ) | (8,341,766 | ) | (8,218,375 | ) | (15,412,248 | ) | (3,423,152 | ) | (6,465,299 | ) | (3,834,239 | ) | (6,442,674 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (52,614 | ) | (1,866,423 | ) | 811,539 | 1,970,714 | 2,204,423 | 2,948,720 | 2,635,213 | 383,842 | ||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 26,724 | 69,418 | 25,119 | 114,510 | 10,848 | 26,662 | 83,130 | 128,594 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 148,704 | 183,316 | 416,321 | 1,253,056 | 274,537 | 664,087 | 71 | 1,201 | ||||||||||||||||||||||||
Shares redeemed | (634,072 | ) | (1,179,846 | ) | (2,497,851 | ) | (5,278,288 | ) | (1,007,876 | ) | (2,528,414 | ) | (57,277 | ) | (234,213 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (458,644 | ) | (927,112 | ) | (2,056,411 | ) | (3,910,722 | ) | (722,491 | ) | (1,837,665 | ) | 25,924 | (104,418 | ) | |||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 500,101 | 739,881 | 191,198 | 368,409 | 401,454 | 163,841 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 571,602 | 632,288 | 302,208 | 697,076 | 92,786 | 170,418 | ||||||||||||||||||||||||||
Shares redeemed | (1,003,785 | ) | (2,287,930 | ) | (577,983 | ) | (985,726 | ) | (141,737 | ) | (245,441 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 67,918 | (915,761 | ) | (84,577 | ) | 79,759 | 352,503 | 88,818 | ||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | (443,340 | ) | (3,709,296 | ) | (1,329,449 | ) | (1,860,249 | ) | 1,834,435 | 1,199,873 | 2,661,137 | 279,424 | ||||||||||||||||||||
Total increase (decrease) in net assets | (2,181,652 | ) | 125,646 | (9,348,681 | ) | 998,682 | (4,412,765 | ) | 1,953,104 | 2,661,089 | 279,424 | |||||||||||||||||||||
Net Assets at end of period | $ | 66,240,649 | $ | 68,422,301 | $ | 126,927,810 | $ | 136,276,491 | $ | 58,912,206 | $ | 63,324,971 | $ | 17,714,784 | $ | 15,053,695 | ||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 261,293 | 441,746 | 409,943 | 771,933 | 243,945 | 403,414 | 6,401,405 | 6,569,533 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 135,608 | 182,776 | 376,970 | 841,684 | 247,150 | 462,245 | 68,047 | 256,983 | ||||||||||||||||||||||||
Shares redeemed | (401,181 | ) | (797,312 | ) | (728,981 | ) | (1,367,131 | ) | (299,941 | ) | (560,847 | ) | (3,834,239 | ) | (6,442,674 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (4,280 | ) | (172,790 | ) | 57,932 | 246,486 | 191,154 | 304,812 | 2,635,213 | 383,842 | ||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,410 | 6,576 | 2,216 | 10,418 | 1,042 | 2,372 | 83,130 | 128,594 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 13,700 | 18,039 | 36,328 | 122,369 | 24,082 | 66,013 | 71 | 1,201 | ||||||||||||||||||||||||
Shares redeemed | (58,059 | ) | (110,639 | ) | (223,210 | ) | (472,812 | ) | (91,973 | ) | (225,809 | ) | (57,277 | ) | (234,213 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (41,949 | ) | (86,024 | ) | (184,666 | ) | (340,025 | ) | (66,849 | ) | (157,424 | ) | 25,924 | (104,418 | ) | |||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 46,173 | 69,489 | 17,122 | 32,956 | 42,191 | 14,939 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 52,640 | 62,127 | 26,348 | 68,007 | 8,132 | 16,923 | ||||||||||||||||||||||||||
Shares redeemed | (94,808 | ) | (212,730 | ) | (51,982 | ) | (87,987 | ) | (12,755 | ) | (22,481 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 4,005 | (81,114 | ) | (8,512 | ) | 12,976 | 37,568 | 9,381 |
See accompanying Notes to Financial Statements. | |
35 |
��
Madison Funds | April 30, 2020 |
Statements of Changes in Net Assets |
Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 22,225,339 | $ | 20,868,463 | $ | 23,806,625 | $ | 23,324,867 | $ | 90,406,594 | $ | 89,253,004 | $ | 153,141,020 | $ | 170,866,494 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 207,380 | 426,801 | 238,641 | 523,523 | 854,176 | 1,691,642 | 1,278,738 | 4,056,715 | ||||||||||||||||||||||||
Net realized gain (loss) | (13,601 | ) | (3,809 | ) | (1,851 | ) | 74,305 | 314,693 | 44,442 | 1,731,282 | 895,368 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (181,105 | ) | 1,183,550 | (265,153 | ) | 1,276,817 | 2,477,902 | 3,857,883 | 1,972,718 | 11,158,328 | ||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 12,674 | 1,606,542 | (28,363 | ) | 1,874,645 | 3,646,771 | 5,593,967 | 4,982,738 | 16,110,411 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (312,044 | ) | (730,291 | ) | ||||||||||||||||||||||||||||
Class B | (7,989 | ) | (23,967 | ) | ||||||||||||||||||||||||||||
Class Y | (191,989 | ) | (427,160 | ) | (312,987 | ) | (651,384 | ) | (850,113 | ) | (1,708,613 | ) | (1,286,606 | ) | (3,487,446 | ) | ||||||||||||||||
Class R6 | (27,756 | ) | (48,207 | ) | ||||||||||||||||||||||||||||
Total distributions | (191,989 | ) | (427,160 | ) | (312,987 | ) | (651,384 | ) | (850,113 | ) | (1,708,613 | ) | (1,634,395 | ) | (4,289,911 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,637,077 | 932,174 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 309,892 | 725,446 | ||||||||||||||||||||||||||||||
Shares redeemed | (2,084,344 | ) | (4,530,261 | ) | ||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (137,375 | ) | (2,872,641 | ) | ||||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 34,678 | – | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 7,989 | 23,967 | ||||||||||||||||||||||||||||||
Shares redeemed | (314,604 | ) | (320,593 | ) | ||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (271,937 | ) | (296,626 | ) | ||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 291,980 | 613,715 | 317,595 | 392,709 | 65,526,419 | 18,094,324 | 191,245 | 946,001 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 186,327 | 415,800 | 277,206 | 576,901 | 796,227 | 1,590,730 | 74,559 | 864,191 | ||||||||||||||||||||||||
Shares redeemed | (813,914 | ) | (852,021 | ) | (1,236,925 | ) | (1,711,113 | ) | (14,831,900 | ) | (22,416,818 | ) | (36,464,638 | ) | (28,416,001 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (335,607 | ) | 177,494 | (642,124 | ) | (741,503 | ) | 51,490,746 | (2,731,764 | ) | (36,198,834 | ) | (26,605,809 | ) | ||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 182,454 | 375,806 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 27,756 | 48,207 | ||||||||||||||||||||||||||||||
Shares redeemed | (191,691 | ) | (194,911 | ) | ||||||||||||||||||||||||||||
Net increase from capital stock transactions | 18,519 | 229,102 | ||||||||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | (335,607 | ) | 177,494 | (642,124 | ) | (741,503 | ) | 51,490,746 | (2,731,764 | ) | (36,589,627 | ) | (29,545,974 | ) | ||||||||||||||||||
Total increase (decrease) in net assets | (514,922 | ) | 1,356,876 | (983,474 | ) | 481,758 | 54,287,404 | 1,153,590 | (33,241,284 | ) | (17,725,474 | ) | ||||||||||||||||||||
Net Assets at end of period | $ | 21,710,417 | $ | 22,225,339 | $ | 22,823,151 | $ | 23,806,625 | $ | 144,693,998 | $ | 90,406,594 | $ | 119,899,736 | $ | 153,141,020 | ||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 158,471 | 94,058 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 29,864 | 72,796 | ||||||||||||||||||||||||||||||
Shares redeemed | (201,381 | ) | (456,585 | ) | ||||||||||||||||||||||||||||
Net decrease in shares outstanding | (13,046 | ) | (289,731 | ) | ||||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,321 | – | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 771 | 2,407 | ||||||||||||||||||||||||||||||
Shares redeemed | (30,384 | ) | (32,218 | ) | ||||||||||||||||||||||||||||
Net decrease in shares outstanding | (26,292 | ) | (29,811 | ) | ||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 24,931 | 53,039 | 28,734 | 36,221 | 5,816,755 | 1,666,543 | 18,548 | 95,330 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 15,846 | 36,109 | 25,258 | 53,770 | 71,321 | 145,584 | 7,242 | 86,973 | ||||||||||||||||||||||||
Shares redeemed | (69,151 | ) | (73,730 | ) | (115,042 | ) | (157,964 | ) | (1,326,121 | ) | (2,060,802 | ) | (3,566,798 | ) | (2,894,792 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (28,374 | ) | 15,418 | (61,050 | ) | (67,973 | ) | 4,561,955 | (248,675 | ) | (3,541,008 | ) | (2,712,489 | ) | ||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 17,583 | 37,558 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,672 | 4,807 | ||||||||||||||||||||||||||||||
Shares redeemed | (18,498 | ) | (19,848 | ) | ||||||||||||||||||||||||||||
Net increase in shares outstanding | 1,757 | 22,517 |
See accompanying Notes to Financial Statements. |
36 |
Madison Funds | April 30, 2020
Statements of Changes in Net Assets |
Corporate Bond Fund | High Income Fund | Diversified Income Fund | Covered Call & Equity Income Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 15,098,077 | $ | 19,667,812 | $ | 18,692,075 | $ | 19,677,553 | $ | 165,384,844 | $ | 156,606,322 | $ | 126,342,782 | $ | 134,637,439 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 208,446 | 488,281 | 413,994 | 956,271 | 1,329,401 | 2,794,281 | 608,644 | 1,551,127 | ||||||||||||||||||||||||
Net realized gain (loss) | 110,544 | (49,711 | ) | (661,518 | ) | (210,221 | ) | 893,879 | 8,141,987 | 2,440,400 | 7,952,225 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (134,441 | ) | 1,633,884 | (1,326,323 | ) | 342,245 | (10,616,145 | ) | 10,172,228 | (10,321,387 | ) | (7,802,096 | ) | |||||||||||||||||||
Net increase (decrease) in net assets from operations | 184,549 | 2,072,454 | (1,573,847 | ) | 1,088,295 | (8,392,865 | ) | 21,108,496 | (7,272,343 | ) | 1,701,256 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (362,973 | ) | (863,416 | ) | (8,058,445 | ) | (12,714,306 | ) | (516,815 | ) | (1,400,368 | ) | ||||||||||||||||||||
Class B | (16,383 | ) | (44,006 | ) | (492,532 | ) | (922,436 | ) | ||||||||||||||||||||||||
Class C | (868,444 | ) | (1,292,945 | ) | (317,702 | ) | (879,736 | ) | ||||||||||||||||||||||||
Class Y | (197,831 | ) | (493,497 | ) | (23,016 | ) | (49,642 | ) | (3,542,148 | ) | (9,698,583 | ) | ||||||||||||||||||||
Class R6 | (85,629 | ) | (202,718 | ) | ||||||||||||||||||||||||||||
Total distributions. | (197,831 | ) | (493,497 | ) | (402,372 | ) | (957,064 | ) | (9,419,421 | ) | (14,929,687 | ) | (4,462,294 | ) | (12,181,405 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 293,824 | 566,943 | 6,394,481 | 17,730,639 | 231,701 | 846,183 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 351,965 | 840,112 | 8,016,226 | 12,650,413 | 496,039 | 1,336,535 | ||||||||||||||||||||||||||
Shares redeemed | (1,083,381 | ) | (2,507,613 | ) | (10,022,632 | ) | (27,171,103 | ) | (1,401,715 | ) | (3,214,108 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (437,592 | ) | (1,100,558 | ) | 4,388,075 | 3,209,949 | (673,975 | ) | (1,031,390 | ) | ||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 17,755 | – | 53,908 | 101,261 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 15,518 | 40,837 | 492,532 | 922,436 | ||||||||||||||||||||||||||||
Shares redeemed | (194,647 | ) | (167,457 | ) | (1,453,921 | ) | (2,546,255 | ) | ||||||||||||||||||||||||
Net decrease from capital stock transactions | (161,374 | ) | (126,620 | ) | (907,481 | ) | (1,522,558 | ) | ||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,170,385 | 1,086,683 | 95,088 | 617,858 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 868,444 | 1,292,945 | 276,952 | 749,952 | ||||||||||||||||||||||||||||
Shares redeemed | (1,074,111 | ) | (1,467,306 | ) | (878,704 | ) | (1,952,758 | ) | ||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 964,718 | 912,322 | (506,664 | ) | (584,948 | ) | ||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 363,534 | 394,275 | 60,216 | 282,856 | 18,252,890 | 60,696,062 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 23,013 | 45,001 | 23,016 | 49,642 | 3,482,213 | 9,567,385 | ||||||||||||||||||||||||||
Shares redeemed | (1,550,776 | ) | (6,587,968 | ) | (169,624 | ) | (222,029 | ) | (50,842,338 | ) | (66,623,709 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (1,164,229 | ) | (6,148,692 | ) | (86,392 | ) | 110,469 | (29,107,235 | ) | 3,639,738 | ||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 53,995 | 353,149 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 85,629 | 202,717 | ||||||||||||||||||||||||||||||
Shares redeemed | (627,231 | ) | (393,774 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (487,607 | ) | 162,092 | |||||||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | (1,164,229 | ) | (6,148,692 | ) | (685,358 | ) | (1,116,709 | ) | 4,445,312 | 2,599,713 | (30,775,481 | ) | 2,185,492 | |||||||||||||||||||
Total increase (decrease) in net assets | (1,177,511 | ) | (4,569,735 | ) | (2,661,577 | ) | (985,478 | ) | (13,366,974 | ) | 8,778,522 | (42,510,118 | ) | (8,294,657 | ) | |||||||||||||||||
Net Assets at end of period | $ | 13,920,566 | $ | 15,098,077 | $ | 16,030,498 | $ | 18,692,075 | $ | 152,017,870 | $ | 165,384,844 | $ | 83,832,664 | $ | 126,342,782 | ||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 51,302 | 97,382 | 405,927 | 1,157,022 | 29,569 | 103,863 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 63,255 | 144,456 | 504,146 | 877,125 | 68,528 | 174,084 | ||||||||||||||||||||||||||
Shares redeemed | (195,785 | ) | (429,426 | ) | (664,096 | ) | (1,706,995 | ) | (185,443 | ) | (404,564 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (81,228 | ) | (187,588 | ) | 245,977 | 327,152 | (87,346 | ) | (126,617 | ) | ||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,010 | – | 3,861 | 6,345 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,700 | 6,817 | 30,654 | 64,048 | ||||||||||||||||||||||||||||
Shares redeemed | (34,415 | ) | (28,020 | ) | (95,023 | ) | (160,860 | ) | ||||||||||||||||||||||||
Net decrease in shares outstanding | (28,705 | ) | (21,203 | ) | (60,508 | ) | (90,467 | ) | ||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 73,076 | 68,334 | 13,417 | 81,745 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 54,110 | 89,755 | 41,140 | 104,080 | ||||||||||||||||||||||||||||
Shares redeemed | (69,660 | ) | (92,798 | ) | (124,388 | ) | (263,219 | ) | ||||||||||||||||||||||||
Net increase (decrease) in shares outstanding | 57,526 | 65,291 | (69,831 | ) | (77,394 | ) | ||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 29,597 | 33,976 | 11,015 | 49,821 | 2,366,975 | 7,397,947 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,911 | 3,903 | 4,204 | 8,708 | 460,585 | 1,213,509 | ||||||||||||||||||||||||||
Shares redeemed | (131,114 | ) | (592,503 | ) | (30,646 | ) | (38,847 | ) | (6,990,593 | ) | (8,165,153 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (99,606 | ) | (554,624 | ) | (15,427 | ) | 19,682 | (4,163,033 | ) | 446,303 | ||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 6,619 | 42,881 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 11,272 | 25,444 | ||||||||||||||||||||||||||||||
Shares redeemed | (87,198 | ) | (46,854 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (69,307 | ) | 21,471 |
See accompanying Notes to Financial Statements.
37
Madison Funds | April 30, 2020
Statements of Changes in Net Assets |
Dividend Income Fund | Large Cap Value Fund | Investors Fund | Mid Cap Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 220,725,320 | $ | 111,456,654 | $ | 65,435,257 | $ | 84,779,821 | $ | 338,982,611 | $ | 293,903,580 | $ | 587,164,499 | $ | 426,011,773 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 1,976,938 | 2,950,144 | 297,563 | 573,109 | 1,236,636 | 1,258,732 | (150,890 | ) | (1,133,199 | ) | ||||||||||||||||||||||
Net realized gain (loss) | (2,188,549 | ) | 5,357,324 | (6,470,860 | ) | 1,788,066 | 13,102,712 | 16,962,128 | (3,867,104 | ) | 21,058,953 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (20,025,982 | ) | 15,027,570 | (2,844,475 | ) | 350,570 | (42,617,773 | ) | 34,211,611 | (80,933,651 | ) | 87,420,175 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | (20,237,593 | ) | 23,335,038 | (9,017,772 | ) | 2,711,745 | (28,278,425 | ) | 52,432,471 | (84,951,645 | ) | 107,345,929 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (2,158,763 | ) | (6,982,002 | ) | (4,711,602 | ) | (11,433,615 | ) | (2,562,189 | ) | (4,084,319 | ) | ||||||||||||||||||||
Class B | (55,331 | ) | (264,799 | ) | (82,316 | ) | (159,037 | ) | ||||||||||||||||||||||||
Class Y | (7,252,790 | ) | (14,038,658 | ) | (141,884 | ) | (1,215,273 | ) | (13,142,530 | ) | (30,207,013 | ) | (16,177,313 | ) | (24,096,901 | ) | ||||||||||||||||
Class R6 | (456,764 | ) | (1,012,359 | ) | (2,869,745 | ) | (759,093 | ) | ||||||||||||||||||||||||
Total distributions | (7,252,790 | ) | (14,038,658 | ) | (2,355,978 | ) | (8,462,074 | ) | (18,310,896 | ) | (42,652,987 | ) | (21,691,563 | ) | (29,099,350 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,041,138 | 1,592,817 | 4,880,701 | 3,399,429 | 2,125,349 | 3,332,918 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,153,820 | 6,966,804 | 4,679,381 | 11,419,345 | 2,548,026 | 4,071,914 | ||||||||||||||||||||||||||
Shares redeemed | (4,400,302 | ) | (7,588,312 | ) | (4,306,433 | ) | (8,722,495 | ) | (5,006,142 | ) | (9,524,526 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (1,205,344 | ) | 971,309 | 5,253,649 | 6,096,279 | (332,767 | ) | (2,119,694 | ) | |||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 13,055 | 9,912 | 82,247 | |||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 55,097 | 264,799 | 82,316 | 159,036 | ||||||||||||||||||||||||||||
Shares redeemed | (216,914 | ) | (646,029 | ) | (290,036 | ) | (580,466 | ) | ||||||||||||||||||||||||
Net decrease from capital stock transactions. | (161,817 | ) | (368,175 | ) | (197,808 | ) | (339,183 | ) | ||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 62,891,292 | 117,583,727 | 253,795 | 619,314 | 56,485,236 | 48,882,088 | 75,016,086 | 153,030,925 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 7,154,967 | 13,814,254 | 137,924 | 1,206,859 | 12,775,182 | 29,670,932 | 13,304,045 | 17,448,020 | ||||||||||||||||||||||||
Shares redeemed | (69,483,942 | ) | (31,425,695 | ) | (1,672,026 | ) | (16,023,542 | ) | (126,093,040 | ) | (50,187,658 | ) | (128,129,086 | ) | (122,223,748 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 562,317 | 99,972,286 | (1,280,307 | ) | (14,197,369 | ) | (56,832,622 | ) | 28,365,362 | (39,808,955 | ) | 48,255,197 | ||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 70,584,725 | 1,065,095 | 61,949,781 | 42,215,184 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 456,764 | 1,012,359 | 823,094 | 759,093 | ||||||||||||||||||||||||||||
Shares redeemed | (9,615,318 | ) | (1,239,548 | ) | (13,702,123 | ) | (5,864,450 | ) | ||||||||||||||||||||||||
Net increase from capital stock transactions | 61,426,171 | 837,906 | 49,070,752 | 37,109,827 | ||||||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions. | 562,317 | 99,972,286 | (2,647,468 | ) | (13,594,235 | ) | 9,847,198 | 35,299,547 | 8,731,222 | 82,906,147 | ||||||||||||||||||||||
Total increase (decrease) in net assets | (26,928,066 | ) | 109,268,666 | (14,021,218 | ) | (19,344,564 | ) | (36,742,123 | ) | 45,079,031 | (97,911,986 | ) | 161,152,726 | |||||||||||||||||||
Net Assets at end of period | $ | 193,797,254 | $ | 220,725,320 | $ | 51,414,039 | $ | 65,435,257 | $ | 302,240,488 | $ | 338,982,611 | $ | 489,252,513 | $ | 587,164,499 | ||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 86,728 | 125,695 | 221,005 | 153,395 | 203,430 | 336,847 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 161,456 | 634,499 | 198,111 | 606,766 | 233,764 | 484,165 | ||||||||||||||||||||||||||
Shares redeemed | (387,483 | ) | (594,010 | ) | (192,818 | ) | (392,871 | ) | (497,370 | ) | (943,776 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (139,299 | ) | 166,184 | 226,298 | 367,290 | (60,176 | ) | (122,764 | ) | |||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,065 | 1,430 | 10,104 | |||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,242 | 24,771 | 9,583 | 23,596 | ||||||||||||||||||||||||||||
Shares redeemed | (18,079 | ) | (52,637 | ) | (38,606 | ) | (74,890 | ) | ||||||||||||||||||||||||
Net decrease in shares outstanding | (13,837 | ) | (26,801 | ) | (27,593 | ) | (41,190 | ) | ||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,394,567 | 4,444,480 | 20,448 | 52,136 | 2,512,608 | 2,216,256 | 7,068,167 | 14,973,859 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 263,286 | 590,672 | 10,378 | 110,115 | 541,321 | 1,574,890 | 1,152,864 | 1,973,758 | ||||||||||||||||||||||||
Shares redeemed | (2,646,210 | ) | (1,178,168 | ) | (153,784 | ) | (1,250,938 | ) | (5,869,006 | ) | (2,271,577 | ) | (11,961,557 | ) | (11,723,889 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 11,643 | 3,856,984 | (122,958 | ) | (1,088,687 | ) | (2,815,077 | ) | 1,519,569 | (3,740,526 | ) | 5,223,728 | ||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,445,678 | 47,813 | 5,588,668 | 3,826,504 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 19,152 | 53,310 | 69,577 | 83,970 | ||||||||||||||||||||||||||||
Shares redeemed | (493,258 | ) | (53,445 | ) | (1,381,926 | ) | (523,737 | ) | ||||||||||||||||||||||||
Net increase in shares outstanding | 2,971,572 | 47,678 | 4,276,319 | 3,386,737 |
See accompanying Notes to Financial Statements.
38
Madison Funds | April 30, 2020
Statements of Changes in Net Assets |
Small Cap Fund | International Stock Fund | |||||||||||||||||||
Six-Months Ended April 30, 2020 (unaudited) | Period Ended October 31, 20191 | Year Ended September 30, 2019* | Six-Months Ended April 30, 2020 (unaudited) | Year Ended October 31, 2020 | ||||||||||||||||
Net Assets at beginning of period | $ | 266,983,694 | $ | 278,243,606 | $ | 543,960,603 | $ | 19,233,863 | $ | 19,953,347 | ||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income (loss) | 469,533 | (183,879 | ) | (1,163,349 | ) | 32,063 | 273,273 | |||||||||||||
Net realized gain | 7,140,830 | 58,890 | 38,493,785 | 306,080 | 992,488 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (40,958,931 | ) | 8,107,216 | (93,866,277 | ) | (3,230,502 | ) | 533,790 | ||||||||||||
Net increase (decrease) in net assets from operations | (33,348,568 | ) | 7,982,227 | (56,535,841 | ) | (2,892,359 | ) | 1,799,551 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||
Class A | (135,732 | ) | – | – | (1,103,916 | ) | (760,503 | ) | ||||||||||||
Class B | (40,537 | ) | (29,904 | ) | ||||||||||||||||
Class Y | (10,012,090 | ) | – | (95,905,613 | ) | (72,054 | ) | (62,847 | ) | |||||||||||
Total distributions | (10,147,822 | ) | – | (95,905,613 | ) | (1,216,507 | ) | (853,254 | ) | |||||||||||
Capital Stock transactions: | ||||||||||||||||||||
Class A Shares | ||||||||||||||||||||
Shares sold | 171,627 | 9,222 | 9,213 | 298,395 | 699,644 | |||||||||||||||
Shares issued in lieu of reorganization | – | – | 3,382,044 | – | – | |||||||||||||||
Issued to shareholders in reinvestment of distributions | 135,376 | – | – | 1,100,645 | 757,818 | |||||||||||||||
Shares redeemed | (529,517 | ) | (70,590 | ) | (66,082 | ) | (977,849 | ) | (2,776,691 | ) | ||||||||||
Net increase (decrease) from capital stock transactions | (222,514 | ) | (61,368 | ) | 3,325,175 | 421,191 | (1,319,229 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 40,537 | 29,904 | ||||||||||||||||||
Shares redeemed | (87,795 | ) | (187,734 | ) | ||||||||||||||||
Net decrease from capital stock transactions | (47,258 | ) | (157,830 | ) | ||||||||||||||||
Class Y Shares | ||||||||||||||||||||
Shares sold | 6,138,580 | 172,791 | 15,373,673 | 116,982 | 190,233 | |||||||||||||||
Shares issued in lieu of reorganization | – | – | 24,220,585 | – | – | |||||||||||||||
Issued to shareholders in reinvestment of distributions | 9,797,935 | – | 94,412,904 | 72,055 | 62,846 | |||||||||||||||
Shares redeemed | (42,639,600 | ) | (19,353,562 | ) | (250,607,880 | ) | (459,223 | ) | (441,801 | ) | ||||||||||
Net decrease from capital stock transactions | (26,703,085 | ) | (19,180,771 | ) | (116,600,718 | ) | (270,186 | ) | (188,722 | ) | ||||||||||
Total net increase (decrease) from capital stock transactions | (26,925,599 | ) | (19,242,139 | ) | (113,275,543 | ) | 103,747 | (1,665,781 | ) | |||||||||||
Total decrease in net assets | (70,421,989 | ) | (11,259,912 | ) | (265,716,997 | ) | (4,005,119 | ) | (719,484 | ) | ||||||||||
Net Assets at end of period | $ | 196,561,705 | $ | 266,983,694 | $ | 278,243,606 | $ | 15,228,744 | $ | 19,233,863 | ||||||||||
Capital Share transactions: | ||||||||||||||||||||
Class A Shares | ||||||||||||||||||||
Shares sold | 16,647 | 853 | 854 | 24,519 | 54,574 | |||||||||||||||
Shares issued in lieu of reorganization | – | – | 321,301 | – | – | |||||||||||||||
Issued to shareholders in reinvestment of distributions | 12,066 | – | – | 83,068 | 65,498 | |||||||||||||||
Shares redeemed | (51,212 | ) | (6,509 | ) | (6,068 | ) | (81,217 | ) | (216,288 | ) | ||||||||||
Net increase (decrease) in shares outstanding | (22,499 | ) | (5,656 | ) | 316,087 | 26,370 | (96,216 | ) | ||||||||||||
Class B Shares | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 3,135 | 2,644 | ||||||||||||||||||
Shares redeemed | (7,735 | ) | (15,109 | ) | ||||||||||||||||
Net decrease in shares outstanding | (4,600 | ) | (12,465 | ) | ||||||||||||||||
Class Y Shares | ||||||||||||||||||||
Shares sold | 657,530 | 15,842 | 1,322,528 | 9,269 | 14,989 | |||||||||||||||
Shares issued in lieu of reorganization | – | – | 2,290,103 | – | – | |||||||||||||||
Issued to shareholders in reinvestment of distributions | 868,611 | – | 8,351,953 | 5,446 | 5,427 | |||||||||||||||
Shares redeemed | (4,030,888 | ) | (1,749,463 | ) | (21,653,948 | ) | (35,819 | ) | (34,505 | ) | ||||||||||
Net decrease in shares outstanding | (2,504,747 | ) | (1,733,621 | ) | (9,689,364 | ) | (21,104 | ) | (14,089 | ) |
* The Statements of Changes in Net Assets presented herein reflect the historical operating results of the Broadview Opportunity Fund prior to the reorganization on August 31, 2019. Share activity for the one-year period October 1, 2018 to September 30, 2019 reflects a share conversion ratio to reflect the shares of the legal survivor of the reorganization.
1 Disclosure represents the period October 1, 2019 to October 31, 2019.
See accompanying Notes to Financial Statements.
39
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/20 | Year Ended October 31, | Six Months Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.96 | $ | 10.39 | $ | 10.97 | $ | 10.46 | $ | 10.63 | $ | 11.15 | $ | 11.10 | $ | 10.47 | $ | 11.05 | $ | 10.52 | $ | 10.69 | $ | 11.19 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.08 | 0.36 | 0.19 | 0.15 | 1 | 0.14 | 1 | 0.13 | 1 | 0.05 | 0.31 | 0.12 | 0.08 | 1 | 0.07 | 1 | 0.06 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | – | 0.68 | (0.26 | ) | 0.69 | 0.17 | – | – | 0.66 | (0.28 | ) | 0.69 | 0.16 | (0.01 | ) | |||||||||||||||||||||||||||||||||
Total from investment operations | 0.08 | 1.04 | (0.07 | ) | 0.84 | 0.31 | 0.13 | 0.05 | 0.97 | (0.16 | ) | 0.77 | 0.23 | 0.05 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.18 | ) | (0.24 | ) | (0.18 | ) | (0.16 | ) | (0.17 | ) | (0.10 | ) | (0.05 | ) | (0.15 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||||||||||||||
Capital gains | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | (0.48 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | (0.48 | ) | ||||||||||||||||||||||||
Total distributions | (0.37 | ) | (0.47 | ) | (0.51 | ) | (0.33 | ) | (0.48 | ) | (0.65 | ) | (0.31 | ) | (0.34 | ) | (0.42 | ) | (0.24 | ) | (0.40 | ) | (0.55 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.29 | ) | 0.57 | (0.58 | ) | 0.51 | (0.17 | ) | (0.52 | ) | (0.26 | ) | 0.63 | (0.58 | ) | 0.53 | (0.17 | ) | (0.50 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.67 | $ | 10.96 | $ | 10.39 | $ | 10.97 | $ | 10.46 | $ | 10.63 | $ | 10.84 | $ | 11.10 | $ | 10.47 | $ | 11.05 | $ | 10.52 | $ | 10.69 | ||||||||||||||||||||||||
Total Return (%)2 | 0.80 | 3 | 10.37 | (0.75 | ) | 8.25 | 3.10 | 1.17 | 0.49 | 3 | 9.51 | (1.51 | ) | 7.47 | 2.27 | 0.44 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 41,502 | $ | 42,662 | $ | 42,247 | $ | 45,005 | $ | 43,752 | $ | 46,039 | $ | 4,87 | 3 | $ | 5,457 | $ | 6,049 | $ | 8,119 | $ | 9,175 | $ | 10,064 | |||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.70 | 4 | 0.70 | 0.70 | 0.70 | 0.71 | 0.70 | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.59 | 4 | 3.38 | 1.74 | 1.46 | 1.36 | 1.23 | 0.85 | 4 | 2.68 | 1.04 | 0.74 | 0.60 | 0.59 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 29 | 3 | 57 | 63 | 48 | 82 | 83 | 29 | 3 | 57 | 63 | 48 | 82 | 83 |
CLASS C | ||||||||||||||||||||||||
Six Months Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.11 | $ | 10.48 | $ | 11.06 | $ | 10.53 | $ | 10.69 | $ | 11.20 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.05 | 0.29 | 0.11 | 0.08 | 1 | 0.06 | 1 | 0.05 | 1 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | – | 0.68 | (0.27 | ) | 0.69 | 0.18 | (0.01 | ) | ||||||||||||||||
Total from investment operations | 0.05 | 0.97 | (0.16 | ) | 0.77 | 0.24 | 0.04 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.05 | ) | (0.15 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||
Capital gains | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | (0.48 | ) | ||||||||||||
Total distributions | (0.31 | ) | (0.34 | ) | (0.42 | ) | (0.24 | ) | (0.40 | ) | (0.55 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.26 | ) | 0.63 | (0.58 | ) | 0.53 | (0.16 | ) | (0.51 | ) | ||||||||||||||
Net Asset Value at end of period | $ | 10.85 | $ | 11.11 | $ | 10.48 | $ | 11.06 | $ | 10.53 | $ | 10.69 | ||||||||||||
Total Return (%)2 | 0.49 | 3 | 9.50 | (1.51 | ) | 7.46 | 2.37 | 0.34 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 19,865 | $ | 20,303 | $ | 20,001 | $ | 20,960 | $ | 20,225 | $ | 19,694 | ||||||||||||
Ratios of expenses to average net assets (%) | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.84 | 4 | 2.60 | 0.99 | 0.71 | 0.54 | 0.49 | |||||||||||||||||
Portfolio turnover (%)5 | 29 | 3 | 57 | 63 | 48 | 82 | 83 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
40
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/20 | Year Ended October 31, | Six Months Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.76 | $ | 11.59 | $ | 12.20 | $ | 11.18 | $ | 11.62 | $ | 12.27 | $ | 11.60 | $ | 11.46 | $ | 12.06 | $ | 11.05 | $ | 11.52 | $ | 12.19 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.09 | 0.51 | 0.17 | 0.14 | 1 | 0.13 | 1 | 0.13 | 1 | 0.05 | 0.53 | 0.10 | 0.07 | 1 | 0.06 | 1 | 0.05 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | 0.60 | (0.17 | ) | 1.35 | 0.18 | 0.04 | (0.32 | ) | 0.48 | (0.18 | ) | 1.33 | 0.16 | 0.04 | ||||||||||||||||||||||||||||||||
Total from investment operations | (0.23 | ) | 1.11 | 0.00 | 1.49 | 0.31 | 0.17 | (0.27 | ) | 1.01 | (0.08 | ) | 1.40 | 0.22 | 0.09 | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.12 | ) | (0.17 | ) | (0.08 | ) | (0.10 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||||||||||||||
Capital gains | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | (0.65 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | (0.65 | ) | ||||||||||||||||||||||||
Total distributions | (0.46 | ) | (0.94 | ) | (0.61 | ) | (0.47 | ) | (0.75 | ) | (0.82 | ) | (0.37 | ) | (0.87 | ) | (0.52 | ) | (0.39 | ) | (0.69 | ) | (0.76 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.69 | ) | 0.17 | (0.61 | ) | 1.02 | (0.44 | ) | (0.65 | ) | (0.64 | ) | 0.14 | (0.60 | ) | 1.01 | (0.47 | ) | (0.67 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.07 | $ | 11.76 | $ | 11.59 | $ | 12.20 | $ | 11.18 | $ | 11.62 | $ | 10.96 | $ | 11.60 | $ | 11.46 | $ | 12.06 | $ | 11.05 | $ | 11.52 | ||||||||||||||||||||||||
Total Return (%)2 | (2.15 | )3 | 10.69 | (0.12 | ) | 13.88 | 2.95 | 1.44 | (2.50 | )3 | 9.79 | (0.82 | ) | 13.07 | 2.15 | 0.72 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 106,971 | $ | 112,916 | $ | 108,459 | $ | 115,586 | $ | 104,276 | $ | 107,043 | $ | 10,971 | $ | 13,754 | $ | 17,481 | $ | 23,101 | $ | 25,440 | $ | 29,451 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.70 | 4 | 0.70 | 0.70 | 0.70 | 0.71 | 0.70 | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.49 | 4 | 4.42 | 1.39 | 1.23 | 1.13 | 1.02 | 0.77 | 4 | 4.01 | 0.73 | 0.56 | 0.58 | 0.41 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 40 | 3 | 64 | 75 | 50 | 97 | 81 | 40 | 3 | 64 | 75 | 50 | 97 | 81 |
CLASS C | ||||||||||||||||||||||||
Six Months Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.61 | $ | 11.47 | $ | 12.07 | $ | 11.06 | $ | 11.53 | $ | 12.20 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.05 | 0.42 | 0.08 | 0.06 | 1 | 0.05 | 1 | 0.02 | 1 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | 0.59 | (0.16 | ) | 1.34 | 0.17 | 0.07 | ||||||||||||||||
Total from investment operations | (0.27 | ) | 1.01 | (0.08 | ) | 1.40 | 0.22 | 0.09 | ||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.10 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||
Capital gains | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | (0.65 | ) | ||||||||||||
Total distributions | (0.37 | ) | (0.87 | ) | (0.52 | ) | (0.39 | ) | (0.69 | ) | (0.76 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.64 | ) | 0.14 | (0.60 | ) | 1.01 | (0.47 | ) | (0.67 | ) | ||||||||||||||
Net Asset Value at end of period | $ | 10.97 | $ | 11.61 | $ | 11.47 | $ | 12.07 | $ | 11.06 | $ | 11.53 | ||||||||||||
Total Return (%)2 | (2.49 | )3 | 9.78 | (0.82 | ) | 13.06 | 2.15 | 0.72 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 8,986 | $ | 9,607 | $ | 9,338 | $ | 9,625 | $ | 9,100 | $ | 9,506 | ||||||||||||
Ratios of expenses to average net assets (%) | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.74 | 4 | 3.68 | 0.62 | 0.52 | 0.47 | 0.01 | |||||||||||||||||
Portfolio turnover (%)5 | 40 | 3 | 64 | 75 | 50 | 97 | 81 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
41
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 12.02 | $ | 12.01 | $ | 12.71 | $ | 11.12 | $ | 11.87 | $ | 12.81 | $ | 11.62 | $ | 11.65 | $ | 12.35 | $ | 10.83 | $ | 11.65 | $ | 12.61 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.09 | 0.56 | 0.14 | 0.13 | 1 | 0.12 | 1 | 0.11 | 1 | 0.01 | 0.55 | 0.03 | 0.02 | 1 | 0.06 | 1 | 0.03 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.63 | ) | 0.57 | (0.11 | ) | 1.88 | 0.15 | 0.10 | (0.58 | ) | 0.47 | (0.10 | ) | 1.85 | 0.12 | 0.09 | ||||||||||||||||||||||||||||||||
Total from investment operations | (0.54 | ) | 1.13 | 0.03 | 2.01 | 0.27 | 0.21 | (0.57 | ) | 1.02 | (0.07 | ) | 1.87 | 0.18 | 0.12 | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | (0.20 | ) | (0.06 | ) | (0.07 | ) | (0.05 | ) | (0.06 | ) | (0.08 | ) | (0.13 | ) | ||||||||||||||||||||||||
Capital gains | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | (0.95 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | (0.95 | ) | ||||||||||||||||||||||||
Total distributions | (0.64 | ) | (1.12 | ) | (0.73 | ) | (0.42 | ) | (1.02 | ) | (1.15 | ) | (0.54 | ) | (1.05 | ) | (0.63 | ) | (0.35 | ) | (1.00 | ) | (1.08 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.18 | ) | 0.01 | (0.70 | ) | 1.59 | (0.75 | ) | (0.94 | ) | (1.11 | ) | (0.03 | ) | (0.70 | ) | 1.52 | (0.82 | ) | (0.96 | ) | |||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.84 | $ | 12.02 | $ | 12.01 | $ | 12.71 | $ | 11.12 | $ | 11.87 | $ | 10.51 | $ | 11.62 | $ | 11.65 | $ | 12.35 | $ | 10.83 | $ | 11.65 | ||||||||||||||||||||||||
Total Return (%)2 | (4.92 | )3 | 10.93 | 0.06 | 18.66 | 2.65 | 1.66 | (5.24 | )3 | 10.12 | (0.74 | ) | 17.83 | 1.88 | 0.91 | |||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 51,667 | $ | 54,974 | $ | 51,274 | $ | 52,811 | $ | 45,317 | $ | 46,834 | $ | 4,803 | $ | 6,088 | $ | 7,938 | $ | 10,442 | $ | 11,089 | $ | 12,383 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.70 | 4 | 0.70 | 0.70 | 0.70 | 0.71 | 0.70 | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 1.43 | 4 | 4.77 | 1.08 | 1.02 | 1.04 | 0.81 | 0.71 | 4 | 4.50 | 0.45 | 0.35 | 0.56 | 0.21 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 49 | 3 | 79 | 71 | 45 | 98 | 72 | 49 | 3 | 79 | 71 | 45 | 98 | 72 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.63 | $ | 11.66 | $ | 12.36 | $ | 10.84 | $ | 11.66 | $ | 12.62 | ||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | 0.48 | 0.04 | 0.02 | 1 | 0.05 | 1 | 0.02 | 1 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.56 | ) | 0.54 | (0.11 | ) | 1.85 | 0.13 | 0.10 | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | (0.57 | ) | 1.02 | (0.07 | ) | 1.87 | 0.18 | 0.12 | ||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.07 | ) | (0.05 | ) | (0.06 | ) | (0.08 | ) | (0.13 | ) | ||||||||||||||||||||||||||||||||||||
Capital gains | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | (0.95 | ) | ||||||||||||||||||||||||||||||||||||
Total distributions | (0.54 | ) | (1.05 | ) | (0.63 | ) | (0.35 | ) | (1.00 | ) | (1.08 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.11 | ) | (0.03 | ) | (0.70 | ) | 1.52 | (0.82 | ) | (0.96 | ) | |||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.52 | $ | 11.63 | $ | 11.66 | $ | 12.36 | $ | 10.84 | $ | 11.66 | ||||||||||||||||||||||||||||||||||||
Total Return (%)2 | (5.23 | )3 | 10.11 | (0.74 | ) | 17.81 | 1.87 | 0.91 | ||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 2,442 | $ | 2,263 | $ | 2,160 | $ | 2,300 | $ | 2,411 | $ | 2,600 | ||||||||||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.45 | 4 | 1.45 | 1.45 | 1.45 | 1.46 | 1.45 | |||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.68 | 4 | 4.15 | 0.32 | 0.45 | 0.42 | 0.05 | |||||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 493 | 79 | 71 | 45 | 98 | 72 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
42
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
GOVERNMENT MONEY MARKET FUND* | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.00 | 2 | 0.02 | 0.01 | 0.00 | 1,2 | 0.00 | 1,2 | 0.00 | 1,2 | 0.00 | 2 | 0.01 | 0.00 | 2 | 0.00 | 1,2 | 0.00 | 1,2 | 0.00 | 1,2 | |||||||||||||||||||||||||||
Total from investment operations | 0.00 | 2 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.002 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | )2 | (0.02 | ) | (0.01 | ) | – | – | – | (0.00 | )2 | (0.01 | ) | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | (0.00 | )2 | (0.02 | ) | (0.01 | ) | – | – | – | (0.00 | )2 | (0.01 | ) | – | – | – | – | |||||||||||||||||||||||||||||||
Net increase in net asset value | 0.002 | 0.00 | 0.00 | 0.00 | 2 | 0.00 | 2 | 0.00 | 2 | 0.00 | 2 | – | 0.00 | 2 | 0.00 | 2 | 0.00 | 2 | 0.00 | 2 | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total Return (%)3 | 0.454 | 1.75 | 1.08 | 0.21 | 0.00 | 0.00 | 0.12 | 4 | 0.99 | 0.36 | 0.01 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 17,625 | $ | 14,990 | $ | 14,606 | $ | 14,972 | $ | 18,295 | $ | 19,076 | $ | 90 | $ | 64 | $ | 168 | $ | 215 | $ | 599 | $ | 234 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.55 | 5 | 0.55 | 0.55 | 0.55 | 0.56 | 0.55 | 1.17 | 5 | 1.30 | 1.35 | 1.30 | 1.30 | 1.30 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.55 | 5 | 0.55 | 0.55 | 6 | 0.51 | 6 | 0.28 | 6 | 0.07 | 6 | 1.17 | 5 | 1.30 | 1.26 | 6 | 0.62 | 6 | 0.28 | 6 | 0.08 | 6 | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.89 | 5 | 1.74 | 1.07 | 6 | 0.16 | 6 | (0.28 | )6 | (0.48 | )6 | 0.21 | 5 | 1.02 | 0.26 | 6 | (0.67 | )6 | (1.02 | )6 | (1.22 | )6 | ||||||||||||||||||||||||||
After reimbursement and waiver of expenses by Adviser (%) | 0.89 | 5 | 1.74 | 1.07 | 6 | 0.20 | 6 | 0.00 | 6 | 0.00 | 6 | 0.21 | 5 | 1.02 | 0.35 | 6 | 0.01 | 6 | 0.00 | 6 | 0.00 | 6 |
* Prior to close of business on February 29, 2016, the Fund was known as the Cash Reserves Fund.
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Amounts represent less than $0.005 per share.
3 Total return without applicable sales charge.
4 Not annualized.
5 Annualized.
6 Ratio is net of fees waived by the adviser and distributor (See Note 3).
TAX-FREE VIRGINIA FUND | TAX-FREE NATIONAL FUND | |||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Period Ended October 31, | Six Months | Period Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.71 | $ | 11.08 | $ | 11.49 | $ | 11.67 | $ | 11.61 | $ | 11.70 | $ | 10.96 | $ | 10.41 | $ | 10.85 | $ | 11.10 | $ | 11.01 | $ | 11.08 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.11 | 0.23 | 0.24 | 0.24 | 1 | 0.25 | 1 | 0.28 | 1 | 0.11 | 0.24 | 0.24 | 0.25 | 1 | 0.26 | 1 | 0.27 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.11 | ) | 0.63 | (0.41 | ) | (0.16 | ) | 0.10 | (0.01 | ) | (0.12 | ) | 0.61 | (0.41 | ) | (0.18 | ) | 0.15 | 0.01 | |||||||||||||||||||||||||||||
Total from investment operations | – | 0.86 | (0.17 | ) | 0.08 | 0.35 | 0.27 | (0.01 | ) | 0.85 | (0.17 | ) | 0.07 | 0.41 | 0.28 | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.23 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.28 | ) | (0.11 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.26 | ) | (0.27 | ) | ||||||||||||||||||||||||
Capital gains | – | – | – | (0.02 | ) | (0.04 | ) | (0.08 | ) | (0.03 | ) | (0.06 | ) | (0.03 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | |||||||||||||||||||||||||||
Total distributions | (0.10 | ) | (0.23 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.36 | ) | (0.14 | ) | (0.30 | ) | (0.27 | ) | (0.32 | ) | (0.32 | ) | (0.35 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.10 | ) | 0.63 | (0.41 | ) | (0.18 | ) | 0.06 | (0.09 | ) | (0.15 | ) | 0.55 | (0.44 | ) | (0.25 | ) | 0.09 | (0.07 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.61 | $ | 11.71 | $ | 11.08 | $ | 11.49 | $ | 11.67 | $ | 11.61 | $ | 10.81 | $ | 10.96 | $ | 10.41 | $ | 10.85 | $ | 11.10 | $ | 11.01 | ||||||||||||||||||||||||
Total Return (%)2 | 0.01 | 3 | 7.78 | (1.52 | ) | 0.68 | 3.01 | 2.36 | (0.05 | )3 | 8.20 | (1.56 | ) | 0.72 | 3.75 | 2.61 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 21,710 | $ | 22,225 | $ | 20,868 | $ | 21,866 | $ | 22,350 | $ | 22,659 | $ | 22,823 | $ | 23,807 | $ | 23,325 | $ | 25,294 | $ | 27,333 | $ | 27,744 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.85 | 4 | 0.85 | 0.85 | 0.85 | 0.86 | 0.85 | 0.75 | 4 | 0.75 | 0.75 | 0.75 | 0.79 | 0.85 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.88 | 4 | 1.96 | 2.09 | 2.06 | 2.12 | 2.45 | 2.04 | 4 | 2.19 | 2.25 | 2.30 | 2.27 | 2.44 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 3 | 3 | 22 | 26 | 8 | 12 | 12 | 7 | 3 | 26 | 31 | 6 | 9 | 15 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
43
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
HIGH QUALITY BOND FUND | ||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||
Six Months | Period Ended October 31, | |||||||||||||||||||||||
Ended 4/30/20 | ||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.11 | $ | 10.64 | $ | 10.93 | $ | 11.06 | $ | 11.04 | $ | 11.04 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.08 | 0.21 | 0.18 | 0.14 | 1 | 0.12 | 1 | 0.11 | 1 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.29 | 0.47 | (0.30 | ) | (0.12 | ) | 0.06 | 0.01 | ||||||||||||||||
Total from investment operations | 0.37 | 0.68 | (0.12 | ) | 0.02 | 0.18 | 0.12 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.21 | ) | (0.17 | ) | (0.14 | ) | (0.12 | ) | (0.11 | ) | ||||||||||||
Capital gains | – | – | – | (0.01 | ) | (0.04 | ) | (0.01 | ) | |||||||||||||||
Total distributions | (0.09 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | (0.16 | ) | (0.12 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.28 | 0.47 | (0.29 | ) | (0.13 | ) | 0.02 | – | ||||||||||||||||
Net Asset Value at end of period | $ | 11.39 | $ | 11.11 | $ | 10.64 | $ | 10.93 | $ | 11.06 | $ | 11.04 | ||||||||||||
Total Return (%)2 | 3.33 | 3 | 6.43 | (1.09 | ) | 0.25 | 1.62 | 1.11 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 144,694 | $ | 90,407 | $ | 89,253 | $ | 100,536 | $ | 105,807 | $ | 102,552 | ||||||||||||
Ratios of expenses to average net assets (%) | 0.49 | 4 | 0.49 | 0.49 | 0.49 | 0.50 | 0.49 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.64 | 4 | 1.88 | 1.64 | 1.32 | 1.10 | 1.00 | |||||||||||||||||
Portfolio turnover (%)6 | 11 | 3 | 20 | 31 | 26 | 25 | 35 |
CORE BOND FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.28 | $ | 9.55 | $ | 10.03 | $ | 10.20 | $ | 10.09 | $ | 10.25 | $ | 10.29 | $ | 9.55 | $ | 10.03 | $ | 10.21 | $ | 10.10 | $ | 10.25 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.10 | 0.24 | 0.21 | 0.20 | 1 | 0.20 | 1 | 0.19 | 1 | 0.06 | 0.16 | 0.15 | 0.14 | 1 | 0.13 | 1 | 0.11 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.34 | 0.74 | (0.46 | ) | (0.10 | ) | 0.21 | (0.05 | ) | 0.33 | 0.75 | (0.47 | ) | (0.12 | ) | 0.21 | (0.04 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 0.44 | 0.98 | (0.25 | ) | 0.10 | 0.41 | 0.14 | 0.39 | 0.91 | (0.32 | ) | 0.02 | 0.34 | 0.07 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.25 | ) | (0.23 | ) | (0.22 | ) | (0.22 | ) | (0.21 | ) | (0.05 | ) | (0.17 | ) | (0.16 | ) | (0.15 | ) | (0.15 | ) | (0.13 | ) | ||||||||||||||||||||||||
Capital gains | (0.02 | ) | – | 0.00 | 5 | (0.05 | ) | (0.08 | ) | (0.09 | ) | (0.02 | ) | – | (0.00 | )5 | (0.05 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Total distributions | (0.11 | ) | (0.25 | ) | (0.23 | ) | (0.27 | ) | (0.30 | ) | (0.30 | ) | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.20 | ) | (0.23 | ) | (0.22 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.33 | 0.73 | (0.48 | ) | (0.17 | ) | 0.11 | (0.16 | ) | 0.32 | 0.74 | (0.48 | ) | (0.18 | ) | 0.11 | (0.15 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.61 | $ | 10.28 | $ | 9.55 | $ | 10.03 | $ | 10.20 | $ | 10.09 | $ | 10.61 | $ | 10.29 | $ | 9.55 | $ | 10.03 | $ | 10.21 | $ | 10.10 | ||||||||||||||||||||||||
Total Return (%)2 | 4.23 | 3 | 10.37 | (2.45 | ) | 1.05 | 4.21 | 1.34 | 3.84 | 3 | 9.65 | (3.18 | ) | 0.20 | 3.43 | 0.69 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 29,668 | $ | 28,902 | $ | 29,605 | $ | 33,738 | $ | 34,325 | $ | 32,823 | $ | 1,033 | $ | 1,272 | $ | 1,466 | $ | 2,004 | $ | 2,575 | $ | 2,929 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.90 | 4 | 0.90 | 0.90 | 0.90 | 0.91 | 0.90 | 1.65 | 4 | 1.65 | 1.65 | 1.65 | 1.66 | 1.65 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.91 | 4 | 2.35 | 2.20 | 2.00 | 2.00 | 1.85 | 1.16 | 4 | 1.60 | 1.44 | 1.25 | 1.25 | 1.10 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 24 | 3 | 36 | 26 | 27 | 39 | 57 | 24 | 3 | 36 | 26 | 27 | 39 | 57 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Amounts represent less than $0.005 per share.
6 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
44
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
CORE BOND FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended October 31, | Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.25 | $ | 9.52 | $ | 9.99 | $ | 10.17 | $ | 10.07 | $ | 10.22 | $ | 10.33 | $ | 9.58 | $ | 10.05 | $ | 10.21 | $ | 10.09 | $ | 10.24 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.09 | 0.25 | 0.24 | 0.23 | 1 | 0.23 | 1 | 0.21 | 1 | 0.12 | 0.27 | 0.26 | 0.24 | 1 | 0.24 | 1 | 0.23 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.35 | 0.75 | (0.45 | ) | (0.11 | ) | 0.20 | (0.04 | ) | 0.34 | 0.75 | (0.47 | ) | (0.10 | ) | 0.21 | (0.06 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 0.44 | 1.00 | (0.21 | ) | 0.12 | 0.43 | 0.17 | 0.46 | 1.02 | (0.21 | ) | 0.14 | 0.45 | 0.17 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | (0.13 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | ||||||||||||||||||||||||
Capital gains | (0.02 | ) | — | 0.00 | 6 | (0.05 | ) | (0.08 | ) | (0.09 | ) | (0.02 | ) | — | 0.00 | 6 | (0.05 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Total distributions | (0.15 | ) | (0.27 | ) | (0.26 | ) | (0.30 | ) | (0.33 | ) | (0.32 | ) | (0.15 | ) | (0.27 | ) | (0.26 | ) | (0.30 | ) | (0.33 | ) | (0.32 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.29 | 0.73 | (0.47 | ) | (0.18 | ) | 0.10 | (0.15 | ) | 0.31 | 0.75 | (0.47 | ) | (0.16 | ) | 0.12 | (0.15 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.54 | $ | 10.25 | $ | 9.52 | $ | 9.99 | $ | 10.17 | $ | 10.07 | $ | 10.64 | $ | 10.33 | $ | 9.58 | $ | 10.05 | $ | 10.21 | $ | 10.09 | ||||||||||||||||||||||||
Total Return (%)2 | 4.31 | 4 | 10.67 | (2.12 | ) | 1.22 | 4.40 | 1.71 | 4.47 | 4 | 10.82 | (2.11 | ) | 1.41 | 4.59 | 1.71 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 87,155 | $ | 121,000 | $ | 138,186 | $ | 170,169 | $ | 178,046 | $ | 186,414 | $ | 2,044 | $ | 1,967 | $ | 1,609 | $ | 1,802 | $ | 1,876 | $ | 1,693 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.65 | 5 | 0.65 | 0.65 | 0.65 | 0.66 | 0.65 | 0.52 | 5 | 0.52 | 0.52 | 0.52 | 0.53 | 0.52 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.15 | 5 | 2.60 | 2.44 | 2.25 | 2.25 | 2.10 | 2.28 | 5 | 2.72 | 2.58 | 2.38 | 2.38 | 2.24 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)3 | 24 | 4 | 36 | 26 | 27 | 39 | 57 | 24 | 4 | 36 | 26 | 27 | 39 | 57 |
CORPORATE BOND FUND | HIGH INCOME FUND | |||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Period Ended October 31, | Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 12.04 | $ | 10.87 | $ | 11.65 | $ | 11.69 | $ | 11.34 | $ | 11.49 | $ | 5.83 | $ | 5.80 | $ | 6.19 | $ | 6.03 | $ | 5.93 | $ | 6.79 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.18 | 0.36 | 0.33 | 0.33 | 1 | 0.33 | 1 | 0.29 | 1 | 0.13 | 0.29 | 0.30 | 0.29 | 1 | 0.29 | 1 | 0.32 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 1.17 | (0.69 | ) | — | 0.39 | (0.13 | ) | (0.62 | ) | 0.03 | (0.39 | ) | 0.16 | 0.10 | (0.47 | ) | |||||||||||||||||||||||||||||||
Total from investment operations | 0.19 | 1.53 | (0.36 | ) | 0.33 | 0.72 | 0.16 | (0.49 | ) | 0.32 | (0.09 | ) | 0.45 | 0.39 | (0.15 | ) | ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.36 | ) | (0.33 | ) | (0.33 | ) | (0.33 | ) | (0.29 | ) | (0.13 | ) | (0.29 | ) | (0.30 | ) | (0.29 | ) | (0.29 | ) | (0.32 | ) | ||||||||||||||||||||||||
Capital gains | — | — | (0.09 | ) | (0.04 | ) | (0.04 | ) | (0.02 | ) | — | — | — | — | — | (0.39 | ) | |||||||||||||||||||||||||||||||
Total distributions | (0.17 | ) | (0.36 | ) | (0.42 | ) | (0.37 | ) | (0.37 | ) | (0.31 | ) | (0.13 | ) | (0.29 | ) | (0.30 | ) | (0.29 | ) | (0.29 | ) | (0.71 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.02 | 1.17 | (0.78 | ) | (0.04 | ) | 0.35 | (0.15 | ) | (0.62 | ) | 0.03 | (0.39 | ) | 0.16 | 0.10 | (0.86 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.06 | $ | 12.04 | $ | 10.87 | $ | 11.65 | $ | 11.69 | $ | 11.34 | $ | 5.21 | $ | 5.83 | $ | 5.80 | $ | 6.19 | $ | 6.03 | $ | 5.93 | ||||||||||||||||||||||||
Total Return (%)2 | 1.57 | 4 | 14.32 | (3.11 | ) | 2.97 | 6.45 | 1.40 | (8.55 | )4 | 5.68 | (1.42 | ) | 7.61 | 6.91 | (2.29 | ) | |||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 13,921 | $ | 15,098 | $ | 19,668 | $ | 21,773 | $ | 23,846 | $ | 23,545 | $ | 14,551 | $ | 16,772 | $17,755 | $ | 21,298 | $ | 21,403 | $ | 23,155 | |||||||||||||||||||||||||
Ratios of expenses to average net assets : | 0.65 | 5 | 0.65 | 0.65 | 0.65 | 0.66 | 0.65 | 1.00 | 5 | 1.00 | 1.00 | 1.00 | 1.01 | 1.00 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets: | 2.95 | 5 | 3.08 | 2.95 | 2.88 | 2.86 | 2.55 | 4.73 | 5 | 4.98 | 5.00 | 4.72 | 4.98 | 5.12 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)3 | 19 | 4 | 20 | 21 | 23 | 36 | 37 | 27 | 4 | 16 | 25 | 53 | 73 | 28 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
4 Not annualized.
5 Annualized.
6 Amounts represent less than $0.005 per share.
See accompanying Notes to Financial Statements.
45
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
HIGH INCOME FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended October 31, | Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 6.01 | $ | 5.97 | $ | 6.37 | $ | 6.19 | $ | 6.08 | $ | 6.95 | $ | 5.71 | $ | 5.68 | $ | 6.09 | $ | 5.94 | $ | 5.86 | $ | 6.73 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.15 | 0.27 | 0.29 | 0.26 | 1 | 0.26 | 1 | 0.29 | 1 | 0.15 | 0.28 | 0.33 | 0.26 | 1 | 0.27 | 1 | 0.01 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.68 | ) | 0.02 | (0.43 | ) | 0.16 | 0.10 | (0.50 | ) | (0.63 | ) | 0.06 | (0.41 | ) | 0.21 | 0.13 | (0.14 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | (0.53 | ) | 0.29 | (0.14 | ) | 0.42 | 0.36 | (0.21 | ) | (0.48 | ) | 0.34 | (0.08 | ) | 0.47 | 0.40 | (0.13 | ) | ||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.25 | ) | (0.26 | ) | (0.24 | ) | (0.25 | ) | (0.27 | ) | (0.15 | ) | (0.31 | ) | (0.33 | ) | (0.32 | ) | (0.32 | ) | (0.35 | ) | ||||||||||||||||||||||||
Capital gains | — | — | — | — | — | (0.39 | ) | — | — | — | — | — | (0.39 | ) | ||||||||||||||||||||||||||||||||||
Total distributions | (0.11 | ) | (0.25 | ) | (0.26 | ) | (0.24 | ) | (0.25 | ) | (0.66 | ) | (0.15 | ) | (0.31 | ) | (0.33 | ) | (0.32 | ) | (0.32 | ) | (0.74 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.64 | ) | 0.04 | (0.40 | ) | 0.18 | 0.11 | (0.87 | ) | (0.63 | ) | 0.03 | (0.41 | ) | 0.15 | 0.08 | (0.87 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 5.37 | $ | 6.01 | $ | 5.97 | $ | 6.37 | $ | 6.19 | $ | 6.08 | $ | 5.08 | $ | 5.71 | $ | 5.68 | $ | 6.09 | $ | 5.94 | $ | 5.86 | ||||||||||||||||||||||||
Total Return (%)2 | (8.98 | )3 | 4.92 | (2.25 | ) | 6.92 | 6.07 | (3.11 | ) | (8.56 | )3 | 6.07 | (1.32 | ) | 8.06 | 7.15 | (2.00 | ) | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 755 | $ | 1,018 | $ | 1,137 | $ | 1,505 | $ | 1,651 | $ | 1,685 | $ | 724 | $ | 902 | $ | 786 | $ | 797 | $ | 712 | $ | 664 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.75 | 4 | 1.75 | 1.75 | 1.75 | 1.76 | 1.75 | 0.74 | 4 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 3.98 | 4 | 4.24 | 4.24 | 3.97 | 4.23 | 4.36 | 4.98 | 4 | 5.22 | 5.24 | 4.97 | 5.20 | 5.39 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 27 | 3 | 16 | 25 | 53 | 73 | 28 | 27 | 3 | 16 | 25 | 53 | 73 | 28 |
DIVERSIFIED INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended October 31, | Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 16.37 | $ | 15.98 | $ | 15.93 | $ | 14.92 | $ | 14.75 | $ | 14.79 | $ | 16.48 | $ | 16.08 | $ | 16.04 | $ | 15.01 | $ | 14.83 | $ | 14.88 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.14 | 0.28 | 0.28 | 0.26 | 1 | 0.25 | 1 | 0.23 | 1 | 0.08 | 0.16 | 0.16 | 0.14 | 1 | 0.14 | 1 | 0.13 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.88 | ) | 1.64 | 0.30 | 1.56 | 0.52 | (0.03 | ) | (0.88 | ) | 1.65 | 0.29 | 1.58 | 0.53 | (0.04 | ) | ||||||||||||||||||||||||||||||||
Total from investment operations | (0.74 | ) | 1.92 | 0.58 | 1.82 | 0.77 | 0.20 | (0.80 | ) | 1.81 | 0.45 | 1.72 | 0.67 | 0.09 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.29 | ) | (0.29 | ) | (0.27 | ) | (0.26 | ) | (0.24 | ) | (0.08 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||||||||||||||
Capital gains | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | — | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | — | ||||||||||||||||||||||||||
Total distributions | (0.94 | ) | (1.53 | ) | (0.53 | ) | (0.81 | ) | (0.60 | ) | (0.24 | ) | (0.88 | ) | (1.41 | ) | (0.41 | ) | (0.69 | ) | (0.49 | ) | (0.14 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.68 | ) | 0.39 | 0.05 | 1.01 | 0.17 | (0.04 | ) | (1.68 | ) | 0.40 | 0.04 | 1.03 | 0.18 | (0.05 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.69 | $ | 16.37 | $ | 15.98 | $ | 15.93 | $ | 14.92 | $ | 14.75 | $ | 14.80 | $ | 16.48 | $ | 16.08 | $ | 16.04 | $ | 15.01 | $ | 14.83 | ||||||||||||||||||||||||
Total Return (%)2 | (4.93 | )3 | 13.51 | 3.63 | 12.57 | 5.38 | 1.39 | (5.26 | )3 | 12.64 | 2.77 | 11.79 | 4.63 | 0.58 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 128,979 | $ | 139,683 | $ | 131,127 | $ | 137,863 | $ | 128,208 | $ | 121,026 | $ | 7,737 | $ | 9,612 | $ | 10,832 | $ | 12,702 | $ | 13,293 | $ | 13,442 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.10 | 4 | 1.10 | 1.10 | 1.10 | 1.11 | 1.10 | 1.85 | 4 | 1.85 | 1.85 | 1.85 | 1.86 | 1.85 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.76 | 4 | 1.80 | 1.72 | 1.65 | 1.68 | 1.59 | 1.01 | 4 | 1.06 | 0.97 | 0.91 | 0.94 | 0.84 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 14 | 3 | 34 | 27 | 21 | 35 | 25 | 14 | 3 | 34 | 27 | 21 | 35 | 25 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
46
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
DIVERSIFIED INCOME FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 16.48 | $ | 16.07 | $ | 16.03 | $ | 15.01 | $ | 14.83 | $ | 14.88 | ||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.08 | 0.16 | 0.16 | 0.14 | 1 | 0.14 | 1 | 0.13 | 1 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.88 | ) | 1.66 | 0.29 | 1.57 | 0.53 | (0.04 | ) | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | (0.80 | ) | 1.82 | 0.45 | 1.71 | 0.67 | 0.09 | |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||||||||||||||||||||||||||
Capital gains | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | — | |||||||||||||||||||||||||||||||||||||
Total distributions | (0.88 | ) | (1.41 | ) | (0.41 | ) | (0.69 | ) | (0.49 | ) | (0.14 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.68 | ) | 0.41 | 0.04 | 1.02 | 0.18 | (0.05 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.80 | $ | 16.48 | $ | 16.07 | $ | 16.03 | $ | 15.01 | $ | 14.83 | ||||||||||||||||||||||||||||||||||||
Total Return (%)2 | (5.26 | )3 | 12.72 | 2.77 | 11.72 | 4.63 | 0.64 | |||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 15,302 | $ | 16,090 | $ | 14,647 | $ | 15,103 | $ | 13,498 | $ | 12,766 | ||||||||||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.84 | 4 | 1.84 | 1.85 | 1.85 | 1.86 | 1.85 | |||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.02 | 4 | 1.05 | 0.97 | 0.89 | 0.93 | 0.84 | |||||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 14 | 3 | 34 | 27 | 21 | 35 | 25 |
COVERED CALL & EQUITY INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended October 31, | Ended 4/30/20 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 7.84 | $ | 8.52 | $ | 8.88 | $ | 8.95 | $ | 9.14 | $ | 9.92 | $ | 7.31 | $ | 8.04 | $ | 8.47 | $ | 8.63 | $ | 8.89 | $ | 9.74 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | 0.03 | 0.06 | 0.07 | 0.05 | 0.06 | (0.08 | ) | (0.05 | ) | (0.10 | ) | 0.02 | 0.06 | 0.16 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.31 | ) | 0.05 | 0.30 | 0.46 | 0.33 | (0.06 | ) | (0.24 | ) | 0.07 | 0.38 | 0.42 | 0.24 | (0.23 | ) | ||||||||||||||||||||||||||||||||
Total from investment operations | (0.32 | ) | 0.08 | 0.36 | 0.53 | 0.38 | — | (0.32 | ) | 0.02 | 0.28 | 0.44 | 0.30 | (0.07 | ) | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.44 | ) | (0.43 | ) | (0.39 | ) | (0.41 | ) | (0.50 | ) | (0.14 | ) | (0.43 | ) | (0.42 | ) | (0.39 | ) | (0.40 | ) | (0.50 | ) | ||||||||||||||||||||||||
Capital gains | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.28 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.28 | ) | ||||||||||||||||||||||||
Total distributions | (0.31 | ) | (0.76 | ) | (0.72 | ) | (0.60 | ) | (0.57 | ) | (0.78 | ) | (0.30 | ) | (0.75 | ) | (0.71 | ) | (0.60 | ) | (0.56 | ) | (0.78 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.63 | ) | (0.68 | ) | (0.36 | ) | (0.07 | ) | (0.19 | ) | (0.78 | ) | (0.62 | ) | (0.73 | ) | (0.43 | ) | (0.16 | ) | (0.26 | ) | (0.85 | ) | ||||||||||||||||||||||||
Net Asset Value at end of period | $ | 7.21 | $ | 7.84 | $ | 8.52 | $ | 8.88 | $ | 8.95 | $ | 9.14 | $ | 6.69 | $ | 7.31 | $ | 8.04 | $ | 8.47 | $ | 8.63 | $ | 8.89 | ||||||||||||||||||||||||
Total Return (%)2 | (4.06 | )3 | 1.46 | 3.96 | 5.97 | 4.29 | (0.18 | ) | (4.38 | )3 | 0.68 | 3.21 | 5.09 | 3.53 | (0.83 | ) | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 12,024 | $ | 13,748 | $ | 16,035 | $ | 16,773 | $ | 18,252 | $ | 16,042 | $ | 7,034 | $ | 8,191 | $ | 9,638 | $ | 13,299 | $ | 13,519 | $ | 9,287 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.25 | 4 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 2.00 | 4 | 2.00 | 2.00 | 2.00 | 2.00 | 1.99 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.91 | 4 | 1.05 | 0.47 | 1.03 | 0.17 | 0.13 | 0.16 | 4 | 0.29 | (0.28 | ) | 0.28 | (0.58 | ) | (0.59 | ) | |||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 60 | 3 | 116 | 130 | 166 | 135 | 107 | 60 | 3 | 116 | 130 | 166 | 135 | 107 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
47
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
COVERED CALL & EQUITY INCOME FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.06 | $ | 8.73 | $ | 9.06 | $ | 9.11 | $ | 9.27 | $ | 10.03 | $ | 8.16 | $ | 8.81 | $ | 9.13 | $ | 9.16 | $ | 9.31 | $ | 10.06 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | 0.12 | 0.10 | 0.14 | 0.08 | 0.14 | (0.17 | ) | 0.18 | 0.06 | 0.14 | 0.07 | 0.24 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.05 | ) | (0.02 | ) | 0.29 | 0.42 | 0.33 | (0.12 | ) | (0.14 | ) | (0.06 | ) | 0.34 | 0.44 | 0.35 | (0.21 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | (0.31 | ) | 0.10 | 0.39 | 0.56 | 0.41 | 0.02 | (0.31 | ) | 0.12 | 0.40 | 0.58 | 0.42 | 0.03 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.45 | ) | (0.43 | ) | (0.40 | ) | (0.41 | ) | (0.50 | ) | (0.16 | ) | (0.45 | ) | (0.43 | ) | (0.40 | ) | (0.41 | ) | (0.50 | ) | ||||||||||||||||||||||||
Capital gains | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.28 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.28 | ) | ||||||||||||||||||||||||
Total distributions | (0.32 | ) | (0.77 | ) | (0.72 | ) | (0.61 | ) | (0.57 | ) | (0.78 | ) | (0.32 | ) | (0.77 | ) | (0.72 | ) | (0.61 | ) | (0.57 | ) | (0.78 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.63 | ) | (0.67 | ) | (0.33 | ) | (0.05 | ) | (0.16 | ) | (0.76 | ) | (0.63 | ) | (0.65 | ) | (0.32 | ) | (0.03 | ) | (0.15 | ) | (0.75 | ) | ||||||||||||||||||||||||
Net Asset Value at end of period | $ | 7.43 | $ | 8.06 | $ | 8.73 | $ | 9.06 | $ | 9.11 | $ | 9.27 | $ | 7.53 | $ | 8.16 | $ | 8.81 | $ | 9.13 | $ | 9.16 | $ | 9.31 | ||||||||||||||||||||||||
Total Return (%)2 | (3.90 | )3 | 1.60 | 4.29 | 6.15 | 4.63 | 0.13 | (3.85 | )3 | 1.82 | 4.37 | 6.34 | 4.72 | 0.23 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 63,095 | $ | 102,018 | $ | 106,576 | $ | 95,640 | $ | 71,241 | $ | 60,916 | $ | 1,680 | $ | 2,385 | $ | 2,388 | $ | 2,531 | $ | 3,110 | $ | 2,826 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.00 | 4 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | 4 | 0.87 | 0.87 | 0.87 | 0.88 | 0.87 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 1.16 | 4 | 1.28 | 0.73 | 1.26 | 0.42 | 0.40 | 1.29 | 4 | 1.41 | 0.85 | 1.26 | 0.55 | 0.70 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 60 | 3 | 116 | 130 | 166 | 135 | 107 | 60 | 3 | 116 | 130 | 166 | 135 | 107 |
DIVIDEND INCOME FUND | LARGE CAP VALUE FUND | |||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Period Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 27.65 | $ | 27.01 | $ | 26.18 | $ | 22.38 | $ | 22.28 | $ | 23.59 | $ | 12.96 | $ | 14.14 | $ | 15.52 | $ | 15.47 | $ | 16.33 | $ | 19.18 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.25 | 0.46 | 0.47 | 0.44 | 1 | 0.33 | 1 | 0.40 | 1 | 0.06 | 0.11 | 0.13 | 0.25 | 1 | 0.16 | 1 | 0.08 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.73 | ) | 3.12 | 1.42 | 4.34 | 0.99 | 0.01 | (1.78 | ) | 0.29 | 0.10 | 2.05 | 0.92 | (0.10 | ) | |||||||||||||||||||||||||||||||||
Total from investment operations | (2.48 | ) | 3.58 | 1.89 | 4.78 | 1.32 | 0.41 | (1.72 | ) | 0.40 | 0.23 | 2.30 | 1.08 | (0.02 | ) | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.43 | ) | (0.47 | ) | (0.44 | ) | (0.32 | ) | (0.38 | ) | (0.11 | ) | (0.15 | ) | (0.27 | ) | (0.18 | ) | (0.10 | ) | (0.14 | ) | ||||||||||||||||||||||||
Capital gains | (0.69 | ) | (2.51 | ) | (0.59 | ) | (0.54 | ) | (0.90 | ) | (1.34 | ) | (0.36 | ) | (1.43 | ) | (1.34 | ) | (2.07 | ) | (1.84 | ) | (2.69 | ) | ||||||||||||||||||||||||
Total distributions | (0.93 | ) | (2.94 | ) | (1.06 | ) | (0.98 | ) | (1.22 | ) | (1.72 | ) | (0.47 | ) | (1.58 | ) | (1.61 | ) | (2.25 | ) | (1.94 | ) | (2.83 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (3.41 | ) | 0.64 | 0.83 | 3.80 | 0.10 | (1.31 | ) | (2.19 | ) | (1.18 | ) | (1.38 | ) | 0.05 | (0.86 | ) | (2.85 | ) | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 24.24 | $ | 27.65 | $ | 27.01 | $ | 26.18 | $ | 22.38 | $ | 22.28 | $ | 10.77 | $ | 12.96 | $ | 14.14 | $ | 15.52 | $ | 15.47 | $ | 16.33 | ||||||||||||||||||||||||
Total Return (%)2 | (9.32 | )3 | 15.48 | 7.35 | 21.85 | 6.16 | 1.76 | (13.96 | )3 | 4.89 | 1.10 | 16.36 | 7.16 | (0.80 | ) | |||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 193,797 | $ | 220,725 | $ | 111,457 | $ | 107,411 | $ | 102,402 | $ | 20,925 | $ | 48,416 | $ | 60,060 | $ | 63,143 | $ | 68,522 | $ | 62,757 | $ | 63,566 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.10 | 4 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.16 | 4 | 1.16 | 1.16 | 1.16 | 1.17 | 1.16 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.95 | 4 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.73 | 4 | 1.64 | 1.60 | 1.66 | 1.46 | 1.60 | 0.98 | 4 | 0.82 | 0.80 | 1.65 | 1.02 | 0.47 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.88 | 4 | 1.79 | 1.75 | 1.81 | 1.61 | 1.75 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 17 | 3 | 28 | 32 | 19 | 33 | 24 | 71 | 3 | 71 | 91 | 86 | 74 | 97 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
48
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
LARGE CAP VALUE FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 12.54 | $ | 13.72 | $ | 15.10 | $ | 15.09 | $ | 16.01 | $ | 18.84 | $ | 12.97 | $ | 14.14 | $ | 15.53 | $ | 15.48 | $ | 16.35 | $ | 19.20 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.04 | 0.05 | 0.05 | 0.16 | 1 | 0.06 | 1 | (0.05 | )1 | 0.65 | 0.75 | 0.17 | 0.37 | 1 | 0.26 | 1 | 0.14 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.76 | ) | 0.26 | 0.06 | 1.98 | 0.88 | (0.09 | ) | (2.34 | ) | (0.31 | ) | 0.09 | 1.97 | 0.85 | (0.11 | ) | |||||||||||||||||||||||||||||||
Total from investment operations | (1.72 | ) | 0.31 | 0.11 | 2.14 | 0.94 | (0.14 | ) | (1.69 | ) | 0.44 | 0.26 | 2.34 | 1.11 | 0.03 | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | (0.06 | ) | (0.15 | ) | (0.06 | ) | (0.02 | ) | 0.00 | 5 | (0.18 | ) | (0.18 | ) | (0.31 | ) | (0.22 | ) | (0.14 | ) | (0.19 | ) | |||||||||||||||||||||||||
Capital gains | (0.36 | ) | (1.43 | ) | (1.34 | ) | (2.07 | ) | (1.84 | ) | (2.69 | ) | (0.36 | ) | (1.43 | ) | (1.34 | ) | (2.07 | ) | (1.84 | ) | (2.69 | ) | ||||||||||||||||||||||||
Total distributions | (0.36 | ) | (1.49 | ) | (1.49 | ) | (2.13 | ) | (1.86 | ) | (2.69 | ) | (0.54 | ) | (1.61 | ) | (1.65 | ) | (2.29 | ) | (1.98 | ) | (2.88 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (2.08 | ) | (1.18 | ) | (1.38 | ) | 0.01 | (0.92 | ) | (2.83 | ) | (2.23 | ) | (1.17 | ) | (1.39 | ) | 0.05 | (0.87 | ) | (2.85 | ) | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.46 | $ | 12.54 | $ | 13.72 | $ | 15.10 | $ | 15.09 | $ | 16.01 | $ | 10.74 | $ | 12.97 | $ | 14.14 | $ | 15.53 | $ | 15.48 | $ | 16.35 | ||||||||||||||||||||||||
Total Return (%)2 | (14.26 | )3 | 4.18 | 0.29 | 15.43 | 6.38 | (1.49 | ) | (13.82 | )3 | 5.24 | 1.30 | 16.60 | 7.44 | (0.51 | ) | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 1,510 | $ | 1,984 | $ | 2,539 | $ | 3,318 | $ | 3,586 | $ | 4,096 | $ | 1,488 | $ | 3,392 | $ | 19,098 | $ | 19,187 | $ | 36,721 | $ | 109,546 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.91 | 4 | 1.91 | 1.91 | 1.91 | 1.92 | 1.91 | 0.91 | 4 | 0.91 | 0.91 | 0.91 | 0.92 | 0.91 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.23 | 4 | 0.08 | 0.01 | 0.88 | 0.27 | (0.27 | ) | 1.17 | 4 | 1.11 | 1.03 | 1.74 | 1.33 | 0.73 | |||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 71 | 3 | 71 | 91 | 86 | 74 | 97 | 71 | 3 | 71 | 91 | 86 | 74 | 97 |
INVESTORS FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Period Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 23.76 | $ | 23.85 | $ | 23.22 | $ | 19.57 | $ | 21.30 | $ | 25.01 | $ | 23.83 | $ | 23.92 | $ | 23.29 | $ | 19.62 | $ | 21.36 | $ | 25.07 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.07 | 0.06 | 0.05 | 0.03 | 1 | (0.00 | )1,5,7 | 0.09 | 1 | 0.12 | 0.12 | 0.11 | 0.09 | 1 | 0.06 | 1,7 | 0.16 | 1 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.89 | ) | 3.39 | 1.87 | 4.23 | 1.18 | 1.06 | (1.90 | ) | 3.39 | 1.87 | 4.24 | 1.17 | 1.05 | ||||||||||||||||||||||||||||||||||
Total from investment operations | (1.82 | ) | 3.45 | 1.92 | 4.26 | 1.18 | 1.15 | (1.78 | ) | 3.51 | 1.98 | 4.33 | 1.23 | 1.21 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.10 | ) | (0.03 | ) | — | (0.12 | ) | (0.06 | ) | (0.12 | ) | (0.16 | ) | (0.09 | ) | (0.05 | ) | (0.18 | ) | (0.12 | ) | |||||||||||||||||||||||||
Capital gains | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | (4.80 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | (4.80 | ) | ||||||||||||||||||||||||
Total distributions | (1.31 | ) | (3.54 | ) | (1.29 | ) | (0.61 | ) | (2.91 | ) | (4.86 | ) | (1.42 | ) | (3.60 | ) | (1.35 | ) | (0.66 | ) | (2.97 | ) | (4.92 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (3.13 | ) | (0.09 | ) | 0.63 | 3.65 | (1.73 | ) | (3.71 | ) | (3.20 | ) | (0.09 | ) | 0.63 | 3.67 | (1.74 | ) | (3.71 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 20.63 | $ | 23.76 | $ | 23.85 | $ | 23.22 | $ | 19.57 | $ | 21.30 | $ | 20.63 | $ | 23.83 | $ | 23.92 | $ | 23.29 | $ | 19.62 | $ | 21.36 | ||||||||||||||||||||||||
Total Return (%)2 | (8.38 | )3 | 18.37 | 8.50 | 22.30 | 6.46 | 4.78 | (8.22 | )3 | 18.63 | 8.75 | 22.62 | 6.69 | 5.07 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 79,767 | $ | 86,476 | $ | 78,043 | $ | 77,891 | $ | 67,479 | $ | 2,189 | $ | 153,508 | $ | 244,443 | $ | 208,942 | $ | 222,363 | $ | 204,962 | $ | 109,506 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.20 | 4 | 1.20 | 1.20 | 1.20 | 1.20 | 1.31 | 0.95 | 4 | 0.95 | 0.95 | 0.95 | 0.98 | 1.06 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.20 | 4 | 1.20 | 1.20 | 1.20 | 1.20 | 1.19 | 0.95 | 4 | 0.95 | 0.95 | 0.95 | 0.95 | 0.94 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.59 | 4 | 0.23 | 0.22 | 0.14 | (0.01 | ) | 0.26 | 0.91 | 4 | 0.47 | 0.47 | 0.39 | 0.33 | 0.50 | |||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.59 | 4 | 0.23 | 0.22 | 0.14 | (0.01 | ) | 0.38 | 0.91 | 4 | 0.47 | 0.47 | 0.39 | 0.33 | 0.62 | |||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 26 | 3 | 23 | 40 | 33 | 27 | 33 | 26 | 3 | 23 | 40 | 33 | 27 | 33 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 Total return without applicable sales charge.
3 Not annualized.
4 Annualized.
5 Amounts represent less than $0.005 per share.
6 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
7 Per share net investment income has been calculated using the average shares outstanding during the period.
See accompanying Notes to Financial Statements.
49
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
INVESTORS FUND - continued | MID CAP FUND | |||||||||||||||||||||||||||||||||||||||||||||||
CLASS R6 | CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 24.06 | $ | 24.07 | $ | 23.44 | $ | 19.74 | $ | 21.47 | $ | 25.14 | $ | 11.09 | $ | 9.77 | $ | 9.37 | $ | 8.34 | $ | 8.59 | $ | 9.78 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.002 | 0.16 | 0.15 | 0.13 | 1 | 0.11 | 1,7 | 0.15 | 1 | (0.03 | ) | (0.07 | ) | (0.06 | ) | (0.05 | )1 | (0.04 | )1 | (0.06 | )1 | |||||||||||||||||||||||||||
Net realized and unrealized gain on investments | (1.78 | ) | 3.43 | 1.88 | 4.26 | 1.17 | 1.10 | (1.53 | ) | 2.07 | 0.81 | 1.46 | 0.29 | 0.61 | ||||||||||||||||||||||||||||||||||
Total from investment operations | (1.78 | ) | 3.59 | 2.03 | 4.39 | 1.28 | 1.25 | (1.56 | ) | 2.00 | 0.75 | 1.41 | 0.25 | 0.55 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.16 | ) | (0.14 | ) | (0.08 | ) | (0.22 | ) | (0.12 | ) | – | – | – | – | – | |||||||||||||||||||||||||||||||
Capital gains | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | (4.80 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | ||||||||||||||||||||||||
Total distributions | (1.42 | ) | (3.60 | ) | (1.40 | ) | (0.69 | ) | (3.01 | ) | (4.92 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (3.20 | ) | (0.01 | ) | 0.63 | 3.70 | (1.73 | ) | (3.67 | ) | (1.99 | ) | 1.32 | 0.40 | 1.03 | (0.25 | ) | (1.19 | ) | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 20.86 | $ | 24.06 | $ | 24.07 | $ | 23.44 | $ | 19.74 | $ | 21.47 | $ | 9.10 | $ | 11.09 | $ | 9.77 | $ | 9.37 | $ | 8.34 | $ | 8.59 | ||||||||||||||||||||||||
Total Return (%)2 | (8.14 | )3 | 18.88 | 8.90 | 22.87 | 6.92 | 5.25 | (14.69 | )3 | 22.65 | 8.15 | 17.40 | 3.12 | 5.80 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 68,965 | $ | 8,063 | $ | 6,919 | $ | 6,898 | $ | 6,198 | $ | 6,589 | $ | 53,824 | $ | 66,250 | $ | 59,519 | $ | 59,175 | $ | 52,482 | $ | 54,000 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.77 | 4 | 0.77 | 0.77 | 0.77 | 0.77 | 0.73 | 1.394 | 1.40 | 1.40 | 1.40 | 1.41 | 1.40 | |||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.36 | 4 | 0.65 | 0.64 | 0.56 | 0.57 | 0.83 | (0.45 | )4 | (0.59 | ) | (0.51 | ) | (0.53 | ) | (0.47 | ) | (0.72 | ) | |||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 26 | 3 | 23 | 40 | 33 | 27 | 33 | 103 | 25 | 27 | 22 | 27 | 28 |
MID CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.84 | $ | 7.98 | $ | 7.78 | $ | 7.04 | $ | 7.38 | $ | 8.69 | $ | 11.71 | $ | 10.23 | $ | 9.76 | $ | 8.64 | $ | 8.85 | $ | 10.00 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.26 | ) | (0.32 | ) | (0.35 | ) | (0.20 | )1 | (0.14 | )1 | (0.13 | )1 | (0.00 | )6 | (0.02 | ) | (0.01 | ) | (0.01 | )1 | 0.001,6 | (0.04 | )1 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.00 | ) | 1.86 | 0.90 | 1.32 | 0.30 | 0.56 | (1.63 | ) | 2.18 | 0.83 | 1.51 | 0.29 | 0.63 | ||||||||||||||||||||||||||||||||||
Total from investment operations | (1.26 | ) | 1.54 | 0.55 | 1.12 | 0.16 | 0.43 | (1.63 | ) | 2.16 | 0.82 | 1.50 | 0.29 | 0.59 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | (0.00 | )6 | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Capital gains | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | ||||||||||||||||||||||||
Total distributions | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.69 | ) | 0.86 | 0.20 | 0.74 | (0.34 | ) | (1.31 | ) | (2.06 | ) | 1.48 | 0.47 | 1.12 | (0.21 | ) | (1.15 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 7.15 | $ | 8.84 | $ | 7.98 | $ | 7.78 | $ | 7.04 | $ | 7.38 | $ | 9.65 | $ | 11.71 | $ | 10.23 | $ | 9.76 | $ | 8.64 | $ | 8.85 | ||||||||||||||||||||||||
Total Return (%)2 | (15.05 | )3 | 21.91 | 7.21 | 16.46 | 2.38 | 5.06 | (14.50 | )3 | 23.27 | 8.55 | 17.85 | 3.50 | 6.13 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 1,202 | $ | 1,730 | $ | 1,891 | $ | 2,550 | $ | 2,832 | $ | 3,401 | $ | 346,116 | $ | 463,768 | $ | 351,716 | $ | 270,989 | $ | 242,308 | $ | 198,605 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 2.15 | 4 | 2.15 | 2.15 | 2.15 | 2.16 | 2.15 | 0.974 | 0.98 | 0.98 | 0.98 | 1.08 | 1.15 | |||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | (1.20 | )4 | (1.33 | ) | (1.26 | ) | (1.28 | ) | (1.23 | ) | (1.47 | ) | (0.03 | )4 | (0.18 | ) | (0.09 | ) | (0.11 | ) | (0.14 | ) | (0.47 | ) | ||||||||||||||||||||||||
Portfolio turnover (%)5 | 10 | 3 | 25 | 27 | 22 | 27 | 28 | 103 | 25 | 27 | 22 | 27 | 28 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
7 | Per share net investment income has been calculated using the average shares outstanding during the period. |
See accompanying Notes to Financial Statements.
50
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
MID CAP FUND - continued | SMALL CAP FUND | |||||||||||||||||||||||||||||||||||
CLASS R6 | CLASS A | |||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Inception for | |||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | Period Ended | September 30, | |||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 10/31/197 | 20198 | ||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.99 | $ | 10.44 | $ | 9.94 | $ | 8.77 | $ | 8.95 | $ | 10.06 | $ | 11.14 | $ | 10.82 | $ | 10.53 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.01 | ) | (0.10 | ) | 0.01 | 0.011 | 0.021 | (0.05 | )1 | 0.01 | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||
Net realized and unrealized gain on investments | (1.65 | ) | 2.33 | 0.84 | 1.54 | 0.30 | 0.68 | (1.55 | ) | 0.33 | 0.30 | |||||||||||||||||||||||||
Total from investment operations | (1.66 | ) | 2.23 | 0.85 | 1.55 | 0.32 | 0.63 | (1.54 | ) | 0.32 | 0.29 | |||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | )6 | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||
Capital gains | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | (0.44 | ) | – | – | ||||||||||||||||||||
Total distributions | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (1.74 | ) | (0.44 | ) | – | – | ||||||||||||||||||||
Net increase (decrease) in net asset value | (2.09 | ) | 1.55 | 0.50 | 1.17 | (0.18 | ) | (1.11 | ) | (1.98 | ) | 0.32 | 0.29 | |||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.90 | $ | 11.99 | $ | 10.44 | $ | 9.94 | $ | 8.77 | $ | 8.95 | $ | 9.16 | $ | 11.14 | $ | 10.82 | ||||||||||||||||||
Total Return (%)2 | (14.41 | )3 | 23.49 | 8.71 | 18.17 | 3.81 | 6.55 | (14.54 | )3 | 2.963 | 2.753 | |||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 88,111 | $ | 55,417 | $12,886 | $ | 11,713 | $ | 8,792 | $ | 9,874 | $ | 2,638 | $ | 3,457 | $ | 3,420 | |||||||||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.76 | 4 | 0.76 | 0.77 | 0.77 | 0.78 | 0.77 | 1.504 | 1.504 | 1.504 | ||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.76 | 4 | 0.76 | 0.77 | 0.77 | 0.78 | 0.77 | 1.464 | 1.464 | 1.464 | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.17 | 4 | (0.06 | ) | 0.12 | 0.10 | 0.16 | (0.09 | ) | 0.104 | (1.07 | )4 | (1.28 | )4 | ||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.17 | 4 | (0.06 | ) | 0.12 | 0.10 | 0.16 | (0.09 | ) | 0.144 | (1.03 | )4 | (1.24 | )4 | ||||||||||||||||||||||
Portfolio turnover (%)5 | 10 | 3 | 25 | 27 | 22 | 27 | 28 | 233 | 3 | 73 |
SMALL CAP FUND | ||||||||||||||||||||||||||||
CLASS Y* | ||||||||||||||||||||||||||||
Six Months | Year Ended September 30, | |||||||||||||||||||||||||||
Ended 4/30/20 | Year Ended | Period Ended | ||||||||||||||||||||||||||
(unaudited) | 10/31/197 | 9/30/19 | 20189 | 20179 | 20169 | 20159 | ||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.19 | $ | 10.87 | $ | 15.56 | $ | 15.03 | $ | 14.09 | $ | 13.71 | $ | 15.58 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.00 | 6 | (0.01 | ) | (0.04 | ) | (0.08 | ) | (0.09 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||
Net realized and unrealized gain on investments | (1.52 | ) | 0.33 | (1.39 | ) | 2.21 | 1.70 | 1.60 | (0.13 | ) | ||||||||||||||||||
Total from investment operations | (1.52 | ) | 0.32 | (1.43 | ) | 2.13 | 1.61 | 1.54 | (0.21 | ) | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Capital gains | (0.44 | ) | – | (3.26 | ) | (1.60 | ) | (0.67 | ) | (1.16 | ) | (1.66 | ) | |||||||||||||||
Total distributions | (0.45 | ) | – | (3.26 | ) | (1.60 | ) | (0.67 | ) | (1.16 | ) | (1.66 | ) | |||||||||||||||
Net increase (decrease) in net asset value | (1.97 | ) | 0.32 | (4.69 | ) | 0.53 | 0.94 | 0.38 | (1.87 | ) | ||||||||||||||||||
Net Asset Value at end of period | $ | 9.22 | $ | 11.19 | $ | 10.87 | $ | 15.56 | $ | 15.03 | $ | 14.09 | $ | 13.71 | ||||||||||||||
Total Return (%)2 | (14.30 | )3 | 2.943 | (8.81 | ) | 15.29 | 11.58 | 12.17 | (2.40 | ) | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 193,923 | $ | 263,527 | $ | 274,824 | $ | 543,961 | $ | 611,730 | $ | 653,838 | $ | 742,230 | ||||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.254 | 1.254 | 1.29 | 1.21 | 1.23 | 1.25 | 1.23 | |||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.214 | 1.214 | 1.29 | 1.21 | 1.23 | 1.25 | 1.23 | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.374 | (0.82 | )4 | (0.36 | ) | (0.57 | ) | (0.64 | ) | (0.42 | ) | (0.48 | ) | |||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.414 | (0.78 | )4 | (0.36 | ) | (0.57 | ) | (0.64 | ) | (0.42 | ) | (0.48 | ) | |||||||||||||||
Portfolio turnover (%)5 | 233 | 3 | 73 | 49 | 53 | 40 | 41 |
* | The Financial Highlights presented herein reflect the adjusted historical operating results of the Broadview Opportunity Fund through August 30, 2019. Effective after market close on this date, the Broadview Opportunity Fund reorganized into the Madison Small Cap Fund. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
7 | Disclosure represents the period October 1, 2019 to October 31, 2019. |
8 | For accounting purposes, the Small Cap Fund Class A is treated as having commenced investment operations on August 31, 2019. |
9 | The financial highlights prior to August 31, 2019 are those of the Broadview Opportunity Fund, the accounting survivor of the reorganization of the Madison Small Cap Fund and Broadview Opportunity Fund. The net asset values and other per share information of the Broadview Opportunity Fund have been restated by the conversion ratio of 2.469195 for Class Y shares to reflect those of the legal survivor of the reorganization, the Madison Small Cap Fund. |
See accompanying Notes to Financial Statements.
51
Madison Funds | April 30, 2020
Financial Highlights for a Share of Beneficial Interest Outstanding |
INTERNATIONAL STOCK FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/20 | Ended 4/30/20 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | (unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 13.53 | $ | 12.92 | $ | 14.00 | $ | 12.03 | $ | 12.99 | $ | 13.20 | $ | 13.14 | $ | 12.56 | $ | 13.63 | $ | 11.73 | $ | 12.68 | $ | 12.89 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.03 | 0.18 | 0.16 | 0.101 | 0.121 | 0.121 | (0.04 | ) | 0.06 | 0.03 | 0.001,6 | 0.031 | 0.031 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.98 | ) | 0.99 | (1.12 | ) | 2.01 | (0.97 | ) | (0.02 | ) | (1.91 | ) | 0.99 | (1.07 | ) | 1.97 | (0.95 | ) | (0.03 | ) | ||||||||||||||||||||||||||||
Total from investment operations | (1.95 | ) | 1.17 | (0.96 | ) | 2.11 | (0.85 | ) | 0.10 | (1.95 | ) | 1.05 | (1.04 | ) | 1.97 | (0.92 | ) | – | ||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.19 | ) | (0.12 | ) | (0.14 | ) | (0.11 | ) | (0.31 | ) | (0.09 | ) | (0.10 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||||||||||||||
Capital gains | (0.68 | ) | (0.37 | ) | – | – | – | – | (0.68 | ) | (0.37 | ) | – | – | – | – | ||||||||||||||||||||||||||||||||
Total distributions | (0.87 | ) | (0.56 | ) | (0.12 | ) | (0.14 | ) | (0.11 | ) | (0.31 | ) | (0.77 | ) | (0.47 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (2.82 | ) | 0.61 | (1.08 | ) | 1.97 | (0.96 | ) | (0.21 | ) | (2.72 | ) | 0.58 | (1.07 | ) | 1.90 | (0.95 | ) | (0.21 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.71 | $ | 13.53 | $ | 12.92 | $ | 14.00 | $ | 12.03 | $ | 12.99 | $ | 10.42 | $ | 13.14 | $ | 12.56 | $ | 13.63 | $ | 11.73 | $ | 12.68 | ||||||||||||||||||||||||
Total Return (%)2 | (15.61 | )3 | 9.85 | (6.94 | ) | 17.79 | (6.60 | ) | 0.83 | (15.96 | )3 | 9.04 | (7.65 | ) | 16.89 | (7.27 | ) | 0.06 | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 13,902 | $ | 17,209 | $ | 17,679 | $ | 20,520 | $ | 18,573 | $ | 21,072 | $ | 519 | $ | 715 | $ | 840 | $ | 1,195 | $ | 1,288 | $ | 1,692 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.604 | 1.60 | 1.60 | 1.60 | 1.61 | 1.60 | 2.354 | 2.35 | 2.35 | 2.35 | 2.36 | 2.35 | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.384 | 1.42 | 1.14 | 0.82 | 1.00 | 0.88 | (0.39 | )4 | 0.65 | 0.36 | 0.05 | 0.21 | 0.10 | |||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 203 | 37 | 29 | 32 | 34 | 45 | 203 | 37 | 29 | 32 | 34 | 45 |
CLASS Y | ||||||||||||||||||||||||
Six Months | Year Ended October 31, | |||||||||||||||||||||||
Ended 4/30/20 | ||||||||||||||||||||||||
(unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 13.57 | $ | 12.96 | $ | 14.04 | $ | 12.05 | $ | 13.00 | $ | 13.22 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.92 | 0.62 | 2.47 | 0.34 | 1 | 0.14 | 1 | (0.05 | )1 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.85 | ) | 0.58 | (3.40 | ) | 1.82 | (0.95 | ) | 0.17 | |||||||||||||||
Total from investment operations | (1.93 | ) | 1.20 | (0.93 | ) | 2.16 | (0.81 | ) | 0.12 | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.22 | ) | (0.15 | ) | (0.17 | ) | (0.14 | ) | (0.34 | ) | ||||||||||||
Capital gains | (0.68 | ) | (0.37 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.94 | ) | (0.59 | ) | (0.15 | ) | (0.17 | ) | (0.14 | ) | (0.34 | ) | ||||||||||||
Net increase (decrease) in net asset value | (2.87 | ) | 0.61 | (1.08 | ) | 1.99 | (0.95 | ) | (0.22 | ) | ||||||||||||||
Net Asset Value at end of period | $ | 10.70 | $ | 13.57 | $ | 12.96 | $ | 14.04 | $ | 12.05 | $ | 13.00 | ||||||||||||
Total Return (%)2 | (15.51 | )3 | 10.10 | (6.72 | ) | 18.18 | (6.40 | ) | 1.09 | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 807 | $ | 1,310 | $ | 1,434 | $ | 10,098 | $ | 15,398 | $ | 15,566 | ||||||||||||
Ratios of expenses to average net assets (%) | 1.354 | 1.35 | 1.35 | 1.35 | 1.36 | 1.35 | ||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.584 | 1.67 | 1.12 | 1.06 | 1.21 | 1.27 | ||||||||||||||||||
Portfolio turnover (%)5 | 203 | 37 | 29 | 32 | 34 | 45 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
52
Madison Funds | April 30, 2020
Notes to the Financial Statements (unaudited)
1. ORGANIZATION
Madison Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. As of the date of this report, the Trust offers eighteen funds (individually, a “fund,” collectively, the “funds”).
The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest of the Trust without par value. The Trust has entered into an Investment Advisory Agreement with Madison Asset Management, LLC (the “Investment Adviser” or “Madison”). The Investment Adviser, in turn, has entered into a subadvisory agreement for the management of the investments of the International Stock Fund (“Subadviser”).
The accompanying financial statements include the Government Money Market, Tax-Free Virginia, Tax-Free National, High Quality Bond, Core Bond, Corporate Bond, High Income, Diversified Income, Covered Call & Equity Income, Dividend Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock Funds (collectively, the “Core Funds”), and the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds (collectively, the “Allocation Funds”).
The Government Money Market Fund offers two classes of shares: Class A and B. The Small Cap Fund offers two classes of shares: Class A and Y. The High Income, Large Cap Value, and International Stock Funds offer three classes of shares: Class A, B and Y. The Diversified Income Fund and Allocation Funds offer three classes of shares: Class A, B and C. The Investors Fund offers three classes of shares: Class A, Y and R6. The Core Bond Fund and Mid Cap Fund offer four classes of shares: Class A, B, Y and R6. The Covered Call & Equity Income Fund offers four classes of shares: Class A, C, Y and R6. The Tax-Free Virginia, Tax-Free National, High Quality Bond, Corporate Bond and Dividend Income Funds offer one class of shares: Class Y. Each class of shares represents an interest in the assets of the respective fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fees and servicing fees, if any, and its proportional share of fund level expenses, is subject to its own sales charges, if any, and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that class and other class-specific matters.
As of February 1, 2017, Class B shares of the funds may not be purchased or acquired, except by exchange from Class B shares of another Madison Fund, or through dividend and/or capital gains reinvestments. Shareholders with investments in Class B shares of the funds may continue to hold such shares until they convert to Class A shares.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services–Investment Companies”.
The following is a summary of significant accounting policies consistently followed by each fund in the preparation of its financial statements.
Portfolio Valuation: Equity securities, including American Depositary Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price (“NOCP”). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.
Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.
Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time, on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.
Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair value.
Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.
Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.
All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser’s opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee ( the “Committee”) and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these funds. However, an Underlying Fund may need to “fair value” one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.
53
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
A fund’s investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the fund’s share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.
Recently Issued Accounting Pronouncements: In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. There was not a material impact to the Financial Statements as a result of this adoption, due to the fact the funds did not hold convertible debt for the period ended April 30, 2020.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the period ended April 30, 2020, the funds have chosen to adopt the standard. The adoption of this ASU did not have a material impact on the financial statements and other disclosures.
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The adoption of the ASU is elective. At this time, management is evaluating the implications of these changes on the financial statements
Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the fund’s ex-distribution date. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the fund is informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.
Expenses: Expenses that are directly related to one fund are charged directly to that fund. Other operating expenses are prorated to the funds on the basis of relative net assets. Class-specific expenses are borne by that class.
Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.
Repurchase Agreements: Each fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The funds will enter into repurchase agreements only with members of the Federal Reserve System and with “primary dealers” in U.S. Government securities.
The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the funds’ custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a fund could experience one of the following: delays in liquidating the underlying securities during the period in which the fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights. As of April 30, 2020, none of the funds held open repurchase agreements.
Foreign Currency Transactions: The Trust’s books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., fair value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the funds at the spot rate at settlement.
Each fund, except the Government Money Market, Tax-Free Virginia and Tax-Free National Funds, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading “Net realized gain (loss) on investments. The Covered Call & Equity Fund had net realized gains of $505, and The International Stock Fund had net realized losses of $2,786 related to foreign currency transactions
The funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.
Forward Foreign Currency Exchange Contracts: Each fund, except the Government Money Market Fund, Tax-Free Virginia and Tax-Free National Funds, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. During the period ended April 30, 2020, none of the funds had open forward foreign currency exchange contracts.
54
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
If a fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the fund will be required to place cash or other liquid assets in a segregated account with the fund’s custodian in an amount equal to the value of the fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the fund’s commitment with respect to the contract.
Cash Concentration: At times, the funds maintain cash balances at financial institutions in excess of federally insured limits. The funds monitor this credit risk and have not experienced any losses related to this risk.
Illiquid Securities: Each fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase except for the Government Money Market Fund which is governed by the Rule 2(a)-7 liquidity guidelines. An illiquid investment is generally defined as a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. At April 30, 2020, there were no illiquid securities held in the funds.
Delayed Delivery Securities: Each fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the fund segregates cash or other liquid securities, of any type or maturity, equal in value to the fund’s commitment. Losses may arise due to changes in the fair value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of April 30, 2020, none of the funds had entered into such transactions.
Indemnifications: Under the funds’ organizational documents, the funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In the normal course of business, the funds enter into contracts that contain a variety of representations and provide general indemnifications. The funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the funds. However, based on experience, management expects the risk of loss to be remote.
Fair Value Measurements: Each fund has adopted FASB guidance on fair value measurements. Fair value is defined as the price that each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)
Level 3 - significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments)
The valuation techniques used by the funds to measure fair value for the period ended April 30, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of April 30, 2020, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.
The following is a summary of the inputs used as of April 30, 2020, in valuing the funds’ investments carried at fair value (please see the Portfolio of Investments for each fund for a listing of all securities within each category):
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/20 | ||||||||||||
Conservative Allocation | ||||||||||||||||
Investment Companies | $ | 61,998,508 | $ | – | $ | – | $ | 61,998,508 | ||||||||
Short-Term Investments | 4,751,633 | – | – | 4,751,633 | ||||||||||||
66,750,141 | – | – | 66,750,141 | |||||||||||||
Moderate Allocation | ||||||||||||||||
Investment Companies | 112,774,477 | – | – | 112,774,477 | ||||||||||||
Short-Term Investments | 16,885,648 | – | – | 16,885,648 | ||||||||||||
129,660,125 | – | – | 129,660,125 | |||||||||||||
Aggressive Allocation | ||||||||||||||||
Investment Companies | 49,768,607 | – | – | 49,768,607 | ||||||||||||
Short-Term Investments | 13,722,367 | – | – | 13,722,367 | ||||||||||||
63,490,974 | – | – | 63,490,974 | |||||||||||||
Government Money Market2 | ||||||||||||||||
U.S. Government and Agency Obligations | – | 15,995,313 | – | 15,995,313 | ||||||||||||
Short-Term Investments | 1,691,672 | – | – | 1,691,672 | ||||||||||||
1,691,672 | 15,995,313 | 17,686,985 | ||||||||||||||
Tax-Free Virginia | ||||||||||||||||
Municipal Bonds | – | 21,290,292 | – | 21,290,292 | ||||||||||||
Tax-Free National | ||||||||||||||||
Municipal Bonds | – | 22,272,868 | – | 22,272,868 | ||||||||||||
High Quality Bond | ||||||||||||||||
Corporate Notes and Bonds | – | 52,184,701 | – | 52,184,701 | ||||||||||||
U.S. Government and Agency Obligations | – | 81,433,630 | – | 81,433,630 | ||||||||||||
Short-Term Investments | 6,629,693 | – | – | 6,629,693 | ||||||||||||
6,629,693 | 133,618,331 | – | 140,248,024 |
55
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/20 | ||||||||||||
Core Bond | ||||||||||||||||
Asset Backed Securities | $ | – | $ | 7,258,127 | $ | – | $ | 7,258,127 | ||||||||
Collateralized Mortgage Obligations | – | 6,881,525 | – | 6,881,525 | ||||||||||||
Commercial Mortgage-Backed Securities | – | 5,324,108 | – | 5,324,108 | ||||||||||||
Corporate Notes and Bonds | – | 38,968,122 | – | 38,968,122 | ||||||||||||
Long Term Municipal Bonds | – | 1,353,762 | – | 1,353,762 | ||||||||||||
Mortgage Backed Securities | – | 28,728,459 | – | 28,728,459 | ||||||||||||
U.S. Government and Agency Obligations | – | 29,664,064 | – | 29,664,064 | ||||||||||||
Short-Term Investments | 2,158,604 | – | – | 2,158,604 | ||||||||||||
2,158,604 | 118,178,167 | – | 120,336,771 | |||||||||||||
Corporate Bond | ||||||||||||||||
Corporate Notes and Bonds | – | 13,619,796 | – | 13,619,796 | ||||||||||||
Short-Term Investments | 311,541 | – | – | 311,541 | ||||||||||||
311,541 | 13,619,796 | – | 13,931,337 | |||||||||||||
High Income | ||||||||||||||||
Corporate Notes and Bonds | – | 14,605,873 | – | 14,605,873 | ||||||||||||
Exchange Traded Funds | 434,322 | – | 434,322 | |||||||||||||
Short-Term Investments | 444,471 | – | – | 444,471 | ||||||||||||
878,793 | 14,605,873 | – | 15,484,666 | |||||||||||||
Diversified Income | ||||||||||||||||
Common Stocks | 98,049,295 | – | – | 98,049,295 | ||||||||||||
Asset Backed Securities | – | 2,563,439 | – | 2,563,439 | ||||||||||||
Collateralized Mortgage Obligations | – | 1,909,811 | – | 1,909,811 | ||||||||||||
Commercial Mortgage-Backed Securities | – | 2,385,111 | – | 2,385,111 | ||||||||||||
Corporate Notes and Bonds | – | 17,167,024 | – | 17,167,024 | ||||||||||||
Long Term Municipal Bonds | – | 1,127,376 | – | 1,127,376 | ||||||||||||
Mortgage Backed Securities | – | 10,829,989 | – | 10,829,989 | ||||||||||||
U.S. Government and Agency Obligations | – | 13,627,375 | – | 13,627,375 | ||||||||||||
Short-Term Investments | 3,968,463 | – | – | 3,968,463 | ||||||||||||
102,017,758 | 49,610,125 | – | 151,627,883 | |||||||||||||
Covered Call & Equity Income | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 72,834,210 | – | – | 72,834,210 | ||||||||||||
Exchange Traded Funds | 5,096,086 | – | – | 5,096,086 | ||||||||||||
Short-Term Investments | 8,645,596 | – | – | 8,645,596 | ||||||||||||
Put Options Purchased | 3,606,150 | – | – | 3,606,150 | ||||||||||||
90,182,042 | – | – | 90,182,042 | |||||||||||||
Liabilities: | ||||||||||||||||
Call Options Written | (5,084,728 | ) | – | – | (5,084,728 | ) | ||||||||||
Dividend Income | ||||||||||||||||
Common Stocks | 181,624,623 | – | – | 181,624,623 | ||||||||||||
Short-Term Investments | 10,704,499 | – | – | 10,704,499 | ||||||||||||
192,329,122 | – | – | 192,329,122 | |||||||||||||
Large Cap Value | ||||||||||||||||
Common Stocks | 47,697,461 | – | – | 47,697,461 | ||||||||||||
Short-Term Investments | 3,975,500 | – | – | 3,975,500 | ||||||||||||
51,672,961 | – | – | 51,672,961 | |||||||||||||
Investors | ||||||||||||||||
Common Stocks | 283,786,725 | – | – | 283,786,725 | ||||||||||||
Short-Term Investments | 18,159,090 | – | – | 18,159,090 | ||||||||||||
301,945,815 | – | – | 301,945,815 | |||||||||||||
Mid Cap | ||||||||||||||||
Common Stocks | 453,778,782 | – | – | 453,778,782 | ||||||||||||
Short-Term Investments | 34,427,812 | – | – | 34,427,812 | ||||||||||||
488,206,594 | – | – | 488,206,594 | |||||||||||||
Small Cap | ||||||||||||||||
Common Stocks | 176,848,942 | – | – | 176,848,942 | ||||||||||||
Short-Term Investments | 22,630,281 | – | – | 22,630,281 | ||||||||||||
199,479,223 | – | – | 199,479,223 | |||||||||||||
International Stock | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | – | 175,520 | – | 175,520 | ||||||||||||
Canada | – | 584,684 | – | 584,684 | ||||||||||||
China | – | 390,211 | – | 390,211 | ||||||||||||
Denmark | – | 358,612 | – | 358,612 | ||||||||||||
Finland | – | 355,286 | – | 355,286 | ||||||||||||
France | – | 2,007,017 | – | 2,007,017 | ||||||||||||
Germany | – | 1,160,896 | – | 1,160,896 | ||||||||||||
Hong Kong | – | 70,239 | – | 70,239 | ||||||||||||
Indonesia | – | 48,979 | – | 48,979 | ||||||||||||
Ireland | 679,810 | – | – | 679,810 | ||||||||||||
Israel | – | 161,242 | – | 161,242 | ||||||||||||
Italy | – | 310,898 | – | 310,898 | ||||||||||||
Japan | – | 2,098,993 | – | 2,098,993 | ||||||||||||
Luxembourg | – | 111,932 | – | 111,932 | ||||||||||||
Mexico | – | 86,120 | – | 86,120 | ||||||||||||
Netherlands | 501,221 | 501,221 | ||||||||||||||
Norway | 399,730 | 399,730 | ||||||||||||||
Portugal | – | 214,419 | – | 214,419 | ||||||||||||
Singapore | – | 319,844 | – | 319,844 | ||||||||||||
South Korea | – | 222,601 | – | 222,601 | ||||||||||||
Sweden | – | 363,962 | – | 363,962 | ||||||||||||
Switzerland | – | 1,118,382 | – | 1,118,382 | ||||||||||||
United Kingdom | 297,510 | 2,219,333 | – | 2,516,843 | ||||||||||||
Preferred Stocks | – | 344,933 | – | 344,933 | ||||||||||||
Short-Term Investments | 803,528 | – | – | 803,528 | ||||||||||||
1,780,848 | 13,625,054 | – | 15,405,902 |
1See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying funds held in the Allocation funds, including shareholder prospectuses and financial reports, please visit each Underlying Fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov.
2At April 30, 2020, all Level 2 securities held are U.S. Government and Agency Obligations. See respective Portfolio of Investments.
Derivatives: The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a fund’s financial position, and results of operations.
The following table presents the types of derivatives in the fund by location and as presented on the Statements of Assets and Liabilities as of April 30, 2020.
Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments | |||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||
Fund | Underlying Risk | Statements of Assets and Liabilities Location | Fair Value | Statements of Assets and Liabilities Location | Fair Value | ||||||||||
Covered Call & Equity Income | Equity | Options purchased* | $ | 3,606,150 | Options written | $ | 5,084,728 | ||||||||
*Included in Investments in unaffiliated securities on Statements of Assets & Liabilities.
56
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
The following table presents the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2020.
Fund | Underlying Risk | Statement of Operations | Realized Gain (Loss) on Derivatives: | Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||
Core Bond | Equity | Options Purchased | $ | (8,870 | ) | $ | — | |||||
Equity | Options Written | 6,130 | — | |||||||||
Total | $ | (2,740 | ) | $ | — | |||||||
Covered Call & | Equity | Options Purchased | $ | 14,260,870 | $ | 424,828 | ||||||
Equity Income | Equity | Options Written | (11,004,327 | ) | (948,861 | ) | ||||||
Total | $ | 3,256,543 | $ | (524,033 | ) |
The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2020.
Options Purchased Contracts(1) | Options Written Contracts(1) | |||||
Core Bond | 40 | 40 | ||||
Covered Call & Equity Income | 445 | 12,088 |
(1) Number of Contracts
There is no impact on the financial statements of the other funds as they did not hold derivative investments during the period ended April 30, 2020.
3. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS
Advisory Agreement. For its investment advisory services to the funds, the Investment Adviser is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows as of April 30, 2020:
Fund | Advisory Fee | Fund | Advisory Fee | |||||||
Conservative Allocation | 0.20 | % | High Income | 0.55 | % | |||||
Moderate Allocation | 0.20 | % | Diversified Income | 0.65 | % | |||||
Aggressive Allocation | 0.20 | % | Covered Call & Equity Income | 0.85 | % | |||||
Government Money Market | 0.40 | % | Dividend Income | 0.75 | % | |||||
Tax-Free Virginia | 0.50 | % | Large Cap Value | 0.55 | % | |||||
Tax-Free National | 0.40 | % | Investors | 0.75 | % | |||||
High Quality Bond | 0.30 | % | Mid Cap | 0.75 | % | |||||
Core Bond | 0.50 | % | Small Cap | 1.00 | % | |||||
Corporate Bond | 0.40 | % | International Stock | 1.05 | % |
Each of the Government Money Market, Core Bond, High Income, Diversified Income, Large Cap Value, Investors, Mid Cap, Small Cap, and International Stock Funds’ advisory fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. The Investment Adviser is solely responsible for the payment of all fees to the Subadvisers. The Subadvisers for the funds at April 30, 2020, was Lazard Asset Management LLC for the International Stock Fund.
The Investment Adviser may, from time to time, contractually or voluntarily agree to waive a portion of its fees or expenses related to the funds. Fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. During the period ended April 30, 2020, the Investment Adviser contractually agreed to waive advisory fees for the following funds:
Fund | Advisory Fee Waiver | Amount Waived | ||||
Government Money Market | The daily amount required to avoid a negative daily distribution rate, until at least February 27, 2021 | $ | 0 | |||
Dividend Income | 0.10%, until at least February 27, 2021 | 105,087 |
The amounts waived for the period ended April 30, 2020, are reflected as fees waived in the accompanying Statements of Operations. The Investment Adviser does not have the right to recoup waived fees.
Administrative Services Agreement. The Investment Adviser provides or arranges for each fund to have all of the necessary operational and support services it needs for a fee. These fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows:
Fund | Class A | Class B | Class C | Class Y | Class R6 | |||||
Conservative Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | |||||
Moderate Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | |||||
Aggressive Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | |||||
Government Money Market | 0.15% | 0.15% | N/A | N/A | N/A | |||||
Tax-Free Virginia | N/A | N/A | N/A | 0.35% | N/A | |||||
Tax-Free National | N/A | N/A | N/A | 0.35% | N/A | |||||
High Quality Bond | N/A | N/A | N/A | 0.19% | N/A | |||||
Core Bond | 0.15% | 0.15% | N/A | 0.15% | 0.02% | |||||
Corporate Bond | N/A | N/A | N/A | 0.25% | N/A | |||||
High Income | 0.20% | 0.20% | N/A | 0.20% | N/A | |||||
Diversified Income | 0.20% | 0.20% | 0.20% | N/A | N/A | |||||
Covered Call & Equity Income | 0.15% | N/A | 0.15% | 0.15% | 0.02% | |||||
Dividend Income | N/A | N/A | N/A | 0.35% | N/A | |||||
Large Cap Value | 0.36% | 0.36% | N/A | 0.36% | N/A | |||||
Investors | 0.20% | N/A | N/A | 0.20% | 0.02% | |||||
Mid Cap | 0.40% | 0.40% | N/A | 0.23% | 0.02% | |||||
Small Cap | 0.25% | N/A | N/A | 0.25% | N/A | |||||
International Stock | 0.30% | 0.30% | N/A | 0.30% | N/A |
The direct expenses of the funds’ Independent Trustees and independent auditors are paid out of this fee on behalf of the funds.
The Investment Adviser may from time to time contractually or voluntarily agree to waive a portion of its fees or expenses related to the funds. Fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. During the period ended April 30, 2020, the Investment Adviser contractually agreed to waive administrative services fees for the following funds:
Fund | Administrative Services Fee Waiver | Amount Waived | ||||
Government Money Market | The daily amount required to avoid a negative daily distribution rate, until at least February 27, 2021 | $ | 0 | |||
Dividend Income | 0.05%, until at least February 27, 2021 | 52,544 | ||||
Small Cap | 0.04%, until at least August 31, 2021 | 46,764 |
The amounts waived for the period ended April 30, 2020, are reflected as fees waived in the accompanying Statements of Operations. The Investment Adviser does not have the right to recoup waived fees.
Shareholder Service and Distribution Plans (Rule 12b-1). The Trust has adopted, on behalf of certain funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the 1940 Act. These plans permit the applicable share classes to pay for distribution of their shares and servicing of their shareholders out of fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected funds and share classes. These plans are described below:
Shareholder Service Fees (Class A, B and C shares). Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A, B and C shares of each of the funds, other than the Government Money Market Fund. Under the terms of these plans, each fund pays MFD Distributor, LLC (“MFD”) a service fee equal to 0.25% of the average daily net assets attributable to each class of shares of that fund. The service fee is used by MFD to offset costs of servicing shareholder accounts or to compensate other qualified broker/dealers who sell shares of the funds pursuant to agreements with MFD for their costs of servicing shareholder accounts. MFD may retain any portion of the service fee for which there is no broker/dealer of record as partial consideration for its services with respect to shareholder accounts.
Distribution Fees (Class B and C shares only). Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class B and C shares of each of the funds. Under the terms of each plan, each fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class B and C shares of that fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling Class B and C shares) or distributionrelated expenses of dealers. This fee increases the cost of investment in the Class B and C shares of a fund and, over time, may cost more than paying the initial sales charge for Class A shares.
57
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
The Shareholder Servicing & Distribution Fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows:
Shareholder Servicing Fee | Distribution Fee | Total Shareholder Servicing and Distribution Fees (Rule 12b-1) | ||||||||||||||
Fund | Class A | Class B | Class C | Class B | Class C | Class A | Class B | Class C | ||||||||
Conservative Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Moderate Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Aggressive Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Government Money Market | N/A | N/A | N/A | 0.75% | N/A | N/A | 0.75% | N/A | ||||||||
Tax-Free Virginia | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Tax-Free National | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
High Quality Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Core Bond | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Corporate Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
High Income | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Diversified Income | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Covered Call & Equity Income | 0.25% | N/A | 0.25% | N/A | 0.75% | 0.25% | N/A | 1.00% | ||||||||
Dividend Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Large Cap Value | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Investors | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A | N/A | ||||||||
Mid Cap | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Small Cap | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A | N/A | ||||||||
International Stock | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A |
MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the funds. In that regard, MFD agreed to waive a portion of 12b-1 fees on the Government Money Market Fund Class B Shares until at least February 27, 2021 for the purpose of maintaining a one day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended April 30, 2020, no fees were waived. MFD does not have the right to recoup waived fees.
Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Funds. Rather, they are deduced from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A, B and C shares), as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell Fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the period ended April 30, 2020, were as follows:
Amount Collected | Amount Retained | |||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||
Conservative Allocation | $ | 42,505 | $ | 1,088 | $ | 246 | $ | 5,471 | $ | 1,088 | $ | 246 | ||||||||||||
Moderate Allocation | 64,935 | 3,888 | 251 | 7,905 | 3,888 | 251 | ||||||||||||||||||
Aggressive Allocation | 38,741 | 2,401 | 2,036 | 4,451 | 2,401 | 2,036 | ||||||||||||||||||
Government Money Market | — | 4 | N/A | — | 4 | N/A | ||||||||||||||||||
Core Bond | 6,573 | 611 | N/A | 1,020 | 611 | N/A | ||||||||||||||||||
High Income | 2,078 | 103 | N/A | 209 | 103 | N/A | ||||||||||||||||||
Diversified Income | 117,086 | 1,849 | 31 | 16,772 | 1,849 | 31 | ||||||||||||||||||
Covered Call & Equity Income | 1,390 | N/A | 248 | 148 | N/A | 248 | ||||||||||||||||||
Large Cap Value | 19,636 | 160 | N/A | 2,392 | 160 | N/A | ||||||||||||||||||
Investors | 130,165 | N/A | N/A | 18,361 | N/A | N/A | ||||||||||||||||||
Mid Cap | 31,628 | 416 | N/A | 3,755 | 416 | N/A | ||||||||||||||||||
Small Cap | 3,099 | N/A | N/A | 388 | N/A | N/A | ||||||||||||||||||
International Stock | 6,034 | 380 | N/A | 774 | 380 | N/A |
Other Expenses: In addition to the fees described above, the funds are responsible for brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, overdrafts and any potential taxes owed and extraordinary expenses as approved by a majority of independent trustees.
Officers and Trustees: Certain officers and trustees of the funds are also officers of the Investment Adviser. The funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated. Fees paid to the Trustees reduce the fees paid to the Investment Adviser pursuant to the Administrative Services Agreement as described above.
4. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
With respect to dividends from net investment income, the Government Money Market Fund declares dividends, if any, daily and reinvests monthly. The Tax-Free Virginia, Tax-Free National, Core Bond, Corporate Bond, High Income and Diversified Income Funds declare and reinvest dividends, if any, monthly. The Conservative Allocation, High Quality Bond, Dividend Income and Covered Call & Equity Income Funds declare and reinvest dividends, if any, quarterly. The Moderate Allocation, Aggressive Allocation, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock Funds declare and reinvest dividends, if any, annually. The funds distribute net realized gains from investment transactions, if any, to shareholders annually.
Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains in the funds differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income. Dividends from net investment income are determined on a class level. Capital gains are determined on a fund level.
5. SECURITIES TRANSACTIONS
For the period ended April 30, 2020, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:
U.S. Government Securities | Other Investment Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Conservative Allocation | $ | — | $ | — | $ | 18,399,572 | $ | 20,534,009 | ||||||||
Moderate Allocation | — | — | 48,281,827 | 55,059,172 | ||||||||||||
Aggressive Allocation | — | — | 26,692,445 | 28,764,083 | ||||||||||||
Tax-Free Virginia | — | — | 600,252 | 944,040 | ||||||||||||
Tax-Free National | — | — | 1,726,277 | 2,472,378 | ||||||||||||
High Quality Bond | 38,546,034 | 9,115,395 | 17,101,402 | 1,500,000 | ||||||||||||
Core Bond | 7,781,541 | 36,524,850 | 21,853,708 | 20,697,855 | ||||||||||||
Corporate Bond | — | — | 2,617,520 | 3,489,913 | ||||||||||||
High Income | — | — | 4,779,891 | 4,224,833 | ||||||||||||
Diversified Income | 3,340,643 | 6,367,717 | 18,938,446 | 20,705,850 | ||||||||||||
Covered Call & Equity Income | — | — | 60,858,389 | 85,473,882 | ||||||||||||
Dividend Income | — | — | 34,100,257 | 46,084,264 | ||||||||||||
Large Cap Value | — | — | 41,620,092 | 49,007,940 | ||||||||||||
Investors | — | — | 78,203,273 | 84,075,653 | ||||||||||||
Mid Cap | — | — | 52,472,960 | 48,745,072 | ||||||||||||
Small Cap | — | — | 49,441,372 | 86,784,238 | ||||||||||||
International Stock | — | — | 3,513,139 | 4,769,522 |
6. COVERED CALL AND PUT OPTIONS
An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or pay the exercise price upon delivery of the underlying security (in the case of a put).
The Covered Call & Equity Income Fund pursues its primary objective by employing an option strategy of writing (selling) covered call options on common stocks. The number of call options the fund can write (sell) is limited by the amount of equity securities the fund holds in its portfolio. The fund will not write (sell) “naked” or uncovered call options. The fund seeks to produce a high level of current income and gains generated from option writing premiums and, to a lesser extent, from dividends. Covered call writing also helps to reduce volatility (and risk profile) of the fund by providing protection from declining stock prices.
58
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current fair value of the option written. These liabilities are reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. See Note 2 for information on derivatives.
7. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS
The Core Bond Fund may purchase and sell futures contracts and purchase and write options on futures contracts on a limited basis. The fund may purchase and sell futures contracts based on various securities (such as U.S. Government securities), securities indices, foreign currencies and other financial instruments and indices. The fund will engage in futures or related options transactions on a limited basis only for bona fide hedging purposes or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission.
Futures Contracts. The Core Bond Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the securities held by the fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or other assets, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the fund (“variation margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. During the period ended April 30, 2020, the fund did not enter into any futures contracts.
Options on Futures Contracts. The acquisition of put and call options on futures contracts will give the Core Bond Fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.
The writing of a call option on a futures contract generates a premium which may partially offset a decline in the value of the fund’s assets. By writing a call option, the fund becomes obligated, in exchange for the premium, to sell a futures contract which may have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that the fund intends to purchase. However, the fund becomes obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.
8. FOREIGN SECURITIES
Each fund, other than the Tax-Free Funds and the Government Money Market Fund may invest in foreign securities. Foreign securities are defined as securities that are: (i) issued by companies organized outside the U.S. or whose principal operations are outside the U.S. or issued by foreign governments or their agencies or instrumentalities (“foreign issuers”); (ii) principally traded outside of the U.S.; and (iii) quoted or denominated in a foreign currency (“non-dollar securities”). Foreign securities include ADRs, European Depositary Receipts (“EDRs”), GDRs, Swedish Depositary Receipts (“SDRs”) and foreign money market securities.
Certain of the funds have reclaims receivable balances, in which the funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the funds and are reflected in Other Assets on the Statements of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.
9. SECURITIES LENDING
The Board of Trustees has authorized the Funds, other than the Government Money Market Fund, to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the “Agreement”) and subject to certain securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S. government securities, initially equal to at least 102% of the value of domestic securities and 105% of non-domestic securities. The loaned securities and collateral are marked to market daily to maintain collateral at 102% of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The funds do not have a master netting agreement.
As of April 30, 2020, the aggregate fair value of securities on loan for the Madison fund family was $12,173,534. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S. treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund’s portfolio of investments for individual securities identified on loan.
Fund | Market Value | Cash Collateral* | Non-Cash Collateral* | |||||||||
Madison Conservative Allocation | $ | 399,262 | $ | 410,556 | $ | – | ||||||
Madison Moderate Allocation | 2,617,397 | 2,699,539 | – | |||||||||
Madison Aggressive Allocation | 4,752,814 | 4,492,236 | 411,392 | |||||||||
Madison Core Bond | 452,921 | 448,505 | – | |||||||||
Madison Diversified Income | 68,335 | 67,375 | – | |||||||||
Madison Covered Call & Equity Income | 968,593 | 1,078,822 | 995 | |||||||||
Madison Small Cap | 2,702,438 | 1,593,295 | – | |||||||||
Madison International Stock | 175,774 | 183,056 | 1,190,884 |
*Represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned.
59
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
10. FEDERAL AND FOREIGN INCOME TAX INFORMATION
It is each fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.
The funds have not recorded any liabilities for material unrecognized tax benefits as of April 30, 2020. It is each fund’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended October 31, 2016 through October 31, 2019.
For federal income tax purposes, the funds listed below have capital loss carryovers as of October 31, 2019, which are available to offset future capital gains, if any, realized through the fiscal year listed:
No Expiration Date | ||||||||
Fund | Short-Term | Long-Term | ||||||
Government Money Market | $ | 368 | $ | – | ||||
Tax-Free Virginia | 16,251 | 3,089 | ||||||
High Quality Bond | 20,149 | 188,298 | ||||||
Corporate Bond | – | 49,711 | ||||||
High Income | 457,060 | 1,327,546 |
At April 30, 2020, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each fund were as follows:
Fund | Appreciation | Depreciation | Net | |||||||||
Conservative Allocation | $ | 3,394,808 | $ | (351,739 | ) | $ | 3,043,069 | |||||
Moderate Allocation | 6,548,351 | (1,315,597 | ) | 5,232,754 | ||||||||
Aggressive Allocation | 2,871,156 | (802,531 | ) | 2,068,625 | ||||||||
Tax-Free Virginia | 912,202 | (40,429 | ) | 871,773 | ||||||||
Tax-Free National | 1,064,922 | (48,820 | ) | 1,016,102 | ||||||||
High Quality Bond | 4,141,224 | (949 | ) | 4,140,275 | ||||||||
Core Bond | 9,495,458 | (1,265,240 | ) | 8,230,218 | ||||||||
Corporate Bond | 1,088,988 | (180,929 | ) | 908,059 | ||||||||
High Income | 92,724 | (1,530,095 | ) | (1,437,371 | ) | |||||||
Diversified Income | 25,298,698 | (2,458,168 | ) | 22,840,530 | ||||||||
Covered Call & Equity Income | 2,307,710 | (38,736,374 | ) | (36,428,664 | ) | |||||||
Dividend Income | 17,615,593 | (7,150,879 | ) | 10,464,714 | ||||||||
Large Cap Value | 6,914,889 | (374,363 | ) | 6,540,526 | ||||||||
Investors | 64,521,242 | (6,217,321 | ) | 58,303,921 | ||||||||
Small Cap | 26,396,425 | (16,654,478 | ) | 9,741,947 | ||||||||
Mid Cap | 137,392,460 | (18,769,225 | ) | 118,623,235 | ||||||||
International Stock | 2,023,221 | (1,317,038 | ) | 706,183 |
The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of wash sales
11. CERTAIN RISKS
Investing in certain financial instruments, including forward foreign currency contracts, involves certain risks. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and financial statements’ volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged. The International Stock Fund may enter into these contracts primarily to protect the fund from adverse currency movements.
Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.
The funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond’s maturity, the more sensitive it is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund’s investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.
The Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Additionally, while the fund has maintained a constant share price since inception, and will continue to try to do so, neither the Investment Adviser nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the fund’s share price from falling below $1.00.
The Tax-Free Funds invest in municipal securities. Municipal securities generally are subject to possible default, bankruptcy or insolvency of the issuer. Principal and interest repayment may be affected by federal, state and local legislation, referendums, judicial decisions and executive acts. The tax-exempt status of municipal securities may be affected by future changes in the tax laws, litigation involving the tax status of the securities and errors and omissions by issuers and their counsel. Madison will not attempt to make an independent determination of the present or future tax-exempt status of municipal securities acquired for the funds. While most municipal securities have a readily available market, a variety of factors, including the scarcity of issues and the fact that tax-free investments are inappropriate for significant numbers of investors, limit the depth of the market for these securities. Accordingly, it may be more difficult for the funds to sell large blocks of municipal securities advantageously than would be the case with comparable taxable securities.
The Core Bond Fund may invest in futures contracts or options on futures contracts. Investing in futures contracts and options on futures entail certain other risks such as: unanticipated changes in interest rates, securities prices or currency exchange rates, and may result in a poorer overall performance for the fund than if it had not entered into any futures contracts or options transactions. In the event of an imperfect correlation between a futures position and portfolio position which is intended to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. Perfect correlation between the fund’s futures positions and portfolio positions may be difficult to achieve.
The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized rating agencies (so-called “junk bonds”). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The fund generally invests at least 80% of its net assets in high yield securities.
The Covered Call & Equity Income Fund invests in options on securities. As the writer of a covered call option, the fund forgoes, during the option’s life, the opportunity to profit from increases in the fair value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. A writer of a put option is exposed to the risk of loss if fair value of the underlying securities declines, but profits only to the extent of the premium received if the underlying security increases in value. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
60
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2020
The Allocation Funds are fund of funds, meaning that each invests primarily in Underlying Funds, including ETFs. Thus, each fund’s investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund’s performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that fund. Accordingly, the Allocation Funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds.
Additionally, the Allocation Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the Underlying Fund(s) selected to fulfill a particular asset class underperforms their peers. Asset allocation risk is the risk that the allocation of the fund’s assets among the various asset classes and market segments will cause the fund to underperform other funds with a similar investment objective.
The funds are also subject to cybersecurity risk, which include the risks associated with computer systems, networks and devices to carry out routine business operations. These systems, networks and devices employ a variety of protections that are designed to prevent cyberattacks. Despite the various cyber protections utilized by the funds, the Investment Adviser, and other service providers, their systems, networks, or devices could potentially be breached. The funds, their shareholders, and the Investment Adviser could be negatively impacted as a result of a cybersecurity breach. The funds cannot control the cybersecurity plans and systems put in place by service providers or any other third parties whose operations may affect the funds. The funds do monitor this risk closely.
In addition to the other risks described above and, in the Prospectus, you should understand what we refer to as “unknown market risks”. While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Investment Adviser seeks to appropriately address and manage the risks identified and disclosed to you in connection with the management of the securities in the funds, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the funds.
12. CAPITAL SHARES AND AFFILIATED OWNERSHIP
The Allocation Funds invest in Underlying Funds, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Issuers”). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2020 follows:
Fund/Underlying Fund | Beginning Value as of 10/31/2019 | Gross Additions | Gross Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 4/30/2020 | Shares | Dividend Income | Distributions Received1 | |||||||||||||||||||||||||||
Conservative Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | $ | 11,646,850 | $ | – | $ | (68,089 | ) | $ | 5,524 | $ | (325,572 | ) | $ | 11,258,713 | 1,068,189 | $ | 138,614 | $ | 20,441 | |||||||||||||||||
Madison Corporate Bond Fund Class Y | 4,177,416 | – | – | – | 6,939 | 4,184,355 | 346,961 | 58,264 | – | |||||||||||||||||||||||||||
Madison Dividend Income Fund Class Y | 5,636,611 | 6,826 | (44,405 | ) | (8,525 | ) | (1,559,966 | ) | 4,030,541 | 166,276 | 69,499 | 140,009 | ||||||||||||||||||||||||
Madison Investors Fund Class Y | 5,662,225 | 288,566 | (314,484 | ) | (136,560 | ) | (1,083,865 | ) | 4,415,882 | 211,691 | 27,680 | 309,371 | ||||||||||||||||||||||||
Madison Mid Cap Fund Class Y | 788,837 | 223,541 | (192,368 | ) | (153,232 | ) | 308,744 | 975,522 | 98,538 | 26 | 29,126 | |||||||||||||||||||||||||
Totals | $ | 27,911,939 | $ | 518,933 | $ | (619,346 | ) | $ | (292,793 | ) | $ | 2,653,720 | $ | 24,865,013 | $ | 294,083 | $ | 498,947 | ||||||||||||||||||
Moderate Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | $ | 15,783,068 | $ | – | $ | (200,147 | ) | $ | 16,947 | $ | (1,479,803 | ) | $ | 14,120,065 | 1,339,664 | $ | 177,301 | $ | 25,635 | |||||||||||||||||
Madison Dividend Income Fund Class Y | 18,105,009 | 21,994 | (109,861 | ) | 43,175 | (4,318,038 | ) | 13,742,279 | 566,926 | 226,364 | 449,715 | |||||||||||||||||||||||||
Madison Investors Fund Class Y | 18,358,269 | 837,862 | (907,001 | ) | 1,634,880 | (5,296,036 | ) | 14,627,974 | 701,245 | 89,745 | 1,003,053 | |||||||||||||||||||||||||
Madison Mid Cap Fund Class Y | 5,367,940 | 780,051 | (806,027 | ) | 113,252 | (1,174,153 | ) | 4,281,063 | 432,431 | 179 | 198,195 | |||||||||||||||||||||||||
Totals | $ | 57,614,286 | $ | 1,639,907 | $ | (2,023,036 | ) | $ | 1,808,254 | $ | (12,268,030 | ) | $ | 46,771,381 | $ | 493,589 | $ | 1,676,598 | ||||||||||||||||||
Aggressive Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | $ | 4,320,220 | $ | – | $ | (88,650 | ) | $ | 15,435 | $ | (738,931 | ) | $ | 3,508,074 | 332,834 | $ | 50,438 | $ | 7,926 | |||||||||||||||||
Madison Dividend Income Fund Class Y | 9,853,465 | 12,032 | (50,721 | ) | (91,022 | ) | (2,023,293 | ) | 7,700,461 | 317,676 | 125,981 | 244,753 | ||||||||||||||||||||||||
Madison Investors Fund Class Y | 9,856,982 | 458,649 | (498,244 | ) | 926,283 | (2,941,138 | ) | 7,802,532 | 374,043 | 48,186 | 538,563 | |||||||||||||||||||||||||
Madison Mid Cap Fund Class Y | 3,896,159 | 348,910 | (419,828 | ) | 171,672 | (1,405,064 | ) | 2,591,849 | 261,803 | 130 | 143,854 | |||||||||||||||||||||||||
Totals | $ | 27,926,826 | $ | 819,591 | $ | (1,057,443 | ) | $ | 1,022,368 | $ | (7,108,426 | ) | $ | 21,602,916 | $ | 224,735 | $ | 935,096 |
1 Distributions received include distributions from net investment income and from capital gains from the underlying funds.
61
Madison Funds | Notes to the Financial Statements (unaudited) - concluded | April 30, 2020
13. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the funds through the date the financial statements were available for issue. On May 21, 2020, the Board of Trustees voted to merge the High Income fund into the Core Bond fund and the Large Cap Value fund into the Dividend Income fund. Both mergers are subject to shareholder approval and are expected to be completed on or around September 14, 2020. The Trustees also voted to liquidate the Corporate Bond fund on or around July 30, 2020 and the Government Money Market fund on or around October 29, 2020. Certain fee reductions were also approved for the Dividend Income fund, Investors fund and Midcap fund and the launch of Class A shares for the Dividend Income fund all effective June 1, 2020. Class R6 shares of the Core Bond Fund were terminated after market close on May 28, 2020. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.
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Madison Funds | April 30, 2020
FUND EXPENSES PAID BY SHAREHOLDERS
As shareholders of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended April 30, 2020. Expenses paid during the period in the tables below are equal to the fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half fiscal year period).
Actual Expenses
The table below provides information about actual account values using actual expenses and actual returns for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
CLASS A | CLASS B | ||||||||||||||||||||
Beginning | Ending | Annual | Expenses Paid | Ending | Annual | Expenses Paid | |||||||||||||||
Fund | Account Value | Account Value | Expense Ratio | During Period | Account Value | Expense Ratio | During Period | ||||||||||||||
Conservative Allocation* | $1,000 | $1,008.00 | 0.70% | $3.49 | $1,004.90 | 1.45% | $ 7.23 | ||||||||||||||
Moderate Allocation* | 1,000 | 978.50 | 0.70% | 3.44 | 975.00 | 1.45% | 7.12 | ||||||||||||||
Aggressive Allocation* | 1,000 | 950.80 | 0.70% | 3.40 | 947.60 | 1.45% | 7.02 | ||||||||||||||
Government Money Market | 1,000 | 1,004.50 | 0.55% | 2.74 | 1,001.20 | 1.17% | 5.82 | ||||||||||||||
Core Bond | 1,000 | 1,042.30 | 0.90% | 4.57 | 1,038.40 | 1.65% | 8.36 | ||||||||||||||
High Income | 1,000 | 914.50 | 1.00% | 4.76 | 910.20 | 1.75% | 8.31 | ||||||||||||||
Diversified Income | 1,000 | 950.70 | 1.10% | 5.34 | 947.40 | 1.85% | 8.96 | ||||||||||||||
Covered Call & Equity Income | 1,000 | 959.40 | 1.25% | 6.09 | N/A | N/A | N/A | ||||||||||||||
Large Cap Value | 1,000 | 860.40 | 1.16% | 5.37 | 857.40 | 1.91% | 8.82 | ||||||||||||||
Investors | 1,000 | 916.20 | 1.20% | 5.72 | N/A | N/A | N/A | ||||||||||||||
Mid Cap | 1,000 | 853.10 | 1.39% | 6.40 | 849.50 | 2.15% | 9.89 | ||||||||||||||
Small Cap | 1,000 | 854.80 | 1.46% | 6.73 | N/A | N/A | N/A | ||||||||||||||
International Stock | 1,000 | 843.90 | 1.60% | 7.34 | 840.40 | 2.35% | 10.75 |
CLASS C | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Conservative Allocation | $1,000 | $1,004.90 | 1.45% | $7.23 | ||||||||
Moderate Allocation | 1,000 | 975.10 | 1.45% | 7.12 | ||||||||
Aggressive Allocation | 1,000 | 947.70 | 1.45% | 7.02 | ||||||||
Diversified Income | 1,000 | 947.40 | 1.84% | 8.91 | ||||||||
Covered Call & Equity Income | 1,000 | 956.20 | 2.00% | 9.73 | ||||||||
CLASS Y | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Tax-Free Virginia | $1,000 | $1,000.10 | 0.85% | $4.23 | ||||||||
Tax-Free National | 1,000 | 999.50 | 0.75% | 3.73 | ||||||||
High Quality Bond | 1,000 | 1,033.30 | 0.49% | 2.48 | ||||||||
Core Bond | 1,000 | 1,043.10 | 0.65% | 3.30 | ||||||||
Corporate Bond | 1,000 | 1,015.70 | 0.65% | 3.26 | ||||||||
High Income | 1,000 | 914.40 | 0.75% | 3.57 | ||||||||
Covered Call & Equity Income | 1,000 | 961.00 | 1.00% | 4.88 | ||||||||
Dividend Income | 1,000 | 906.80 | 0.95% | 4.50 | ||||||||
Large Cap Value | 1,000 | 861.80 | 0.91% | 4.21 | ||||||||
Investors | 1,000 | 917.80 | 0.95% | 4.53 | ||||||||
Mid Cap | 1,000 | 855.00 | 0.97% | 4.47 | ||||||||
Small Cap | 1,000 | 857.00 | 1.21% | 5.59 | ||||||||
International Stock | 1,000 | 844.90 | 1.35% | 6.19 | ||||||||
CLASS R6 | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Core Bond | $1,000 | $1,044.70 | 0.52% | $2.64 | ||||||||
Covered Call & Equity Income | 1,000 | 961.50 | 0.87% | 4.24 | ||||||||
Investors | 1,000 | 918.60 | 0.76% | 3.63 | ||||||||
Mid Cap | 1,000 | 855.90 | 0.76% | 3.51 |
*The annual expense ratio does not include the expenses of the underlying funds.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
63
Madison Funds | Other Information (unaudited) - concluded | April 30, 2020
CLASS A | CLASS B | ||||||||||||||||||||
Beginning | Ending | Annual | Expenses Paid | Ending | Annual | Expenses Paid | |||||||||||||||
Fund | Account Value | Account Value | Expense Ratio | During Period | Account Value | Expense Ratio | During Period | ||||||||||||||
Conservative Allocation* | $1,000 | $1,021.38 | 0.70% | $3.52 | $1,017.65 | 1.45% | $ 7.27 | ||||||||||||||
Moderate Allocation* | 1,000 | 1,021.38 | 0.70% | 3.52 | 1,017.65 | 1.45% | 7.27 | ||||||||||||||
Aggressive Allocation* | 1,000 | 1,021.38 | 0.70% | 3.52 | 1,017.65 | 1.45% | 7.27 | ||||||||||||||
Government Money Market | 1,000 | 1,022.13 | 0.55% | 2.77 | 1,019.05 | 1.17% | 5.87 | ||||||||||||||
Core Bond | 1,000 | 1,020.39 | 0.90% | 4.52 | 1,016.66 | 1.65% | 8.27 | ||||||||||||||
High Income | 1,000 | 1,019.89 | 1.00% | 5.02 | 1,016.16 | 1.75% | 8.77 | ||||||||||||||
Diversified Income | 1,000 | 1,019.39 | 1.10% | 5.52 | 1,015.66 | 1.85% | 9.27 | ||||||||||||||
Covered Call & Equity Income | 1,000 | 1,018.65 | 1.25% | 6.27 | N/A | N/A | N/A | ||||||||||||||
Large Cap Value | 1,000 | 1,019.10 | 1.16% | 5.82 | 1,015.37 | 1.91% | 9.57 | ||||||||||||||
Investors | 1,000 | 1,018.90 | 1.20% | 6.02 | N/A | N/A | N/A | ||||||||||||||
Mid Cap | 1,000 | 1,017.95 | 1.39% | 6.97 | 1,014.17 | 2.15% | 10.77 | ||||||||||||||
Small Cap | 1,000 | 1,017.60 | 1.46% | 7.32 | N/A | N/A | N/A | ||||||||||||||
International Stock | 1,000 | 1,016.91 | 1.60% | 8.02 | 1,013.18 | 2.35% | 11.76 | ||||||||||||||
CLASS C | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Conservative Allocation* | $1,000 | $1,017.65 | 1.45% | $ 7.27 | ||||||||
Moderate Allocation* | 1,000 | 1,017.65 | 1.45% | 7.27 | ||||||||
Aggressive Allocation* | 1,000 | 1,017.65 | 1.45% | 7.27 | ||||||||
Diversified Income | 1,000 | 1,015.71 | 1.84% | 9.22 | ||||||||
Covered Call & Equity Income | 1,000 | 1,014.92 | 2.00% | 10.02 | ||||||||
CLASS Y | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Tax-Free Virginia | $1,000 | $1,020.64 | 0.85% | $4.27 | ||||||||
Tax-Free National | 1,000 | 1,021.13 | 0.75% | 3.77 | ||||||||
High Quality Bond | 1,000 | 1,022.43 | 0.49% | 2.46 | ||||||||
Core Bond | 1,000 | 1,021.63 | 0.65% | 3.27 | ||||||||
Corporate Bond | 1,000 | 1,021.63 | 0.65% | 3.27 | ||||||||
High Income | 1,000 | 1,021.13 | 0.75% | 3.77 | ||||||||
Covered Call & Equity Income | 1,000 | 1,019.89 | 1.00% | 5.02 | ||||||||
Dividend Income | 1,000 | 1,020.14 | 0.95% | 4.77 | ||||||||
Large Cap Value | 1,000 | 1,020.34 | 0.91% | 4.57 | ||||||||
Investors | 1,000 | 1,020.14 | 0.95% | 4.77 | ||||||||
Mid Cap | 1,000 | 1,020.04 | 0.97% | 4.87 | ||||||||
Small Cap | 1,000 | 1,018.85 | 1.21% | 6.07 | ||||||||
International Stock | 1,000 | 1,018.15 | 1.35% | 6.77 | ||||||||
CLASS R6 | ||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||
Core Bond | $1,000 | $1,022.28 | 0.52% | $2.61 | ||||||||
Covered Call & Equity Income | 1,000 | 1,020.54 | 0.87% | 4.37 | ||||||||
Investors | 1,000 | 1,021.08 | 0.76% | 3.82 | ||||||||
Mid Cap | 1,000 | 1,021.08 | 0.76% | 3.82 |
*The annual expense ratio does not include the expenses of the underlying funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. The information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-EX. Form NPORT-EX is available to shareholders at no cost by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. Form NPORT-EX may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
PROXY VOTING POLICIES, PROCEDURES AND RECORDS
A description of the policies and procedures used by the funds to vote proxies related to portfolio securities is available to shareholders at no cost on the funds’ website at www.madisonfunds.com or by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. The proxy voting records for the Funds for the most recent twelvemonth period ended June 30 are available to shareholders at no cost 1-800-SEC-0330 on the SEC’s website at www.sec.gov.
FORWARD-LOOKING STATEMENT DISCLOSURE
One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments Management’s Discussion of Fund Performance are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as estimate, may, will, expect, believe, plan and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.
64
4460-P1060
Rev. 0420
Item 2. Code of Ethics.
Not applicable to Semi-Annual Report.
Item 3. Audit Committee Financial Expert.
Not applicable to Semi-Annual Report.
Item 4. Principal Accountant Fees and Services.
Not applicable to Semi-Annual Report.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Schedule included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Trust does not normally hold shareholder meetings. There have been no changes to the Trust's procedures during the period covered by this report.
Item 11. Controls and Procedures.
(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.
(b) There were no changes in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) | (1) Code of ethics - See Item 2. |
(3) Not applicable.
(4) There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Madison Funds
/s/ Steven J. Fredricks | |
Steven J. Fredricks, Chief Legal Officer & Chief Compliance Officer |
Date: July 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
/s/ Patrick F. Ryan | |
Patrick F. Ryan, Principal Executive Officer | |
Date: July 6, 2020 | |
/s/ Greg Hoppe | |
Greg Hoppe, Principal Financial Officer | |
Date: July 6, 2020 |