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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, 2022
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, 2022
| |  |
| | |
| | Madison Conservative Allocation Fund |
| | Madison Moderate Allocation Fund |
| | Madison Aggressive Allocation Fund |
| | |
| | Madison Tax-Free Virginia Fund |
| | Madison Tax-Free National Fund |
| | |
| | Madison High Quality Bond Fund |
| | Madison Core Bond Fund |
| | |
| | Madison Diversified Income Fund |
| | Madison Covered Call & Equity Income Fund |
| | Madison Dividend Income Fund |
| | Madison Investors Fund |
| | Madison Sustainable Equity Fund |
| | Madison Mid Cap Fund |
| | Madison Small Cap Fund |
| | Madison International Stock Fund |
Madison Funds | April 30, 2022
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 this report. 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.
Madison Funds | April 30, 2022
Period in Review (unaudited)
The past six months were a stark contrast to the extraordinarily easy market environment of the past several years. Inflation rose to a level not seen in over 40 years and the Federal Reserve was shown to be behind the curve in terms of monetary policy. Markets began pricing in an aggressive interest rate hike campaign to combat inflation and asset prices responded quite negatively. Over the period, domestic stocks, as measured by the S&P 500 Index, declined by -9.7%, while the broad international MSCI ACWI ex-USA stock index fell -11.9%. The shocker occurred in the fixed income markets where the Bloomberg US Aggregate Bond Index dropped -9.5%, as the yield on the benchmark 10-year US Treasury Note increased by 1.3% from 1.6% to 2.9%.
Equity market dynamics also changed a great deal from the recent past. Over the past decade plus, the US stock market had been more or less captured by the very large growth stocks of the Technology, Communication Services and Consumer Discretionary sectors, to the extent that the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by an annualized 6.6% over the 10 years prior to the reporting period. With inflation raging and interest rates moving rapidly higher, the growthiest stocks were hit hard, as growth stocks are longer duration assets and more sensitive to higher interest rates. Instead, investors favored inflation beneficiaries in the commodity producing Energy and Materials sectors, both of which had positive returns helping the Value Index to a more muted -3.9% return versus the much larger -17.8% decline for the Growth Index.
It had become clear early in the period that the Federal Reserve’s belief that inflation would be “transitory” was in great peril. Inflation readings kept creeping higher and higher to the point that the Fed officially retired the term “transitory” in late November and then made a large upward revision to their rate hike projections at the December meeting. From that time, markets have become laser focused on every datapoint’s read on inflation and where it is heading. Strong inflation would likely necessitate a stronger response by the Fed, further stressing markets. Complicating matters were the soaring energy costs brought on in response to Russia’s invasion of Ukraine and the reimposition of draconian covid lockdowns in China, restressing what had been, up until then, easing supply chain concerns.
Equity markets staged a strong rally over the back half of March, only to be disrupted by a large increase in the ISM Manufacturing Price Index in early April, reigniting inflation fears. It was at this point that investors began worrying about the possibility of recession. The fear arose from the knowledge that the Fed can do little, if anything, to address supply-side driven inflation. Their remedy comes from cooling demand, and if the Fed cools demand too much with their attempts to slow the economy a recession could be triggered.
Moving forward we expect markets to remain volatile until it is clear that inflation is abating. As mentioned at the start of the review, markets have priced in a very aggressive interest rate path, signs of receding inflation and/or slower economic growth could provide relief by lowering the Fed’s trajectory. Both stocks and bonds would likely welcome such a development.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
Allocation Funds Summary
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 -8.74% for the period, outperforming the Conservative Allocation Fund Custom Index return of -10.19%. The Fund underperformed its peers as measured by the Morningstar U.S. Fund Allocation 15%-30% Equity category, which returned -7.26%. 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 4/30/22 | | |
| Alternative Funds | | | 1.3 | % |
| Bond Funds | | | 61.8 | % |
| Foreign Stock Funds | | | 5.0 | % |
| Short-Term Investments | | | 21.1 | % |
| Stock Funds | | | 24.4 | % |
| Net Other Assets and Liabilities | | | (13.6 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Madison Core Bond Fund, Class R6 | | | 25.6 | % |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 13.9 | % |
| Vanguard Short-Term Corporate Bond ETF | | | 9.2 | % |
| Invesco S&P 500 Quality ETF | | | 6.4 | % |
| Janus Henderson Mortgage-Backed Securities ETF | | | 6.2 | % |
| Vanguard Extended Duration Treasury ETF | | | 5.1 | % |
| Vanguard Information Technology ETF | | | 4.0 | % |
| Madison Investors Fund, Class R6 | | | 4.0 | % |
| Vanguard FTSE All World ex-U.S. ETF | | | 3.4 | % |
| Schwab U.S. Dividend Equity ETF | | | 3.1 | % |
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 -8.40% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned -10.76%. The Fund outperformed its Morningstar peer group as the U.S. Fund Allocation 50%-70% Equity category, which averaged a -8.82% return. 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 4/30/22 | | |
| Alternative Funds | | | 2.0 | % |
| Bond Funds | | | 38.4 | % |
| Foreign Stock Funds | | | 8.7 | % |
| Short-Term Investments | | | 14.2 | % |
| Stock Funds | | | 42.9 | % |
| Net Other Assets and Liabilities | | | (6.2 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Madison Core Bond Fund, Class R6 | | | 15.5 | % |
| Invesco S&P 500 Quality ETF | | | 10.0 | % |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 9.1 | % |
| Madison Investors Fund, Class R6 | | | 8.4 | % |
| Vanguard Information Technology ETF | | | 7.1 | % |
| Vanguard FTSE All World ex-U.S. ETF | | | 5.9 | % |
| Vanguard Short-Term Corporate Bond ETF | | | 5.3 | % |
| iShares MSCI Global Gold Miners ETF | | | 4.8 | % |
| Schwab U.S. Dividend Equity ETF | | | 4.3 | % |
| iShares Core S&P Small-Cap ETF, Class E | | | 4.2 | % |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
Madison Aggressive Allocation Fund
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Aggressive 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 80% equity investments and 20% 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 -8.23% for the period, outperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned -11.24%. The Fund outperformed its Morningstar U.S. Fund Allocation 70%-85% Equity category peer group, which averaged a -10.29% return. 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 4/30/22 | | |
| Alternative Funds | | | 2.8 | % |
| Bond Funds | | | 20.1 | % |
| Foreign Stock Funds | | | 12.0 | % |
| Short-Term Investments | | | 18.8 | % |
| Stock Funds | | | 57.8 | % |
| Net Other Assets and Liabilities | | | (11.5 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Invesco S&P 500 Quality ETF | | | 12.0 | % |
| Madison Investors Fund, Class R6 | | | 11.9 | % |
| Vanguard Information Technology ETF | | | 9.8 | % |
| Madison Core Bond Fund, Class R6 | | | 8.0 | % |
| Vanguard FTSE All World ex-U.S. ETF | | | 7.5 | % |
| iShares MSCI Global Gold Miners ETF | | | 6.5 | % |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 5.6 | % |
| iShares Core S&P Small-Cap ETF, Class E | | | 5.5 | % |
| Schwab U.S. Dividend Equity ETF | | | 5.4 | % |
| Madison Dividend Income Fund, Class R6 | | | 4.0 | % |
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 -6.91% for the period. The ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index also returned -6.91%, while the Fund’s Morningstar peer group, the Municipal Single State Intermediate Category returned -6.94%. 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 4/30/22 | | |
| Airport | | | 2.7 | % |
| Development | | | 6.7 | % |
| Education | | | 9.4 | % |
| Facilities | | | 6.8 | % |
| General | | | 11.6 | % |
| General Obligation | | | 22.3 | % |
| Medical | | | 4.0 | % |
| Multifamily Housing | | | 1.0 | % |
| Power | | | 1.6 | % |
| Transportation | | | 13.8 | % |
| Utilities | | | 1.6 | % |
| Water | | | 13.9 | % |
| Net Other Assets and Liabilities | | | 4.6 | % |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Northern Virginia Transportation Authority, 5.0%, 6/1/30 | | | 4.2 | % |
| Arlington County, 5.0%, 8/15/30 | | | 3.4 | % |
| James City County Economic Development Authority, 5.0%, 6/15/30 | | | 2.9 | % |
| Virginia Commonwealth Transportation Board, 5.0%, 3/15/25 | | | 2.8 | % |
| Metropolitan Washington Airports Authority Aviation Revenue, 5.0%, 10/1/43 | | | 2.8 | % |
| Henrico Water & Sewer Revenue County, 4.0%, 5/1/32 | | | 2.8 | % |
| Norfolk, 5.0%, 8/1/47 | | | 2.7 | % |
| Commonwealth of Virginia, 5.0%, 6/1/23 | | | 2.7 | % |
| Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42 | | | 2.7 | % |
| Virginia College Building Authority, 5.0%, 2/1/23 | | | 2.7 | % |
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.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
PERFORMANCE DISCUSSION
The Madison Tax-Free National Fund (Class Y) had a total return of -6.38% for the period, outperforming its benchmark ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index which returned -6.91%, while the Fund’s Morningstar peer group, the Municipal National Intermediate Category, returned -7.44%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
| STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Alabama | | | 7.0 | % |
| Arkansas | | | 1.0 | % |
| California | | | 0.7 | % |
| Colorado | | | 3.8 | % |
| Florida | | | 4.4 | % |
| Georgia | | | 2.4 | % |
| Hawaii | | | 2.6 | % |
| Idaho | | | 2.8 | % |
| Illinois | | | 8.7 | % |
| Indiana | | | 6.1 | % |
| Kansas | | | 4.2 | % |
| Kentucky | | | 2.6 | % |
| Michigan | | | 0.6 | % |
| Mississippi | | | 2.8 | % |
| Missouri | | | 2.3 | % |
| Montana | | | 1.7 | % |
| New Jersey | | | 6.5 | % |
| New Mexico | | | 1.1 | % |
| New York | | | 4.4 | % |
| North Carolina | | | 1.6 | % |
| Ohio | | | 2.8 | % |
| Oklahoma | | | 4.6 | % |
| Pennsylvania | | | 3.6 | % |
| Tennessee | | | 0.7 | % |
| Texas | | | 8.1 | % |
| Utah | | | 1.8 | % |
| Virginia | | | 3.0 | % |
| Washington | | | 1.2 | % |
| West Virginia | | | 2.7 | % |
| Wisconsin | | | 2.2 | % |
| Net Other Assets and Liabilities | | | 2.0 | % |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Mobile County, General Obligation, 5.0%, 2/1/39 | | | 3.8 | % |
| Cook County School District No. 111, General Obligation, 5.0%, 12/1/35 | | | 3.3 | % |
| Austin, General Obligation, 5.0%, 9/1/26 | | | 3.2 | % |
| Wichita, General Obligation, 5.0%, 12/1/24 | | | 3.0 | % |
| Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26 | | | 2.9 | % |
| Orlando Utilities Commission, 5.0%, 10/1/22 | | | 2.9 | % |
| Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24 | | | 2.9 | % |
| Idaho Health Facilities Authority, 5.0%, 3/1/34 | | | 2.8 | % |
| Medical Center Educational Building Corp., 5.0%, 6/1/30 | | | 2.8 | % |
| West Virginia Economic Development Authority, 5.0%, 7/1/37 | | | 2.7 | % |
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 -5.80% for the period, outperforming the Fund’s benchmark, the Bloomberg U.S. Intermediate Government Credit A+ Bond Index, which returned -6.06%. The Morningstar Short-Term Bond peer group returned -4.15% 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.
| SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Communication Services | | | 2.7 | % |
| Consumer Discretionary | | | 4.6 | % |
| Consumer Staples | | | 5.7 | % |
| Fannie Mae | | | 8.1 | % |
| Financials | | | 17.7 | % |
| Freddie Mac | | | 5.7 | % |
| Health Care | | | 1.3 | % |
| Industrials | | | 1.0 | % |
| Information Technology | | | 3.8 | % |
| Short-Term Investments | | | 2.0 | % |
| U.S. Treasury Notes | | | 47.6 | % |
| Utilities | | | 0.5 | % |
| Net Other Assets and Liabilities | | | (0.7 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Federal National Mortgage Association, 2.125%, 4/24/26 | | | 3.3 | % |
| Federal Home Loan Mortgage Corp., 0.375%, 4/20/23 | | | 3.2 | % |
| U.S. Treasury Notes, 0.375%, 9/15/24 | | | 3.1 | % |
| U.S. Treasury Notes, 1.875%, 2/28/29 | | | 3.1 | % |
| U.S. Treasury Notes, 2.500%, 8/15/23 | | | 2.7 | % |
| U.S. Treasury Notes, 2.375%, 8/15/24 | | | 2.7 | % |
| U.S. Treasury Notes, 2.250%, 11/15/24 | | | 2.7 | % |
| U.S. Treasury Notes, 0.625%, 3/31/27 | | | 2.7 | % |
| U.S. Treasury Notes, 2.125%, 5/15/25 | | | 2.7 | % |
| U.S. Treasury Notes, 2.250%, 11/15/27 | | | 2.6 | % |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
Madison Core Bond Fund
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 -9.14% for the period, outperforming the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index®, which returned -9.47%. The Fund outpaced its Morningstar Intermediate-Term Core Bond peer group which fell -9.43% 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 4/30/22 | | |
| Asset Backed Securities | | | 6.1 | % |
| Collateralized Mortgage Obligations | | | 6.8 | % |
| Commercial Mortgage-Backed Securities | | | 3.2 | % |
| Corporate Notes and Bonds | | | 31.7 | % |
| Foreign Corporate Bonds | | | 2.3 | % |
| Mortgage Backed Securities | | | 11.9 | % |
| Short-Term Investments | | | 2.2 | % |
| U.S. Government and Agency Obligations | | | 35.9 | % |
| Net Other Assets and Liabilities | | | (0.1 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| U.S. Treasury Notes, 2.250%, 11/15/25 | | | 3.7 | % |
| U.S. Treasury Notes, 2.250%, 12/31/24 | | | 3.2 | % |
| U.S. Treasury Notes, 2.625%, 2/15/29 | | | 3.2 | % |
| U.S. Treasury Notes, 2.750%, 2/15/24 | | | 3.0 | % |
| U.S. Treasury Notes, 1.375%, 11/15/31 | | | 2.8 | % |
| U.S. Treasury Notes, 0.375%, 1/31/26 | | | 2.7 | % |
| U.S. Treasury Notes, 1.500%, 8/15/26 | | | 2.6 | % |
| U.S. Treasury Notes, 0.625%, 8/15/30 | | | 2.3 | % |
| U.S. Treasury Bonds, 2.250%, 5/15/41 | | | 2.0 | % |
| U.S. Treasury Notes, 2.375%, 5/15/27 | | | 2.0 | % |
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 -3.53% for the period, outperforming its blended index (50% ICE Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500®) which returned -9.47%. The Fund’s comparative Morningstar peer group, the U.S. Funds Allocation 50%-70% Equity category, averaged a -8.82% 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.
| PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Asset Backed Securities | | | 1.1 | % |
| Collateralized Mortgage Obligations | | | 1.6 | % |
| Commercial Mortgage-Backed Securities | | | 1.0 | % |
| Common Stocks | | | 67.6 | % |
| Corporate Notes and Bonds | | | 9.8 | % |
| Foreign Corporate Bonds | | | 0.7 | % |
| Long Term Municipal Bonds | | | 0.3 | % |
| Mortgage Backed Securities | | | 3.9 | % |
| Short-Term Investments | | | 2.6 | % |
| U.S. Government and Agency Obligations | | | 11.4 | % |
| Net Other Assets and Liabilities | | | (0.0 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Bristol-Myers Squibb Co. | | | 3.0 | % |
| Johnson & Johnson | | | 3.0 | % |
| Travelers Cos., Inc. | | | 2.9 | % |
| CVS Health Corp. | | | 2.7 | % |
| Dominion Energy, Inc. | | | 2.5 | % |
| McDonald’s Corp. | | | 2.4 | % |
| Home Depot, Inc. | | | 2.3 | % |
| CME Group, Inc. | | | 2.2 | % |
| Medtronic PLC | | | 2.2 | % |
| Comcast Corp. | | | 2.2 | % |
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.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
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 managers’ 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 1.00% for the period, outperforming its covered call benchmark, the CBOE S&P 500 Buy/Write® Index (BXM), which returned -1.81%. The Fund outperformed the Morningstar Derivative Income category’s return of -4.51%. 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 TOTAL INVESTMENTS AS OF 4/30/22 | | |
| Communication Services | | | 7.6 | % |
| Consumer Discretionary | | | 11.5 | % |
| Energy | | | 7.5 | % |
| Exchange Traded Funds | | | 1.2 | % |
| Financials | | | 8.0 | % |
| Health Care | | | 10.8 | % |
| Industrials | | | 6.8 | % |
| Information Technology | | | 12.6 | % |
| Materials | | | 3.8 | % |
| Short-Term Investments | | | 23.6 | % |
| Real Estate | | | 1.9 | % |
| Utilities | | | 4.7 | % |
| TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| T-Mobile U.S., Inc. | | | 3.5 | % |
| Fiserv, Inc. | | | 3.3 | % |
| Honeywell International, Inc. | | | 2.9 | % |
| Las Vegas Sands Corp. | | | 2.9 | % |
| Barrick Gold Corp. | | | 2.8 | % |
| AES Corp. | | | 2.8 | % |
| Home Depot, Inc. | | | 2.8 | % |
| CVS Health Corp. | | | 2.7 | % |
| Visa, Inc. | | | 2.6 | % |
| Gilead Sciences, Inc. | | | 2.6 | % |
Madison Dividend Income Fund
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® Index’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 -0.71% for the period, outperforming its benchmark indices, the S&P 500® Index, which returned -9.65% and the Lipper Equity Income Funds Index®, which returned -2.34%. This performance outpaced its peer group, as the Morningstar Large Value category returned -2.33%. 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 4/30/22 | | |
| Communication Services | | | 6.0 | % |
| Consumer Discretionary | | | 7.8 | % |
| Consumer Staples | | | 11.1 | % |
| Energy | | | 6.6 | % |
| Financials | | | 17.1 | % |
| Health Care | | | 20.5 | % |
| Industrials | | | 10.6 | % |
| Information Technology | | | 9.2 | % |
| Materials | | | 2.7 | % |
| Real Estate | | | 2.3 | % |
| Short-Term Investments | | | 1.6 | % |
| Utilities | | | 3.7 | % |
| Net Other Assets and Liabilities | | | 0.8 | % |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Bristol-Myers Squibb Co. | | | 4.3 | % |
| Johnson & Johnson | | | 4.2 | % |
| Travelers Cos., Inc. | | | 4.1 | % |
| CVS Health Corp. | | | 3.8 | % |
| Dominion Energy, Inc. | | | 3.7 | % |
| McDonald’s Corp. | | | 3.4 | % |
| Home Depot, Inc. | | | 3.2 | % |
| Medtronic PLC | | | 3.1 | % |
| CME Group, Inc. | | | 3.1 | % |
| Comcast Corp. | | | 3.1 | % |
Madison Investors Fund
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 -7.95% for the period, outperforming its benchmark, the S&P 500® Index, which returned -9.65%. This performance outpaced its peer group, as the Morningstar Large Blend category returned -9.91%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
| SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | | |
| Communication Services | | | 7.9 | % |
| Consumer Discretionary | | | 16.9 | % |
| Financials | | | 21.8 | % |
| Health Care | | | 14.1 | % |
| Industrials | | | 12.8 | % |
| Information Technology | | | 20.7 | % |
| Short-Term Investments | | | 6.3 | % |
| Net Other Assets and Liabilities | | | (0.5 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | | |
| Dollar Tree, Inc. | | | 5.2 | % |
| Alphabet, Inc. | | | 4.6 | % |
| Becton Dickinson & Co. | | | 4.6 | % |
| Lowe’s Cos., Inc. | | | 4.4 | % |
| Berkshire Hathaway, Inc. | | | 4.2 | % |
| Jacobs Engineering Group, Inc. | | | 4.2 | % |
| Novartis AG | | | 4.1 | % |
| Fiserv, Inc. | | | 4.1 | % |
| Analog Devices, Inc. | | | 3.9 | % |
| Marsh & McLennan Cos., Inc. | | | 3.8 | % |
Sustainable Equity Fund
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Sustainable Equity Fund invests primarily in common stocks of high-quality, large cap companies that Madison believes incorporate sustainability into their overall strategy. Under normal conditions, at least 80% of the Fund’s net assets will be invested in stocks that meet Madison’s fundamental and sustainability criteria. The Fund generally invests in 35-50 companies at any given time. The Fund’s portfolio managers define “high-quality” companies as those businesses that exhibit durable growth, operate in large growing markets, and have strong competitive advantages with high barriers to entry. Stocks that meet these criteria are selected by using an integrated research process that combines bottom-up fundamental analysis and sustainable research. The research process analyzes a company’s sustainable practices using quantitative and qualitative analysis and engagement with the company.
Madison follows a rigorous multi-step process when evaluating companies for the Fund, where Madison considers (1) the business model and overall strategy, (2) the company’s sustainable business practices starting with corporate governance, (3) the Board of Directors and the management team, and (4) the risk-reward of each potential investment. Madison seeks to purchase securities trading at a discount to their intrinsic value as determined by applying relative multiples to projected earnings, discounted cash flows, and additional valuation methodologies. Often Madison finds companies that meet our business model and sustainability criteria but not our valuation hurdle. Those companies are monitored for inclusion later when the price may be more appropriate.
Madison considers a number of sustainability metrics when reviewing a company for the portfolio, which may include, carbon footprint; waste management; water usage; diversity, equity, and inclusion; product safety; data management; board composition; ethical standards; and regulatory issues. Madison may sell stocks for several reasons, including: (i) excessive valuation, (ii) the fundamental business prospects for the company have materially changed, (iii) the company no longer meets our sustainability criteria or inconsistent or negative changes in sustainability practices or (iv) Madison finds a more attractive alternative.
The Madison Sustainable Equity Fund (Class Y) returned -13.90% for the four month period ending April, 30 2022. The Fund underperformed the benchmark, the S&P 500® Index, which returned -12.92%. The performance trailed its peer group, the Morningstar Large Blend Category, which returned -12.74%. 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 4/30/22 | | |
| Communication Services | | | 8.9 | % |
| Consumer Discretionary | | | 11.4 | % |
| Consumer Staples | | | 9.0 | % |
| Financials | | | 8.8 | % |
| Health Care | | | 16.5 | % |
| Industrials | | | 6.9 | % |
| Information Technology | | | 26.5 | % |
| Materials | | | 3.8 | % |
| Real Estate | | | 1.7 | % |
| Short-Term Investments | | | 5.8 | % |
| Utilities | | | 2.3 | % |
| Net Other Assets and Liabilities | | | (1.6 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Microsoft Corp. | | | 5.0 | % |
| Alphabet, Inc. | | | 4.8 | % |
| Apple, Inc. | | | 4.3 | % |
| Costco Wholesale Corp. | | | 4.1 | % |
| Visa, Inc. | | | 3.9 | % |
| Eli Lilly & Co. | | | 3.7 | % |
| Danaher Corp. | | | 3.7 | % |
| Target Corp. | | | 3.6 | % |
| UnitedHealth Group, Inc. | | | 3.4 | % |
| Progressive Corp. | | | 3.1 | % |
Madison Mid Cap Fund
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 -8.74% for the period, outperforming its benchmark Russell Midcap® Index’s -12.54% return. The Fund also beat its peer group, the Morningstar Mid-Cap Blend category, which returned -9.66%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
| SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Communication Services | | | 5.6 | % |
| Consumer Discretionary | | | 16.1 | % |
| Consumer Staples | | | 1.0 | % |
| Financials | | | 30.2 | % |
| Health Care | | | 3.8 | % |
| Industrials | | | 16.1 | % |
| Information Technology | | | 21.1 | % |
| Short-Term Investments | | | 5.4 | % |
| Net Other Assets and Liabilities | | | 0.7 | % |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Arch Capital Group Ltd. | | | 6.6 | % |
| Dollar Tree, Inc. | | | 5.3 | % |
| Brown & Brown, Inc. | | | 4.5 | % |
| Gartner, Inc. | | | 4.3 | % |
| Liberty Broadband Corp. | | | 4.2 | % |
| Progressive Corp. | | | 4.2 | % |
| Ross Stores, Inc. | | | 4.0 | % |
| Carlisle Cos., Inc. | | | 4.0 | % |
| Laboratory Corp. of America Holdings | | | 3.8 | % |
| Markel Corp. | | | 3.6 | % |
Madison Small Cap Fund
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 -15.21% for the period, outperforming the Russell 2000® Index’s return of -18.38% and underperforming the Russell 2500TM Index’s return of -14.73%. The Fund lagged its peer group average, as the Morningstar Small Blend category return of -12.68%. 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 4/30/22 | | |
| Communication Services | | | 6.4 | % |
| Consumer Discretionary | | | 4.6 | % |
| Consumer Staples | | | 9.8 | % |
| Financials | | | 9.0 | % |
| Health Care | | | 9.9 | % |
| Industrials | | | 19.6 | % |
| Information Technology | | | 25.8 | % |
| Materials | | | 9.4 | % |
| Short-Term Investments | | | 8.0 | % |
| Net Other Assets and Liabilities | | | (2.5 | )% |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| WillScot Mobile Mini Holdings Corp. | | | 4.2 | % |
| Hain Celestial Group, Inc. | | | 3.6 | % |
| Encompass Health Corp. | | | 3.2 | % |
| Box, Inc. | | | 3.0 | % |
| Huntsman Corp. | | | 2.5 | % |
| Entegris, Inc. | | | 2.4 | % |
| PTC, Inc. | | | 2.4 | % |
| CommVault Systems, Inc. | | | 2.3 | % |
| Carlisle Cos., Inc. | | | 2.1 | % |
| Simply Good Foods Co. | | | 2.1 | % |
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 50-70 individual securities in its portfolio at any given time.
PERFORMANCE DISCUSSION
The Madison International Stock Fund (Class A at NAV) returned -16.21% for the period, lagging its benchmark, the MSCI ACWI ex-USA Index’s (net) -11.87% return. The Fund trailed its peer group, with the Morningstar Foreign Large Blend Category averaging a -12.93% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
| GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Japan | | | 13.3 | % |
| United Kingdom | | | 12.4 | % |
| France | | | 8.3 | % |
| Germany | | | 8.2 | % |
| China | | | 7.9 | % |
| Switzerland | | | 6.5 | % |
| India | | | 6.4 | % |
| Canada | | | 5.5 | % |
| United States | | | 4.0 | % |
| Brazil | | | 3.6 | % |
| Mexico | | | 3.4 | % |
| Ireland | | | 3.0 | % |
| Australia | | | 2.9 | % |
| Netherlands | | | 1.9 | % |
| Singapore | | | 1.8 | % |
| Sweden | | | 1.6 | % |
| Denmark | | | 1.5 | % |
| Taiwan | | | 1.5 | % |
| Hong Kong | | | 1.4 | % |
| Italy | | | 1.3 | % |
| South Korea | | | 1.2 | % |
| Spain | | | 1.2 | % |
| Norway | | | 1.1 | % |
| Other Net Assets | | | 0.1 | % |
| SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| Communication Services | | | 4.9 | % |
| Consumer Discretionary | | | 11.3 | % |
| Consumer Staples | | | 12.4 | % |
| Energy | | | 5.3 | % |
| Financials | | | 18.7 | % |
| Health Care | | | 8.5 | % |
| Industrials | | | 11.3 | % |
| Information Technology | | | 16.1 | % |
| Materials | | | 8.9 | % |
| Short-Term Investments | | | 2.5 | % |
| Net Other Assets and Liabilities | | | 0.1 | % |
| TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22 | | |
| AstraZeneca PLC | | | 4.0 | % |
| Shell PLC | | | 3.2 | % |
| Larsen & Toubro Ltd. | | | 2.7 | % |
| Tencent Holdings Ltd. | | | 2.4 | % |
| Manulife Financial Corp. | | | 2.2 | % |
| Cameco Corp. | | | 2.1 | % |
| Grupo Mexico SAB de CV | | | 2.1 | % |
| Sony Group Corp. | | | 2.1 | % |
| HDFC Bank Ltd. | | | 2.0 | % |
| Ping An Insurance Group Co. of China Ltd. | | | 2.0 | % |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2022
Notes to Review of Period
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 Bloomberg 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 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 (net) 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 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 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the U.S. equity universe.
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).
© 2022 Morningstar, Inc. All rights reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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.
Madison Funds | April 30, 2022
Madison Conservative Allocation Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| INVESTMENT COMPANIES - 92.5% | | | | | | | | |
| Alternative Funds - 1.3% | | | | | | | | |
| Invesco Optimum Yield Diversified Commodity Strategy | | | 41,629 | | | $ | 776,381 | |
| | | | | | | | | |
| Bond Funds - 61.8% | | | | | | | | |
| iShares Investment Grade Corporate Bond ETF (A) | | | 22,785 | | | | 1,188,010 | |
| Janus Henderson Mortgage-Backed Securities ETF | | | 74,888 | | | | 3,617,090 | |
| Madison Core Bond Fund, Class R6 (B) | | | 1,620,263 | | | | 15,019,840 | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 157,462 | | | | 8,148,658 | |
| Vanguard Extended Duration Treasury ETF (A) | | | 28,059 | | | | 2,969,765 | |
| Vanguard Short-Term Corporate Bond ETF (A) | | | 70,152 | | | | 5,387,674 | |
| | | | | | | | 36,331,037 | |
| Foreign Stock Funds - 5.0% | | | | | | | | |
| iShares MSCI International Quality Factor ETF, Class Q | | | 16,756 | | | | 571,380 | |
| iShares MSCI United Kingdom ETF (A) | | | 9,310 | | | | 300,713 | |
| Vanguard FTSE All World ex-U.S. ETF | | | 37,590 | | | | 2,024,597 | |
| | | | | | | | 2,896,690 | |
| Stock Funds - 24.4% | | | | | | | | |
| Invesco S&P 500 Quality ETF | | | 81,462 | | | | 3,776,578 | |
| iShares Core S&P Small-Cap ETF, Class E | | | 11,478 | | | | 1,141,143 | |
| iShares Core S&P U.S. Growth ETF | | | 4,456 | | | | 412,715 | |
| iShares MSCI Global Gold Miners ETF | | | 53,069 | | | | 1,501,322 | |
| Madison Dividend Income Fund, Class R6 (B) | | | 32,481 | | | | 993,586 | |
| Madison Investors Fund, Class R6 (B) | | | 94,783 | | | | 2,348,715 | |
| Schwab U.S. Dividend Equity ETF (A) | | | 23,791 | | | | 1,799,551 | |
| Vanguard Information Technology ETF (A) | | | 6,477 | | | | 2,378,354 | |
| | | | | | | | 14,351,964 | |
| Total Investment Companies | | | | | | | | |
| (Cost $56,366,135) | | | | | | | 54,356,072 | |
| SHORT-TERM INVESTMENTS - 21.1% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C) | | | 4,254,071 | | | | 4,254,071 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D) | | | 8,133,863 | | | | 8,133,863 | |
| | | | | | | | 12,387,934 | |
| | | | | | | | | |
Total Short-Term Investments
(Cost $12,387,934) | | | | | | | 12,387,934 | |
TOTAL INVESTMENTS - 113.6%
(Cost $68,754,069**) | | | | | | | 66,744,006 | |
| NET OTHER ASSETS AND LIABILITIES - | | | | | | | | |
| (13.6%) | | | | | | | (7,981,975 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 58,762,031 | |
| ** | Aggregate cost for Federal tax purposes was $68,791,377. |
| (A) | All or a portion of these securities, with an aggregate fair value of $9,667,392, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
| (B) | Affiliated Company (see Note 14). |
| (D) | Represents investments of cash collateral received in connection with securities lending. |
| FTSE | The Financial Times Stock Exchange. |
Madison Moderate Allocation Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| INVESTMENT COMPANIES - 92.0% | | | | | | | | |
| Alternative Funds - 2.0% | | | | | | | | |
| Invesco Optimum Yield Diversified | | | | | | | | |
| Commodity Strategy | | | 123,272 | | | $ | 2,299,023 | |
| Bond Funds - 38.4% | | | | | | | | |
| iShares Investment Grade Corporate Bond ETF | | | 34,028 | | | | 1,774,220 | |
| Janus Henderson Mortgage-Backed | | | | | | | | |
| Securities ETF | | | 87,394 | | | | 4,221,130 | |
| Madison Core Bond Fund, Class R6 (A) | | | 1,937,122 | | | | 17,957,117 | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 204,327 | | | | 10,573,922 | |
| Vanguard Extended Duration Treasury ETF | | | 36,318 | | | | 3,843,897 | |
| Vanguard Short-Term Corporate Bond ETF (B) | | | 79,213 | | | | 6,083,559 | |
| | | | | | | | 44,453,845 | |
| Foreign Stock Funds - 8.7% | | | | | | | | |
| iShares MSCI International Quality Factor ETF, Class Q | | | 58,171 | | | | 1,983,631 | |
| iShares MSCI United Kingdom ETF | | | 36,944 | | | | 1,193,291 | |
| Vanguard FTSE All World ex-U.S. ETF | | | 127,452 | | | | 6,864,565 | |
| | | | | | | | 10,041,487 | |
| Stock Funds - 42.9% | | | | | | | | |
| Invesco S&P 500 Quality ETF | | | 249,403 | | | | 11,562,323 | |
| iShares Core S&P Small-Cap ETF, Class E | | | 48,795 | | | | 4,851,199 | |
| iShares Core S&P U.S. Growth ETF | | | 17,884 | | | | 1,656,416 | |
| iShares MSCI Global Gold Miners ETF | | | 195,552 | | | | 5,532,166 | |
| Madison Dividend Income Fund, Class R6 (A) | | | 103,553 | | | | 3,167,699 | |
| Madison Investors Fund, Class R6 (A) | | | 391,981 | | | | 9,713,298 | |
| Schwab U.S. Dividend Equity ETF (B) | | | 66,144 | | | | 5,003,132 | |
| Vanguard Information Technology ETF | | | 22,403 | | | | 8,226,382 | |
| | | | | | | | 49,712,615 | |
| Total Investment Companies | | | | | | | | |
| (Cost $106,624,074) | | | | | | | 106,506,970 | |
| SHORT-TERM INVESTMENTS - 14.2% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C) | | | 9,375,243 | | | | 9,375,243 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D) | | | 7,132,475 | | | | 7,132,475 | |
Total Short-Term Investments
(Cost $16,507,718) | | | | | | | 16,507,718 | |
TOTAL INVESTMENTS - 106.2%
(Cost $123,131,792**) | | | | | | | 123,014,688 | |
| NET OTHER ASSETS AND LIABILITIES | | | | | | | | |
| -(6.2%) | | | | | | | (7,232,777 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 115,781,911 | |
| ** | Aggregate cost for Federal tax purposes was $123,294,234. |
| (A) | Affiliated Company (see Note 14). |
| (B) | All or a portion of these securities, with an aggregate fair value of $10,497,107, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
| (D) | Represents investments of cash collateral received in connection with securities lending. |
| FTSE | The Financial Times Stock Exchange. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Aggressive Allocation Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| INVESTMENT COMPANIES - 92.7% | | | | | | | | |
| Alternative Funds - 2.8% | | | | | | | | |
| Invesco Optimum Yield Diversified Commodity Strategy | | | 90,130 | | | $ | 1,680,924 | |
| Bond Funds - 20.1% | | | | | | | | |
| iShares Investment Grade Corporate Bond ETF | | | 8,866 | | | | 462,273 | |
| Janus Henderson Mortgage-Backed Securities ETF | | | 19,412 | | | | 937,600 | |
| Madison Core Bond Fund, Class R6 (A) | | | 519,794 | | | | 4,818,488 | |
| Schwab Intermediate-Term U.S. Treasury ETF | | | 64,306 | | | | 3,327,836 | |
| Vanguard Extended Duration Treasury ETF | | | 8,538 | | | | 903,662 | |
| Vanguard Short-Term Corporate Bond ETF (B) | | | 20,724 | | | | 1,591,603 | |
| | | | | | | | 12,041,462 | |
| Foreign Stock Funds - 12.0% | | | | | | | | |
| iShares MSCI International Quality Factor ETF, Class Q | | | 47,893 | | | | 1,633,151 | |
| iShares MSCI United Kingdom ETF | | | 33,066 | | | | 1,068,032 | |
| Vanguard FTSE All World ex-U.S. ETF | | | 83,731 | | | | 4,509,752 | |
| | | | | | | | 7,210,935 | |
| | | | | | | | | |
| Stock Funds - 57.8% | | | | | | | | |
| Invesco S&P 500 Quality ETF | | | 155,109 | | | | 7,190,853 | |
| iShares Core S&P Small-Cap ETF, Class E | | | 33,011 | | | | 3,281,954 | |
| iShares Core S&P U.S. Growth ETF | | | 17,198 | | | | 1,592,879 | |
| iShares MSCI Global Gold Miners ETF (B) | | | 137,911 | | | | 3,901,502 | |
| Madison Dividend Income Fund, Class R6 (A) | | | 78,223 | | | | 2,392,852 | |
| Madison Investors Fund, Class R6 (A) | | | 288,444 | | | | 7,147,651 | |
| Schwab U.S. Dividend Equity ETF (B) | | | 42,712 | | | | 3,230,736 | |
| Vanguard Information Technology ETF (B) | | | 15,995 | | | | 5,873,364 | |
| | | | | | | | 34,611,791 | |
| | | | | | | | | |
Total Investment Companies
(Cost $54,560,891) | | | | | | | 55,545,112 | |
| SHORT-TERM INVESTMENTS - 18.8% | | | | | | | | |
| Short-Term Investments - 18.8% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C) | | | 4,397,350 | | | | 4,397,350 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D) | | | 6,844,441 | | | | 6,844,441 | |
| | | | | | | | 11,241,791 | |
Total Short-Term Investments
(Cost $11,241,791) | | | | | | | 11,241,791 | |
TOTAL INVESTMENTS - 111.5%
(Cost $65,802,682**) | | | | | | | 66,786,903 | |
| NET OTHER ASSETS AND LIABILITIES - (11.5%) | | | | | | | (6,910,844 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 59,876,059 | |
| ** | Aggregate cost for Federal tax purposes was $65,868,913. |
| (A) | Affiliated Company (see Note 14). |
| (B) | All or a portion of these securities, with an aggregate fair value of $6,507,938, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
| (D) | Represents investments of cash collateral received in connection with securities lending. |
| FTSE | The Financial Times Stock Exchange. |
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited)
| | | Par Value | | | Value (Note 2,3) | |
| MUNICIPAL BONDS - 95.4% | | | | | | | | |
| Airport - 2.7% | | | | | | | | |
| Metropolitan Washington Airports Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43 | | $ | 500,000 | | | $ | 533,093 | |
| Development - 6.7% | | | | | | | | |
| Fairfax County Economic Development Authority, Series A, (Prerefunded 10/1/24 @ $100), 5%, 10/1/26 | | | 150,000 | | | | 159,057 | |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/25 | | | 125,000 | | | | 135,525 | |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/30 | | | 165,000 | | | | 190,907 | |
| Manassas Park Economic Development Authority, 5%, 12/15/28 | | | 200,000 | | | | 224,992 | |
| Manassas Park Economic Development Authority, 3%, 12/15/44 | | | 345,000 | | | | 293,260 | |
| Virginia Small Business Financing Authority, 5%, 11/1/25 | | | 265,000 | | | | 287,315 | |
| | | | | | | | 1,291,056 | |
| Education - 9.4% | | | | | | | | |
| Campbell County Industrial Development Authority, 3%, 6/1/48 | | | 415,000 | | | | 342,180 | |
| Richmond, Series A, (ST AID WITHHLDG), 3%, 7/15/34 | | | 435,000 | | | | 423,632 | |
| Virginia College Building Authority, Series E, 5%, 2/1/23 | | | 500,000 | | | | 511,908 | |
| Virginia College Building Authority, Series A, 5%, 9/1/34 | | | 125,000 | | | | 140,813 | |
| Virginia Commonwealth University, Series A, 5%, 5/1/26 | | | 385,000 | | | | 394,755 | |
| | | | | | | | 1,813,288 | |
| Facilities - 6.8% | | | | | | | | |
| Henry County Industrial Development Authority, 4.125%, 11/1/50 | | | 250,000 | | | | 251,121 | |
| New River Valley Regional Jail Authority, 5%, 10/1/25 | | | 100,000 | | | | 107,660 | |
| | | | | | | | | |
| Prince Edward County Industrial Development Authority, 5%, 9/1/32 | | | 405,000 | | | | 447,059 | |
| Western Regional Jail Authority, 3.125%, 12/1/29 | | | 255,000 | | | | 256,224 | |
| Western Regional Jail Authority, (Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29 | | | 245,000 | | | | 249,672 | |
| | | | | | | | 1,311,736 | |
| General - 11.6% | | | | | | | | |
| Chesterfield County Economic Development Authority Revenue, Series B, 3%, 4/1/38 | | | 285,000 | | | | 259,581 | |
| James City County Economic Development Authority, 5%, 6/15/30 | | | 500,000 | | | | 565,274 | |
| Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | | | 250,000 | | | | 253,685 | |
| Virginia Public Building Authority, Series A, 5%, 8/1/31 | | | 110,000 | | | | 125,663 | |
| Virginia Public Building Authority, Series B, 5%, 8/1/25 | | | 235,000 | | | | 252,739 | |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | | | 250,000 | | | | 262,363 | |
| Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | | | 5,000 | | | | 5,012 | |
| Virginia Resources Authority, Series C, 5%, 11/1/30 | | | 250,000 | | | | 279,632 | |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34 | | | 125,000 | | | | 130,228 | |
| Wise County Industrial Development Authority, 5%, 11/1/22 | | | 100,000 | | | | 101,617 | |
| | | | | | | | 2,235,794 | |
| General Obligation - 22.3% | | | | | | | | |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/27 | | | 150,000 | | | | 164,843 | |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/28 | | | 100,000 | | | | 111,895 | |
| Arlington County, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27 | | | 175,000 | | | | 185,268 | |
| Arlington County, Series A, (Prerefunded 8/15/26 @ $100) (A), 5%, 8/15/30 | | | 600,000 | | | | 661,712 | |
| Commonwealth of Virginia, Series A, 5%, 6/1/23 | | | 500,000 | | | | 515,679 | |
| Danville, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | | | 190,000 | | | | 196,694 | |
| Fairfax County, Series B, (ST AID WITHHLDG), 4%, 10/1/22 | | | 250,000 | | | | 252,703 | |
| Fairfax County, Series A, (ST AID WITHHLDG), 5%, 10/1/26 | | | 410,000 | | | | 452,662 | |
| Leesburg, (ST AID WITHHLDG), 5%, 1/15/25 | | | 90,000 | | | | 96,256 | |
| Norfolk, (Prerefunded 8/1/28 @ $100), (ST AID WITHHLDG), 5%, 8/1/47 | | | 455,000 | | | | 517,828 | |
| Poquoson, (ST AID WITHHLDG), 4%, 2/15/29 | | | 425,000 | | | | 456,542 | |
| Portsmouth, Series A, (Prerefunded 2/1/23 @ $100), (ST AID WITHHLDG), 5%, 2/1/31 | | | 75,000 | | | | 76,775 | |
| Spotsylvania County, (ST AID WITHHLDG), 5%, 1/15/24 | | | 200,000 | | | | 209,335 | |
| Suffolk, 5%, 2/1/29 | | | 100,000 | | | | 113,375 | |
| Virginia Beach, Series A, 4%, 8/1/22 | | | 300,000 | | | | 302,038 | |
| | | | | | | | 4,313,605 | |
| Medical - 4.0% | | | | | | | | |
| Norfolk Economic Development Authority, Series B, 5%, 11/1/36 | | | 480,000 | | | | 487,380 | |
| Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | | | 260,000 | | | | 278,363 | |
| | | | | | | | 765,743 | |
| Multifamily Housing - 1.0% | | | | | | | | |
| Virginia Housing Development Authority, Series K, (GNMA/FNMA/FHLMC COLL), 2.125%, 12/1/36 | | | 245,000 | | | | 201,499 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) – continued
| | | Par Value | | | Value (Note 2,3) | |
| Power - 1.6% | | | | | | | | |
| Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | | | 290,000 | | | $ | 301,515 | |
| | | | | | | | | |
| Transportation - 13.8% | | | | | | | | |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37 | | | 170,000 | | | | 192,199 | |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | | | 470,000 | | | | 513,674 | |
| Northern Virginia Transportation Authority, 5%, 6/1/30 | | | 780,000 | | | | 820,004 | |
| Richmond Metropolitan Transportation Authority, (NATL-RE), 5.25%, 7/15/22 | | | 25,000 | | | | 25,169 | |
| Virginia Commonwealth Transportation Board, 5%, 5/15/22 | | | 100,000 | | | | 100,129 | |
| Virginia Commonwealth Transportation Board, Series B, (Prerefunded 9/15/22 @ $100), 5%, 3/15/25 | | | 535,000 | | | | 542,035 | |
| Virginia Commonwealth Transportation Board, 5%, 5/15/26 | | | 220,000 | | | | 240,770 | |
| Virginia Commonwealth Transportation Board, 5%, 9/15/27 | | | 200,000 | | | | 223,295 | |
| | | | | | | | 2,657,275 | |
| Utilities - 1.6% | | | | | | | | |
| Richmond Public Utility Revenue, Series A, | | | | | | | | |
| (Prerefunded 1/15/23 @ $100), 5%, 1/15/38 | | | 300,000 | | | | 306,728 | |
| Water - 13.9% | | | | | | | | |
| Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | | | 180,000 | | | | 185,470 | |
| Fairfax Sewer Revenue County, Series A, 4%, 7/15/41 | | | 210,000 | | | | 221,506 | |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | | | 410,000 | | | | 459,808 | |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | | | 250,000 | | | | 280,371 | |
| Henrico Water & Sewer Revenue County, (Prerefunded 5/1/26 @ $100), 5%, 5/1/27 | | | 150,000 | | | | 163,926 | |
| Henrico Water & Sewer Revenue County, 4%, 5/1/32 | | | 500,000 | | | | 531,076 | |
| Prince William County Service Authority, 5%, 7/1/22 | | | 250,000 | | | | 251,527 | |
| Upper Occoquan Sewage Authority, 3%, 7/1/46 | | | 300,000 | | | | 266,618 | |
| Upper Occoquan Sewage Authority, 3%, 7/1/49 | | | 380,000 | | | | 328,848 | |
| | | | | | | | 2,689,150 | |
TOTAL INVESTMENTS - 95.4%
(Cost $18,942,434**) | | | | | | | 18,420,482 | |
| NET OTHER ASSETS AND LIABILITIES - 4.6% | | | | | | | 884,203 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 19,304,685 | |
| ** | Aggregate cost for Federal tax purposes was $18,942,434. |
| (A) | Restricted. The aggregate cost of such securities is $681,859. The aggregate value is $661,712, representing 3.4% of net assets. |
| AMT | Automated Manual Transmission. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. |
| FGIC | Financial Guaranty Insurance Co. |
| FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| MBIA | MBIA Insurance Corp. |
| MORAL OBLG | Moral Obligation. |
| NATL-RE | National Public Finance Guarantee Corp. |
| ST AID WITHHLDG | State Aid Withholding. |
Madison Tax-Free National Fund Portfolio of Investments
| | | Par Value | | | Value (Note 2,3) | |
| MUNICIPAL BONDS - 98.0% | | | | | | | | |
| Alabama - 7.0% | | | | | | | | |
| Butler County Board of Education, (AGM), (Prerefunded 1/1/25 @ $100), 5%, 7/1/37 | | $ | 235,000 | | | $ | 250,724 | |
| Mobile County, General Obligation, 5%, 2/1/39 | | | 610,000 | | | | 697,642 | |
| Pike Road, Authority Revenue, 4%, 9/1/31 | | | 170,000 | | | | 177,269 | |
| UAB Medicine Finance Authority Revenue, Series B, 5%, 9/1/27 | | | 150,000 | | | | 167,221 | |
| | | | | | | | 1,292,856 | |
| Arkansas - 1.0% | | | | | | | | |
| Arkansas Development Finance Authority, 5%, 2/1/26 | | | 175,000 | | | | 188,457 | |
| California - 0.7% | | | | | | | | |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5%, 7/1/40 | | | 120,000 | | | | 131,095 | |
| Colorado - 3.8% | | | | | | | | |
| Colorado Springs Utilities System Revenue, Series A, 4%, 11/15/40 | | | 250,000 | | | | 261,156 | |
| El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27 | | | 400,000 | | | | 445,290 | |
| | | | | | | | 706,446 | |
| Florida - 4.4% | | | | | | | | |
| Orlando Utilities Commission, Series C, 5%, 10/1/22 | | | 525,000 | | | | 532,667 | |
| Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26 | | | 250,000 | | | | 269,482 | |
| | | | | | | | 802,149 | |
| Georgia - 2.4% | | | | | | | | |
| Americus-Sumter Payroll Development Authority, Series A, 3.25%, 6/1/33 | | | 150,000 | | | | 150,182 | |
| Atlanta Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43 | | | 275,000 | | | | 295,137 | |
| | | | | | | | 445,319 | |
| Hawaii - 2.6% | | | | | | | | |
| Hawaii, General Obligation, Series EY, 5%, 10/1/25 | | | 435,000 | | | | 470,539 | |
| Idaho - 2.8% | | | | | | | | |
| Idaho Health Facilities Authority, Series A, 5%, 3/1/34 | | | 500,000 | | | | 520,489 | |
| Illinois - 8.7% | | | | | | | | |
| Cook County School District No. 111, General Obligation, (BAM), 5%, 12/1/35 | | | 545,000 | | | | 606,707 | |
| Du Page County School District No. 45, General Obligation, 4%, 1/1/26 | | | 460,000 | | | | 480,260 | |
| Palatine Village, General Obligation, 2%, 12/1/28 | | | 175,000 | | | | 158,340 | |
| Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | | | 140,000 | | | | 151,725 | |
| Sangamon County School District No. 186 Springfield, Series C, (AGM), 4%, 6/1/23 | | | 200,000 | | | | 203,721 | |
| | | | | | | | 1,600,753 | |
| Indiana - 6.1% | | | | | | | | |
| Indianapolis Local Public Improvement Bond Bank Revenue, Series C, 5%, 2/1/24 | | | 275,000 | | | | 288,052 | |
| Lincoln Center Building Corp., 4%, 8/1/28 | | | 285,000 | | | | 297,143 | |
| Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26 | | | 500,000 | | | | 539,556 | |
| | | | | | | | 1,124,751 | |
| Kansas - 4.2% | | | | | | | | |
| Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | | | 220,000 | | | | 227,713 | |
| Wichita, General Obligation, Series 816, 5%, 12/1/24 | | | 510,000 | | | | 544,150 | |
| | | | | | | | 771,863 | |
| Kentucky - 2.6% | | | | | | | | |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33 | | | 445,000 | | | | 470,476 | |
| Michigan - 0.6% | | | | | | | | |
| Redford Unified School District No. 1, General Obligation, (Q-SBLF), 5%, 5/1/22 | | | 110,000 | | | | 110,000 | |
| Mississippi - 2.8% | | | | | | | | |
| Medical Center Educational Building Corp., Series A, 5%, 6/1/30 | | | 475,000 | | | | 520,302 | |
| Missouri - 2.3% | | | | | | | | |
| Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25 | | | 400,000 | | | | 428,859 | |
| Montana - 1.7% | | | | | | | | |
| Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25 | | | 300,000 | | | | 311,678 | |
| New Jersey - 6.5% | | | | | | | | |
| New Jersey Economic Development Authority Revenue, Series NN, 5%, 3/1/26 | | | 450,000 | | | | 458,372 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Tax-Free National Fund Portfolio of Investments (unaudited)
| | | Par Value | | | Value (Note 2,3) | |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28 | | | 250,000 | | | $ | 285,505 | |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29 | | | 250,000 | | | | 289,247 | |
| Union County Improvement Authority, Series A, 4%, 2/1/25 | | | 150,000 | | | | 154,255 | |
| | | | | | | | 1,187,379 | |
| New Mexico - 1.1% | | | | | | | | |
| Otero County, (BAM), 4%, 12/1/28 | | | 195,000 | | | | 204,685 | |
| New York - 4.4% | | | | | | | | |
| Brookhaven Local Development Corp., 5%, 11/1/24 | | | 110,000 | | | | 115,945 | |
| New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31 | | | 250,000 | | | | 287,932 | |
| Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28 | | | 370,000 | | | | 402,348 | |
| | | | | | | | 806,225 | |
| North Carolina - 1.6% | | | | | | | | |
| Cary Combined Utility Systems Revenue, (Prerefunded 12/1/22 @ $100), 5%, 12/1/23 | | | 285,000 | | | | 290,514 | |
| Ohio - 2.8% | | | | | | | | |
| Cleveland-Cuyahoga County Port Authority (A), 5%, 7/1/24 | | | 500,000 | | | | 524,631 | |
| Oklahoma - 4.6% | | | | | | | | |
| Elk City Industrial Authority, 4%, 5/1/30 | | | 435,000 | | | | 452,899 | |
| Tulsa County Industrial Authority, 3%, 2/1/31 | | | 400,000 | | | | 386,879 | |
| | | | | | | | 839,778 | |
| Pennsylvania - 3.6% | | | | | | | | |
| Commonwealth Financing Authority Revenue, Series A, 5%, 6/1/35 | | | 370,000 | | | | 393,697 | |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26 | | | 250,000 | | | | 259,939 | |
| | | | | | | | 653,636 | |
| Tennessee - 0.7% | | | | | | | | |
| Decatur Water & Sewer Revenue, 3%, 6/1/24 | | | 120,000 | | | | 121,250 | |
| Texas - 8.1% | | | | | | | | |
| Austin, General Obligation, 5%, 9/1/26 | | | 550,000 | | | | 592,659 | |
| Center, General Obligation, 3%, 8/15/34 | | | 410,000 | | | | 389,713 | |
| Harris County Toll Road Authority, 4%, 8/15/38 | | | 300,000 | | | | 309,046 | |
| San Jacinto River Authority, (BAM), 4%, 10/1/23 | | | 200,000 | | | | 204,282 | |
| | | | | | | | 1,495,700 | |
| Utah - 1.8% | | | | | | | | |
| Utah Transit Authority, Series A, (BHAC-CR), 5%, 6/15/35 | | | 280,000 | | | | 326,141 | |
| Virginia - 3.0% | | | | | | | | |
| Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34 | | | 250,000 | | | | 276,041 | |
| Western Regional Jail Authority, 5%, 12/1/34 | | | 250,000 | | | | 273,889 | |
| | | | | | | | 549,930 | |
| Washington - 1.2% | | | | | | | | |
| Washington, General Obligation, Series E, 5%, 2/1/29 | | | 205,000 | | | | 213,796 | |
| West Virginia - 2.7% | | | | | | | | |
| West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | | | 450,000 | | | | 496,582 | |
| Wisconsin - 2.2% | | | | | | | | |
| Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | | | 400,000 | | | | 401,846 | |
| TOTAL INVESTMENTS - 98.0% | | | | | | | | |
(Cost $18,353,340**) | | | | | | | 18,008,125 | |
| NET OTHER ASSETS AND LIABILITIES - 2.0% | | | | | | | 366,007 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 18,374,132 | |
| ** | Aggregate cost for Federal tax purposes was $18,353,340. |
| (A) | Restricted. The aggregate cost of such securities is $524,371. The aggregate value is $524,631, representing 2.9% of net assets. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. |
| GO of AUTH | General Obligation of the Authority. |
| Q-SBLF | Qualified School Board Loan Fund. |
| ST AID DIR DEP | State Aid Direct Deposit. |
| ST AID WITHHLDG | State Aid Withholding. |
| ST INTERCEPT | State Intercept. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison High Quality Bond Fund Portfolio of Investments (unaudited)
| | | Par Value | | | Value (Note 2,3) | |
| CORPORATE NOTES AND BONDS - 37.3% | | | | | | | | |
| Communication Services - 2.7% | | | | | | | | |
| Comcast Corp., Series A, 3.15%, 3/1/26 | | $ | 1,000,000 | | | $ | 982,923 | |
| Walt Disney Co., 3.8%, 3/22/30 | | | 1,500,000 | | | | 1,472,926 | |
| | | | | | | | 2,455,849 | |
| Consumer Discretionary - 4.6% | | | | | | | | |
| Costco Wholesale Corp., 1.375%, 6/20/27 | | | 1,250,000 | | | | 1,128,703 | |
| Cummins, Inc., 1.5%, 9/1/30 | | | 1,000,000 | | | | 818,092 | |
| Home Depot, Inc., 2.7%, 4/15/30 | | | 1,500,000 | | | | 1,371,194 | |
| NIKE, Inc., 2.75%, 3/27/27 | | | 1,000,000 | | | | 966,255 | |
| | | | | | | | 4,284,244 | |
| Consumer Staples - 5.7% | | | | | | | | |
| Coca-Cola Co. (A), 1%, 3/15/28 | | | 1,350,000 | | | | 1,170,362 | |
| Hershey Co., 1.7%, 6/1/30 | | | 1,300,000 | | | | 1,104,757 | |
| Kimberly-Clark Corp., 1.05%, 9/15/27 | | | 1,500,000 | | | | 1,317,003 | |
| PepsiCo, Inc. (A), 2.75%, 3/19/30 | | | 1,750,000 | | | | 1,620,187 | |
| | | | | | | | 5,212,309 | |
| Financials - 17.7% | | | | | | | | |
| Bank of America Corp. (3 mo. USD LIBOR + 0.930%) (B), 2.816%, 7/21/23 | | | 625,000 | | | | 624,943 | |
| Bank of America Corp. (SOFR + 1.010%) (B), 1.197%, 10/24/26 | | | 1,500,000 | | | | 1,354,420 | |
| Bank of New York Mellon Corp. (A), 2.2%, 8/16/23 | | | 1,350,000 | | | | 1,338,782 | |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | | | 1,000,000 | | | | 906,274 | |
| BlackRock, Inc. (A), 3.5%, 3/18/24 | | | 1,000,000 | | | | 1,009,351 | |
| Charles Schwab Corp. (A), 0.9%, 3/11/26 | | | 1,250,000 | | | | 1,134,368 | |
| Huntington National Bank, 3.55%, 10/6/23 | | | 1,250,000 | | | | 1,257,444 | |
| JPMorgan Chase & Co. (3 mo. USD LIBOR + 1.155%) (B), 3.22%, 3/1/25 | | | 1,500,000 | | | | 1,487,259 | |
| Mastercard, Inc., 3.3%, 3/26/27 | | | 1,000,000 | | | | 993,463 | |
| Public Storage, 1.95%, 11/9/28 | | | 1,332,000 | | | | 1,184,863 | |
| State Street Corp. (SOFR + 0.940%) (A) (B), 2.354%, 11/1/25 | | | 1,500,000 | | | | 1,456,688 | |
| Truist Financial Corp. (A), 2.85%, 10/26/24 | | | 1,250,000 | | | | 1,236,071 | |
| Truist Financial Corp., 1.95%, 6/5/30 | | | 1,000,000 | | | | 856,298 | |
| Wells Fargo & Co. (SOFR + 1.087%) (B), 2.406%, 10/30/25 | | | 1,450,000 | | | | 1,393,282 | |
| | | | | | | | 16,233,506 | |
| Health Care - 1.3% | | | | | | | | |
| UnitedHealth Group, Inc. (A), 2.875%, 3/15/23 | | | 1,200,000 | | | | 1,207,320 | |
| Industrials - 1.0% | | | | | | | | |
| Emerson Electric Co. (A), 2%, 12/21/28 | | | 1,000,000 | | | | 895,005 | |
| Information Technology - 3.8% | | | | | | | | |
| Apple, Inc., 2.4%, 5/3/23 | | | 1,000,000 | | | | 1,001,089 | |
| Salesforce, Inc., 3.25%, 4/11/23 | | | 1,300,000 | | | | 1,309,128 | |
| Texas Instruments, Inc., 1.375%, 3/12/25 | | | 1,250,000 | | | | 1,188,484 | |
| | | | | | | | 3,498,701 | |
| Utilities - 0.5% | | | | | | | | |
| National Rural Utilities Cooperative Finance Corp. (A), 1%, 6/15/26 | | | 500,000 | | | | 448,731 | |
| Total Corporate Notes and Bonds (Cost $36,843,830) | | | | | | | 34,235,665 | |
| U.S. GOVERNMENT AND AGENCY | | | | | | | | |
| OBLIGATIONS - 61.4% | | | | | | | | |
| Fannie Mae - 8.1% | | | | | | | | |
| 0.500%, 11/7/25 | | | 2,250,000 | | | | 2,067,689 | |
| 2.125%, 4/24/26 | | | 3,125,000 | | | | 3,030,010 | |
| 0.750%, 10/8/27 | | | 2,600,000 | | | | 2,314,352 | |
| | | | | | | | 7,412,051 | |
| Freddie Mac - 5.7% | | | | | | | | |
| 0.375%, 4/20/23 | | | 3,000,000 | | | | 2,948,874 | |
| 0.375%, 7/21/25 | | | 2,500,000 | | | | 2,307,581 | |
| | | | | | | | 5,256,455 | |
| U.S. Treasury Notes - 47.6% | | | | | | | | |
| 1.625%, 5/31/23 | | | 1,000,000 | | | | 993,555 | |
| 2.500%, 8/15/23 | | | 2,500,000 | | | | 2,503,418 | |
| 0.125%, 10/15/23 | | | 1,250,000 | | | | 1,208,105 | |
| 2.750%, 11/15/23 | | | 2,000,000 | | | | 2,006,250 | |
| 2.125%, 2/29/24 | | | 2,000,000 | | | | 1,981,484 | |
| 1.750%, 6/30/24 | | | 2,000,000 | | | | 1,957,656 | |
| 2.375%, 8/15/24 | | | 2,500,000 | | | | 2,475,586 | |
| 1.250%, 8/31/24 | | | 2,250,000 | | | | 2,171,602 | |
| 0.375%, 9/15/24 | | | 3,000,000 | | | | 2,832,539 | |
| 2.250%, 11/15/24 | | | 2,500,000 | | | | 2,463,281 | |
| 2.125%, 5/15/25 | | | 2,500,000 | | | | 2,444,434 | |
| 0.250%, 10/31/25 | | | 2,500,000 | | | | 2,279,199 | |
| 0.375%, 1/31/26 | | | 2,500,000 | | | | 2,274,023 | |
| 1.625%, 5/15/26 | | | 2,000,000 | | | | 1,900,625 | |
| 1.500%, 8/15/26 | | | 2,500,000 | | | | 2,354,688 | |
| 0.625%, 3/31/27 | | | 2,750,000 | | | | 2,462,754 | |
| 2.375%, 5/15/27 | | | 2,000,000 | | | | 1,948,203 | |
| 2.250%, 11/15/27 | | | 2,500,000 | | | | 2,411,133 | |
| 1.875%, 2/28/29 | | | 3,000,000 | | | | 2,804,531 | |
| 1.375%, 11/15/31 | | | 2,500,000 | | | | 2,186,328 | |
| | | | | | | | 43,659,394 | |
| Total U.S. Government and Agency Obligations (Cost $59,363,061) | | | | | | | 56,327,900 | |
| | | Shares | | | | |
| SHORT-TERM INVESTMENTS - 2.0% | | | | | | | | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D) | | | 1,801,705 | | | | 1,801,705 | |
Total Short-Term Investments
(Cost $1,801,705) | | | | | | | 1,801,705 | |
TOTAL INVESTMENTS - 100.7%
(Cost $98,008,596**) | | | | | | | 92,365,270 | |
| NET OTHER ASSETS AND LIABILITIES - (0.7%) | | | | | | | (606,151 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 91,759,119 | |
| ** | Aggregate cost for Federal tax purposes was $98,054,607. |
| (A) | All or a portion of these securities, with an aggregate fair value of $1,761,723, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
| (B) | Floating rate or variable rate note. Rate shown is as of April 30, 2022. |
| (C) | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. |
| LIBOR | London Interbank Offered Rate. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Core Bond Fund Portfolio of Investments (unaudited)
| | | Par Value | | | Value (Note 2,3) | |
| ASSET BACKED SECURITIES - 6.1% | | | | | | | | |
| Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, 10/18/24 | | $ | 750,000 | | | $ | 754,556 | |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | | | 343,569 | | | | 339,322 | |
| Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31 | | | 100,000 | | | | 100,079 | |
| Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32 | | | 104,577 | | | | 103,826 | |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | | | 385,000 | | | | 387,158 | |
| Dell Equipment Finance Trust, Series 2020-2, Class A2 (A), 0.47%, 10/24/22 | | | 35,934 | | | | 35,911 | |
| Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24 | | | 123,465 | | | | 123,573 | |
| Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | | | 577,715 | | | | 565,185 | |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | | | 136,935 | | | | 136,916 | |
| Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.03%, 1/20/28 | | | 1,000,000 | | | | 990,489 | |
| GM Financial Consumer Automobile | | | | | | | | |
| Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | | | 500,000 | | | | 501,590 | |
| GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25 | | | 1,000,000 | | | | 985,522 | |
| JPMorgan Chase Bank NA, Series 2020- 1, Class B (A), 0.991%, 1/25/28 | | | 423,340 | | | | 419,011 | |
| JPMorgan Chase Bank NA, Series 2020- 2, Class B (A), 0.84%, 2/25/28 | | | 665,526 | | | | 655,080 | |
| JPMorgan Chase Bank NA, Series 2021- 1, Class B (A), 0.875%, 9/25/28 | | | 592,959 | | | | 580,483 | |
| JPMorgan Chase Bank NA, Series 2021- 2, Class B (A), 0.889%, 12/26/28 | | | 520,686 | | | | 508,988 | |
| JPMorgan Chase Bank NA, Series 2021- 3, Class C (A), 0.86%, 2/26/29 | | | 595,982 | | | | 576,239 | |
| LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | | | 533,168 | | | | 520,477 | |
| Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24 | | | 409,876 | | | | 408,716 | |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | | | 500,000 | | | | 488,050 | |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | | | 1,350,000 | | | | 1,351,339 | |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | | | 350,000 | | | | 347,857 | |
| Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28 | | | 288,374 | | | | 288,666 | |
| Total Asset Backed Securities (Cost $11,422,937) | | | | | | | 11,169,033 | |
| COLLATERALIZED MORTGAGE | | | | | | | | |
| OBLIGATIONS - 6.8% | | | | | | | | |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B) , 2.879%, 7/25/49 | | | 183,185 | | | | 179,979 | |
| Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55 | | | 182,328 | | | | 177,251 | |
| CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | | | 567,649 | | | | 534,742 | |
| Federal Home Loan Mortgage Corp. | | | | | | | | |
| REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | | | 760,046 | | | | 37,717 | |
| Federal Home Loan Mortgage Corp. | | | | | | | | |
| STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 1.039%, 10/25/33 | | | 703,824 | | | | 696,718 | |
| Federal Home Loan Mortgage Corp. | | | | | | | | |
| STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (D), 0.939%, 1/25/34 | | | 14,266 | | | | 14,244 | |
| Federal National Mortgage Association | | | | | | | | |
| Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (D), 1.289%, 12/25/41 | | | 427,455 | | | | 422,530 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | | | 674,457 | | | | 60,286 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | | | 358,428 | | | | 357,469 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | | | 460,410 | | | | 465,882 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | | | 112,987 | | | | 119,540 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | | | 89,425 | | | | 96,114 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | | | 2,938,787 | | | | 494,430 | |
| Federal National Mortgage Association | | | | | | | | |
| REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | | | 81,069 | | | | 81,094 | |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41 | | | 642,077 | | | | 599,637 | |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | | | 961,242 | | | | 915,816 | |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | | | 100,587 | | | | 1,920 | |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (C) (D), 2.5%, 5/25/51 | | | 539,760 | | | | 477,892 | |
| JPMorgan Mortgage Trust, Series 2019- 5, Class A3 (A) (C) (D), 4%, 11/25/49 | | | 38,832 | | | | 38,397 | |
| JPMorgan Mortgage Trust, Series 2019- 7, Class A3 (A) (C) (D), 3.5%, 2/25/50 | | | 111,305 | | | | 106,870 | |
| JPMorgan Mortgage Trust, Series 2021- 1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | | | 719,987 | | | | 634,826 | |
| JPMorgan Mortgage Trust, Series 2021- 3, Class A3 (A) (C) (D), 2.5%, 7/25/51 | | | 934,111 | | | | 825,767 | |
| JPMorgan Mortgage Trust, Series 2021- 6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | | | 830,641 | | | | 769,057 | |
| JPMorgan Mortgage Trust, Series 2021- 14, Class A4 (A) (C) (D), 2.5%, 5/25/52 | | | 927,372 | | | | 855,265 | |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | | | 155,329 | | | | 144,570 | |
| PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | | | 14,387 | | | | 14,327 | |
| PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | | | 143,345 | | | | 140,234 | |
| PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | | | 966,523 | | | | 894,864 | |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | | | 717,965 | | | | 663,388 | |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (C) (D), 2.5%, 1/25/52 | | | 492,099 | | | | 453,462 | |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | | | 325,633 | | | | 307,355 | |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | | | 233,521 | | | | 223,996 | |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | | | 18,105 | | | | 17,964 | |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (C) (D), 2.5%, 9/25/51 | | | 703,184 | | | | 620,011 | |
Total Collateralized Mortgage Obligations
(Cost $13,745,488) | | | | | | | 12,443,614 | |
| COMMERCIAL MORTGAGE-BACKED | | | | | | | | |
| SECURITIES - 3.2% | | | | | | | | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | | | 281,067 | | | | 279,018 | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | | | 1,000,000 | | | | 977,840 | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.427%, 9/25/26 | | | 15,295,643 | | | | 175,820 | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | | | 1,000,000 | | | | 998,139 | |
| Federal National Mortgage Association- Aces, Series 2017-M15, Class ATS2 (C) (D), 3.209%, 11/25/27 | | | 850,941 | | | | 840,250 | |
| FREMF Mortgage Trust, Series 2013- K33, Class B (A) (C) (D), 3.611%, 8/25/46 | | | 900,000 | | | | 898,828 | |
| FREMF Mortgage Trust, Series 2015- K721, Class B (A) (C) (D), 3.708%, 11/25/47 | | | 850,000 | | | | 852,350 | |
| FREMF Mortgage Trust, Series 2015- K44, Class B, (A) (C) (D), 3.795%, 1/25/48 | | | 750,000 | | | | 739,631 | |
| GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36 | | | 722,000 | | | | - | |
Total Commercial Mortgage- Backed Securities
(Cost $5,907,805) | | | | | | | 5,761,876 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| CORPORATE NOTES AND BONDS - 31.7% | | | | | | | | |
| Communication Services - 3.2% | | | | | | | | |
| AT&T, Inc., 2.25%, 2/1/32 | | | 500,000 | | | $ | 416,698 | |
| AT&T, Inc., 4.75%, 5/15/46 | | | 500,000 | | | | 496,861 | |
| CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | | | 300,000 | | | | 267,072 | |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | | | 500,000 | | | | 509,130 | |
| Diamond Sports Group LLC/Diamond Sports Finance Co., Series AI, 5.375%, 8/15/26 | | | 100,000 | | | | 36,500 | |
| Discovery Communications LLC, 5%, 9/20/37 | | | 500,000 | | | | 472,215 | |
| eBay, Inc., 1.9%, 3/11/25 | | | 325,000 | | | | 309,593 | |
| Expedia Group, Inc., 3.25%, 2/15/30 | | | 500,000 | | | | 446,481 | |
| Hughes Satellite Systems Corp., 5.25%, 8/1/26 | | | 200,000 | | | | 194,500 | |
| Magallanes, Inc. (A), 5.141%, 3/15/52 | | | 500,000 | | | | 448,819 | |
| Magallanes, Inc. (A), 5.391%, 3/15/62 | | | 250,000 | | | | 222,605 | |
| Netflix, Inc., 6.375%, 5/15/29 | | | 250,000 | | | | 265,000 | |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | | | 400,000 | | | | 372,000 | |
| VeriSign, Inc., 2.7%, 6/15/31 | | | 500,000 | | | | 432,314 | |
| Verizon Communications, Inc., 4.4%, 11/1/34 | | | 500,000 | | | | 493,267 | |
| Verizon Communications, Inc., 3.4%, 3/22/41 | | | 500,000 | | | | 421,297 | |
| | | | | | | | 5,804,352 | |
| Consumer Discretionary - 2.4% | | | | | | | | |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | | | 400,000 | | | | 323,784 | |
| 7-Eleven, Inc. (A), 2.5%, 2/10/41 | | | 250,000 | | | | 180,217 | |
| Advance Auto Parts, Inc., 1.75%, 10/1/27 | | | 250,000 | | | | 219,390 | |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | | | 350,000 | | | | | |
| | | | | | | | 346,937 | |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | | | 350,000 | | | | 357,108 | |
| Home Depot, Inc., 3.35%, 4/15/50 | | | 250,000 | | | | 210,704 | |
| Lowe’s Cos., Inc., 3%, 10/15/50 | | | 500,000 | | | | 371,462 | |
| Lowe’s Cos., Inc., 4.25%, 4/1/52 | | | 750,000 | | | | 676,169 | |
| McDonald’s Corp., 2.125%, 3/1/30 | | | 250,000 | | | | 216,681 | |
| QVC, Inc., 4.75%, 2/15/27 | | | 250,000 | | | | 224,123 | |
| Southwest Airlines Co., 5.25%, 5/4/25 | | | 350,000 | | | | 361,992 | |
| Southwest Airlines Co., 5.125%, 6/15/27 | | | 500,000 | | | | 518,790 | |
| Tractor Supply Co., 1.75%, 11/1/30 | | | 550,000 | | | | 446,405 | |
| | | | | | | | 4,453,762 | |
| Consumer Staples - 1.6% | | | | | | | | |
| Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | | | 500,000 | | | | 465,116 | |
| Conagra Brands, Inc., 0.5%, 8/11/23 | | | 600,000 | | | | 580,364 | |
| General Mills, Inc., 2.875%, 4/15/30 | | | 200,000 | | | | 181,765 | |
| Hormel Foods Corp., 1.8%, 6/11/30 | | | 200,000 | | | | 169,566 | |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | | | 300,000 | | | | 252,625 | |
| Mars, Inc. (A), 3.875%, 4/1/39 | | | 400,000 | | | | 370,960 | |
| Mars, Inc. (A), 2.375%, 7/16/40 | | | 350,000 | | | | 263,547 | |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | | | 325,000 | | | | 314,805 | |
| Sysco Corp., 5.95%, 4/1/30 | | | 199,000 | | | | 217,055 | |
| | | | | | | | 2,815,803 | |
| Energy - 3.3% | | | | | | | | |
| Boardwalk Pipelines LP, 4.45%, 7/15/27 | | | 400,000 | | | | 396,485 | |
| Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29 | | | 350,000 | | | | 319,046 | |
| Energy Transfer LP, 5.25%, 4/15/29 | | | 275,000 | | | | 279,569 | |
| EnLink Midstream Partners LP, 5.45%, 6/1/47 | | | 400,000 | | | | 324,000 | |
| Enterprise Products Operating LLC, 3.75%, 2/15/25 | | | 500,000 | | | | 501,086 | |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | | | 400,000 | | | | 403,109 | |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | | | 275,000 | | | | 279,243 | |
| Marathon Petroleum Corp., 3.8%, 4/1/28 | | | 600,000 | | | | 577,743 | |
| MPLX LP, 2.65%, 8/15/30 | | | 350,000 | | | | 302,396 | |
| ONEOK, Inc., 5.85%, 1/15/26 | | | 150,000 | | | | 158,073 | |
| Phillips 66, 0.9%, 2/15/24 | | | 500,000 | | | | 480,281 | |
| Phillips 66, 2.15%, 12/15/30 | | | 500,000 | | | | 420,487 | |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | | | 375,000 | | | | 316,660 | |
| Sabine Pass Liquefaction LLC, 4.5%, 5/15/30 | | | 150,000 | | | | 148,989 | |
| Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | | | 300,000 | | | | 301,497 | |
| Valero Energy Corp., 6.625%, 6/15/37 | | | 500,000 | | | | 570,169 | |
| Valero Energy Corp., 4%, 6/1/52 | | | 175,000 | | | | 145,926 | |
| | | | | | | | 5,924,759 | |
| Financials - 10.1% | | | | | | | | |
| Air Lease Corp., 2.875%, 1/15/26 | | | 500,000 | | | | 468,019 | |
| Air Lease Corp., 1.875%, 8/15/26 | | | 250,000 | | | | 222,747 | |
| Ally Financial, Inc., Series B, (5 yr. CMT + 3.868%) (D), 4.7%, 5/15/26 | | | 250,000 | | | | 215,875 | |
| American International Group, Inc., 4.75%, 4/1/48 | | | 150,000 | | | | 154,210 | |
| Athene Global Funding (A), 1.45%, 1/8/26 | | | 500,000 | | | | 453,667 | |
| Bank of America Corp., Series N, (SOFR + 0.910%) (D), 1.658%, 3/11/27 | | | 400,000 | | | | 362,488 | |
| Bank of America Corp., (5 yr. CMT + 2.000%) (D), 3.846%, 3/8/37 | | | 350,000 | | | | 311,815 | |
| Bank of New York Mellon Corp., Series I, (5 yr. CMT + 2.630%) (D), 3.75%, 12/20/26 | | | 400,000 | | | | 356,000 | |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | | | 350,000 | | | | 291,873 | |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | | | 500,000 | | | | 453,137 | |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | | | 350,000 | | | | 312,511 | |
| BlackRock, Inc. (E), 2.1%, 2/25/32 | | | 350,000 | | | | 296,138 | |
| Bread Financial Holdings, Inc. (A) (F), 4.75%, 12/15/24 | | | 500,000 | | | | 485,000 | |
| Capital One Financial Corp., Series M, (5 yr. CMT + 3.157%) (D) (E), 3.95%, 9/1/26 | | | 350,000 | | | | 303,625 | |
| Capital One Financial Corp., (SOFR + 1.790%) (D), 3.273%, 3/1/30 | | | 350,000 | | | | 318,478 | |
| Cboe Global Markets, Inc., 3.65%, 1/12/27 | | | 225,000 | | | | 224,046 | |
| Charles Schwab Corp., Series H, (10 yr. CMT + 3.079%) (D), 4%, 12/1/30 | | | 550,000 | | | | 466,191 | |
| Credit Acceptance Corp. (A), 5.125%, 12/31/24 | | | 155,000 | | | | 153,142 | |
| Empower Finance LP (A), 3.075%, 9/17/51 | | | 350,000 | | | | 268,827 | |
| Fifth Third Bancorp (E), 2.55%, 5/5/27 | | | 350,000 | | | | 327,840 | |
| Fifth Third Bancorp, 4.337%, 4/25/33 | | | 350,000 | | | | 348,614 | |
| Five Corners Funding Trust II (A), 2.85%, 5/15/30 | | | 250,000 | | | | 221,620 | |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | | | 400,000 | | | | 336,532 | |
| Goldman Sachs BDC, Inc. (E), 2.875%, 1/15/26 | | | 400,000 | | | | 378,509 | |
| Goldman Sachs Group, Inc. (SOFR + 0.913%) (D), 1.948%, 10/21/27 | | | 500,000 | | | | 449,427 | |
| Huntington Bancshares, Inc. (5 yr. CMT + 1.170%) (A) (D), 2.487%, 8/15/36 | | | 700,000 | | | | 580,064 | |
| Huntington National Bank, 3.55%, 10/6/23 | | | 500,000 | | | | 502,978 | |
| Intercontinental Exchange, Inc. (E), 3.75%, 9/21/28 | | | 250,000 | | | | 246,164 | |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | | | 275,000 | | | | 235,639 | |
| Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31 | | | 450,000 | | | | 370,434 | |
| JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (D) (E), 4%, 4/1/25 | | | 600,000 | | | | 557,316 | |
| JPMorgan Chase & Co. (3 mo. USD SOFR + 0.695%) (D), 1.04%, 2/4/27 | | | 650,000 | | | | 579,230 | |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | | | 250,000 | | | | 198,653 | |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | | | 150,000 | | | | 121,925 | |
| M&T Bank Corp., 3.55%, 7/26/23 | | | 250,000 | | | | 251,131 | |
| MetLife, Inc., Series G, (5 yr. CMT + 3.576%) (D) (E), 3.85%, 9/15/25 | | | 350,000 | | | | 335,583 | |
| Morgan Stanley, (SOFR + 1.990%) (D), 2.188%, 4/28/26 | | | 175,000 | | | | 165,137 | |
| Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32 | | | 500,000 | | | | 403,266 | |
| MPT Operating Partnership LP/MPT Finance Corp., 5%, 10/15/27 | | | 250,000 | | | | 239,878 | |
| NASDAQ, Inc., 1.65%, 1/15/31 | | | 750,000 | | | | 603,100 | |
| Old Republic International Corp., 3.85%, 6/11/51 | | | 300,000 | | | | 245,423 | |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | | | 250,000 | | | | 209,515 | |
| PNC Bank NA, 2.7%, 10/22/29 | | | 250,000 | | | | 224,474 | |
| Prudential Financial, Inc.(5 yr. CMT + 3.035%) (D), 3.7%, 10/1/50 | | | 250,000 | | | | 218,943 | |
| Public Storage, 1.95%, 11/9/28 | | | 250,000 | | | | 222,384 | |
| Regions Financial Corp. (E), 1.8%, 8/12/28 | | | 500,000 | | | | 434,957 | |
| SBA Communications Corp., 3.875%, 2/15/27 | | | 350,000 | | | | 332,220 | |
| State Street Corp. (SOFR + 1.490%) (D), 3.031%, 11/1/34 | | | 250,000 | | | | 228,218 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| STORE Capital Corp., 4.5%, 3/15/28 | | | 500,000 | | | $ | 501,686 | |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | | | 300,000 | | | | 241,146 | |
| Truist Bank, 2.25%, 3/11/30 | | | 325,000 | | | | 281,160 | |
| Truist Financial Corp., (SOFR + 0.609%) (D), 1.267%, 3/2/27 | | | 500,000 | | | | 454,678 | |
| Wells Fargo & Co., (SOFR + 2.000%) (D), 2.188%, 4/30/26 | | | 350,000 | | | | 330,789 | |
| Wells Fargo & Co., (SOFR + 2.100%) (D), 2.393%, 6/2/28 | | | 250,000 | | | | 227,655 | |
| Welltower, Inc., 2.05%, 1/15/29 | | | 500,000 | | | | 434,611 | |
| Weyerhaeuser Co., 3.375%, 3/9/33 | | | 300,000 | | | | 271,019 | |
| | | | | | | | 18,429,707 | |
| Health Care - 2.2% | | | | | | | | |
| AbbVie, Inc., 3.75%, 11/14/23 | | | 400,000 | | | | 404,351 | |
| Baxter International, Inc. (A), 2.272%, 12/1/28 | | | 400,000 | | | | 356,599 | |
| Centene Corp., 2.45%, 7/15/28 | | | 500,000 | | | | 436,275 | |
| Cigna Corp., 4.9%, 12/15/48 | | | 500,000 | | | | 497,697 | |
| CVS Health Corp., 5.125%, 7/20/45 | | | 500,000 | | | | 501,585 | |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | | | 250,000 | | | | 215,716 | |
| Humana, Inc., 1.35%, 2/3/27 | | | 250,000 | | | | 221,001 | |
| PerkinElmer, Inc., 0.55%, 9/15/23 | | | 425,000 | | | | 411,490 | |
| UnitedHealth Group, Inc. (E), 2.3%, 5/15/31 | | | 300,000 | | | | 263,081 | |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | | | 250,000 | | | | 223,761 | |
| Viatris, Inc., 2.7%, 6/22/30 | | | 400,000 | | | | 330,646 | |
| Zoetis, Inc., 3%, 5/15/50 | | | 250,000 | | | | 197,763 | |
| | | | | | | | 4,059,965 | |
| Industrials - 3.7% | | | | | | | | |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | | | 600,000 | | | | 489,655 | |
| Ball Corp., 4.875%, 3/15/26 | | | 475,000 | | | | 476,187 | |
| Block, Inc. (A), 2.75%, 6/1/26 | | | 450,000 | | | | 410,409 | |
| Boeing Co., 2.196%, 2/4/26 | | | 400,000 | | | | 364,884 | |
| Boeing Co., 3.625%, 2/1/31 | | | 350,000 | | | | 314,944 | |
| Boeing Co., 5.805%, 5/1/50 | | | 350,000 | | | | 352,029 | |
| Carlisle Cos., Inc., 3.5%, 12/1/24 | | | 500,000 | | | | 497,567 | |
| Carrier Global Corp., 3.577%, 4/5/50 | | | 200,000 | | | | 160,960 | |
| Howmet Aerospace, Inc., 5.125%, 10/1/24 | | | 200,000 | | | | 203,500 | |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | | | 500,000 | | | | 372,363 | |
| Otis Worldwide Corp., 2.565%, 2/15/30 | | | 350,000 | | | | 307,271 | |
| Quanta Services, Inc., 2.9%, 10/1/30 | | | 500,000 | | | | 436,770 | |
| TD SYNNEX Corp. (A), 1.75%, 8/9/26 | | | 500,000 | | | | 449,540 | |
| TD SYNNEX Corp. (A), 2.65%, 8/9/31 | | | 250,000 | | | | 203,918 | |
| Textron, Inc., 2.45%, 3/15/31 | | | 250,000 | | | | 212,629 | |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | | | 475,000 | | | | 473,219 | |
| Vulcan Materials Co., 3.5%, 6/1/30 | | | 150,000 | | | | 142,467 | |
| WRKCo, Inc., 3.9%, 6/1/28 | | | 700,000 | | | | 684,209 | |
| WRKCo, Inc., 3%, 6/15/33 | | | 300,000 | | | | 261,729 | |
| | | | | | | | 6,814,250 | |
| | | | | | | | | |
| Information Technology - 2.7% | | | | | | | | |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | | | 12,000 | | | | 9,491 | |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | | | 87,000 | | | | 116,379 | |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | | | 625,000 | | | | 442,165 | |
| Fiserv, Inc., 3.5%, 7/1/29 | | | 750,000 | | | | 699,140 | |
| Gartner, Inc. (A), 4.5%, 7/1/28 | | | 400,000 | | | | 383,366 | |
| HP, Inc., 2.65%, 6/17/31 | | | 600,000 | | | | 497,546 | |
| Intuit, Inc., 1.65%, 7/15/30 | | | 250,000 | | | | 208,692 | |
| Lam Research Corp., 1.9%, 6/15/30 | | | 200,000 | | | | 171,084 | |
| Marvell Technology, Inc., 4.2%, 6/22/23 | | | 500,000 | | | | 504,737 | |
| Oracle Corp., 3.95%, 3/25/51 | | | 750,000 | | | | 571,463 | |
| Salesforce, Inc. (E), 2.9%, 7/15/51 | | | 500,000 | | | | 392,767 | |
| VMware, Inc., 2.2%, 8/15/31 | | | 500,000 | | | | 407,388 | |
| Vontier Corp., 1.8%, 4/1/26 | | | 300,000 | | | | 266,862 | |
| Workday, Inc., 3.7%, 4/1/29 | | | 300,000 | | | | 286,801 | |
| | | | | | | | 4,957,881 | |
| Materials - 0.6% | | | | | | | | |
| Arconic Corp. (A), 6%, 5/15/25 | | | 250,000 | | | | 250,852 | |
| EI du Pont de Nemours & Co., 1.7%, 7/15/25 | | | 150,000 | | | | 141,613 | |
| International Flavors & Fragrances, Inc. (A), 3.468%, 12/1/50 | | | 500,000 | | | | 388,038 | |
| LYB International Finance III LLC, 3.625%, 4/1/51 | | | 400,000 | | | | 322,354 | |
| | | | | | | | 1,102,857 | |
| Utilities - 1.9% | | | | | | | | |
| AES Corp., 1.375%, 1/15/26 | | | 750,000 | | | | 672,395 | |
| Berkshire Hathaway Energy Co. (E), 1.65%, 5/15/31 | | | 350,000 | | | | 286,935 | |
| Duke Energy Corp., 3.75%, 9/1/46 | | | 500,000 | | | | 415,499 | |
| Florida Power & Light Co., 2.875%, 12/4/51 | | | 700,000 | | | | 550,020 | |
| Interstate Power & Light Co., 3.5%, 9/30/49 | | | 250,000 | | | | 210,310 | |
| NextEra Energy Capital Holdings, Inc., 1.9%, 6/15/28 | | | 600,000 | | | | 531,865 | |
| PECO Energy Co., 3.05%, 3/15/51 | | | 750,000 | | | | 599,699 | |
| Wisconsin Electric Power Co., 1.7%, 6/15/28 | | | 300,000 | | | | 265,242 | |
| | | | | | | | 3,531,965 | |
| | | | | | | | | |
| Total Corporate Notes and Bonds (Cost $64,240,179) | | | | | | | 57,895,301 | |
| FOREIGN CORPORATE BONDS - 2.3% | | | | | | | | |
| Communication Services - 0.4% | | | | | | | | |
| Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | | | 500,000 | | | | 415,030 | |
| Vodafone Group PLC, 5%, 5/30/38 | | | 250,000 | | | | 248,923 | |
| | | | | | | | 663,953 | |
| Consumer Discretionary - 0.1% | | | | | | | | |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.75%, 10/20/28 | | | 250,000 | | | | 247,986 | |
| Financials - 0.9% | | | | | | | | |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | | | 500,000 | | | | 444,824 | |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | | | 250,000 | | | | 242,562 | |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | | | 500,000 | | | | 446,643 | |
| Royal Bank of Canada, 1.15%, 6/10/25 | | | 250,000 | | | | 230,843 | |
| UBS Group AG (5 yr. CMT + 3.313%) (A) (D), 4.375%, 2/10/31 | | | 400,000 | | | | 333,880 | |
| | | | | | | | 1,698,752 | |
| Health Care - 0.7% | | | | | | | | |
| Royalty Pharma PLC, 2.2%, 9/2/30 | | | 500,000 | | | | 417,658 | |
| Royalty Pharma PLC, 3.55%, 9/2/50 | | | 500,000 | | | | 369,047 | |
| STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | | | 500,000 | | | | 408,603 | |
| | | | | | | | 1,195,308 | |
| Information Technology - 0.2% | | | | | | | | |
| Analog Devices, Inc. (E), 1.7%, 10/1/28 | | | 500,000 | | | | 438,504 | |
Total Foreign Corporate Bonds
(Cost $4,845,017) | | | | | | | 4,244,503 | |
| MORTGAGE BACKED SECURITIES - 11.9% | | | | | | | | |
| Fannie Mae - 7.1% | | | | | | | | |
| 3%, 9/1/30 Pool # 890696 | | | 372,478 | | | | 370,956 | |
| 3%, 12/1/30 Pool # AL8924 | | | 186,355 | | | | 185,150 | |
| 7%, 11/1/31 Pool # 607515 | | | 4,176 | | | | 4,424 | |
| 3.5%, 12/1/31 Pool # MA0919 | | | 122,109 | | | | 121,758 | |
| 6.5%, 3/1/32 Pool # 631377 | | | 14,761 | | | | 15,684 | |
| 6.5%, 5/1/32 Pool # 636758 | | | 885 | | | | 941 | |
| 7%, 5/1/32 Pool # 644591 | | | 423 | | | | 433 | |
| 6.5%, 6/1/32 Pool # 545691 | | | 25,858 | | | | 27,787 | |
| 3.5%, 8/1/32 Pool # MA3098 | | | 161,099 | | | | 162,224 | |
| 3.5%, 9/1/32 Pool # MA3126 | | | 111,501 | | | | 112,229 | |
| 5.5%, 11/1/33 Pool # 555880 | | | 32,301 | | | | 34,047 | |
| 5%, 5/1/34 Pool # 780890 | | | 14,064 | | | | 14,906 | |
| 4%, 2/1/35 Pool # MA2177 | | | 299,561 | | | | 304,463 | |
| 5%, 8/1/35 Pool # 829670 | | | 32,507 | | | | 34,144 | |
| 5%, 9/1/35 Pool # 820347 | | | 47,018 | | | | 50,110 | |
| 5%, 9/1/35 Pool # 835699 | | | 39,253 | | | | 41,045 | |
| 3.5%, 12/1/35 Pool # MA2473 | | | 283,710 | | | | 282,026 | |
| 4.5%, 12/1/35 Pool # 745147 | | | 4,963 | | | | 5,175 | |
| 5%, 12/1/35 Pool # 850561 | | | 12,022 | | | | 12,691 | |
| 6%, 11/1/36 Pool # 902510 | | | 36,085 | | | | 39,869 | |
| 6%, 10/1/37 Pool # 947563 | | | 41,516 | | | | 45,882 | |
| 6.5%, 12/1/37 Pool # 889072 | | | 28,934 | | | | 31,584 | |
| 6.5%, 8/1/38 Pool # 987711 | | | 61,298 | | | | 67,415 | |
| 3%, 11/1/39 Pool # MA3831 | | | 119,133 | | | | 114,169 | |
| 4%, 9/1/40 Pool # AE3039 | | | 305,849 | | | | 310,365 | |
| 4%, 1/1/41 Pool # AB2080 | | | 223,252 | | | | 226,035 | |
| 2.5%, 5/1/41 Pool # MA4334 | | | 1,441,987 | | | | 1,338,839 | |
| 5.5%, 7/1/41 Pool # AL6588 | | | 221,819 | | | | 236,000 | |
| 4%, 9/1/41 Pool # AJ1406 | | | 113,225 | | | | 114,451 | |
| 4%, 10/1/41 Pool # AJ4046 | | | 312,037 | | | | 318,349 | |
| 3.5%, 11/1/41 Pool # AB3867 | | | 114,473 | | | | 113,291 | |
| 2.5%, 3/1/42 Pool # MA4571 | | | 1,984,487 | | | | 1,841,349 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| 2.5%, 3/1/42 Pool # CB3076 | | | 744,528 | | | $ | 693,560 | |
| 4%, 3/1/42 Pool # AL1998 | | | 472,522 | | | | 479,745 | |
| 3.5%, 6/1/42 Pool # AO4134 | | | 510,991 | | | | 504,833 | |
| 3.5%, 8/1/42 Pool # AP2133 | | | 238,682 | | | | 235,809 | |
| 3%, 9/1/42 Pool # AP6568 | | | 59,121 | | | | 56,715 | |
| 3.5%, 9/1/42 Pool # AB6228 | | | 155,230 | | | | 153,635 | |
| 4%, 10/1/42 Pool # AP7363 | | | 315,585 | | | | 319,502 | |
| 3.5%, 1/1/43 Pool # AQ9326 | | | 299,319 | | | | 295,710 | |
| 3%, 2/1/43 Pool # AL3072 | | | 497,562 | | | | 480,308 | |
| 3.5%, 3/1/43 Pool # AT0310 | | | 248,618 | | | | 246,061 | |
| 3.5%, 4/1/43 Pool # AT2887 | | | 229,980 | | | | 227,615 | |
| 4%, 1/1/45 Pool # AS4257 | | | 75,081 | | | | 76,013 | |
| 4.5%, 10/1/46 Pool # MA2783 | | | 43,030 | | | | 44,302 | |
| 3%, 1/1/47 Pool # BE0108 | | | 385,527 | | | | 370,121 | |
| 2.5%, 12/1/47 Pool # FM3165 | | | 773,419 | | | | 711,800 | |
| 3%, 8/1/48 Pool # FS0517 | | | 944,328 | | | | 906,892 | |
| 4%, 11/1/50 Pool # FM5530 | | | 685,930 | | | | 684,138 | |
| | | | | | | | 13,064,550 | |
| Freddie Mac - 4.8% | | | | | | | | |
| 4.5%, 2/1/25 Pool # J11722 | | | 25,155 | | | | 25,697 | |
| 4.5%, 5/1/25 Pool # J12247 | | | 56,452 | | | | 57,799 | |
| 8%, 6/1/30 Pool # C01005 | | | 325 | | | | 357 | |
| 6.5%, 1/1/32 Pool # C62333 | | | 15,873 | | | | 16,882 | |
| 2.5%, 2/1/32 Pool # ZS8641 | | | 260,551 | | | | 254,379 | |
| 3.5%, 8/1/32 Pool # C91485 | | | 140,139 | | | | 139,854 | |
| 4%, 5/1/33 Pool # G18693 | | | 261,916 | | | | 268,735 | |
| 4.5%, 6/1/34 Pool # C01856 | | | 183,421 | | | | 191,548 | |
| 2.5%, 6/1/35 Pool # RC1421 | | | 386,401 | | | | 370,855 | |
| 6.5%, 11/1/36 Pool # C02660 | | | 4,009 | | | | 4,389 | |
| 5.5%, 1/1/37 Pool # G04593 | | | 114,454 | | | | 121,843 | |
| 5.5%, 11/1/37 Pool # A68787 | | | 75,055 | | | | 80,235 | |
| 5.5%, 12/1/38 Pool # G05267 | | | 188,267 | | | | 200,436 | |
| 4.5%, 8/1/39 Pool # G08361 | | | 186,704 | | | | 195,021 | |
| 3.5%, 11/1/40 Pool # G06168 | | | 169,904 | | | | 168,297 | |
| 2%, 3/1/41 Pool # RB5105 | | | 1,085,469 | | | | 977,831 | |
| 2.5%, 6/1/41 Pool # SC0151 | | | 928,413 | | | | 863,134 | |
| 4%, 10/1/41 Pool # Q04092 | | | 346,065 | | | | 350,272 | |
| 4.5%, 3/1/42 Pool # G07491 | | | 209,097 | | | | 218,240 | |
| 3%, 9/1/42 Pool # C04233 | | | 293,121 | | | | 283,168 | |
| 3%, 2/1/43 Pool # Q15767 | | | 203,524 | | | | 196,199 | |
| 3%, 4/1/43 Pool # V80025 | | | 212,476 | | | | 204,201 | |
| 3%, 4/1/43 Pool # V80026 | | | 209,284 | | | | 202,044 | |
| 3.5%, 8/1/44 Pool # Q27927 | | | 234,639 | | | | 232,417 | |
| 3%, 7/1/45 Pool # G08653 | | | 333,701 | | | | 321,046 | |
| 3.5%, 8/1/45 Pool # Q35614 | | | 253,037 | | | | 249,991 | |
| 3%, 11/1/45 Pool # G08675 | | | 273,493 | | | | 262,873 | |
| 3%, 1/1/46 Pool # G08686 | | | 350,991 | | | | 337,357 | |
| 3%, 10/1/46 Pool # G60722 | | | 373,502 | | | | 358,820 | |
| 3.5%, 11/1/47 Pool # Q52079 | | | 302,279 | | | | 297,261 | |
| 2.5%, 4/1/48 Pool # QA2240 | | | 931,373 | | | | 856,870 | |
| 3%, 7/1/49 Pool # QA1033 | | | 424,244 | | | | 402,218 | |
| | | | | | | | 8,710,269 | |
| Ginnie Mae - 0.0% | | | | | | | | |
| 6.5%, 2/20/29 Pool # 2714 | | | 4,171 | | | | 4,451 | |
| 6.5%, 4/20/31 Pool # 3068 | | | 2,071 | | | | 2,232 | |
| 4%, 4/15/39 Pool # 698089 | | | 13,299 | | | | 13,755 | |
| | | | | | | | 20,438 | |
| | | | | | | | | |
| Total Mortgage Backed Securities (Cost $22,961,000) | | | | | | | 21,795,257 | |
| U.S. GOVERNMENT AND AGENCY | | | | | | | | |
| OBLIGATIONS - 35.9% | | | | | | | | |
| U.S. Treasury Bonds - 9.1% | | | | | | | | |
| 6.625%, 2/15/27 | | $ | 2,000,000 | | | | 2,326,016 | |
| 5.375%, 2/15/31 | | | 1,250,000 | | | | 1,490,674 | |
| 4.500%, 5/15/38 | | | 1,250,000 | | | | 1,498,389 | |
| 2.250%, 5/15/41 | | | 4,250,000 | | | | 3,692,353 | |
| 3.750%, 8/15/41 | | | 1,000,000 | | | | 1,087,656 | |
| 3.000%, 5/15/45 | | | 1,000,000 | | | | 970,430 | |
| 3.000%, 5/15/47 | | | 750,000 | | | | 734,707 | |
| 3.375%, 11/15/48 | | | 500,000 | | | | 531,191 | |
| 1.250%, 5/15/50 | | | 3,250,000 | | | | 2,177,500 | |
| 1.875%, 2/15/51 | | | 2,750,000 | | | | 2,165,625 | |
| | | | | | | | 16,674,541 | |
| U.S. Treasury Notes - 26.8% | | | | | | | | |
| 2.750%, 2/15/24 | | | 5,500,000 | | | | 5,510,312 | |
| 2.250%, 12/31/24 | | | 6,000,000 | | | | 5,907,187 | |
| 2.250%, 11/15/25 | | | 7,000,000 | | | | 6,842,773 | |
| 0.375%, 1/31/26 | | | 5,500,000 | | | | 5,002,852 | |
| 1.500%, 8/15/26 | | | 5,000,000 | | | | 4,709,375 | |
| 2.375%, 5/15/27 | | | 3,750,000 | | | | 3,652,881 | |
| 2.875%, 5/15/28 | | | 2,250,000 | | | | 2,239,717 | |
| 2.625%, 2/15/29 | | | 6,000,000 | | | | 5,883,516 | |
| 0.625%, 8/15/30 | | | 5,000,000 | | | | 4,167,187 | |
| 1.375%, 11/15/31 | | | 5,750,000 | | | | 5,028,555 | |
| | | | | | | | 48,944,355 | |
| | | | | | | | | |
Total U.S. Government and Agency Obligations
(Cost $70,443,207) | | | | | | | 65,618,896 | |
| | | Shares | | | | |
| SHORT-TERM INVESTMENTS - 2.2% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (G) | | | 1,720,618 | | | | 1,720,618 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (G) (H) | | | 2,316,835 | | | | 2,316,835 | |
Total Short-Term Investments
(Cost $4,037,453) | | | | | | | 4,037,453 | |
| TOTAL INVESTMENTS - 100.1% (Cost $197,603,086**) | | | | | | | 182,965,933 | |
| NET OTHER ASSETS AND LIABILITIES - (0.1%) | | | | | | | (194,337 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 182,771,596 | |
| ** | Aggregate cost for Federal tax purposes was $197,800,931. |
| (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) | Stepped rate security. Rate shown is as of April 30, 2022. |
| (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) | Floating rate or variable rate note. Rate shown is as of April 30, 2022. |
| (E) | All or a portion of these securities, with an aggregate fair value of $2,266,611, are on loan as part of a securities lending program. See footnote (H) and Note 11 for details on the securities lending program. |
| (F) | Restricted. The aggregate cost of such securities is $500,000. The aggregate value is $ 485,000, representing 0.3% of net assets. |
| (G) | 7-day yield. |
| (H) | Represents investments of cash collateral received in connection with securities lending. |
| CMT | Constant Maturity Treasury. |
| DAC | Designated Activity Company. |
| FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. |
| IO | Interest Only. |
| LLC | Limited Liability Company. |
| LP | Limited Partnership. |
| PLC | Public Limited Company. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| SOFR30A | 30-day SOFR Average. |
| STACR | Structured Agency Credit Risk. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Diversified Income Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 67.6% | | | | | | | | |
| Communication Services - 4.2% | | | | | | | | |
| Comcast Corp., Class A | | | 95,550 | | | $ | 3,799,068 | |
| Verizon Communications, Inc. | | | 76,350 | | | | 3,535,005 | |
| | | | | | | | 7,334,073 | |
| Consumer Discretionary - 5.4% | | | | | | | | |
| Home Depot, Inc. | | | 13,300 | | | | 3,995,320 | |
| McDonald’s Corp. | | | 16,650 | | | | 4,148,514 | |
| Starbucks Corp. | | | 18,950 | | | | 1,414,428 | |
| | | | | | | | 9,558,262 | |
| Consumer Staples - 7.6% | | | | | | | | |
| Archer-Daniels-Midland Co. | | | 37,950 | | | | 3,398,802 | |
| Coca-Cola Co. | | | 32,650 | | | | 2,109,516 | |
| Colgate-Palmolive Co. | | | 21,350 | | | | 1,645,018 | |
| PepsiCo, Inc. | | | 20,600 | | | | 3,537,226 | |
| Procter & Gamble Co. | | | 17,100 | | | | 2,745,405 | |
| | | | | | | | 13,435,967 | |
| Energy - 4.5% | | | | | | | | |
| Baker Hughes Co. | | | 113,900 | | | | 3,533,178 | |
| EOG Resources, Inc. | | | 27,700 | | | | 3,234,252 | |
| Kinder Morgan, Inc. | | | 65,500 | | | | 1,188,825 | |
| | | | | | | | 7,956,255 | |
| Financials - 11.9% | | | | | | | | |
| Aflac, Inc. | | | 56,350 | | | | 3,227,728 | |
| BlackRock, Inc. | | | 3,825 | | | | 2,389,401 | |
| CME Group, Inc. | | | 17,600 | | | | 3,860,384 | |
| JPMorgan Chase & Co. | | | 21,875 | | | | 2,611,000 | |
| Northern Trust Corp. | | | 20,850 | | | | 2,148,593 | |
| Travelers Cos., Inc., Series A | | | 29,625 | | | | 5,067,652 | |
| U.S. Bancorp | | | 31,950 | | | | 1,551,492 | |
| | | | | | | | 20,856,250 | |
| Health Care - 14.3% | | | | | | | | |
| AmerisourceBergen Corp. | | | 20,750 | | | | 3,139,268 | |
| Bristol-Myers Squibb Co. | | | 69,750 | | | | 5,250,082 | |
| CVS Health Corp. | | | 49,100 | | | | 4,719,983 | |
| Johnson & Johnson | | | 28,900 | | | | 5,215,294 | |
| Medtronic PLC | | | 36,850 | | | | 3,845,666 | |
| Pfizer, Inc. | | | 60,900 | | | | 2,988,363 | |
| | | | | | | | 25,158,656 | |
| Industrials - 7.3% | | | | | | | | |
| Emerson Electric Co. | | | 21,550 | | | | 1,943,379 | |
| Fastenal Co. | | | 45,900 | | | | 2,538,729 | |
| Honeywell International, Inc. | | | 16,200 | | | | 3,134,862 | |
| PACCAR, Inc. | | | 38,050 | | | | 3,160,052 | |
| Union Pacific Corp. | | | 9,200 | | | | 2,155,468 | |
| | | | | | | | 12,932,490 | |
| | | | | | | | | |
| Information Technology - 6.4% | | | | | | | | |
| Analog Devices, Inc. | | | 8,175 | | | | 1,262,057 | |
| Automatic Data Processing, Inc. | | | 6,950 | | | | 1,516,351 | |
| Cisco Systems, Inc. | | | 76,100 | | | | 3,727,378 | |
| Paychex, Inc. | | | 11,725 | | | | 1,485,909 | |
| Texas Instruments, Inc. | | | 19,000 | | | | 3,234,750 | |
| | | | | | | | 11,226,445 | |
| Materials - 1.9% | | | | | | | | |
| Newmont Corp. | | | 15,200 | | | | 1,107,320 | |
| Nucor Corp. | | | 14,050 | | | | 2,174,659 | |
| | | | | | | | 3,281,979 | |
| Real Estate - 1.6% | | | | | | | | |
| American Tower Corp., REIT | | | 11,600 | | | | 2,795,832 | |
| | | | | | | | | |
| Utilities - 2.5% | | | | | | | | |
| Dominion Energy, Inc. | | | 54,800 | | | | 4,473,872 | |
Total Common Stocks
(Cost $86,968,119) | | | | | | | 119,010,081 | |
| | | Par Value | | | | |
| ASSET BACKED SECURITIES - 1.1% | | | | | | | | |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | | | 160,332 | | | | 158,350 | |
| Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31 | | | 100,000 | | | | 100,079 | |
| Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32 | | | 52,289 | | | | 51,913 | |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | | | 130,000 | | | | 130,729 | |
| Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24 | | | 56,120 | | | | 56,169 | |
| Dell Equipment Finance Trust, Series 2021-1, Class A3 (A), 0.43%, 5/22/26 | | | 140,000 | | | | 136,702 | |
| Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | | | 123,796 | | | | 121,111 | |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | | | 82,161 | | | | 82,150 | |
| GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | | | 150,000 | | | | 150,477 | |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | | | 173,562 | | | | 169,663 | |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | | | 173,376 | | | | 167,633 | |
| LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | | | 177,723 | | | | 173,492 | |
| Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24 | | | 102,469 | | | | 102,179 | |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | | | 150,000 | | | | 146,415 | |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | | | 91,667 | | | | 91,758 | |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | | | 100,000 | | | | 99,388 | |
Total Asset Backed Securities
(Cost $1,973,484) | | | | | | | 1,938,208 | |
| COLLATERALIZED MORTGAGE | | | | | | | | |
| OBLIGATIONS - 1.6% | | | | | | | | |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51 | | | 151,373 | | | | 142,598 | |
| Federal Home Loan Mortgage Corp. REMICS, Series 3187, Class Z, 5%, 7/15/36 | | | 105,269 | | | | 109,637 | |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 1.039%, 10/25/33 | | | 158,360 | | | | 156,762 | |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (C), 0.939%, 1/25/34 | | | 1,427 | | | | 1,424 | |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C), 1.289%, 12/25/41 | | | 170,982 | | | | 169,012 | |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | | | 81,926 | | | | 81,707 | |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | | | 115,102 | | | | 116,470 | |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | | | 41,918 | | | | 45,053 | |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | | | 1,002,645 | | | | 168,688 | |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | | | 32,427 | | | | 32,438 | |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41 | | | 91,725 | | | | 85,662 | |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51 | | | 179,920 | | | | 159,297 | |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | | | 34,200 | | | | 32,837 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51 | | | 205,711 | | | $ | 181,379 | |
| JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51 | | | 116,764 | | | | 103,221 | |
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51 | | | 290,724 | | | | 269,170 | |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50 | | | 62,132 | | | | 57,828 | |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | | | 2,877 | | | | 2,865 | |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51 | | | 207,996 | | | | 192,575 | |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51 | | | 191,457 | | | | 176,903 | |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52 | | | 196,840 | | | | 181,385 | |
| Sequoia Mortgage Trust, Series 2013- 7, Class A2 (B) (C), 3%, 6/25/43 | | | 156,171 | | | | 147,405 | |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63 | | | 116,760 | | | | 111,998 | |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49 | | | 30,024 | | | | 29,790 | |
Total Collateralized Mortgage
Obligations
(Cost $2,921,590) | | | | | | | 2,756,104 | |
| COMMERCIAL MORTGAGE-BACKED | | | | | | | | |
| SECURITIES - 1.0% | | | | | | | | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | | | 175,667 | | | | 174,386 | |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | | | 600,000 | | | | 598,883 | |
| Federal National Mortgage Association-Aces, Series 2013-M12, Class APT (B) (C), 2.478%, 3/25/23 | | | 159,106 | | | | 158,320 | |
| Federal National Mortgage Association-Aces, Series 2017-M15, Class A1 (B) (C), 3.057%, 9/25/27 | | | 197,683 | | | | 197,794 | |
| Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.209%, 11/25/27 | | | 236,373 | | | | 233,403 | |
| FREMF Mortgage Trust, Series 2015- K721, Class B (A) (B) (C), 3.708%, 11/25/47 | | | 250,000 | | | | 250,691 | |
| FREMF Mortgage Trust, Series 2015- K44, Class B, (A) (B) (C), 3.795%, 1/25/48 | | | 240,000 | | | | 236,682 | |
| GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | | | 534,000 | | | | - | |
| | | | | | | | | |
Total Commercial Mortgage-Backed Securities
(Cost $1,872,943) | | | | | | | 1,850,159 | |
| CORPORATE NOTES AND BONDS - 9.8% | | | | | | | | |
| Communication Services - 1.3% | | | | | | | | |
| Amazon.com, Inc. (D), 1.65%, 5/12/28 | | | 350,000 | | | | 311,653 | |
| AT&T, Inc. (D), 2.25%, 2/1/32 | | | 150,000 | | | | 125,009 | |
| AT&T, Inc., 4.75%, 5/15/46 | | | 200,000 | | | | 198,744 | |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | | | 200,000 | | | | 203,652 | |
| Comcast Corp., 4.15%, 10/15/28 | | | 275,000 | | | | 277,151 | |
| Discovery Communications LLC, 5%, 9/20/37 | | | 250,000 | | | | 236,108 | |
| eBay, Inc., 1.9%, 3/11/25 | | | 50,000 | | | | 47,630 | |
| eBay, Inc. (D), 2.6%, 5/10/31 | | | 250,000 | | | | 216,744 | |
| Expedia Group, Inc., 3.25%, 2/15/30 | | | 200,000 | | | | 178,592 | |
| Magallanes, Inc. (A), 5.141%, 3/15/52 | | | 75,000 | | | | 67,323 | |
| Magallanes, Inc. (A), 5.391%, 3/15/62 | | | 50,000 | | | | 44,521 | |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | | | 100,000 | | | | 93,000 | |
| Verizon Communications, Inc., 4.329%, 9/21/28 | | | 150,000 | | | | 150,792 | |
| Verizon Communications, Inc., 3.875%, 2/8/29 | | | 100,000 | | | | 98,797 | |
| | | | | | | | 2,249,716 | |
| Consumer Discretionary - 0.7% | | | | | | | | |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | | | 100,000 | | | | 80,946 | |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | | | 100,000 | | | | 102,031 | |
| Home Depot, Inc., 3.35%, 4/15/50 | | | 100,000 | | | | 84,282 | |
| Lowe’s Cos., Inc., 3%, 10/15/50 | | | 250,000 | | | | 185,731 | |
| Lowe’s Cos., Inc., 4.25%, 4/1/52 | | | 125,000 | | | | 112,695 | |
| McDonald’s Corp., 2.125%, 3/1/30 | | | 50,000 | | | | 43,336 | |
| McDonald’s Corp., 4.875%, 12/9/45 | | | 300,000 | | | | 303,662 | |
| Southwest Airlines Co., 5.25%, 5/4/25 | | | 50,000 | | | | 51,713 | |
| Southwest Airlines Co., 5.125%, 6/15/27 | | | 200,000 | | | | 207,516 | |
| Tractor Supply Co., 1.75%, 11/1/30 | | | 125,000 | | | | 101,456 | |
| | | | | | | | 1,273,368 | |
| Consumer Staples - 0.5% | | | | | | | | |
| Conagra Brands, Inc., 0.5%, 8/11/23 | | | 150,000 | | | | 145,091 | |
| Hormel Foods Corp., 1.8%, 6/11/30 | | | 100,000 | | | | 84,783 | |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | | | 75,000 | | | | 63,156 | |
| Mars, Inc. (A) (D), 2.375%, 7/16/40 | | | 250,000 | | | | 188,248 | |
| Mars, Inc. (A), 3.95%, 4/1/49 | | | 200,000 | | | | 187,610 | |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | | | 50,000 | | | | 48,432 | |
| Sysco Corp., 5.95%, 4/1/30 | | | 67,000 | | | | 73,079 | |
| | | | | | | | 790,399 | |
| Energy - 1.7% | | | | | | | | |
| BP Capital Markets America, Inc., 3.119%, 5/4/26 | | | 200,000 | | | | 195,676 | |
| ConocoPhillips Co., 4.15%, 11/15/34 | | | 129,000 | | | | 123,880 | |
| Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29 | | | 150,000 | | | | 136,734 | |
| Energy Transfer LP, 5.25%, 4/15/29 | | | 75,000 | | | | 76,246 | |
| Enterprise Products Operating LLC, 3.75%, 2/15/25 | | | 300,000 | | | | 300,651 | |
| Exxon Mobil Corp., 4.114%, 3/1/46 | | | 125,000 | | | | 119,392 | |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | | | 200,000 | | | | 201,554 | |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | | | 100,000 | | | | 101,543 | |
| MPLX LP, 4.8%, 2/15/29 | | | 150,000 | | | | 152,196 | |
| MPLX LP, 2.65%, 8/15/30 | | | 100,000 | | | | 86,399 | |
| Phillips 66, 2.15%, 12/15/30 | | | 200,000 | | | | 168,195 | |
| Phillips 66, 4.65%, 11/15/34 | | | 150,000 | | | | 150,036 | |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | | | 75,000 | | | | 63,332 | |
| Sabine Pass Liquefaction LLC, 4.5%, 5/15/30 | | | 200,000 | | | | 198,652 | |
| Schlumberger Holdings Corp. (A), 4%, 12/21/25 | | | 20,000 | | | | 20,068 | |
| Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | | | 292,000 | | | | 283,308 | |
| Valero Energy Corp., 6.625%, 6/15/37 | | | 250,000 | | | | 285,085 | |
| Valero Energy Corp., 4%, 6/1/52 | | | 50,000 | | | | 41,693 | |
| Valero Energy Partners LP, 4.5%, 3/15/28 | | | 300,000 | | | | 299,742 | |
| | | | | | | | 3,004,382 | |
| Financials - 3.0% | | | | | | | | |
| Air Lease Corp., 1.875%, 8/15/26 | | | 100,000 | | | | 89,099 | |
| Bank of America Corp. (3 mo. USD LIBOR + 1.090%) (C), 3.093%, 10/1/25 | | | 400,000 | | | | 392,034 | |
| Bank of America Corp., Series N, (SOFR + 0.910%) (C), 1.658%, 3/11/27 | | | 200,000 | | | | 181,244 | |
| Bank of America Corp., (5 yr. CMT + 2.000%) (C), 3.846%, 3/8/37 | | | 150,000 | | | | 133,635 | |
| Bank of New York Mellon Corp., Series I, (5 yr. CMT + 2.630%) (C), 3.75%, 12/20/26 | | | 100,000 | | | | 89,000 | |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | | | 100,000 | | | | 83,392 | |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | | | 100,000 | | | | 89,289 | |
| BlackRock, Inc. (D), 2.1%, 2/25/32 | | | 150,000 | | | | 126,916 | |
| Capital One Financial Corp., Series M, (5 yr. CMT + 3.157%) (C) (D), 3.95%, 9/1/26 | | | 100,000 | | | | 86,750 | |
| Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30 | | | 100,000 | | | | 90,994 | |
| Cboe Global Markets, Inc., 3.65%, 1/12/27 | | | 130,000 | | | | 129,449 | |
| Charles Schwab Corp., Series H, (10 yr. CMT + 3.079%) (C), 4%, 12/1/30 | | | 175,000 | | | | 148,334 | |
| Empower Finance LP (A), 3.075%, 9/17/51 | | | 100,000 | | | | 76,808 | |
| Fifth Third Bancorp (D), 2.55%, 5/5/27 | | | 125,000 | | | | 117,086 | |
| Fifth Third Bancorp, 4.337%, 4/25/33 | | | 125,000 | | | | 124,505 | |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | | | 100,000 | | | | 84,133 | |
| Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26 | | | 100,000 | | | | 94,627 | |
| Goldman Sachs Group, Inc. (SOFR + 0.913%) (C), 1.948%, 10/21/27 | | | 350,000 | | | | 314,599 | |
| Healthpeak Properties, Inc., 3.25%, 7/15/26 | | | 50,000 | | | | 48,810 | |
| Huntington Bancshares, Inc. (5 yr. CMT + 1.170%) (A) (C) (D), 2.487%, 8/15/36 | | | 200,000 | | | | 165,733 | |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | | | 50,000 | | | | 42,844 | |
| Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31 | | | 125,000 | | | | 102,898 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (C) (D), 4%, 4/1/25 | | | 250,000 | | | $ | 232,215 | |
| JPMorgan Chase & Co. (3 mo. USD SOFR + 0.695%) (C), 1.04%, 2/4/27 | | | 200,000 | | | | 178,225 | |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | | | 125,000 | | | | 99,327 | |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | | | 25,000 | | | | 20,321 | |
| Morgan Stanley, 3.875%, 1/27/26 | | | 100,000 | | | | 99,198 | |
| Morgan Stanley, (SOFR + 0.879%) (C), 1.593%, 5/4/27 | | | 100,000 | | | | 89,992 | |
| Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32 | | | 100,000 | | | | 80,653 | |
| NASDAQ, Inc. (D), 1.65%, 1/15/31 | | | 250,000 | | | | 201,033 | |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | | | 100,000 | | | | 83,806 | |
| PNC Financial Services Group, Inc., 3.45%, 4/23/29 | | | 300,000 | | | | 289,374 | |
| Prudential Financial, Inc. (5 yr. CMT + 3.035%) (C), 3.7%, 10/1/50 | | | 125,000 | | | | 109,471 | |
| Public Storage (D), 1.85%, 5/1/28 | | | 200,000 | | | | 178,232 | |
| STORE Capital Corp., 4.5%, 3/15/28 | | | 100,000 | | | | 100,337 | |
| Synchrony Financial, 3.7%, 8/4/26 | | | 150,000 | | | | 143,683 | |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | | | 100,000 | | | | 80,382 | |
| Truist Bank, 2.25%, 3/11/30 | | | 50,000 | | | | 43,255 | |
| Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27 | | | 200,000 | | | | 181,871 | |
| Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28 | | | 100,000 | | | | 91,062 | |
| Welltower, Inc. (D), 2.05%, 1/15/29 | | | 100,000 | | | | 86,922 | |
| Weyerhaeuser Co., 3.375%, 3/9/33 | | | 150,000 | | | | 135,509 | |
| | | | | | | | 5,337,047 | |
| Health Care - 0.6% | | | | | | | | |
| Centene Corp. (D), 2.45%, 7/15/28 | | | 150,000 | | | | 130,883 | |
| Cigna Corp., 4.375%, 10/15/28 | | | 50,000 | | | | 50,226 | |
| CVS Health Corp., 5.125%, 7/20/45 | | | 250,000 | | | | 250,792 | |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | | | 50,000 | | | | 43,143 | |
| PerkinElmer, Inc., 0.55%, 9/15/23 | | | 250,000 | | | | 242,053 | |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | | | 50,000 | | | | 44,752 | |
| Viatris, Inc., 2.7%, 6/22/30 | | | 125,000 | | | | 103,327 | |
| Zoetis, Inc., 3%, 9/12/27 | | | 200,000 | | | | 192,333 | |
| Zoetis, Inc., 3%, 5/15/50 | | | 100,000 | | | | 79,105 | |
| | | | | | | | 1,136,614 | |
| Industrials - 0.8% | | | | | | | | |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | | | 125,000 | | | | 102,011 | |
| Block, Inc. (A), 2.75%, 6/1/26 | | | 100,000 | | | | 91,202 | |
| Boeing Co., 2.196%, 2/4/26 | | | 100,000 | | | | 91,221 | |
| Boeing Co., 3.625%, 2/1/31 | | | 125,000 | | | | 112,480 | |
| Boeing Co., 5.805%, 5/1/50 | | | 50,000 | | | | 50,290 | |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | | | 200,000 | | | | 148,945 | |
| Otis Worldwide Corp., 2.565%, | | | | | | | | |
| 2/15/30 | | | 125,000 | | | | 109,740 | |
| Quanta Services, Inc., 2.9%, 10/1/30 | | | 150,000 | | | | 131,031 | |
| TD SYNNEX Corp. (A), 2.65%, 8/9/31 | | | 50,000 | | | | 40,783 | |
| Textron, Inc., 2.45%, 3/15/31 | | | 100,000 | | | | 85,052 | |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | | | 75,000 | | | | 74,719 | |
| Vulcan Materials Co., 3.5%, 6/1/30 | | | 100,000 | | | | 94,978 | |
| WRKCo, Inc., 3.9%, 6/1/28 | | | 250,000 | | | | 244,360 | |
| | | | | | | | 1,376,812 | |
| Information Technology - 0.5% | | | | | | | | |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | | | 10,000 | | | | 7,909 | |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | | | 19,000 | | | | 25,416 | |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | | | 150,000 | | | | 106,119 | |
| Gartner, Inc. (A), 4.5%, 7/1/28 | | | 100,000 | | | | 95,842 | |
| HP, Inc., 2.65%, 6/17/31 | | | 200,000 | | | | 165,849 | |
| Intel Corp., 3.734%, 12/8/47 | | | 272,000 | | | | 242,340 | |
| Intuit, Inc., 1.65%, 7/15/30 | | | 125,000 | | | | 104,346 | |
| Oracle Corp., 3.95%, 3/25/51 | | | 150,000 | | | | 114,293 | |
| Salesforce, Inc., 2.9%, 7/15/51 | | | 100,000 | | | | 78,553 | |
| | | | | | | | 940,667 | |
| Materials - 0.3% | | | | | | | | |
| DuPont de Nemours, Inc., 4.725%, 11/15/28 | | | 180,000 | | | | 186,179 | |
| EI du Pont de Nemours & Co. (D), 1.7%, 7/15/25 | | | 50,000 | | | | 47,204 | |
| International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27 | | | 250,000 | | | | 220,511 | |
| | | | | | | | 453,894 | |
| Utilities - 0.4% | | | | | | | | |
| AES Corp., 1.375%, 1/15/26 | | | 250,000 | | | | 224,132 | |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | | | 125,000 | | | | 102,477 | |
| Florida Power & Light Co., 2.875%, 12/4/51 | | | 150,000 | | | | 117,861 | |
| Interstate Power & Light Co. (D), 3.5%, 9/30/49 | | | 100,000 | | | | 84,124 | |
| PECO Energy Co., 3.05%, 3/15/51 | | | 193,000 | | | | 154,322 | |
| Wisconsin Electric Power Co., 1.7%, 6/15/28 | | | 100,000 | | | | 88,414 | |
| | | | | | | | 771,330 | |
Total Corporate Notes and Bonds
(Cost $18,934,205) | | | | | | | 17,334,229 | |
| FOREIGN CORPORATE BONDS - 0.7% | | | | | | | | |
| Financials - 0.4% | | | | | | | | |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | | | 150,000 | | | | 133,447 | |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | | | 150,000 | | | | 145,538 | |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | | | 150,000 | | | | 133,993 | |
| Bank of Montreal, Series E, 3.3%, 2/5/24 | | | 110,000 | | | | 110,055 | |
| UBS Group AG(5 yr. CMT + 3.313%) (A) (C), 4.375%, 2/10/31 | | | 200,000 | | | | 166,940 | |
| | | | | | | | 689,973 | |
| Health Care - 0.3% | | | | | | | | |
| Royalty Pharma PLC, 2.2%, 9/2/30 | | | 250,000 | | | | 208,829 | |
| Royalty Pharma PLC, 3.55%, 9/2/50 | | | 250,000 | | | | 184,523 | |
| STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | | | 150,000 | | | | 122,581 | |
| | | | | | | | 515,933 | |
Total Foreign Corporate Bonds
(Cost $1,388,390) | | | | | | | 1,205,906 | |
| LONG TERM MUNICIPAL BONDS - 0.3% | | | | | | | | |
| General - 0.3% | | | | | | | | |
| Hillsboro School District No 1J | | | 200,000 | | | | 205,070 | |
| Metropolitan Transportation | | | | | | | | |
| Authority Revenue | | | 325,000 | | | | 364,239 | |
| University of Massachusetts Building | | | | | | | | |
| Authority Revenue | | | 35,000 | | | | 35,097 | |
| | | | | | | | 604,406 | |
Total Long Term Municipal Bonds
(Cost $635,070) | | | | | | | 604,406 | |
| MORTGAGE BACKED SECURITIES - 3.9% | | | | | | | | |
| Fannie Mae - 2.3% | | | | | | | | |
| 3%, 9/1/30 Pool # 890696 | | | 78,100 | | | | 77,781 | |
| 3%, 12/1/30 Pool # AL8924 | | | 124,237 | | | | 123,434 | |
| 7%, 11/1/31 Pool # 607515 | | | 4,176 | | | | 4,424 | |
| 3.5%, 12/1/31 Pool # MA0919 | | | 194,535 | | | | 193,975 | |
| 7%, 5/1/32 Pool # 644591 | | | 676 | | | | 692 | |
| 3.5%, 8/1/32 Pool # MA3098 | | | 53,700 | | | | 54,075 | |
| 3.5%, 9/1/32 Pool # MA3126 | | | 45,365 | | | | 45,661 | |
| 5.5%, 10/1/33 Pool # 254904 | | | 22,642 | | | | 24,094 | |
| 4%, 2/1/35 Pool # MA2177 | | | 129,810 | | | | 131,934 | |
| 5%, 8/1/35 Pool # 829670 | | | 18,899 | | | | 19,851 | |
| 5%, 9/1/35 Pool # 820347 | | | 28,046 | | | | 29,890 | |
| 5%, 9/1/35 Pool # 835699 | | | 24,433 | | | | 25,548 | |
| 3%, 12/1/35 Pool # AS6267 | | | 93,369 | | | | 90,322 | |
| 5%, 12/1/35 Pool # 850561 | | | 7,317 | | | | 7,725 | |
| 4%, 6/1/36 Pool # AL8618 | | | 90,945 | | | | 92,211 | |
| 5.5%, 9/1/36 Pool # 831820 | | | 37,214 | | | | 39,564 | |
| 5.5%, 10/1/36 Pool # 901723 | | | 6,153 | | | | 6,430 | |
| 5.5%, 12/1/36 Pool # 903059 | | | 33,713 | | | | 35,457 | |
| 3%, 11/1/39 Pool # MA3831 | | | 59,567 | | | | 57,085 | |
| 2.5%, 5/1/41 Pool # MA4334 | | | 225,310 | | | | 209,194 | |
| 4.5%, 7/1/41 Pool # AB3274 | | | 67,631 | | | | 70,570 | |
| 5.5%, 7/1/41 Pool # AL6588 | | | 66,546 | | | | 70,800 | |
| 2.5%, 3/1/42 Pool # CB3076 | | | 248,176 | | | | 231,187 | |
| 2.5%, 3/1/42 Pool # MA4571 | | | 248,061 | | | | 230,169 | |
| 3.5%, 6/1/42 Pool # AO4134 | | | 119,763 | | | | 118,320 | |
| 4%, 6/1/42 Pool # MA1087 | | | 73,770 | | | | 74,692 | |
| 3.5%, 8/1/42 Pool # AO8100 | | | 40,867 | | | | 40,447 | |
| 3.5%, 8/1/42 Pool # AP2133 | | | 71,605 | | | | 70,743 | |
| 4%, 10/1/42 Pool # AP7363 | | | 135,251 | | | | 136,930 | |
| 3%, 2/1/43 Pool # AB8486 | | | 114,237 | | | | 110,228 | |
| 3%, 2/1/43 Pool # AB8563 | | | 75,066 | | | | 72,400 | |
| 3%, 2/1/43 Pool # AL3072 | | | 151,903 | | | | 146,635 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued
| | | Par Value | | | Value (Note 2,3) | |
| 3%, 3/1/43 Pool # AB8818 | | | 111,437 | | | $ | 107,492 | |
| 3.5%, 3/1/43 Pool # AT0310 | | | 71,034 | | | | 70,303 | |
| 4%, 1/1/45 Pool # MA2145 | | | 121,091 | | | | 122,593 | |
| 4%, 1/1/45 Pool # AS4257 | | | 39,516 | | | | 40,007 | |
| 4.5%, 2/1/45 Pool # MA2193 | | | 76,161 | | | | 79,137 | |
| 3.5%, 12/1/45 Pool # AS6309 | | | 60,807 | | | | 60,109 | |
| 3%, 1/1/47 Pool # BE0108 | | | 128,509 | | | | 123,374 | |
| 2.5%, 12/1/47 Pool # FM3165 | | | 257,806 | | | | 237,267 | |
| 3.5%, 12/1/47 Pool # MA3210 | | | 124,526 | | | | 121,997 | |
| 4%, 7/1/48 Pool # MA3415 | | | 33,049 | | | | 33,002 | |
| 3%, 8/1/48 Pool # FS0517 | | | 236,082 | | | | 226,723 | |
| 4%, 11/1/50 Pool # FM5530 | | | 228,643 | | | | 228,046 | |
| | | | | | | | 4,092,518 | |
| Freddie Mac - 1.6% | | | | | | | | |
| 4.5%, 2/1/25 Pool # J11722 | | | 6,289 | | | | 6,424 | |
| 4.5%, 5/1/25 Pool # J12247 | | | 6,048 | | | | 6,193 | |
| 8%, 6/1/30 Pool # C01005 | | | 602 | | | | 661 | |
| 6.5%, 1/1/32 Pool # C62333 | | | 23,810 | | | | 25,323 | |
| 2.5%, 2/1/32 Pool # ZS8641 | | | 173,700 | | | | 169,586 | |
| 2.5%, 6/1/35 Pool # RC1421 | | | 128,800 | | | | 123,618 | |
| 4.5%, 8/1/39 Pool # G08361 | | | 93,352 | | | | 97,510 | |
| 3.5%, 11/1/40 Pool # G06168 | | | 90,126 | | | | 89,273 | |
| 2%, 3/1/41 Pool # RB5105 | | | 434,187 | | | | 391,132 | |
| 2.5%, 6/1/41 Pool # SC0151 | | | 232,103 | | | | 215,784 | |
| 4.5%, 9/1/41 Pool # Q03516 | | | 55,687 | | | | 58,036 | |
| 4%, 10/1/41 Pool # Q04092 | | | 81,797 | | | | 82,792 | |
| 3%, 8/1/42 Pool # G08502 | | | 77,410 | | | | 74,781 | |
| 3%, 9/1/42 Pool # C04233 | | | 53,966 | | | | 52,134 | |
| 3%, 4/1/43 Pool # V80025 | | | 141,651 | | | | 136,134 | |
| 3%, 4/1/43 Pool # V80026 | | | 139,523 | | | | 134,696 | |
| 3.5%, 8/1/44 Pool # Q27927 | | | 181,845 | | | | 180,123 | |
| 3%, 7/1/45 Pool # G08653 | | | 111,234 | | | | 107,015 | |
| 3.5%, 8/1/45 Pool # Q35614 | | | 126,518 | | | | 124,996 | |
| 3%, 10/1/46 Pool # G60722 | | | 121,388 | | | | 116,616 | |
| 4%, 3/1/47 Pool # Q46801 | | | 49,382 | | | | 49,622 | |
| 3.5%, 12/1/47 Pool # Q52955 | | | 163,042 | | | | 160,389 | |
| 2.5%, 4/1/48 Pool # QA2240 | | | 206,972 | | | | 190,416 | |
| 3%, 7/1/49 Pool # QA1033 | | | 126,126 | | | | 119,578 | |
| | | | | | | | 2,712,832 | |
| | | | | | | | | |
| Ginnie Mae - 0.0% | | | | | | | | |
| 6.5%, 2/20/29 Pool # 2714 | | | 5,839 | | | | 6,232 | |
| 6.5%, 4/20/31 Pool # 3068 | | | 3,452 | | | | 3,720 | |
| | | | | | | | 9,952 | |
| Total Mortgage Backed Securities (Cost $7,179,457) | | | | | | | 6,815,302 | |
| U.S. GOVERNMENT AND AGENCY | | | | | | | | |
| OBLIGATIONS - 11.4% | | | | | | | | |
| U.S. Treasury Bonds - 2.9% | | | | | | | | |
| 6.625%, 2/15/27 | | $ | 700,000 | | | | 814,105 | |
| 2.250%, 5/15/41 | | | 1,500,000 | | | | 1,303,184 | |
| 3.750%, 8/15/41 | | | 400,000 | | | | 435,063 | |
| 3.000%, 5/15/42 | | | 400,000 | | | | 390,469 | |
| 2.500%, 2/15/45 | | | 500,000 | | | | 444,062 | |
| 2.500%, 5/15/46 | | | 200,000 | | | | 177,969 | |
| 3.000%, 2/15/48 | | | 250,000 | | | | 246,689 | |
| 1.250%, 5/15/50 | | | 1,250,000 | | | | 837,500 | |
| 1.875%, 2/15/51 | | | 500,000 | | | | 393,750 | |
| | | | | | | | 5,042,791 | |
| U.S. Treasury Notes - 8.5% | | | | | | | | |
| 2.250%, 12/31/24 | | | 2,000,000 | | | | 1,969,062 | |
| 2.000%, 8/15/25 | | | 2,000,000 | | | | 1,943,047 | |
| 2.250%, 11/15/25 | | | 2,000,000 | | | | 1,955,078 | |
| 0.375%, 1/31/26 | | | 1,500,000 | | | | 1,364,414 | |
| 1.500%, 8/15/26 | | | 1,500,000 | | | | 1,412,813 | |
| 0.375%, 9/30/27 | | | 1,000,000 | | | | 872,305 | |
| 2.875%, 5/15/28 | | | 750,000 | | | | 746,572 | |
| 2.625%, 2/15/29 | | | 2,000,000 | | | | 1,961,172 | |
| 0.625%, 8/15/30 | | | 1,750,000 | | | | 1,458,516 | |
| 1.375%, 11/15/31 | | | 1,500,000 | | | | 1,311,797 | |
| | | | | | | | 14,994,776 | |
| | | | | | | | |
Total U.S. Government and Agency Obligations
(Cost $21,569,394) | | | | | | | 20,037,567 | |
| | | Shares | | | | |
| SHORT-TERM INVESTMENTS - 2.6% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (E) | | | 2,940,747 | | | | 2,940,747 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.04% (E) (F) | | | 1,563,315 | | | | 1,563,315 | |
Total Short-Term Investments
(Cost $4,504,062) | | | | | | | 4,504,062 | |
TOTAL INVESTMENTS - 100.0%
(Cost $147,946,817**) | | | | | | | 176,056,024 | |
| NET OTHER ASSETS AND LIABILITIES - (0.0%) | | | | | | | (29,454 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 176,026,570 | |
| ** | Aggregate cost for Federal tax purposes was $148,101,277. |
| (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) | 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. |
| (C) | Floating rate or variable rate note. Rate shown is as of April 30, 2022. |
| (D) | All or a portion of these securities, with an aggregate fair value of $1,522,029, are on loan as part of a securities lending program. See footnote (F) and Note 11 for details on the securities lending program. |
| (E) | 7-day yield. |
| (F) | Represents investments of cash collateral received in connection with securities lending. |
| BDC | Business Development Company. |
| CMT | Constant Maturity Treasury. |
| DAC | Designated Activity Company. |
| FREMF | Freddie Mac Multifamily. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| LLC | Limited Liability Company. |
| LP | Limited Partnership. |
| PLC | Public Limited Company. |
| REIT | Real Estate Investment Trust. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| SOFR30A | 30-day SOFR Average. |
| STACR | Structured Agency Credit Risk. |
| USD | United States Dollar. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 76.3% | | | | | | | | |
| Communication Services - 7.7% | | | | | | | | |
| Comcast Corp., Class A (A) | | | 62,500 | | | $ | 2,485,000 | |
| Lumen Technologies, Inc. | | | 189,000 | | | | 1,901,340 | |
| T-Mobile U.S., Inc. * (A) | | | 30,000 | | | | 3,694,200 | |
| | | | | | | | 8,080,540 | |
| Consumer Discretionary - 11.7% | | | | | | | | |
| Amazon.com, Inc. * | | | 700 | | | | 1,739,941 | |
| Home Depot, Inc. (A) | | | 9,600 | | | | 2,883,840 | |
| Las Vegas Sands Corp. * (A) | | | 84,500 | | | | 2,993,835 | |
| Nordstrom, Inc. | | | 53,000 | | | | 1,362,100 | |
| Starbucks Corp. (A) | | | 13,000 | | | | 970,320 | |
| TJX Cos., Inc. (A) | | | 36,500 | | | | 2,236,720 | |
| | | | | | | | 12,186,756 | |
| Energy - 7.6% | | | | | | | | |
| APA Corp. (A) | | | 62,600 | | | | 2,562,218 | |
| Baker Hughes Co. (A) | | | 83,000 | | | | 2,574,660 | |
| EOG Resources, Inc. (A) | | | 10,000 | | | | 1,167,600 | |
| Transocean Ltd. * | | | 420,000 | | | | 1,579,200 | |
| | | | | | | | 7,883,678 | |
| Financials - 8.1% | | | | | | | | |
| Aflac, Inc. (A) | | | 20,000 | | | | 1,145,600 | |
| BlackRock, Inc. (A) | | | 3,400 | | | | 2,123,912 | |
| CME Group, Inc. (A) | | | 6,500 | | | | 1,425,710 | |
| JPMorgan Chase & Co. (A) | | | 18,300 | | | | 2,184,288 | |
| Travelers Cos., Inc., Series A (A) | | | 9,000 | | | | 1,539,540 | |
| | | | | | | | 8,419,050 | |
| Health Care - 11.0% | | | | | | | | |
| AmerisourceBergen Corp. (A) | | | 11,000 | | | | 1,664,190 | |
| CVS Health Corp. (A) | | | 29,500 | | | | 2,835,835 | |
| Gilead Sciences, Inc. | | | 45,100 | | | | 2,676,234 | |
| Medtronic PLC (A) | | | 18,100 | | | | 1,888,916 | |
| Stryker Corp. (A) | | | 10,000 | | | | 2,412,600 | |
| | | | | | | | 11,477,775 | |
| Industrials - 6.8% | | | | | | | | |
| 3M Co. (A) | | | 7,000 | | | | 1,009,540 | |
| FedEx Corp. (A) | | | 6,400 | | | | 1,271,936 | |
| Honeywell International, Inc. (A) | | | 15,500 | | | | 2,999,405 | |
| PACCAR, Inc. (A) | | | 22,400 | | | | 1,860,320 | |
| | | | | | | | 7,141,201 | |
| Information Technology - 12.8% | | | | | | | | |
| Adobe, Inc. * (A) | | | 6,500 | | | | 2,573,675 | |
| Analog Devices, Inc. (A) | | | 13,500 | | | | 2,084,130 | |
| Fiserv, Inc. * (A) | | | 35,000 | | | | 3,427,200 | |
| PayPal Holdings, Inc. * (A) | | | 29,100 | | | | 2,558,763 | |
| Visa, Inc., Class A (A) | | | 12,700 | | | | 2,706,751 | |
| | | | | | | | 13,350,519 | |
| Materials - 3.8% | | | | | | | | |
| Barrick Gold Corp. (A) | | | 131,000 | | | | 2,922,610 | |
| Newmont Corp. | | | 15,000 | | | | 1,092,750 | |
| | | | | | | | 4,015,360 | |
| Real Estate - 2.0% | | | | | | | | |
| American Tower Corp., REIT (A) | | | 8,500 | | | | 2,048,670 | |
| | | | | | | | | |
| Utilities - 4.8% | | | | | | | | |
| AES Corp. (A) | | | 142,000 | | | | 2,899,640 | |
| NextEra Energy, Inc. (A) | | | 29,000 | | | | 2,059,580 | |
| | | | | | | | 4,959,220 | |
Total Common Stocks
(Cost $97,448,699) | | | | | | | 79,562,769 | |
| EXCHANGE TRADED FUNDS - 1.2% | | | | | | | | |
| Stock Funds - 1.2% | | | | | | | | |
| VanEck Gold Miners ETF (A) | | | 36,500 | | | | 1,277,135 | |
Total Exchange Traded Funds
(Cost $1,399,225) | | | | | | | 1,277,135 | |
| SHORT-TERM INVESTMENTS - 23.9% | | | | | | | | |
| State Street Institutional U.S. | | | | | | | | |
| Government Money Market Fund, | | | | | | | | |
| 0.29%, Premier Class (B) | | | 24,964,621 | | | | 24,964,621 | |
Total Short-Term Investments
(Cost $24,964,621) | | | | | | | 24,964,621 | |
TOTAL PUT OPTIONS PURCHASED – 3.6%
(Cost $1,248,435) | | | | | | | 3,734,250 | |
TOTAL INVESTMENTS - 105.0%
(Cost $125,060,980**) | | | | | | | 109,538,775 | |
| NET OTHER ASSETS AND LIABILITIES – (1.9%) | | | | | | | (2,039,259 | ) |
| TOTAL CALL & PUT OPTIONS WRITTEN - (3.1%) | | | | | | | (3,204,799 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 104,294,717 | |
| * | Non-income producing. |
| ** | Aggregate cost for Federal tax purposes was $124,456,804. |
| (A) | All or a portion of these securities’ positions, with a value of $70,488,339, represent covers (directly or through conversion rights) for outstanding options written. |
| (B) | 7-day yield. |
| ETF | Exchange Traded Fund. |
| PLC | Public Limited Company. |
| REIT | Real Estate Investment Trust. |
Purchased Option Contracts Outstanding at April 30, 2022
| Description | | Exercise Price | | | Expiration Date | | Number of Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid | | | Unrealized Appreciation (Depreciation) | |
| Put Options Purchased | | | | | | | | | | | | | | | | | | | | | | | | | | |
| S&P 500 Index | | $ | 4,200.00 | | | 6/17/2022 | | | 195 | | | $ | 81,900,000 | | | $ | 3,734,250 | | | $ | 1,248,435 | | | $ | 2,485,815 | |
| Total Put Options Purchased | | | | | | | | | | | | | | | | $ | 3,734,250 | | | $ | 1,248,435 | | | $ | 2,485,815 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited) - continued
Written Option Contracts Outstanding at April 30, 2022
| Description | | Exercise Price | | | Expiration Date | | Number of Contracts | | | Notional Amount | | | Market Value | | | Premiums (Received) | | | Unrealized Appreciation (Depreciation) | |
| Call Options Written | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3M Co. | | $ | 160.00 | | | 6/17/2022 | | | (70 | ) | | $ | (1,120,000 | ) | | $ | (5,425 | ) | | $ | (14,073 | ) | | $ | 8,648 | |
| Adobe, Inc. | | | 500.00 | | | 5/20/2022 | | | (18 | ) | | | (900,000 | ) | | | (468 | ) | | | (13,935 | ) | | | 13,467 | |
| Adobe, Inc. | | | 500.00 | | | 7/15/2022 | | | (47 | ) | | | (2,350,000 | ) | | | (15,205 | ) | | | (28,624 | ) | | | 13,419 | |
| AES Corp. | | | 24.00 | | | 5/20/2022 | | | (710 | ) | | | (1,704,000 | ) | | | (5,325 | ) | | | (38,319 | ) | | | 32,994 | |
| AES Corp. | | | 25.00 | | | 5/20/2022 | | | (710 | ) | | | (1,775,000 | ) | | | (5,325 | ) | | | (34,769 | ) | | | 29,444 | |
| Aflac, Inc. | | | 65.00 | | | 5/20/2022 | | | (200 | ) | | | (1,300,000 | ) | | | (3,000 | ) | | | (31,796 | ) | | | 28,796 | |
| American Tower Corp. | | | 260.00 | | | 5/20/2022 | | | (50 | ) | | | (1,300,000 | ) | | | (6,125 | ) | | | (14,448 | ) | | | 8,323 | |
| AmerisourceBergen Corp. | | | 140.00 | | | 5/20/2022 | | | (110 | ) | | | (1,540,000 | ) | | | (137,500 | ) | | | (41,195 | ) | | | (96,305 | ) |
| Analog Devices, Inc. | | | 180.00 | | | 5/20/2022 | | | (30 | ) | | | (540,000 | ) | | | (900 | ) | | | (9,869 | ) | | | 8,969 | |
| Analog Devices, Inc. | | | 170.00 | | | 6/17/2022 | | | (105 | ) | | | (1,785,000 | ) | | | (30,713 | ) | | | (36,642 | ) | | | 5,929 | |
| APA Corp. | | | 45.00 | | | 5/20/2022 | | | (263 | ) | | | (1,183,500 | ) | | | (34,059 | ) | | | (50,489 | ) | | | 16,430 | |
| APA Corp. | | | 47.50 | | | 5/20/2022 | | | (183 | ) | | | (869,250 | ) | | | (13,817 | ) | | | (25,705 | ) | | | 11,888 | |
| APA Corp. | | | 50.00 | | | 6/17/2022 | | | (180 | ) | | | (900,000 | ) | | | (21,690 | ) | | | (28,127 | ) | | | 6,437 | |
| Baker Hughes Co. | | | 40.00 | | | 6/17/2022 | | | (280 | ) | | | (1,120,000 | ) | | | (5,600 | ) | | | (41,712 | ) | | | 36,112 | |
| Barrick Gold Corp. | | | 26.00 | | | 5/20/2022 | | | (846 | ) | | | (2,199,600 | ) | | | (9,729 | ) | | | (70,862 | ) | | | 61,133 | |
| Barrick Gold Corp. | | | 26.00 | | | 6/17/2022 | | | (464 | ) | | | (1,206,400 | ) | | | (13,224 | ) | | | (48,265 | ) | | | 35,041 | |
| BlackRock, Inc. | | | 760.00 | | | 7/15/2022 | | | (34 | ) | | | (2,584,000 | ) | | | (10,370 | ) | | | (40,765 | ) | | | 30,395 | |
| CME Group, Inc. | | | 250.00 | | | 5/20/2022 | | | (65 | ) | | | (1,625,000 | ) | | | (1,462 | ) | | | (27,899 | ) | | | 26,437 | |
| Comcast Corp. | | | 50.00 | | | 6/17/2022 | | | (315 | ) | | | (1,575,000 | ) | | | (2,992 | ) | | | (31,840 | ) | | | 28,848 | |
| CVS Health Corp. | | | 110.00 | | | 5/20/2022 | | | (210 | ) | | | (2,310,000 | ) | | | (4,515 | ) | | | (39,823 | ) | | | 35,308 | |
| CVS Health Corp. | | | 110.00 | | | 6/17/2022 | | | (85 | ) | | | (935,000 | ) | | | (5,100 | ) | | | (18,638 | ) | | | 13,538 | |
| EOG Resources, Inc. | | | 125.00 | | | 6/17/2022 | | | (100 | ) | | | (1,250,000 | ) | | | (47,500 | ) | | | (37,897 | ) | | | (9,603 | ) |
| FedEx Corp. | | | 240.00 | | | 5/20/2022 | | | (64 | ) | | | (1,536,000 | ) | | | (1,024 | ) | | | (24,454 | ) | | | 23,430 | |
| Fiserv, Inc. | | | 110.00 | | | 5/20/2022 | | | (175 | ) | | | (1,925,000 | ) | | | (3,937 | ) | | | (22,569 | ) | | | 18,632 | |
| Fiserv, Inc. | | | 110.00 | | | 6/17/2022 | | | (175 | ) | | | (1,925,000 | ) | | | (15,313 | ) | | | (39,889 | ) | | | 24,576 | |
| Home Depot, Inc. | | | 330.00 | | | 5/20/2022 | | | (36 | ) | | | (1,188,000 | ) | | | (7,506 | ) | | | (25,523 | ) | | | 18,017 | |
| Home Depot, Inc. | | | 320.00 | | | 6/17/2022 | | | (60 | ) | | | (1,920,000 | ) | | | (40,200 | ) | | | (35,671 | ) | | | (4,529 | ) |
| Honeywell International, Inc. | | | 210.00 | | | 5/20/2022 | | | (33 | ) | | | (693,000 | ) | | | (1,815 | ) | | | (4,982 | ) | | | 3,167 | |
| Honeywell International, Inc. | | | 210.00 | | | 6/17/2022 | | | (122 | ) | | | (2,562,000 | ) | | | (24,095 | ) | | | (23,734 | ) | | | (361 | ) |
| JPMorgan Chase & Co. | | | 155.00 | | | 5/20/2022 | | | (133 | ) | | | (2,061,500 | ) | | | — | | | | (20,744 | ) | | | 20,744 | |
| JPMorgan Chase & Co. | | | 140.00 | | | 6/17/2022 | | | (50 | ) | | | (700,000 | ) | | | (2,475 | ) | | | (8,299 | ) | | | 5,824 | |
| Las Vegas Sands Corp. | | | 45.00 | | | 5/20/2022 | | | (345 | ) | | | (1,552,500 | ) | | | (3,622 | ) | | | (41,059 | ) | | | 37,437 | |
| Las Vegas Sands Corp. | | | 50.00 | | | 5/20/2022 | | | (350 | ) | | | (1,750,000 | ) | | | (700 | ) | | | (106,393 | ) | | | 105,693 | |
| Medtronic PLC | | | 110.00 | | | 5/20/2022 | | | (140 | ) | | | (1,540,000 | ) | | | (11,130 | ) | | | (29,956 | ) | | | 18,826 | |
| Medtronic PLC | | | 115.00 | | | 5/20/2022 | | | (41 | ) | | | (471,500 | ) | | | (1,127 | ) | | | (7,870 | ) | | | 6,743 | |
| NextEra Energy, Inc. | | | 82.50 | | | 6/17/2022 | | | (250 | ) | | | (2,062,500 | ) | | | (5,000 | ) | | | (54,774 | ) | | | 49,774 | |
| PACCAR, Inc. | | | 95.00 | | | 5/20/2022 | | | (224 | ) | | | (2,128,000 | ) | | | — | | | | (35,633 | ) | | | 35,633 | |
| PayPal Holdings, Inc. | | | 145.00 | | | 5/20/2022 | | | (211 | ) | | | (3,059,500 | ) | | | (1,688 | ) | | | (36,579 | ) | | | 34,891 | |
| Starbucks Corp. | | | 85.00 | | | 6/17/2022 | | | (130 | ) | | | (1,105,000 | ) | | | (9,295 | ) | | | (24,822 | ) | | | 15,527 | |
| Stryker Corp. | | | 270.00 | | | 5/20/2022 | | | (63 | ) | | | (1,701,000 | ) | | | (6,458 | ) | | | (38,365 | ) | | | 31,907 | |
| Stryker Corp. | | | 270.00 | | | 6/17/2022 | | | (37 | ) | | | (999,000 | ) | | | (8,140 | ) | | | (29,351 | ) | | | 21,211 | |
| T-Mobile U.S., Inc. | | | 135.00 | | | 5/20/2022 | | | (185 | ) | | | (2,497,500 | ) | | | (13,228 | ) | | | (65,409 | ) | | | 52,181 | |
| T-Mobile U.S., Inc. | | | 140.00 | | | 6/17/2022 | | | (115 | ) | | | (1,610,000 | ) | | | (11,730 | ) | | | (36,681 | ) | | | 24,951 | |
| TJX Cos., Inc. | | | 67.50 | | | 7/15/2022 | | | (185 | ) | | | (1,248,750 | ) | | | (28,860 | ) | | | (30,693 | ) | | | 1,833 | |
| TJX Cos., Inc. | | | 70.00 | | | 7/15/2022 | | | (180 | ) | | | (1,260,000 | ) | | | (18,180 | ) | | | (26,833 | ) | | | 8,653 | |
| Travelers Cos., Inc. | | | 185.00 | | | 6/17/2022 | | | (90 | ) | | | (1,665,000 | ) | | | (13,950 | ) | | | (24,462 | ) | | | 10,512 | |
| VanEck Gold Miners ETF | | | 40.00 | | | 5/20/2022 | | | (175 | ) | | | (700,000 | ) | | | (2,537 | ) | | | (22,494 | ) | | | 19,957 | |
| Visa, Inc. | | | 230.00 | | | 5/20/2022 | | | (80 | ) | | | (1,840,000 | ) | | | (10,600 | ) | | | (39,918 | ) | | | 29,318 | |
| Visa, Inc. | | | 230.00 | | | 6/17/2022 | | | (47 | ) | | | (1,081,000 | ) | | | (16,920 | ) | | | (18,752 | ) | | | 1,832 | |
| Total Call Options Written | | | | | | | | | | | | | | | | $ | (639,574 | ) | | $ | (1,601,601 | ) | | $ | 962,027 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PUT OPTION WRITTEN | | | | | | | | | | | | | | | | | | | | | | | | | | |
| S&P 500 Index | | $ | 4,050.00 | | | 6/17/2022 | | | (195 | ) | | | (78,975,000 | ) | | $ | (2,565,225 | ) | | $ | (792,123 | ) | | $ | (1,773,102 | ) |
| Total Options Written, at Value | | | | | | | | | | | | | | | | $ | (3,204,799 | ) | | $ | (2,393,724 | ) | | $ | (811,075 | ) |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Dividend Income Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 97.6% | | | | | | | | |
| Communication Services - 6.0% | | | | | | | | |
| Comcast Corp., Class A | | | 240,000 | | | $ | 9,542,400 | |
| Verizon Communications, Inc. | | | 191,700 | | | | 8,875,710 | |
| | | | | | | | 18,418,110 | |
| Consumer Discretionary - 7.8% | | | | | | | | |
| Home Depot, Inc. | | | 33,000 | | | | 9,913,200 | |
| McDonald’s Corp. | | | 41,800 | | | | 10,414,888 | |
| Starbucks Corp. | | | 49,000 | | | | 3,657,360 | |
| | | | | | | | 23,985,448 | |
| Consumer Staples - 11.1% | | | | | | | | |
| Archer-Daniels-Midland Co. | | | 96,000 | | | | 8,597,760 | |
| Coca-Cola Co. | | | 83,400 | | | | 5,388,474 | |
| Colgate-Palmolive Co. | | | 55,000 | | | | 4,237,750 | |
| PepsiCo, Inc. | | | 51,800 | | | | 8,894,578 | |
| Procter & Gamble Co. | | | 43,300 | | | | 6,951,815 | |
| | | | | | | | 34,070,377 | |
| Energy - 6.6% | | | | | | | | |
| Baker Hughes Co. | | | 290,000 | | | | 8,995,800 | |
| EOG Resources, Inc. | | | 71,700 | | | | 8,371,692 | |
| Kinder Morgan, Inc. | | | 165,000 | | | | 2,994,750 | |
| | | | | | | | 20,362,242 | |
| Financials - 17.1% | | | | | | | | |
| Aflac, Inc. | | | 141,000 | | | | 8,076,480 | |
| BlackRock, Inc. | | | 9,643 | | | | 6,023,789 | |
| CME Group, Inc. | | | 44,000 | | | | 9,650,960 | |
| JPMorgan Chase & Co. | | | 54,400 | | | | 6,493,184 | |
| Northern Trust Corp. | | | 54,000 | | | | 5,564,700 | |
| Travelers Cos., Inc., Series A | | | 74,500 | | | | 12,743,970 | |
| U.S. Bancorp | | | 83,000 | | | | 4,030,480 | |
| | | | | | | | 52,583,563 | |
| Health Care - 20.5% | | | | | | | | |
| AmerisourceBergen Corp. | | | 53,500 | | | | 8,094,015 | |
| Bristol-Myers Squibb Co. | | | 174,000 | | | | 13,096,980 | |
| CVS Health Corp. | | | 122,500 | | | | 11,775,925 | |
| Johnson & Johnson | | | 72,500 | | | | 13,083,350 | |
| Medtronic PLC | | | 92,500 | | | | 9,653,300 | |
| Pfizer, Inc. | | | 153,000 | | | | 7,507,710 | |
| | | | | | | | 63,211,280 | |
| Industrials - 10.6% | | | | | | | | |
| Emerson Electric Co. | | | 56,000 | | | | 5,050,080 | |
| Fastenal Co. | | | 116,200 | | | | 6,427,022 | |
| Honeywell International, Inc. | | | 40,500 | | | | 7,837,155 | |
| PACCAR, Inc. | | | 95,000 | | | | 7,889,750 | |
| Union Pacific Corp. | | | 23,100 | | | | 5,412,099 | |
| | | | | | | | 32,616,106 | |
| Information Technology - 9.2% | | | | | | | | |
| Analog Devices, Inc. | | | 21,000 | | | | 3,241,980 | |
| Automatic Data Processing, Inc. | | | 18,500 | | | | 4,036,330 | |
| Cisco Systems, Inc. | | | 189,000 | | | | 9,257,220 | |
| Paychex, Inc. | | | 30,000 | | | | 3,801,900 | |
| Texas Instruments, Inc. | | | 48,000 | | | | 8,172,000 | |
| | | | | | | | 28,509,430 | |
| Materials - 2.7% | | | | | | | | |
| Newmont Corp. | | | 40,000 | | | | 2,914,000 | |
| Nucor Corp. | | | 35,500 | | | | 5,494,690 | |
| | | | | | | | 8,408,690 | |
| Real Estate - 2.3% | | | | | | | | |
| American Tower Corp., REIT | | | 29,500 | | | | 7,110,090 | |
| | | | | | | | | |
| Utilities - 3.7% | | | | | | | | |
| Dominion Energy, Inc. | | | 139,500 | | | | 11,388,780 | |
Total Common Stocks
(Cost $239,754,908) | | | | | | | 300,664,116 | |
| SHORT-TERM INVESTMENTS - 1.6% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A) | | | 4,863,658 | | | | 4,863,658 | |
| Total Short-Term Investments (Cost $4,863,658) | | | | | | | 4,863,658 | |
TOTAL INVESTMENTS - 99.2%
(Cost $244,618,566**) | | | | | | | 305,527,774 | |
| NET OTHER ASSETS AND LIABILITIES - 0.8% | | | | | | | 2,535,582 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 308,063,356 | |
| ** | Aggregate cost for Federal tax purposes was $244,939,493. |
| PLC | Public Limited Company. |
| REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Investors Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 94.2% | | | | | | | | |
| Communication Services - 7.9% | | | | | | | | |
| Alphabet, Inc., Class C * | | | 6,911 | | | $ | 15,890,669 | |
| Liberty Broadband Corp., Class C * | | | 99,563 | | | | 11,133,135 | |
| | | | | | | | 27,023,804 | |
| Consumer Discretionary - 16.9% | | | | | | | | |
| Amazon.com, Inc. * | | | 4,410 | | | | 10,961,628 | |
| Dollar Tree, Inc. * | | | 108,765 | | | | 17,668,874 | |
| Lowe’s Cos., Inc. | | | 76,810 | | | | 15,187,642 | |
| NIKE, Inc., Class B | | | 28,686 | | | | 3,577,144 | |
| TJX Cos., Inc. | | | 169,626 | | | | 10,394,681 | |
| | | | | | | | 57,789,969 | |
| Financials - 21.8% | | | | | | | | |
| Arch Capital Group Ltd. * | | | 274,430 | | | | 12,533,218 | |
| Berkshire Hathaway, Inc., Class B * | | | 44,875 | | | | 14,486,996 | |
| Brookfield Asset Management, | | | | | | | | |
| Inc., Class A | | | 258,793 | | | | 12,903,419 | |
| Marsh & McLennan Cos., Inc. | | | 80,669 | | | | 13,044,178 | |
| Progressive Corp. | | | 99,967 | | | | 10,732,457 | |
| US Bancorp | | | 225,760 | | | | 10,962,906 | |
| | | | | | | | 74,663,174 | |
| Health Care - 14.1% | | | | | | | | |
| Alcon, Inc. (A) | | | 144,229 | | | | 10,270,547 | |
| Becton Dickinson & Co. | | | 64,079 | | | | 15,839,688 | |
| Danaher Corp. | | | 33,443 | | | | 8,398,541 | |
| Novartis AG, ADR | | | 158,790 | | | | 13,978,284 | |
| | | | | | | | 48,487,060 | |
| Industrials - 12.8% | | | | | | | | |
| Copart, Inc. * | | | 75,138 | | | | 8,539,434 | |
| Jacobs Engineering Group, Inc. | | | 103,118 | | | | 14,286,999 | |
| PACCAR, Inc. | | | 137,525 | | | | 11,421,451 | |
| Parker-Hannifin Corp. | | | 35,204 | | | | 9,533,947 | |
| | | | | | | | 43,781,831 | |
| Information Technology - 20.7% | | | | | | | | |
| Accenture PLC, Class A | | | 31,118 | | | | 9,346,603 | |
| Adobe, Inc. * | | | 15,401 | | | | 6,098,026 | |
| Analog Devices, Inc. | | | 86,213 | | | | 13,309,563 | |
| Black Knight, Inc. * | | | 102,799 | | | | 6,763,146 | |
| Fiserv, Inc. * | | | 142,147 | | | | 13,919,034 | |
| TE Connectivity Ltd. | | | 76,422 | | | | 9,535,937 | |
| Visa, Inc., Class A | | | 55,518 | | | | 11,832,551 | |
| | | | | | | | 70,804,860 | |
Total Common Stocks
(Cost $210,262,065) | | | | | | | 322,550,698 | |
| SHORT-TERM INVESTMENTS - 6.3% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (B) | | | 19,847,198 | | | | 19,847,198 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (B) (C) | | | 1,853,501 | | | | 1,853,501 | |
Total Short-Term Investments
(Cost $21,700,699) | | | | | | | 21,700,699 | |
| TOTAL INVESTMENTS - 100.5% (Cost $231,962,764**) | | | | | | | 344,251,397 | |
| NET OTHER ASSETS AND LIABILITIES - (0.5%) | | | | | | | (1,742,718 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 342,508,679 | |
| ** | Aggregate cost for Federal tax purposes was $232,696,763. |
| (A) | All or a portion of these securities, with an aggregate fair value of $10,112,062, are on loan as part of a securities lending program. See footnote (C) and Note 9 for details on the securities lending program. |
| (C) | 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.
Madison Funds | April 30, 2022
Madison Sustainable Equity Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 95.8% | | | | | | | | |
| Communication Services - 8.9% | | | | | | | | |
| Alphabet, Inc., Class C * | | | 164 | | | $ | 377,090 | |
| Comcast Corp., Class A | | | 3,718 | | | | 147,828 | |
| Walt Disney Co. * | | | 1,472 | | | | 164,319 | |
| | | | | | | | 689,237 | |
| Consumer Discretionary - 11.4% | | | | | | | | |
| Home Depot, Inc. | | | 627 | | | | 188,351 | |
| McDonald’s Corp. | | | 261 | | | | 65,031 | |
| NIKE, Inc., Class B | | | 1,624 | | | | 202,513 | |
| Target Corp. | | | 1,216 | | | | 278,038 | |
| TJX Cos., Inc. | | | 2,458 | | | | 150,626 | |
| | | | | | | | 884,559 | |
| Consumer Staples - 9.0% | | | | | | | | |
| Costco Wholesale Corp. | | | 605 | | | | 321,691 | |
| Estee Lauder Cos., Inc., Class A | | | 299 | | | | 78,954 | |
| Nestle SA, ADR | | | 1,031 | | | | 132,628 | |
| PepsiCo, Inc. | | | 407 | | | | 69,886 | |
| Procter & Gamble Co. | | | 599 | | | | 96,169 | |
| | | | | | | | 699,328 | |
| Financials - 8.8% | | | | | | | | |
| BlackRock, Inc. | | | 287 | | | | 179,283 | |
| JPMorgan Chase & Co. | | | 903 | | | | 107,782 | |
| Progressive Corp. | | | 2,228 | | | | 239,198 | |
| U.S. Bancorp | | | 3,315 | | | | 160,977 | |
| | | | | | | | 687,240 | |
| Health Care - 16.5% | | | | | | | | |
| Becton Dickinson & Co. | | | 751 | | | | 185,640 | |
| Bristol-Myers Squibb Co. | | | 2,802 | | | | 210,906 | |
| Danaher Corp. | | | 1,146 | | | | 287,795 | |
| Eli Lilly & Co. | | | 987 | | | | 288,332 | |
| UnitedHealth Group, Inc. | | | 516 | | | | 262,412 | |
| Vertex Pharmaceuticals, Inc. * | | | 176 | | | | 48,087 | |
| | | | | | | | 1,283,172 | |
| Industrials - 6.9% | | | | | | | | |
| Jacobs Engineering Group, Inc. | | | 1,343 | | | | 186,072 | |
| Union Pacific Corp. | | | 535 | | | | 125,345 | |
| United Parcel Service, Inc., Class B | | | 1,267 | | | | 228,035 | |
| | | | | | | | 539,452 | |
| Information Technology - 26.5% | | | | | | | | |
| Communications Equipment - 1.1% Cisco Systems, Inc. | | | 1,815 | | | | 88,899 | |
| Computers & Peripherals - 4.3% Apple, Inc. | | | 2,114 | | | | 333,272 | |
| Electronic Equipment, Instruments & Components - 2.3% TE Connectivity Ltd. | | | 1,407 | | | | 175,565 | |
| IT Services - 7.3% Accenture PLC, Class A | | | 579 | | | | 173,908 | |
| Automatic Data Processing, Inc. | | | 427 | | | | 93,163 | |
| Visa, Inc., Class A | | | 1,430 | | | | 304,776 | |
| | | | | | | | 571,847 | |
| Semiconductors & Semiconductor | | | | | | | | |
| Equipment - 4.6% | | | | | | | | |
| Analog Devices, Inc. | | | 1,006 | | | | 155,306 | |
| QUALCOMM, Inc. | | | 1,424 | | | | 198,919 | |
| | | | | | | | 354,225 | |
| Software - 6.9% | | | | | | | | |
| Adobe, Inc. * | | | 381 | | | | 150,857 | |
| Microsoft Corp. | | | 1,403 | | | | 389,361 | |
| | | | | | | | 540,218 | |
| | | | | | | | 2,064,026 | |
| Materials - 3.8% | | | | | | | | |
| Ecolab, Inc. | | | 516 | | | | 87,379 | |
| Linde PLC | | | 681 | | | | 212,445 | |
| | | | | | | | 299,824 | |
| Real Estate - 1.7% | | | | | | | | |
| American Tower Corp., REIT | | | 535 | | | | 128,946 | |
| Utilities - 2.3% | | | | | | | | |
| NextEra Energy, Inc. | | | 2,496 | | | | 177,266 | |
Total Common Stocks
(Cost $8,150,419) | | | | | | | 7,453,050 | |
| SHORT-TERM INVESTMENTS - 5.8% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A) | | | 446,786 | | | | 446,786 | |
Total Short-Term
Investments
(Cost $446,786) | | | | | | | 446,786 | |
TOTAL INVESTMENTS - 101.6%
(Cost $8,597,205**) | | | | | | | 7,899,836 | |
| NET OTHER ASSETS AND LIABILITIES - (1.6%) | | | | | | | (121,514 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 7,778,322 | |
| ** | Aggregate cost for Federal tax purposes was $8,597,205. |
| ADR | American Depositary Receipt. |
| PLC | Public Limited Company. |
| REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Mid Cap Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 93.9% | | | | | | | | |
| Communication Services - 5.6% Liberty Broadband Corp., Class C * | | | 251,653 | | | $ | 28,139,839 | |
| Take-Two Interactive Software, Inc. * | | | 77,442 | | | | 9,255,093 | |
| | | | | | | | 37,394,932 | |
| Consumer Discretionary - 16.1% | | | | | | | | |
| CarMax, Inc. * | | | 270,794 | | | | 23,228,709 | |
| Dollar Tree, Inc. * | | | 220,778 | | | | 35,865,386 | |
| Floor & Decor Holdings, Inc., Class A * | | | 128,112 | | | | 10,213,089 | |
| Ross Stores, Inc. | | | 272,341 | | | | 27,171,461 | |
| Thor Industries, Inc. | | | 148,683 | | | | 11,381,684 | |
| | | | | | | | 107,860,329 | |
| Consumer Staples - 1.0% | | | | | | | | |
| Brown-Forman Corp., Class B | | | 101,080 | | | | 6,816,835 | |
| | | | | | | | | |
| Financials - 30.2% | | | | | | | | |
| Capital Markets - 4.0% | | | | | | | | |
| Brookfield Asset Management, Inc., Class A | | | 396,575 | | | | 19,773,229 | |
| Moelis & Co., Class A | | | 152,856 | | | | 6,765,407 | |
| | | | | | | | 26,538,636 | |
| Commercial Banks - 1.6% | | | | | | | | |
| Glacier Bancorp, Inc. | | | 235,700 | | | | 10,785,632 | |
| | | | | | | | | |
| Diversified Financial Services - 2.6% | | | | | | | | |
| Cannae Holdings, Inc. * | | | 774,465 | | | | 17,348,016 | |
| | | | | | | | | |
| Insurance - 22.0% | | | | | | | | |
| Arch Capital Group Ltd. * | | | 964,823 | | | | 44,063,466 | |
| Brown & Brown, Inc. | | | 487,763 | | | | 30,231,551 | |
| Markel Corp. * | | | 17,917 | | | | 24,246,718 | |
| Progressive Corp. | | | 259,910 | | | | 27,903,938 | |
| W R Berkley Corp. | | | 323,064 | | | | 21,480,525 | |
| | | | | | | | 147,926,198 | |
| | | | | | | | 202,598,482 | |
| Health Care - 3.8% | | | | | | | | |
| Laboratory Corp. of America | | | | | | | | |
| Holdings * | | | 106,520 | | | | 25,594,626 | |
| | | | | | | | | |
| Industrials - 16.1% | | | | | | | | |
| Armstrong World Industries, Inc. | | | 131,807 | | | | 11,158,781 | |
| Carlisle Cos., Inc. | | | 104,734 | | | | 27,163,810 | |
| Clarivate PLC * | | | 999,772 | | | | 15,676,425 | |
| Copart, Inc. * | | | 186,293 | | | | 21,172,199 | |
| Expeditors International of | | | | | | | | |
| Washington, Inc. | | | 122,722 | | | | 12,158,069 | |
| PACCAR, Inc. | | | 250,832 | | | | 20,831,598 | |
| | | | | | | | 108,160,882 | |
| Information Technology - 21.1% | | | | | | | | |
| Amphenol Corp., Class A | | | 278,974 | | | | 19,946,641 | |
| Arista Networks, Inc. * | | | 186,813 | | | | 21,589,978 | |
| Black Knight, Inc. * | | | 256,658 | | | | 16,885,530 | |
| CDW Corp. | | | 134,164 | | | | 21,892,882 | |
| Gartner, Inc. * | | | 99,786 | | | | 28,992,822 | |
| MKS Instruments, Inc. | | | 148,179 | | | | 16,889,442 | |
| Vontier Corp. | | | 605,695 | | | | 15,517,906 | |
| | | | | | | | 141,715,201 | |
| Total Common Stocks (Cost $396,768,156) | | | | | | | 630,141,287 | |
| SHORT-TERM INVESTMENTS - 5.4% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A) | | | 36,162,737 | | | | 36,162,737 | |
Total Short-Term Investments
(Cost $36,162,737) | | | | | | | 36,162,737 | |
TOTAL INVESTMENTS - 99.3%
(Cost $432,930,893**) | | | | | | | 666,304,024 | |
| NET OTHER ASSETS AND LIABILITIES - 0.7% | | | | | | | 4,699,718 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 671,003,742 | |
| ** | Aggregate cost for Federal tax purposes was $433,585,451. |
| PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison Small Cap Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 94.5% | | | | | | | | |
| Communication Services - 6.4% | | | | | | | | |
| Cogent Communications Holdings, Inc. | | | 64,733 | | | $ | 3,786,881 | |
| Gogo, Inc. * (A) | | | 228,684 | | | | 4,210,072 | |
| Magnite, Inc. * | | | 297,433 | | | | 2,870,228 | |
| Radius Global Infrastructure, Inc., Class A * | | | 246,130 | | | | 3,056,935 | |
| | | | | | | | 13,924,116 | |
| Consumer Discretionary - 4.6% | | | | | | | | |
| OneSpaWorld Holdings Ltd. * | | | 306,501 | | | | 3,077,270 | |
| Porch Group, Inc. * (A) | | | 92,490 | | | | 342,213 | |
| Revolve Group, Inc. * | | | 51,237 | | | | 2,165,276 | |
| Shake Shack, Inc., Class A * | | | 50,188 | | | | 2,902,372 | |
| Xometry, Inc., Class A * | | | 48,482 | | | | 1,591,179 | |
| | | | | | | | 10,078,310 | |
| Consumer Staples - 9.8% | | | | | | | | |
| Edgewell Personal Care Co. | | | 118,308 | | | | 4,512,267 | |
| Hain Celestial Group, Inc. * | | | 234,668 | | | | 7,870,765 | |
| Primo Water Corp. | | | 310,564 | | | | 4,546,657 | |
| Simply Good Foods Co. * | | | 109,520 | | | | 4,561,508 | |
| | | | | | | | 21,491,197 | |
| Financials - 9.0% | | | | | | | | |
| Arch Capital Group Ltd. * | | | 94,915 | | | | 4,334,768 | |
| Axis Capital Holdings Ltd. | | | 72,375 | | | | 4,149,259 | |
| MGIC Investment Corp. | | | 253,410 | | | | 3,309,534 | |
| PacWest Bancorp | | | 93,239 | | | | 3,066,631 | |
| Texas Capital Bancshares, Inc. * | | | 42,743 | | | | 2,195,280 | |
| Veritex Holdings, Inc. | | | 81,728 | | | | 2,684,765 | |
| | | | | | | | 19,740,237 | |
| Health Care - 9.9% | | | | | | | | |
| Castle Biosciences, Inc. * | | | 53,433 | | | | 1,193,693 | |
| Covetrus, Inc. * | | | 177,075 | | | | 2,443,635 | |
| Encompass Health Corp. | | | 101,402 | | | | 6,979,500 | |
| Globus Medical, Inc., Class A * | | | 49,250 | | | | 3,261,335 | |
| Health Catalyst, Inc. * | | | 120,282 | | | | 2,001,492 | |
| Owens & Minor, Inc. | | | 87,432 | | | | 3,102,962 | |
| PetIQ, Inc. * (A) | | | 135,553 | | | | 2,697,505 | |
| | | | | | | | 21,680,122 | |
| Industrials - 19.6% | | | | | | | | |
| Armstrong World Industries, Inc. | | | 50,054 | | | | 4,237,572 | |
| Beacon Roofing Supply, Inc. * | | | 60,999 | | | | 3,637,370 | |
| Carlisle Cos., Inc. | | | 17,934 | | | | 4,651,362 | |
| Concrete Pumping Holdings, Inc. * | | | 165,612 | | | | 924,115 | |
| Crane Co. | | | 33,169 | | | | 3,191,853 | |
| EnerSys | | | 38,778 | | | | 2,538,408 | |
| GXO Logistics, Inc. * | | | 34,928 | | | | 2,067,388 | |
| Hillman Solutions Corp. * | | | 313,224 | | | | 3,642,795 | |
| Hydrofarm Holdings Group, Inc. * | | | 112,129 | | | | 1,070,832 | |
| Knight-Swift Transportation | | | | | | | | |
| Holdings, Inc. | | | 46,117 | | | | 2,208,543 | |
| Mercury Systems, Inc. * | | | 48,984 | | | | 2,732,817 | |
| Robert Half International, Inc. | | | 28,260 | | | | 2,778,241 | |
| WillScot Mobile Mini Holdings Corp. * | | | 261,007 | | | | 9,161,346 | |
| | | | | | | | 42,842,642 | |
| Information Technology - 25.8% | | | | | | | | |
| Communications Equipment - 1.6% | | | | | | | | |
| Ciena Corp. * | | | 61,916 | | | | 3,415,906 | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components - 3.3% | | | | | | | | |
| CTS Corp. | | | 85,278 | | | | 3,016,283 | |
| National Instruments Corp. | | | 117,906 | | | | 4,261,123 | |
| | | | | | | | 7,277,406 | |
| IT Services - 2.3% | | | | | | | | |
| BigCommerce Holdings, Inc., | | | | | | | | |
| Series 1 * | | | 79,060 | | | | 1,412,802 | |
| LiveRamp Holdings, Inc. * | | | 118,847 | | | | 3,722,288 | |
| | | | | | | | 5,135,090 | |
| Semiconductors & Semiconductor | | | | | | | | |
| Equipment - 5.8% | | | | | | | | |
| Entegris, Inc. | | | 47,600 | | | | 5,302,164 | |
| FormFactor, Inc. * | | | 89,451 | | | | 3,408,978 | |
| Power Integrations, Inc. | | | 50,028 | | | | 4,002,240 | |
| | | | | | | | 12,713,382 | |
| Software - 12.8% | | | | | | | | |
| Alteryx, Inc., Class A * | | | 50,163 | | | | 3,220,465 | |
| Box, Inc., Class A * | | | 214,842 | | | | 6,578,462 | |
| CommVault Systems, Inc. * | | | 83,839 | | | | 5,114,179 | |
| Model N, Inc. | | | 8,004 | | | | 206,823 | |
| New Relic, Inc. * | | | 53,977 | | | | 3,415,125 | |
| PTC, Inc. * | | | 45,372 | | | | 5,181,936 | |
| Varonis Systems, Inc. * | | | 97,872 | | | | 4,228,070 | |
| | | | | | | | 27,945,060 | |
| | | | | | | | 56,486,844 | |
| Materials - 9.4% | | | | | | | | |
| Chemours Co. | | | 114,119 | | | | 3,773,916 | |
| Huntsman Corp. | | | 161,913 | | | | 5,483,993 | |
| Olin Corp. | | | 75,082 | | | | 4,309,707 | |
| Scotts Miracle-Gro Co. | | | 31,182 | | | | 3,240,745 | |
| Summit Materials, Inc., Class A * | | | 130,354 | | | | 3,623,841 | |
| | | | | | | | 20,432,202 | |
Total Common Stocks
(Cost $176,198,944) | | | | | | | 206,675,670 | |
| SHORT-TERM INVESTMENTS - 8.0% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (B) | | | 13,139,942 | | | | 13,139,942 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (B) (C) | | | 4,465,528 | | | | 4,465,528 | |
Total Short-Term Investments
(Cost $17,605,470) | | | | | | | 17,605,470 | |
| TOTAL INVESTMENTS - 102.5% (Cost $193,804,414**) | | | | | | | 224,281,140 | |
| NET OTHER ASSETS AND LIABILITIES - (2.5%) | | | | | | | (5,545,524 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 218,735,616 | |
| ** | Aggregate cost for Federal tax purposes was $193,806,133. |
| (A) | All or a portion of these securities, with an aggregate fair value of $4,832,429, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program. |
| (C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Madison International Stock Fund Portfolio of Investments (unaudited)
| | | Shares | | | Value (Note 2,3) | |
| COMMON STOCKS - 97.4% | | | | | | | | |
| Australia - 2.9% | | | | | | | | |
| Macquarie Group Ltd. (A) | | | 951 | | | $ | 136,280 | |
| Treasury Wine Estates Ltd. (A) | | | 34,927 | | | | 272,788 | |
| | | | | | | | 409,068 | |
| Brazil - 3.6% | | | | | | | | |
| Itau Unibanco Holding SA, ADR | | | 45,614 | | | | 218,491 | |
| Pagseguro Digital Ltd., Class A * | | | 9,327 | | | | 137,200 | |
| XP, Inc., Class A * | | | 6,232 | | | | 153,370 | |
| | | | | | | | 509,061 | |
| Canada - 5.5% | | | | | | | | |
| Cameco Corp. | | | 11,531 | | | | 297,615 | |
| Canadian Pacific Railway Ltd. | | | 2,202 | | | | 161,230 | |
| Manulife Financial Corp. | | | 15,801 | | | | 309,068 | |
| | | | | | | | 767,913 | |
| China - 7.9% | | | | | | | | |
| Alibaba Group Holding Ltd., ADR * | | | 2,214 | | | | 214,957 | |
| NXP Semiconductors NV | | | 1,610 | | | | 275,149 | |
| Ping An Insurance Group Co. of | | | | | | | | |
| China Ltd., Class H (A) | | | 43,878 | | | | 282,175 | |
| Tencent Holdings Ltd. (A) | | | 7,140 | | | | 334,905 | |
| | | | | | | | 1,107,186 | |
| Denmark - 1.5% | | | | | | | | |
| Genmab AS * (A) | | | 610 | | | | 215,179 | |
| | | | | | | | | |
| France - 8.3% | | | | | | | | |
| Air Liquide SA (A) | | | 1,394 | | | | 240,664 | |
| Airbus SE (A) | | | 2,484 | | | | 270,129 | |
| EssilorLuxottica SA (A) | | | 1,053 | | | | 178,638 | |
| Hermes International (A) | | | 118 | | | | 145,188 | |
| LVMH Moet Hennessy Louis Vuitton SE (A) | | | 266 | | | | 170,212 | |
| Worldline SA * (A) | | | 3,873 | | | | 151,805 | |
| | | | | | | | 1,156,636 | |
| Germany - 8.2% | | | | | | | | |
| adidas AG (A) | | | 711 | | | | 144,815 | |
| Deutsche Telekom AG (A) | | | 11,279 | | | | 207,755 | |
| KION Group AG (A) | | | 4,400 | | | | 248,143 | |
| SAP SE, ADR | | | 1,600 | | | | 161,280 | |
| Siemens AG (A) | | | 1,776 | | | | 220,908 | |
| Symrise AG (A) | | | 1,315 | | | | 157,232 | |
| | | | | | | | 1,140,133 | |
| Hong Kong - 1.4% | | | | | | | | |
| AIA Group Ltd. (A) | | | 20,544 | | | | 200,713 | |
| | | | | | | | | |
| India - 6.4% | | | | | | | | |
| HDFC Bank Ltd., ADR | | | 5,163 | | | | 285,049 | |
| Infosys Ltd., ADR | | | 11,572 | | | | 229,936 | |
| Larsen & Toubro Ltd., GDR (A) | | | 17,307 | | | | 374,865 | |
| | | | | | | | 889,850 | |
| Ireland - 3.0% | | | | | | | | |
| Kerry Group PLC, Class A (A) | | | 2,421 | | | | 267,453 | |
| Ryanair Holdings PLC, ADR * | | | 1,756 | | | | 153,334 | |
| | | | | | | | 420,787 | |
| Italy - 1.3% | | | | | | | | |
| Ferrari NV | | | 897 | | | | 188,137 | |
| | | | | | | | | |
| Japan - 13.3% | | | | | | | | |
| CyberAgent, Inc. (A) | | | 12,884 | | | | 136,953 | |
| Keyence Corp. (A) | | | 367 | | | | 148,068 | |
| Murata Manufacturing Co. Ltd. (A) | | | 3,488 | | | | 208,829 | |
| Nidec Corp. (A) | | | 2,100 | | | | 137,569 | |
| Seven & I Holdings Co. Ltd. (A) | | | 5,100 | | | | 224,477 | |
| Shiseido Co. Ltd. (A) | | | 4,100 | | | | 193,215 | |
| Sony Group Corp. (A) | | | 3,346 | �� | | | 287,594 | |
| Toray Industries, Inc. (A) | | | 51,979 | | | | 247,195 | |
| Toyota Motor Corp. (A) | | | 15,800 | | | | 269,231 | |
| | | | | | | | 1,853,131 | |
| Mexico - 3.4% | | | | | | | | |
| Grupo Mexico SAB de CV, Series B | | | 63,249 | | | | 296,277 | |
| Wal-Mart de Mexico SAB de CV, ADR (B) | | | 5,041 | | | | 177,292 | |
| | | | | | | | 473,569 | |
| Netherlands - 1.9% | | | | | | | | |
| ASML Holding NV | | | 481 | | | | 271,173 | |
| | | | | | | | | |
| Norway - 1.1% | | | | | | | | |
| Norsk Hydro ASA (A) | | | 18,829 | | | | 158,729 | |
| | | | | | | | | |
| Singapore - 1.8% | | | | | | | | |
| DBS Group Holdings Ltd. (A) | | | 10,100 | | | | 244,634 | |
| | | | | | | | | |
| South Korea - 1.2% | | | | | | | | |
| LG Household & Health Care Ltd. (A) | | | 235 | | | | 167,052 | |
| | | | | | | | | |
| Spain - 1.2% | | | | | | | | |
| Grifols SA (A) | | | 10,330 | | | | 171,874 | |
| | | | | | | | | |
| Sweden - 1.6% | | | | | | | | |
| Telefonaktiebolaget LM Ericsson, | | | | | | | | |
| Class B (A) | | | 27,001 | | | | 216,820 | |
| | | | | | | | | |
| Switzerland - 6.5% | | | | | | | | |
| Credit Suisse Group AG (A) | | | 27,413 | | | | 185,380 | |
| Nestle SA (A) | | | 1,476 | | | | 190,559 | |
| Partners Group Holding AG (A) | | | 125 | | | | 132,454 | |
| Roche Holding AG (A) | | | 662 | | | | 245,183 | |
| Sika AG (A) | | | 509 | | | | 154,776 | |
| | | | | | | | 908,352 | |
| Taiwan - 1.5% | | | | | | | | |
| Taiwan Semiconductor | | | | | | | | |
| Manufacturing Co. Ltd., ADR | | | 2,185 | | | | 203,052 | |
| | | | | | | | | |
| United Kingdom - 12.4% | | | | | | | | |
| AstraZeneca PLC (A) | | | 4,231 | | | | 562,054 | |
| Diageo PLC (A) | | | 4,847 | | | | 240,193 | |
| London Stock Exchange Group PLC (A) | | | 2,243 | | | | 222,566 | |
| Prudential PLC (A) | | | 20,730 | | | | 257,683 | |
| Shell PLC (A) | | | 16,659 | | | | 450,895 | |
| | | | | | | | 1,733,391 | |
| United States - 1.5% | | | | | | | | |
| CyberArk Software Ltd. * | | | 1,343 | | | | 211,039 | |
| | | | | | | | | |
Total Common Stocks
(Cost $15,982,831) | | | | | | | 13,617,479 | |
| Short-Term Investments - 2.5% | | | | | | | | |
| United States - 2.5% | | | | | | | | |
| State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C) | | | 342,603 | | | | 342,603 | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D) | | | 3,650 | | | | 3,650 | |
| | | | | | | | 346,253 | |
Total Short-Term Investments
(Cost $346,253) | | | | | | | 346,253 | |
TOTAL INVESTMENTS - 99.9%
(Cost $16,329,084**) | | | | | | | 13,963,732 | |
| NET OTHER ASSETS AND LIABILITIES - 0.1% | | | | | | | 15,472 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 13,979,204 | |
| ** | Aggregate cost for Federal tax purposes was $16,371,577. |
| (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) | All or a portion of these securities, with an aggregate fair value of $3,517, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
| (D) | Represents investments of cash collateral received in connection with securities lending. |
| ADR | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Assets and Liabilities as of April 30, 2022 (unaudited)
| | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Tax-Free
Virginia
Fund | | | Tax-Free
National
Fund | | | High Quality Bond
Fund | | | Core
Bond
Fund | | | Diversified
Income
Fund | |
| |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in unaffiliated securities, at fair value†§ | | $ | 48,381,865 | | | $ | 92,176,574 | | | $ | 52,427,912 | | | $ | 18,420,482 | | | $ | 18,008,125 | | | $ | 92,365,270 | | | $ | 182,965,933 | | | $ | 176,056,024 | |
| Investments in affiliated securities, at fair value1‡ | | | 18,362,141 | | | | 30,838,114 | | | | 14,358,991 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Cash | | | – | | | | – | | | | – | | | | 952,595 | | | | 147,432 | | | | 826,789 | | | | 857,466 | | | | 1,179,945 | |
| Receivables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments sold | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | 222,143 | | | | – | |
| Fund shares sold | | | 247,858 | | | | 12,572 | | | | 7,305 | | | | 50 | | | | – | | | | 26,168 | | | | 93,518 | | | | 4,360 | |
| Dividends and Interest | | | 25,530 | | | | 30,523 | | | | 8,190 | | | | 233,308 | | | | 234,886 | | | | 411,371 | | | | 1,188,180 | | | | 548,252 | |
| Total assets | | | 67,017,394 | | | | 123,057,783 | | | | 66,802,398 | | | | 19,606,435 | | | | 18,390,443 | | | | 93,629,598 | | | | 185,327,240 | | | | 177,788,581 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments purchased | | | – | | | | – | | | | – | | | | 285,998 | | | | – | | | | – | | | | – | | | | – | |
| Fund shares repurchased | | | 73,462 | | | | 62,729 | | | | 40,627 | | | | 939 | | | | 1,561 | | | | 28,668 | | | | 151,745 | | | | 5,888 | |
| Upon return of securities loaned | | | 8,133,863 | | | | 7,132,475 | | | | 6,844,441 | | | | – | | | | – | | | | 1,801,705 | | | | 2,316,835 | | | | 1,563,315 | |
| Advisory agreement fees | | | 9,987 | | | | 19,852 | | | | 10,370 | | | | 8,003 | | | | 6,110 | | | | 22,906 | | | | 59,732 | | | | 98,265 | |
| Administrative services agreement fees | | | 12,483 | | | | 24,813 | | | | 12,963 | | | | 5,602 | | | | 5,346 | | | | 14,507 | | | | 12,433 | | | | 30,235 | |
| Audit and trustee fees | | | 1,605 | | | | 3,152 | | | | 1,581 | | | | 486 | | | | 511 | | | | 2,693 | | | | 4,430 | | | | 4,323 | |
| Distribution fees - Class B | | | 1,109 | | | | 3,198 | | | | 1,660 | | | | – | | | | – | | | | – | | | | 220 | | | | 2,470 | |
| Distribution fees - Class C | | | 10,371 | | | | 4,840 | | | | 1,734 | | | | – | | | | – | | | | – | | | | – | | | | 15,173 | |
| Shareholder service fees | | | 12,483 | | | | 24,813 | | | | 12,963 | | | | – | | | | – | | | | – | | | | 7,935 | | | | 41,254 | |
| Dividends | | | – | | | | – | | | | – | | | | 722 | | | | 2,783 | | | | – | | | | 2,314 | | | | 1,088 | |
| Total liabilities | | | 8,255,363 | | | | 7,275,872 | | | | 6,926,339 | | | | 301,750 | | | | 16,311 | | | | 1,870,479 | | | | 2,555,644 | | | | 1,762,011 | |
| Net assets applicable to outstanding capital stock | | $ | 58,762,031 | | | $ | 115,781,911 | | | $ | 59,876,059 | | | $ | 19,304,685 | | | $ | 18,374,132 | | | $ | 91,759,119 | | | $ | 182,771,596 | | | $ | 176,026,570 | |
| Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 61,632,030 | | | $ | 113,694,525 | | | $ | 57,224,160 | | | $ | 19,886,751 | | | $ | 18,585,602 | | | $ | 97,617,307 | | | $ | 199,636,093 | | | $ | 140,218,433 | |
| Accumulated distributable earnings (loss) | | | (2,869,999 | ) | | | 2,087,386 | | | | 2,651,899 | | | | (582,066 | ) | | | (211,470 | ) | | | (5,858,188 | ) | | | (16,864,497 | ) | | | 35,808,137 | |
| Net Assets | | $ | 58,762,031 | | | $ | 115,781,911 | | | $ | 59,876,059 | | | $ | 19,304,685 | | | $ | 18,374,132 | | | $ | 91,759,119 | | | $ | 182,771,596 | | | $ | 176,026,570 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 40,846,970 | | | $ | 103,404,475 | | | $ | 54,702,828 | | | | | | | | | | | | | | | $ | 37,303,723 | | | $ | 148,540,030 | |
| Shares of beneficial interest outstanding | | | 4,275,141 | | | | 10,016,595 | | | | 5,140,726 | | | | | | | | | | | | | | | | 3,981,459 | | | | 9,325,804 | |
| Net Asset Value and redemption price per share | | $ | 9.55 | | | $ | 10.32 | | | $ | 10.64 | | | | | | | | | | | | | | | $ | 9.37 | | | $ | 15.93 | |
| Sales charge of offering price2 | | | 0.58 | | | | 0.63 | | | | 0.65 | | | | | | | | | | | | | | | | 0.44 | | | | 0.97 | |
| Maximum offering price per share | | $ | 10.13 | | | $ | 10.95 | | | $ | 11.29 | | | | | | | | | | | | | | | $ | 9.81 | | | $ | 16.90 | |
| Class B Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 1,692,617 | | | $ | 4,910,660 | | | $ | 2,502,611 | | | | | | | | | | | | | | | $ | 339,420 | | | $ | 3,805,445 | |
| Shares of beneficial interest outstanding | | | 174,310 | | | | 479,645 | | | | 244,019 | | | | | | | | | | | | | | | | 36,238 | | | | 236,674 | |
| Net Asset Value and redemption price per share3 | | $ | 9.71 | | | $ | 10.24 | | | $ | 10.26 | | | | | | | | | | | | | | | $ | 9.37 | | | $ | 16.08 | |
| Class C Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 16,222,444 | | | $ | 7,466,776 | | | $ | 2,670,620 | | | | | | | | | | | | | | | | | | | $ | 23,681,095 | |
| Shares of beneficial interest outstanding | | | 1,669,198 | | | | 728,340 | | | | 260,127 | | | | | | | | | | | | | | | | | | | | 1,472,438 | |
| Net Asset Value and redemption price per share3 | | $ | 9.72 | | | $ | 10.25 | | | $ | 10.27 | | | | | | | | | | | | | | | | | | | $ | 16.08 | |
| Class Y Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | | $ | 19,304,685 | | | $ | 18,374,132 | | | $ | 91,749,448 | | | $ | 7,632,854 | | | | | |
| Shares of beneficial interest outstanding | | | | | | | | | | | | | | | 1,790,950 | | | | 1,818,999 | | | | 8,826,628 | | | | 819,198 | | | | | |
| Net Asset Value and redemption price per share3 | | | | | | | | | | | | | | $ | 10.78 | | | $ | 10.10 | | | $ | 10.39 | | | $ | 9.32 | | | | | |
| Class I Shares:4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | $ | 9,671 | | | $ | 37,091,315 | | | | | |
| Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | | | | | 925 | | | | 3,997,648 | | | | | |
| Net Asset Value and redemption price per share3 | | | | | | | | | | | | | | | | | | | | | | $ | 10.46 | | | $ | 9.28 | | | | | |
| Class R6 Shares:5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 100,404,284 | | | | | |
| Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,827,991 | | | | | |
| Net Asset Value and redemption price per share3 | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 9.27 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| † Cost of Investments in unaffiliated securities | | $ | 49,036,026 | | | $ | 92,874,554 | | | $ | 52,953,881 | | | $ | 18,942,434 | | | $ | 18,353,340 | | | $ | 98,008,596 | | | $ | 197,603,086 | | | $ | 147,946,817 | |
| ‡ Cost of investments in affiliated securities1 | | $ | 19,718,043 | | | $ | 30,257,238 | | | $ | 12,848,801 | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| § Fair Value of securities on loan | | $ | 9,667,392 | | | $ | 10,497,107 | | | $ | 6,507,938 | | | $ | – | | | $ | – | | | $ | 1,761,723 | | | $ | 2,266,611 | | | $ | 1,522,029 | |
| 1 | See Note 14 for information on affiliated issuers. |
| 2 | Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds and 4.50% for the Core Bond and Diversified Funds. |
| 3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
| 4 | The High Quality Bond Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
| 5 | The Core Bond Fund launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Assets and Liabilities as of April 30, 2022 (unaudited)
| | | Covered Call &
Equity Income
Fund | | | Dividend
Income
Fund | | | Investors
Fund | | | Sustainable
Equity Fund1 |
| | Mid-Cap
Fund | | | Small Cap
Fund | | | International
Stock
Fund | |
| |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments in unaffiliated securities, at fair value†§ | | $ | 109,538,775 | | | $ | 305,527,774 | | | $ | 344,251,397 | | | $ | 7,899,836 | | | $ | 666,304,024 | | | $ | 224,281,140 | | | $ | 13,963,732 | |
| Investments in affiliated securities, at fair value2‡ | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Cash | | | – | | | | 1,745,377 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Foreign currency (cost of $6,360) (Note 2) | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | 6,480 | |
| Receivables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund shares sold | | | 1,478,226 | | | | 552,810 | | | | 237,500 | | | | 10,815 | | | | 5,520,740 | | | | 10,148 | | | | 1,401 | |
| Dividends and Interest | | | 64,786 | | | | 592,469 | | | | 536,392 | | | | 6,187 | | | | – | | | | 3,148 | | | | 69,496 | |
| Total assets | | | 111,081,787 | | | | 308,418,430 | | | | 345,025,289 | | | | 7,916,838 | | | | 671,824,764 | | | | 224,294,436 | | | | 14,041,109 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments purchased | | | 3,414,754 | | | | – | | | | – | | | | 122,032 | | | | – | | | | 853,247 | | | | – | |
| Fund shares repurchased | | | 70,904 | | | | 104,530 | | | | 379,642 | | | | 11,383 | | | | 269,065 | | | | 24,734 | | | | 37,790 | |
| Upon return of securities loaned | | | – | | | | – | | | | 1,853,501 | | | | – | | | | – | | | | 4,465,528 | | | | 3,650 | |
| Advisory agreement fees | | | 71,709 | | | | 185,882 | | | | 210,265 | | | | 4,435 | | | | 426,009 | | | | 171,035 | | | | 12,901 | |
| Administrative services agreement fees | | | 12,581 | | | | 44,146 | | | | 42,793 | | | | 641 | | | | 92,020 | | | | 36,918 | | | | 3,686 | |
| Audit and trustee fees | | | 2,148 | | | | 7,555 | | | | 9,610 | | | | 25 | | | | 17,148 | | | | 6,505 | | | | 415 | |
| Distribution fees - Class B | | | – | | | | – | | | | – | | | | – | | | | 495 | | | | – | | | | 161 | |
| Distribution fees - Class C | | | 5,353 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Shareholder service fees | | | 4,822 | | | | 12,961 | | | | 20,799 | | | | – | | | | 16,285 | | | | 853 | | | | 2,907 | |
| Due to Custodian | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | 395 | |
| Options written, at value (premium received $2,393,724) (Note 7) | | | 3,204,799 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Total liabilities | | | 6,787,070 | | | | 355,074 | | | | 2,516,610 | | | | 138,516 | | | | 821,022 | | | | 5,558,820 | | | | 61,905 | |
| Net assets applicable to outstanding capital stock | | $ | 104,294,717 | | | $ | 308,063,356 | | | $ | 342,508,679 | | | $ | 7,778,322 | | | $ | 671,003,742 | | | $ | 218,735,616 | | | $ | 13,979,204 | |
| Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 119,583,114 | | | $ | 230,933,627 | | | $ | 211,836,072 | | | $ | 8,493,241 | | | $ | 400,595,949 | | | $ | 174,527,771 | | | $ | 16,263,915 | |
| Accumulated distributable earnings (loss) | | | (15,288,397 | ) | | | 77,129,729 | | | | 130,672,607 | | | | (714,919 | ) | | | 270,407,793 | | | | 44,207,845 | | | | (2,284,711 | ) |
| Net Assets | | $ | 104,294,717 | | | $ | 308,063,356 | | | $ | 342,508,679 | | | $ | 7,778,322 | | | $ | 671,003,742 | | | $ | 218,735,616 | | | $ | 13,979,204 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 14,213,871 | | | $ | 59,527,994 | | | $ | 94,994,256 | | | | | | | $ | 74,276,232 | | | $ | 3,895,784 | | | $ | 12,985,033 | |
| Shares of beneficial interest outstanding | | | 1,524,207 | | | | 1,946,389 | | | | 3,873,519 | | | | | | | | 6,244,158 | | | | 380,429 | | | | 1,550,897 | |
| Net Asset Value and redemption price per share | | $ | 9.33 | | | $ | 30.58 | | | $ | 24.52 | | | | | | | $ | 11.90 | | | $ | 10.24 | | | $ | 8.37 | |
| Sales charge of offering price3 | | | 0.57 | | | | 1.87 | | | | 1.50 | | | | | | | | 0.73 | | | | 0.62 | | | | 0.51 | |
| Maximum offering price per share | | $ | 9.90 | | | $ | 32.45 | | | $ | 26.02 | | | | | | | $ | 12.63 | | | $ | 10.86 | | | $ | 8.88 | |
| Class B Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | | | | | | | | | $ | 755,053 | | | | | | | $ | 237,347 | |
| Shares of beneficial interest outstanding | | | | | | | | | | | | | | | | | | | 84,039 | | | | | | | | 29,676 | |
| Net Asset Value and redemption price per share4 | | | | | | | | | | | | | | | | | | $ | 8.98 | | | | | | | $ | 8.00 | |
| Class C Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 8,401,951 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of beneficial interest outstanding | | | 995,474 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value and redemption price per share4 | | $ | 8.44 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class Y Shares: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 80,849,486 | | | $ | 164,271,106 | | | $ | 96,610,348 | | | $ | 86,115 | | | $ | 243,873,934 | | | $ | 195,500,091 | | | $ | 756,824 | |
| Shares of beneficial interest outstanding | | | 8,345,790 | | | | 5,368,377 | | | | 3,932,454 | | | | 10,000 | | | | 19,078,653 | | | | 18,852,870 | | | | 91,214 | |
| Net Asset Value and redemption price per share4 | | $ | 9.69 | | | $ | 30.60 | | | $ | 24.57 | | | $ | 8.61 | | | $ | 12.78 | | | $ | 10.37 | | | $ | 8.30 | |
| Class I Shares:5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 54,222 | | | $ | 57,863,466 | | | $ | 92,919,682 | | | $ | 7,692,207 | | | $ | 262,873,835 | | | $ | 19,330,558 | | | | | |
| Shares of beneficial interest outstanding | | | 5,599 | | | | 1,891,954 | | | | 3,792,521 | | | | 893,088 | | | | 20,549,979 | | | | 1,863,669 | | | | | |
| Net Asset Value and redemption price per share4 | | $ | 9.68 | | | $ | 30.58 | | | $ | 24.50 | | | $ | 8.61 | | | $ | 12.79 | | | $ | 10.37 | | | | | |
| Class R6 Shares:6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 775,187 | | | $ | 26,400,790 | | | $ | 57,984,393 | | | | | | | $ | 89,224,688 | | | $ | 9,183 | | | | | |
| Shares of beneficial interest outstanding | | | 78,682 | | | | 863,142 | | | | 2,339,788 | | | | | | | | 6,791,599 | | | | 885 | | | | | |
| Net Asset Value and redemption price per share4 | | $ | 9.85 | | | $ | 30.59 | | | $ | 24.78 | | | | | | | $ | 13.14 | | | $ | 10.38 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| † Cost of Investments in unaffiliated securities | | $ | 125,060,980 | | | $ | 244,618,566 | | | $ | 231,962,764 | | | $ | 8,597,205 | | | $ | 432,930,893 | | | $ | 193,804,414 | | | $ | 16,329,084 | |
| ‡ Cost of investments in affiliated securities2 | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| § Fair Value of securities on loan | | $ | – | | | $ | – | | | $ | 10,112,062 | | | $ | – | | | $ | – | | | $ | 4,832,429 | | | $ | 3,517 | |
| 1 | The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022. |
| 2 | See Note 12 for information on affiliated issuers. |
| 3 | Sales charge of offering price is 5.75% for the Covered Call & Equity Income, Dividend Income, Investors, Mid-Cap, Small Cap and International Stock Funds. |
| 4 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
| 5 | The Covered Call & Equity Income Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
| 6 | The Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Operations for the Six Months Ended April 30, 2022 (unaudited)
| | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Tax-Free
Virginia
Fund | | | Tax-Free
National
Fund | | | High Quality
Bond
Fund | | | Core
Bond
Fund | | | Diversified
Income
Fund | |
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest | | $ | 643 | | | $ | 1,360 | | | $ | 481 | | | $ | 248,503 | | | $ | 237,785 | | | $ | 709,479 | | | $ | 2,037,098 | | | $ | 623,217 | |
| Dividends | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | 825,551 | | | | 2,433,278 | | | | 1,534,082 | | | | – | | | | – | | | | – | | | | – | | | | 1,676,061 | |
| Affiliated issuers1 | | | 162,738 | | | | 281,917 | | | | 119,584 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Income from securities lending | | | 13,908 | | | | 33,128 | | | | 23,592 | | | | – | | | | – | | | | 1,101 | | | | 1,730 | | | | 1,169 | |
| Total investment income | | | 1,002,840 | | | | 2,749,683 | | | | 1,677,739 | | | | 248,503 | | | | 237,785 | | | | 710,580 | | | | 2,038,828 | | | | 2,300,447 | |
| Expenses:2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory agreement fees | | | 64,293 | | | | 127,077 | | | | 64,872 | | | | 50,542 | | | | 39,127 | | | | 150,497 | | | | 363,940 | | | | 594,718 | |
| Administrative services agreement fees | | | 80,366 | | | | 158,846 | | | | 81,090 | | | | 35,379 | | | | 34,236 | | | | 95,313 | | | | 107,994 | | | | 182,990 | |
| Trustee fees | | | 3,213 | | | | 6,316 | | | | 3,177 | | | | 983 | | | | 999 | | | | 5,242 | | | | 8,957 | | | | 8,757 | |
| Distribution fees - Class B | | | 7,746 | | | | 22,077 | | | | 11,723 | | | | – | | | | – | | | | – | | | | 1,714 | | | | 16,944 | |
| Distribution fees - Class C | | | 68,826 | | | | 31,278 | | | | 10,999 | | | | – | | | | – | | | | – | | | | – | | | | 84,685 | |
| Shareholder service fees - Class A | | | 54,808 | | | | 140,858 | | | | 73,434 | | | | – | | | | – | | | | – | | | | 51,257 | | | | 194,611 | |
| Shareholder service fees - Class B | | | 2,582 | | | | 7,353 | | | | 3,894 | | | | – | | | | – | | | | – | | | | 571 | | | | 5,642 | |
| Shareholder service fees - Class C | | | 22,942 | | | | 10,426 | | | | 3,666 | | | | – | | | | – | | | | – | | | | – | | | | 27,941 | |
| Other expenses | | | 78 | | | | 153 | | | | 78 | | | | 25 | | | | 24 | | | | 121 | | | | 225 | | | | 220 | |
| Total expenses before reimbursement/waiver | | | 304,854 | | | | 504,384 | | | | 252,933 | | | | 86,929 | | | | 74,386 | | | | 251,173 | | | | 534,658 | | | | 1,116,508 | |
| Less reimbursement/waiver | | | – | | | | – | | | | – | | | | – | | | | – | | | | (34,413 | ) | | | – | | | | – | |
| Total expenses | | | 304,854 | | | | 504,384 | | | | 252,933 | | | | 86,929 | | | | 74,386 | | | | 216,760 | | | | 534,658 | | | | 1,116,508 | |
| Net Investment Income | | | 697,986 | | | | 2,245,299 | | | | 1,424,806 | | | | 161,574 | | | | 163,399 | | | | 493,820 | | | | 1,504,170 | | | | 1,183,939 | |
| Net Realized and Unrealized Gain (loss) on Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | (1,912,992 | ) | | | (2,010,819 | ) | | | (267,494 | ) | | | (62,427 | ) | | | 131,354 | | | | (304,028 | ) | | | (39,907 | ) | | | 7,899,881 | |
| Affiliated issuers1 | | | 695,817 | | | | 2,521,578 | | | | 990,406 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Capital gain distributions received from underlying funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | 17,633 | | | | 20,212 | | | | 3,391 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Affiliated issuers1 | | | 539,181 | | | | 1,765,514 | | | | 1,006,457 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | (2,709,591 | ) | | | (8,066,363 | ) | | | (5,360,899 | ) | | | (1,532,543 | ) | | | (1,538,208 | ) | | | (5,904,828 | ) | | | (19,495,113 | ) | | | (15,643,429 | ) |
| Affiliated Issuers1 | | | (3,101,660 | ) | | | (7,238,858 | ) | | | (3,249,173 | ) | | | – | | | | – | | | | – | | | | – | | | | – | |
| Net Realized and Unrealized (Loss) on Investments | | | (6,471,612 | ) | | | (13,008,736 | ) | | | (6,877,312 | ) | | | (1,594,970 | ) | | | (1,406,854 | ) | | | (6,208,856 | ) | | | (19,535,020 | ) | | | (7,743,548 | ) |
| Net (Decrease) in Net Assets from Operations | | $ | (5,773,626 | ) | | $ | (10,763,437 | ) | | $ | (5,452,506 | ) | | $ | (1,433,396 | ) | | $ | (1,243,455 | ) | | $ | (5,715,036 | ) | | $ | (18,030,850 | ) | | $ | (6,559,609 | ) |
| 1 | See Note 14 for information on affiliated issuers. |
| 2 | See Note 5 for information on expense, including any waivers. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Operations for the Six Months Ended April 30, 2022 (unaudited) - continued
| | | Covered Call &
Equity Income
Fund | | | Dividend
Income
Fund | | | Investors
Fund | | | Sustainable
Equity Fund1 | | | Mid-Cap
Fund | | | Small Cap
Fund | | | International
Stock
Fund | |
| Investment Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest | | $ | 4,911 | | | $ | 921 | | | $ | 3,127 | | | $ | 54 | | | $ | 8,489 | | | $ | 3,369 | | | $ | 65 | |
| Dividends | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | 736,024 | | | | 4,122,203 | | | | 2,559,918 | | | | 22,872 | | | | 3,177,734 | | | | 1,015,628 | | | | 150,774 | |
| Affiliated issuers2 | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Less: Foreign taxes withheld/reclaimed | | | (3,734 | ) | | | – | | | | (95,122 | ) | | | (427 | ) | | | (15,917 | ) | | | (6,056 | ) | | | (11,905 | ) |
| Income from securities lending | | | 229 | | | | – | | | | 5,768 | | | | – | | | | 296 | | | | 8,272 | | | | 1,154 | |
| Total investment income | | | 737,430 | | | | 4,123,124 | | | | 2,473,691 | | | | 22,499 | | | | 3,170,602 | | | | 1,021,213 | | | | 140,088 | |
| Expenses:3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advisory agreement fees | | | 397,417 | | | | 1,105,954 | | | | 1,358,895 | | | | 12,688 | | | | 2,629,727 | | | | 1,127,999 | | | | 84,406 | |
| Administrative services agreement fees | | | 69,768 | | | | 277,579 | | | | 271,099 | | | | 1,845 | | | | 560,426 | | | | 243,631 | | | | 24,116 | |
| Trustee fees | | | 4,317 | | | | 15,212 | | | | 19,393 | | | | 111 | | | | 34,941 | | | | 12,974 | | | | 821 | |
| Distribution fees - Class B | | | – | | | | – | | | | – | | | | – | | | | 3,746 | | | | – | | | | 1,146 | |
| Distribution fees - Class C | | | 31,604 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Shareholder service fees - Class A | | | 18,327 | | | | 77,938 | | | | 130,727 | | | | – | | | | 94,150 | | | | 5,548 | | | | 18,659 | |
| Shareholder service fees - Class B | | | – | | | | – | | | | – | | | | – | | | | 1,249 | | | | – | | | | 382 | |
| Shareholder service fees - Class C | | | 10,535 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Other expenses | | | 109 | | | | 373 | | | | 460 | | | | 5 | | | | 296 | | | | 833 | | | | 19 | |
| Total expenses before reimbursement/waiver | | | 532,077 | | | | 1,477,056 | | | | 1,780,574 | | | | 14,649 | | | | 3,324,535 | | | | 1,390,985 | | | | 129,549 | |
| Less reimbursement/waiver | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Total expenses | | | 532,077 | | | | 1,477,056 | | | | 1,780,574 | | | | 14,649 | | | | 3,324,535 | | | | 1,390,985 | | | | 129,549 | |
| Net Investment Income (Loss) | | | 205,353 | | | | 2,646,068 | | | | 693,117 | | | | 7,850 | | | | (153,933 | ) | | | (369,772 | ) | | | 10,539 | |
| 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 | | | (690,294 | ) | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Options written | | | 1,851,934 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Unaffiliated issuers | | | 1,834,927 | | | | 17,674,573 | | | | 18,591,315 | | | | (25,400 | ) | | | 38,602,381 | | | | 14,572,380 | | | | 122,050 | |
| Affiliated issuers2 | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Capital gain distributions received from underlying funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Affiliated issuers2 | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Options purchased | | | 2,485,815 | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Options written | | | (214,629 | ) | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Unaffiliated issuers | | | (5,056,057 | ) | | | (22,306,501 | ) | | | (48,885,350 | ) | | | (697,369 | ) | | | (102,301,236 | ) | | | (54,307,535 | ) | | | (2,889,147 | ) |
| Affiliated Issuers2 | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| Net Realized and Unrealized Gain (Loss) on Investments | | | 211,696 | | | | (4,631,928 | ) | | | (30,294,035 | ) | | | (722,769 | ) | | | (63,698,855 | ) | | | (39,735,155 | ) | | | (2,767,097 | ) |
| Net Increase (Decrease) in Net Assets from Operations | | $ | 417,049 | | | $ | (1,985,860 | ) | | $ | (29,600,918 | ) | | $ | (714,919 | ) | | $ | (63,852,788 | ) | | $ | (40,104,927 | ) | | $ | (2,756,558 | ) |
| 1 | The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022. |
| 2 | See Note 14 for information on affiliated issuers. |
| 3 | See Note 5 for information on expense, including any waivers. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited)
| | | Conservative Allocation Fund | | | Moderate Allocation Fund | | | Aggressive Allocation Fund | |
|
| Six-Months
Ended 4/30/22
(unaudited) |
|
Year Ended
10/31/21
|
|
| Six-Months
Ended 4/30/22 (unaudited) |
|
| Year Ended 10/31/21
|
|
| Six-Months
Ended 4/30/22
(unaudited) |
|
| Year Ended
10/31/21 |
|
| Net Assets at beginning of period | | $ | 68,674,779 | | | $ | 68,546,140 | | | $ | 134,584,040 | | | $ | 129,932,373 | | | $ | 67,457,807 | | | $ | 63,118,605 | |
| Increase (decrease) in net assets from operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 697,986 | | | | 418,253 | | | | 2,245,299 | | | | 828,206 | | | | 1,424,806 | | | | 368,041 | |
| Net realized gain (loss) | | | (660,361 | ) | | | 3,529,009 | | | | 2,296,485 | | | | 7,944,022 | | | | 1,732,760 | | | | 4,642,898 | |
| Net change in unrealized appreciation (depreciation) | | | (5,811,251 | ) | | | 411,153 | | | | (15,305,221 | ) | | | 7,109,626 | | | | (8,610,072 | ) | | | 5,596,080 | |
| Net increase (decrease) in net assets from operations | | | (5,773,626 | ) | | | 4,358,415 | | | | (10,763,437 | ) | | | 15,881,854 | | | | (5,452,506 | ) | | | 10,607,019 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated earnings (combined net investment income and net realized gains): | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | (2,710,303 | ) | | | (2,991,634 | ) | | | (9,265,341 | ) | | | (9,947,296 | ) | | | (5,578,440 | ) | | | (4,829,669 | ) |
| Class B | | | (123,123 | ) | | | (241,397 | ) | | | (461,958 | ) | | | (713,541 | ) | | | (293,779 | ) | | | (335,113 | ) |
| Class C | | | (1,068,015 | ) | | | (1,190,848 | ) | | | (630,540 | ) | | | (747,499 | ) | | | (267,464 | ) | | | (218,193 | ) |
| Total distributions | | | (3,901,441 | ) | | | (4,423,879 | ) | | | (10,357,839 | ) | | | (11,408,336 | ) | | | (6,139,683 | ) | | | (5,382,975 | ) |
| Capital Stock transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,863,748 | | | | 5,769,718 | | | | 2,992,362 | | | | 7,761,126 | | | | 1,689,911 | | | | 4,018,237 | |
| Issued to shareholders in reinvestment of distributions | | | 2,707,047 | | | | 2,985,967 | | | | 9,241,499 | | | | 9,924,011 | | | | 5,574,873 | | | | 4,828,116 | |
| Shares redeemed | | | (4,015,330 | ) | | | (6,926,542 | ) | | | (9,065,923 | ) | | | (13,670,851 | ) | | | (2,873,780 | ) | | | (8,779,980 | ) |
| Net increase (decrease) from capital stock transactions | | | 1,555,465 | | | | 1,829,143 | | | | 3,167,938 | | | | 4,014,286 | | | | 4,391,004 | | | | 66,373 | |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1 | | | | 23,089 | | | | – | | | | 25,082 | | | | – | | | | 54,537 | |
| Issued to shareholders in reinvestment of distributions | | | 122,399 | | | | 241,255 | | | | 461,958 | | | | 713,105 | | | | 293,779 | | | | 335,113 | |
| Shares redeemed | | | (715,956 | ) | | | (1,925,117 | ) | | | (1,291,132 | ) | | | (3,894,208 | ) | | | (782,554 | ) | | | (1,549,614 | ) |
| Net increase (decrease) from capital stock transactions | | | (593,556 | ) | | | (1,660,773 | ) | | | (829,174 | ) | | | (3,156,021 | ) | | | (488,775 | ) | | | (1,159,964 | ) |
| Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 134,948 | | | | 1,461,772 | | | | 141,854 | | | | 477,855 | | | | 35,559 | | | | 147,571 | |
| Issued to shareholders in reinvestment of distributions | | | 1,067,298 | | | | 1,190,550 | | | | 630,540 | | | | 747,499 | | | | 267,464 | | | | 197,304 | |
| Shares redeemed | | | (2,401,836 | ) | | | (2,626,589 | ) | | | (792,011 | ) | | | (1,905,470 | ) | | | (194,811 | ) | | | (136,126 | ) |
| Net increase (decrease) from capital stock transactions | | | (1,199,590 | ) | | | 25,733 | | | | (19,617 | ) | | | (680,116 | ) | | | 108,212 | | | | 208,749 | |
| Total increase (decrease) from capital stock transactions | | | (237,681 | ) | | | 194,103 | | | | 2,319,147 | | | | 178,149 | | | | 4,010,441 | | | | (884,842 | ) |
| Total increase (decrease) in net assets | | | (9,912,748 | ) | | | 128,639 | | | | (18,802,129 | ) | | | 4,651,667 | | | | (7,581,748 | ) | | | 4,339,202 | |
| Net Assets at end of period | | $ | 58,762,031 | | | $ | 68,674,779 | | | $ | 115,781,911 | | | $ | 134,584,040 | | | $ | 59,876,059 | | | $ | 67,457,807 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Share transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 272,870 | | | | 521,337 | | | | 264,767 | | | | 647,481 | | | | 143,888 | | | | 323,239 | |
| Issued to shareholders in reinvestment of distributions | | | 256,659 | | | | 273,153 | | | | 809,238 | | | | 856,996 | | | | 472,047 | | | | 408,125 | |
| Shares redeemed | | | (384,291 | ) | | | (624,025 | ) | | | (800,087 | ) | | | (1,137,171 | ) | | | (245,638 | ) | | | (708,338 | ) |
| Net increase from capital shares transactions | | | 145,238 | | | | 170,465 | | | | 273,918 | | | | 367,306 | | | | 370,297 | | | | 23,026 | |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | | 1,994 | | | | – | | | | 2,108 | | | | – | | | | 4,522 | |
| Issued to shareholders in reinvestment of distributions | | | 11,401 | | | | 21,715 | | | | 40,701 | | | | 61,901 | | | | 25,747 | | | | 29,217 | |
| Shares redeemed | | | (66,324 | ) | | | (171,432 | ) | | | (115,801 | ) | | | (327,720 | ) | | | (69,896 | ) | | | (129,065 | ) |
| Net (decrease) from capital shares trasactions | | | (54,923 | ) | | | (147,723 | ) | | | (75,100 | ) | | | (263,711 | ) | | | (44,149 | ) | | | (95,326 | ) |
| Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 13,133 | | | | 130,056 | | | | 12,754 | | | | 39,727 | | | | 3,131 | | | | 12,263 | |
| Issued to shareholders in reinvestment of distributions | | | 99,324 | | | | 107,064 | | | | 55,456 | | | | 64,831 | | | | 23,421 | | | | 17,187 | |
| Shares redeemed | | | (226,751 | ) | | | (233,036 | ) | | | (71,740 | ) | | | (161,357 | ) | | | (17,120 | ) | | | (11,281 | ) |
| Net increase (decrease) in shares outstanding | | | (114,294 | ) | | | 4,084 | | | | (3,530 | ) | | | (56,799 | ) | | | 9,432 | | | | 18,169 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | Tax-Free Virginia Fund | | | Tax-Free National Fund | | | High Quality Bond Fund | |
| | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | |
| | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | |
| Net Assets at beginning of period | | $ | 20,620,165 | | | $ | 21,572,312 | | | $ | 22,330,541 | | | $ | 23,376,610 | | | $ | 115,682,091 | | | $ | 184,881,456 | |
| Increase (decrease) in net assets from operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 161,574 | | | | 328,654 | | | | 163,399 | | | | 376,725 | | | | 493,820 | | | | 1,310,134 | |
| Net realized gain (loss) | | | (62,427 | ) | | | 65,429 | | | | 131,354 | | | | 202,460 | | | | (304,028 | ) | | | 589,691 | |
| Net change in unrealized appreciation (depreciation) | | | (1,532,543 | ) | | | (363,257 | ) | | | (1,538,208 | ) | | | (420,472 | ) | | | (5,904,828 | ) | | | (3,725,034 | ) |
| Net increase (decrease) in net assets from operations | | | (1,433,396 | ) | | | 30,826 | | | | (1,243,455 | ) | | | 158,713 | | | | (5,715,036 | ) | | | (1,825,209 | ) |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated earnings (combined net investment income and net realized gains): | | | | | | | | | | | | | | | | | | | | | | | | |
| Class Y | | | (227,688 | ) | | | (340,711 | ) | | | (344,235 | ) | | | (375,173 | ) | | | (1,091,439 | ) | | | (1,861,048 | ) |
| Class I1 | | | – | | | | – | | | | – | | | | – | | | | (26 | ) | | | – | |
| Total distributions | | | (227,688 | ) | | | (340,711 | ) | | | (344,235 | ) | | | (375,173 | ) | | | (1,091,465 | ) | | | (1,861,048 | ) |
| Capital Stock transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 464,745 | | | | 728,698 | | | | 93,458 | | | | 587,401 | | | | 9,099,307 | | | | 30,517,770 | |
| Issued to shareholders in reinvestment of distributions | | | 220,621 | | | | 328,889 | | | | 315,778 | | | | 335,567 | | | | 1,032,385 | | | | 1,774,905 | |
| Shares redeemed | | | (339,762 | ) | | | (1,699,849 | ) | | | (2,777,955 | ) | | | (1,752,577 | ) | | | (27,258,189 | ) | | | (97,805,783 | ) |
| Net increase (decrease) from capital stock transactions | | | 345,604 | | | | (642,262 | ) | | | (2,368,719 | ) | | | (829,609 | ) | | | (17,126,497 | ) | | | (65,513,108 | ) |
| Class I Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | | | | | | | 10,000 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | 26 | | | | | |
| Shares redeemed | | | | | | | | | | | | | | | | | | | – | | | | | |
| Net increase from capital stock transactions | | | | | | | | | | | | | | | | | | | 10,026 | | | | | |
| Total increase (decrease) from capital stock transactions | | | 345,604 | | | | (642,262 | ) | | | (2,368,719 | ) | | | (829,609 | ) | | | (17,116,471 | ) | | | (65,513,108 | ) |
| Total (decrease) in net assets | | | (1,315,480 | ) | | | (952,147 | ) | | | (3,956,409 | ) | | | (1,046,069 | ) | | | (23,922,972 | ) | | | (69,199,365 | ) |
| Net Assets at end of period | | $ | 19,304,685 | | | $ | 20,620,165 | | | $ | 18,374,132 | | | $ | 22,330,541 | | | $ | 91,759,119 | | | $ | 115,682,091 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Share transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 40,386 | | | | 61,207 | | | | 8,688 | | | | 52,825 | | | | 841,497 | | | | 2,695,363 | |
| Issued to shareholders in reinvestment of distributions | | | 19,270 | | | | 27,733 | | | | 29,369 | | | | 30,251 | | | | 94,505 | | | | 157,142 | |
| Shares redeemed | | | (29,620 | ) | | | (142,493 | ) | | | (253,571 | ) | | | (157,496 | ) | | | (2,487,286 | ) | | | (8,669,665 | ) |
| Net increase (decrease) in shares outstanding | | | 30,036 | | | | (53,553 | ) | | | (215,514 | ) | | | (74,420 | ) | | | (1,551,284 | ) | | | (5,817,160 | ) |
| Class I Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | | | | | | | | | 923 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | | | | | | | | | | | | | | | | | 2 | | | | | |
| Shares redeemed | | | | | | | | | | | | | | | | | | | – | | | | | |
| Net increase in shares outstanding | | | | | | | | | | | | | | | | | | | 925 | | | | | |
| 1 | The High Quality Bond Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | Core Bond Fund | | | Diversified Income Fund | | | Covered Call & Equity
Income Fund | |
| | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | |
| | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | |
| Net Assets at beginning of period | | $ | 188,561,966 | | | $ | 151,203,152 | | | $ | 184,230,359 | | | $ | 157,691,661 | | | $ | 90,673,553 | | | $ | 80,557,303 | |
| Increase (decrease) in net assets from operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 1,504,170 | | | | 2,642,999 | | | | 1,183,939 | | | | 2,055,494 | | | | 205,353 | | | | 183,169 | |
| Net realized gain (loss) | | | (39,907 | ) | | | 1,361,586 | | | | 7,899,881 | | | | 18,231,113 | | | | 2,996,567 | | | | 6,698,294 | |
| Net change in unrealized appreciation (depreciation) | | | (19,495,113 | ) | | | (3,216,399 | ) | | | (15,643,429 | ) | | | 13,312,033 | | | | (2,784,871 | ) | | | 15,880,372 | |
| Net increase (decrease) in net assets from operations | | | (18,030,850 | ) | | | 788,186 | | | | (6,559,609 | ) | | | 33,598,640 | | | | 417,049 | | | | 22,761,835 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated earnings (combined net investment income and net realized gains): | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | (478,692 | ) | | | (1,546,959 | ) | | | (16,646,558 | ) | | | (3,735,419 | ) | | | (533,162 | ) | | | (894,730 | ) |
| Class B | | | (3,824 | ) | | | (25,215 | ) | | | (492,144 | ) | | | (115,248 | ) | | | – | | | | – | |
| Class C | | | – | | | | – | | | | (2,227,801 | ) | | | (328,051 | ) | | | (329,112 | ) | | | (551,240 | ) |
| Class Y | | | (124,384 | ) | | | (3,007,506 | ) | | | – | | | | – | | | | (2,479,906 | ) | | | (4,021,979 | ) |
| Class R61 | | | (348,344 | ) | | | – | | | | – | | | | – | | | | (20,319 | ) | | | (47,320 | ) |
| Class I2 | | | (1,672,041 | ) | | | (1,440,171 | ) | | | – | | | | – | | | | (143 | ) | | | – | |
| Total distributions | | | (2,627,285 | ) | | | (6,019,851 | ) | | | (19,366,503 | ) | | | (4,178,718 | ) | | | (3,362,642 | ) | | | (5,515,269 | ) |
| Capital Stock transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,326,311 | | | | 4,060,884 | | | | 3,598,925 | | | | 7,842,231 | | | | 786,950 | | | | 839,893 | |
| Issued to shareholders in reinvestment of distributions | | | 473,485 | | | | 1,529,428 | | | | 16,579,410 | | | | 3,715,658 | | | | 508,526 | | | | 865,266 | |
| Shares redeemed | | | (3,666,958 | ) | | | (7,858,376 | ) | | | (7,878,113 | ) | | | (12,487,945 | ) | | | (1,476,883 | ) | | | (1,634,055 | ) |
| Net increase (decrease) from capital stock transactions | | | (1,867,162 | ) | | | (2,268,064 | ) | | | 12,300,222 | | | | (930,056 | ) | | | (181,407 | ) | | | 71,104 | |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | | 48,279 | | | | 6,834 | | | | – | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 3,824 | | | | 25,215 | | | | 492,144 | | | | 115,220 | | | | | | | | | |
| Shares redeemed | | | (127,809 | ) | | | (623,518 | ) | | | (1,138,175 | ) | | | (2,730,475 | ) | | | | | | | | |
| Net (decrease) from capital stock transactions | | | (123,985 | ) | | | (550,024 | ) | | | (639,197 | ) | | | (2,615,255 | ) | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | 4,722,607 | | | | 1,638,999 | | | | 429,648 | | | | 686,500 | |
| Issued to shareholders in reinvestment of distributions | | | | | | | | | | | 2,227,801 | | | | 328,051 | | | | 313,055 | | | | 514,623 | |
| Shares redeemed | | | | | | | | | | | (889,110 | ) | | | (1,302,963 | ) | | | (371,931 | ) | | | (1,550,410 | ) |
| Net increase (decrease) from capital stock transactions | | | | | | | | | | | 6,061,298 | | | | 664,087 | | | | 370,772 | | | | (349,287 | ) |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,151,486 | | | | 19,571,453 | | | | | | | | | | | | 24,787,178 | | | | 24,357,971 | |
| Issued to shareholders in reinvestment of distributions | | | 107,834 | | | | 377,419 | | | | | | | | | | | | 2,475,630 | | | | 4,017,939 | |
| Shares redeemed | | | (3,449,259 | ) | | | (107,943,577 | ) | | | | | | | | | | | (11,187,814 | ) | | | (34,102,987 | ) |
| Net increase (decrease) from capital stock transactions | | | (2,189,939 | ) | | | (87,994,705 | ) | | | | | | | | | | | 16,074,994 | | | | (5,727,077 | ) |
| Class R6 Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 105,101,205 | | | | | | | | | | | | | | | | 392,436 | | | | 89,018 | |
| Issued to shareholders in reinvestment of distributions | | | 348,344 | | | | | | | | | | | | | | | | 20,319 | | | | 47,320 | |
| Shares redeemed | | | – | | | | | | | | | | | | | | | | (165,500 | ) | | | (1,261,394 | ) |
| Net increase (decrease) from capital stock transactions | | | 105,449,549 | | | | | | | | | | | | | | | | 247,255 | | | | (1,125,056 | ) |
| Class I Shares2 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 22,276,313 | | | | 135,475,177 | | | | | | | | | | | | 55,000 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 429,958 | | | | 219,382 | | | | | | | | | | | | 143 | | | | | |
| Shares redeemed | | | (109,106,969 | ) | | | (2,291,287 | ) | | | | | | | | | | | – | | | | | |
| Net increase (decrease) from capital stock transactions | | | (86,400,698 | ) | | | 133,403,272 | | | | | | | | | | | | 55,143 | | | | | |
| Total increase (decrease) from capital stock transactions | | | 14,867,765 | | | | 42,590,479 | | | | 17,722,323 | | | | (2,881,224 | ) | | | 16,566,757 | | | | (7,130,316 | ) |
| Total increase (decrease) in net assets | | | (5,790,370 | ) | | | 37,358,814 | | | | (8,203,789 | ) | | | 26,538,698 | | | | 13,621,164 | | | | 10,116,250 | |
| Net Assets at end of period | | $ | 182,771,596 | | | $ | 188,561,966 | | | $ | 176,026,570 | | | $ | 184,230,359 | | | $ | 104,294,717 | | | $ | 90,673,553 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | | Core Bond Fund | | | Diversified Income Fund | | | | Covered Call & Equity
Income Fund | |
| | | | (unaudited)
Six-Months
Ended | | | | Year
Ended | | | | (unaudited)
Six-Months
Ended | | | | Year
Ended | | | | (unaudited)
Six-Months
Ended | | | | Year
Ended | |
| | | | 4/30/22 | | | | 10/31/21 | | | | 4/30/22 | | | | 10/31/21 | | | | 4/30/22 | | | | 10/31/21 | |
| Capital Share transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 130,917 | | | | 384,731 | | | | 210,620 | | | | 445,855 | | | | 82,438 | | | | 88,654 | |
| Issued to shareholders in reinvestment of distributions | | | 46,780 | | | | 143,778 | | | | 979,966 | | | | 217,988 | | | | 53,190 | | | | 93,852 | |
| Shares redeemed | | | (367,904 | ) | | | (745,179 | ) | | | (459,455 | ) | | | (715,677 | ) | | | (154,572 | ) | | | (177,692 | ) |
| Net increase (decrease) from capital shares transactions | | | (190,207 | ) | | | (216,670 | ) | | | 731,131 | | | | (51,834 | ) | | | (18,944 | ) | | | 4,814 | |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | | 4,490 | | | | 407 | | | | – | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 375 | | | | 2,362 | | | | 28,807 | | | | 6,808 | | | | | | | | | |
| Shares redeemed | | | (12,987 | ) | | | (58,965 | ) | | | (66,117 | ) | | | (154,521 | ) | | | | | | | | |
| Net (decrease) from capital shares trasactions | | | (12,612 | ) | | | (52,113 | ) | | | (36,903 | ) | | | (147,713 | ) | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | | | | | | | | | 273,003 | | | | 94,964 | | | | 48,627 | | | | 79,190 | |
| Issued to shareholders in reinvestment of distributions | | | | | | | | | | | 130,346 | | | | 19,311 | | | | 36,100 | | | | 61,047 | |
| Shares redeemed | | | | | | | | | | | (51,206 | ) | | | (73,395 | ) | | | (43,042 | ) | | | (181,842 | ) |
| Net increase (decrease) in shares outstanding | | | | | | | | | | | 352,143 | | | | 40,880 | | | | 41,685 | | | | (41,605 | ) |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 112,020 | | | | 1,842,539 | | | | | | | | | | | | 2,492,019 | | | | 2,509,893 | |
| Issued to shareholders in reinvestment of distributions | | | 10,694 | | | | 35,784 | | | | | | | | | | | | 249,397 | | | | 421,067 | |
| Shares redeemed | | | (341,484 | ) | | | (10,437,136 | ) | | | | | | | | | | | (1,126,691 | ) | | | (3,645,455 | ) |
| Net increase (decrease) in shares outstanding | | | (218,770 | ) | | | (8,558,813 | ) | | | | | | | | | | | 1,614,725 | | | | (714,495 | ) |
| Class R6 Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 10,791,151 | | | | | | | | | | | | | | | | 39,169 | | | | 8,851 | |
| Issued to shareholders in reinvestment of distributions | | | 36,840 | | | | | | | | | | | | | | | | 2,010 | | | | 5,044 | |
| Shares redeemed | | | – | | | | | | | | | | | | | | | | (16,238 | ) | | | (136,246 | ) |
| Net increase (decrease) in shares outstanding | | | 10,827,991 | | | | | | | | | | | | | | | | 24,941 | | | | (122,351 | ) |
| Class I Shares2 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,236,679 | | | | 13,104,681 | | | | | | | | | | | | 5,585 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 43,131 | | | | 21,053 | | | | | | | | | | | | 14 | | | | | |
| Shares redeemed | | | (11,188,207 | ) | | | (219,689 | ) | | | | | | | | | | | – | | | | | |
| Net increase (decrease) in shares outstanding | | | (8,908,397 | ) | | | 12,906,045 | | | | | | | | | | | | 5,599 | | | | | |
| 1 | The Core Bond Fund launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
| 2 | The Covered Call & Equity Income Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | Dividend Income Fund | | | Investors Fund | | | Sustainable Equity Fund1 | |
| | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Period
Ended | |
| | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | |
| Net Assets at beginning of period | | $ | 323,218,081 | | | $ | 274,664,958 | | | $ | 409,629,139 | | | $ | 338,058,006 | | | $ | – | |
| Increase (decrease) in net assets from operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 2,646,068 | | | | 4,806,533 | | | | 693,117 | | | | 840,089 | | | | 7,850 | |
| Net realized gain (loss) | | | 17,674,573 | | | | 32,613,517 | | | | 18,591,315 | | | | 30,539,926 | | | | (25,400 | ) |
| Net change in unrealized appreciation (depreciation) | | | (22,306,501 | ) | | | 50,170,146 | | | | (48,885,350 | ) | | | 75,885,427 | | | | (697,369 | ) |
| Net increase (decrease) in net assets from operations | | | (1,985,860 | ) | | | 87,590,196 | | | | (29,600,918 | ) | | | 107,265,442 | | | | (714,919 | ) |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Accumulated earnings (combined net investment income and net realized gains): | | | | | | | | | | | | | | | | | | | | |
| Class A | | | (6,189,937 | ) | | | (790,821 | ) | | | (7,952,407 | ) | | | (8,787,439 | ) | | | | |
| Class Y1 | | | (19,049,114 | ) | | | (3,121,769 | ) | | | (8,508,606 | ) | | | (11,918,197 | ) | | | | |
| Class R62 | | | (111,115 | ) | | | – | | | | (6,338,361 | ) | | | (6,777,217 | ) | | | | |
| Class I1 | | | (6,856,991 | ) | | | (903,227 | ) | | | (8,192,065 | ) | | | (6,435,009 | ) | | | | |
| Total distributions | | | (32,207,157 | ) | | | (4,815,817 | ) | | | (30,991,439 | ) | | | (33,917,862 | ) | | | | |
| Capital Stock transactions: | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 649,902 | | | | 1,459,428 | | | | 1,232,265 | | | | 3,163,891 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 6,172,081 | | | | 787,728 | | | | 7,929,632 | | | | 8,750,372 | | | | | |
| Shares redeemed | | | (3,400,646 | ) | | | (6,157,358 | ) | | | (6,394,743 | ) | | | (11,602,396 | ) | | | | |
| Net increase (decrease) from capital stock transactions | | | 3,421,337 | | | | (3,910,202 | ) | | | 2,767,154 | | | | 311,867 | | | | | |
| Class Y Shares1 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 35,932,133 | | | | 65,621,467 | | | | 8,376,916 | | | | 18,672,740 | | | | 751,589 | |
| Issued to shareholders in reinvestment of distributions | | | 18,743,159 | | | | 3,076,555 | | | | 7,809,980 | | | | 11,152,740 | | | | – | |
| Shares redeemed | | | (58,793,881 | ) | | | (105,011,845 | ) | | | (14,736,380 | ) | | | (102,239,652 | ) | | | (651,589 | ) |
| Net increase (decrease) from capital stock transactions | | | (4,118,589 | ) | | | (36,313,823 | ) | | | 1,450,516 | | | | (72,414,172 | ) | | | 100,000 | |
| Class R6 Shares2 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 28,121,358 | | | | | | | | 1,247,367 | | | | 14,369,294 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 111,115 | | | | | | | | 6,338,361 | | | | 6,777,217 | | | | | |
| Shares redeemed | | | (1,485,824 | ) | | | | | | | (22,598,052 | ) | | | (22,158,440 | ) | | | | |
| Net increase (decrease) from capital stock transactions | | | 26,746,649 | | | | | | | | (15,012,324 | ) | | | (1,011,929 | ) | | | | |
| Class I Shares1 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 32,393,386 | | | | 30,379,706 | | | | 12,924,703 | | | | 112,281,830 | | | | 8,404,624 | |
| Issued to shareholders in reinvestment of distributions | | | 6,785,951 | | | | 898,002 | | | | 8,192,065 | | | | 6,429,197 | | | | – | |
| Shares redeemed | | | (46,190,442 | ) | | | (25,274,939 | ) | | | (16,850,217 | ) | | | (47,373,240 | ) | | | (11,383 | ) |
| Net increase (decrease) from capital stock transactions | | | (7,011,105 | ) | | | 6,002,769 | | | | 4,266,551 | | | | 71,337,787 | | | | 8,393,241 | |
| Total increase (decrease) from capital stock transactions | | | 19,038,292 | | | | (34,221,256 | ) | | | (6,528,103 | ) | | | (1,776,447 | ) | | | 8,493,241 | |
| Total increase (decrease) in net assets | | | (15,154,725 | ) | | | 48,553,123 | | | | (67,120,460 | ) | | | 71,571,133 | | | | 7,778,322 | |
| Net Assets at end of period | | $ | 308,063,356 | | | $ | 323,218,081 | | | $ | 342,508,679 | | | $ | 409,629,139 | | | $ | 7,778,322 | |
| Capital Share transactions: | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 19,961 | | | | 46,241 | | | | 45,851 | | | | 120,448 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 193,410 | | | | 25,177 | | | | 284,624 | | | | 359,506 | | | | | |
| Shares redeemed | | | (104,809 | ) | | | (195,209 | ) | | | (235,077 | ) | | | (437,501 | ) | | | | |
| Net increase (decrease) from capital shares transactions | | | 108,562 | | | | (123,791 | ) | | | 95,398 | | | | 42,453 | | | | | |
| Class Y Shares1 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,114,499 | | | | 2,115,583 | | | | 304,087 | | | | 707,367 | | | | 75,159 | |
| Issued to shareholders in reinvestment of distributions | | | 587,137 | | | | 97,902 | | | | 280,028 | | | | 458,395 | | | | – | |
| Shares redeemed | | | (1,841,106 | ) | | | (3,276,567 | ) | | | (549,464 | ) | | | (3,896,147 | ) | | | (65,159 | ) |
| Net increase (decrease) in shares outstanding | | | (139,470 | ) | | | (1,063,082 | ) | | | 34,651 | | | | (2,730,385 | ) | | | 10,000 | |
| Class R6 Shares2 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 905,889 | | | | | | | | 43,321 | | | | 499,474 | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 3,441 | | | | | | | | 225,404 | | | | 275,945 | | | | | |
| Shares redeemed | | | (46,188 | ) | | | | | | | (828,066 | ) | | | (798,993 | ) | | | | |
| Net increase (decrease) in shares outstanding | | | 863,142 | | | | | | | | (559,341 | ) | | | (23,574 | ) | | | | |
| Class I Shares1 | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,019,787 | | | | 915,213 | | | | 484,092 | | | | 4,261,808 | | | | 894,409 | |
| Issued to shareholders in reinvestment of distributions | | | 212,707 | | | | 28,401 | | | | 294,679 | | | | 264,685 | | | | – | |
| Shares redeemed | | | (1,451,799 | ) | | | (810,833 | ) | | | (625,306 | ) | | | (1,753,224 | ) | | | (1,321 | ) |
| Net increase (decrease) in shares outstanding | | | (219,305 | ) | | | 132,781 | | | | 153,465 | | | | 2,773,269 | | | | 893,088 | |
| 1 | The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022. |
| 2 | The Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | Mid Cap Fund | | | Small Cap Fund | | | International Stock Fund | |
| | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | |
| | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | |
| Net Assets at beginning of period | | $ | 733,809,804 | | | $ | 537,181,623 | | | $ | 280,340,485 | | | $ | 218,848,130 | | | $ | 17,610,653 | | | $ | 15,919,225 | |
| Increase (decrease) in net assets from operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (153,933 | ) | | | (365,034 | ) | | | (369,772 | ) | | | (1,148,584 | ) | | | 10,539 | | | | 95,673 | |
| Net realized gain | | | 38,602,381 | | | | 34,054,633 | | | | 14,572,380 | | | | 63,624,609 | | | | 122,050 | | | | 4,609,848 | |
| Net change in unrealized appreciation (depreciation) | | | (102,301,236 | ) | | | 175,673,705 | | | | (54,307,535 | ) | | | 44,695,638 | | | | (2,889,147 | ) | | | (1,469,718 | ) |
| Net increase (decrease) in net assets from operations | | | (63,852,788 | ) | | | 209,363,304 | | | | (40,104,927 | ) | | | 107,171,663 | | | | (2,756,558 | ) | | | 3,235,803 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated earnings (combined net investment income and net realized gains): | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | (3,577,154 | ) | | | (2,391,040 | ) | | | (1,075,866 | ) | | | (236,905 | ) | | | (4,272,257 | ) | | | (705,083 | ) |
| Class B | | | (68,390 | ) | | | (61,728 | ) | | | – | | | | – | | | | (91,028 | ) | | | (21,551 | ) |
| Class Y | | | (11,660,270 | ) | | | (9,146,175 | ) | | | (55,515,240 | ) | | | (16,540,430 | ) | | | (243,016 | ) | | | (43,074 | ) |
| Class R61 | | | (4,870,186 | ) | | | (3,415,023 | ) | | | – | | | | – | | | | – | | | | – | |
| Class I | | | (12,986,283 | ) | | | (6,327,888 | ) | | | (4,955,880 | ) | | | – | | | | – | | | | – | |
| Total distributions | | | (33,162,283 | ) | | | (21,341,854 | ) | | | (61,546,986 | ) | | | (16,777,335 | ) | | | (4,606,301 | ) | | | (769,708 | ) |
| Capital Stock transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 9,144,748 | | | | 5,189,997 | | | | 110,739 | | | | 888,201 | | | | 219,160 | | | | 829,276 | |
| Issued to shareholders in reinvestment of distributions | | | 3,562,690 | | | | 2,379,913 | | | | 1,073,140 | | | | 236,219 | | | | 4,263,291 | | | | 703,445 | |
| Shares redeemed | | | (4,514,603 | ) | | | (9,338,856 | ) | | | (345,288 | ) | | | (537,022 | ) | | | (1,039,428 | ) | | | (2,029,984 | ) |
| Net increase (decrease) from capital stock transactions | | | 8,192,835 | | | | (1,768,946 | ) | | | 838,591 | | | | 587,398 | | | | 3,443,023 | | | | (497,263 | ) |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,000 | | | | 15,000 | | | | | | | | | | | | – | | | | – | |
| Issued to shareholders in reinvestment of distributions | | | 68,390 | | | | 61,728 | | | | | | | | | | | | 91,028 | | | | 21,551 | |
| Shares redeemed | | | (332,249 | ) | | | (428,012 | ) | | | | | | | | | | | (59,068 | ) | | | (239,518 | ) |
| Net increase (decrease) from capital stock transactions | | | (262,859 | ) | | | (351,284 | ) | | | | | | | | | | | 31,960 | | | | (217,967 | ) |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 31,979,981 | | | | 65,733,029 | | | | 5,303,265 | | | | 16,410,494 | | | | 39,504 | | | | 232,872 | |
| Issued to shareholders in reinvestment of distributions | | | 11,403,175 | | | | 8,893,537 | | | | 54,219,458 | | | | 16,073,049 | | | | 243,016 | | | | 43,074 | |
| Shares redeemed | | | (28,892,374 | ) | | | (222,535,953 | ) | | | (25,937,245 | ) | | | (82,275,688 | ) | | | (26,093 | ) | | | (335,380 | ) |
| Net increase (decrease) from capital stock transactions | | | 14,490,782 | | | | (147,909,387 | ) | | | 33,585,478 | | | | (49,792,145 | ) | | | 256,427 | | | | (59,434 | ) |
| Class R6 Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 11,252,347 | | | | 19,697,591 | | | | 10,000 | | | | | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 1,715,908 | | | | 1,103,541 | | | | – | | | | | | | | | | | | | |
| Shares redeemed | | | (16,136,022 | ) | | | (35,257,717 | ) | | | – | | | | | | | | | | | | | |
| Net increase (decrease) from capital stock transactions | | | (3,167,767 | ) | | | (14,456,585 | ) | | | 10,000 | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 42,555,854 | | | | 221,365,026 | | | | 5,485,402 | | | | 21,790,469 | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 12,839,515 | | | | 6,327,888 | | | | 4,955,880 | | | | – | | | | | | | | | |
| Shares redeemed | | | (40,439,351 | ) | | | (54,599,981 | ) | | | (4,828,307 | ) | | | (1,487,695 | ) | | | | | | | | |
| Net increase from capital stock transactions | | | 14,956,018 | | | | 173,092,933 | | | | 5,612,975 | | | | 20,302,774 | | | | | | | | | |
| Total increase (decrease) from capital stock transactions | | | 34,209,009 | | | | 8,606,731 | | | | 40,047,044 | | | | (28,901,973 | ) | | | 3,731,410 | | | | (774,664 | ) |
| Total increase (decrease) in net assets | | | (62,806,062 | ) | | | 196,628,181 | | | | (61,604,869 | ) | | | 61,492,355 | | | | (3,631,449 | ) | | | 1,691,431 | |
| Net Assets at end of period | | $ | 671,003,742 | | | $ | 733,809,804 | | | $ | 218,735,616 | | | $ | 280,340,485 | | | $ | 13,979,204 | | | $ | 17,610,656 | |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Statements of Changes in Net Assets (unaudited) - continued
| | | Mid Cap Fund | | | Small Cap Fund | | | International Stock Fund | |
| | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | | | (unaudited)
Six-Months
Ended | | | Year
Ended | |
| | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | | | 4/30/22 | | | 10/31/21 | |
| Capital Share transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 729,999 | | | | 416,902 | | | | 9,304 | | | | 61,686 | | | | 22,312 | | | | 60,227 | |
| Issued to shareholders in reinvestment of distributions | | | 259,293 | | | | 208,764 | | | | 88,543 | | | | 18,073 | | | | 433,261 | | | | 51,686 | |
| Shares redeemed | | | (347,416 | ) | | | (754,116 | ) | | | (29,124 | ) | | | (35,900 | ) | | | (102,588 | ) | | | (148,432 | ) |
| Net increase (decrease) from capital shares transactions | | | 641,876 | | | | (128,450 | ) | | | 68,723 | | | | 43,859 | | | | 352,985 | | | | (36,519 | ) |
| Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 106 | | | | 1,644 | | | | | | | | | | | | – | | | | – | |
| Issued to shareholders in reinvestment of distributions | | | 6,576 | | | | 6,999 | | | | | | | | | | | | 9,663 | | | | 1,630 | |
| Shares redeemed | | | (34,839 | ) | | | (44,761 | ) | | | | | | | | | | | (6,388 | ) | | | (18,280 | ) |
| Net increase (decrease) from capital shares trasactions | | | (28,157 | ) | | | (36,118 | ) | | | | | | | | | | | 3,275 | | | | (16,650 | ) |
| Class Y Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,321,035 | | | | 5,099,702 | | | | 413,325 | | | | 1,133,998 | | | | 3,864 | | | | 17,090 | |
| Issued to shareholders in reinvestment of distributions | | | 773,621 | | | | 732,581 | | | | 4,422,468 | | | | 1,221,356 | | | | 24,950 | | | | 3,179 | |
| Shares redeemed | | | (2,059,913 | ) | | | (17,514,737 | ) | | | (2,151,486 | ) | | | (5,623,527 | ) | | | (2,690 | ) | | | (24,774 | ) |
| Net increase (decrease) in shares outstanding | | | 1,034,743 | | | | (11,682,454 | ) | | | 2,684,307 | | | | (3,268,173 | ) | | | 26,124 | | | | (4,505 | ) |
| Class R6 Shares1 | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 776,267 | | | | 1,393,584 | | | | 885 | | | | | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 113,336 | | | | 88,567 | | | | – | | | | | | | | | | | | | |
| Shares redeemed | | | (1,139,653 | ) | | | (2,620,953 | ) | | | – | | | | | | | | | | | | | |
| Net increase (decrease) in shares outstanding | | | (250,050 | ) | | | (1,138,802 | ) | | | 885 | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,018,888 | | | | 17,408,710 | | | | 449,716 | | | | 1,489,779 | | | | | | | | | |
| Issued to shareholders in reinvestment of distributions | | | 870,476 | | | | 521,243 | | | | 404,232 | | | | – | | | | | | | | | |
| Shares redeemed | | | (2,891,521 | ) | | | (4,048,722 | ) | | | (383,284 | ) | | | (96,774 | ) | | | | | | | | |
| Net increase in shares outstanding | | | 997,843 | | | | 13,881,231 | | | | 470,664 | | | | 1,393,005 | | | | | | | | | |
| 1 | Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding
| | | CONSERVATIVE ALLOCATION FUND | |
| | | | | | CLASS A | | | | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 11.12 | | | $ | 11.15 | | | $ | 10.96 | | | $ | 10.39 | | | $ | 10.97 | | | $ | 10.46 | | | $ | 11.29 | | | $ | 11.31 | | | $ | 11.10 | | | $ | 10.47 | | | $ | 11.05 | | | $ | 10.52 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.13 | | | | 0.10 | | | | 0.13 | 1 | | | 0.36 | 1,2 | | | 0.19 | | | | 0.15 | 1 | | | 0.26 | | | | 0.06 | | | | 0.06 | 1 | | | 0.31 | 1,2 | | | 0.12 | | | | 0.08 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.07 | ) | | | 0.63 | | | | 0.46 | | | | 0.682 | | | | (0.26 | ) | | | 0.69 | | | | (1.25 | ) | | | 0.59 | | | | 0.46 | | | | 0.66 | 2 | | | (0.28 | ) | | | 0.69 | |
| Total from investment operations | | | (0.94 | ) | | | 0.73 | | | | 0.59 | | | | 1.04 | | | | (0.07 | ) | | | 0.84 | | | | (0.99 | ) | | | 0.65 | | | | 0.52 | | | | 0.97 | | | | (0.16 | ) | | | 0.77 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.14 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.24 | ) | | | (0.18 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.15 | ) | | | (0.09 | ) |
| Capital gains | | | (0.49 | ) | | | (0.58 | ) | | | (0.21 | ) | | | (0.29 | ) | | | (0.27 | ) | | | (0.15 | ) | | | (0.49 | ) | | | (0.58 | ) | | | (0.21 | ) | | | (0.29 | ) | | | (0.27 | ) | | | (0.15 | ) |
| Total distributions | | | (0.63 | ) | | | (0.76 | ) | | | (0.40 | ) | | | (0.47 | ) | | | (0.51 | ) | | | (0.33 | ) | | | (0.59 | ) | | | (0.67 | ) | | | (0.31 | ) | | | (0.34 | ) | | | (0.42 | ) | | | (0.24 | ) |
| Net increase (decrease) in net asset value | | | (1.57 | ) | | | (0.03 | ) | | | 0.19 | | | | 0.57 | | | | (0.58 | ) | | | 0.51 | | | | (1.58 | ) | | | (0.02 | ) | | | 0.21 | | | | 0.63 | | | | (0.58 | ) | | | 0.53 | |
| Net Asset Value at end of period | | $ | 9.55 | | | $ | 11.12 | | | $ | 11.15 | | | $ | 10.96 | | | $ | 10.39 | | | $ | 10.97 | | | $ | 9.71 | | | $ | 11.29 | | | $ | 11.31 | | | $ | 11.10 | | | $ | 10.47 | | | $ | 11.05 | |
| Total Return (%)3 | | | (8.74) | 4 | | | 6.72 | | | | 5.62 | | | | 10.37 | | | | (0.75 | ) | | | 8.25 | | | | (9.05 | )4 | | | 5.91 | | | | 4.89 | | | | 9.51 | | | | (1.51 | ) | | | 7.47 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000‘s) | | $ | 40,847 | | | $ | 45,932 | | | $ | 44,146 | | | $ | 42,662 | | | $ | 42,247 | | | $ | 45,005 | | | $ | 1,693 | | | $ | 2,588 | | | $ | 4,263 | | | $ | 5,457 | | | $ | 6,049 | | | $ | 8,119 | |
| Ratios of expenses to average net assets (%) | | | 0.71 | 5 | | | 0.71 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 2.39 | 5 | | | 0.86 | | | | 1.19 | | | | 3.38 | 2 | | | 1.74 | | | | 1.46 | | | | 1.76 | 5 | | | 0.15 | | | | 0.48 | | | | 2.68 | 2 | | | 1.04 | | | | 0.74 | |
| Portfolio turnover (%)6 | | | 48 | 4 | | | 63 | | | | 73 | | | | 57 | | | | 63 | | | | 48 | | | | 48 | 4 | | | 63 | | | | 73 | | | | 57 | | | | 63 | | | | 48 | |
| | | | | | CLASS C | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 11.30 | | | $ | 11.32 | | | $ | 11.11 | | | $ | 10.48 | | | $ | 11.06 | | | $ | 10.53 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.09 | | | | 0.01 | | | | 0.04 | 1 | | | 0.29 | 1,2 | | | 0.11 | | | | 0.08 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.08 | ) | | | 0.64 | | | | 0.48 | | | | 0.682 | | | | (0.27 | ) | | | 0.69 | |
| Total from investment operations | | | (0.99 | ) | | | 0.65 | | | | 0.52 | | | | 0.97 | | | | (0.16 | ) | | | 0.77 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.15 | ) | | | (0.09 | ) |
| Capital gains | | | (0.49 | ) | | | (0.58 | ) | | | (0.21 | ) | | | (0.29 | ) | | | (0.27 | ) | | | (0.15 | ) |
| Total distributions | | | (0.59 | ) | | | (0.67 | ) | | | (0.31 | ) | | | (0.34 | ) | | | (0.42 | ) | | | (0.24 | ) |
| Net increase (decrease) in net asset value | | | (1.58 | ) | | | (0.02 | ) | | | 0.21 | | | | 0.63 | | | | (0.58 | ) | | | 0.53 | |
| Net Asset Value at end of period | | $ | 9.72 | | | $ | 11.30 | | | $ | 11.32 | | | $ | 11.11 | | | $ | 10.48 | | | $ | 11.06 | |
| Total Return (%)3 | | | (9.04 | )4 | | | 5.91 | | | | 4.89 | | | | 9.50 | | | | (1.51 | ) | | | 7.46 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 16,222 | | | $ | 20,154 | | | $ | 20,137 | | | $ | 20,303 | | | $ | 20,001 | | | $ | 20,960 | |
| Ratios of expenses to average net assets (%) | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 1.71 | 5 | | | 0.11 | | | | 0.45 | | | | 2.60 | 2 | | | 0.99 | | | | 0.71 | |
| Portfolio turnover (%)6 | | | 48 | 4 | | | 63 | | | | 73 | | | | 57 | | | | 63 | | | | 48 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, $0.11, $0.86, and 0.90%, respectively, for the class B shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. |
| 3 | Total return without applicable sales charge. |
| 6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| | | MODERATE ALLOCATION FUND | |
| | | | | | CLASS A | | | | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 12.22 | | | $ | 11.85 | | | $ | 11.76 | | | $ | 11.59 | | | $ | 12.20 | | | $ | 11.18 | | | $ | 12.08 | | | $ | 11.69 | | | $ | 11.60 | | | $ | 11.46 | | | $ | 12.06 | | | $ | 11.05 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.22 | | | | 0.09 | | | | 0.12 | 1 | | | 0.51 | 1,2 | | | 0.17 | | | | 0.14 | 1 | | | 0.22 | | | | 0.04 | | | | 0.05 | 1 | | | 0.53 | 1,2 | | | 0.10 | | | | 0.07 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.19 | ) | | | 1.35 | | | | 0.43 | | | | 0.60 | 2 | | | (0.17 | ) | | | 1.35 | | | | (1.23 | ) | | | 1.29 | | | | 0.41 | | | | 0.48 | 2 | | | (0.18 | ) | | | 1.33 | |
| Total from investment operations | | | (0.97 | ) | | | 1.44 | | | | 0.55 | | | | 1.11 | | | | – | | | | 1.49 | | | | (1.01 | ) | | | 1.33 | | | | 0.46 | | | | 1.01 | | | | (0.08 | ) | | | 1.40 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.29 | ) | | | (0.13 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.19 | ) | | | – | | | | (0.08 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.07 | ) |
| Capital gains | | | (0.64 | ) | | | (0.94 | ) | | | (0.29 | ) | | | (0.77 | ) | | | (0.44 | ) | | | (0.32 | ) | | | (0.64 | ) | | | (0.94 | ) | | | (0.29 | ) | | | (0.77 | ) | | | (0.44 | ) | | | (0.32 | ) |
| Total distributions | | | (0.93 | ) | | | (1.07 | ) | | | (0.46 | ) | | | (0.94 | ) | | | (0.61 | ) | | | (0.47 | ) | | | (0.83 | ) | | | (0.94 | ) | | | (0.37 | ) | | | (0.87 | ) | | | (0.52 | ) | | | (0.39 | ) |
| Net increase (decrease) in net asset value | | | (1.90 | ) | | | 0.37 | | | | 0.09 | | | | 0.17 | | | | (0.61 | ) | | | 1.02 | | | | (1.84 | ) | | | 0.39 | | | | 0.09 | | | | 0.14 | | | | (0.60 | ) | | | 1.01 | |
| Net Asset Value at end of period | | $ | 10.32 | | | $ | 12.22 | | | $ | 11.85 | | | $ | 11.76 | | | $ | 11.59 | | | $ | 12.20 | | | $ | 10.24 | | | $ | 12.08 | | | $ | 11.69 | | | $ | 11.60 | | | $ | 11.46 | | | $ | 12.06 | |
| Total Return (%)3 | | | (8.40 | )4 | | | 12.66 | | | | 4.75 | | | | 10.69 | | | | (0.12 | ) | | | 13.88 | | | | (8.63 | )4 | | | 11.80 | | | | 4.00 | | | | 9.79 | | | | (0.82 | ) | | | 13.07 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000‘s) | | $ | 103,40 | 4 | | $ | 119,035 | | | $ | 111,135 | | | $ | 112,916 | | | $ | 108,459 | | | $ | 115,586 | | | $ | 4,911 | | | $ | 6,699 | | | $ | 9,568 | | | $ | 13,754 | | | $ | 17,481 | | | $ | 23,101 | |
| Ratios of expenses to average net assets (%) | | | 0.71 | 5 | | | 0.71 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 3.61 | 5 | | | 0.70 | | | | 0.96 | | | | 4.42 | 2 | | | 1.39 | | | | 1.23 | | | | 3.05 | 5 | | | (0.01 | ) | | | 0.27 | | | | 4.01 | 2 | | | 0.73 | | | | 0.56 | |
| Portfolio turnover (%)6 | | | 47 | 4 | | | 71 | | | | 87 | | | | 64 | | | | 75 | | | | 50 | | | | 47 | 4 | | | 71 | | | | 87 | | | | 64 | | | | 75 | | | | 50 | |
| | | | | | CLASS C | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 12.09 | | | $ | 11.70 | | | $ | 11.61 | | | $ | 11.47 | | | $ | 12.07 | | | $ | 11.06 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.16 | | | | (0.01 | ) | | | 0.02 | 1 | | | 0.42 | 1,2 | | | 0.08 | | | | 0.06 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.17 | ) | | | 1.34 | | | | 0.44 | | | | 0.59 | 2 | | | (0.16 | ) | | | 1.34 | |
| Total from investment operations | | | (1.01 | ) | | | 1.33 | | | | 0.46 | | | | 1.01 | | | | (0.08 | ) | | | 1.40 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.19 | ) | | | – | | | | (0.08 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.07 | ) |
| Capital gains | | | (0.64 | ) | | | (0.94 | ) | | | (0.29 | ) | | | (0.77 | ) | | | (0.44 | ) | | | (0.32 | ) |
| Total distributions | | | (0.83 | ) | | | (0.94 | ) | | | (0.37 | ) | | | (0.87 | ) | | | (0.52 | ) | | | (0.39 | ) |
| Net increase (decrease) in net asset value | | | (1.84 | ) | | | 0.39 | | | | 0.09 | | | | 0.14 | | | | (0.60 | ) | | | 1.01 | |
| Net Asset Value at end of period | | $ | 10.25 | | | $ | 12.09 | | | $ | 11.70 | | | $ | 11.61 | | | $ | 11.47 | | | $ | 12.07 | |
| Total Return (%)3 | | | (8.70 | )4 | | | 11.79 | | | | 3.99 | | | | 9.78 | | | | (0.82 | ) | | | 13.06 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 7,467 | | | $ | 8,849 | | | $ | 9,230 | | | $ | 9,607 | | | $ | 9,338 | | | $ | 9,625 | |
| Ratios of expenses to average net assets (%) | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 2.89 | 5 | | | (0.03 | ) | | | 0.22 | | | | 3.68 | 2 | | | 0.62 | | | | 0.52 | |
| Portfolio turnover (%)6 | | | 47 | 4 | | | 71 | | | | 87 | | | | 64 | | | | 75 | | | | 50 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.94, and 1.39%, respectively, for the class A Shares, $0.09, $0.92, and 0.67%, respectively, for the class B shares, and $0.08, $0.93, and 0.64%, respectively, for the class C shares. |
| 3 | Total return without applicable sales charge. |
| 6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | AGGRESSIVE ALLOCATION FUND | |
| | | | | | CLASS A | | | | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 12.75 | | | $ | 11.81 | | | $ | 12.02 | | | $ | 12.01 | | | $ | 12.71 | | | $ | 11.12 | | | $ | 12.28 | | | $ | 11.41 | | | $ | 11.62 | | | $ | 11.65 | | | $ | 12.35 | | | $ | 10.83 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.28 | | | | 0.08 | | | | 0.10 | 1 | | | 0.56 | 1,2 | | | 0.14 | | | | 0.13 | 1 | | | 0.10 | | | | (0.09 | ) | | | (0.06 | )1 | | | 0.55 | 1,2 | | | 0.03 | | | | 0.02 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.27 | ) | | | 1.89 | | | | 0.33 | | | | 0.57 | 2 | | | (0.11 | ) | | | 1.88 | | | | (1.10 | ) | | | 1.90 | | | | 0.39 | | | | 0.47 | 2 | | | (0.10 | ) | | | 1.85 | |
| Total from investment operations | | | (0.99 | ) | | | 1.97 | | | | 0.43 | | | | 1.13 | | | | 0.03 | | | | 2.01 | | | | (1.00 | ) | | | 1.81 | | | | 0.33 | | | | 1.02 | | | | (0.07 | ) | | | 1.87 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.34 | ) | | | (0.09 | ) | | | (0.16 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.24 | ) | | | – | | | | (0.06 | ) | | | (0.07 | ) | | | (0.05 | ) | | | (0.06 | ) |
| Capital gains | | | (0.78 | ) | | | (0.94 | ) | | | (0.48 | ) | | | (0.98 | ) | | | (0.58 | ) | | | (0.29 | ) | | | (0.78 | ) | | | (0.94 | ) | | | (0.48 | ) | | | (0.98 | ) | | | (0.58 | ) | | | (0.29 | ) |
| Total distributions | | | (1.12 | ) | | | (1.03 | ) | | | (0.64 | ) | | | (1.12 | ) | | | (0.73 | ) | | | (0.42 | ) | | | (1.02 | ) | | | (0.94 | ) | | | (0.54 | ) | | | (1.05 | ) | | | (0.63 | ) | | | (0.35 | ) |
| Net increase (decrease) in net asset value | | | (2.11 | ) | | | 0.94 | | | | (0.21 | ) | | | 0.01 | | | | (0.70 | ) | | | 1.59 | | | | (2.02 | ) | | | 0.87 | | | | (0.21 | ) | | | (0.03 | ) | | | (0.70 | ) | | | 1.52 | |
| Net Asset Value at end of period | | $ | 10.64 | | | $ | 12.75 | | | $ | 11.81 | | | $ | 12.02 | | | $ | 12.01 | | | $ | 12.71 | | | $ | 10.26 | | | $ | 12.28 | | | $ | 11.41 | | | $ | 11.62 | | | $ | 11.65 | | | $ | 12.35 | |
| Total Return (%)3 | | | (8.23 | )4 | | | 17.33 | | | | 3.59 | | | | 10.93 | | | | 0.06 | | | | 18.66 | | | | (8.54) | 4 | | | 16.40 | | | | 2.88 | | | | 10.12 | | | | (0.74 | ) | | | 17.83 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000‘s) | | $ | 54,703 | | | $ | 60,837 | | | $ | 56,089 | | | $ | 54,974 | | | $ | 51,274 | | | $ | 52,811 | | | $ | 2,503 | | | $ | 3,539 | | | $ | 4,375 | | | $ | 6,088 | | | $ | 7,938 | | | $ | 10,442 | |
| Ratios of expenses to average net assets (%) | | | 0.71 | 5 | | | 0.71 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 4.45 | 5 | | | 0.62 | | | | 0.78 | | | | 4.77 | 2 | | | 1.08 | | | | 1.02 | | | | 3.97 | 5 | | | (0.10 | ) | | | 0.11 | | | | 4.50 | 2 | | | 0.45 | | | | 0.35 | |
| Portfolio turnover (%)6 | | | 43 | 4 | | | 84 | | | | 105 | | | | 79 | | | | 71 | | | | 45 | | | | 43 | 4 | | | 84 | | | | 105 | | | | 79 | | | | 71 | | | | 45 | |
| | | | | | CLASS C | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 12.29 | | | $ | 11.42 | | | $ | 11.63 | | | $ | 11.66 | | | $ | 12.36 | | | $ | 10.84 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.24 | | | | (0.01 | ) | | | 0.03 | 1 | | | 0.48 | 1,2 | | | 0.04 | | | | 0.02 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.24 | ) | | | 1.82 | | | | 0.30 | | | | 0.54 | 2 | | | (0.11 | ) | | | 1.85 | |
| Total from investment operations | | | (1.00 | ) | | | 1.81 | | | | 0.33 | | | | 1.02 | | | | (0.07 | ) | | | 1.87 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.24 | ) | | | – | | | | (0.06 | ) | | | (0.07 | ) | | | (0.05 | ) | | | (0.06 | ) |
| Capital gains | | | (0.78 | ) | | | (0.94 | ) | | | (0.48 | ) | | | (0.98 | ) | | | (0.58 | ) | | | (0.29 | ) |
| Total distributions | | | (1.02 | ) | | | (0.94 | ) | | | (0.54 | ) | | | (1.05 | ) | | | (0.63 | ) | | | (0.35 | ) |
| Net increase (decrease) in net asset value | | | (2.02 | ) | | | 0.87 | | | | (0.21 | ) | | | (0.03 | ) | | | (0.70 | ) | | | 1.52 | |
| Net Asset Value at end of period | | $ | 10.27 | | | $ | 12.29 | | | $ | 11.42 | | | $ | 11.63 | | | $ | 11.66 | | | $ | 12.36 | |
| Total Return (%)3 | | | (8.54 | )4 | | | 16.39 | | | | 2.88 | | | | 10.11 | | | | (0.74 | ) | | | 17.81 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 2,671 | | | $ | 3,082 | | | $ | 2,655 | | | $ | 2,263 | | | $ | 2,160 | | | $ | 2,300 | |
| Ratios of expenses to average net assets (%) | | | 1.46 | 5 | | | 1.46 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 1.45 | |
| Ratio of net investment income to average net assets (%) | | | 3.78 | 5 | | | (0.14 | ) | | | (0.01 | ) | | | 4.15 | 2 | | | 0.32 | | | | 0.45 | |
| Portfolio turnover (%)6 | | | 43 | 4 | | | 84 | | | | 105 | | | | 79 | | | | 71 | | | | 45 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain(loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, $0.03, $0.99, and 0.52%, respectively, for the class B shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. |
| 3 | Total return without applicable sales charge. |
| 6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | TAX-FREE VIRGINIA FUND | |
| | | | | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 11.71 | | | $ | 11.89 | | | $ | 11.71 | | | $ | 11.08 | | | $ | 11.49 | | | $ | 11.67 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.09 | | | | 0.19 | | | | 0.20 | 1 | | | 0.23 | 1 | | | 0.24 | | | | 0.24 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.89 | ) | | | (0.17 | ) | | | 0.18 | | | | 0.63 | | | | (0.41 | ) | | | (0.16 | ) |
| Total from investment operations | | | (0.80 | ) | | | 0.02 | | | | 0.38 | | | | 0.86 | | | | (0.17 | ) | | | 0.08 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.09 | ) | | | (0.19 | ) | | | (0.20 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.24 | ) |
| Capital gains | | | (0.04 | ) | | | (0.01 | ) | | | – | | | | – | | | | – | | | | (0.02 | ) |
| Total distributions | | | (0.13 | ) | | | (0.20 | ) | | | (0.20 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.26 | ) |
| Net increase (decrease) in net asset value | | | (0.93 | ) | | | (0.18 | ) | | | 0.18 | | | | 0.63 | | | | (0.41 | ) | | | (0.18 | ) |
| Net Asset Value at end of period | | $ | 10.78 | | | $ | 11.71 | | | $ | 11.89 | | | $ | 11.71 | | | $ | 11.08 | | | $ | 11.49 | |
| Total Return (%)2 | | | (6.91 | )3 | | | 0.10 | | | | 3.24 | | | | 7.78 | | | | (1.52 | ) | | | 0.68 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 19,305 | | | $ | 20,620 | | | $ | 21,572 | | | $ | 22,225 | | | $ | 20,868 | | | $ | 21,866 | |
| Ratios of expenses to average net assets (%) | | | 0.86 | 4 | | | 0.86 | | | | 0.85 | | | | 0.85 | | | | 0.85 | | | | 0.86 | |
| Ratio of net investment income to average net assets (%) | | | 1.60 | 4 | | | 1.57 | | | | 1.66 | | | | 1.96 | | | | 2.09 | | | | 2.06 | |
| Portfolio turnover (%)5 | | | 7 | 3 | | | 10 | | | | 7 | | | | 22 | | | | 26 | | | | 8 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
| | | TAX-FREE NATIONAL FUND | |
| | | | | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 10.98 | | | $ | 11.08 | | | $ | 10.96 | | | $ | 10.41 | | | $ | 10.85 | | | $ | 11.10 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.09 | | | | 0.18 | | | | 0.21 | 1 | | | 0.24 | 1 | | | 0.24 | | | | 0.25 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.78 | ) | | | (0.10 | ) | | | 0.15 | | | | 0.61 | | | | (0.41 | ) | | | (0.18 | ) |
| Total from investment operations | | | (0.69 | ) | | | 0.08 | | | | 0.36 | | | | 0.85 | | | | (0.17 | ) | | | 0.07 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.09 | ) | | | (0.18 | ) | | | (0.21 | ) | | | (0.24 | ) | | | (0.24 | ) | | | (0.25 | ) |
| Capital gains | | | (0.10 | ) | | | – | | | | (0.03 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.07 | ) |
| Total distributions | | | (0.19 | ) | | | (0.18 | ) | | | (0.24 | ) | | | (0.30 | ) | | | (0.27 | ) | | | (0.32 | ) |
| Net increase (decrease) in net asset value | | | (0.88 | ) | | | (0.10 | ) | | | 0.12 | | | | 0.55 | | | | (0.44 | ) | | | (0.25 | ) |
| Net Asset Value at end of period | | $ | 10.10 | | | $ | 10.98 | | | $ | 11.08 | | | $ | 10.96 | | | $ | 10.41 | | | $ | 10.85 | |
| Total Return (%)2 | | | (6.38 | )3 | | | 0.75 | | | | 3.36 | | | | 8.20 | | | | (1.56 | ) | | | 0.72 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 18,374 | | | $ | 22,331 | | | $ | 23,377 | | | $ | 23,807 | | | $ | 23,325 | | | $ | 25,294 | |
| Ratios of expenses to average net assets (%) | | | 0.76 | 4 | | | 0.76 | | | | 0.75 | | | | 0.75 | | | | 0.75 | | | | 0.75 | |
| Ratio of net investment income to average net assets (%) | | | 1.67 | 4 | | | 1.65 | | | | 1.91 | | | | 2.19 | | | | 2.25 | | | | 2.30 | |
| Portfolio turnover (%)5 | | | 1 | 3 | | | 18 | | | | 13 | | | | 26 | | | | 31 | | | | 6 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | HIGH QUALITY BOND FUND | | |
| | | | | CLASS Y | | CLASS I |
| | | Six-Months | | Year Ended October 31, | | |
| | | Ended 4/30/22
(unaudited) | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | | Period Ended 4/30/22* (unaudited) |
| Net Asset Value at beginning of period | | $ | 11.15 | | | $ | 11.42 | | | $ | 11.11 | $ | | | 10.64 | | | $ | 10.93 | | | $ | 11.06 | | | $ | 10.84 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.07 | | | | 0.10 | | | | 0.13 1 | | | | 0.21 | 1 | | | 0.18 | | | | 0.14 | 1 | | | 0.02 | |
| Net realized and unrealized gain (loss) on investments | | | (0.71 | ) | | | (0.24 | ) | | | 0.32 | | | | 0.47 | | | | (0.30 | ) | | | (0.12 | ) | | | (0.37 | ) |
| Total from investment operations | | | (0.64 | ) | | | (0.14 | ) | | | 0.45 | | | | 0.68 | | | | (0.12 | ) | | | 0.02 | | | | (0.35 | ) |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.06 | ) | | | (0.10 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.17 | ) | | | (0.14 | ) | | | (0.03 | ) |
| Capital gains | | | (0.06 | ) | | | (0.03 | ) | | | – | | | | – | | | | – | | | | (0.01 | ) | | | – | |
| Total distributions | | | (0.12 | ) | | | (0.13 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.03 | ) |
| Net increase (decrease) in net asset value | | | (0.76 | ) | | | (0.27 | ) | | | 0.31 | | | | 0.47 | | | | (0.29 | ) | | | (0.13 | ) | | | (0.38 | ) |
| Net Asset Value at end of period | | $ | 10.39 | | | $ | 11.15 | | | $ | 11.42 | | | $ | 11.11 | | | $ | 10.64 | | | $ | 10.93 | | | $ | 10.46 | |
| Total Return (%)2 | | | (5.80 | )3 | | | (1.21 | ) | | | 4.08 | | | | 6.43 | | | | (1.09 | ) | | | 0.25 | | | | (3.25 ) | 3 |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 91,749 | | | $ | 115,682 | | | $ | 184,881 | | | $ | 90,407 | | | $ | 89,253 | | | $ | 100,536 | | | $ | 10 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 0.50 | 4 | | | 0.50 | | | | 0.49 | | | | 0.49 | | | | 0.49 | | | | 0.49 | | | | 0.43 | 4 |
| After reimbursement of expenses by Adviser (%) | | | 0.43 | 4 | | | 0.40 | | | | 0.46 | | | | 0.49 | | | | 0.49 | | | | 0.49 | | | | 0.43 | 4 |
| Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 0.92 | 4 | | | 0.76 | | | | 1.17 | | | | 1.88 | | | | 1.64 | | | | 1.32 | | | | 1.04 | 4 |
| After reimbursement of expenses by Adviser (%) | | | 0.99 | 4 | | | 0.86 | | | | 1.20 | | | | 1.88 | | | | 1.64 | | | | 1.32 | | | | 1.04 | 4 |
| Portfolio turnover (%)5 | | | 183 | | | | 13 | | | | 21 | | | | 20 | | | | 31 | | | | 26 | | | | 18 | 3 |
| * | Class I shares commenced operations effective March 1, 2022. |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | CORE BOND FUND | |
| | | | | | CLASS A | | | | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 10.45 | | | $ | 10.78 | | | $ | 10.28 | | | $ | 9.55 | | | $ | 10.03 | | | $ | 10.20 | | | $ | 10.45 | | | $ | 10.78 | | | $ | 10.29 | | | $ | 9.55 | | | $ | 10.03 | | | $ | 10.21 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.07 | | | | 0.14 | | | | 0.18 | 1 | | | 0.24 | 1 | | | 0.21 | | | | 0.20 | 1 | | | 0.21 | | | | 0.16 | | | | 0.12 | 1 | | | 0.16 | 1 | | | 0.15 | | | | 0.14 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.03 | ) | | | (0.12 | ) | | | 0.53 | | | | 0.74 | | | | (0.46 | ) | | | (0.10 | ) | | | (1.20 | ) | | | (0.22 | ) | | | 0.51 | | | | 0.75 | | | | (0.47 | ) | | | (0.12 | ) |
| Total from investment operations | | | (0.96 | ) | | | 0.02 | | | | 0.71 | | | | 0.98 | | | | (0.25 | ) | | | 0.10 | | | | (0.99 | ) | | | (0.06 | ) | | | 0.63 | | | | 0.91 | | | | (0.32 | ) | | | 0.02 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.06 | ) | | | (0.14 | ) | | | (0.19 | ) | | | (0.25 | ) | | | (0.23 | ) | | | (0.22 | ) | | | (0.03 | ) | | | (0.06 | ) | | | (0.12 | ) | | | (0.17 | ) | | | (0.16 | ) | | | (0.15 | ) |
| Capital gains | | | (0.06 | ) | | | (0.21 | ) | | | (0.02 | ) | | | – | | | | (0.00 | )2 | | | (0.05 | ) | | | (0.06 | ) | | | (0.21 | ) | | | (0.02 | ) | | | – | | | | (0.00 | ) 2 | | | (0.05 | ) |
| Total distributions | | | (0.12 | ) | | | (0.35 | ) | | | (0.21 | ) | | | (0.25 | ) | | | (0.23 | ) | | | (0.27 | ) | | | (0.09 | ) | | | (0.27 | ) | | | (0.14 | ) | | | (0.17 | ) | | | (0.16 | ) | | | (0.20 | ) |
| Net increase (decrease) in net asset value | | | (1.08 | ) | | | (0.33 | ) | | | 0.50 | | | | 0.73 | | | | (0.48 | ) | | | (0.17 | ) | | | (1.08 | ) | | | (0.33 | ) | | | 0.49 | | | | 0.74 | | | | (0.48 | ) | | | (0.18 | ) |
| Net Asset Value at end of period | | $ | 9.37 | | | $ | 10.45 | | | $ | 10.78 | | | $ | 10.28 | | | $ | 9.55 | | | $ | 10.03 | | | $ | 9.37 | | | $ | 10.45 | | | $ | 10.78 | | | $ | 10.29 | | | $ | 9.55 | | | $ | 10.03 | |
| Total Return (%)3 | | | (9.30 | )4 | | | 0.21 | | | | 7.00 | | | | 10.37 | | | | (2.45 | ) | | | 1.05 | | | | (9.61) | 4 | | | (0.53 | ) | | | 6.10 | | | | 9.65 | | | | (3.18 | ) | | | 0.20 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000‘s) | | $ | 37,304 | | | $ | 43,577 | | | $ | 47,304 | | | $ | 28,902 | | | $ | 29,605 | | | $ | 33,738 | | | $ | 339 | | | $ | 510 | | | $ | 1,088 | | | $ | 1,272 | | | $ | 1,466 | | | $ | 2,004 | |
| Ratios of expenses to average net assets (%) | | | 0.855 | | | | 0.87 | | | | 0.90 | | | | 0.90 | | | | 0.90 | | | | 0.90 | | | | 1.60 | 5 | | | 1.63 | | | | 1.66 | | | | 1.65 | | | | 1.65 | | | | 1.65 | |
| Ratio of net investment income to average net assets (%) | | | 1.33 | 5 | | | 1.31 | | | | 1.78 | | | | 2.35 | | | | 2.20 | | | | 2.00 | | | | 0.56 | 5 | | | 0.59 | | | | 1.05 | | | | 1.60 | | | | 1.44 | | | | 1.25 | |
| Portfolio turnover (%)6 | | | 12 | 4 | | | 30 | | | | 61 | | | | 36 | | | | 26 | | | | 27 | | | | 12 | 4 | | | 30 | | | | 61 | | | | 36 | | | | 26 | | | | 27 | |
| | | | | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 10.39 | | | $ | 10.71 | | | $ | 10.25 | | | $ | 9.52 | | | $ | 9.99 | | | $ | 10.17 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.07 | ) | | | (0.02 | ) | | | 0.20 | 1 | | | 0.25 | 1 | | | 0.24 | | | | 0.23 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.87 | ) | | | 0.10 | | | | 0.52 | | | | 0.75 | | | | (0.45 | ) | | | (0.11 | ) |
| Total from investment operations | | | (0.94 | ) | | | 0.08 | | | | 0.72 | | | | 1.00 | | | | (0.21 | ) | | | 0.12 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.07 | ) | | | (0.19 | ) | | | (0.24 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.25 | ) |
| Capital gains | | | (0.06 | ) | | | (0.21 | ) | | | (0.02 | ) | | | – | | | | (0.00 | )2 | | | (0.05 | ) |
| Total distributions | | | (0.13 | ) | | | (0.40 | ) | | | (0.26 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.30 | ) |
| Net increase (decrease) in net asset value | | | (1.07 | ) | | | (0.32 | ) | | | 0.46 | | | | 0.73 | | | | (0.47 | ) | | | (0.18 | ) |
| Net Asset Value at end of period | | $ | 9.32 | | | $ | 10.39 | | | $ | 10.71 | | | $ | 10.25 | | | $ | 9.52 | | | $ | 9.99 | |
| Total Return (%)3 | | | (9.14 | )4 | | | 0.73 | | | | 7.13 | | | | 10.67 | | | | (2.12 | ) | | | 1.22 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 7,633 | | | $ | 10,783 | | | $ | 102,811 | | | $ | 121,000 | | | $ | 138,186 | | | $ | 170,169 | |
| Ratios of expenses to average net assets (%) | | | 0.60 | 5 | | | 0.65 | | | | 0.65 | | | | 0.65 | | | | 0.65 | | | | 0.65 | |
| Ratio of net investment income to average net assets (%) | | | 1.57 | 5 | | | 1.65 | | | | 2.03 | | | | 2.60 | | | | 2.44 | | | | 2.25 | |
| Portfolio turnover (%)6 | | | 12 | 4 | | | 30 | | | | 61 | | | | 36 | | | | 26 | | | | 27 | |
| 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. |
| 6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | CLASS I | | | CLASS R6 | |
| | | Six-Months
Ended 4/30/22
(unaudited) | | | Period
Ended 10/31/2021*
| | | Period
Ended 4/30/22**
(unaudited) | |
| Net Asset Value at beginning of period | | $ | 10.36 | | | $ | 10.39 | | | $ | 9.90 | |
| Income from Investment Operations: | | | | | | | | | | | | |
| Net investment income | | | 0.08 | | | | 0.11 | | | | 0.03 | |
| Net realized and unrealized gain (loss) on investments | | | (1.07 | ) | | | (0.02 | ) | | | (0.63 | ) |
| Total from investment operations | | | (0.99 | ) | | | (0.09 | ) | | | (0.60) | |
| Less Distributions From: | | | | | | | | | | | | |
| Net Investment Income | | | (0.09 | ) | | | (0.12 | ) | | | (0.03 | ) |
| Total distributions | | | (0.09 | ) | | | (0.12 | ) | | | (0.03 | ) |
| Net increase (decrease) in net asset value | | | (1.08 | ) | | | (0.03 | ) | | | (0.63 | ) |
| Net Asset Value at end of period | | $ | 9.28 | | | $ | 10.36 | | | $ | 9.27 | |
| Total Return (%)1 | | | (9.10 | )2 | | | (0.88 | ) | | | (6.04) | 2 |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | | $ 37,091 | | | $ | 133,692 | | | $ | 100,404 | |
| Ratios of expenses to average net assets (%) | | | 0.50 | 3 | | | 0.50 | | | | 0.42 | 3 |
| Ratio of net investment income to average net assets (%) | | | 1.63 | 3 | | | 1.57 | | | | 1.97 | 3 |
| Portfolio turnover (%)4 | | | 12 | 2 | | | 40 | | | | 12 | 2 |
| * | Class I shares commenced operations effective March 1, 2021. |
| ** | Class R6 shares commenced operations effective March 1, 2022. |
| 1 | Total return without applicable sales charge. |
| 4 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | DIVERSIFIED INCOME FUND | |
| | | CLASS A | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22 (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22 (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 18.42 | | | $ | 15.52 | | | $ | 16.37 | | | $ | 15.98 | | | $ | 15.93 | | | $ | 14.92 | | | $ | 18.57 | | | $ | 15.64 | | | $ | 16.48 | | | $ | 16.08 | | | $ | 16.04 | | | $ | 15.01 | |
| Income from Investment Operations: |
| Net investment income | | | 0.12 | | | | 0.23 | | | | 0.261 | | | | 0.28 | 1 | | | 0.28 | | | | 0.26 | 1 | | | 0.09 | | | | 0.11 | | | | 0.14 | 1 | | | 0.16 | 1 | | | 0.16 | | | | 0.14 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.81 | ) | | | 3.11 | | | | (0.04 | ) | | | 1.64 | | | | 0.30 | | | | 1.56 | | | | (0.85 | ) | | | 3.12 | | | | (0.03 | ) | | | 1.65 | | | | 0.29 | | | | 1.58 | |
| Total from investment operations | | | (0.69 | ) | | | 3.34 | | | | 0.22 | | | | 1.92 | | | | 0.58 | | | | 1.82 | | | | (0.76 | ) | | | 3.23 | | | | 0.11 | | | | 1.81 | | | | 0.45 | | | | 1.72 | |
| Less Distributions From: |
| Net investment income | | | (0.13 | ) | | | (0.24 | ) | | | (0.27 | ) | | | (0.29 | ) | | | (0.29 | ) | | | (0.27 | ) | | | (0.06 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.15 | ) |
| Capital gains | | | (1.67 | ) | | | (0.20 | ) | | | (0.80 | ) | | | (1.24 | ) | | | (0.24 | ) | | | (0.54 | ) | | | (1.67 | ) | | | (0.20 | ) | | | (0.80 | ) | | | (1.24 | ) | | | (0.24 | ) | | | (0.54 | ) |
| Total distributions | | | (1.80 | ) | | | (0.44 | ) | | | (1.07 | ) | | | (1.53 | ) | | | (0.53 | ) | | | (0.81 | ) | | | (1.73 | ) | | | (0.30 | ) | | | (0.95 | ) | | | (1.41 | ) | | | (0.41 | ) | | | (0.69 | ) |
| Net increase (decrease) in net asset value | | | (2.49 | ) | | | 2.90 | | | | (0.85 | ) | | | 0.39 | | | | 0.05 | | | | 1.01 | | | | (2.49 | ) | | | 2.93 | | | | (0.84 | ) | | | 0.40 | | | | 0.04 | | | | 1.03 | |
| Net Asset Value at end of period | | $ | 15.93 | | | $ | 18.42 | | | $ | 15.52 | | | $ | 16.37 | | | $ | 15.98 | | | $ | 15.93 | | | $ | 16.08 | | | $ | 18.57 | | | $ | 15.64 | | | $ | 16.48 | | | $ | 16.08 | | | $ | 16.04 | |
| Total Return (%)2 | | | (3.53 | )3 | | | 21.74 | | | | 1.27 | | | | 13.51 | | | | 3.63 | | | | 12.57 | | | | (3.89 | )3 | | | 20.83 | | | | 0.56 | | | | 12.64 | | | | 2.77 | | | | 11.79 | |
| Ratios/Supplemental Data: |
| Net Assets at end of period (in 000’s) | | $ | 148,540 | | | $ | 158,336 | | | $ | 134,213 | | | $ | 139,683 | | | $ | 131,127 | | | $ | 137,863 | | | $ | 3,805 | | | $ | 5,082 | | | $ | 6,591 | | | $ | 9,612 | | | $ | 10,832 | | | $ | 12,702 | |
| Ratios of expenses to average net assets (%) | | | 1.11 | 4 | | | 1.11 | | | | 1.10 | | | | 1.10 | | | | 1.10 | | | | 1.10 | | | | 1.87 | 4 | | | 1.86 | | | | 1.85 | | | | 1.85 | | | | 1.85 | | | | 1.85 | |
| Ratio of net investment income to average net assets (%) | | | 1.41 | 4 | | | 1.27 | | | | 1.66 | | | | 1.80 | | | | 1.72 | | | | 1.65 | | | | 0.66 | 4 | | | 0.53 | | | | 0.92 | | | | 1.06 | | | | 0.97 | | | | 0.91 | |
| Portfolio turnover (%)5 | | | 17 | 3 | | | 34 | | | | 31 | | | | 34 | | | | 27 | | | | 21 | | | | 17 | 3 | | | 34 | | | | 31 | | | | 34 | | | | 27 | | | | 21 | |
| | | CLASS C | |
| | | Six-Months | | | | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 18.58 | | | $ | 15.65 | | | $ | 16.48 | | | $ | 16.07 | | | $ | 16.03 | | | $ | 15.01 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.06 | | | | 0.09 | | | | 0.151 | | | | 0.161 | | | | 0.16 | | | | 0.14 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.83 | ) | | | 3.14 | | | | (0.03 | ) | | | 1.66 | | | | 0.29 | | | | 1.57 | |
| Total from investment operations | | | (0.77 | ) | | | 3.23 | | | | 0.12 | | | | 1.82 | | | | 0.45 | | | | 1.71 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.06 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.15 | ) |
| Capital gains | | | (1.67 | ) | | | (0.20 | ) | | | (0.80 | ) | | | (1.24 | ) | | | (0.24 | ) | | | (0.54 | ) |
| Total distributions | | | (1.73 | ) | | | (0.30 | ) | | | (0.95 | ) | | | (1.41 | ) | | | (0.41 | ) | | | (0.69 | ) |
| Net increase (decrease) in net asset value | | | (2.50 | ) | | | 2.93 | | | | (0.83 | ) | | | 0.41 | | | | 0.04 | | | | 1.02 | |
| Net Asset Value at end of period | | $ | 16.08 | | | $ | 18.58 | | | $ | 15.65 | | | $ | 16.48 | | | $ | 16.07 | | | $ | 16.03 | |
| Total Return (%)3 | | | (3.95 | )3 | | | 20.82 | | | | 0.62 | | | | 12.72 | | | | 2.77 | | | | 11.72 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 23,681 | | | $ | 20,812 | | | $ | 16,888 | | | $ | 16,090 | | | $ | 14,647 | | | $ | 15,103 | |
| Ratios of expenses to average net assets (%) | | | 1.86 | 4 | | | 1.85 | | | | 1.85 | | | | 1.84 | | | | 1.85 | | | | 1.85 | |
| Ratio of net investment income to average net assets (%) | | | 0.66 | 4 | | | 0.52 | | | | 0.91 | | | | 1.05 | | | | 0.97 | | | | 0.89 | |
| Portfolio turnover (%)6 | | | 17 | 3 | | | 34 | | | | 31 | | | | 34 | | | | 27 | | | | 21 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | COVERED CALL & EQUITY INCOME FUND | |
| | | | | | CLASS A | | | | | | CLASS C | |
| | | Six-Months
Ended 4/30/22 | | | Year Ended October 31, | | | Six-Months
Ended 4/30/22 | | | Year Ended October 31, | |
| | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 9.60 | | | $ | 7.80 | | | $ | 7.84 | | | $ | 8.52 | | | $ | 8.88 | | | $ | 8.95 | | | $ | 8.74 | | | $ | 7.19 | | | $ | 7.31 | | | $ | 8.04 | | | $ | 8.47 | | | $ | 8.63 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.01 | | | | 0.02 | | | | (0.09 | )1 | | | 0.03 | 1 | | | 0.06 | | | | 0.07 | | | | (0.02 | ) | | | (0.08 | ) | | | (0.18 | )1 | | | (0.05 | )1 | | | (0.10 | ) | | | 0.02 | |
| Net realized and unrealized gain (loss) on investments | | | 0.03 | | | | 2.37 | | | | 0.60 | | | | 0.05 | | | | 0.30 | | | | 0.46 | | | | 0.02 | | | | 2.21 | | | | 0.60 | | | | 0.07 | | | | 0.38 | | | | 0.42 | |
| Total from investment operations | | | 0.04 | | | | 2.39 | | | | 0.51 | | | | 0.08 | | | | 0.36 | | | | 0.53 | | | | 0.00 | | | | 2.13 | | | | 0.42 | | | | 0.02 | | | | 0.28 | | | | 0.44 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.15 | ) | | | (0.43 | ) | | | (0.39 | ) | | | (0.44 | ) | | | (0.43 | ) | | | (0.39 | ) | | | (0.14 | ) | | | (0.42 | ) | | | (0.38 | ) | | | (0.43 | ) | | | (0.42 | ) | | | (0.39 | ) |
| Capital gains | | | (0.16 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.21 | ) |
| Total distributions | | | (0.31 | ) | | | (0.59 | ) | | | (0.55 | ) | | | (0.76 | ) | | | (0.72 | ) | | | (0.60 | ) | | | (0.30 | ) | | | (0.58 | ) | | | (0.54 | ) | | | (0.75 | ) | | | (0.71 | ) | | | (0.60 | ) |
| Net increase (decrease) in net asset value | | | (0.27 | ) | | | 1.80 | | | | (0.04 | ) | | | (0.68 | ) | | | (0.36 | ) | | | (0.07 | ) | | | (0.30 | ) | | | 1.55 | | | | (0.12 | ) | | | (0.73 | ) | | | (0.43 | ) | | | (0.16 | ) |
| Net Asset Value at end of period | | $ | 9.33 | | | $ | 9.60 | | | $ | 7.80 | | | $ | 7.84 | | | $ | 8.52 | | | $ | 8.88 | | | $ | 8.44 | | | $ | 8.74 | | | $ | 7.19 | | | $ | 7.31 | | | $ | 8.04 | | | $ | 8.47 | |
| Total Return (%)2 | | | 0.77 | 3 | | | 31.18 | | | | 7.10 | | | | 1.46 | | | | 3.96 | | | | 5.97 | | | | 0.49 | 3 | | | 30.17 | | | | 6.31 | | | | 0.68 | | | | 3.21 | | | | 5.09 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 14,214 | | | $ | 14,811 | | | $ | 11,996 | $ | | | 13,748 | $ | | | 16,035 | | | $ | 16,77 | | | | 3 $ 8,402 | | | $ | 8,336 | | | $ | 7,156 | $ | | | 8,191 | | | $ | 9,638 | | | $ | 13,299 | |
| Ratios of expenses to average net assets (%) | | | 1.26 | 4 | | | 1.26 | | | | 1.25 | | | | 1.25 | | | | 1.25 | | | | 1.25 | | | | 2.01 | 4 | | | 2.01 | | | | 2.01 | | | | 2.00 | | | | 2.00 | | | | 2.00 | |
| Ratio of net investment income to average net assets (%). | | | 0.33 | 4 | | | 0.09 | | | | 0.70 | | | | 1.05 | | | | 0.47 | | | | 1.03 | | | | (0.43 | )4 | | | (0.66 | ) | | | (0.05 | ) | | | 0.29 | | | | (0.28 | ) | | | 0.28 | |
| Portfolio turnover (%)5 | | | 57 | 3 | | | 162 | | | | 108 | | | | 116 | | | | 130 | | | | 166 | | | | 57 | 3 | | | 162 | | | | 108 | | | | 116 | | | | 130 | | | | 166 | |
| | | CLASS Y | | | CLASS I | | | | | | CLASS R6 | |
| | | Six-Months Ended 4/30/22 | | | Year Ended October 31, | | | Period
Ended 4/30/22* | | | Six-Months
Ended 4/30/22 | | | Year Ended October 31, | |
| | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | (unaudited) | | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 9.95 | | | $ | 8.05 | | | $ | 8.06 | | | $ | 8.73 | | | $ | 9.06 | | | $ | 9.11 | | | $ | 9.79 | | | $ | 10.12 | | | $ | 8.17 | | | $ | 8.16 | | | $ | 8.81 | | | $ | 9.13 | | | $ | 9.16 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.03 | | | | 0.04 | | | | (0.39 | )1 | | | 0.12 | 1 | | | 0.10 | | | | 0.14 | | | | 0.12 | | | | 0.10 | | | | 0.17 | | | | (0.45 | )1 | | | 0.18 | 1 | | | 0.06 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 0.03 | | | | 2.45 | | | | 0.94 | | | | (0.02 | ) | | | 0.29 | | | | 0.42 | | | | (0.09 | ) | | | (0.04 | ) | | | 2.37 | | | | 1.02 | | | | (0.06 | ) | | | 0.34 | | | | 0.44 | |
| Total from investment operations | | | 0.06 | | | | 2.49 | | | | 0.55 | | | | 0.10 | | | | 0.39 | | | | 0.56 | | | | 0.03 | | | | 0.06 | | | | 2.54 | | | | 0.57 | | | | 0.12 | | | | 0.40 | | | | 0.58 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.16 | ) | | | (0.43 | ) | | | (0.40 | ) | | | (0.45 | ) | | | (0.43 | ) | | | (0.40 | ) | | | (0.14 | ) | | | (0.17 | ) | | | (0.43 | ) | | | (0.40 | ) | | | (0.45 | ) | | | (0.43 | ) | | | (0.40 | ) |
| Capital gains | | | (0.16 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.21 | ) | | | - | | | | (0.16 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.32 | ) | | | (0.29 | ) | | | (0.21 | ) |
| Total distributions | | | (0.32 | ) | | | (0.59 | ) | | | (0.56 | ) | | | (0.77 | ) | | | (0.72 | ) | | | (0.61 | ) | | | (0.14 | ) | | | (0.33 | ) | | | (0.59 | ) | | | (0.56 | ) | | | (0.77 | ) | | | (0.72 | ) | | | (0.61 | ) |
| Net increase (decrease) in net asset value | | | (0.26 | ) | | | 1.90 | | | | (0.01 | ) | | | (0.67 | ) | | | (0.33 | ) | | | (0.05 | ) | | | (0.11 | ) | | | (0.27 | ) | | | 1.95 | | | | 0.01 | | | | (0.65 | ) | | | (0.32 | ) | | | (0.03 | ) |
| Net Asset Value at end of period | | $ | 9.69 | | | $ | 9.95 | | | $ | 8.05 | | | $ | 8.06 | | | $ | 8.73 | | | $ | 9.06 | | | $ | 9.68 | | | $ | 9.85 | | | $ | 10.12 | | | $ | 8.17 | | | $ | 8.16 | | | $ | 8.81 | | | $ | 9.13 | |
| Total Return (%)2 | | | 1.00 | 3 | | | 31.54 | | | | 7.34 | | | | 1.60 | | | | 4.29 | | | | 6.15 | | | | 0.35 | 3 | | | 1.04 | 3 | | | 31.69 | | | | 7.51 | | | | 1.82 | | | | 4.37 | | | | 6.34 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 80,849 | | | $ | 66,982 | | | $ | 59,966 | | | $ | 102,018 | | | $ | 106,576 | | | $ | 95,640 | | | $ | 54 | | | $ | 775 | | | $ | 544 | | | $ | 1,439 | | | $ | 2,385 | | | $ | 2,388 | | | $ | 2,531 | |
| Ratios of expenses to average net assets (%) | | | 1.01 | 4 | | | 1.01 | | | | 1.01 | | | | 1.00 | | | | 1.00 | | | | 1.00 | | | | 0.94 | 4 | | | 0.88 | 4 | | | 0.88 | | | | 0.87 | | | | 0.87 | | | | 0.87 | | | | 0.87 | |
| Ratio of net investment income to average net assets (%) | | | 0.56 | 4 | | | 0.34 | | | | 0.98 | | | | 1.28 | | | | 0.73 | | | | 1.26 | | | | 0.47 | 4 | | | 0.68 | 4 | | | 0.60 | | | | 1.10 | | | | 1.41 | | | | 0.85 | | | | 1.26 | |
| Portfolio turnover (%)5 | | | 57 | 3 | | | 162 | | | | 108 | | | | 116 | | | | 130 | | | | 166 | | | | 57 | 3 | | | 57 | 3 | | | 162 | | | | 108 | | | | 116 | | | | 130 | | | | 166 | |
| * | Class I shares commenced operations effective March 1, 2022. |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
| | | DIVIDEND INCOME FUND | |
| | | CLASS A* | | | CLASS Y | |
| | | Six-Months
Ended
4/30/22 | | | Year Ended | | | Period
Ended | | | Six-Months
Ended
4/30/22
2021 | | | Year Ended October 31, | |
| | | (unaudited) | | | 2021 | | | 10/31/20201 | | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 34.13 | | | $ | 26.10 | | | $ | 25.17 | | | $ | 34.19 | | | $ | 26.14 | | | $ | 27.65 | | | $ | 27.01 | | | $ | 26.18 | | | $ | 22.38 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.24 | | | | 0.39 | | | | 0.16 | 2 | | | 0.31 | | | | 0.50 | | | | 0.51 | 2 | | | 0.46 | 2 | | | 0.47 | | | | 0.44 | 2 |
| Net realized and unrealized gain (loss) on investments | | | (0.75 | ) | | | 8.06 | | | | 0.98 | | | | (0.78 | ) | | | 8.03 | | | | (0.88 | ) | | | 3.12 | | | | 1.42 | | | | 4.34 | |
| Total from investment operations | | | (0.51 | ) | | | 8.45 | | | | 1.14 | | | | (0.47 | ) | | | 8.53 | | | | (0.37 | ) | | | 3.58 | | | | 1.89 | | | | 4.78 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income . | | | (0.19 | ) | | | (0.42 | ) | | | (0.21 | ) | | | (0.27 | ) | | | (0.48 | ) | | | (0.45 | ) | | | (0.43 | ) | | | (0.47 | ) | | | (0.44 | ) |
| Capital gains | | | (2.85 | ) | | | – | | | | – | | | | (2.85 | ) | | | – | | | | (0.69 | ) | | | (2.51 | ) | | | (0.59 | ) | | | (0.54 | ) |
| Total distributions | | | (3.04 | ) | | | (0.42 | ) | | | (0.21 | ) | | | (3.12 | ) | | | (0.48 | ) | | | (1.14 | ) | | | (2.94 | ) | | | (1.06 | ) | | | (0.98 | ) |
| Net Increase (decrease) in net asset value. | | | (3.55 | ) | | | 8.03 | | | | 0.93 | | | | (3.59 | ) | | | 8.05 | | | | (1.51 | ) | | | 0.64 | | | | 0.83 | | | | 3.80 | |
| Net Asset Value at end of period | | $ | 30.58 | | | $ | 34.13 | | | $ | 26.10 | | | $ | 30.60 | | | $ | 34.19 | | | $ | 26.14 | | | $ | 27.65 | | | $ | 27.01 | | | $ | 26.18 | |
| Total Return (%)3 | | | (0.84 | )4 | | | 32.52 | | | | 4.53 | 3 | | | (0.71 | )4 | | | 32.81 | | | | (1.42 | ) | | | 15.48 | | | | 7.35 | | | | 21.85 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 59,528 | | | $ | 62,716 | | | $ | 51,207 | | | $ | 164,271 | | | $ | 188,287 | | | $ | 171,733 | | | $ | 220,725 | | | $ | 111,457 | | | $ | 107,411 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 1.16 | 5 | | | 1.16 | | | | 1.17 | 4 | | | 0.91 | 5 | | | 0.91 | | | | 1.02 | | | | 1.10 | | | | 1.10 | | | | 1.10 | |
| After reimbursement of expenses by Adviser (%) | | | 1.16 | 5 | | | 1.16 | | | | 1.17 | 4 | | | 0.91 | 5 | | | 0.91 | | | | 0.93 | | | | 0.95 | | | | 0.95 | | | | 0.95 | |
| Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 1.46 | 5 | | | 1.25 | | | | 1.09 | 4 | | | 1.71 | 5 | | | 1.50 | | | | 1.72 | | | | 1.64 | | | | 1.60 | | | | 1.66 | |
| After reimbursement and waiver of expenses by Adviser (%) . | | | 1.46 | 5 | | | 1.25 | | | | 1.09 | 4 | | | 1.71 | 5 | | | 1.50 | | | | 1.81 | | | | 1.79 | | | | 1.75 | | | | 1.81 | |
| Portfolio turnover (%)6 | | | 15 | 4 | | | 31 | | | | 33 | 3 | | | 15 | 4 | | | 31 | | | | 33 | | | | 28 | | | | 32 | | | | 19 | |
| | | CLASS I | | | CLASS R6 | |
| | | Six-Months
Ended4/30/22
(unaudited) | | | Year Ended
2021 | | | Period Ended
10/31/2020* | | | Period Ended 4/30/2022** (Unaudited)
2020 | |
| Net Asset Value at beginning of period | | $ | 34.20 | | | $ | 26.14 | | | $ | 27.19 | | | $ | 31.05 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.31 | | | | 0.52 | | | | 0.06 | 2 | | | 0.06 | |
| Net realized and unrealized gain (loss) on investments | | | (0.75 | ) | | | 8.05 | | | | (1.02 | ) | | | (0.39 | ) |
| Total from investment operations | | | (0.44 | ) | | | 8.57 | | | | (0.96 | ) | | | (0.33 | ) |
| Less Distributions From: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.33 | ) | | | (0.51 | ) | | | (0.09 | ) | | | (0.13 | ) |
| Capital gains | | | (2.85 | ) | | | – | | | | – | | | | - | |
| Total distributions | | | (3.18 | ) | | | (0.51 | ) | | | (0.09 | ) | | | (0.13 | ) |
| Net Increase (decrease) in net asset value | | | (3.62 | ) | | | 8.06 | | | | (1.05 | ) | | | (0.46 | ) |
| Net Asset Value at end of period | | $ | 30.58 | | | $ | 34.20 | | | $ | 26.14 | | | $ | 30.59 | |
| Total Return (%)3. | | | (0.65 | )4 | | | 32.95 | | | | (3.53 | )4 | | | (1.08 | )4 |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 57,863 | | | $ | 72,215 | | | $ | 51,725 | | | $ | 26,401 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 0.81 | 5 | | | 0.81 | | | | 0.82 | 5 | | | 0.73 | 5 |
| After reimbursement of expenses by Adviser (%) | | | 0.81 | 5 | | | 0.81 | | | | 0.82 | 5 | | | 0.73 | 5 |
| Ratio of net investment income (loss) to average net assets | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 1.85 | 5 | | | 1.60 | | | | 1.55 | 5 | | | 1.32 | 5 |
| After reimbursement and waiver of expenses by Adviser (%) | | | 1.85 | 5 | | | 1.60 | | | | 1.55 | 5 | | | 1.32 | 5 |
| Portfolio turnover (%)6 | | | 15 | 4 | | | 31 | | | | 33 | 4 | | | 15 | 4 |
| * | Class I shares commenced operations effective September 1, 2020. |
| ** | Class R6 shares commenced operations effective March 1, 2022. |
| 1 | Class A shares commenced operations effective June 1, 2020. |
| 2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 3 | Total return without applicable sales charge. |
| 6 | Class R6 shares commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| | | INVESTORS FUND | |
| | | CLASS A | | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended
4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended
4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 28.72 | | | $ | 23.81 | | | $ | 23.76 | | | $ | 23.85 | | | $ | 23.22 | | | $ | 19.57 | | | $ | 28.78 | | | $ | 23.84 | | | $ | 23.83 | | | $ | 23.92 | | | $ | 23.29 | | | $ | 19.62 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.01 | | | | (0.01 | ) | | | 0.04 | 1 | | | 0.06 | 1 | | | 0.05 | | | | 0.03 | 1 | | | 0.10 | | | | 0.12 | | | | 0.14 | 1 | | | 0.121 | | | | 0.11 | | | | 0.09 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (2.11 | ) | | | 7.29 | | | | 1.31 | | | | 3.39 | | | | 1.87 | | | | 4.23 | | | | (2.17 | ) | | | 7.24 | | | | 1.29 | | | | 3.39 | | | | 1.87 | | | | 4.24 | |
| Total from investment operations | | | (2.10 | ) | | | 7.28 | | | | 1.35 | | | | 3.45 | | | | 1.92 | | | | 4.26 | | | | (2.07 | ) | | | 7.36 | | | | 1.43 | | | | 3.51 | | | | 1.98 | | | | 4.33 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | – | | | | – | | | | – | | | | (0.10 | ) | | | (0.03 | ) | | | – | | | | (0.04 | ) | | | (0.05 | ) | | | (0.12 | ) | | | (0.16 | ) | | | (0.09 | ) | | | (0.05 | ) |
| Capital gains | | | (2.10 | ) | | | (2.37 | ) | | | (1.30 | ) | | | (3.44 | ) | | | (1.26 | ) | | | (0.61 | ) | | | (2.10 | ) | | | (2.37 | ) | | | (1.30 | ) | | | (3.44 | ) | | | (1.26 | ) | | | (0.61 | ) |
| Total distributions | | | (2.10 | ) | | | (2.37 | ) | | | (1.30 | ) | | | (3.54 | ) | | | (1.29 | ) | | | (0.61 | ) | | | (2.14 | ) | | | (2.42 | ) | | | (1.42 | ) | | | (3.60 | ) | | | (1.35 | ) | | | (0.66 | ) |
| Net increase (decrease) in net asset value | | | (4.20 | ) | | | 4.91 | | | | 0.05 | | | | (0.09 | ) | | | 0.63 | | | | 3.65 | | | | (4.21 | ) | | | 4.94 | | | | 0.01 | | | | (0.09 | ) | | | 0.63 | | | | 3.67 | |
Net Asset Value at end of period | | $ | 24.52 | | | $ | 28.72 | | | $ | 23.81 | | | $ | 23.76 | | | $ | 23.85 | | | $ | 23.22 | | | $ | 24.57 | | | $ | 28.78 | | | $ | 23.84 | | | $ | 23.83 | | | $ | 23.92 | | | $ | 23.29 | |
| Total Return (%)2 | | | (8.07 | )3 | | | 32.37 | | | | 5.75 | | | | 18.37 | | | | 8.50 | | | | 22.30 | | | | (7.95 | )3 | | | 32.72 | | | | 6.06 | | | | 18.63 | | | | 8.75 | | | | 22.62 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 94,994 | | | $ | 108,515 | | | $ | 88,934 | | | $ | 86,476 | | | $ | 78,043 | | | $ | 77,891 | | | $ | 96,610 | | | $ | 112,166 | | | $ | 157,991 | | | $ | 244,443 | | | $ | 208,942 | | | $ | 222,363 | |
| Ratios of expenses to average net assets (%) | | | 1.16 | 4 | | | 1.16 | | | | 1.18 | | | | 1.20 | | | | 1.20 | | | | 1.20 | | | | 0.91 | 4 | | | 0.91 | | | | 0.94 | | | | 0.95 | | | | 0.95 | | | | 0.95 | |
| Ratio of net investment income to average net assets (%) | | | 0.11 | 4 | | | (0.03 | ) | | | 0.18 | | | | 0.23 | | | | 0.22 | | | | 0.14 | | | | 0.37 | 4 | | | 0.25 | | | | 0.54 | | | | 0.47 | | | | 0.47 | | | | 0.39 | |
| Portfolio turnover (%)5 | | | 7 | 3 | | | 17 | | | | 41 | | | | 23 | | | | 40 | | | | 33 | | | | 7 | 3 | | | 17 | | | | 41 | | | | 23 | | | | 40 | | | | 33 | |
| | | CLASS I | | | | |
| | | Six-Months | | | | | | | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22 | | | Year Ended | | | Pried Ended | | | Ended 4/30/22 | | | | | | | | | | | | | | | | |
| | | (unaudited) | | | 10/31/21 | | | 10/31/20*,6 | | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 28.75 | | | $ | 23.84 | | | $ | 24.51 | | | $ | 29.09 | | | $ | 24.12 | | | $ | 24.06 | | | $ | 24.07 | | | $ | 23.44 | | | $ | 19.74 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.06 | | | | 0.10 | | | | 0.00 | 1,7 | | | 0.07 | | | | 0.11 | | | | 0.031 | | | | 0.16 | 1 | | | 0.15 | | | | 0.13 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (2.11 | ) | | | 7.28 | | | | (0.67 | ) | | | (2.13 | ) | | | 7.37 | | | | 1.45 | | | | 3.43 | | | | 1.88 | | | | 4.26 | |
| Total from investment operations | | | (2.05 | ) | | | 7.38 | | | | (0.67 | ) | | | (2.06 | ) | | | 7.48 | | | | 1.48 | | | | 3.59 | | | | 2.03 | | | | 4.39 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.10 | ) | | | (0.10 | ) | | | – | | | | (0.15 | ) | | | (0.14 | ) | | | (0.12 | ) | | | (0.16 | ) | | | (0.14 | ) | | | (0.08 | ) |
| Capital gains | | | (2.10 | ) | | | (2.37 | ) | | | – | | | | (2.10 | ) | | | (2.37 | ) | | | (1.30 | ) | | | (3.44 | ) | | | (1.26 | ) | | | (0.61 | ) |
| Total distributions | | | (2.20 | ) | | | (2.47 | ) | | | – | | | | (2.25 | ) | | | (2.51 | ) | | | (1.42 | ) | | | (3.60 | ) | | | (1.40 | ) | | | (0.69 | ) |
| Net increase (decrease) in net asset value | | | (4.25 | ) | | | 4.91 | | | | (0.67 | ) | | | (4.31 | ) | | | 4.97 | | | | 0.06 | | | | (0.01 | ) | | | 0.63 | | | | 3.70 | |
| Net Asset Value at end of period | | $ | 24.50 | | | $ | 28.75 | | | $ | 23.84 | | | $ | 24.78 | | | $ | 29.09 | | | $ | 24.12 | | | $ | 24.06 | | | $ | 24.07 | | | $ | 23.44 | |
| Total Return (%)2 | | | (7.91 | )3 | | | 32.87 | | | | (2.73 | )3 | | | (7.88 | )3 | | | 32.96 | | | | 6.21 | | | | 18.88 | | | | 8.90 | | | | 22.87 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 92,920 | | | $ | 104,617 | | | $ | 20,643 | | | $ | 57,984 | | | $ | 84,331 | | | $ | 70,490 | | | $ | 8,063 | | | $ | 6,919 | | | $ | 6,898 | |
| Ratios of expenses to average net assets (%) | | | 0.81 | 4 | | | 0.81 | | | | 0.82 | 4 | | | 0.73 | 4 | | | 0.73 | | | | 0.74 | | | | 0.77 | | | | 0.77 | | | | 0.77 | |
| Ratio of net investment income to average net assets (%) | | | 0.47 | 4 | | | 0.30 | | | | 0.02 | 4 | | | 0.55 | 4 | | | 0.39 | | | | 0.26 | | | | 0.65 | | | | 0.64 | | | | 0.56 | |
| Portfolio turnover (%)5 | | | 7 | 3 | | | 17 | | | | 41 | 3 | | | 7 | 3 | | | 17 | | | | 41 | | | | 23 | | | | 40 | | | | 33 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
| 6 | Class I shares commenced operations effective September 1, 2020. |
| 7 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| | | SUSTAINABLE EQUITY FUND | |
| | | CLASS Y | | | CLASS I | |
| | | Period | | | Period | |
| | | Ended 4/30/22 | | | Ended 4/30/22 | |
| | | | (unaudited)1 | | | | (unaudited)1 | |
Net Asset Value at beginning of period | | $ | 10.00 | | | $ | 10.00 | |
| Income from Investment Operations: | | | | | | | | |
| Net investment loss | | | — | | | | 0.01 | |
| Net realized and unrealized gain (loss) on investments | | | (1.39 | ) | | | (1.40 | ) |
| Total from investment operations | | | (1.39 | ) | | | (1.39 | ) |
| Less Distributions From: | | | | | | | | |
| Net investment income | | | — | | | | — | |
| Net increase (decrease) in net asset value | | | (1.39 | ) | | | (1.39 | ) |
Net Asset Value at end of period | | $ | 8.61 | | | $ | 8.61 | |
| Total Return (%)2 | | | (13.90 | )3 | | | (13.80 | )3 |
| Ratios/Supplemental Data: | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 86 | | | $ | 7,692 | |
| Ratios of expenses to average net assets (%) | | | 0.88 | 4 | | | 0.80 | 4 |
| Ratio of net investment income to average net assets (%) | | | 0.29 | 4 | | | 0.43 | 4 |
| Portfolio turnover (%)3 | | | 3 | 3 | | | 3 | 3 |
| 1 | The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022 |
| 2 | Total return without applicable sales charge. |
| 5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| MID CAP FUND |
| | | CLASS A | | | CLASS B | |
| | | Six-Months
Ended 4/30/22 | | | Year Ended October 31, | | | Six-Months
Ended 4/30/22 | | | Year Ended October 31, | |
| | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 13.68 | | | $ | 10.26 | | | $ | 11.09 | | | $ | 9.77 | | | $ | 9.37 | | | $ | 8.34 | | | $ | 10.52 | | | $ | 8.03 | | | $ | 8.84 | | | $ | 7.98 | | | $ | 7.78 | | | $ | 7.04 | |
| Income from Investment Operations: |
| Net investment loss | | | (0.01 | ) | | | (0.07 | ) | | | (0.08 | )1 | | | (0.07 | )1 | | | (0.06 | ) | | | (0.05 | )1 | | | (1.37 | ) | | | (0.68 | ) | | | (0.53 | )1 | | | (0.32 | )1 | | | (0.35 | ) | | | (0.20 | )1 |
| Net realized and unrealized gain (loss) on investments | | | (1.13 | ) | | | 3.91 | | | | (0.32 | ) | | | 2.07 | | | | 0.81 | | | | 1.46 | | | | 0.47 | | | | 3.59 | | | | 0.15 | | | | 1.86 | | | | 0.90 | | | | 1.32 | |
| Total from investment operations | | | (1.14 | ) | | | 3.84 | | | | (0.40 | ) | | | 2.00 | | | | 0.75 | | | | 1.41 | | | | (0.90 | ) | | | 2.91 | | | | (0.38 | ) | | | 1.54 | | | | 0.55 | | | | 1.12 | |
| Less Distributions From: |
| Capital gains | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) |
| Total distributions | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) |
| Net increase (decrease) in net asset value | | | (1.78 | ) | | | 3.42 | | | | (0.83 | ) | | | 1.32 | | | | 0.40 | | | | 1.03 | | | | (1.54 | ) | | | 2.49 | | | | (0.81 | ) | | | 0.86 | | | | 0.20 | | | | 0.74 | |
| Net Asset Value at end of period | | $ | 11.90 | | | $ | 13.68 | | | $ | 10.26 | | | $ | 11.09 | | | $ | 9.77 | | | $ | 9.37 | | | $ | 8.984 | | | $ | 10.52 | | | $ | 8.03 | | | $ | 8.84 | | | $ | 7.98 | | | $ | 7.78 | |
| Total Return (%)3 | | | (8.94 | )4 | | | 38.24 | | | | (3.81 | ) | | | 22.65 | | | | 8.15 | | | | 17.40 | | | | (9.36 | ) | | | 37.24 | | | | (4.59 | ) | | | 21.91 | | | | 7.21 | | | | 16.46 | |
| Ratios/Supplemental Data: |
| Net Assets at end of period (in 000’s) | | $ | 74,276 | | | $ | 76,625 | | | $ | 58,782 | | | $ | 66,250 | | | $ | 59,519 | | | $ | 59,175 | | | $ | 755 | | | $ | 1,180 | | | $ | 1,191 | | | $ | 1,730 | | | $ | 1,891 | | | $ | 2,550 | |
| Ratios of expenses to average net assets (%) | | | 1.40 | 5 | | | 1.39 | | | | 1.40 | | | | 1.40 | | | | 1.40 | | | | 1.40 | | | | 2.15 | 5 | | | 2.15 | | | | 2.15 | | | | 2.15 | | | | 2.15 | | | | 2.15 | |
| Ratio of net investment income to average net assets (%) | | | (0.52 | )5 | | | (0.50 | ) | | | (0.64 | ) | | | (0.59 | ) | | | (0.51 | ) | | | (0.53 | ) | | | (1.21 | )5 | | | (1.21 | ) | | | (1.37 | ) | | | (1.33 | ) | | | (1.26 | ) | | | (1.28 | ) |
| Portfolio turnover (%)6 | | | 12 | 4 | | | 24 | | | | 24 | | | | 25 | | | | 27 | | | | 22 | | | | 12 | 4 | | | 24 | | | | 24 | | | | 25 | | | | 27 | | | | 22 | |
| | | CLASS Y | | | CLASS I* | |
| | | Six-Months
Ended
4/30/22 | | | Year Ended October 31, | | | Six-Months
Ended 4/30/22 | | | Year Ended
| | | Period Ended
| |
| | | (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | (unaudited) | | | 10/31/2021 | | | 10/31/2020* | |
| Net Asset Value at beginning of period | | $ | 14.62 | | | $ | 10.89 | | | $ | 11.71 | | | $ | 10.23 | | | $ | 9.76 | | | $ | 8.64 | | | $ | 14.64 | | | $ | 10.90 | | | $ | 11.21 | |
| Income from Investment Operations: |
| Net investment income (loss) | | | (0.01 | ) | | | 0.02 | | | | (0.03 | )1 | | | (0.02 | )1 | | | (0.01 | ) | | | (0.01 | )1 | | | 0.01 | | | | (0.03 | ) | | | (0.01 | )1 |
| Net realized and unrealized gain (loss) on investments | | | (1.19 | ) | | | 4.13 | | | | (0.36 | ) | | | 2.18 | | | | 0.83 | | | | 1.51 | | | | (1.20 | ) | | | 4.19 | | | | (0.30 | ) |
| Total from investment operations. | | | (1.20 | ) | | | 4.15 | | | | (0.39 | ) | | | 2.16 | | | | 0.82 | | | | 1.50 | | | | (1.19 | ) | | | 4.16 | | | | (0.31 | ) |
| Less Distributions From: |
| Net Investment Income | | | – | | | | – | | | | (0.00 | )2 | | | – | | | | – | | | | – | | | | (0.02 | ) | | | (0.00) | 2 | | | – | |
| Capital gains | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.64 | ) | | | (0.42 | ) | | | – | |
| Total distributions | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.66 | ) | | | (0.42 | ) | | | – | |
| Net increase (decrease) in net asset value | | | (1.84 | ) | | | 3.73 | | | | (0.82 | ) | | | 1.48 | | | | 0.47 | | | | 1.12 | | | | (1.85 | ) | | | 3.74 | | | | (0.31 | ) |
| Net Asset Value at end of period | | $ | 12.78 | | | $ | 14.62 | | | $ | 10.89 | | | $ | 11.71 | | | $ | 10.23 | | | $ | 9.76 | | | $ | 12.79 | | | $ | 14.64 | | | $ | 10.90 | |
| Total Return (%)3 | | | (8.74 | )4 | | | 38.89 | | | | (3.52 | ) | | | 23.27 | | | | 8.55 | | | | 17.85 | | | | (8.73 | )4 | | | 39.01 | | | | (2.77 | )3 |
| Ratios/Supplemental Data: |
| Net Assets at end of period (in 000’s) | | $ | 243,874 | | | $ | 263,892 | | | $ | 323,841 | | | $ | 463,768 | | | $ | 351,716 | | | $ | 270,989 | | | $ | 262,874 | | | $ | 286,235 | | | $ | 61,805 | |
| Ratios of expenses to average net assets (%) | | | 0.95 | 5 | | | 0.95 | | | | 0.97 | | | | 0.98 | | | | 0.98 | | | | 0.98 | | | | 0.85 | 5 | | | 0.85 | | | | 0.86 | 4 |
| Ratio of net investment income to average net assets (%) | | | (0.06 | )5 | | | (0.04 | ) | | | (0.20 | ) | | | (0.18 | ) | | | (0.09 | ) | | | (0.11 | ) | | | 0.04 | 5 | | | (0.01 | ) | | | (0.43 | )4 |
| Portfolio turnover (%)4 | | | 12 | 4 | | | 24 | | | | 24 | | | | 25 | | | | 27 | | | | 22 | | | | 12 | 4 | | | 24 | | | | 24 | 3 |
| | | CLASS R6 | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 15.04 | | | $ | 11.19 | | | $ | 11.99 | | | $ | 10.44 | | | $ | 9.94 | | | $ | 8.77 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.02 | | | | 0.02 | | | | (0.02 | )1 | | | (0.10 | )1 | | | 0.01 | | | | 0.01 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (1.24 | ) | | | 4.27 | | | | (0.35 | ) | | | 2.33 | | | | 0.84 | | | | 1.54 | |
| Total from investment operations | | | (1.22 | ) | | | 4.29 | | | | (0.37 | ) | | | 2.23 | | | | 0.85 | | | | 1.55 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | | (0.04 | ) | | | (0.02 | ) | | | (0.00 | )2 | | | – | | | | – | | | | – | |
| Capital gains | | | (0.64 | ) | | | (0.42 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) |
| Total distributions | | | (0.68 | ) | | | (0.44 | ) | | | (0.43 | ) | | | (0.68 | ) | | | (0.35 | ) | | | (0.38 | ) |
| Net increase (decrease) in net asset value | | | (1.90 | ) | | | 3.85 | | | | (0.80 | ) | | | 1.55 | | | | 0.50 | | | | 1.17 | |
| Net Asset Value at end of period | | $ | 13.14 | | | $ | 15.04 | | | $ | 11.19 | | | $ | 11.99 | | | $ | 10.44 | | | $ | 9.94 | |
| Total Return (%)3 | | | (8.68 | ) | 4 | | 39.20 | | | | (3.26 | ) | | | 23.49 | | | | 8.71 | | | | 18.17 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 89,225 | | | $ | 105,878 | | | $ | 91,562 | | | $ | 55,417 | | | $ | 12,886 | | | $ | 11,713 | |
| Ratios of expenses to average net assets (%) | | | 0.77 | 5 | | | 0.77 | | | | 0.77 | | | | 0.76 | | | | 0.77 | | | | 0.77 | |
| Ratio of net investment income to average net assets (%) | | | 0.14 | 5 | | | 0.14 | | | | (0.03 | ) | | | (0.06 | ) | | | 0.12 | | | | 0.10 | |
| Portfolio turnover (%)4 | | | 12 | 4 | | | 24 | | | | 24 | | | | 25 | | | | 27 | | | | 22 | |
| * | Class I shares commenced operations effective September 1, 2020 |
| 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. |
| 6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| | | SMALL CAP FUND | |
| | | CLASS A | | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | | | Inception to | | | Six-Months | | | Year Ended
October 31, | | | Period Ended
October 31, | | | Year Ended
September 30, | |
| | | Ended 4/30/22 (unaudited) | | | 2021 | | | 2020 | | | 2019 | | | September 30, 20191 | | | Ended 4/30/22 (unaudited) | | | 2021 | | | 2020 | | | 20192 | | | 2019 | | | 20184 | | | 20174 | |
| Net Asset Value at beginning of period | | $ | 15.55 | | | $ | 11.04 | | | $ | 11.14 | | | $ | 10.82 | | | $ | 10.53 | | | $ | 15.69 | | | $ | 11.11 | | | $ | 11.19 | | | $ | 10.87 | | | $ | 15.56 | | | $ | 15.03 | | | $ | 14.09 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.02 | ) | | | (0.09 | ) | | | (0.02 | )4 | | | (0.01 | )4 | | | (0.01 | )2 | | | (0.02 | ) | | | (0.07 | ) | | | 0.02 | 4 | | | (0.01 | )4 | | | (0.04 | )4 | | | (0.08 | ) | | | (0.09 | ) |
| Net realized and unrealized gain (loss) on investments | | | (1.94 | ) | | | 5.46 | | | | 0.36 | | | | 0.33 | | | | 0.30 | | | | (1.95 | ) | | | 5.51 | | | | 0.35 | | | | 0.33 | | | | (1.39 | ) | | | 2.21 | | | | 1.70 | |
| Total from investment operations | | | (1.96 | ) | | | 5.37 | | | | 0.34 | | | | 0.32 | | | | 0.29 | | | | (1.97 | ) | | | 5.44 | | | | 0.37 | | | | 0.32 | | | | (1.43 | ) | | | 2.13 | | | | 1.61 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | | | | – | |
| Capital gains. | | | (3.35 | ) | | | (0.86 | ) | | | (0.44 | ) | | | – | | | | – | | | | (3.35 | ) | | | (0.86 | ) | | | (0.44 | ) | | | – | | | | (3.26 | ) | | | (1.60 | ) | | | (0.67 | ) |
| Total distributions | | | (3.35 | ) | | | (0.86 | ) | | | (0.44 | ) | | | – | | | | – | | | | (3.35 | ) | | | (0.86 | ) | | | (0.45 | ) | | | – | | | | (3.26 | ) | | | (1.60 | ) | | | (0.67 | ) |
| Net increase (decrease) in net asset value | | | (5.31 | ) | | | 4.51 | | | | (0.10 | ) | | | 0.32 | | | | 0.29 | | | | (5.32 | ) | | | 4.58 | | | | (0.08 | ) | | | 0.32 | | | | (4.69 | ) | | | 0.53 | | | | 0.94 | |
| Net Asset Value at end of period | | $ | 10.24 | | | $ | 15.55 | | | $ | 11.04 | | | $ | 11.14 | | | $ | 10.82 | | | $ | 10.37 | | | $ | 15.69 | | | $ | 11.11 | | | $ | 11.19 | | | | 10.87 | | | $ | 15.56 | | | $ | 15.03 | |
| Total Return (%)5 | | | (15.31 | )6 | | | 50.17 | | | | 3.02 | | | | 2.96 | 6 | | | 2.75 | 6 | | | (15.21 | )6 | | | 50.50 | | | | 3.27 | | | | 2.94 | 6 | | | (8.81 | ) | | | 15.29 | | | | 11.58 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000’s) | | $ | 3,896 | | | $ | 4,847 | | | $ | 2,958 | | | $ | 3,457 | | | $ | 3,420 | | | $ | 195,500 | | | $ | 253,625 | | | $ | 215,890 | | | $ | 263,527 | | | | 274,824 | | | $ | 543,961 | | | $ | 611,730 | |
| Ratios of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | 1.35 | 7 | | | 1.39 | | | | 1.51 | | | | 1.50 | 7 | | | 1.50 | | | | 1.10 | 7 | | | 1.15 | | | | 1.26 | | | | 1.25 | 7 | | | 1.29 | | | | 1.21 | | | | 1.23 | |
| After reimbursement of expenses by Adviser (%) | | | 1.35 | 7 | | | 1.38 | | | | 1.47 | | | | 1.46 | 7 | | | 1.46 | | | | 1.10 | 7 | | | 1.14 | | | | 1.22 | | | | 1.21 | 7 | | | 1.29 | | | | 1.21 | | | | 1.23 | |
| Ratio of net investment income to average net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | (0.55 | )7 | | | (0.67 | ) | | | (0.18 | ) | | | (1.07 | )7 | | | (1.28 | ) | | | (0.30 | )7 | | | (0.42 | ) | | | 0.08 | | | | (0.82 | )7 | | | (0.36 | ) | | | (0.57 | ) | | | (0.64 | ) |
| After reimbursement of expenses by Adviser (%) | | | (0.55 | )7 | | | (0.66 | ) | | | (0.14 | ) | | | (1.03 | )7 | | | (1.24 | ) | | | (0.30 | )7 | | | (0.40 | ) | | | 0.12 | | | | (0.78 | )7 | | | (0.36 | ) | | | (0.57 | ) | | | (0.64 | ) |
| Portfolio turnover (%)8 | | | 18 | | | | 44 | | | | 47 | | | | 3 | | | | 73 | | | | 18 | | | | 44 | | | | 47 | | | | 3 | | | | 73 | | | | 49 | | | | 53 | |
| | | CLASS I | | | CLASS R6 | |
| | | Six-Months | | | | | | | |
| | | Ended 4/30/22
(unaudited) | | | Period Ended
10/31/21* | | | Period Ended
10/31/22** | |
| Net Asset Value at beginning of period | | $ | 15.70 | | | $ | 14.41 | | | $ | 11.30 | |
| Income from Investment Operations: | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.01 | ) | | | (0.03 | ) | | | (0.01 | ) |
| Net realized and unrealized gain (loss) on investments | | | (5.30 | ) | | | 1.32 | | | | (0.91 | ) |
| Total from investment operations | | | (5.31 | ) | | | 1.29 | | | | (0.92 | ) |
| Less Distributions From: | | | | | | | | | | | | |
| Net investment income | | | (0.02 | ) | | | – | | | | – | |
| Total distributions | | | (0.02 | ) | | | – | | | | – | |
| Net increase (decrease) in net asset value | | | (5.33 | ) | | | 1.29 | | | | (0.92 | ) |
| Net Asset Value at end of period | | $ | 10.37 | | | $ | 15.70 | | | $ | 10.38 | |
| Total Return (%)5 | | | (15.18 | )6 | | | 8.95 | 6 | | | (8.14 | )6 |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 19,331 | | | $ | 21,868 | | | $ | 9 | |
| Before reimbursement of expenses by Adviser (%) | | | 1.00 | 7 | | | 1.00 | 7 | | | 0.98 | 7 |
| After reimbursement of expenses by Adviser (%) | | | 1.00 | 7 | | | 1.00 | 7 | | | 0.98 | 7 |
| Ratio of net investment income to average net assets | | | | | | | | | | | | |
| Before reimbursement of expenses by Adviser (%) | | | (0.19 | )7 | | | (0.36 | )7 | | | (0.37 | )7 |
| After reimbursement of expenses by Adviser (%) | | | (0.19 | )7 | | | (0.36 | )7 | | | (0.37 | )7 |
| Portfolio turnover (%)8 | | | 18 | | | | 44 | | | | 18 | |
| * | Class I shares commenced operations effective March 1, 2021. |
| ** | Class R6 shares commenced operations effective March 1, 2022. |
| 1 | For accounting purposes, the Small Cap Fund Class A is treated as having commenced investment operations on August 31, 2019. |
| 2 | Disclosure represents the period October 1, 2019 to October 31, 2019. |
| 3 | 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. |
| 4 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 5 | Total return without applicable sales charge. |
| 8 | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year. |
See accompanying Notes to Financial Statements.
Madison Funds | April 30, 2022
Financial Highlights for a Share of Beneficial Interest Outstanding – continued
| INTERNATIONAL STOCK FUND |
| | | CLASS A | | | CLASS B | |
| | | Six-Months | | | Year Ended October 31, | | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | Ended 4/30/22
(unaudited) | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 13.67 | | | $ | 11.83 | | | $ | 13.53 | | | $ | 12.92 | | | $ | 14.00 | | | $ | 12.03 | | | $ | 13.20 | | | $ | 11.47 | | | $ | 13.14 | | | $ | 12.56 | | | $ | 13.63 | | | $ | 11.73 | |
| Income from Investment Operations: |
| Net investment income (loss) | | | 0.06 | | | | 0.07 | | | | 0.06 | 1 | | | 0.18 | 1 | | | 0.16 | | | | 0.10 | 1 | | | (0.16 | ) | | | (0.21 | ) | | | (0.08 | )1 | | | 0.06 | 1 | | | 0.03 | | | | 0.00 | 1,6 |
| Net realized and unrealized gain (loss) on investments | | | (1.99 | ) | | | 2.35 | | | | (0.89 | ) | | | 0.99 | | | | (1.12 | ) | | | 2.01 | | | | (1.74 | ) | | | 2.46 | | | | (0.82 | ) | | | 0.99 | | | | (1.07 | ) | | | 1.97 | |
| Total from investment operations | | | (1.93 | ) | | | 2.42 | | | | (0.83 | ) | | | 1.17 | | | | (0.96 | ) | | | 2.11 | | | | (1.90 | ) | | | 2.25 | | | | (0.90 | ) | | | 1.05 | | | | (1.04 | ) | | | 1.97 | |
| Less Distributions From: |
| Net investment income | | | (0.07 | ) | | | (0.06 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.12 | ) | | | (0.14 | ) | | | – | | | | – | | | | (0.09 | ) | | | (0.10 | ) | | | (0.03 | ) | | | (0.07 | ) |
| Capital gains | | | (3.30 | ) | | | (0.52 | ) | | | (0.68 | ) | | | (0.37 | ) | | | – | | | | – | | | | (3.30 | ) | | | (0.52 | ) | | | (0.68 | ) | | | (0.37 | ) | | | – | | | | – | |
| Total distributions | | | (3.37 | ) | | | (0.58 | ) | | | (0.87 | ) | | | (0.56 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (3.30 | ) | | | (0.52 | ) | | | (0.77 | ) | | | (0.47 | ) | | | (0.03 | ) | | | (0.07 | ) |
| Net increase (decrease) in net asset value | | | (5.30 | ) | | | 1.84 | | | | (1.70 | ) | | | 0.61 | | | | (1.08 | ) | | | 1.97 | | | | (5.20 | ) | | | 1.73 | | | | (1.67 | ) | | | 0.58 | | | | (1.07 | ) | | | 1.90 | |
| Net Asset Value at end of period | | $ | 8.37 | | | $ | 13.67 | | | $ | 11.83 | | | $ | 13.53 | | | $ | 12.92 | | | $ | 14.00 | | | $ | 8.00 | | | $ | 13.20 | | | $ | 11.47 | | | $ | 13.14 | | | $ | 12.56 | | | $ | 13.63 | |
| Total Return (%)2 | | | (16.21 | )3 | | | 20.48 | | | | (6.78 | ) | | | 9.85 | | | | (6.94 | ) | | | 17.79 | | | | (16.49 | )3 | | | 19.62 | | | | (7.49 | ) | | | 9.04 | | | | (7.65 | ) | | | 16.89 | |
| Ratios/Supplemental Data: |
| Net Assets at end of period (in 000’s) | | $ | 12,985 | | | $ | 16,375 | | | $ | 14,602 | | | $ | 17,209 | | | $ | 17,679 | | | $ | 20,520 | | | $ | 237 | | | $ | 348 | | | $ | 494 | | | $ | 715 | | | $ | 840 | | | $ | 1,195 | |
| Ratios of expenses to average net assets (%) | | | 1.61 | 4 | | | 1.61 | | | | 1.60 | | | | 1.60 | | | | 1.60 | | | | 1.60 | | | | 2.37 | 4 | | | 2.36 | | | | 2.36 | | | | 2.35 | | | | 2.35 | | | | 2.35 | |
| Ratio of net investment income to average net assets (%) | | | 0.13 | 4 | | | 0.53 | | | | 0.50 | | | | 1.42 | | | | 1.14 | | | | 0.82 | | | | (0.64 | )4 | | | (0.19 | ) | | | (0.26 | ) | | | 0.65 | | | | 0.36 | | | | 0.05 | |
| Portfolio turnover (%)5 | | | 17 | 3 | | | 120 | | | | 34 | | | | 37 | | | | 29 | | | | 32 | | | | 173 | | | | 120 | | | | 34 | | | | 37 | | | | 29 | | | | 32 | |
| | | CLASS Y | |
| | | Six-Months | | | Year Ended October 31, | |
| | | Ended 4/30/22 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| Net Asset Value at beginning of period | | $ | 13.64 | | | $ | 11.83 | | | $ | 13.57 | | | $ | 12.96 | | | $ | 14.04 | | | $ | 12.05 | |
| Income from Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (1.23 | ) | | | 0.41 | | | | 1.30 | 1 | | | 0.62 | 1 | | | 2.47 | | | | 0.34 | 1 |
| Net realized and unrealized gain (loss) on investments | | | (0.68 | ) | | | 2.05 | | | | (2.10 | ) | | | 0.58 | | | | (3.40 | ) | | | 1.82 | |
| Total from investment operations | | | (1.91 | ) | | | 2.46 | | | | (0.80 | ) | | | 1.20 | | | | (0.93 | ) | | | 2.16 | |
| Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.13 | ) | | | (0.13 | ) | | | (0.26 | ) | | | (0.22 | ) | | | (0.15 | ) | | | (0.17 | ) |
| Capital gains | | | (3.30 | ) | | | (0.52 | ) | | | (0.68 | ) | | | (0.37 | ) | | | – | | | | – | |
| Total distributions | | | (3.43 | ) | | | (0.65 | ) | | | (0.94 | ) | | | (0.59 | ) | | | (0.15 | ) | | | (0.17 | ) |
| Net increase (decrease) in net asset value | | | (5.34 | ) | | | 1.81 | | | | (1.74 | ) | | | 0.61 | | | | (1.08 | ) | | | 1.99 | |
| Net Asset Value at end of period | | $ | 8.30 | | | $ | 13.64 | | | $ | 11.83 | | | $ | 13.57 | | | $ | 12.96 | | | $ | 14.04 | |
| Total Return (%)2 | | | (16.07 | )3 | | | 20.83 | | | | (6.58 | ) | | | 10.10 | | | | (6.72 | ) | | | 18.18 | |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets at end of period (in 000's) | | $ | 757 | | | $ | 888 | | | $ | 823 | | | $ | 1,310 | | | $ | 1,434 | | | $ | 10,098 | |
| Ratios of expenses to average net assets (%) | | | 1.36 | 4 | | | 1.36 | | | | 1.36 | | | | 1.35 | | | | 1.35 | | | | 1.35 | |
| Ratio of net investment income to average net assets (%) | | | 0.39 | 4 | | | 0.79 | | | | 0.73 | | | | 1.67 | | | | 1.12 | | | | 1.06 | |
| Portfolio turnover (%)5 | | | 17 | 3 | | | 120 | | | | 34 | | | | 37 | | | | 29 | | | | 32 | |
| 1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| 2 | Total return without applicable sales charge. |
| 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.
Madison Funds | April 30, 2022
Notes to the Financial Statements
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 the following funds (individually, a “fund,” collectively, the “funds”), with the share classes listed:
| Fund | | Share Class(es) Offered1 |
| Conservative Allocation2 | | Class A, Class B, Class C |
| Moderate Allocation2 | | Class A, Class B, Class C |
| Aggressive Allocation2 | | Class A, Class B, Class C |
| Tax-Free Virginia | | Class Y |
| Tax-Free National | | Class Y |
| High Quality Bond3 | | Class Y, Class I |
| Core Bond4 | | Class A, Class B, Class Y, Class I, Class R6 |
| Diversified Income | | Class A, Class B, Class C |
| Covered Call & Equity Income3 | | Class A, Class C, Class Y, Class I, Class R6 |
| Dividend Income4 | | Class A, Class Y, Class I, Class R6 |
| Investors | | Class A, Class Y, Class I, Class R6 |
| Sustainable Equity5 | | Class Y, Class I |
| Mid Cap | | Class A, Class B, Class Y, Class I, Class R6 |
| Small Cap4 | | Class A, Class Y, Class I, Class R6 |
| International Stock | | Class A, Class B, Class Y |
1 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 The Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds are collectively referred to herein as the "Allocation Funds".
3 The High Quality Bond, and Covered Call & Equity Income Funds launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.
4 The Core Bond, Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.
5 The Sustainable Equity Fund was launched on December 31, 2021 with Class Y and Class I which commenced operations effective January 3, 2022.
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 charge, if any; and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that Class or other Class-specific matters.
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”).
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
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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 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.
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. In addition to the fair value decisions made by the Committee noted above, the Committee also engages 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 Board of Trustees. Such adjustments to the valuation of foreign securities are applied automatically upon market close if the parameters established are exceeded. A foreign security is also automatically fair valued if the exchange it is traded on is on holiday.
Recently Issued Accounting Pronouncements:
In March 2020, the FASB issued Accounting Standards Update (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.
On December 3, 2020, the Securities and Exchange Commission (SEC) adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Funds.
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 funds are 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.
Share 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. As of April 30, 2022, none of the funds held open repurchase agreements.
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
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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.
Foreign Currency Transactions: The fund'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 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 International Stock Fund had net realized Loss of $(688) 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 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, 2022, none of the funds had open forward foreign currency exchange contracts.
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. 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. Based upon the determination of the Board of Trustees, at April 30, 2022, 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, 2022, 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.
3. 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
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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, 2022 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, 2022, 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, 2022, 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):
| | | | | | | | | | | | Value at | |
| Fund1 | | Level 1 | | | Level 2 | | | Level 3 | | | 4/30/22 | |
| Conservative Allocation | | | | | | | | | | | | |
| Investment Companies | | $ | 54,356,072 | | | $ | — | | | $ | — | | | $ | 54,356,072 | |
| Short-Term Investments | | | 12,387,934 | | | | — | | | | — | | | | 12,387,934 | |
| | | | 66,744,006 | | | | — | | | | — | | | | 66,744,006 | |
| Moderate Allocation | | | | | | | | | | | | | | | | |
| Investment Companies | | | 106,506,970 | | | | — | | | | — | | | | 106,506,970 | |
| Short-Term Investments | | | 16,507,718 | | | | — | | | | — | | | | 16,507,718 | |
| | | | 123,014,688 | | | | — | | | | — | | | | 123,014,688 | |
| Aggressive Allocation | | | | | | | | | | | | | | | | |
| Investment Companies | | | 55,545,112 | | | | — | | | | — | | | | 55,545,112 | |
| Short-Term Investments | | | 11,241,791 | | | | — | | | | — | | | | 11,241,791 | |
| | | | 66,786,903 | | | | — | | | | — | | | | 66,786,903 | |
| Tax-Free Virginia | | | | | | | | | | | | | | | — | |
| Municipal Bonds | | | — | | | | 18,420,482 | | | | — | | | | 18,420,482 | |
| | | | | | | | | | | | | | | | | |
| Tax-Free National | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | — | | | | 18,008,125 | | | | — | | | | 18,008,125 | |
| | | | | | | | | | | | | | | | | |
| High Quality Bond | | | | | | | — | | | | | | | | — | |
| Corporate Notes and Bonds | | | — | | | | 34,235,665 | | | | — | | | | 34,235,665 | |
| U.S. Government and Agency Obligations | | | — | | | | 56,327,900 | | | | — | | | | 56,327,900 | |
| Short-Term Investments | | | 1,801,705 | | | | — | | | | — | | | | 1,801,705 | |
| | | | 1,801,705 | | | | 90,563,565 | | | | — | | | | 92,365,270 | |
| Core Bond | | | | | | | | | | | | | | | |
| Asset Backed Securities | | | — | | | | 11,169,033 | | | | — | | | | 11,169,033 | |
| Collateralized Mortgage Obligations | | | — | | | | 12,443,614 | | | | — | | | | 12,443,614 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 5,761,876 | | | | — | | | | 5,761,876 | |
| Corporate Notes and Bonds | | | — | | | | 57,895,301 | | | | — | | | | 57,895,301 | |
| Foreign Corporate Bonds | | | — | | | | 4,244,503 | | | | — | | | | 4,244,503 | |
| Mortgage Backed Securities | | | — | | | | 21,795,257 | | | | — | | | | 21,795,257 | |
| U.S. Government and Agency Obligations | | | — | | | | 65,618,896 | | | | — | | | | 65,618,896 | |
| Short-Term Investments | | | 4,037,453 | | | | — | | | | — | | | | 4,037,453 | |
| | | | 4,037,453 | | | | 178,928,480 | | | | — | | | | 182,965,933 | |
| Diversified Income | | | | | | | | | | | | | | | | |
| Common Stocks | | | 119,010,081 | | | | — | | | | — | | | | 119,010,081 | |
| Asset Backed Securities | | | — | | | | 1,938,208 | | | | — | | | | 1,938,208 | |
| Collateralized Mortgage Obligations | | | — | | | | 2,756,104 | | | | — | | | | 2,756,104 | |
| Commercial Mortgage-Backed Securities | | | — | | | | 1,850,159 | | | | — | | | | 1,850,159 | |
| Corporate Notes and Bonds | | | — | | | | 17,334,229 | | | | — | | | | 17,334,229 | |
| Foreign Corporate Bonds | | | | | | | 1,205,906 | | | | | | | | 1,205,906 | |
| Long Term Municipal Bonds | | | — | | | | 604,406 | | | | — | | | | 604,406 | |
| Mortgage Backed Securities | | | — | | | | 6,815,302 | | | | — | | | | 6,815,302 | |
| U.S. Government and Agency Obligations | | | — | | | | 20,037,567 | | | | — | | | | 20,037,567 | |
| Short-Term Investments | | | 4,504,062 | | | | — | | | | — | | | | 4,504,062 | |
| | | | 123,514,143 | | | | 52,541,881 | | | | — | | | | 176,056,024 | |
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
| | | | | | | | | | | | Value at | |
| Fund1 | | Level 1 | | | Level 2 | | | Level 3 | | | 4/30/22 | |
| Covered Call & Equity Income | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks | | | 79,562,769 | | | | — | | | | — | | | | 79,562,769 | |
| Exchange Traded Funds | | | 1,277,135 | | | | — | | | | — | | | | 1,277,135 | |
| Short-Term Investments | | | 24,964,621 | | | | | | | | | | | | 24,964,621 | |
| Put Options Purchased | | | 3,734,250 | | | | — | | | | — | | | | 3,734,250 | |
| | | | 109,538,775 | | | | — | | | | — | | | | 109,538,775 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Call Options Written | | | (3,204,799 | ) | | | — | | | | — | | | | (3,204,799 | ) |
| | | | | | | | | | | | | | | | | |
| Dividend Income | | | | | | | | | | | | | | | | |
| Common Stocks | | | 300,664,116 | | | | — | | | | — | | | | 300,664,116 | |
| Short-Term Investments | | | 4,863,658 | | | | — | | | | — | | | | 4,863,658 | |
| | | | 305,527,774 | | | | — | | | | — | | | | 305,527,774 | |
| Investors | | | | | | | | | | | | | | | | |
| Common Stocks | | | 322,550,698 | | | | — | | | | — | | | | 322,550,698 | |
| Short-Term Investments | | | 21,700,699 | | | | — | | | | — | | | | 21,700,699 | |
| | | | 344,251,397 | | | | — | | | | — | | | | 344,251,397 | |
| Sustainable Equity | | | | | | | | | | | | | | | | |
| Common Stocks | | | 7,453,050 | | | | — | | | | — | | | | 7,453,050 | |
| Short-Term Investments | | | 446,786 | | | | — | | | | — | | | | 446,786 | |
| | | | 7,899,836 | | | | — | | | | — | | | | 7,899,836 | |
| | | | | | | | | | | | | | | | | |
| Mid Cap | | | | | | | | | | | | | | | | |
| Common Stocks | | | 630,141,287 | | | | — | | | | — | | | | 630,141,287 | |
| Short-Term Investments | | | 36,162,737 | | | | — | | | | — | | | | 36,162,737 | |
| | | | 666,304,024 | | | | — | | | | — | | | | 666,304,024 | |
| Small Cap | | | | | | | | | | | | | | | | |
| Common Stocks | | | 206,675,670 | | | | — | | | | — | | | | 206,675,670 | |
| Short-Term Investments | | | 17,605,470 | | | | — | | | | — | | | | 17,605,470 | |
| | | | 224,281,140 | | | | | | | | | | | | 224,281,140 | |
| International Stock | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | |
| Australia | | | — | | | | 409,068 | | | | — | | | | 409,068 | |
| Brazil | | | 509,061 | | | | — | | | | — | | | | 509,061 | |
| Canada | | | 767,913 | | | | — | | | | — | | | | 767,913 | |
| China | | | 490,106 | | | | 617,080 | | | | — | | | | 1,107,186 | |
| Denmark | | | — | | | | 215,179 | | | | — | | | | 215,179 | |
| France | | | — | | | | 1,156,636 | | | | — | | | | 1,156,636 | |
| Germany | | | 161,280 | | | | 978,853 | | | | — | | | | 1,140,133 | |
| Hong Kong | | | — | | | | 200,713 | | | | — | | | | 200,713 | |
| India | | | 889,850 | | | | — | | | | — | | | | 889,850 | |
| Ireland | | | 153,334 | | | | 267,453 | | | | — | | | | 420,787 | |
| Italy | | | 188,137 | | | | — | | | | — | | | | 188,137 | |
| Japan | | | — | | | | 1,853,131 | | | | — | | | | 1,853,131 | |
| Mexico | | | 177,292 | | | | 296,277 | | | | — | | | | 473,569 | |
| Netherlands | | | 271,173 | | | | — | | | | — | | | | 271,173 | |
| Norway | | | — | | | | 158,729 | | | | | | | | 158,729 | |
| Singapore | | | — | | | | 244,634 | | | | — | | | | 244,634 | |
| South Korea | | | — | | | | 167,052 | | | | — | | | | 167,052 | |
| Spain | | | — | | | | 171,874 | | | | — | | | | 171,874 | |
| Sweden | | | — | | | | 216,820 | | | | — | | | | 216,820 | |
| Switzerland | | | — | | | | 908,352 | | | | — | | | | 908,352 | |
| Taiwan | | | 203,052 | | | | — | | | | — | | | | 203,052 | |
| United Kingdom | | | — | | | | 1,733,391 | | | | — | | | | 1,733,391 | |
| United States | | | 211,039 | | | | — | | | | — | | | | 211,039 | |
| Short-Term Investments | | | 346,253 | | | | — | | | | — | | | | 346,253 | |
| | | | 4,368,490 | | | | 9,595,242 | | | | — | | | | 13,963,732 | |
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.
4. 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.
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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, 2022.
| | | 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 | | $ | 3,734,250 | | | Options written | | $ | (3,204,799 | ) |
The following table presents the effect of derivative instruments on the Statements of Operations for the period ended April 30, 2022.
Fund | | Underlying Risk | | Statement of Operations | | Realized Gain (Loss) on Derivatives | | | Change in Unrealized Appreciation (Depreciation) on Derivatives | |
| Covered Call & Equity Income | | Equity | | Option Purchased | | $ | (690,294 | ) | | $ | 2,485,815 | |
| | | Equity | | Option Written | | | 1,851,934 | | | | (214,629 | ) |
| Total | | | | | | $ | 1,161,640 | | | $ | 2,271,186 | |
The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2022.
| | Options Purchased Contracts(1) | | Options Written Contracts(1) |
| Covered Call & Equity Income | 29 | | 3,734 |
(1)Numbers of Contracts
There is no impact on the financial statement of the other funds as they did not hold derivative investments during the period ended April 30, 2022.
5. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS
Advisory Agreement. For its investment advisory services to the funds, pursuant to the terms of an Investment Advisory Agreement between Madison and the Trust, Madison 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, 2022:
| Fund | | Management Fee | | Fund | | Management Fee |
| Conservative Allocation | | 0.20% | | Covered Call & Equity Income | | 0.85% |
| Moderate Allocation | | 0.20% | | Dividend Income2 | | 0.70% |
| Aggressive Allocation | | 0.20% | | Investors2 | | 0.70% |
| Tax-Free Virginia | | 0.50% | | Sustainable Equity2 | | 0.70% |
| Tax-Free National | | 0.40% | | Mid Cap2 | | 0.75% |
| High Quality Bond1 | | 0.30% | | Small Cap2 | | 0.89% |
| Core Bond2 | | 0.39% | | International Stock2 | | 1.05% |
| Diversified Income2 | | 0.65% | | | | |
| 1 | Effective February 28, 2021, Madison contractually agreed to waive 0.10% of its 0.30% annual management fee until at least February 27, 2022. Madison does not have the right to recoup any waived fees. The fee waiver was discontinued effective February 28, 2022. Total fees waived were $34,413. |
| 2 | The fund’s management fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. |
Administrative Services Agreement. In addition to the management fee, the Investment Adviser is entitled to receive an administrative services fee from each fund pursuant to the terms of a separate Administrative Services Agreement. Under this fee 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.
During the period ended April 30, 2022, the funds and their respective share classes were charged the following fees under the Administrative Services Agreement:
| Fund | | Class A | | | Class B | | | Class C | | | Class Y | | | Class I | | | Class R6 | |
| | | | | | | | | | | | | | | | | | | |
| Conservative Allocation | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | |
| Moderate Allocation | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | |
| Aggressive Allocation | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | |
| Tax-Free Virginia | | | N/A | | | | N/A | | | | N/A | | | | 0.35 | % | | | N/A | | | | N/A | |
| Tax-Free National | | | N/A | | | | N/A | | | | N/A | | | | 0.35 | % | | | N/A | | | | N/A | |
| High Quality Bond | | | N/A | | | | N/A | | | | N/A | | | | 0.19 | % | | | 0.10 | %1 | | | N/A |
| Core Bond | | | 0.20 | % | | | 0.20 | % | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | 0.02 | %2 |
| Diversified Income | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | N/A | | | | N/A | | | | N/A | |
| Covered Call & Equity Income | | | 0.15 | % | | | N/A | | | | 0.15 | % | | | 0.15 | % | | | 0.10 | %1 | | | 0.02 | % |
| Dividend Income | | | 0.20 | % | | | N/A | | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | 0.02 | %2 |
| Investors | | | 0.20 | % | | | N/A | | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | 0.02 | % |
| Sustainable Equity | | | N/A | | | | N/A | | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | N/A | |
| Mid Cap | | | 0.40 | % | | | 0.40 | % | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | 0.02 | % |
| Small Cap | | | 0.20 | % | | | N/A | | | | N/A | | | | 0.20 | % | | | 0.10 | % | | | 0.02 | %2 |
| International Stock | | | 0.30 | % | | | 0.30 | % | | | N/A | | | | 0.30 | % | | | N/A | | | | N/A | |
| 1 | The High Quality Bond and Covered Call & Equity Income Funds launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
| 2 | The Core Bond, Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022. |
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
Expenses that are not included under this fee agreement are paid directly by the funds. See “Other Expenses”.
The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of it's the administrative services fees and/or reimburse each fund's operating expenses to ensure that each fund's operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. Any fees waived will not be subject to later recoupment by Madison.
During the period ended April 30, 2022, the Investment Adviser did not waive Administrative Services fees for any of the funds.
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. 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 distribution-related 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.
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:
| | | | | | | | | | | | | | | | | | Total Shareholder Servicing | |
| | | | | | | | | | | | | | | | | | and Distribution Fees | |
| | | Shareholder Servicing Fee | | | Distribution Fee | | | (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 | % |
| 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 | |
| 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 | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | |
| Investors | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | |
| Sustainable Equity | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 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. For the year April 30, 2022, 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, 2021, were as follows:
| | | Amount Collected | | | Amount Retained | |
| Fund | | Class A | | | Class B | | | Class C | | | Class A | | | Class B | | | Class C | |
| Conservative Allocation | | $ | 57,792 | | | $ | 0 | | | $ | 839 | | | $ | 8,184 | | | $ | 0 | | | $ | 839 | |
| Moderate Allocation | | | 35,326 | | | $ | 58 | | | $ | 112 | | | | 4,103 | | | $ | 58 | | | $ | 112 | |
| Aggressive Allocation | | | 27,712 | | | $ | 72 | | | $ | 75 | | | | 3,041 | | | $ | 72 | | | $ | 75 | |
| Core Bond | | | 9,878 | | | $ | 5 | | | | n/a | | | | 1,402 | | | $ | 5 | | | | n/a | |
| Diversified Income | | | 56,241 | | | $ | 194 | | | $ | 0 | | | | 6,991 | | | $ | 194 | | | $ | 0 | |
| Dividend Income | | | 11,106 | | | | n/a | | | | n/a | | | | 1,315 | | | | n/a | | | | n/a | |
| Covered Call & Equity Income | | | 18,423 | | | | n/a | | | $ | 0 | | | | 2,050 | | | | n/a | | | $ | 0 | |
| Investors | | | 22,066 | | | | n/a | | | | n/a | | | | 2,712 | | | | n/a | | | | n/a | |
| Mid Cap | | | 16,428 | | | $ | 5 | | | | n/a | | | | 1,876 | | | $ | 5 | | | | n/a | |
| Small Cap | | | 1,254 | | | | n/a | | | | n/a | | | | 143 | | | | n/a | | | | n/a | |
| International Stock | | | 3,567 | | | $ | 0 | | | | n/a | | | | 445 | | | $ | 0 | | | | n/a | |
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
Other Expenses: The funds are responsible for paying: (i) transaction-related expenses including, but not limited to, brokerage commissions paid in connection with fund transactions, interest or fees in connection with fund indebtedness or taxes paid in connection with portfolio securities held, (ii) Rule 12b-1 distribution and service fees, if any (iii) acquired fund fees, if any, (iv) any extraordinary or nonrecurring expenses (such as fees and expenses relating to any temporary line of credit the funds maintain for emergency or extraordinary purposes), and (v) Independent Trustee compensation, including Lead Independent Trustee compensation.
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 from the Funds.
6. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
With respect to dividends from net investment income, Tax-Free Virginia, Tax-Free National, Core Bond 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, Investors, Sustainable Equity, 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.
7. SECURITIES TRANSACTIONS
For the period ended April 30, 2022, 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 | | $ | — | | | $ | — | | | $ | 29,903,523 | | | $ | 34,755,728 | |
| Moderate Allocation | | | — | | | | — | | | | 56,928,705 | | | | 63,306,283 | |
| Aggressive Allocation | | | — | | | | — | | | | 26,945,304 | | | | 27,367,608 | |
| Tax-Free Virginia | | | — | | | | — | | | | 1,489,171 | | | | 1,425,843 | |
| Tax-Free National | | | — | | | | — | | | | 204,290 | | | | 2,455,119 | |
| High Quality Bond | | | 14,789,586 | | | | 22,876,864 | | | | 3,262,830 | | | | 12,034,887 | |
| Core Bond | | | 30,471,628 | | | | 10,427,971 | | | | 20,078,140 | | | | 10,634,265 | |
| Diversified Income | | | 10,462,516 | | | | 3,650,981 | | | | 22,239,735 | | | | 27,581,780 | |
| Covered Call & Equity Income | | | — | | | | — | | | | 60,595,355 | | | | 42,974,694 | |
| Dividend Income | | | — | | | | — | | | | 46,570,201 | | | | 59,592,751 | |
| Investors | | | — | | | | — | | | | 27,607,137 | | | | 63,902,131 | |
| Sustainable Equity | | | — | | | | — | | | | 8,316,099 | | | | 140,280 | |
| Mid Cap | | | — | | | | — | | | | 78,258,596 | | | | 94,518,971 | |
| Small Cap | | | — | | | | — | | | | 42,717,578 | | | | 57,112,246 | |
| International Stock | | | — | | | | — | | | | 2,606,447 | | | | 3,656,434 | |
8. 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.
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 4 for information on derivatives.
9. 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.
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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 liquid 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, 2022, 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 and Covered Call & Equity 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 Funds obtain 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 Funds’ assets. By writing a call option, the Funds become 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 Funds intend to purchase. However, the Funds become obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Funds in writing options on futures is potentially unlimited and may exceed the amount of the premium received.
During the period ended April 30, 2022, the Funds did not enter into any options on fututres contracts.
10. FOREIGN SECURITIES
Each fund, other than the Tax-Free Virginia and Tax-Free National Funds 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.
11. SECURITIES LENDING
The Board of Trustees has authorized the funds 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, 2022, the aggregate fair value of securities on loan for the Madison fund family was $47,170,808. 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* | |
| Conservative Allocation | | $ | 9,667,392 | | | $ | 8,133,863 | | | $ | 1,865,248 | |
| Moderate Allocation | | | 10,497,107 | | | | 7,132,475 | | | | 3,666,415 | |
| Aggressive Allocation | | | 6,507,938 | | | | 6,844,441 | | | | 14,643 | |
| High Quality Bond | | | 1,761,723 | | | | 1,801,705 | | | | — | |
| Core Bond | | | 2,266,611 | | | | 2,316,835 | | | | — | |
| Diversified Income | | | 1,522,029 | | | | 1,563,315 | | | | — | |
| Investors Fund | | | 10,112,062 | | | | 1,853,501 | | | | 8,529,753 | |
| Small Cap | | | 4,832,429 | | | | 4,465,528 | | | | 643,502 | |
| International Stock | | | 3,517 | | | | 3,650 | | | | — | |
*Collateral 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.
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the funds cannot repledge or resell this collateral.
| | | Remaining Contractual Maturity of the Agreements
As of 4/30/2022 | |
| | | Overnight and
Continuous | | | <30 days | | | Between
30 & 90 days | | | >90 days | | | Total | |
| |
| Securities Lending Transactions(1) |
| Conservative Allocation | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 8,133,863 | | | $ | — | | | $ | — | | | $ | — | | | $ | 8,133,863 | |
| Total Borrowings | | $ | 8,133,863 | | | $ | — | | | $ | — | | | $ | — | | | $ | 8,133,863 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 8,133,863 | |
| Moderate Allocation | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 7,132,475 | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,132,475 | |
| Total Borrowings | | $ | 7,132,475 | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,132,475 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 7,132,475 | |
| Aggressive Allocation | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 6,844,441 | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,844,441 | |
| Total Borrowings | | $ | 6,844,441 | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,844,441 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 6,844,441 | |
| High Quality Bond | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 1,801,705 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,801,705 | |
| Total Borrowings | | $ | 1,801,705 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,801,705 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 1,801,705 | |
| Core Bond | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 2,316,835 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,316,835 | |
| Total Borrowings | | $ | 2,316,835 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,316,835 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 2,316,835 | |
| Diversified Income | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 1,563,315 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,563,315 | |
| Total Borrowings | | $ | 1,563,315 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,563,315 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 1,563,315 | |
| Investor Fund Income | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 1,853,501 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,853,501 | |
| Total Borrowings | | $ | 1,853,501 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,853,501 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 1,853,501 | |
| Small Cap | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 4,465,528 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,465,528 | |
| Total Borrowings | | $ | 4,465,528 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,465,528 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 4,465,528 | |
| International Stock | | | | | | | | | | | | | | | | | | | | |
| Government Money Market | | $ | 3,650 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,650 | |
| Total Borrowings | | $ | 3,650 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,650 | |
| Gross amount of recognized liabilities for securities lending transactions | | | | | | | | | | | | | | | | | | $ | 3,650 | |
(1) Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the “Overnight and Continuous” column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.
12. 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, as amended 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, 2022. 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, 2018 through October 31, 2021.
For federal income tax purposes, the funds listed below have capital loss carryovers as of October 31, 2021, which are available to offset future capital gains, if any, realized through the fiscal year listed:
| | | No Expiration Date | |
| Fund | | Short-Term | | | Long-Term | |
| Core Bond | | $ | 348,969 | | | $ | 1,644,468 | |
| Dividend Income | | | 1,577,945 | | | | – | |
For Core Bond Fund and Dividend Income Fund, the inherited losses from mergers are subject to an annual limitation.
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
At April 30, 2022, 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 | | $ | 998,958 | | | $ | (3,046,329 | ) | | $ | (2,047,371 | ) |
| Moderate Allocation | | | 4,481,594 | | | | (4,761,140 | ) | | | (279,546 | ) |
| Aggressive Allocation | | | 3,468,160 | | | | (2,550,169 | ) | | | 917,991 | |
| Tax-Free Virginia | | | 82,152 | | | | (604,104 | ) | | | (521,952 | ) |
| Tax-Free National | | | 161,590 | | | | (506,805 | ) | | | (345,215 | ) |
| High Quality Bond | | | 36,437 | | | | (5,725,774 | ) | | | (5,689,337 | ) |
| Core Bond Fund | | | 576,758 | | | | (15,411,756 | ) | | | (14,834,998 | ) |
| Diversified Income | | | 32,776,188 | | | | (4,821,441 | ) | | | 27,954,747 | |
| Covered Call & Equity Income | | | 345,036 | | | | (18,997,315 | ) | | | (18,652,279 | ) |
| Dividend Income | | | 63,361,339 | | | | (2,773,058 | ) | | | 60,588,281 | |
| Investors | | | 120,253,096 | | | | (8,698,462 | ) | | | 111,554,634 | |
| Sustainable Equity | | | 77,865 | | | | (775,234 | ) | | | (697,369 | ) |
| Mid Cap | | | 266,894,496 | | | | (34,175,923 | ) | | | 232,718,573 | |
| Small Cap | | | 51,246,550 | | | | (20,771,543 | ) | | | 30,475,007 | |
| International Stock | | | 871,360 | | | | (3,279,205 | ) | | | (2,407,845 | ) |
The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of wash sales.
13. 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.
Slowing global economic growth, the risks associated with ongoing trade negotiations with China, the possibility of changes to some international trade agreements, tensions or open conflict between nations, such as between Russia and Ukraine, or political or economic dysfunction within some nations that are major producers of oil could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time.
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 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 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.
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
Madison Funds | April 30, 2022
Notes to the Financial Statements - continued
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.
14. 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, 2022 follows:
| Fund/Underlying Fund | | Beginning
value as of
10/31/2021 | | | Gross
Additions | | | Gross
Sales | | | Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation
(depreciation) | | | Value at
10/31/2022 | | | Shares | | | Dividend
Income | | | Distributions
Received1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Conservative Allocation Fund |
| Madison Core Bond Fund Class I2 | | $ | 15,701,268 | | | $ | 1,025,000 | | | $ | (16,501,932 | ) | | $ | – | | | $ | (224,336 | ) | | $ | – | | | | – | | | $ | 75,092 | | | $ | 88,637 | |
| Madison Core Bond Fund Class R6 | | | – | | | | 16,528,616 | | | | – | | | | – | | | | (1,508,776 | ) | | | 15,019,840 | | | | 1,620,263 | | | | 52,214 | | | | – | |
| Madison Dividend Income Fund Class I2 | | | 1,344,272 | | | | 99,564 | | | | (1,095,143 | ) | | | 124,461 | | | | (473,154 | ) | | | – | | | | – | | | | 5,859 | | | | 93,705 | |
| Madison Dividend Income Fund Class R6 | | | – | | | | 750,146 | | | | – | | | | – | | | | 243,440 | | | | 993,586 | | | | 32,481 | | | | 4,297 | | | | – | |
| Madison Investors Fund Class R6 | | | 5,493,514 | | | | 382,115 | | | | (2,959,436 | ) | | | 571,356 | | | | (1,138,834 | ) | | | 2,348,715 | | | | 94,783 | | | | 25,276 | | | | 356,839 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Totals | | $ | 22,539,054 | | | $ | 18,785,441 | | | $ | (20,556,511 | ) | | $ | 695,817 | | | $ | (3,101,660 | ) | | $ | 18,362,141 | | | | | | | $ | 162,738 | | | $ | 539,181 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Moderate Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Madison Core Bond Fund Class I2 | | $ | 17,039,519 | | | $ | 2,964,968 | | | $ | (19,524,950 | ) | | $ | – | | | $ | (479,537 | ) | | $ | – | | | | – | | | $ | 91,915 | | | | 106,245 | |
| Madison Core Bond Fund Class R6 | | | – | | | | 19,556,851 | | | | – | | | | – | | | | (1,599,734 | ) | | | 17,957,117 | | | | 1,937,122 | | | | 62,425 | | | | – | |
| Madison Dividend Income Fund Class I2 | | | 6,120,707 | | | | 467,367 | | | | (5,385,455 | ) | | | 1,016,911 | | | | (2,219,530 | ) | | | – | | | | – | | | | 27,504 | | | | 439,863 | |
| Madison Dividend Income Fund Class R6 | | | – | | | | 2,414,130 | | | | – | | | | – | | | | 753,569 | | | | 3,167,699 | | | | 103,553 | | | | 13,699 | | | | – | |
| Madison Investors Fund Class R6 | | | 17,078,788 | | | | 1,305,780 | | | | (6,482,311 | ) | | | 1,504,667 | | | | (3,693,626 | ) | | | 9,713,298 | | | | 391,981 | | | | 86,374 | | | | 1,219,406 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Totals | | $ | 40,239,014 | | | $ | 26,709,096 | | | $ | (31,392,716 | ) | | $ | 2,521,578 | | | $ | (7,238,858 | ) | | $ | 30,838,114 | | | | | | | $ | 281,917 | | | $ | 1,765,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Aggressive Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Madison Core Bond Fund Class I2 | | $ | 4,884,187 | | | $ | 750,000 | | | $ | (5,522,090 | ) | | $ | (24,440 | ) | | $ | (87,657 | ) | | $ | – | | | | – | | | $ | 25,721 | | | $ | 30,306 | |
| Madison Core Bond Fund Class R6 | | | – | | | | 5,280,396 | | | | – | | | | – | | | | (461,908 | ) | | | 4,818,488 | | | | 519,794 | | | | 16,750 | | | | – | |
| Madison Dividend Income Fund Class I2 | | | 4,705,036 | | | | 304,349 | | | | (4,138,016 | ) | | | 851,244 | | | | (1,722,613 | ) | | | – | | | | – | | | | 17,910 | | | | 286,438 | |
| Madison Dividend Income Fund Class R6 | | | – | | | | 1,801,466 | | | | – | | | | – | | | | 591,386 | | | | 2,392,852 | | | | 78,223 | | | | 10,349 | | | | – | |
| Madison Investors Fund Class R6 | | | 9,552,885 | | | | 738,568 | | | | (1,739,023 | ) | | | 163,602 | | | | (1,568,381 | ) | | | 7,147,651 | | | | 288,444 | | | | 48,854 | | | | 689,713 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Totals | | $ | 19,142,108 | | | $ | 8,874,779 | | | $ | (11,399,129 | ) | | $ | 990,406 | | | $ | (3,249,173 | ) | | $ | 14,358,991 | | | | | | | $ | 119,584 | | | $ | 1,006,457 | |
| 1 | Distributions received include distributions from net investment income and from capital gains from the Underlying Funds. |
| 2 | During the period ended April 30, 2022, all Class I shares were exchanged tax-free into Class R6 shares. |
15. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the funds through the date the financial statements were available for issue. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.
Madison Funds | Other Information (unaudited) | April 30, 2022
Other Information (unaudited)
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, 2022. 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 181/365 (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 | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Conservative Allocation* | | $ | 1,000 | | | $ | 912.60 | | | | 0.71 | % | | $ | 3.37 | | | $ | 909.50 | | | | 1.46 | % | | $ | 6.91 | |
| Moderate Allocation* | | $ | 1,000 | | | $ | 916.00 | | | | 0.71 | % | | $ | 3.37 | | | $ | 913.70 | | | | 1.46 | % | | $ | 6.93 | |
| Aggressive Allocation* | | $ | 1,000 | | | $ | 917.70 | | | | 0.71 | % | | $ | 3.38 | | | $ | 914.60 | | | | 1.46 | % | | $ | 6.93 | |
| Core Bond | | $ | 1,000 | | | $ | 907.00 | | | | 0.85 | % | | $ | 4.02 | | | $ | 903.90 | | | | 1.60 | % | | $ | 7.55 | |
| Diversified Income | | $ | 1,000 | | | $ | 964.70 | | | | 1.11 | % | | $ | 5.41 | | | $ | 961.10 | | | | 1.87 | % | | $ | 9.09 | |
| Dividend Income | | $ | 1,000 | | | $ | 991.60 | | | | 1.16 | % | | $ | 5.73 | | | | N/A | | | | N/A | | | | $N/A | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,007.70 | | | | 1.26 | % | | $ | 6.27 | | | | N/A | | | | N/A | | | | $N/A | |
| Investors | | $ | 1,000 | | | $ | 919.30 | | | | 1.16 | % | | $ | 5.52 | | | | N/A | | | | N/A | | | | $N/A | |
| Mid Cap | | $ | 1,000 | | | $ | 910.60 | | | | 1.40 | % | | $ | 6.63 | | | $ | 906.40 | | | | 2.15 | % | | $ | 10.16 | |
| Small Cap | | $ | 1,000 | | | $ | 846.90 | | | | 1.35 | % | | $ | 6.18 | | | | N/A | | | | N/A | | | | $N/A | |
| International Stock | | $ | 1,000 | | | $ | 837.90 | | | | 1.61 | % | | $ | 7.34 | | | $ | 835.10 | | | | 2.37 | % | | $ | 10.78 | |
| | | Class C | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Conservative Allocation* | | $ | 1,000 | | | $ | 909.60 | | | | 1.46 | % | | $ | 6.91 | |
| Moderate Allocation* | | $ | 1,000 | | | $ | 913.00 | | | | 1.46 | % | | $ | 6.93 | |
| Aggressive Allocation* | | $ | 1,000 | | | $ | 914.60 | | | | 1.46 | % | | $ | 6.93 | |
| Diversified Income | | $ | 1,000 | | | $ | 960.50 | | | | 1.86 | % | | $ | 9.04 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,004.90 | | | | 2.01 | % | | $ | 9.99 | |
| | | Class Y | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Tax-Free Virginia | | $ | 1,000 | | | $ | 930.90 | | | | 0.86 | % | | $ | 4.12 | |
| Tax-Free National | | $ | 1,000 | | | $ | 936.20 | | | | 0.76 | % | | $ | 3.65 | |
| High Quality Bond | | $ | 1,000 | | | $ | 942.00 | | | | 0.43 | % | | $ | 2.07 | |
| Core Bond | | $ | 1,000 | | | $ | 908.60 | | | | 0.60 | % | | $ | 2.84 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,010.00 | | | | 1.01 | % | | $ | 5.03 | |
| Dividend Income | | $ | 1,000 | | | $ | 992.90 | | | | 0.91 | % | | $ | 4.50 | |
| Investors | | $ | 1,000 | | | $ | 920.50 | | | | 0.91 | % | | $ | 4.33 | |
| Sustainable Equity Fund** | | $ | 1,000 | | | $ | 861.00 | | | | 0.88 | % | | $ | 2.65 | |
| Mid Cap | | $ | 1,000 | | | $ | 912.60 | | | | 0.95 | % | | $ | 4.51 | |
| Small Cap | | $ | 1,000 | | | $ | 847.90 | | | | 1.10 | % | | $ | 5.04 | |
| International Stock | | $ | 1,000 | | | $ | 839.30 | | | | 1.36 | % | | $ | 6.20 | |
Madison Funds | Other Information (unaudited) - continued | April 30, 2022
| | | Class R6 | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Core Bond | | $ | 1,000 | | | $ | 939.60 | | | | 0.42 | % | | $ | 0.68 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,010.40 | | | | 0.88 | % | | $ | 4.39 | |
| Investors | | $ | 1,000 | | | $ | 921.20 | | | | 0.73 | % | | $ | 3.48 | |
| Mid Cap | | $ | 1,000 | | | $ | 913.20 | | | | 0.77 | % | | $ | 3.65 | |
| Dividend Income Fund | | $ | 1,000 | | | $ | 989.20 | | | | 0.73 | % | | $ | 1.21 | |
| Small Cap Fund | | $ | 1,000 | | | $ | 918.60 | | | | 0.98 | % | | $ | 1.57 | |
| | | Class I | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Core Bond | | $ | 1,000 | | | $ | 909.00 | | | | 0.50 | % | | $ | 2.37 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,013.50 | | | | 0.94 | % | | $ | 1.57 | |
| Dividend Income | | $ | 1,000 | | | $ | 993.50 | | | | 0.81 | % | | $ | 4.00 | |
| Investors | | $ | 1,000 | | | $ | 920.90 | | | | 0.81 | % | | $ | 3.86 | |
| Sustainable Equity Fund** | | $ | 1,000 | | | $ | 862.00 | | | | 0.80 | % | | $ | 2.41 | |
| Mid Cap | | $ | 1,000 | | | $ | 912.70 | | | | 0.85 | % | | $ | 4.03 | |
| Small Cap | | $ | 1,000 | | | $ | 848.20 | | | | 1.00 | % | | $ | 4.58 | |
*The annual expense ratio does not include the expenses of the underlying funds.
**Commenced investment operations on December 31, 2021. Expenses represent the 118 days period ending January 3, 2022.
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.
| | | Class A | | | Class B | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Conservative Allocation* | | $ | 1,000 | | | $ | 1,021.27 | | | | 0.71 | % | | $ | 3.56 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Moderate Allocation* | | $ | 1,000 | | | $ | 1,021.27 | | | | 0.71 | % | | $ | 3.56 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Aggressive Allocation* | | $ | 1,000 | | | $ | 1,021.27 | | | | 0.71 | % | | $ | 3.56 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Core Bond | | $ | 1,000 | | | $ | 1,020.58 | | | | 0.85 | % | | $ | 4.26 | | | $ | 1,016.86 | | | | 1.60 | % | | $ | 8.00 | |
| Diversified Income | | $ | 1,000 | | | $ | 1,019.29 | | | | 1.11 | % | | $ | 5.56 | | | $ | 1,015.52 | | | | 1.87 | % | | $ | 9.35 | |
| Dividend Income | | $ | 1,000 | | | $ | 1,019.04 | | | | 1.16 | % | | $ | 5.81 | | | | N/A | | | | N/A | | | $ | N/A | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,018.55 | | | | 1.26 | % | | $ | 6.31 | | | | N/A | | | | N/A | | | $ | N/A | |
| Investors | | $ | 1,000 | | | $ | 1,019.04 | | | | 1.16 | % | | $ | 5.81 | | | | N/A | | | | N/A | | | $ | N/A | |
| Mid Cap | | $ | 1,000 | | | $ | 1,017.85 | | | | 1.40 | % | | $ | 7.00 | | | $ | 1,014.13 | | | | 2.15 | % | | $ | 10.74 | |
| Small Cap | | $ | 1,000 | | | $ | 1,018.10 | | | | 1.35 | % | | $ | 6.76 | | | | N/A | | | | N/A | | | $ | N/A | |
| International Stock | | $ | 1,000 | | | $ | 1,016.81 | | | | 1.61 | % | | $ | 8.05 | | | $ | 1,013.04 | | | | 2.37 | % | | $ | 11.83 | |
| | | Class C | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Conservative Allocation | | $ | 1,000 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Moderate Allocation | | $ | 1,000 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Aggressive Allocation | | $ | 1,000 | | | $ | 1,017.55 | | | | 1.46 | % | | $ | 7.30 | |
| Diversified Income | | $ | 1,000 | | | $ | 1,015.57 | | | | 1.86 | % | | $ | 9.30 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,014.83 | | | | 2.01 | % | | $ | 10.04 | |
Madison Funds | Other Information (unaudited) - continued | April 30, 2022
| | | Class Y | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Tax-Free Virginia | | $ | 1,000 | | | $ | 1,020.53 | | | | 0.86 | % | | $ | 4.31 | |
| Tax-Free National | | $ | 1,000 | | | $ | 1,021.03 | | | | 0.76 | % | | $ | 3.81 | |
| High Quality Bond | | $ | 1,000 | | | $ | 1,022.66 | | | | 0.43 | % | | $ | 2.16 | |
| Core Bond | | $ | 1,000 | | | $ | 1,021.82 | | | | 0.60 | % | | $ | 3.01 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,019.79 | | | | 1.01 | % | | $ | 5.06 | |
| Dividend Income | | $ | 1,000 | | | $ | 1,020.28 | | | | 0.91 | % | | $ | 4.56 | |
| Investors | | $ | 1,000 | | | $ | 1,020.28 | | | | 0.91 | % | | $ | 4.56 | |
| Sustainable Equity Fund** | | $ | 1,000 | | | $ | 1,013.32 | | | | 0.88 | % | | $ | 2.86 | |
| Mid Cap | | $ | 1,000 | | | $ | 1,020.08 | | | | 0.95 | % | | $ | 4.76 | |
| Small Cap | | $ | 1,000 | | | $ | 1,019.34 | | | | 1.10 | % | | $ | 5.51 | |
| International Stock | | $ | 1,000 | | | $ | 1,018.05 | | | | 1.36 | % | | $ | 6.81 | |
| | | Class R6 | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Core Bond | | $ | 1,000 | | | $ | 1,007.65 | | | | 0.42 | % | | $ | 0.70 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,020.43 | | | | 0.88 | % | | $ | 4.41 | |
| Investors | | $ | 1,000 | | | $ | 1,021.17 | | | | 0.73 | % | | $ | 3.66 | |
| Mid Cap | | $ | 1,000 | | | $ | 1,020.98 | | | | 0.77 | % | | $ | 3.86 | |
| Dividend Income Fund | | $ | 1,000 | | | $ | 1,007.14 | | | | 0.73 | % | | $ | 1.22 | |
| Small Cap Fund | | $ | 1,000 | | | $ | 1,006.72 | | | | 0.98 | % | | $ | 1.64 | |
| | | Class I | |
| Fund | | Beginning
Account
Value | | | Ending
Account
Value | | | Annual
Expense
Ratio | | | Expenses
Paid
During
Period | |
| Core Bond | | $ | 1,000 | | | $ | 1,022.32 | | | | 0.50 | % | | $ | 2.51 | |
| Covered Call & Equity Income | | $ | 1,000 | | | $ | 1,020.13 | | | | 0.94 | % | | $ | 4.71 | |
| Dividend Income | | $ | 1,000 | | | $ | 1,020.78 | | | | 0.81 | % | | $ | 4.06 | |
| Investors | | $ | 1,000 | | | $ | 1,020.78 | | | | 0.81 | % | | $ | 4.06 | |
| Sustainable Equity Fund** | | $ | 1,000 | | | $ | 1,020.83 | | | | 0.80 | % | | $ | 4.01 | |
| Mid Cap | | $ | 1,000 | | | $ | 1,020.58 | | | | 0.85 | % | | $ | 4.26 | |
| Small Cap | | $ | 1,000 | | | $ | 1,019.84 | | | | 1.00 | % | | $ | 5.01 | |
*The annual expense ratio does not include the expenses of the underlying funds.
**Commenced investment operations on December 31, 2021. Expenses represent the 118 days period ending January 3, 2022.
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 upon request 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 upon request 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 twelve-month period ended June 30 are available to shareholders at no cost upon request by calling 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 in the "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.
4460-P1060
Rev.0422
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.
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: June 29, 2022
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: June 29, 2022
| /s/ Greg Hoppe | |
| Greg Hoppe, Principal Financial Officer and Principal Accounting Officer |
Date: June 29, 2022
