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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, 2023
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. Report to Shareholders.
Semi-annual Report | ![]() |
(unaudited) | |
April 30, 2023 | |
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, 2023
Table of Contents
1 |
Madison Funds | April 30, 2023
Coming off a historically challenging stretch that saw a peak-to-trough decline in the S&P 500 Index of nearly 25% combined with a stunning double digit drop for the Bloomberg US Aggregate Bond Index, the past six months have offered a very pleasant respite for investors. For the period, both stocks and bonds generated solidly positive returns as the S&P 500 Index climbed 8.6% (including dividends) and the Barclays US Aggregate Index moved up 6.9%. However, the biggest returns were found overseas where the MSCI ACWI ex-US Index eclipsed +20%.
The most likely catalyst for the newfound ebullience within the US emanated from the peaking of interest rates just prior to the start of the period as markets started looking to the end of the Federal Reserve’s rate hiking campaign. The yield on the benchmark 10-year US Treasury Note declined from 4.1% to 3.5% during the period as the Fed began dialing back the size of their rate increases each meeting from 0.75%, to 0.50%, to settling at 0.25% for the remainder of the period. With the change in interest rates came a dramatic change in market leadership. After being decimated as rates rose prior to the period, the beaten down Communication Services (+23%) and Technology (+19%) sectors regained leadership, whereas the inflation hedging Energy (-3%) sector declined.
Despite a very negative outlook for Europe at the start of the period due to the war in Ukraine and energy shortage concerns, European equities thrived with the MSCI Europe Index up +28%. The continent was aided by a surprisingly warm winter and the reopening of the Chinese economy, both of which staved off serious recession risks.
Overall, the strong returns masked the period’s main event, the emergence of a new banking crisis. The adage goes that the “Fed hikes rates until they break something”. By March, something appeared in the form of the three largest bank failures since the Great Financial Crisis of 2008. After a brief period of elevated volatility, stocks (outside of regional banks) reverted higher on the back of stepped-up FDIC insurance for the failed banks’ previously uninsured deposits and a new liquidity program, the Bank Term Funding Program (BTFP). The BTFP facility is unique in that it allows banks to borrow against the par value of their underwater Treasury and mortgage securities, however the term is limited to up to one year. Within roughly a week of the new facility’s launch, the Fed’s balance sheet had expanded by nearly $400B, which many market participants viewed as the first step to a reignition of quantitative easing.
As the period ended, questions remained around the health of the US economy and the trajectory for inflation. Economic growth was clearly slowing, yet the job market was very strong with unemployment at a 30-year low (3.4%). Inflation (CPI) had receded back to 5% and the bond market was pricing in a continued drop and possible recession with expectations for interest rate cuts over the back half of 2023. The US stock market breadth narrowed to a small set of very large growth stocks, and the S&P 500 Index carried a lofty price-to-earnings valuation of 18 times expected next 12-month earnings.
Moving forward, the direction of the equity market will be driven by earnings as it’s unlikely for the P/E to expand further in a higher interest rate and uncertain economic environment. High quality companies with durable business models appear well suited to outperform given this backdrop. And bonds, after spending over a decade in the low-to-no interest wilderness, once again offer compelling yields and total return potential.
2 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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 6.34% for the period, underperforming the Conservative Allocation Custom Index return of 8.45%. The Fund outperformed its peers as measured by the Morningstar U.S. Allocation 15%-30% Equity category, which returned 6.02.%.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Alternative Funds | 0.5 | % | ||
Bond Funds | 68.6 | % | ||
Foreign Stock Funds | 6.3 | % | ||
Short-Term Investments | 4.2 | % | ||
Stock Funds | 22.0 | % | ||
Net Other Assets and Liabilities | (1.6 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Madison Core Bond Fund | 28.5 | % | ||
iShares 7-10 Year Treasury Bond ETF | 10.6 | % | ||
iShares Treasury Floating Rate Bond ETF | 10.5 | % | ||
Madison Investors Fund | 7.1 | % | ||
Janus Henderson Mortgage-Backed Securities ETF | 6.5 | % | ||
Distillate U.S. Fundamental Stability & Value ETF | 6.1 | % | ||
Schwab Intermediate-Term U.S. Treasury ETF | 5.0 | % | ||
Vanguard Short-Term Corporate Bond ETF | 4.0 | % | ||
Vanguard Extended Duration Treasury ETF | 3.5 | % | ||
Vanguard FTSE All-World ex-U.S. ETF | 3.2 | % |
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 6.46% for the period, underperforming its blended benchmark, the Moderate Allocation Custom Index, which returned 9.53%. The Fund underperformed its peers as measured by the Morningstar Allocation 50-70% Equity category, which returned 6.47%.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Alternative Funds | 1.6 | % | ||
Bond Funds | 47.9 | % | ||
Foreign Stock Funds | 11.4 | % | ||
Short-Term Investments | 6.2 | % | ||
Stock Funds | 36.2 | % | ||
Net Other Assets and Liabilities | (3.3 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Madison Core Bond Fund | 18.5 | % | ||
Madison Investors Fund | 11.1 | % | ||
iShares 7-10 Year Treasury Bond ETF | 10.4 | % | ||
iShares Treasury Floating Rate Bond ETF | 10.4 | % | ||
Distillate U.S. Fundamental Stability & Value ETF | 8.4 | % | ||
Vanguard FTSE All-World ex-U.S. ETF | 5.7 | % | ||
Vanguard Information Technology ETF | 5.2 | % | ||
VanEck Gold Miners ETF | 4.8 | % | ||
Schwab Intermediate-Term U.S. Treasury ETF | 4.1 | % | ||
Janus Henderson Mortgage-Backed Securities ETF | 3.5 | % |
3 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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 6.61% for the period, underperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 10.39%. The Fund underperformed its peers as measured by the Morningstar Allocation: 70-85% Equity category, which returned 7.47%.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Alternative Funds | 2.0 | % | ||
Bond Funds | 28.3 | % | ||
Foreign Stock Funds | 15.9 | % | ||
Short-Term Investments | 6.5 | % | ||
Stock Funds | 47.5 | % | ||
Net Other Assets and Liabilities | (0.2 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Madison Investors Fund | 14.0 | % | ||
iShares Treasury Floating Rate Bond ETF | 10.8 | % | ||
Distillate U.S. Fundamental Stability & Value ETF | 10.1 | % | ||
Vanguard FTSE All-World ex-U.S. ETF | 9.1 | % | ||
Madison Core Bond Fund | 8.6 | % | ||
Vanguard Information Technology ETF | 7.1 | % | ||
VanEck Gold Miners ETF | 6.3 | % | ||
iShares 7-10 Year Treasury Bond ETF | 5.4 | % | ||
Energy Select Sector SPDR Fund ETF | 3.5 | % | ||
iShares MSCI International Quality Factor ETF | 3.4 | % |
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) returned 4.98% for the period, underperforming its benchmark, the ICE BofA 1-22 Yr Municipal Securities Index, which returned 6.40%. The Fund underperformed its peers as measured by the Morningstar Municipal Single State Intermediate category, which returned 5.83% for the period.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Airport | 6.2 | % | ||
Development | 9.8 | % | ||
Education | 8.1 | % | ||
Facilities | 9.4 | % | ||
General Obligation | 40.3 | % | ||
Medical | 1.5 | % | ||
Multifamily Housing | 1.0 | % | ||
Power | 4.4 | % | ||
Transportation | 9.3 | % | ||
Water | 8.0 | % | ||
Net Other Assets and Liabilities | 2.0 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Northern Virginia Transportation Authority, 5.0%, 6/1/30 | 4.3 | % | ||
Arlington County, 5.0%, 8/15/30 | 3.5 | % | ||
James City County Economic Development Authority, 5.0%, 6/15/30 | 3.1 | % | ||
Loudoun County Economic Development Authority, 4.0%, 12/1/37 | 2.8 | % | ||
Metropolitan Washington Airports Authority Aviation Revenue, 5.0%, 10/1/43 | 2.8 | % | ||
Norfolk, 5.0%, 8/1/47 | 2.8 | % | ||
Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42 | 2.7 | % | ||
Commonwealth of Virginia, 5.0%, 6/1/23 | 2.7 | % | ||
Poquoson, 4.0%, 2/15/29 | 2.5 | % | ||
Hampton Roads Sanitation District, 5.0%, 10/1/35 | 2.5 | % |
Madison Tax-Free National Fund
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free National Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal income taxes. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this Fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this Fund will invest in bonds that are exempt from federal income tax.
4 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
PERFORMANCE DISCUSSION
The Madison Tax-Free National Fund (Class Y) returned 5.13% for the period, underperforming its benchmark, the ICE BofA 1-22 Yr Municipal Securities Index, which returned 6.40%. The Fund underperformed its peers as measured by the Morningstar Municipal National Intermediate category, which returned 6.52%.
STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Alabama | 5.7 | % | ||
Arkansas | 1.0 | % | ||
California | 0.7 | % | ||
Colorado | 3.9 | % | ||
Florida | 2.0 | % | ||
Georgia | 2.4 | % | ||
Hawaii | 2.5 | % | ||
Idaho | 2.8 | % | ||
Illinois | 10.7 | % | ||
Indiana | 7.1 | % | ||
Kansas | 1.2 | % | ||
Kentucky | 2.5 | % | ||
Louisiana | 0.9 | % | ||
Michigan | 1.4 | % | ||
Mississippi | 2.9 | % | ||
Montana | 1.7 | % | ||
Nebraska | 1.8 | % | ||
New Jersey | 6.5 | % | ||
New Mexico | 1.1 | % | ||
New York | 4.1 | % | ||
Oklahoma | 4.2 | % | ||
Pennsylvania | 5.6 | % | ||
Texas | 7.1 | % | ||
Utah | 3.4 | % | ||
Virginia | 6.4 | % | ||
Washington | 1.2 | % | ||
West Virginia | 2.7 | % | ||
Wisconsin | 4.3 | % | ||
Net Other Assets and Liabilities | 2.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Mobile County, 5.0%, 2/1/39 | 3.8 | % | ||
Cook County School District No. 111 Burbank, 5.0%, 12/1/35 | 3.3 | % | ||
Austin, 5.0%, 9/1/26 | 3.2 | % | ||
Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26 | 2.9 | % | ||
Medical Center Educational Building Corp., 5.0%, 6/1/30 | 2.9 | % | ||
Idaho Health Facilities Authority, 5.0%, 3/1/34 | 2.8 | % | ||
Southampton County Industrial Development Authority, 5.0%, 6/1/35 | 2.8 | % | ||
West Virginia Economic Development Authority, 5.0%, 7/1/37 | 2.7 | % | ||
Du Page County School District No. 45, 4.0%, 1/1/26 | 2.6 | % | ||
Hawaii, 5.0%, 10/1/25 | 2.5 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Quality Bond Fund seeks to achieve its investment objective through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the Fund’s goals, the Fund’s management will (1) shorten or lengthen the dollar weighted average maturity of the Fund based on its anticipation of the movement of interest rates (the dollar weighted average maturity is expected to be ten years or less), and (2) monitor the yields of the various bonds that satisfy the Fund’s investment guidelines to determine the best combination of yield, credit risk and diversification for the Fund. Under normal market conditions, the Fund will invest at least 80% of its net assets in higher quality bond issues and, therefore, intends to maintain an overall portfolio quality rating of A by Standard & Poor’s and/or A2 by Moody’s.
PERFORMANCE DISCUSSION
The Madison High Quality Bond Fund (Class Y) returned 3.93% for the period, underperforming its benchmark, the Bloomberg U.S. Intermediate Gov’t/Credit A+ Bond Index, which returned 4.67%. The Fund outperformed its peers as measured by the Morningstar Short-Term Bond category, which returned 3.78%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 2.4 | % | ||
Consumer Discretionary | 2.9 | % | ||
Consumer Staples | 5.0 | % | ||
Fannie Mae | 7.5 | % | ||
Financials | 20.1 | % | ||
Freddie Mac | 2.6 | % | ||
Industrials | 2.7 | % | ||
Information Technology | 2.2 | % | ||
Short-Term Investments | 5.5 | % | ||
U.S. Treasury Notes | 52.3 | % | ||
Utilities | 0.5 | % | ||
Net Other Assets and Liabilities | (3.7 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
U.S. Treasury Notes, 2.375%, 8/15/24 | 3.3 | % | ||
U.S. Treasury Notes, 2.125%, 5/15/25 | 3.2 | % | ||
U.S. Treasury Notes, 2.375%, 5/15/27 | 3.2 | % | ||
U.S. Treasury Notes, 0.250%, 10/31/25 | 3.1 | % | ||
U.S. Treasury Notes, 0.375%, 1/31/26 | 3.1 | % | ||
U.S. Treasury Notes, 2.250%, 11/15/27 | 2.9 | % | ||
U.S. Treasury Notes, 1.500%, 1/31/27 | 2.8 | % | ||
U.S. Treasury Notes, 1.875%, 2/28/29 | 2.8 | % | ||
U.S. Treasury Notes, 2.250%, 11/15/24 | 2.7 | % | ||
U.S. Treasury Notes, 1.750%, 6/30/24 | 2.7 | % |
5 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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 6.35% for the period, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index®, which returned 6.91%.
The Fund underperformed its peers as measured by the Morningstar Intermediate Core Bond category, which returned 6.69%.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Asset Backed Securities | 5.0 | % | ||
Collateralized Mortgage Obligations | 5.0 | % | ||
Commercial Mortgage-Backed Securities | 3.4 | % | ||
Corporate Notes and Bonds | 28.3 | % | ||
Foreign Corporate Bonds | 2.8 | % | ||
Mortgage Backed Securities | 25.0 | % | ||
Short-Term Investments | 1.2 | % | ||
U.S. Government and Agency Obligations | 29.2 | % | ||
Net Other Assets and Liabilities | 0.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
U.S. Treasury Notes, 2.250%, 11/15/25 | 3.0 | % | ||
U.S. Treasury Notes, 2.625%, 2/15/29 | 2.9 | % | ||
U.S. Treasury Notes, 2.875%, 5/15/28 | 2.8 | % | ||
U.S. Treasury Notes, 1.375%, 11/15/31 | 2.4 | % | ||
U.S. Treasury Notes, 2.375%, 5/15/27 | 2.4 | % | ||
U.S. Treasury Bonds, 3.750%, 8/15/41 | 2.3 | % | ||
U.S. Treasury Notes, 4.0%, 2/29/28 | 2.2 | % | ||
U.S. Treasury Notes, 2.250%, 12/31/24 | 1.7 | % | ||
U.S. Treasury Bonds, 2.250%, 5/15/41 | 1.7 | % | ||
Federal Home Loan Mortgage Corp., 2.500%, 1/1/52 | 1.4 | % |
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 to 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 2.64% for the period, underperforming its blended benchmark index (50% ICE BofA U.S. Corp. Gov’t & Mtg. Index and 50% S&P 500® Index) which returned 7.88%. The Fund underperformed its peers as measured by the Morningstar Moderate Allocation category, which returned 6.47%.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Asset Backed Securities | 1.1 | % | ||
Collateralized Mortgage Obligations | 1.5 | % | ||
Commercial Mortgage-Backed Securities | 0.9 | % | ||
Common Stocks | 65.2 | % | ||
Corporate Notes and Bonds | 8.8 | % | ||
Foreign Corporate Bonds | 0.8 | % | ||
Long Term Municipal Bonds | 0.4 | % | ||
Mortgage Backed Securities | 9.5 | % | ||
Short-Term Investments | 2.0 | % | ||
U.S. Government and Agency Obligations | 9.9 | % | ||
Net Other Assets and Liabilities | (0.1 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Medtronic PLC | 2.6 | % | ||
Cisco Systems, Inc. | 2.4 | % | ||
Johnson & Johnson | 2.3 | % | ||
Chevron Corp. | 2.3 | % | ||
Home Depot, Inc. | 2.2 | % | ||
Morgan Stanley | 2.2 | % | ||
CME Group, Inc. | 2.2 | % | ||
Comcast Corp. | 2.2 | % | ||
Fastenal Co. | 2.2 | % | ||
NextEra Energy, Inc. | 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.
6 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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
Madison Covered Call & Equity Fund (Class Y) returned 9.50% for the period, outperforming both of its benchmarks, S&P 500® return of 8.63% and CBOE S&P 500 BuyWrite Index of 7.84%. The Fund outperformed its peers as measured by the Morningstar Derivative Income category, which returned 7.87%.
ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/23 | ||||
Communication Services | 5.7 | % | ||
Consumer Discretionary | 8.8 | % | ||
Consumer Staples | 6.9 | % | ||
Energy | 12.6 | % | ||
Equity Real Estate Investment Trusts (REITs) | 2.5 | % | ||
Exchange Traded Funds | 1.5 | % | ||
Financials | 8.8 | % | ||
Health Care | 10.8 | % | ||
Industrials | 3.8 | % | ||
Information Technology | 5.0 | % | ||
Materials | 4.2 | % | ||
Options Purchased | 0.2 | % | ||
Short-Term Investments | 24.6 | % | ||
Utilities | 4.6 | % |
TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Las Vegas Sands Corp. | 3.5 | % | ||
Medtronic PLC | 2.9 | % | ||
Transocean Ltd. | 2.9 | % | ||
T-Mobile U.S., Inc. | 2.8 | % | ||
Adobe, Inc. | 2.7 | % | ||
American Tower Corp. | 2.5 | % | ||
Danaher Corp. | 2.5 | % | ||
CME Group, Inc. | 2.5 | % | ||
APA Corp. | 2.5 | % | ||
Baker Hughes Co. | 2.4 | % |
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 1.23% for the period, underperforming its benchmark, the S&P 500® Index, which returned 8.63%. The Fund underperformed its peers as measured by the Morningstar U.S. Large Value category, which returned 3.93%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 3.3 | % | ||
Consumer Discretionary | 8.5 | % | ||
Consumer Staples | 10.0 | % | ||
Energy | 11.0 | % | ||
Equity Real Estate Investment Trusts (REITs) | 2.6 | % | ||
Financials | 19.7 | % | ||
Health Care | 11.5 | % | ||
Industrials | 17.0 | % | ||
Information Technology | 7.5 | % | ||
Materials | 4.6 | % | ||
Short-Term Investments | 1.0 | % | ||
Utilities | 3.2 | % | ||
Net Other Assets and Liabilities | 0.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Medtronic PLC | 3.9 | % | ||
Cisco Systems, Inc. | 3.6 | % | ||
Johnson & Johnson | 3.5 | % | ||
Chevron Corp. | 3.3 | % | ||
Home Depot, Inc. | 3.3 | % | ||
Morgan Stanley | 3.3 | % | ||
CME Group, Inc. | 3.3 | % | ||
Comcast Corp. | 3.3 | % | ||
Fastenal Co. | 3.3 | % | ||
NextEra Energy, Inc. | 3.2 | % |
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.
7 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
PERFORMANCE DISCUSSION
The Madison Investors Fund (Class Y) returned 11.02% for the period, outperforming its benchmark, the S&P 500® Index, which returned 8.63%. The Fund outperformed its peers as measured by the Morningstar U.S. Large Blend category, which returned 7.35%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 9.4 | % | ||
Consumer Discretionary | 12.3 | % | ||
Consumer Staples | 4.5 | % | ||
Financials | 31.4 | % | ||
Health Care | 12.6 | % | ||
Industrials | 15.3 | % | ||
Information Technology | 11.7 | % | ||
Short-Term Investments | 2.7 | % | ||
Net Other Assets and Liabilities | 0.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Alphabet, Inc. | 7.1 | % | ||
Arch Capital Group Ltd. | 6.2 | % | ||
Fiserv, Inc. | 4.6 | % | ||
Becton Dickinson & Co. | 4.5 | % | ||
Dollar Tree, Inc. | 4.5 | % | ||
Lowe’s Cos., Inc. | 4.3 | % | ||
Analog Devices, Inc. | 4.1 | % | ||
PACCAR, Inc. | 4.1 | % | ||
Berkshire Hathaway, Inc. | 3.9 | % | ||
Alcon, Inc. | 3.9 | % |
Madison 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.
PERFORMANCE DISCUSSION
The Madison Sustainable Equity Fund (Class Y) returned 5.73% for the period, underperforming the benchmark, the S&P 500® Index, which returned 8.63% during the same period. The Fund underperformed its peers as measured by the Morningstar Large Blend category, which returned 7.35%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 6.8 | % | ||
Consumer Discretionary | 8.4 | % | ||
Consumer Staples | 11.8 | % | ||
Equity Real Estate Investment Trusts (REITs) | 1.4 | % | ||
Financials | 13.9 | % | ||
Health Care | 16.4 | % | ||
Industrials | 5.9 | % | ||
Information Technology | 22.7 | % | ||
Materials | 5.2 | % | ||
Short-Term Investments | 4.6 | % | ||
Utilities | 2.9 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Microsoft Corp. | 6.5 | % | ||
Apple, Inc. | 4.5 | % | ||
Alphabet, Inc. | 4.5 | % | ||
Visa, Inc. | 4.2 | % | ||
Eli Lilly & Co. | 4.2 | % | ||
Costco Wholesale Corp. | 3.8 | % | ||
Danaher Corp. | 3.4 | % | ||
Target Corp. | 3.2 | % | ||
UnitedHealth Group, Inc. | 3.2 | % | ||
Linde PLC | 3.2 | % |
8 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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
Madison Mid Cap Fund (Class Y) returned 6.98% for the period, outperforming its benchmark both its index and peer group. The Russell Midcap® Index returned 3.80%. The Fund outperformed its peers as measured by the Morningstar Mid-Cap Blend category, which returned 3.04%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 6.2 | % | ||
Consumer Discretionary | 14.5 | % | ||
Consumer Staples | 5.7 | % | ||
Financials | 27.8 | % | ||
Health Care | 3.4 | % | ||
Industrials | 15.6 | % | ||
Information Technology | 19.4 | % | ||
Short-Term Investments | 7.5 | % | ||
Net Other Assets and Liabilities | (0.1 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Arch Capital Group Ltd. | 8.2 | % | ||
Ross Stores, Inc. | 5.5 | % | ||
Gartner, Inc. | 5.4 | % | ||
Dollar Tree, Inc. | 4.7 | % | ||
Brown & Brown, Inc. | 4.4 | % | ||
Carlisle Cos., Inc. | 4.3 | % | ||
Arista Networks, Inc. | 4.2 | % | ||
Copart, Inc. | 4.1 | % | ||
PACCAR, Inc. | 4.0 | % | ||
CarMax, Inc. | 3.9 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small-cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in small-cap securities.
Madison focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five-pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be monitored by Madison. Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five-pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.
PERFORMANCE DISCUSSION
Madison Small Cap Fund (Class Y) returned 2.49% for the period, outperforming its benchmark, the Russell 2000® Index returned -3.45%. The Fund outperformed its peer group as measured by the Morningstar U.S. Small Blend category, which returned -0.82%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 9.1 | % | ||
Consumer Discretionary | 10.2 | % | ||
Consumer Staples | 10.3 | % | ||
Financials | 7.7 | % | ||
Health Care | 6.4 | % | ||
Industrials | 19.7 | % | ||
Information Technology | 26.2 | % | ||
Materials | 5.9 | % | ||
Short-Term Investments | 5.5 | % | ||
Net Other Assets and Liabilities | (1.0 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
WillScot Mobile Mini Holdings Corp. | 4.7 | % | ||
Encompass Health Corp. | 4.1 | % | ||
OneSpaWorld Holdings Ltd. | 4.1 | % | ||
PTC, Inc. | 3.4 | % | ||
Primo Water Corp. | 3.4 | % | ||
Edgewell Personal Care Co. | 2.9 | % | ||
Cogent Communications Holdings, Inc. | 2.8 | % | ||
Axis Capital Holdings Ltd. | 2.8 | % | ||
Radius Global Infrastructure, Inc. | 2.6 | % | ||
Shake Shack, Inc. | 2.5 | % |
9 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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
Madison International Stock Fund (Class A) returned 21.46% for the period, outperforming its benchmark, the MSCI ACWI ex-USA Index (net), which returned 20.65%. The Fund underperformed its peer group as measured by the Morningstar Foreign Large Blend, which returned 21.99%.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Communication Services | 5.7 | % | ||
Consumer Discretionary | 12.0 | % | ||
Consumer Staples | 9.2 | % | ||
Energy | 5.0 | % | ||
Financials | 20.4 | % | ||
Health Care | 7.2 | % | ||
Industrials | 12.5 | % | ||
Information Technology | 13.9 | % | ||
Materials | 11.5 | % | ||
Short-Term Investments | 4.4 | % | ||
Net Other Assets and Liabilities | (1.8 | )% |
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Japan | 15.0 | % | ||
Germany | 11.3 | % | ||
United Kingdom | 10.3 | % | ||
France | 9.7 | % | ||
India | 7.5 | % | ||
China | 7.1 | % | ||
Switzerland | 5.7 | % | ||
Canada | 5.6 | % | ||
United States | 4.4 | % | ||
Netherlands | 3.8 | % | ||
Mexico | 3.7 | % | ||
Singapore | 2.8 | % | ||
Brazil | 2.3 | % | ||
Ireland | 2.2 | % | ||
Denmark | 2.0 | % | ||
Australia | 1.8 | % | ||
Hong Kong | 1.8 | % | ||
Italy | 1.4 | % | ||
Taiwan | 1.2 | % | ||
Israel | 1.1 | % | ||
Norway | 1.1 | % | ||
Other Net Assets | (1.8 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/23 | ||||
Larsen & Toubro Ltd. | 3.3 | % | ||
HDFC Bank Ltd. | 3.0 | % | ||
Ping An Insurance Group Co. of China Ltd. | 2.8 | % | ||
Airbus SE | 2.7 | % | ||
Shell PLC | 2.5 | % | ||
Cameco Corp. | 2.4 | % | ||
Sony Group Corp. | 2.4 | % | ||
Tencent Holdings Ltd. | 2.4 | % | ||
Grupo Mexico SAB de CV | 2.3 | % | ||
AstraZeneca PLC | 2.3 | % |
10 |
Madison Funds | Review of Period (unaudited) - continued | April 30, 2023
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).
© 2023 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.
11 |
Madison Funds | April 30, 2023
Conservative Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 97.4% | ||||||||
Alternative Funds - 0.5% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy ETF | 15,462 | $ | 218,787 | |||||
Bond Funds - 68.6% | ||||||||
iShares 7-10 Year Treasury Bond ETF | 52,239 | 5,209,795 | ||||||
iShares Treasury Floating Rate Bond ETF | 102,084 | 5,168,513 | ||||||
Janus Henderson Mortgage-Backed Securities ETF (A) | 68,874 | 3,214,350 | ||||||
Madison Core Bond Fund, Class R6 (B) | 1,569,138 | 14,090,858 | ||||||
Schwab Intermediate-Term U.S. Treasury ETF (A) | 49,108 | 2,486,829 | ||||||
Vanguard Extended Duration Treasury ETF | 19,198 | 1,728,012 | ||||||
Vanguard Short-Term Corporate Bond ETF | 25,918 | 1,981,172 | ||||||
33,879,529 | ||||||||
Foreign Stock Funds - 6.3% | ||||||||
iShares MSCI China ETF | 14,880 | 710,074 | ||||||
iShares MSCI International Quality Factor ETF (A) | 22,545 | 817,707 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 29,048 | 1,582,535 | ||||||
3,110,316 |
Stock Funds - 22.0% | ||||||||
Distillate U.S. Fundamental Stability & Value ETF | 69,789 | $ | 3,010,697 | |||||
Energy Select Sector SPDR Fund ETF | 8,642 | 735,693 | ||||||
iShares Core S&P Small-Cap ETF | 5,248 | 493,312 | ||||||
Madison Dividend Income Fund, Class R6 (B) | 18,349 | 501,103 | ||||||
Madison Investors Fund, Class R6 (B) | 141,214 | 3,513,417 | ||||||
VanEck Gold Miners ETF | 39,379 | 1,322,347 | ||||||
Vanguard Information Technology ETF | 3,355 | 1,289,528 | ||||||
10,866,097 | ||||||||
Total Investment Companies | ||||||||
(Cost $49,946,344) | 48,074,729 | |||||||
Short-Term Investments - 4.2% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, Premier Class, (C), 4.76% | 1,313,195 | 1,313,195 | ||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, (C)(D), 4.84% | 787,276 | 787,276 | ||||||
Total Short-Term Investments | ||||||||
(Cost $2,100,471) | 2,100,471 |
TOTAL INVESTMENTS - 101.6% | ||||
(Cost $52,046,815**) | $ | 50,175,200 | ||
NET OTHER ASSETS AND LIABILITIES - (1.6%) | (804,014 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 49,371,186 |
** | Aggregate cost for Federal tax purposes was $52,257,026. |
(A) | All or a portion of these securities, with an aggregate fair value of $773,981, 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). |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
ETF | Exchange Traded Fund. |
FTSE | The Financial Times Stock Exchange. |
SPDR | Standard & Poor’s Depositary Receipt. |
Madison Moderate Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 97.1% | ||||||||
Alternative Funds - 1.6% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy ETF | 108,313 | $ | 1,532,629 | |||||
Bond Funds - 47.9% | ||||||||
iShares 7-10 Year Treasury Bond ETF | 104,693 | 10,441,033 | ||||||
iShares Treasury Floating Rate Bond ETF | 206,134 | 10,436,564 | ||||||
Janus Henderson Mortgage-Backed Securities ETF (A) | 74,474 | 3,475,702 | ||||||
Madison Core Bond Fund, Class R6 (B) | 2,055,357 | 18,457,103 | ||||||
Schwab Intermediate-Term U.S.Treasury ETF (A) | 80,179 | 4,060,264 | ||||||
Vanguard Extended Duration Treasury ETF (A) | 11,511 | 1,036,105 | ||||||
47,906,771 | ||||||||
Foreign Stock Funds - 11.4% | ||||||||
iShares MSCI China ETF | 52,101 | 2,486,260 | ||||||
iShares MSCI International Quality Factor ETF (A) | 87,630 | 3,178,340 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 105,290 | 5,736,199 | ||||||
11,400,799 |
Stock Funds - 36.2% | ||||||||
Distillate U.S. Fundamental Stability &Value ETF | 194,583 | $ | 8,394,311 | |||||
Energy Select Sector SPDR Fund ETF | 31,835 | 2,710,114 | ||||||
iShares Core S&P Small-Cap ETF | 21,121 | 1,985,374 | ||||||
Madison Dividend Income Fund, Class R6 (B) | 55,535 | 1,516,666 | ||||||
Madison Investors Fund, Class R6 (B) | 447,118 | 11,124,299 | ||||||
VanEck Gold Miners ETF | 142,625 | 4,789,347 | ||||||
Vanguard Health Care ETF (A) | 2,100 | 516,054 | ||||||
Vanguard Information Technology ETF | 13,473 | 5,178,482 | ||||||
36,214,647 | ||||||||
Total Investment Companies | ||||||||
( Cost $96,567,791 ) | 97,054,846 | |||||||
SHORT-TERM INVESTMENTS - 6.2% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, Premier Class, (C), 4.76% | 3,049,489 | 3,049,489 | ||||||
State Street Navigator Securities | ||||||||
Lending Government Money Market | ||||||||
Portfolio, (C) (D), 4.84% | 3,189,408 | 3,189,408 | ||||||
Total Short-Term Investments | ||||||||
(Cost $6,238,897) | 6,238,897 |
TOTAL INVESTMENTS - 103.3% | ||||
( Cost $102,806,688** ) | $ | 103,293,743 | ||
NET OTHER ASSETS AND | ||||
LIABILITIES - (3.3%) | (3,307,376 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 99,986,367 |
** | Aggregate cost for Federal tax purposes was $102,981,294. |
All or a portion of these securities, with an aggregate fair value of $3,484,826, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the
(A) | securities lending program. |
(B) | Affiliated Company (see Note 14). |
(C) | 7-day yield. |
Represents investments of cash collateral received in
(D) | connection with securities lending. |
ETF | Exchange Traded Fund. |
FTSE | The Financial Times Stock Exchange. |
SPDR | Standard & Poor’s Depositary Receipt. |
See accompanying Notes to Financial Statements.
12 |
Madison Funds | April 30, 2023
Aggressive Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 93.7% | ||||||||
Alternative Funds - 2.0% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy ETF | 77,079 | $ | 1,090,668 | |||||
Bond Funds - 28.3% | ||||||||
iShares 7-10 Year Treasury Bond ETF | 29,383 | 2,930,367 | ||||||
iShares Treasury Floating Rate Bond ETF | 115,837 | 5,864,827 | ||||||
Janus Henderson Mortgage-Backed Securities ETF | 17,035 | 795,023 | ||||||
Madison Core Bond Fund, Class R6 (A) | 520,677 | 4,675,682 | ||||||
Schwab Intermediate-Term U.S.Treasury ETF | 10,809 | 547,368 | ||||||
Vanguard Extended Duration Treasury ETF | 6,010 | 540,960 | ||||||
15,354,227 | ||||||||
Foreign Stock Funds - 15.9% | ||||||||
iShares MSCI China ETF | 38,534 | 1,838,842 | ||||||
iShares MSCI International Quality Factor ETF (B) | 50,751 | 1,840,739 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 90,742 | 4,943,624 | ||||||
8,623,205 |
Stock Funds - 47.5% | ||||||||
Distillate U.S. Fundamental Stability & Value ETF | 127,276 | $ | 5,490,687 | |||||
Energy Select Sector SPDR Fund ETF | 22,354 | 1,902,996 | ||||||
iShares Core S&P Small-Cap ETF | 17,087 | 1,606,178 | ||||||
Madison Dividend Income Fund, Class R6 (A) | 39,940 | 1,090,762 | ||||||
Madison Investors Fund, Class R6 (A) | 304,418 | 7,573,913 | ||||||
VanEck Gold Miners ETF | 102,561 | 3,443,998 | ||||||
Vanguard Health Care ETF | 3,366 | 827,161 | ||||||
Vanguard Information Technology ETF | 10,067 | 3,869,352 | ||||||
25,805,047 | ||||||||
Total Investment Companies | ||||||||
(Cost $49,442,967) | 50,873,147 | |||||||
SHORT-TERM INVESTMENTS - 6.5% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Select | ||||||||
Fund, Premier Class, (C), 4.76% | 3,443,916 | 3,443,916 | ||||||
State Street Navigator Securities | ||||||||
Lending Government Money Market | ||||||||
Portfolio, (C) (D), 4.84% | 74,000 | 74,000 | ||||||
Total Short-Term Investments | ||||||||
(Cost $3,517,916) | 3,517,916 |
TOTAL INVESTMENTS - 100.2% | ||||
( Cost $52,960,883** ) | $ | 54,391,063 | ||
NET OTHER ASSETS AND | ||||
LIABILITIES - (0.2%) | (117,422 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 54,273,641 |
** | Aggregate cost for Federal tax purposes was $53,034,723. |
(A) | Affiliated Company (see Note 14). |
(B) | All or a portion of these securities, with an aggregate fair value of $386,523, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
ETF | Exchange Traded Fund. |
FTSE | The Financial Times Stock Exchange. |
SPDR | Standard & Poor’s Depositary Receipt. |
Tax-Free Virginia Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
MUNICIPAL BONDS - 98.0% | ||||||||
Airport - 6.2% | ||||||||
Manassas Park Economic Development | ||||||||
Authority, 5%, 12/15/28 | $ | 200,000 | $ | 223,958 | ||||
Metropolitan Washington Airports | ||||||||
Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43 | 500,000 | 518,935 | ||||||
Norfolk Airport Authority, Series A, 4%, 7/1/23 | 255,000 | 255,207 | ||||||
Norfolk Airport Authority, 5%, 7/1/32 | 125,000 | 140,235 | ||||||
1,138,335 | ||||||||
Development - 9.8% | ||||||||
Fairfax County Economic Development | ||||||||
Authority, Series A, (Prerefunded | ||||||||
10/1/24 @ $100), 5%, 10/1/26 | 150,000 | 153,918 | ||||||
Henrico County Economic Development | ||||||||
Authority, 5%, 10/1/37 | 245,000 | 252,002 | ||||||
Loudoun County Economic | ||||||||
Development Authority, Series A, 5%,12/1/25 | 125,000 | 132,229 | ||||||
Loudoun County Economic | ||||||||
Development Authority, Series A, 5%,12/1/30 | 165,000 | 190,700 | ||||||
Loudoun County Economic | ||||||||
Development Authority, Series A, 4%, 12/1/37 | 500,000 | 522,772 | ||||||
Manassas Park Economic Development | ||||||||
Authority, 3%, 12/15/44 | 345,000 | 275,071 | ||||||
Roanoke Economic Development | ||||||||
Authority, Series A, 5%, 7/1/47 | 250,000 | 280,812 | ||||||
1,807,504 |
Education - 8.1% | ||||||||
Campbell County Industrial | ||||||||
Development Authority, 3%, 6/1/48 | $ | 415,000 | $ | 320,827 | ||||
Richmond, Series A, (ST AID | ||||||||
WITHHLDG), 3%, 7/15/34 | 435,000 | 429,544 | ||||||
Virginia College Building Authority, | ||||||||
Series A, (ST INTERCEPT), 5%, 9/1/34 | 125,000 | 140,248 | ||||||
Virginia Commonwealth University, | ||||||||
Series A, 5%, 5/1/26 | 385,000 | 385,000 | ||||||
Virginia Public School Authority, Series | ||||||||
A, (ST AID WITHHLDG), 5%, 8/1/30 | 175,000 | 204,664 | ||||||
1,480,283 | ||||||||
Facilities - 9.4% | ||||||||
Henry County Industrial Development | ||||||||
Authority, 4.125%, 11/1/50 | 250,000 | 238,576 | ||||||
Lynchburg, (ST AID WITHHLDG), 5%, | ||||||||
6/1/26 | 115,000 | 117,578 | ||||||
New River Valley Regional Jail Authority, | ||||||||
5%, 10/1/25 | 100,000 | 104,765 | ||||||
Prince Edward County Industrial | ||||||||
Development Authority, 5%, 9/1/32 | 405,000 | 437,901 | ||||||
Pulaski County, (ST AID WITHHLDG), | ||||||||
5%, 2/1/24 | 325,000 | 329,471 | ||||||
Western Regional Jail Authority, | ||||||||
(Prerefunded 12/1/25 @ $100), | ||||||||
3.125%, 12/1/29 | 245,000 | 246,327 | ||||||
Western Regional Jail Authority, | ||||||||
3.125%, 12/1/29 | 255,000 | 256,222 | ||||||
1,730,840 |
General Obligation - 40.3% | ||||||||
Alexandria, Series A, (ST AID | ||||||||
WITHHLDG), 5%, 7/15/27 | $ | 150,000 | $ | 160,621 | ||||
Alexandria, Series A, (ST AID | ||||||||
WITHHLDG), 5%, 7/15/28 | 100,000 | 110,485 | ||||||
Arlington County, Series B, (Prerefunded | ||||||||
8/15/24 @ $100), (ST AID WITHHLDG), | ||||||||
5%, 8/15/27 | 175,000 | 179,385 | ||||||
Arlington County, Series A, (Prerefunded | ||||||||
8/15/26 @ $100) (A), 5%, 8/15/30 | 600,000 | 645,416 | ||||||
Chesterfield County Economic | ||||||||
Development Authority, Series B, 3%, | ||||||||
4/1/38 | 285,000 | 256,090 | ||||||
Commonwealth of Virginia, Series A, | ||||||||
5%, 6/1/23 | 500,000 | 500,674 | ||||||
Commonwealth of Virginia, Series A, | ||||||||
3%, 6/1/32 | 300,000 | 303,267 | ||||||
Danville, Series A, (ST AID WITHHLDG), | ||||||||
5%, 8/1/23 | 190,000 | 190,848 | ||||||
Fairfax County, Series A, (ST AID | ||||||||
WITHHLDG), 5%, 10/1/26 | 410,000 | 442,913 | ||||||
Fairfax County, Series A, (ST AID | ||||||||
WITHHLDG), 5%, 10/1/36 | 270,000 | 308,030 | ||||||
James City County Economic | ||||||||
Development Authority, 5%, 6/15/30 | 500,000 | 563,709 | ||||||
Leesburg, (ST AID WITHHLDG), 5%, | ||||||||
1/15/25 | 90,000 | 93,239 | ||||||
Loudoun county, Series A, (ST AID | ||||||||
WITHHLDG), 5%, 12/1/24 | 400,000 | 412,780 | ||||||
Norfolk, (Prerefunded 8/1/28 @ $100), | ||||||||
(ST AID WITHHLDG), 5%, 8/1/47 | 455,000 | 512,955 |
See accompanying Notes to Financial Statements.
13 |
Madison Funds | April 30, 2023
Tax-Free Virginia Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Poquoson, (ST AID WITHHLDG), 4%, | ||||||||
2/15/29 | $ | 425,000 | $ | 456,197 | ||||
Spotsylvania County, (ST AID | ||||||||
WITHHLDG), 5%, 1/15/24 | 200,000 | 202,681 | ||||||
Suffolk, 5%, 2/1/29 | 100,000 | 111,926 | ||||||
Vienna, (ST AID WITHHLDG), 4%, 3/1/30 | 225,000 | 242,026 | ||||||
Virginia Beach Development Authority, | ||||||||
Series A, 3.5%, 5/1/30 | 250,000 | 251,676 | ||||||
Virginia Commonwealth Transportation | ||||||||
Board, 4%, 5/15/32 | 350,000 | 353,798 | ||||||
Virginia Public Building Authority, Series | ||||||||
A, 5%, 8/1/31 | 110,000 | 126,300 | ||||||
Virginia Public Building Authority, Series | ||||||||
B, 5%, 8/1/25 | 235,000 | 246,256 | ||||||
Virginia Resources Authority, Series C, | ||||||||
(MORAL OBLG), 4%, 11/1/32 | 250,000 | 263,172 | ||||||
Virginia Resources Authority, Series B, | ||||||||
(MORAL OBLG), 5%, 11/1/23 | 5,000 | 5,007 | ||||||
Virginia Resources Authority, Series A, | ||||||||
5%, 11/1/28 | 60,000 | 60,592 | ||||||
Virginia Resources Authority, Series C, | ||||||||
5%, 11/1/30 | 250,000 | 277,503 | ||||||
Virginia Resources Authority, Series C, | ||||||||
(MORAL OBLG), 4%, 11/1/34 | 125,000 | 128,879 | ||||||
7,406,425 | ||||||||
Medical - 1.5% | ||||||||
Stafford County Economic Development | ||||||||
Authority Revenue, 5%, 6/15/25 | 260,000 | 269,167 | ||||||
Multifamily Housing - 1.0% | ||||||||
Virginia Housing Development | ||||||||
Authority, Series K, (GNMA/FNMA/ | ||||||||
FHLMC COLL), 2.125%, 12/1/36 | 245,000 | 189,758 |
Power - 4.4% | ||||||||
Puerto Rico Electric Power Authority, | ||||||||
Series V, (BHAC-CR, MBIA-RE, FGIC), | ||||||||
5.25%, 7/1/24 | $ | 290,000 | $ | 293,998 | ||||
Virginia Commonwealth Transportation | ||||||||
Board, 5%, 5/15/26 | 220,000 | 234,863 | ||||||
Virginia Small Business Financing | ||||||||
Authority, 5%, 11/1/25 | 265,000 | 278,395 | ||||||
807,256 | ||||||||
Transportation - 9.3% | ||||||||
Hampton Roads Transportation | ||||||||
Accountability Commission, Series A, | ||||||||
5%, 7/1/37 | 170,000 | 191,258 | ||||||
Hampton Roads Transportation | ||||||||
Accountability Commission, Series A, | ||||||||
5%, 7/1/42 | 470,000 | 503,590 | ||||||
Northern Virginia Transportation | ||||||||
Authority, 5%, 6/1/30 | 780,000 | 794,394 | ||||||
Virginia Commonwealth Transportation | ||||||||
Board, 5%, 9/15/27 | 200,000 | 220,431 | ||||||
1,709,673 | ||||||||
Water - 8.0% | ||||||||
Fairfax Sewer Revenue County, Series A, | ||||||||
4%, 7/15/41 | 210,000 | 213,403 | ||||||
Hampton Roads Sanitation District, | ||||||||
Series A, (Prerefunded 10/1/27 @ | ||||||||
$100), 5%, 10/1/35 | 410,000 | 452,530 | ||||||
Hampton Roads Sanitation District, | ||||||||
Series A, (Prerefunded 10/1/27 @ | ||||||||
$100), 5%, 10/1/36 | 250,000 | 275,383 | ||||||
Henrico Water & Sewer Revenue County, | ||||||||
(Prerefunded 5/1/26 @ $100), 5%, | ||||||||
5/1/27 | 150,000 | 160,032 |
Upper Occoquan Sewage Authority, | ||||||||
3%, 7/1/46 | $ | 300,000 | $ | 249,197 | ||||
Upper Occoquan Sewage Authority, | ||||||||
3%, 7/1/49 | 140,000 | 113,475 | ||||||
1,464,020 | ||||||||
TOTAL INVESTMENTS - 98.0% | ||||||||
( Cost $18,529,378** ) | 18,003,261 | |||||||
NET OTHER ASSETS AND | ||||||||
LIABILITIES - 2.0% | 361,236 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 18,364,497 |
** | Aggregate cost for Federal tax purposes was $18,529,378. |
Restricted. The cost of the security acquired on 6/13/19 is $663,314. The value is $645,416, representing 3.5% of (A) 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. |
ST AID
WITHHLDG | State Aid Withholding. |
Tax-Free National Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
MUNICIPAL BONDS - 97.8% | ||||||||
Alabama - 5.7% | ||||||||
Mobile County, General Obligation, | ||||||||
5%, 2/1/39 | $ | 610,000 | $ | 681,219 | ||||
Pike Road, Authority Revenue, 4%, | ||||||||
9/1/31 | 170,000 | 173,551 | ||||||
UAB Medicine Finance Authority | ||||||||
Revenue, Series B, 5%, 9/1/27 | 150,000 | 163,626 | ||||||
1,018,396 | ||||||||
Arkansas - 1.0% | ||||||||
Arkansas Development Finance | ||||||||
Authority, 5%, 2/1/26 | 175,000 | 180,325 | ||||||
California - 0.7% | ||||||||
Los Angeles County Metropolitan | ||||||||
Transportation Authority Sales Tax | ||||||||
Revenue, Series A, 5%, 7/1/40 | 120,000 | 129,032 |
Colorado - 3.9% | ||||||||
Colorado Springs Utilities System | ||||||||
Revenue, Series A, 4%, 11/15/40 | $ | 250,000 | $ | 253,008 | ||||
El Paso County Facilities Corp., Series A, | ||||||||
5%, 12/1/27 | 400,000 | 440,119 | ||||||
693,127 | ||||||||
Florida - 2.0% | ||||||||
City Of South Miami Health Facilities | ||||||||
Authority, Inc., 5%, 8/15/24 | 100,000 | 102,254 | ||||||
Port St. Lucie Community | ||||||||
Redevelopment Agency Revenue, Tax | ||||||||
Allocation, 5%, 1/1/26 | 250,000 | 262,944 | ||||||
365,198 | ||||||||
Georgia - 2.4% | ||||||||
Americus-Sumter Payroll Development | ||||||||
Authority, Series A, 3.25%, 6/1/33 | 150,000 | 151,267 |
Atlanta Water & Wastewater Revenue, | ||||||||
(Prerefunded 5/1/25 @ $100), 5%, | ||||||||
11/1/43 | $ | 275,000 | $ | 287,100 | ||||
438,367 | ||||||||
Hawaii - 2.5% | ||||||||
Hawaii, General Obligation, Series EY, | ||||||||
5%, 10/1/25 | 435,000 | 458,013 | ||||||
Idaho - 2.8% | ||||||||
Idaho Health Facilities Authority, Series | ||||||||
A, 5%, 3/1/34 | 500,000 | 507,215 | ||||||
Illinois - 10.7% | ||||||||
Cook County School District No. 111 | ||||||||
Burbank, (BAM-TCRS), 5%, 12/1/35 | 545,000 | 591,214 | ||||||
Cook County School District No. 111 | ||||||||
Burbank, (BAM-TCRS), 4%, 12/1/37 | 200,000 | 202,238 |
See accompanying Notes to Financial Statements.
14 |
Madison Funds | April 30, 2023
Tax-Free National Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Du Page County School District No. 45, 4%, 1/1/26 | $ | 460,000 | $ | 471,883 | ||||
Palatine Village, General Obligation, 2%, 12/1/28 | 175,000 | 162,458 | ||||||
Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | 140,000 | 149,300 | ||||||
Village of Bourbonnais, (BAM), 5.25%, 12/1/46 | 325,000 | 355,808 | ||||||
1,932,901 | ||||||||
Indiana - 7.1% | ||||||||
Indianapolis Local Public Improvement Bond Bank, Series C, 5%, 2/1/24 | 175,000 | 177,381 | ||||||
Lincoln Center Building Corp., 4%, 8/1/28 | 285,000 | 301,685 | ||||||
Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26 | 500,000 | 526,155 | ||||||
Whitestown Redevelopment Authority, 5%, 7/15/38 | 260,000 | 278,604 | ||||||
1,283,825 | ||||||||
Kansas - 1.2% | ||||||||
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | 220,000 | 222,639 | ||||||
Kentucky - 2.5% | ||||||||
Eastern Kentucky University, Series A, (ST INTERCEPT), 5% 4/1/33 | 445,000 | 457,113 | ||||||
Louisiana - 0.9% | ||||||||
Lafourche Parish School Board, 4%, 3/1/33 | 150,000 | 160,681 | ||||||
Michigan - 1.4% | ||||||||
Kalamazoo Public Schools, 5%, 5/1/26 | 250,000 | 259,616 | ||||||
Mississippi - 2.9% | ||||||||
Medical Center Educational Building Corp., Series A, 5%, 6/1/30 | 475,000 | 516,673 | ||||||
Montana - 1.7% | ||||||||
Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25 | 300,000 | 305,421 | ||||||
Nebraska - 1.8% | ||||||||
Elkhorn School District, 4%, 12/15/36 | 315,000 | 323,710 | ||||||
New Jersey - 6.5% | ||||||||
New Jersey Economic Development Authority Revenue, Series NN, 5%, 3/1/26 | 450,000 | 450,584 |
New Jersey Turnpike Authority, Series A, | ||||||||
(BHAC-CR, AGM), 5.25%, 1/1/28 | $ | 250,000 | $ | 280,049 | ||||
New Jersey Turnpike Authority, Series A, | ||||||||
(BHAC-CR, AGM), 5.25%, 1/1/29 | 250,000 | 285,581 | ||||||
Union County Improvement Authority, | ||||||||
Series A, 4%, 2/1/25 | 150,000 | 151,144 | ||||||
1,167,358 | ||||||||
New Mexico - 1.1% | ||||||||
Otero County, (BAM), 4%, 12/1/28 | 195,000 | 204,764 | ||||||
New York - 4.1% | ||||||||
Brookhaven Local Development Corp., | ||||||||
5%, 11/1/24 | 110,000 | 110,845 | ||||||
New York State Dormitory Authority, | ||||||||
Series 1, (BHAC-CR), 5.5%, 7/1/31 | 250,000 | 287,054 | ||||||
Port Authority of New York & New Jersey, Series 85th, (GO of AUTH), | ||||||||
5.375%, 3/1/28 | 325,000 | 346,228 | ||||||
744,127 | ||||||||
Oklahoma - 4.2% | ||||||||
Elk City Industrial Authority, 4%, 5/1/30 | 335,000 | 350,865 | ||||||
Tulsa County Industrial Authority, 3%, | ||||||||
2/1/31 | 400,000 | 397,367 | ||||||
748,232 | ||||||||
Pennsylvania - 5.6% | ||||||||
City of Pittsburgh, 4%, 9/1/35 | 350,000 | 364,735 | ||||||
Commonwealth Financing Authority, | ||||||||
Series A, 5%, 6/1/35 | 370,000 | 380,290 | ||||||
Waverly Township Municipal Authority, | ||||||||
(BAM ST AID WITHHLDG), 4%, 2/15/26 | 250,000 | 257,011 | ||||||
1,002,036 | ||||||||
Texas - 7.1% | ||||||||
Austin, General Obligation, 5%, 9/1/26 | 550,000 | 575,292 | ||||||
Center, General Obligation, 3%, 8/15/34, | 410,000 | 390,857 | ||||||
Harris County Toll Road Authority, 4%, | ||||||||
8/15/38 | 300,000 | 304,880 | ||||||
1,271,029 | ||||||||
Utah - 3.4% | ||||||||
Ogden City Sewer & Water Revenue, | ||||||||
Series A, 4%, 6/15/31 | 250,000 | 271,301 | ||||||
Utah Transit Authority, Series A, | ||||||||
(BHAC-CR), 5%, 6/15/35 | 280,000 | 333,175 | ||||||
604,476 |
Virginia - 6.4% | ||||||||
Fairfax County Economic Development | ||||||||
Authority, Series A, 5%, 9/1/38 | $ | 90,000 | $ | 97,175 | ||||
Roanoke Economic Development | ||||||||
Authority, Series A, 5%, 7/1/47 | 250,000 | 280,811 | ||||||
Southampton County Industrial | ||||||||
Development Authority, 5%, 6/1/35 | 440,000 | 500,903 | ||||||
Western Regional Jail Authority, 5%, 12/1/34 | 250,000 | 265,550 | ||||||
1,144,439 | ||||||||
Washington - 1.2% | ||||||||
Washington, General Obligation, Series E, 5%, 2/1/29 | 205,000 | 207,866 | ||||||
West Virginia - 2.7% | ||||||||
West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | 450,000 | 482,532 | ||||||
Wisconsin - 4.3% | ||||||||
Green Bay, Series A, 4%, 4/1/38 | 355,000 | 360,740 | ||||||
Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | 400,000 | 406,196 | ||||||
766,936 | ||||||||
TOTAL INVESTMENTS - 97.8% | ||||||||
( Cost $17,866,661** ) | 17,596,047 | |||||||
NET OTHER ASSETS AND LIABILITIES - 2.2% | 401,363 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 17,997,410 |
** | Aggregate cost for Federal tax purposes was $17,866,661. |
AGM | Assured Guaranty Municipal Corp. |
BAM | Build America Mutual Assurance Co. |
BHAC-CR | Berkshire Hathaway Assurance Corp. |
GO of AUTH | General Obligation of the Authority. |
ST AID DIR DEP | State Aid Direct Deposit. |
ST AID WITHHLDG | State Aid Withholding. |
ST INTERCEPT | State Intercept. |
TCRS | Transferable Custodial Receipts |
See accompanying Notes to Financial Statements.
15 |
Madison Funds | April 30, 2023
High Quality Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - 35.8% | ||||||||
Communication Services - 2.4% | ||||||||
Comcast Corp., 3.15%, 3/1/26$ | 1,000,000 | $ | 970,396 | |||||
Walt Disney Co., 3.8%, 3/22/30 | 1,250,000 | 1,207,631 | ||||||
2,178,027 | ||||||||
Consumer Discretionary - 2.9°% | ||||||||
Cummins, Inc., 1.5%, 9/1/30 | 1,000,000 | 826,896 | ||||||
Home Depot, Inc., 2.7%, 4/15/30 | 1,100,000 | 1,001,020 | ||||||
NIKE, Inc., 2.75%, 3/27/27 | 750,000 | 714,475 | ||||||
2,542,391 | ||||||||
Consumer Staples - 5.0% | ||||||||
Coca-Cola Co., 1%, 3/15/28 | �� | 1,250,000 | 1,089,557 | |||||
Hershey Co., 1.7%, 6/1/30 | 1,200,000 | 1,007,669 | ||||||
Kimberly-Clark Corp., 1.05%, 9/15/27 | 1,000,000 | 882,220 | ||||||
PepsiCo, Inc., 4.45%, 5/15/28 | 500,000 | 511,336 | ||||||
PepsiCo, Inc., 2.75%, 3/19/30 | 1,100,000 | 1,007,995 | ||||||
4,498,777 | ||||||||
Financials - 20.1% | ||||||||
Bank of America Corp., (SOFR+ 1.010%) (A), 1.197%, 10/24/26 | 1,500,000 | 1,355,815 | ||||||
Bank of New York Mellon Corp., (SOFR+ 1.802%) (A), 5.802%, 10/25/28 | 1,250,000 | 1,305,985 | ||||||
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 1,250,000 | 1,130,226 | ||||||
BlackRock, Inc., 3.5%, 3/18/24 | 1,000,000 | 986,817 | ||||||
Charles Schwab Corp., 0.9%, 3/11/26 | 1,000,000 | 884,411 | ||||||
Huntington National Bank, 3.55%, 10/6/23 | 1,000,000 | 990,890 | ||||||
JPMorgan Chase & Co., (3 mo. USD SOFR + 1.155%) (A), 3.22%, 3/1/25 | 1,500,000 | 1,470,499 | ||||||
Mastercard, Inc., 3.3%, 3/26/27 | 750,000 | 725,769 | ||||||
Morgan Stanley, (SOFR + 2.240%) (A), 6.296%, 10/18/28 | 1,000,000 | 1,048,677 | ||||||
Public Storage, 1.95%, 11/9/28 | 1,000,000 | 876,126 | ||||||
Simon Property Group LP, 2.45%, 9/13/29 | 1,250,000 | 1,086,995 | ||||||
State Street Corp., (SOFR+0.940%) (A), 2.354%, 11/1/25 | 1,500,000 | 1,437,889 | ||||||
Truist Financial Corp., 2.85%, 10/26/24 | 1,250,000 | 1,202,288 | ||||||
Truist Financial Corp., (SOFR + 1.435%) (A), 4.873%, 1/26/29 | 500,000 | 488,918 | ||||||
Truist Financial Corp. (B), 1.95%, 6/5/30 | 1,000,000 | 803,841 |
U.S. Bancorp, (SOFR+1.660%) (A), | ||||||||
4.548%, 7/22/28 | $ | 1,250,000 | $ | 1,213,161 | ||||
Wells Fargo & Co., (3 mo. USD LIBOR + | ||||||||
0.825%) (A), 2.406%, 10/30/25 | 1,000,000 | 956,260 | ||||||
17,964,567 | ||||||||
Industrials - 2.7% | ||||||||
Caterpillar Financial Services Corp., | ||||||||
4.8%, 1/6/26 | 500,000 | 507,515 | ||||||
Emerson Electric Co. (B), 2%, 12/21/28, | 1,000,000 | 885,021 | ||||||
John Deere Capital Corp., 4.75%, | ||||||||
1/20/28 | 1,000,000 | 1,021,651 | ||||||
2,414,187 | ||||||||
Information Technology - 2.2% | ||||||||
Apple, Inc., 2.4%, 5/3/23 | ||||||||
Texas Instruments, Inc., 1.375%, | 1,000,000 | 999,630 | ||||||
3/12/25 | 1,000,000 | 947,190 | ||||||
1,946,820 | ||||||||
Utilities - 0.5% | ||||||||
National Rural Utilities Cooperative | ||||||||
Finance Corp., 1%, 6/15/26 | 500,000 | 449,388 | ||||||
Total Corporate Notes and Bonds | ||||||||
( Cost $34,174,740 ) | 31,994,157 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 62.4% | ||||||||
Fannie Mae - 7.5% | ||||||||
0.500%, 11/7/25 | 2,250,000 | 2,064,858 | ||||||
2.125%, 4/24/26 | 2,500,000 | 2,380,472 | ||||||
0.750%, 10/8/27 (B) | 2,500,000 | 2,206,855 | ||||||
6,652,185 | ||||||||
Freddie Mac - 2.6% | ||||||||
0.375%, 7/21/25 | 2,500,000 | 2,303,360 | ||||||
U.S. Treasury Notes - 52.3% | ||||||||
1.750%, 6/30/24 | 2,500,000 | 2,417,871 | ||||||
2.375%, 8/15/24 | 3,000,000 | 2,918,086 | ||||||
1.250%, 8/31/24 | 2,500,000 | 2,394,434 | ||||||
0.375%, 9/15/24 | 2,500,000 | 2,364,258 | ||||||
2.250%, 11/15/24 | 2,500,000 | 2,420,605 | ||||||
2.125%, 5/15/25 | 3,000,000 | 2,885,156 | ||||||
0.250%, 10/31/25 | 3,000,000 | 2,741,484 | ||||||
0.375%, 1/31/26 | 3,000,000 | 2,731,758 | ||||||
3.750%, 4/15/26 | 2,250,000 | 2,248,066 |
1.625%, 5/15/26 | $ | 2,500,000 | $ | 2,347,559 | ||||
1.500%, 8/15/26 | 2,500,000 | 2,328,516 | ||||||
1.500%, 1/31/27 | 2,750,000 | 2,542,353 | ||||||
0.625%, 3/31/27 | 2,500,000 | 2,227,148 | ||||||
2.375%, 5/15/27 | 3,000,000 | 2,859,609 | ||||||
2.250%, 11/15/27 | 2,750,000 | 2,595,850 | ||||||
1.875%, 2/28/29 | 2,750,000 | 2,508,623 | ||||||
3.875%, 11/30/29 | 2,000,000 | 2,039,375 | ||||||
3.875%, 12/31/29 | 2,000,000 | 2,041,016 | ||||||
1.375%, 11/15/31 | 2,500,000 | 2,121,387 | ||||||
46,733,154 | ||||||||
Total U.S. Government and Agency Obligations | ||||||||
( Cost $58,354,759 ) | 55,688,699 |
Shares | ||||||||
SHORT-TERM INVESTMENTS - 5.5% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, | ||||||||
Premier Class, (C), 4.76% | 1,043,096 | 1,043,096 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.84% | 3,909,375 | 3,909,375 | ||||||
Total Short-Term Investments | ||||||||
( Cost $4,952,471 ) | 4,952,471 | |||||||
TOTAL INVESTMENTS - 103.7% | ||||||||
( Cost $97,481,970** ) NET OTHER ASSETS AND | 92,635,327 | |||||||
LIABILITIES - (3.7%) | (3,322,839 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 89,312,488 |
** | Aggregate cost for Federal tax purposes was $97,644,091. |
(A) | Floating rate or variable rate note. Rate shown is as of April 30,2023. |
(B) | All or a portion of these securities, with an aggregate fair value of $3,837,467, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
(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.
16 |
Madison Funds | April 30, 2023
Core Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
ASSET BACKED SECURITIES - 5.0% | ||||||||
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $ | 109,143 | $ | 107,473 | ||||
Chesapeake Funding II LLC, Series 2020- 1A, Class A1 (A), 0.87%, 8/15/32 | 58,364 | 57,948 | ||||||
Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.65%, 5/15/35 | 1,000,000 | 1,001,374 | ||||||
CNH Equipment Trust, Series 2023-A, Class A3, 4.81%, 8/15/28 | 750,000 | 753,193 | ||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 291,544 | 283,549 | ||||||
Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.03%, 1/20/28 | 807,507 | 787,382 | ||||||
Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.51%, 1/22/29 | 500,000 | 501,606 | ||||||
Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.76%, 10/22/29 | 1,100,000 | 1,106,611 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25 | 1,000,000 | 977,963 | ||||||
JPMorgan Chase Bank NA, Series 2020-1, Class B (A), 0.991%, 1/25/28 | 88,059 | 87,223 | ||||||
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 224,241 | 219,566 | ||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 269,715 | 261,140 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 243,259 | 234,341 | ||||||
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 334,097 | 316,000 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | 225,975 | 219,939 | ||||||
LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 829,983 | 823,867 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 500,000 | 470,514 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 1,350,000 | 1,349,015 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 317,361 | 316,764 | ||||||
Total Asset Backed Securities | ||||||||
( Cost $10,088,105 ) | 9,875,468 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0% | ||||||||
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49 | 142,083 | 133,383 | ||||||
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55 | 117,203 | 111,848 | ||||||
CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | 527,366 | 464,604 | ||||||
Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 494,748 | 19,089 |
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 5.565%, 10/25/33 | $ | 346,324 | $ | 344,176 | ||||
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (D), 5.815%, 12/25/41 | 297,013 | 294,792 | ||||||
Federal National Mortgage Association REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 530,149 | 39,283 | ||||||
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 291,810 | 283,547 | ||||||
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 380,965 | 375,338 | ||||||
Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 78,534 | 80,130 | ||||||
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 73,455 | 75,905 | ||||||
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 2,285,487 | 362,288 | ||||||
Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 31,892 | 31,460 | ||||||
Flagstar Mortgage Trust, Series 2021- 9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41 | 568,510 | 497,086 | ||||||
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | 694,168 | 587,787 | ||||||
Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 57,776 | 589 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (C) (D), 2.5%, 5/25/51 | 491,540 | 404,637 | ||||||
JPMorgan Mortgage Trust, Series 2019 5, Class A3 (A) (C) (D), 4%, 11/25/49 | 25,032 | 23,721 | ||||||
JPMorgan Mortgage Trust, Series 2019 7, Class A3 (A) (C) (D), 3.5%, 2/25/50 | 92,896 | 84,424 | ||||||
JPMorgan Mortgage Trust, Series 2021 1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | 674,164 | 552,446 | ||||||
JPMorgan Mortgage Trust, Series 2021 3, Class A3 (A) (C) (D), 2.5%, 7/25/51 | 886,719 | 727,489 | ||||||
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | 754,639 | 665,839 | ||||||
JPMorgan Mortgage Trust, Series 2021-14, Class A4 (A) (C) (D), 2.5%, 5/25/52 | 845,346 | 733,437 | ||||||
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | 142,026 | 120,064 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | 6,387 | 6,259 | ||||||
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | 124,225 | 110,832 | ||||||
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | 890,588 | 784,773 |
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | $ | 657,201 | $ | 571,842 | ||||
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (C) (D), 2.5%, 1/25/52 | 451,549 | 391,771 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | 286,930 | 254,488 | ||||||
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | 149,674 | 139,694 | ||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | 12,945 | 12,450 | ||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (C) (D), 2.5%, 9/25/51 | 642,919 | 526,841 | ||||||
Total Collateralized Mortgage Obligations ( Cost $11,563,481 ) | 9,812,312 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.4% | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 214,309 | 207,913 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | 1,000,000 | 950,590 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.423%, 9/25/26 | 15,001,236 | 124,345 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 1,000,000 | 959,370 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31 | 505,000 | 424,671 | ||||||
Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (C) (D), 3.205%, 11/25/27 | 769,243 | 736,726 | ||||||
Federal National Mortgage Association-Aces, Series 2022-M1, Class A2 (C) (D), 1.725%, 10/25/31 | 1,250,000 | 1,021,606 | ||||||
FREMF Mortgage Trust, Series 2013- K33, Class B (A) (C) (D), 3.632%, 8/25/46 | 900,000 | 892,306 | ||||||
FREMF Mortgage Trust, Series 2015- K44, Class B (A) (C) (D), 3.846%, 1/25/48 | 750,000 | 726,211 | ||||||
FREMF Mortgage Trust, Series 2020- K106, Class B (A) (C) (D), 3.708%, 3/25/53 | 750,000 | 673,185 | ||||||
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36 | 722,000 | - | ||||||
Total Commercial Mortgage- Backed Securities ( Cost $7,008,157 ) | 6,716,923 |
See accompanying Notes to Financial Statements.
17 |
Madison Funds | April 30, 2023
Core Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - 28.3% | ||||||||
Communication Services - 2.0% | ||||||||
AT&T, Inc., 4.75%, 5/15/46 | $ | 500,000 | $ | 448,144 | ||||
CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 300,000 | 258,720 | ||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.908%, 7/23/25 | 500,000 | 494,946 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 250,000 | 218,468 | ||||||
eBay, Inc., 1.9%, 3/11/25 | 325,000 | 307,243 | ||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 500,000 | 438,826 | ||||||
Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 200,000 | 191,218 | ||||||
Meta Platforms, Inc., 3.85%, 8/15/32 | 250,000 | 235,588 | ||||||
Netflix, Inc., 6.375%, 5/15/29 | 250,000 | 270,249 | ||||||
SBA Communications Corp., 3.875%, 2/15/27 | 350,000 | 326,371 | ||||||
VeriSign, Inc. (E), 2.7%, 6/15/31 | 500,000 | 425,000 | ||||||
Verizon Communications, Inc., 3.4%, 3/22/41 | 500,000 | 393,083 | ||||||
4,007,856 | ||||||||
Consumer Discretionary - 2.0% | ||||||||
7-Eleven, Inc. (A), 1.8%, 2/10/31 | 400,000 | 320,120 | ||||||
7-Eleven, Inc. (A), 2.5%, 2/10/41 | 250,000 | 170,770 | ||||||
Advance Auto Parts, Inc., 1.75%, 10/1/27 | 250,000 | 217,388 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 350,000 | 343,767 | ||||||
General Motors Financial Co., Inc.,5.85%, 4/6/30 | 500,000 | 499,071 | ||||||
Hilton Domestic Operating Co., Inc. (A) (E), 5.375%, 5/1/25 | 350,000 | 348,961 | ||||||
Home Depot, Inc., 3.35%, 4/15/50 | 250,000 | 194,529 | ||||||
Lowe's Cos., Inc., 3%, 10/15/50 | 500,000 | 333,813 | ||||||
Lowe's Cos., Inc., 4.25%, 4/1/52 | 750,000 | 619,910 | ||||||
Southwest Airlines Co., 5.125%,6/15/27 | 500,000 | 503,152 | ||||||
Tractor Supply Co., 1.75%, 11/1/30 | 550,000 | 440,644 | ||||||
3,992,125 | ||||||||
Consumer Staples - 1.3% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 500,000 | 461,926 | ||||||
Conagra Brands, Inc., 0.5%, 8/11/23 | 600,000 | 591,806 | ||||||
GE HealthCare Technologies, Inc. (A), 6.377%, 11/22/52 | 250,000 | 280,916 | ||||||
Hormel Foods Corp., 1.8%, 6/11/30 | 200,000 | 168,633 | ||||||
Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 300,000 | 238,528 | ||||||
Mars, Inc. (A), 3.875%, 4/1/39 | 400,000 | 348,702 | ||||||
Mars, Inc. (A), 2.375%, 7/16/40 | 350,000 | 248,821 | ||||||
Performance Food Group, Inc. (A), 5.5%,10/15/27 | 325,000 | 318,536 | ||||||
2,657,868 |
Energy - 2.4% | ||||||||
Boardwalk Pipelines LP 4.45%, 7/15/27 | $ | 400,000 | $ | 391,938 | ||||
Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 350,000 | 317,717 | ||||||
Energy Transfer LP 5.25%, 4/15/29 | 275,000 | 275,357 | ||||||
EnLink Midstream Partners LP 5.45%, 6/1/47 | 400,000 | 334,000 | ||||||
Enterprise Products Operating LLC, 5.35%, 1/31/33 | 250,000 | 259,880 | ||||||
Kinder Morgan, Inc., 5.55%, 6/1/45 | 400,000 | 376,783 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 275,000 | 273,112 | ||||||
Marathon Petroleum Corp., 3.8%, 4/1/28 | 600,000 | 574,558 | ||||||
MPLX LP, 2.65%, 8/15/30 | 350,000 | 298,595 | ||||||
ONEOK, Inc., 5.85%, 1/15/26 | 150,000 | 152,857 | ||||||
Phillips 66, 0.9%, 2/15/24 | 500,000 | 483,286 | ||||||
Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 300,000 | 298,357 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 500,000 | 547,594 | ||||||
Valero Energy Corp., 4%, 6/1/52 | 175,000 | 134,361 | ||||||
4,718,395 | ||||||||
Financials - 10.9% | ||||||||
Air Lease Corp., 2.875%, 1/15/26 | 500,000 | 466,622 | ||||||
Air Lease Corp., 1.875%, 8/15/26 | 250,000 | 221,880 | ||||||
Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 | 900,000 | 854,971 | ||||||
American Express Co., 5.85%, 11/5/27 | 500,000 | 522,513 | ||||||
American International Group, Inc., 4.75%, 4/1/48 | 150,000 | 136,121 | ||||||
Athene Global Funding (A), 1.45%, 1/8/26 | 500,000 | 446,549 | ||||||
AvalonBay Communities, Inc., 5%, 2/15/33 | 250,000 | 255,324 | ||||||
Bank of America Corp., Series N, (SOFR + 0.910%) (D), 1.658%, 3/11/27 | 400,000 | 361,005 | ||||||
Bank of America Corp., (SOFR+ 1.910%) (D), 5.288%, 4/25/34 | 350,000 | 351,620 | ||||||
Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37 | 350,000 | 302,303 | ||||||
Bank of New York Mellon Corp., (SOFR+ 2.074%) (D), 5.834%, 10/25/33 | 500,000 | 534,163 | ||||||
Belrose Funding Trust (A), 2.33%, 8/15/30 | 350,000 | 261,281 | ||||||
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 350,000 | 298,110 | ||||||
BlackRock, Inc., 2.1%, 2/25/32 | 350,000 | 292,690 | ||||||
Bread Financial Holdings, Inc. (A) (F), 4.75%, 12/15/24 | 500,000 | 441,329 | ||||||
Capital One Financial Corp., (SOFR+ 2.057%) (D), 4.927%, 5/10/28 | 350,000 | 339,673 | ||||||
Capital One Financial Corp., (SOFR+ 1.790%) (D), 3.273%, 3/1/30 | 350,000 | 303,020 | ||||||
Citigroup, Inc., (SOFR+2.086%) (D), 4.91%, 5/24/33 | 350,000 | 342,557 |
Discover Financial Services, 6.7%, 11/29/32 | $ | 500,000 | $ | 528,217 | ||||
Empower Finance 2020 LP (A) (E), 3.075%, 9/17/51 | 350,000 | 233,110 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 350,000 | 309,775 | ||||||
Fifth Third Bancorp, (SOFR + 1.660%) (D), 4.337%, 4/25/33 | 350,000 | 315,139 | ||||||
Five Corners Funding Trust II (A), 2.85%, 5/15/30 | 250,000 | 217,112 | ||||||
GE HealthCare Technologies, Inc. (A), 5.6%, 11/15/25 | 750,000 | 758,973 | ||||||
GLP Capital LP/GLP Financing II, Inc. (E), 3.25%, 1/15/32 | 400,000 | 328,251 | ||||||
Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 400,000 | 365,585 | ||||||
Goldman Sachs Group, Inc., (SOFR + 0.913%) (D), 1.948%, 10/21/27 | 500,000 | 447,126 | ||||||
Huntington Bancshares, Inc., (5 year CMT + 1.170%) (D), 2.487%, 8/15/36 | 700,000 | 499,678 | ||||||
Huntington National Bank, (SOFR+ 1.205%) (D), 4.008%, 5/16/25 | 500,000 | 481,760 | ||||||
Intercontinental Exchange, Inc., 3.75%, 9/21/28 | 250,000 | 241,186 | ||||||
Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 350,000 | 348,858 | ||||||
Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 450,000 | 362,008 | ||||||
JPMorgan Chase & Co., (3 mo. USD SOFR + 0.695%) (D), 1.04%, 2/4/27 | 650,000 | 582,551 | ||||||
KeyBank NA, 5%, 1/26/33 | 250,000 | 232,009 | ||||||
KeyCorp, 4.1%, 4/30/28 | 400,000 | 369,157 | ||||||
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250,000 | 170,769 | ||||||
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 150,000 | 105,716 | ||||||
LPL Holdings, Inc. (A), 4%, 3/15/29 | 250,000 | 224,433 | ||||||
M&T Bank Corp., 3.55%, 7/26/23 | 250,000 | 248,083 | ||||||
Morgan Stanley, (SOFR + 1.990%) (D) (E), 2.188%, 4/28/26 | 175,000 | 164,741 | ||||||
Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32 | 500,000 | 397,104 | ||||||
Morgan Stanley, (5 year CMT + 2.430%) (D), 5.948%, 1/19/38 | 600,000 | 602,188 | ||||||
Nasdaq, Inc., 1.65%, 1/15/31 | 450,000 | 357,768 | ||||||
Old Republic International Corp., 3.85%, 6/11/51 | 300,000 | 219,400 | ||||||
Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250,000 | 198,208 | ||||||
PNC Bank NA (E), 2.7%, 10/22/29 | 250,000 | 215,651 | ||||||
Public Storage, 1.95%, 11/9/28 | 250,000 | 219,032 | ||||||
Realty Income Corp., 4.85%, 3/15/30 | 400,000 | 397,377 | ||||||
Regions Financial Corp., 1.8%, 8/12/28 | 500,000 | 414,931 | ||||||
State Street Corp., (SOFR + 1.490%) (D), 3.031%, 11/1/34 | 250,000 | 218,121 | ||||||
Synchrony Financial, 7.25%, 2/2/33 | 275,000 | 252,613 |
See accompanying Notes to Financial Statements.
18 |
Madison Funds | April 30, 2023
Core Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | $ | 300,000 | $ | 214,023 | ||||
Truist Bank, 2.25%, 3/11/30 | 325,000 | 266,722 | ||||||
Truist Financial Corp., (SOFR+0.609%) (D), 1.267%, 3/2/27 | 500,000 | 442,593 | ||||||
Truist Financial Corp., (SOFR + 1.852%) (D), 5.122%, 1/26/34 | 400,000 | 387,180 | ||||||
U.S. Bancorp, (SOFR + 1.660%) (D), 4.548%, 7/22/28 | 500,000 | 485,265 | ||||||
U.S. Bancorp, (SOFR + 1.600%) (D), 4.839%, 2/1/34 | 525,000 | 501,905 | ||||||
Wells Fargo & Co., (SOFR+2.000%) (D), 2.188%, 4/30/26 | 350,000 | 329,455 | ||||||
Wells Fargo & Co., (SOFR+2.020%) (D), 5.389%, 4/24/34 | 350,000 | 355,018 | ||||||
Welltower OP LLC, 2.05%, 1/15/29 | 500,000 | 420,621 | ||||||
Weyerhaeuser Co., 3.375%, 3/9/33 | 300,000 | 265,499 | ||||||
21,426,642 | ||||||||
Health Care - 2.1% | ||||||||
Amgen, Inc., 5.65%, 3/2/53 | 400,000 | 414,074 | ||||||
Block, Inc., 2.75%, 6/1/26 | 450,000 | 407,367 | ||||||
Centene Corp., 2.45%, 7/15/28 | 500,000 | 434,594 | ||||||
Cigna Group, 4.9%, 12/15/48 | 500,000 | 469,924 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 500,000 | 472,513 | ||||||
Gartner, Inc. (A), 4.5%, 7/1/28 | 400,000 | 375,849 | ||||||
Health Care Service Corp. (A), 2.2%, 6/1/30 | 250,000 | 209,581 | ||||||
Humana, Inc., 1.35%, 2/3/27 | 250,000 | 221,409 | ||||||
PerkinElmer, Inc., 0.55%, 9/15/23 | 425,000 | 417,660 | ||||||
UnitedHealth Group, Inc., 2.3%, 5/15/31 | 300,000 | 259,236 | ||||||
UnitedHealth Group, Inc., 3.7%, 8/15/49 | 250,000 | 205,393 | ||||||
Zoetis, Inc., 3%, 5/15/50 | 250,000 | 180,024 | ||||||
4,067,624 | ||||||||
Industrials - 2.8% | ||||||||
Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 600,000 | 476,739 | ||||||
Ball Corp., 4.875%, 3/15/26 | 475,000 | 470,386 | ||||||
Boeing Co., 2.196%, 2/4/26 | 400,000 | 371,246 | ||||||
Boeing Co., 5.805%, 5/1/50 | 350,000 | 348,934 | ||||||
Carrier Global Corp., 3.577%, 4/5/50 | 200,000 | 149,255 | ||||||
Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 500,000 | 354,969 | ||||||
Otis Worldwide Corp., 2.565%, 2/15/30 | 350,000 | 307,684 | ||||||
Quanta Services, Inc., 2.9%, 10/1/30 | 500,000 | 433,315 | ||||||
TD SYNNEX Corp., 1.75%, 8/9/26 | 500,000 | 438,036 | ||||||
TD SYNNEX Corp., 2.65%, 8/9/31 | 250,000 | 196,059 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 250,000 | 211,715 | ||||||
TransDigm, Inc. (A), 6.25%, 3/15/26 | 475,000 | 477,659 | ||||||
United Rentals North America, Inc., 5.5%, 5/15/27 | 500,000 | 496,796 | ||||||
Vontier Corp., 1.8%, 4/1/26 | 300,000 | 268,284 |
WRKCo, Inc., 3.9%, 6/1/28 | $ | 350,000 | $ | 334,934 | ||||
WRKCo, Inc. (E), 3%, 6/15/33 | 300,000 | 244,823 | ||||||
5,580,834 | ||||||||
Information Technology - 2.0% | ||||||||
Broadcom, Inc. (A), 3.187%, 11/15/36 | 12,000 | 9,115 | ||||||
Dell International LLC/EMC Corp.,8.35%, 7/15/46 | 87,000 | 107,109 | ||||||
Dell International LLC/EMC Corp. (A),3.45%, 12/15/51 | 625,000 | 410,686 | ||||||
Fiserv, Inc., 3.5%, 7/1/29 | 750,000 | 697,584 | ||||||
HP Inc., 2.65%, 6/17/31 | 600,000 | 488,542 | ||||||
Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 275,000 | 239,086 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 200,000 | 169,272 | ||||||
Marvell Technology, Inc., 4.2%, 6/22/23 | 500,000 | 499,015 | ||||||
Oracle Corp., 3.95%, 3/25/51 | 750,000 | 565,865 | ||||||
Salesforce, Inc., 2.9%, 7/15/51 | 500,000 | 355,045 | ||||||
VMware, Inc., 2.2%, 8/15/31 | 500,000 | 395,636 | ||||||
3,936,955 | ||||||||
Materials - 0.6% | ||||||||
Arconic Corp. (A), 6%, 5/15/25 | 250,000 | 248,553 | ||||||
Celanese U.S. Holdings LLC, 6.165%,7/15/27 | 250,000 | 252,667 | ||||||
International Flavors & Fragrances, Inc. (A) (E), 3.468%, 12/1/50 | 500,000 | 342,664 | ||||||
LYB International Finance III LLC,3.625%, 4/1/51 | 400,000 | 283,397 | ||||||
1,127,281 | ||||||||
Utilities - 2.2% | ||||||||
AES Corp., 1.375%, 1/15/26 | 400,000 | 362,191 | ||||||
Berkshire Hathaway Energy Co., 1.65%,5/15/31 | 350,000 | 283,044 | ||||||
DTE Electric Co., 5.4%, 4/1/53 | 500,000 | 528,924 | ||||||
Duke Energy Corp., 3.75%, 9/1/46 | 500,000 | 392,687 | ||||||
Duke Energy Progress LLC, 3.7%,10/15/46 | 1,000,000 | 796,828 | ||||||
Florida Power & Light Co., 2.875%,12/4/51 | 700,000 | 498,728 | ||||||
Indiana Michigan Power Co., 5.625%,4/1/53 | 250,000 | 265,691 | ||||||
Interstate Power & Light Co., 3.5%,9/30/49 | 250,000 | 185,839 | ||||||
NextEra Energy Capital Holdings, Inc.,1.9%, 6/15/28 | 500,000 | 439,855 | ||||||
PECO Energy Co., 3.05%, 3/15/51 | 750,000 | 535,737 | ||||||
4,289,524 | ||||||||
Total Corporate Notes and Bonds | ||||||||
( Cost $62,304,735 ) | 55,805,104 | |||||||
FOREIGN CORPORATE BONDS - 2.8% | ||||||||
Communication Service - 0.2% | ||||||||
Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | 500,000 | 414,798 |
Consumer Discretionary - 0.1% | ||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.75%, 10/20/28 | $ | 250,000 | $ | 242,483 | ||||
Energy - 0.1% | ||||||||
Enbridge, Inc., 5.7%, 3/8/33 | 250,000 | 259,277 | ||||||
Financials - 1.8% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 500,000 | 448,168 | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 250,000 | 240,674 | ||||||
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 500,000 | 444,041 | ||||||
Bank of Montreal, 5.203%, 2/1/28 | 400,000 | 406,005 | ||||||
Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.530%) (D), 5.475%, 2/22/31 | 500,000 | 508,449 | ||||||
Royal Bank of Canada, 4.9%, 1/12/28 | 400,000 | 401,945 | ||||||
Toronto-Dominion Bank, 5.156%, 1/10/28 | 400,000 | 403,858 | ||||||
Toronto-Dominion Bank, 4.456%, 6/8/32 | 300,000 | 288,880 | ||||||
UBS Group AG, (1 year CMT + 2.050%) (A) (D), 4.703%, 8/5/27 | 400,000 | 385,622 | ||||||
3,527,642 | ||||||||
Health Care - 0.5% | ||||||||
Royalty Pharma PLC, 2.2%, 9/2/30 | 200,000 | 163,736 | ||||||
Royalty Pharma PLC, 3.55%, 9/2/50 | 500,000 | 342,262 | ||||||
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | 500,000 | 372,584 | ||||||
878,582 | ||||||||
Materials - 0.1% | ||||||||
Nutrien Ltd., 5.8%, 3/27/53 | 250,000 | 259,491 | ||||||
Total Foreign Corporate Bonds | ||||||||
( Cost $6,059,869 ) | 5,582,273 | |||||||
MORTGAGE BACKED SECURITIES - 25.0% | ||||||||
Fannie Mae - 14.0% | ||||||||
3%, 9/1/30 Pool # 890696 | 287,861 | 275,906 | ||||||
3%, 12/1/30 Pool # AL8924 | 142,891 | 136,974 | ||||||
7%, 11/1/31 Pool # 607515 | 3,667 | 3,725 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 98,415 | 96,702 | ||||||
6.5%, 3/1/32 Pool # 889072 | 12,250 | 12,637 | ||||||
6.5%, 5/1/32 Pool # 636758 | 750 | 774 | ||||||
7%, 5/1/32 Pool # 644591 | 384 | 384 | ||||||
6.5%, 6/1/32 Pool # 545691 | 19,583 | 20,447 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 127,820 | 124,357 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 90,105 | 87,664 | ||||||
5.5%, 11/1/33 Pool # 555880 | 26,748 | 27,419 | ||||||
5%, 5/1/34 Pool # 780890 | 11,761 | 11,958 | ||||||
4%, 2/1/35 Pool # MA2177 | 247,950 | 241,641 | ||||||
5%, 8/1/35 Pool # 829670 | 26,293 | 26,543 |
See accompanying Notes to Financial Statements.
19 |
Madison Funds | April 30, 2023
Core Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
5%, 9/1/35 Pool # 835699 | $ | 28,266 | $ | 28,489 | ||||
5%, 9/1/35 Pool # 820347 | 40,220 | 40,972 | ||||||
3.5%, 12/1/35 Pool # MA2473 | 245,134 | 236,624 | ||||||
4.5%, 12/1/35 Pool # 745147 | 4,071 | 4,070 | ||||||
5%, 12/1/35 Pool # 850561 | 10,135 | 10,280 | ||||||
2.5%, 9/1/36 Pool # FS4049 | 731,590 | 680,547 | ||||||
6%, 11/1/36 Pool # 902510 | 33,900 | 35,546 | ||||||
6%, 10/1/37 Pool # 947563 | 32,152 | 33,828 | ||||||
6.5%, 12/1/37 Pool # 889072 | 23,982 | 25,259 | ||||||
4.5%, 5/1/38 Pool # MA5013 | 1,250,000 | 1,241,024 | ||||||
6.5%, 8/1/38 Pool # 987711 | 58,828 | 62,543 | ||||||
3%, 11/1/39 Pool # MA3831 | 103,298 | 95,957 | ||||||
4%, 9/1/40 Pool # AE3039 | 263,111 | 257,050 | ||||||
4%, 1/1/41 Pool # AB2080 | 196,307 | 191,785 | ||||||
2.5%, 5/1/41 Pool # MA4334 | 1,321,901 | 1,177,552 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 190,673 | 197,341 | ||||||
4%, 9/1/41 Pool # AJ1406 | 93,970 | 91,835 | ||||||
4%, 10/1/41 Pool # AJ4046 | 269,574 | 264,782 | ||||||
3.5%, 11/1/41 Pool # AB3867 | 101,603 | 96,811 | ||||||
2.5%, 3/1/42 Pool # CB3076 | 701,363 | 618,739 | ||||||
2.5%, 3/1/42 Pool # MA4571 | 1,836,809 | 1,623,856 | ||||||
4%, 3/1/42 Pool # AL1998 | 406,309 | 397,086 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 440,685 | 419,903 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 210,758 | 200,818 | ||||||
3%, 9/1/42 Pool # AP6568 | 52,845 | 48,562 | ||||||
3.5%, 9/1/42 Pool # AB6228 | 124,460 | 118,591 | ||||||
4%, 10/1/42 Pool # AP7363 | 282,794 | 276,278 | ||||||
3.5%, 1/1/43 Pool # AQ9326 | 259,305 | 247,072 | ||||||
3%, 2/1/43 Pool # AL3072 | 422,233 | 388,011 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 208,120 | 198,302 | ||||||
3.5%, 4/1/43 Pool # AT2887 | 208,748 | 198,845 | ||||||
4%, 1/1/45 Pool # AS4257 | 64,656 | 62,925 | ||||||
4.5%, 10/1/46 Pool # MA2783 | 34,041 | 33,823 | ||||||
3%, 1/1/47 Pool # BE0108 | 343,879 | 315,226 | ||||||
2.5%, 12/1/47 Pool # FM3165 | 703,124 | 618,024 | ||||||
3%, 8/1/48 Pool # FS0517 | 831,403 | 761,970 | ||||||
3%, 1/1/49 Pool # FS4296 | 792,736 | 728,536 | ||||||
4%, 11/1/50 Pool # FM5530 | 613,697 | 590,975 | ||||||
2%, 1/1/52 Pool # FS0173 | 767,327 | 643,045 | ||||||
2.5%, 3/1/52 Pool # BV4133 | 586,784 | 507,300 | ||||||
3%, 3/1/52 Pool # CB3115 | 941,863 | 850,032 | ||||||
2.5%, 4/1/52 Pool # FS4138 | 496,202 | 430,642 | ||||||
3.5%, 5/1/52 Pool # FS1866 | 963,353 | 895,862 | ||||||
4%, 5/1/52 Pool # CB3678 | 965,261 | 921,887 | ||||||
4%, 5/1/52 Pool # CB3627 | 1,216,962 | 1,162,184 | ||||||
4%, 5/1/52 Pool # FS1818 | 727,275 | 695,045 | ||||||
4%, 5/1/52 Pool # FS1704 | 463,762 | 446,759 | ||||||
3.5%, 6/1/52 Pool # CB3845 | 956,024 | 889,899 |
3.5%, 7/1/52 Pool # FS2812 | $ | 619,016 | $ | 580,608 | ||||
3.5%, 8/1/52 Pool # CB4361 | 975,161 | 907,711 | ||||||
4.5%, 8/1/52 Pool # CB4383 | 974,204 | 955,614 | ||||||
4.5%, 8/1/52 Pool # FS2605 | 494,787 | 482,998 | ||||||
4.5%, 9/1/52 Pool # FS2821 | 731,358 | 717,224 | ||||||
5%, 10/1/52 Pool # MA4785 | 960,963 | 954,098 | ||||||
5.5%, 10/1/52 Pool # MA4786 | 939,798 | 946,465 | ||||||
5%, 11/1/52 Pool # MA4806 | 969,858 | 962,917 | ||||||
27,637,258 | ||||||||
Freddie Mac - 11.0% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 13,046 | 13,046 | ||||||
4.5%, 5/1/25 Pool # J12247 | 28,157 | 28,141 | ||||||
8%, 6/1/30 Pool # C01005 | 271 | 286 | ||||||
6.5%, 1/1/32 Pool # C62333 | 8,543 | 8,821 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 213,915 | 201,180 | ||||||
3.5%, 8/1/32 Pool # C91485 | 115,281 | 112,257 | ||||||
4%, 5/1/33 Pool # G18693 | 193,924 | 191,739 | ||||||
4.5%, 6/1/34 Pool # C01856 | 154,903 | 154,938 | ||||||
2.5%, 6/1/35 Pool # RC1421 | 327,887 | 303,760 | ||||||
2%, 1/1/36 Pool # SB0546 | 548,309 | 495,126 | ||||||
6.5%, 11/1/36 Pool # C02660 | 3,340 | 3,524 | ||||||
5.5%, 1/1/37 Pool # G04593 | 98,572 | 102,127 | ||||||
5.5%, 11/1/37 Pool # A68787 | 64,579 | 66,972 | ||||||
5.5%, 12/1/38 Pool # G05267 | 158,096 | 163,804 | ||||||
4.5%, 8/1/39 Pool # G08361 | 159,273 | 159,705 | ||||||
3.5%, 11/1/40 Pool # G06168 | 145,820 | 139,122 | ||||||
2%, 3/1/41 Pool # RB5105 | 991,106 | 852,285 | ||||||
2.5%, 6/1/41 Pool # SC0151 | 813,637 | 724,777 | ||||||
4%, 10/1/41 Pool # Q04092 | 285,927 | 279,634 | ||||||
4.5%, 3/1/42 Pool # G07491 | 178,241 | 178,722 | ||||||
3%, 9/1/42 Pool # C04233 | 249,409 | 229,446 | ||||||
3%, 2/1/43 Pool # Q15767 | 179,730 | 165,346 | ||||||
3%, 4/1/43 Pool # V80026 | 188,233 | 173,163 | ||||||
3%, 4/1/43 Pool # V80025 | 190,542 | 175,288 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 202,609 | 191,999 | ||||||
3%, 7/1/45 Pool # G08653 | 296,778 | 273,007 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 221,105 | 208,909 | ||||||
3%, 11/1/45 Pool # G08675 | 244,798 | 225,138 | ||||||
3%, 1/1/46 Pool # G08686 | 310,614 | 285,476 | ||||||
3%, 10/1/46 Pool # G60722 | 327,059 | 299,929 | ||||||
3.5%, 11/1/47 Pool # Q52079 | 267,867 | 252,550 | ||||||
2.5%, 4/1/48 Pool # QA2240 | 832,844 | 731,197 | ||||||
3%, 7/1/49 Pool # QA1033 | 372,909 | 337,193 | ||||||
2.5%, 6/1/51 Pool # QC2842 | 950,127 | 821,478 | ||||||
2.5%, 1/1/52 Pool # SD7552 | 3,208,298 | 2,794,495 | ||||||
3.5%, 4/1/52 Pool # SD0960 | 1,188,166 | 1,106,206 | ||||||
3.5%, 5/1/52 Pool # QE2363 | 712,191 | 660,948 |
3.5%, 5/1/52 Pool # RA7380 | $ | 721,510 | $ | 671,605 | ||||
3%, 8/1/52 Pool # SD7556 | 1,627,606 | 1,470,176 | ||||||
5.5%, 11/1/52 Pool # SD8268 | 1,682,267 | 1,694,200 | ||||||
5.5%, 11/1/52 Pool # SD1859 | 970,532 | 985,368 | ||||||
4.5%, 12/1/52 Pool # SD1921 | 1,237,449 | 1,215,988 | ||||||
5%, 12/1/52 Pool # RA8278 | 1,467,100 | 1,458,864 | ||||||
5%, 2/1/53 Pool # SD2334 | 346,679 | 344,710 | ||||||
5.5%, 2/1/53 Pool # SD2172 | 592,907 | 601,123 | ||||||
21,553,768 | ||||||||
Ginnie Mae - 0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 3,217 | 3,298 | ||||||
6.5%, 4/20/31 Pool # 3068 | 1,663 | 1,736 | ||||||
4%, 4/15/39 Pool # 698089 | 11,320 | 11,130 | ||||||
16,164 | ||||||||
Total Mortgage Backed | ||||||||
Securities | ||||||||
( Cost $51,264,796 ) | 49,207,190 | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - 29.2% | ||||||||
U.S. Treasury Bonds - 9.5% | ||||||||
6.625%,, 2/15/27 | 2,000,000 | 2,207,344 | ||||||
5.375%, 2/15/31 | 1,250,000 | 1,411,914 | ||||||
4.500%, 5/15/38 | 1,250,000 | 1,391,064 | ||||||
2.250%, 5/15/41 | 4,250,000 | 3,385,557 | ||||||
3.750%, 8/15/41 | 4,500,000 | 4,504,570 | ||||||
3.000%, 5/15/45 | 1,000,000 | 873,047 | ||||||
3.000%, 5/15/47 | 750,000 | 652,851 | ||||||
3.375%, 11/15/48 | 500,000 | 467,617 | ||||||
1.250%, 5/15/50 | 3,000,000 | 1,746,680 | ||||||
1.875%, 2/15/51 | 3,010,000 | 2,057,382 | ||||||
18,698,026 | ||||||||
U.S. Treasury Notes - 19.7% | ||||||||
2.250%, 12/31/24 | 3,500,000 | 3,385,703 | ||||||
2.250%, 11/15/25 | 6,250,000 | 6,002,442 | ||||||
1.500%, 8/15/26 | 2,500,000 | 2,328,516 | ||||||
2.375%, 5/15/27 | 5,000,000 | 4,766,016 | ||||||
4.000%, 2/29/28 | 4,250,000 | 4,335,000 | ||||||
2.875%, 5/15/28 | 5,750,000 | 5,564,697 | ||||||
2.625%, 2/15/29 | 6,000,000 | 5,707,031 | ||||||
3.875%, 11/30/29 | 1,500,000 | 1,529,531 | ||||||
1.375%, 11/15/31 | 5,620,000 | 4,768,877 | ||||||
4.125%, 11/15/32 | 500,000 | 526,719 | ||||||
38,914,532 | ||||||||
Total U.S. Government and | �� | |||||||
Agency Obligations | ||||||||
(Cost $61,736,747) | 57,612,558 |
See accompanying Notes to Financial Statements.
20 |
Madison Funds | April 30, 2023
Core Bond Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
SHORT-TERM INVESTMENTS - 1.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (G), 4.76% | 392,391 | $ | 392,391 | |||||
State Street Navigator Securities | ||||||||
Lending Government Money Market | ||||||||
Portfolio, (G) (H), 4.84% | 1,960,018 | 1,960,018 | ||||||
Total Short-Term Investments | ||||||||
( Cost $2,352,409 ) | 2,352,409 | |||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
( Cost $212,378,299** ) | 196,964,237 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.1% | 119,418 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 197,083,655 |
** | Aggregate cost for Federal tax purposes was $212,504,459. |
(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, 2023. |
(C) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of April 30,2023. |
(D) | Floating rate or variable rate note. Rate shown is as of April 30, 2023. |
(E) | All or a portion of these securities, with an aggregate fair value of $1,930,006, 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 cost of security acquired on 12/17/19 is $500,000. The value is $441,329, representing 0.2% of net assets. |
(G) | 7-day yield. |
(H) | 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 Securities. |
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 |
USD | United States Dollar. |
Diyersified Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 65.2% | ||||||||
Communication Service - 2.2% | ||||||||
Comcast Corp., Class A | 82,800 | $ | 3,425,436 | |||||
Consumer Discretionary - 5.5% | ||||||||
Home Depot, Inc. | 11,550 | 3,471,237 | ||||||
Lowe's Cos., Inc. | 5,425 | 1,127,478 | ||||||
McDonald's Corp. | 7,300 | 2,158,975 | ||||||
Starbucks Corp. | 16,700 | 1,908,643 | ||||||
8,666,333 | ||||||||
Consumer Staples - 6.5% | ||||||||
Archer-Daniels-Midland Co. | 32,800 | 2,561,024 | ||||||
Coca-Cola Co. | 28,350 | 1,818,653 | ||||||
PepsiCo, Inc. | 9,825 | 1,875,494 | ||||||
Procter & Gamble Co. | 11,300 | 1,767,094 | ||||||
Target Corp. | 13,500 | 2,129,625 | ||||||
10,151,890 | ||||||||
Energy - 7.3% | ||||||||
Baker Hughes Co. | 98,800 | 2,888,912 | ||||||
Chevron Corp. | 21,600 | 3,641,328 | ||||||
EOG Resources, Inc. | 19,950 | 2,383,426 | ||||||
Kinder Morgan, Inc. | 148,500 | 2,546,775 | ||||||
11,460,441 | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.7% | ||||||||
American Tower Corp., REIT | 13,275 | 2,713,277 |
Financials - 13.0% | ||||||||
Aflac, Inc. | 28,200 | $ | 1,969,770 | |||||
BlackRock, Inc. | 4,460 | 2,993,552 | ||||||
CME Group, Inc. | 18,450 | 3,427,457 | ||||||
JPMorgan Chase & Co. | 15,800 | 2,184,192 | ||||||
Morgan Stanley | 38,250 | 3,441,352 | ||||||
Northern Trust Corp. | 17,925 | 1,401,018 | ||||||
Travelers Cos., Inc. | 13,800 | 2,499,732 | ||||||
U.S. Bancorp | 70,900 | 2,430,452 | ||||||
20,347,525 | ||||||||
Health Care - 7.7% | ||||||||
Bristol-Myers Squibb Co. | 31,600 | 2,109,932 | ||||||
Johnson & Johnson | 22,350 | 3,658,695 | ||||||
Medtronic PLC | 45,550 | 4,142,772 | ||||||
Pfizer, Inc. | 52,700 | 2,049,503 | ||||||
11,960,902 | ||||||||
Industrials - 11.1% | ||||||||
Automatic Data Processing, Inc. | 6,000 | 1,320,000 | ||||||
Caterpillar, Inc. | 13,850 | 3,030,380 | ||||||
Emerson Electric Co. | 18,600 | 1,548,636 | ||||||
Fastenal Co. | 63,600 | 3,424,224 | ||||||
Honeywell International, Inc. | 14,150 | 2,827,736 | ||||||
PACCAR, Inc. | 19,675 | 1,469,526 | ||||||
Paychex, Inc. | 9,600 | 1,054,656 | ||||||
Union Pacific Corp. | 7,950 | 1,555,815 | ||||||
United Parcel Service, Inc., Class B | 6,700 | 1,204,727 | ||||||
17,435,700 |
Information Technology - 5.0% | ||||||||
Analog Devices, Inc. | 7,125 | $ | $ | 1,281,645 | ||||
Cisco Systems, Inc. | 78,600 | 3,713,850 | ||||||
Texas Instruments, Inc. | 16,500 | 2,758,800 | ||||||
7,754,295 | ||||||||
Materials - 3.0% | ||||||||
Air Products & Chemicals, Inc. | 10,950 | 3,223,242 | ||||||
Newmont Corp. | 31,600 | 1,497,840 | ||||||
4,721,082 | ||||||||
Utilities - 2.2% | ||||||||
NextEra Energy, Inc. | 44,200 | 3,387,046 | ||||||
Total Common Stocks | ||||||||
( Cost $79,351,750 ) | 102,023,927 |
Par Value | ||||||||
ASSET BACKED SECURITIES - 1.1% | ||||||||
CCG Receivables Trust, Series 2020-1, | ||||||||
Class A2 (A), 0.54%, 12/14/27 | $ | 50,933 | 50,154 | |||||
Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32 | 29,182 | 28,974 | ||||||
Chesapeake Funding II LLC, Series 2023-1A, Class A1 (A), 5.65%, 5/15/35 | 200,000 | 200,275 | ||||||
CNH Equipment Trust, Series 2023-A, Class A3, 4.81%, 8/15/28 | 250,000 | 251,064 | ||||||
Dell Equipment Finance Trust, Series 2021-1, Class A3 (A), 0.43%, 5/22/26 | 78,821 | 77,821 | ||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 62,474 | 60,761 |
See accompanying Notes to Financial Statements.
21 |
Madison Funds | April 30, 2023
Diversified Income Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.51%, 1/22/29 | $ | 250,000 | $ | 250,803 | ||||
Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.76%, 10/22/29 | 150,000 | 150,901 | ||||||
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 81,086 | 78,114 | ||||||
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 97,192 | 91,927 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | 75,325 | 73,313 | ||||||
LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 149,397 | 148,296 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 150,000 | 141,154 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 91,667 | 91,600 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 90,675 | 90,504 | ||||||
Total Asset Backed Securities | ||||||||
( Cost $1,813,061 ) | 1,785,661 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.5% | ||||||||
CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51 | 140,631 | 123,895 | ||||||
Federal Home Loan Mortgage Corp. REMICS, Series 3187, Class Z, 5%, 7/15/36 | 92,479 | 93,281 | ||||||
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 5.565%, 10/25/33 | 77,923 | 77,440 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C), 5.815%, 12/25/41 | 118,805 | 117,917 | ||||||
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 66,699 | 64,811 | ||||||
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 95,241 | 93,834 | ||||||
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 34,432 | 35,580 | ||||||
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 779,754 | 123,604 | ||||||
Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 12,757 | 12,584 | ||||||
Flagstar Mortgage Trust, Series 2021- 9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41 | 81,216 | 71,012 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51 | 163,847 | 134,879 | ||||||
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | 28,543 | 25,940 |
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51 | $ | 192,618 | $ | 157,842 | ||||
JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51 | 110,840 | 90,936 | ||||||
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51 | 264,123 | 233,044 | ||||||
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50 | 56,810 | 48,026 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | 1,277 | 1,252 | ||||||
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51 | 298,525 | 263,056 | ||||||
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51 | 175,254 | 152,491 | ||||||
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52 | 180,619 | 156,708 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43 | 137,609 | 122,050 | ||||||
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63 | 74,837 | 69,847 | ||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49 | 21,467 | 20,646 | ||||||
Total Collateralized Mortgage Obligations | ||||||||
( Cost $2,549,148 ) | 2,290,675 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9% | ||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 133,943 | 129,946 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 600,000 | 575,622 | ||||||
Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.205%, 11/25/27 | 213,679 | 204,646 | ||||||
Federal National Mortgage Association-Aces, Series 2022-M1, Class A2 (B) (C), 1.725%, 10/25/31 | 250,000 | 204,321 | ||||||
FREMF Mortgage Trust, Series 2015- K44, Class B (A) (B) (C), 3.846%, 1/25/48 | 240,000 | 232,388 | ||||||
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | 534,000 | - | ||||||
Total Commercial Mortgage- Backed Securities | ||||||||
( Cost $1,404,925 ) | 1,346,923 | |||||||
CORPORATE NOTES AND BONDS - 8.8% | ||||||||
Communication Services - 0.8% | ||||||||
AT&T, Inc., 2.25%, 2/1/32 | 125,000 | 102,042 | ||||||
AT&T, Inc., 4.75%, 5/15/46 | 200,000 | 179,257 | ||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.908%, 7/23/25 | 200,000 | 197,978 |
Discovery Communications LLC, 5%, 9/20/37 | $ | 125,000 | $ | 109,234 | ||||
eBay, Inc., 1.9%, 3/11/25 | 50,000 | 47,268 | ||||||
eBay, Inc., (D), 2.6%, 5/10/31 | 250,000 | 212,686 | ||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 200,000 | 175,531 | ||||||
Meta Platforms, Inc., 3.85%, 8/15/32 | 100,000 | 94,235 | ||||||
T-Mobile USA, Inc., 0%, 0/0/0 | 100,000 | 93,797 | ||||||
1,212,028 | ||||||||
Consumer Discretionary - 0.8% | ||||||||
7-Eleven, Inc. (A), 1.8%, 2/10/31 | 100,000 | 80,030 | ||||||
General Motors Financial Co., Inc., 5.85%, 4/6/30 | 50,000 | 49,907 | ||||||
Hilton Domestic Operating Co., Inc. (A) (D), 5.375%, 5/1/25 | 100,000 | 99,703 | ||||||
Home Depot, Inc., 3.35%, 4/15/50 | 100,000 | 77,812 | ||||||
Lowe's Cos., Inc., 3%, 10/15/50 | 250,000 | 166,906 | ||||||
Lowe's Cos., Inc., 4.25%, 4/1/52 | 125,000 | 103,318 | ||||||
McDonald's Corp., 4.875%, 12/9/45 | 300,000 | 289,960 | ||||||
Southwest Airlines Co., 5.25%, 5/4/25 | 50,000 | 50,093 | ||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 200,000 | 201,261 | ||||||
Tractor Supply Co., 1.75%, 11/1/30 | 125,000 | 100,146 | ||||||
1,219,136 | ||||||||
Consumer Staples - 0.5% | ||||||||
Conagra Brands, Inc., 0.5%, 8/11/23 | 150,000 | 147,951 | ||||||
GE HealthCare Technologies, Inc. (A), 6.377%, 11/22/52 | 100,000 | 112,367 | ||||||
Hormel Foods Corp., 1.8%, 6/11/30 | 100,000 | 84,316 | ||||||
Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 75,000 | 59,632 | ||||||
Mars, Inc. (A), 2.375%, 7/16/40 | 250,000 | 177,730 | ||||||
Mars, Inc. (A), 3.95%, 4/1/49 | 200,000 | 171,242 | ||||||
Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 50,000 | 49,006 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 42,000 | 44,867 | ||||||
847,111 | ||||||||
Energy - 1.5% | ||||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 129,000 | 120,343 | ||||||
Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 150,000 | 136,164 | ||||||
Energy Transfer LP, 5.25%, 4/15/29 | 75,000 | 75,097 | ||||||
Enterprise Products Operating LLC, 5.35%, 1/31/33 | 125,000 | 129,940 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 125,000 | 112,316 | ||||||
Kinder Morgan, Inc., 5.55%, 6/1/45 | 200,000 | 188,392 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 100,000 | 99,313 | ||||||
MPLX LP, 4.8%, 2/15/29 | 150,000 | 148,757 | ||||||
MPLX LP, 2.65%, 8/15/30 | 100,000 | 85,313 | ||||||
Phillips 66, 2.15%, 12/15/30 | 200,000 | 166,657 | ||||||
Phillips 66, 4.65%, 11/15/34 | 150,000 | 144,874 | ||||||
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | 292,000 | 282,364 |
See accompanying Notes to Financial Statements.
22 |
Madison Funds | April 30, 2023
Diversified Income Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Valero Energy Corp., 6.625%, 6/15/37 | $ | 250,000 | $ | 273,797 | ||||
Valero Energy Corp., 4%, 6/1/52 | 50,000 | 38,389 | ||||||
Valero Energy Partners LP 4.5%, 3/15/28 | 300,000 | 296,053 | ||||||
2,297,769 | ||||||||
Financials - 3.0% | ||||||||
Air Lease Corp., 1.875%, 8/15/26 | 100,000 | 88,752 | ||||||
Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 | 200,000 | 189,994 | ||||||
Bank of America Corp., Series N, (SOFR + 0.910%) (C), 1.658%, 3/11/27 | 200,000 | 180,502 | ||||||
Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37 | 150,000 | 129,558 | ||||||
Belrose Funding Trust (A), 2.33%, 8/15/30 | 100,000 | 74,652 | ||||||
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 100,000 | 85,174 | ||||||
BlackRock, Inc., 2.1%, 2/25/32 | 150,000 | 125,439 | ||||||
Capital One Financial Corp., (SOFR + 2.057%) (C), 4.927%, 5/10/28 | 125,000 | 121,312 | ||||||
Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30 | 100,000 | 86,577 | ||||||
Cboe Global Markets, Inc., 3.65%, 1/12/27 | 130,000 | 126,593 | ||||||
Citigroup, Inc., (SOFR + 2.086%) (C), 4.91%, 5/24/33 | 75,000 | 73,405 | ||||||
Empower Finance 2020 LP (A) (D), 3.075%, 9/17/51 | 100,000 | 66,603 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 125,000 | 110,634 | ||||||
Fifth Third Bancorp, (SOFR + 1.660%) (C), 4.337%, 4/25/33 | 125,000 | 112,550 | ||||||
GLP Capital LP/GLP Financing II, Inc. (D), 3.25%, 1/15/32 | 100,000 | 82,063 | ||||||
Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26 | 100,000 | 91,396 | ||||||
Goldman Sachs Group, Inc., (SOFR+ 0.913%) (C), 1.948%, 10/21/27 | 200,000 | 178,850 | ||||||
Healthpeak OP LLC, 3.25%, 7/15/26 | 50,000 | 47,321 | ||||||
Huntington Bancshares, Inc., (5 year CMT + 1.170%) (C), 2.487%, 8/15/36 | 200,000 | 142,765 | ||||||
Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 125,000 | 100,558 | ||||||
JPMorgan Chase &, 2/4/27 | 200,000 | 179,247 | ||||||
KKR Group Finance Co. VIII LLC (A), 3.5%>, 8/25/50 | 125,000 | 85,384 | ||||||
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 25,000 | 17,619 | ||||||
Morgan Stanley, 3.875%, 1/27/26 | 100,000 | 97,513 | ||||||
Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32 | 100,000 | 79,421 | ||||||
Morgan Stanley, (5 year CMT + 2.430%) (C), 5.948%), 1/19/38 | 100,000 | 100,365 | ||||||
Nasdaq, Inc., 1.65%, 1/15/31 | 175,000 | 139,132 |
Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | $ | 100,000 | $ | 79,283 | ||||
PNC Financial Services Group, Inc.,3.45%, 4/23/29 | 300,000 | 276,781 | ||||||
Public Storage, 1.85%, 5/1/28 | 100,000 | 88,697 | ||||||
Realty Income Corp., 4.85%, 3/15/30 | 100,000 | 99,344 | ||||||
Regions Financial Corp., 1.8%, 8/12/28 | 125,000 | 103,733 | ||||||
Synchrony Financial, 3.7%, 8/4/26 | 150,000 | 134,069 | ||||||
Synchrony Financial, 7.25%, 2/2/33 | 50,000 | 45,930 | ||||||
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 100,000 | 71,341 | ||||||
Truist Bank, 2.25%, 3/11/30 | 50,000 | 41,034 | ||||||
Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27 | 200,000 | 177,037 | ||||||
Truist Financial Corp., (SOFR + 1.852%) (C), 5.122%, 1/26/34 | 100,000 | 96,795 | ||||||
U.S. Bancorp, (SOFR+1.600%) (C), 4.839%, 2/1/34 | 75,000 | 71,701 | ||||||
Wells Fargo & Co., (SOFR+2.100%) (C), 2.393%, 6/2/28 | 100,000 | 90,008 | ||||||
Wells Fargo & Co., (SOFR+2.020%) (C), 5.389%, 4/24/34 | 150,000 | 152,150 | ||||||
Welltower OP LLC, 2.05%, 1/15/29 | 100,000 | 84,124 | ||||||
Weyerhaeuser Co., 3.375%, 3/9/33 | 150,000 | 132,750 | ||||||
4,658,156 | ||||||||
Health Care - 0.5% | ||||||||
Amgen, Inc., 5.65%, 3/2/53 | 100,000 | 103,519 | ||||||
Block, Inc., 2.75%, 6/1/26 | 100,000 | 90,526 | ||||||
Centene Corp., 2.45%, 7/15/28 | 150,000 | 130,378 | ||||||
Cigna Group, 4.375%, 10/15/28 | 50,000 | 49,553 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 250,000 | 236,256 | ||||||
Gartner, Inc. (A) (D), 4.5%, 7/1/28 | 100,000 | 93,962 | ||||||
Health Care Service Corp. (A), 2.2%, 6/1/30 | 50,000 | 41,916 | ||||||
UnitedHealth Group, Inc., 3.7%, 8/15/49 | 50,000 | 41,079 | ||||||
Zoetis, Inc., 3%, 5/15/50 | 100,000 | 72,010 | ||||||
859,199 | ||||||||
Industrials - 0.7% | ||||||||
Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 125,000 | 99,320 | ||||||
Boeing Co., 2.196%, 2/4/26 | 100,000 | 92,812 | ||||||
Boeing Co., 5.805%, 5/1/50 | 50,000 | 49,848 | ||||||
Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 200,000 | 141,988 | ||||||
Quanta Services, Inc., 2.9%, 10/1/30 | 150,000 | 129,994 | ||||||
TD SYNNEX Corp., 2.65%, 8/9/31 | 50,000 | 39,212 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 100,000 | 84,686 | ||||||
TransDigm, Inc. (A), 6.25%, 3/15/26 | 75,000 | 75,420 | ||||||
United Rentals North America, Inc., 5.5%, 5/15/27 | 200,000 | 198,718 |
Vulcan Materials Co., 3.5%, 6/1/30 | $ | 100,000 | $ | 91,633 | ||||
WRKCo, Inc., 3.9%, 6/1/28 | 125,000 | 119,619 | ||||||
1,123,250 | ||||||||
Information Technology - 0.5% | ||||||||
Broadcom, Inc. (A), 3.187%, 11/15/36 | 10,000 | 7,595 | ||||||
Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 19,000 | 23,392 | ||||||
Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 150,000 | 98,565 | ||||||
HP, Inc., 2.65%, 6/17/31 | 200,000 | 162,847 | ||||||
Intel Corp., 3.734%, 12/8/47 | 272,000 | 214,561 | ||||||
Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 50,000 | 43,470 | ||||||
Oracle Corp., 3.95%, 3/25/51 | 150,000 | 113,173 | ||||||
Salesforce, Inc., 2.9%, 7/15/51 | 100,000 | 71,009 | ||||||
734,612 | ||||||||
Materials - 0.2% | ||||||||
Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 100,000 | 101,067 | ||||||
International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27 | 250,000 | 212,577 | ||||||
313,644 | ||||||||
Utilities - 0.3% | ||||||||
AES Corp., 1.375%, 1/15/26 | 150,000 | 135,822 | ||||||
Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 125,000 | 101,087 | ||||||
Florida Power & Light Co., 2.875%, 12/4/51 | 150,000 | 106,870 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 100,000 | 74,336 | ||||||
PECO Energy Co., 3.05%, 3/15/51 | 193,000 | 137,863 | ||||||
555,978 | ||||||||
Total Corporate Notes and Bonds | ||||||||
( Cost $15,594,911 ) | 13,820,883 | |||||||
FOREIGN CORPORATE BONDS - 0.8% | ||||||||
Financials - 0.6% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 150,000 | 134,450 | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 150,000 | 144,405 | ||||||
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 150,000 | 133,213 | ||||||
Bank of Montreal, Series E, 3.3%, 2/5/24 | 110,000 | 108,202 | ||||||
Bank of Montreal, 5.203%, 2/1/28 | 100,000 | 101,501 | ||||||
Royal Bank of Canada, 4.9%, 1/12/28 | 100,000 | 100,486 | ||||||
Toronto-Dominion Bank, 5.156%, 1/10/28 | 100,000 | 100,965 | ||||||
Toronto-Dominion Bank, 4.456%, 6/8/32 | 100,000 | 96,293 | ||||||
919,515 |
See accompanying Notes to Financial Statements.
23 |
Madison Funds | April 30, 2023
Diversified Income Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
Health Care - 0.2% | ||||||||
Royalty Pharma PLC, 2.2%, 9/2/30 | $ | 175,000 | $ | 143,269 | ||||
Royalty Pharma PLC, 3.55%, 9/2/50 | 250,000 | 171,131 | ||||||
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | 150,000 | 111,775 | ||||||
426,175 | ||||||||
Total Foreign Corporate Bonds | ||||||||
( Cost $1,516,431 ) | 1,345,690 | |||||||
LONG TERM MUNICIPAL BONDS - 0.4% | ||||||||
Hillsboro School District No 1J, General Obligation, 4.355%, 6/30/34 | 200,000 | 195,292 | ||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325,000 | 349,221 | ||||||
University of Massachusetts Building Authority Revenue, Series B, 6.573%, 5/1/39 | 35,000 | 35,042 | ||||||
Total Long Term Municipal Bonds | ||||||||
( Cost $627,419 ) | 579,555 | |||||||
MORTGAGE BACKED SECURITIES - 9.5% | ||||||||
Fannie Mae - 5.8% | ||||||||
3%, 9/1/30 Pool # 890696 | 60,358 | 57,851 | ||||||
3%, 12/1/30 Pool # AL8924 | 95,261 | 91,316 | ||||||
7%, 11/1/31 Pool # 607515 | 3,667 | 3,725 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 156,787 | 154,059 | ||||||
7%, 5/1/32 Pool # 644591 | 614 | 615 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 42,607 | 41,452 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 36,660 | 35,667 | ||||||
5.5%, 10/1/33 Pool # 254904 | 19,082 | 19,747 | ||||||
4%, 2/1/35 Pool # MA2177 | 107,445 | 104,711 | ||||||
5%, 8/1/35 Pool # 829670 | 15,286 | 15,432 | ||||||
5%, 9/1/35 Pool # 820347 | 23,991 | 24,439 | ||||||
5%, 9/1/35 Pool # 835699 | 17,594 | 17,733 | ||||||
3%, 12/1/35 Pool # AS6267 | 80,485 | 75,369 | ||||||
5%, 12/1/35 Pool # 850561 | 6,169 | 6,258 | ||||||
4%, 6/1/36 Pool # AL8618 | 76,620 | 74,669 | ||||||
2.5%, 9/1/36 Pool # FS4049 | 243,863 | 226,849 | ||||||
5.5%, 9/1/36 Pool # 831820 | 34,186 | 34,936 | ||||||
5.5%, 10/1/36 Pool # 901723 | 4,324 | 4,356 | ||||||
5.5%, 12/1/36 Pool # 903059 | 32,224 | 32,764 | ||||||
4.5%, 5/1/38 Pool # MA5013 | 700,000 | 694,973 | ||||||
3%, 11/1/39 Pool # MA3831 | 51,649 | 47,978 | ||||||
2.5%, 5/1/41 Pool # MA4334 | 206,547 | 183,992 | ||||||
4.5%, 7/1/41 Pool # AB3274 | 57,958 | 58,053 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 57,202 | 59,202 | ||||||
2.5%, 3/1/42 Pool # CB3076 | 233,788 | 206,247 | ||||||
2.5%, 3/1/42 Pool # MA4571 | 229,601 | 202,982 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 103,286 | 98,415 | ||||||
4%, 6/1/42 Pool # MA1087 | 61,963 | 60,535 |
3.5%, 8/1/42 Pool # AO8100 | $ | 33,546 | $ | 31,964 | ||||
3.5%, 8/1/42 Pool # AP2133 | 63,227 | 60,246 | ||||||
4%, 10/1/42 Pool # AP7363 | 121,198 | 118,405 | ||||||
3%, 2/1/43 Pool # AB8486 | 103,499 | 95,110 | ||||||
3%, 2/1/43 Pool # AB8563 | 68,457 | 62,907 | ||||||
3%, 2/1/43 Pool # AL3072 | 128,905 | 118,457 | ||||||
3%, 3/1/43 Pool # AB8818 | 100,715 | 92,551 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 59,463 | 56,658 | ||||||
4%, 1/1/45 Pool # MA2145 | 106,637 | 103,782 | ||||||
4%, 1/1/45 Pool # AS4257 | 34,029 | 33,119 | ||||||
4.5%, 2/1/45 Pool # MA2193 | 54,034 | 53,468 | ||||||
3.5%, 12/1/45 Pool # AS6309 | 51,085 | 48,169 | ||||||
3%, 1/1/47 Pool # BE0108 | 114,626 | 105,075 | ||||||
2.5%, 12/1/47 Pool # FM3165 | 234,375 | 206,008 | ||||||
3.5%, 12/1/47 Pool # MA3210 | 108,732 | 102,591 | ||||||
4%, 7/1/48 Pool # MA3415 | 28,054 | 27,199 | ||||||
3%, 8/1/48 Pool # FS0517 | 207,851 | 190,493 | ||||||
3%, 1/1/49 Pool # FS4296 | 247,730 | 227,668 | ||||||
4%, 11/1/50 Pool # FM5530 | 204,566 | 196,991 | ||||||
2%, 1/1/52 Pool # CB2601 | 1,004,332 | 841,669 | ||||||
2.5%, 3/1/52 Pool # BV4133 | 187,771 | 162,336 | ||||||
3%, 3/1/52 Pool # CB3115 | 282,559 | 255,010 | ||||||
2.5%, 4/1/52 Pool # FS4138 | 396,962 | 344,513 | ||||||
3.5%, 5/1/52 Pool # FS1866 | 240,838 | 223,966 | ||||||
4%, 5/1/52 Pool # CB3627 | 486,785 | 464,873 | ||||||
4%, 5/1/52 Pool # CB3678 | 241,315 | 230,472 | ||||||
4%, 5/1/52 Pool # FS1704 | 139,129 | 134,028 | ||||||
4%, 5/1/52 Pool # FS1818 | 242,425 | 231,682 | ||||||
3.5%, 6/1/52 Pool # CB3845 | 239,006 | 222,475 | ||||||
4.5%, 8/1/52 Pool # CB4383 | 243,551 | 238,903 | ||||||
4.5%, 8/1/52 Pool # FS2605 | 247,393 | 241,499 | ||||||
5%, 10/1/52 Pool # MA4785 | 240,241 | 238,524 | ||||||
5.5%, 10/1/52 Pool # MA4786 | 187,960 | 189,293 | ||||||
5%, 11/1/52 Pool # MA4806 | 484,929 | 481,458 | ||||||
9,065,887 | ||||||||
Freddie Mac - 3.7% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 3,261 | 3,262 | ||||||
4.5%, 5/1/25 Pool # J12247 | 3,017 | 3,015 | ||||||
8%, 6/1/30 Pool # C01005 | 501 | 530 | ||||||
6.5%, 1/1/32 Pool # C62333 | 12,815 | 13,231 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 142,610 | 134,120 | ||||||
2.5%, 6/1/35 Pool # RC1421 | 109,296 | 101,253 | ||||||
2%, 1/1/36 Pool # SB0546 | 438,647 | 396,101 | ||||||
4.5%, 8/1/39 Pool # G08361 | 79,637 | 79,852 | ||||||
3.5%, 11/1/40 Pool # G06168 | 77,351 | 73,798 | ||||||
2%, 3/1/41 Pool # RB5105 | 396,442 | 340,914 | ||||||
2.5%, 6/1/41 Pool # SC0151 | 203,409 | 181,194 | ||||||
4.5%, 9/1/41 Pool # Q03516 | 47,440 | 47,445 | ||||||
4%, 10/1/41 Pool # Q04092 | 67,583 | 66,095 |
3%, 8/1/42 Pool # G08502 | $ | 69,148 | $ | 63,613 | ||||
3%, 9/1/42 Pool # C04233 | 45,918 | 42,243 | ||||||
3%, 4/1/43 Pool # V80025 | 127,028 | 116,858 | ||||||
3%, 4/1/43 Pool # V80026 | 125,489 | 115,442 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 157,022 | 148,799 | ||||||
3%, 7/1/45 Pool # G08653 | 98,926 | 91,002 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 110,552 | 104,455 | ||||||
3%, 10/1/46 Pool # G60722 | 106,294 | 97,477 | ||||||
4%, 3/1/47 Pool # Q46801 | 39,673 | 38,607 | ||||||
3.5%, 12/1/47 Pool # Q52955 | 141,737 | 133,610 | ||||||
2.5%, 4/1/48 Pool # QA2240 | 185,077 | 162,488 | ||||||
3%, 7/1/49 Pool # QA1033 | 110,865 | 100,247 | ||||||
2.5%, 1/1/52 Pool # SD7552 | 916,657 | 798,427 | ||||||
3.5%, 4/1/52 Pool # SD0960 | 475,267 | 442,483 | ||||||
3.5%, 5/1/52 Pool # RA7380 | 240,503 | 223,868 | ||||||
3.5%, 5/1/52 Pool # QE2363 | 237,397 | 220,316 | ||||||
3%, 8/1/52 Pool # SD7556 | 406,901 | 367,544 | ||||||
5.5%, 11/1/52 Pool # SD8268 | 240,324 | 242,029 | ||||||
5.5%, 11/1/52 Pool # SD1859 | 145,580 | 147,805 | ||||||
5%, 12/1/52 Pool # RA8278 | 244,517 | 243,144 | ||||||
5%, 2/1/53 Pool # SD2334 | 247,628 | 246,222 | ||||||
5.5%, 2/1/53 Pool # SD2172 | 197,636 | 200,374 | ||||||
5,787,863 | ||||||||
Ginnie Mae - 0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 4,503 | 4,617 | ||||||
6.5%, 4/20/31 Pool # 3068 | 2,771 | 2,893 | ||||||
7,510 | ||||||||
Total Mortgage Backed | ||||||||
Securities ( Cost $15,486,169 ) | 14,861,260 | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - 9.9% | ||||||||
U.S. Treasury Bonds - 2.9% | ||||||||
6.625%, 2/15/27 | 700,000 | 772,570 | ||||||
2.250%, 5/15/41 | 1,500,000 | 1,194,902 | ||||||
3.750%, 8/15/41 | 400,000 | 400,406 | ||||||
3.000%, 5/15/42 | 400,000 | 356,563 | ||||||
2.500%, 2/15/45 | 500,000 | 400,254 | ||||||
2.500%, 5/15/46 | 200,000 | 159,047 | ||||||
3.000%, 2/15/48 | 250,000 | 217,940 | ||||||
1.250%, 5/15/50 | 1,250,000 | 727,783 | ||||||
1.875%, 2/15/51 | 500,000 | 341,758 | ||||||
4,571,223 | ||||||||
U.S. Treasury Notes - 7.0% | ||||||||
2.000%, 8/15/25 | 1,000,000 | 957,070 | ||||||
2.250%, 11/15/25 | 1,500,000 | 1,440,586 | ||||||
3.875%, 1/15/26 | 750,000 | 750,410 | ||||||
1.500%, 8/15/26 | 1,000,000 | 931,406 | ||||||
2.375%, 5/15/27 | 200,000 | 190,641 |
See accompanying Notes to Financial Statements.
24 |
Madison Funds | April 30, 2023
Diversified Income Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2,3) | |||||||
4.000%, 2/29/28 | $ | 2,000,000 | $ | 2,040,000 | ||||
2.875%, 5/15/28 | 1,500,000 | 1,451,660 | ||||||
2.625%, 2/15/29 | 1,000,000 | 951,172 | ||||||
3.875%, 11/30/29 | 1,250,000 | 1,274,610 | ||||||
1.375%, 11/15/31 | 1,100,000 | 933,410 | ||||||
10,920,965 | ||||||||
Total U.S. Government and | ||||||||
Agency Obligations ( Cost $16,920,497 ) | 15,492,188 |
Shares | ||||||||
SHORT-TERM INVESTMENTS - 2.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (E), 4.76% | 2,579,877 | 2,579,877 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, (E) (F), 4.84% | 517,968 | 517,968 | ||||||
Total Short-Term Investments | ||||||||
( Cost $3,097,845 ) | 3,097,845 |
Value (Note 2,3) | ||||
TOTAL INVESTMENTS - 100.1% ( Cost $138,362,156** ) | $ | 156,644,607 | ||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (152,916 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 156,491,691 |
** | Aggregate cost for Federal tax purposes was $138,699,157. |
(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 as of April 30, 2023. |
(C) | Floating rate or variable rate note. Rate shown is as of April 30, 2023. |
(D) | All or a portion of these securities, with an aggregate fair value of $509,305, 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 Securities. |
IO | Interest Only. |
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. |
SOFR 30 A | 30-day SOFR Average. |
STACR | Structured Agency Credit Risk |
USD | United States Dollar. |
See accompanying Notes to Financial Statements.
25 |
Madison Funds | April 30, 2023
Covered Call & Equity Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 75.0% | ||||||||
Communication Services - 5.8% | ||||||||
Alphabet, Inc., Class C * (A) | 32,500 | $ | 3,517,150 | |||||
Comcast Corp., Class A (A) | 60,000 | 2,482,200 | ||||||
Lumen Technologies, Inc. | 189,000 | 447,930 | ||||||
T-Mobile U.S., Inc. * (A) | 41,400 | 5,957,460 | ||||||
12,404,740 | ||||||||
Consumer Discretionary - 9.0°% | ||||||||
Amazon.com, Inc. * (A) | 48,300 | 5,093,235 | ||||||
Las Vegas Sands Corp. * (A) | 116,000 | 7,406,600 | ||||||
Lowe's Cos., Inc. (A) | 20,000 | 4,156,600 | ||||||
Nordstrom, Inc. | 168,000 | 2,597,280 | ||||||
19,253,715 | ||||||||
Consumer Staples - 7.1% | ||||||||
Archer-Daniels-Midland Co. (A) | 56,000 | 4,372,480 | ||||||
Constellation Brands, Inc., Class A (A) | 18,500 | 4,245,195 | ||||||
Keurig Dr Pepper, Inc. (A) | 85,000 | 2,779,500 | ||||||
Target Corp. (A) | 24,000 | 3,786,000 | ||||||
15,183,175 | ||||||||
Energy - 12.8% | ||||||||
APA Corp. | 145,300 | 5,354,305 | ||||||
Baker Hughes Co. | 178,000 | 5,204,720 | ||||||
Diamondback Energy, Inc. (A) | 25,000 | 3,555,000 | ||||||
EOG Resources, Inc. | 32,000 | 3,823,040 | ||||||
EQT Corp. (A) | 96,000 | 3,344,640 | ||||||
Transocean Ltd. * | 1,050,000 | 6,195,000 | ||||||
27,476,705 | ||||||||
Equity Real Estate Investment Trusts (REITs) - 2.5% | ||||||||
American Tower Corp., REIT (A) | 26,700 | 5,457,213 | ||||||
Financials - 8.9% | ||||||||
BlackRock, Inc. (A) | 6,200 | 4,161,440 |
CME Group, Inc. (A) | 29,100 | $ | 5,405,907 | |||||
JPMorgan Chase & Co. (A) | 35,000 | 4,838,400 | ||||||
PayPal Holdings, Inc. * (A) | 62,000 | 4,712,000 | ||||||
19,117,747 | ||||||||
Health Care - 11.0% | ||||||||
AmerisourceBergen Corp. (A) | 28,000 | 4,671,800 | ||||||
CVS Health Corp. (A) | 54,300 | 3,980,733 | ||||||
Danaher Corp. (A) | 23,000 | 5,448,930 | ||||||
Elevance Health, Inc. (A) | 7,000 | 3,280,550 | ||||||
Medtronic PLC (A) | 69,100 | 6,284,645 | ||||||
23,666,658 | ||||||||
Industrials - 3.9% | ||||||||
3M Co. | 7,000 | 743,540 | ||||||
Fastenal Co. (A) | 53,000 | 2,853,520 | ||||||
Jacobs Solutions, Inc. (A) | 22,000 | 2,540,120 | ||||||
United Parcel Service, Inc., Class B (A) | 12,000 | 2,157,720 | ||||||
8,294,900 | ||||||||
Information Technology - 5.1% | ||||||||
Adobe, Inc. * (A) | 15,200 | 5,738,912 | ||||||
Ciena Corp. * (A) | 111,500 | 5,133,460 | ||||||
10,872,372 | ||||||||
Materials - 4.2% | ||||||||
Barrick Gold Corp. (A) | 258,000 | 4,912,320 | ||||||
Newmont Corp. (A) | 89,000 | 4,218,600 | ||||||
9,130,920 | ||||||||
Utilities - 4.7% | ||||||||
AES Corp. (A) | 216,000 | 5,110,560 | ||||||
NextEra Energy, Inc. (A) | 65,000 | 4,980,950 | ||||||
10,091,510 | ||||||||
Total Common Stocks | ||||||||
( Cost $173,828,973 ) | 160,949,655 |
EXCHANGE TRADED FUNDS - 1.6% | ||||||||
Stock Funds - 1.6% | ||||||||
VanEck Gold Miners ETF (A) | 100,000 | $ | 3,358,000 | |||||
Total Exchange Traded Funds | ||||||||
( Cost $3,162,781 ) | 3,358,000 | |||||||
SHORT-TERM INVESTMENTS - 25.0% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, Premier Class, (B), 4.76% | 53,662,073 | 53,662,073 | ||||||
Total Short-Term Investments | ||||||||
( Cost $53,662,073 ) | 53,662,073 | |||||||
TOTAL PUT OPTIONS PURCHASED - 0.2% (Cost 1,335,185) | 528,900 | |||||||
TOTAL INVESTMENTS - 101.8% ( Cost $231,989,012** ) | 218,498,628 | |||||||
TOTAL CALL & PUT OPTIONS WRITTEN - (1.5%) | (3,261,090 | ) | ||||||
NET OTHER ASSETS AND LIABILITIES - (0.3%) | (580,196 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 214,657,342 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $232,070,651. |
(A) | All or a portion of these securities' positions, with a value of $139,941.840, 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, 2023
Description | | Exercise Price | | | Expiration Date | | Number of Contracts | | | Notional Amount | | | Market Value | | | Premiums Paid (Received) | | | Unrealized Appreciation (Depreciation) | | ||||||
Put Options Purchased | ||||||||||||||||||||||||||
S&P 500 Index | $ | 4,000.00 | 5/19/23 | 410 | $ | 164,000,000 | $ | 528,900 | $ | 1,335,185 | $ | (806,285 | ) | |||||||||||||
Total Put Options Purchased | $ | 528,900 | $ | 1,335,185 | $ | (806,285 | ) |
Written Option Contracts Outstanding at April 30, 2023
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Call Options Written | ||||||||||||||||||||||||||
Adobe, Inc. | $ | 400.00 | 5/19/23 | (105 | ) | $ | (4,200,000 | ) | $ | (18,847 | ) | $ | (66,214 | ) | $ | 47,367 | ||||||||||
Adobe, Inc. | 405.00 | 6/16/23 | (47 | ) | (1,903,500 | ) | (31,020 | ) | (35,436 | ) | 4,416 | |||||||||||||||
AES Corp. | 26.00 | 5/19/23 | (1,080 | ) | (2,808,000 | ) | (16,200 | ) | (63,699 | ) | 47,499 | |||||||||||||||
AES Corp. | 30.00 | 5/19/23 | (820 | ) | (2,460,000 | ) | — | (44,260 | ) | 44,260 | ||||||||||||||||
Alphabet, Inc, Class C. | 105.00 | 5/19/23 | (325 | ) | (3,412,500 | ) | (161,688 | ) | (64,977 | ) | (96,711 | ) | ||||||||||||||
Amazon.com, Inc. | 110.00 | 5/19/23 | (483 | ) | (5,313,000 | ) | (72,209 | ) | (138,606 | ) | 66,397 | |||||||||||||||
American Tower Corp., REIT | 220.00 | 5/19/23 | (150 | ) | (3,300,000 | ) | (7,500 | ) | (50,245 | ) | 42,745 | |||||||||||||||
American Tower Corp., REIT | 220.00 | 6/16/23 | (117 | ) | (2,574,000 | ) | (24,570 | ) | (50,890 | ) | 26,320 |
See accompanying Notes to Financial Statements.
26 |
Madison Funds | April 30, 2023
Covered Call & Equity Income Fund Portfolio of Investments (unaudited)
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
AmerisourceBergen Corp. | $ | 160.00 | 5/19/23 | (80 | ) | $ | (1,280,000 | ) | $ | (74,800 | ) | $ | (28,917 | ) | $ | (45,883 | ) | |||||||||
AmerisourceBergen Corp. | 165.00 | 5/19/23 | (200 | ) | (3,300,000 | ) | (100,000 | ) | (83,502 | ) | (16,498 | ) | ||||||||||||||
Archer-Daniels-Midland Co. | 80.00 | 5/19/23 | (150 | ) | (1,200,000 | ) | (10,125 | ) | (30,606 | ) | 20,481 | |||||||||||||||
Archer-Daniels-Midland Co. | 80.00 | 6/16/23 | (180 | ) | (1,440,000 | ) | (28,800 | ) | (26,815 | ) | (1,985 | ) | ||||||||||||||
Archer-Daniels-Midland Co. | 85.00 | 6/16/23 | (230 | ) | (1,955,000 | ) | (8,050 | ) | (54,963 | ) | 46,913 | |||||||||||||||
Barrick Gold Corp. | 22.00 | 6/16/23 | (2,580 | ) | (5,676,000 | ) | (41,280 | ) | (113,999 | ) | 72,719 | |||||||||||||||
BlackRock, Inc. | 680.00 | 6/16/23 | (62 | ) | (4,216,000 | ) | (111,600 | ) | (89,843 | ) | (21,757 | ) | ||||||||||||||
Ciena Corp. | 55.00 | 7/21/23 | (585 | ) | (3,217,500 | ) | (27,787 | ) | (118,889 | ) | 91,102 | |||||||||||||||
CME Group, Inc. | 200.00 | 6/16/23 | (218 | ) | (4,360,000 | ) | (13,080 | ) | (61,932 | ) | 48,852 | |||||||||||||||
Comcast Corp., Class A | 42.50 | 7/21/23 | (600 | ) | (2,550,000 | ) | (74,700 | ) | (47,856 | ) | (26,844 | ) | ||||||||||||||
Constellation Brands, Inc., Class A | 230.00 | 5/19/23 | (185 | ) | (4,255,000 | ) | (60,125 | ) | (62,709 | ) | 2,584 | |||||||||||||||
CVS Health Corp. | 80.00 | 5/19/23 | (275 | ) | (2,200,000 | ) | (7,562 | ) | (33,479 | ) | 25,917 | |||||||||||||||
CVS Health Corp. | 80.00 | 6/16/23 | (268 | ) | (2,144,000 | ) | (19,698 | ) | (47,964 | ) | 28,266 | |||||||||||||||
Danaher Corp. | 260.00 | 6/16/23 | (170 | ) | (4,420,000 | ) | (14,450 | ) | (113,739 | ) | 99,289 | |||||||||||||||
Danaher Corp. | 260.00 | 9/15/23 | (60 | ) | (1,560,000 | ) | (37,800 | ) | (35,538 | ) | (2,262 | ) | ||||||||||||||
Diamondback Energy, Inc. | 140.00 | 5/19/23 | (250 | ) | (3,500,000 | ) | (141,250 | ) | (106,947 | ) | (34,303 | ) | ||||||||||||||
Elevance Health, Inc. | 480.00 | 6/16/23 | (70 | ) | (3,360,000 | ) | (75,600 | ) | (58,728 | ) | (16,872 | ) | ||||||||||||||
EQT Corp. | 35.00 | 6/16/23 | (960 | ) | (3,360,000 | ) | (193,440 | ) | (119,002 | ) | (74,438 | ) | ||||||||||||||
Fastenal Co. | 55.00 | 5/19/23 | (530 | ) | (2,915,000 | ) | (31,800 | ) | (71,004 | ) | 39,204 | |||||||||||||||
Jacobs Solutions, Inc. | 120.00 | 7/21/23 | (220 | ) | (2,640,000 | ) | (73,700 | ) | (62,867 | ) | (10,833 | ) | ||||||||||||||
JPMorgan Chase & Co. | 145.00 | 6/16/23 | (160 | ) | (2,320,000 | ) | (24,640 | ) | (43,035 | ) | 18,395 | |||||||||||||||
JPMorgan Chase & Co. | 145.00 | 7/21/23 | (190 | ) | (2,755,000 | ) | (57,950 | ) | (54,617 | ) | (3,333 | ) | ||||||||||||||
Keurig Dr Pepper, Inc. | 36.00 | 5/19/23 | (425 | ) | (1,530,000 | ) | — | (27,187 | ) | 27,187 | ||||||||||||||||
Keurig Dr Pepper, Inc. | 37.00 | 7/21/23 | (425 | ) | (1,572,500 | ) | — | (31,437 | ) | 31,437 | ||||||||||||||||
Las Vegas Sands Corp. | 60.00 | 5/19/23 | (1,160 | ) | (6,960,000 | ) | (536,500 | ) | (184,237 | ) | (352,263 | ) | ||||||||||||||
Lowe’s Cos., Inc. | 210.00 | 5/19/23 | (200 | ) | (4,200,000 | ) | (74,500 | ) | (93,353 | ) | 18,853 | |||||||||||||||
Medtronic PLC | 85.00 | 5/19/23 | (240 | ) | (2,040,000 | ) | (155,400 | ) | (45,754 | ) | (109,646 | ) | ||||||||||||||
Medtronic PLC | 85.00 | 6/16/23 | (231 | ) | (1,963,500 | ) | (177,293 | ) | (45,962 | ) | (131,331 | ) | ||||||||||||||
Medtronic PLC | 92.50 | 6/16/23 | (185 | ) | (1,711,250 | ) | (46,805 | ) | (42,087 | ) | (4,718 | ) | ||||||||||||||
Newmont Corp. | 52.50 | 5/19/23 | (445 | ) | (2,336,250 | ) | (7,565 | ) | (48,073 | ) | 40,508 | |||||||||||||||
Newmont Corp. | 55.00 | 5/19/23 | (445 | ) | (2,447,500 | ) | (3,115 | ) | (48,834 | ) | 45,719 | |||||||||||||||
NextEra Energy, Inc. | 75.00 | 5/19/23 | (150 | ) | (1,125,000 | ) | (41,250 | ) | (26,442 | ) | (14,808 | ) | ||||||||||||||
NextEra Energy, Inc. | 77.50 | 5/19/23 | (150 | ) | (1,162,500 | ) | (18,375 | ) | (32,845 | ) | �� | 14,470 | ||||||||||||||
NextEra Energy, Inc. | 77.50 | 6/16/23 | (350 | ) | (2,712,500 | ) | (70,000 | ) | (54,435 | ) | (15,565 | ) | ||||||||||||||
PayPal Holdings, Inc. | 80.00 | 6/16/23 | (620 | ) | (4,960,000 | ) | (169,570 | ) | (135,761 | ) | (33,809 | ) | ||||||||||||||
T-Mobile U.S., Inc. | 150.00 | 6/16/23 | (414 | ) | (6,210,000 | ) | (67,896 | ) | (153,428 | ) | 85,532 | |||||||||||||||
Target Corp. | 170.00 | 5/19/23 | (240 | ) | 4,080,000 | (40,200 | ) | (142,743 | ) | 102,543 | ||||||||||||||||
United Parcel Service, Inc., Class B | 190.00 | 5/19/23 | (120 | ) | (2,280,000 | ) | (2,700 | ) | (78,904 | ) | 76,204 | |||||||||||||||
VanEck Gold Miners ETF | 32.00 | 5/19/23 | (500 | ) | (1,600,000 | ) | (105,750 | ) | (49,650 | ) | (56,100 | ) | ||||||||||||||
VanEck Gold Miners ETF | 34.00 | 5/19/23 | (500 | ) | (1,700,000 | ) | (44,500 | ) | (50,465 | ) | 5,965 | |||||||||||||||
Total Call Options Written | $ | (3,121,690 | ) | $ | (3,272,875 | ) | $ | 151,185 | ||||||||||||||||||
Put Options Written | ||||||||||||||||||||||||||
S&P 500 Index$ | 3,800.00 | 5/19/23 | (410 | )$ | (155,800,000 | ) | $ | (139,400 | ) | $ | (452,223 | ) | $ | 312,823 | ||||||||||||
Total Put Options Written | $ | (139,400 | ) | $ | (452,223 | ) | $ | 312,823 | ||||||||||||||||||
Total Options Written, at Value | $ | (3,261,090 | ) | $ | (3,725,098 | ) | $ | 464,008 |
See accompanying Notes to Financial Statements.
27 |
Madison Funds | April 30, 2023
Dividend Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 98.9% | ||||||||
Communication Service - 3.3% | ||||||||
Comcast Corp., Class A | 202,000 | $ | 8,356,740 | |||||
Consumer Discretionary - 8.5% | ||||||||
Home Depot, Inc. | 28,100 | 8,445,174 | ||||||
Lowe's Cos., Inc. | 13,900 | 2,888,837 | ||||||
McDonald's Corp. | 18,100 | 5,353,075 | ||||||
Starbucks Corp. | 41,800 | 4,777,322 | ||||||
21,464,408 | ||||||||
Consumer Staples - 10.0% | ||||||||
Archer-Daniels-Midland Co. | 81,300 | 6,347,904 | ||||||
Coca-Cola Co. | 71,000 | 4,554,650 | ||||||
PepsiCo, Inc. | 24,600 | 4,695,894 | ||||||
Procter & Gamble Co. | 28,200 | 4,409,916 | ||||||
Target Corp. | 33,600 | 5,300,400 | ||||||
25,308,764 | ||||||||
Energy - 11.0% | ||||||||
Baker Hughes Co. | 241,000 | 7,046,840 | ||||||
Chevron Corp. | 50,100 | 8,445,858 | ||||||
EOG Resources, Inc. | 49,600 | 5,925,712 | ||||||
Kinder Morgan, Inc. | 368,000 | 6,311,200 | ||||||
27,729,610 | ||||||||
Equity Real Estate Investment Trusts (REITs) - 2.6% | ||||||||
American Tower Corp., REIT | 32,200 | 6,581,358 | ||||||
Financials - 19.7% |
Aflac, Inc. | 70,600 | $ | 4,931,410 | |||||
BlackRock, Inc. | 10,900 | 7,316,080 | ||||||
CME Group, Inc. | 45,000 | 8,359,650 | ||||||
JPMorgan Chase & Co. | 38,800 | 5,363,712 | ||||||
Morgan Stanley | 93,000 | 8,367,210 | ||||||
Northern Trust Corp. | 45,200 | 3,532,832 | ||||||
Travelers Cos., Inc. | 33,700 | 6,104,418 | ||||||
U.S. Bancorp | 173,000 | 5,930,440 | ||||||
49,905,752 | ||||||||
Health Care - 11.5% | ||||||||
Bristol-Myers Squibb Co. | 78,700 | 5,254,799 | ||||||
Johnson & Johnson | 54,500 | 8,921,650 | ||||||
Medtronic PLC | 109,500 | 9,959,025 | ||||||
Pfizer, Inc. | 131,200 | 5,102,368 | ||||||
29,237,842 | ||||||||
Industrials - 17.0% | ||||||||
Automatic Data Processing, Inc. | 15,300 | 3,366,000 | ||||||
Caterpillar, Inc. | 33,700 | 7,373,560 | ||||||
Emerson Electric Co. | 46,900 | 3,904,894 | ||||||
Fastenal Co. | 154,500 | 8,318,280 | ||||||
Honeywell International, Inc. | 34,500 | 6,894,480 | ||||||
PACCAR, Inc. | 48,900 | 3,652,341 | ||||||
Paychex, Inc. | 24,700 | 2,713,542 | ||||||
Union Pacific Corp. | 20,000 | 3,914,000 | ||||||
United Parcel Service, Inc., Class B | 16,500 | 2,966,865 | ||||||
43,103,962 | ||||||||
Information Technology - 7.5% | ||||||||
Analog Devices, Inc. | 18,100 | 3,255,828 |
Cisco Systems, Inc. | 191,000 | $ | 9,024,750 | |||||
Texas Instruments, Inc. | 40,500 | 6,771,600 | ||||||
19,052,178 | ||||||||
Materials - 4.6% | ||||||||
Air Products & Chemicals, Inc. | 26,500 | 7,800,540 | ||||||
Newmont Corp. | 79,900 | 3,787,260 | ||||||
11,587,800 | ||||||||
Utilities - 3.2% | ||||||||
NextEra Energy, Inc. | 107,000 | 8,199,410 | ||||||
Total Common Stocks ( Cost $209,253,259 ) | 250,527,824 | |||||||
SHORT-TERM INVESTMENTS - 1.0% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, | ||||||||
Premier Class, (A), 4.76% | 2,473,934 | 2,473,934 | ||||||
Total Short-Term Investments ( Cost $2,473,934 ) | 2,473,934 | |||||||
TOTAL INVESTMENTS - 99.9% ( Cost $211,727,193** ) | 253,001,758 | |||||||
NET OTHER ASSETS AND LIABILITIES - | 0.1 | % | 288,333 | |||||
TOTAL NET ASSETS - 100.0% | $ | 253,290,091 |
** | Aggregate cost for Federal tax purposes was $213,303,915. |
(A) | 7-day yield. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
28 |
Madison Funds | April 30, 2023
Investors Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 97.2% | ||||||||
Communication Services - 9.4% | ||||||||
Alphabet, Inc., Class C * | 221,619 | $ | 23,983,608 | |||||
Liberty Broadband Corp., Class C * | 88,869 | 7,534,314 | ||||||
31,517,922 | ||||||||
Consumer Discretionary - 12.3% | ||||||||
Amazon.com, Inc. * | 109,815 | 11,579,992 | ||||||
Lowe's Cos., Inc. | 69,252 | 14,392,643 | ||||||
NIKE, Inc., Class B | 25,777 | 3,266,462 | ||||||
TJX Cos., Inc. | 152,283 | 12,002,946 | ||||||
41,242,043 | ||||||||
Consumer Staples - 4.5% | ||||||||
Dollar Tree, Inc. * | 97,659 | 15,011,165 | ||||||
Financials - 31.4% | ||||||||
Capital Markets - 4.9% Brookfield Asset Management Ltd., | ||||||||
Class A | 58,087 | 1,948,819 | ||||||
Brookfield Corp., Class A | 232,345 | 7,541,919 | ||||||
Charles Schwab Corp. | 133,310 | 6,964,114 | ||||||
16,454,852 | ||||||||
Commercial Banks - 2.7% | ||||||||
US Bancorp | 268,931 | 9,218,955 |
Financial Services -8.6% | ||||||||
Berkshire Hathaway, Inc., Class B * | 40,289 | $ | 13,236,951 | |||||
Fiserv, Inc. * | 127,714 | 15,596,433 | ||||||
28,833,384 | ||||||||
Insurance -11.7% | ||||||||
Arch Capital Group Ltd. * | 275,291 | 20,666,095 | ||||||
Marsh & McLennan Cos., Inc. | 53,109 | 9,569,711 | ||||||
Progressive Corp. | 67,157 | 9,160,215 | ||||||
39,396,021 | ||||||||
IT Services - 3.5% | ||||||||
Visa, Inc., Class A | 49,841 | 11,599,496 | ||||||
105,502,708 | ||||||||
Health Care - 12.6% | ||||||||
Alcon, Inc. * | 180,375 | 13,073,580 | ||||||
Becton Dickinson & Co. | 57,581 | 15,219,234 | ||||||
Danaher Corp. | 29,845 | 7,070,579 | ||||||
Elevance Health, Inc. | 14,766 | 6,920,086 | ||||||
42,283,479 | ||||||||
Industrials - 15.3% | ||||||||
Copart, Inc. * | 135,190 | 10,686,769 | ||||||
Ferguson PLC | 40,961 | 5,768,128 | ||||||
Jacobs Solutions, Inc. | 92,582 | 10,689,518 | ||||||
PACCAR, Inc. | 184,754 | 13,799,276 | ||||||
Parker-Hannifin Corp. | 31,560 | 10,253,213 | ||||||
51,196,904 |
Information Technology - 11.7% | ||||||||
Accenture PLC, Class A | 41,852 | $ | 11,730,697 | |||||
Adobe, Inc. * | 13,959 | 5,270,360 | ||||||
Analog Devices, Inc. | 77,405 | 13,923,611 | ||||||
TE Connectivity Ltd. | 68,861 | 8,426,521 | ||||||
39,351,189 | ||||||||
Total Common Stocks | ||||||||
( Cost $201,674,770 ) | 326,105,410 | |||||||
SHORT-TERM INVESTMENTS - 2.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.76% | 9,068,817 | 9,068,817 | ||||||
Total Short-Term Investments | ||||||||
( Cost $9,068,817 ) | 9,068,817 | |||||||
TOTAL INVESTMENTS - 99.9% | ||||||||
( Cost $210,743,587** ) | 335,174,227 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.1% | 399,056 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 335,573,283 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $211,646,439. |
(A) | 7-day yield. |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
29 |
Madison Funds | April 30, 2023
Sustainable Equity Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 95.4% | ||||||||
Communication Services - 6.8% | ||||||||
Alphabet, Inc., Class C * | 3,484 | $ | 377,038 | |||||
Walt Disney Co. * | 1,943 | 199,158 | ||||||
576,196 | ||||||||
Consumer Discretionary - 8.4°% | ||||||||
Home Depot, Inc. | 664 | 199,558 | ||||||
McDonald's Corp. | 277 | 81,923 | ||||||
NIKE, Inc., Class B | 1,722 | 218,212 | ||||||
TJX Cos., Inc. | 2,606 | 205,405 | ||||||
705,098 | ||||||||
Consumer Staples - 11.8% | ||||||||
Costco Wholesale Corp. | 641 | 322,564 | ||||||
Estee Lauder Cos., Inc., Class A | 317 | 78,210 | ||||||
Nestle SA, ADR | 1,094 | 140,317 | ||||||
PepsiCo, Inc. | 432 | 82,465 | ||||||
Procter & Gamble Co. | 635 | 99,301 | ||||||
Target Corp. | 1,715 | 270,541 | ||||||
993,398 | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.4% | ||||||||
American Tower Corp., REIT | 567 | 115,889 | ||||||
Financials - 13.9% | ||||||||
BlackRock, Inc. | 234 | 157,061 | ||||||
JPMorgan Chase & Co. | 1,639 | 226,575 |
Progressive Corp. | 1,465 | $ | 199,826 | |||||
U.S. Bancorp | 6,884 | 235,983 | ||||||
Visa, Inc., Class A | 1,516 | 352,819 | ||||||
1,172,264 | ||||||||
Health Care - 16.4% | ||||||||
Becton Dickinson & Co. | 797 | 210,655 | ||||||
Bristol-Myers Squibb Co. | 2,971 | 198,374 | ||||||
Danaher Corp. | 1,215 | 287,846 | ||||||
Eli Lilly & Co. | 889 | 351,919 | ||||||
UnitedHealth Group, Inc. | 547 | 269,173 | ||||||
Vertex Pharmaceuticals, Inc. * | 186 | 63,376 | ||||||
1,381,343 | ||||||||
Industrials - 5.9% | ||||||||
Jacobs Solutions, Inc. | 1,985 | 229,188 | ||||||
Union Pacific Corp. | 567 | 110,962 | ||||||
United Parcel Service, Inc., Class B | 863 | 155,176 | ||||||
495,326 | ||||||||
Information Technology - 22.7% | ||||||||
Accenture PLC, Class A | 614 | 172,098 | ||||||
Analog Devices, Inc. | 1,067 | 191,932 | ||||||
Apple, Inc. | 2,242 | 380,422 | ||||||
Cisco Systems, Inc. | 1,924 | 90,909 | ||||||
Microsoft Corp. | 1,770 | 543,850 | ||||||
Oracle Corp. | 1,801 | 170,591 | ||||||
QUALCOMM, Inc. | 1,510 | 176,368 | ||||||
TE Connectivity Ltd. | 1,492 | 182,576 | ||||||
1,908,746 |
Materials - 5.2% | ||||||||
Ecolab, Inc. | 1,026 | $ | 172,204 | |||||
Linde PLC | 722 | 266,743 | ||||||
438,947 | ||||||||
Utilities - 2.9% | ||||||||
NextEra Energy, Inc. | 3,227 | 247,285 | ||||||
Total Common Stocks ( Cost $8,245,309 ) | 8,034,492 | |||||||
SHORT-TERM INVESTMENTS - 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.76% | 382,542 | 382,542 | ||||||
Total Short-Term Investments ( Cost $382,542 ) | 382,542 | |||||||
TOTAL INVESTMENTS - 100.0% | ||||||||
( Cost $8,627,851** ) | 8,417,034 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.0% | 3,571 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 8,420,605 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $8,676,520. |
(A) | 7-day yield. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
30 |
Madison Funds | April 30, 2023
Mid Cap Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 92.6% | ||||||||
Communication Services - 6.2% | ||||||||
Liberty Broadband Corp., Class C * | 322,231 | $ | 27,318,744 | |||||
Liberty Media Corp.-Liberty Formula One, Class A * | 133,808 | 8,668,083 | ||||||
Take-Two Interactive Software, Inc. * | 79,324 | 9,859,180 | ||||||
45,846,007 | ||||||||
Consumer Discretionary - 14.5% | ||||||||
CarMax, Inc. * | 405,803 | 28,418,384 | ||||||
Floor & Decor Holdings, Inc., Class A * | 254,983 | 25,330,011 | ||||||
Ross Stores, Inc. | 376,651 | 40,199,961 | ||||||
Thor Industries, Inc. | 153,436 | 12,124,513 | ||||||
106,072,869 | ||||||||
Consumer Staples - 5.7% | ||||||||
Brown-Forman Corp., Class B | 104,293 | 6,788,431 | ||||||
Dollar Tree, Inc. * | 226,111 | 34,755,522 | ||||||
41,543,953 | ||||||||
Financials - 27.8% | ||||||||
Capital Markets - 5.0% | ||||||||
Brookfield Asset Management Ltd., | ||||||||
Class A (A) | 102,319 | 3,432,803 | ||||||
Brookfield Corp., Class A (A) | 409,277 | 13,285,131 | ||||||
Moelis & Co., Class A | 523,973 | 19,848,097 | ||||||
36,566,031 |
Commercial Banks -1.9% | ||||||||
Glacier Bancorp, Inc. | 422,783 | $ | 14,049,079 | |||||
Insurance - 20.9% | ||||||||
Arch Capital Group Ltd. * | 805,170 | 60,444,112 | ||||||
Brown & Brown, Inc. | 503,402 | 32,414,055 | ||||||
Markel Corp. * | 14,629 | 20,020,225 | ||||||
Progressive Corp. | 173,621 | 23,681,905 | ||||||
W R Berkley Corp. | 286,258 | 16,866,321 | ||||||
153,426,618 | ||||||||
204,041,728 | ||||||||
Health Care - 3.4% | ||||||||
Laboratory Corp. of America Holdings | 109,934 | 24,923,137 | ||||||
Industrials - 15.6% | ||||||||
Armstrong World Industries, Inc. | 136,018 | 9,338,996 | ||||||
Carlisle Cos., Inc. | 145,189 | 31,339,046 | ||||||
Copart, Inc. * | 384,523 | 30,396,543 | ||||||
Expeditors International of Washington, Inc. | 126,644 | 14,417,153 | ||||||
PACCAR, Inc. | 388,298 | 29,001,977 | ||||||
114,493,715 | ||||||||
Information Technology - 19.4% | ||||||||
Amphenol Corp., Class A | 287,910 | 21,728,568 | ||||||
Arista Networks, Inc. * | 192,798 | 30,878,528 | ||||||
CDW Corp. | 138,464 | 23,482,110 | ||||||
Gartner, Inc. * | 130,205 | 39,381,804 |
Microchip Technology, Inc. | 112,787 | $ | 8,232,323 | |||||
MKS Instruments, Inc. | 225,703 | 18,929,710 | ||||||
142,633,043 | ||||||||
Total Common Stocks | ||||||||
( Cost $394,676,306 ) | 679,554,452 | |||||||
SHORT-TERM INVESTMENTS - 7.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.76% | 54,450,048 | 54,450,048 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.84% | 168,481 | 168,481 | ||||||
Total Short-Term Investments | ||||||||
( Cost $54,618,529 ) | 54,618,529 | |||||||
TOTAL INVESTMENTS - 100.1% | ||||||||
( Cost $449,294,835** ) | 734,172,981 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (586,076 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 733,586,905 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $449,785,307 . |
(A) | All or a portion of these securities, with an aggregate fair value of $3,228,588, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program. |
(B) | 7-day yield. |
(C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Financial Statements.
31 |
Madison Funds | April 30, 2023
Small Cap Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 95.5% | ||||||||
Communication Services - 9.1% | ||||||||
Cogent Communications Holdings, Inc. | 70,198 | $ | 4,846,470 | |||||
Gogo, Inc. * | 271,870 | 3,645,777 | ||||||
Magnite, Inc. * | 295,060 | 2,773,564 | ||||||
Radius Global Infrastructure, Inc., Class A * | 310,630 | 4,563,154 | ||||||
15,828,965 | ||||||||
Consumer Discretionary - 10.2% | ||||||||
Ollie's Bargain Outlet Holdings, Inc. * | 55,219 | 3,603,040 | ||||||
OneSpaWorld Holdings Ltd. * | 594,269 | 7,131,228 | ||||||
Revolve Group, Inc. * (A) | 122,623 | 2,532,165 | ||||||
Shake Shack, Inc., Class A * | 80,291 | 4,400,749 | ||||||
17,667,182 | ||||||||
Consumer Staples - 10.3% | ||||||||
Edgewell Personal Care Co. | 113,532 | 4,957,942 | ||||||
Hain Celestial Group, Inc. * | 154,502 | 2,770,221 | ||||||
Primo Water Corp. | 384,441 | 5,839,659 | ||||||
Simply Good Foods Co. * | 117,242 | 4,264,092 | ||||||
17,831,914 | ||||||||
Financials - 7.7% | ||||||||
Arch Capital Group Ltd. * | 30,422 | 2,283,779 | ||||||
Axis Capital Holdings Ltd. | 84,414 | 4,772,768 | ||||||
BRP Group, Inc., Class A * | 147,286 | 3,710,134 | ||||||
Texas Capital Bancshares, Inc. * | 50,583 | 2,541,796 | ||||||
13,308,477 | ||||||||
Health Care - 6.4% | ||||||||
Encompass Health Corp. | 111,458 | 7,150,031 | ||||||
Globus Medical, Inc., Class A * | 66,365 | 3,858,461 | ||||||
11,008,492 | ||||||||
Industrials - 19.7% | ||||||||
Armstrong World Industries, Inc. | 48,034 | 3,298,015 | ||||||
Carlisle Cos., Inc. | 14,871 | 3,209,905 |
Concrete Pumping Holdings, Inc. * | 131,400 | $ | 913,230 | |||||
Core & Main, Inc., Class A * | 51,294 | 1,336,722 | ||||||
Crane Co. * | 31,831 | 2,294,060 | ||||||
Crane NXT Co. | 31,831 | 1,507,516 | ||||||
Helios Technologies, Inc. | 51,009 | 3,067,681 | ||||||
Hillman Solutions Corp. * | 448,010 | 3,763,284 | ||||||
Robert Half International, Inc. | 35,779 | 2,611,867 | ||||||
Saia, Inc. * | 9,996 | 2,976,509 | ||||||
WillScot Mobile Mini Holdings Corp. * | 180,214 | 8,181,716 | ||||||
Xometry, Inc., Class A * | 66,953 | 929,977 | ||||||
34,090,482 | ||||||||
Information Technology - 26.2% | ||||||||
Communications Equipment - 2.5% | ||||||||
Ciena Corp. * | 95,181 | 4,382,133 | ||||||
Electronic Equipment, Instruments & | ||||||||
Components - 4.5% | ||||||||
CTS Corp. | 92,427 | 3,624,063 | ||||||
National Instruments Corp. | 73,206 | 4,262,785 | ||||||
7,886,848 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 5.4% | ||||||||
Entegris, Inc. | 52,115 | 3,904,456 | ||||||
FormFactor, Inc. * | 93,388 | 2,550,426 | ||||||
Power Integrations, Inc. | 39,213 | 2,853,922 | ||||||
9,308,804 | ||||||||
Software -13.8% | ||||||||
Alteryx, Inc., Class A * | 66,798 | 2,747,402 | ||||||
Box, Inc., Class A * | 165,940 | 4,390,773 | ||||||
CommVault Systems, Inc. * | 71,155 | 4,146,202 | ||||||
Model N, Inc. * | 103,393 | 3,184,504 | ||||||
New Relic, Inc. * | 49,256 | 3,520,326 | ||||||
PTC, Inc. * | 46,807 | 5,887,853 | ||||||
23,877,060 | ||||||||
45,454,845 |
| ||||||||
Materials - 5.9% | ||||||||
Chemours Co. | 43,838 | $ | 1,274,371 | |||||
Huntsman Corp. | 64,478 | 1,727,365 | ||||||
Olin Corp. | 59,410 | 3,291,314 | ||||||
Summit Materials, Inc., Class A * | 140,604 | 3,853,956 | ||||||
10,147,006 | ||||||||
Total Common Stocks | ||||||||
( Cost $138,186,830 ) | 165,337,363 | |||||||
SHORT-TERM INVESTMENTS - 5.5% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, Premier Class, (B), 4.76% | 7,664,338 | 7,664,338 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.84% | 1,923,635 | 1,923,635 | ||||||
Total Short-Term Investments | ||||||||
( Cost $9,587,973 ) | 9,587,973 | |||||||
TOTAL INVESTMENTS - 101.0% | ||||||||
( Cost $147,774,803** ) | 174,925,336 | |||||||
NET OTHER ASSETS AND LIABILITIES - (1.0%) | (1,746,237 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 173,179,099 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $149,071,681. |
(A) | All or a portion of these securities, with an aggregate fair value of $2,483,289, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program. |
(B) | 7-day yield. |
(C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Financial Statements.
32 |
Madison Funds | April 30, 2023
International Stock Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 97.4% | ||||||||
Australia - 1.8% | ||||||||
Treasury Wine Estates Ltd. | 25,988 | $ | 239,479 | |||||
Brazil - 2.3°% | ||||||||
Itau Unibanco Holding SA, ADR * | 29,225 | 150,509 | ||||||
Pagseguro Digital Ltd., Class A * | 17,198 | 169,228 | ||||||
319,737 | ||||||||
Canada - 5.6% | ||||||||
Cameco Corp. | 11,927 | 327,873 | ||||||
Canadian Pacific Kansas City Ltd. | 2,421 | 190,872 | ||||||
Manulife Financial Corp. (A) | 12,649 | 249,818 | ||||||
768,563 | ||||||||
China - 7.1% | ||||||||
Alibaba Group Holding Ltd., ADR * Ping An Insurance Group Co. of China | 3,175 | 268,891 | ||||||
Ltd., Class H | 52,378 | 381,703 | ||||||
Tencent Holdings Ltd. | 7,340 | 324,701 | ||||||
975,295 | ||||||||
Denmark - 2.0% | ||||||||
Genmab AS * | 651 | 267,420 | ||||||
France - 10.6% | ||||||||
Air Liquide SA | 1,394 | 250,868 | ||||||
Airbus SE | 2,591 | 363,720 | ||||||
EssilorLuxottica SA | 788 | 155,769 | ||||||
Hermes International | 65 | 141,046 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 204 | 196,031 | ||||||
STMicroelectronics NV | 2,914 | 124,952 | ||||||
Worldline SA * | 4,979 | 216,479 | ||||||
1,448,865 | ||||||||
Germany - 11.3% | ||||||||
adidas AG | 1,528 | 268,674 | ||||||
Deutsche Telekom AG | 11,894 | 286,778 | ||||||
KION Group AG | 7,390 | 305,115 | ||||||
SAP SE, ADR | 2,075 | 280,685 | ||||||
Siemens AG | 1,634 | 268,075 | ||||||
Symrise AG | 1,195 | 144,113 | ||||||
1,553,440 | ||||||||
Hong Kong - 1.8% | ||||||||
AIA Group Ltd. | 22,344 | 243,799 |
India - 7.5% | ||||||||
HDFC Bank Ltd., ADR | 5,792 | $ | 404,281 | |||||
Infosys Ltd., ADR | 10,518 | 163,450 | ||||||
Larsen & Toubro Ltd., GDR | 15,731 | 456,823 | ||||||
1,024,554 | ||||||||
Ireland - 2.2% | ||||||||
Kerry Group PLC, Class A | 2,859 | 301,039 | ||||||
Israel - 1.1% | ||||||||
CyberArk Software Ltd. * | 1,221 | 152,137 | ||||||
Italy - 1.4% | ||||||||
Ferrari NV | 680 | 189,475 | ||||||
Japan - 15.0% | ||||||||
CyberAgent, Inc. | 18,584 | 162,092 | ||||||
Keyence Corp. | 367 | 165,631 | ||||||
Lasertec Corp. | 1,200 | 165,755 | ||||||
Murata Manufacturing Co. Ltd. | 3,188 | 185,584 | ||||||
Nidec Corp. | 2,500 | 123,875 | ||||||
Pan Pacific International Holdings Corp. | 13,700 | 256,763 | ||||||
Shin-Etsu Chemical Co. Ltd. | 7,500 | 214,662 | ||||||
Shiseido Co. Ltd. | 3,000 | 150,492 | ||||||
Sony Group Corp. | 3,446 | 327,372 | ||||||
Toray Industries, Inc. | 52,879 | 299,857 | ||||||
2,052,083 | ||||||||
Mexico - 3.7% | ||||||||
Grupo Mexico SAB de CV, Series B | 65,349 | 319,594 | ||||||
Wal-Mart de Mexico SAB de CV, ADR | 4,582 | 187,724 | ||||||
507,318 | ||||||||
Netherlands - 3.8% | ||||||||
ASML Holding NV | 435 | 277,034 | ||||||
NXP Semiconductors NV | 1,480 | 242,335 | ||||||
519,369 | ||||||||
Norway - 1.1% | ||||||||
Norsk Hydro ASA | 21,202 | 155,979 | ||||||
Singapore - 1.9% | ||||||||
DBS Group Holdings Ltd. | 10,600 | 262,897 | ||||||
Switzerland - 5.7% | ||||||||
Lonza Group AG | 382 | 237,751 | ||||||
Nestle SA | 1,103 | 141,417 |
Partners Group Holding AG | 207 | $ | 201,008 | |||||
Sika AG | 721 | 198,262 | ||||||
778,438 | ||||||||
Taiwan - 1.2% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,986 | 167,420 | ||||||
United Kingdom - 10.3% | ||||||||
AstraZeneca PLC | 2,171 | 319,458 | ||||||
Diageo PLC | 5,212 | 238,097 | ||||||
London Stock Exchange Group PLC | 2,039 | 213,771 | ||||||
Prudential PLC | 18,842 | 288,658 | ||||||
Shell PLC | 11,322 | 348,319 | ||||||
1,408,303 | ||||||||
Total Common Stocks | ||||||||
( Cost $14,007,674 ) | 13,335,610 | |||||||
Short-Term Investments - 4.4% | ||||||||
United States - 4.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.76% | 274,368 | 274,368 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.84% | 332,445 | 332,445 | ||||||
Total Short-Term Investments | ||||||||
( Cost $606,813 ) | 606,813 | |||||||
TOTAL INVESTMENTS - 101.8% | ||||||||
( Cost $14,614,487** ) | 13,942,423 | |||||||
NET OTHER ASSETS AND LIABILITIES - (1.8%) | (243,658 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 13,698,765 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $14,704,695. |
(A) | All or a portion of these securities, with an aggregate fair value of $521,346, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program. |
(B) | 7-day yield. |
(C) | 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.
33 |
Madison Funds | April 30, 2023
Statements of Assets and Liabilities as of April 30, 2023 (unaudited)
Conservative | Moderate | Aggressive | Tax-Free | Tax-Free | High Quality | Core | Diversified | |||||||||||||||||||||||||
Allocation | Allocation | Allocation | Virginia | National | Bond | Bond | Income | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair valuers†§ | $ | 32,069,822 | $ | 72,195,675 | $ | 41,050,706 | $ | 18,003,261 | $ | 17,596,047 | $ | 92,635,327 | $ | 196,964,237 | $ | 156,644,607 | ||||||||||||||||
Investments in affiliated securities, at fair value1‡ | 18,105,378 | 31,098,068 | 13,340,357 | – | – | – | – | – | ||||||||||||||||||||||||
Cash | – | – | – | 135,100 | 183,308 | – | 874,048 | – | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Fund shares sold | .3,464 | 22,401 | 12,680 | 534 | 5,000 | 173,299 | 125,159 | 13,565 | ||||||||||||||||||||||||
Dividends and Interest | 32,271 | 42,270 | 10,708 | 241,203 | 229,355 | 475,568 | 1,433,065 | 566,522 | ||||||||||||||||||||||||
Total assets | 50,210,935 | 103,358,414 | 54,414,451 | 18,380,098 | 18,013,710 | 93,284,194 | 199,396,509 | 157,224,694 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares repurchased | 16,154 | 124,083 | 36,505 | 887 | 1,670 | 26,442 | 32,949 | 52,745 | ||||||||||||||||||||||||
Upon return of securities loaned | 787,276 | 3,189,408 | 74,000 | – | – | 3,909,375 | 1,960,018 | 517,968 | ||||||||||||||||||||||||
Advisory agreement fees | 8,126 | 16,505 | 8,931 | 7,609 | 5,933 | 21,862 | 63,189 | 84,244 | ||||||||||||||||||||||||
Administrative services agreement fees | 10,157 | 20,631 | 11,164 | 5,326 | 5,191 | 12,419 | 12,928 | 25,921 | ||||||||||||||||||||||||
Trustee fees | 1,057 | 2,136 | 1,109 | 368 | 365 | 1,608 | 3,513 | 3,370 | ||||||||||||||||||||||||
Distribution fees - Class C | 8,436 | 3,719 | 1,320 | – | – | – | – | 13,888 | ||||||||||||||||||||||||
Shareholder service fees | 8,543 | 15,565 | 7,781 | – | – | – | 6,232 | 33,360 | ||||||||||||||||||||||||
Dividends | – | – | – | 1,411 | 3,141 | – | 234,025 | 1,507 | ||||||||||||||||||||||||
Total liabilities | 839,749 | 3,372,047 | 140,810 | 15,601 | 16,300 | 3,971,706 | 2,312,854 | 733,003 | ||||||||||||||||||||||||
Net assets applicable to outstanding capital stock | $ | 49,371,186 | $ | 99,986,367 | $ | 54,273,641 | $ | 18,364,497 | $ | 17,997,410 | $ | 89,312,488 | $ | 197,083,655 | $ | 156,491,691 | ||||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 53,990,183 | $ | 100,919,697 | $ | 53,343,400 | $ | 19,004,323 | $ | 18,284,626 | $ | 95,796,083 | $ | 219,081,089 | $ | 137,046,759 | ||||||||||||||||
Accumulated distributable earnings (loss) | (4,618,997 | ) | (933,330 | ) | 930,241 | (639,826 | ) | (287,216 | ) | (6,483,595 | ) | (21,997,434 | ) | 19,444,932 | ||||||||||||||||||
Net Assets | $ | 49,371,186 | $ | 99,986,367 | $ | 54,273,641 | $ | 18,364,497 | $ | 17,997,410 | $ | 89,312,488 | $ | 197,083,655 | $ | 156,491,691 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 35,360,212 | $ | 93,798,349 | $ | 52,157,066 | $ | 33,428,211 | $ | 133,756,225 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,812,036 | 9,311,298 | 5,038,335 | 3,681,578 | 9,274,965 | |||||||||||||||||||||||||||
Net Asset Value and redemption price per share | $ | 9.28 | $ | 10.07 | $ | 10.35 | $ | 9.08 | $ | 14.42 | ||||||||||||||||||||||
Sales charge of offering price2 | 0.57 | 0.61 | 0.63 | 0.43 | 0.88 | |||||||||||||||||||||||||||
Maximum offering price per share | $ | 9.85 | $ | 10.68 | $ | 10.98 | $ | 9.51 | $ | 15.30 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 14,010,974 | $ | 6,188,018 | $ | 2,116,575 | $ | 22,735,466 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,484,663 | 619,169 | 212,126 | 1,560,147 | ||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 9.44 | $ | 9.99 | $ | 9.98 | $ | 14.57 | ||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 18,364,497 | $ | 17,997,410 | $ | 70,315,673 | $ | 7,107,014 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,707,976 | 1,789,087 | 6,817,544 | 787,181 | ||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.75 | $ | 10.06 | $ | 10.31 | $ | 9.03 | ||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 18,996,815 | $ | 55,966,328 | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,829,923 | 6,226,315 | ||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.38 | $ | 8.99 | ||||||||||||||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 100,582,102 | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 11,195,672 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 8.98 | ||||||||||||||||||||||||||||||
† Cost of Investments in unaffiliated securities | 31,995,110 | $ | 70,835,251 | $ | 40,464,405 | $ | 18,529,378 | $ | 17,866,661 | $ | 97,481,970 | $ | 212,378,299 | $ | 138,362,156 | |||||||||||||||||
‡ Cost of investments in affiliated securities1 | 20,051,705 | $ | 31,971,437 | $ | 12,496,478 | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||
§ Fair Value of securities on loan | 773,981 | $ | 3,484,826 | $ | 386,523 | $ | – | $ | – | $ | 3,837,467 | $ | 1,930,006 | $ | 509,305 |
1 | See Note 14 for information on affiliated issuers. |
2 | Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation, Aggressive Allocation and Diversified Income Funds and 4.50% for the Core Bond Fund. |
3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
See accompanying Notes to Financial Statements.
34 |
Madison Funds | April 30, 2023
Statements of Assets and Liabilities as of April 30, 2023 (unaudited)
Covered Call & | Dividend | |||||||||||||||||||||||||||
Equity Income | Income | Investors | Sustainable | Mid-Cap | Small Cap | International | ||||||||||||||||||||||
Fund | Fund | Fund | Equity | Fund | Fund | Stock Fund | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair valuers†§ | $ | 218,498,628 | $ | 253,001,758 | $ | 335,174,227 | $ | 8,417,034 | $ | 734,172,981 | $ | 174,925,336 | $ | 13,942,423 | ||||||||||||||
Investments in affiliated securities, at fair value1‡ | – | – | – | – | – | – | – | |||||||||||||||||||||
Foreign currency (cost of $11,462) (Note 2) | – | – | – | – | – | – | 11,569 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Investments sold | 35,538 | – | – | – | – | 413,196 | 36,941 | |||||||||||||||||||||
Fund shares sold | 788,769 | 43,249 | 286,779 | 1,660 | 831,845 | 11,202 | 1,279 | |||||||||||||||||||||
Dividends and Interest | 179,561 | 503,647 | 480,788 | 7,640 | - | 5,604 | 72,768 | |||||||||||||||||||||
Total assets | 219,502,496 | 253,548,654 | 335,941,794 | 8,426,334 | 735,004,826 | 175,355,338 | 14,064,980 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Investments purchased | 1,380,007 | – | – | – | – | – | 62 | |||||||||||||||||||||
Fund shares repurchased | 20,791 | 56,645 | 115,992 | - | 694,140 | 92,082 | 16,098 | |||||||||||||||||||||
Upon return of securities loaned | – | – | – | – | 168,481 | 1,923,635 | 332,445 | |||||||||||||||||||||
Advisory agreement fees | 146,980 | 149,010 | 189,896 | 4,843 | 438,213 | 128,471 | 11,774 | |||||||||||||||||||||
Administrative services agreement fees | 20,515 | 36,499 | 38,602 | 699 | 90,732 | 27,773 | 3,364 | |||||||||||||||||||||
Trustee fees | 2,792 | 6,263 | 6,271 | 187 | 14,020 | 3,810 | 244 | |||||||||||||||||||||
Distribution fees - Class C | 7,171 | – | – | – | – | – | – | |||||||||||||||||||||
Shareholder service fees | 5,808 | 10,146 | 17,750 | – | 12,335 | 468 | 2,228 | |||||||||||||||||||||
Options written, at value (premium received $3,725,098) (Note 7) | 3,261,090 | – | – | – | – | – | – | |||||||||||||||||||||
Total liabilities | 4,845,154 | 258,563 | 368,511 | 5,729 | 1,417,921 | 2,176,239 | 366,215 | |||||||||||||||||||||
Net assets applicable to outstanding capital stock | $ | 214,657,342 | $ | 253,290,091 | $ | 335,573,283 | $ | 8,420,605 | $ | 733,586,905 | $ | 173,179,099 | $ | 13,698,765 | ||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 222,584,764 | $ | 208,634,313 | $ | 202,219,182 | $ | 9,076,471 | $ | 439,931,199 | $ | 154,359,053 | $ | 15,225,485 | ||||||||||||||
Accumulated distributable earnings (loss) | (7,927,422 | ) | 44,655,778 | 133,354,101 | (655,866 | ) | 293,655,706 | 18,820,046 | (1,526,720 | ) | ||||||||||||||||||
Net Assets | $214,657,342$ | $ | 253,290,091 | $ | 335,573,283 | $ | 8,420,605 | $ | 733,586,905 | $ | 173,179,099 | $ | 13,698,765 | |||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 17,725,983 | $ | 54,514,888 | $ | 94,280,978 | $ | 65,699,632 | $ | 3,434,547 | $ | 12,898,451 | ||||||||||||||||
Shares of beneficial interest outstanding | 1,838,249 | 1,996,223 | 3,825,442 | 5,379,511 | 384,101 | 1,450,787 | ||||||||||||||||||||||
Net Asset Value and redemption price per share | $ | 9.64 | $ | 27.31 | $ | 24.65 | $ | 12.21 | $ | 8.94 | $ | 8.89 | ||||||||||||||||
Sales charge of offering price2 | 0.59 | 1.67 | 1.50 | 0.74 | 0.55 | 0.54 | ||||||||||||||||||||||
Maximum offering price per share | $ | 10.23 | $ | 28.98 | $ | 26.15 | $ | 12.95 | $ | 9.49 | $ | 9.43 | ||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 11,971,907 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,388,780 | |||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 8.62 | ||||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 52,987,502 | $ | 138,864,369 | $ | 94,511,481 | $ | 86,879 | $ | 262,047,086 | $ | 157,217,269 | $ | 800,314 | ||||||||||||||
Shares of beneficial interest outstanding | 5,261,129 | 5,082,385 | 3,827,291 | 10,059 | 19,847,408 | 17,307,611 | 90,839 | |||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.07 | $ | 27.32 | $ | 24.69 | $ | 8.64 | $ | 13.20 | $ | 9.08 | $ | 8.81 | ||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 129,746,374 | $ | 43,531,159 | $ | 88,598,811 | $ | 8,333,726 | $ | 308,343,229 | $ | 12,316,790 | ||||||||||||||||
Shares of beneficial interest outstanding | 12,881,659 | 1,594,187 | 3,602,260 | 964,701 | 23,313,194 | 1,354,111 | ||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.07 | $ | 27.31 | $ | 24.60 | $ | 8.64 | $ | 13.23 | $ | 9.10 | ||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 2,225,576 | $ | 16,379,675 | $ | 58,182,013 | $ | 97,496,958 | $ | 210,493 | ||||||||||||||||||
Shares of beneficial interest outstanding | 216,882 | 599,755 | 2,338,912 | 7,168,148 | 23,110 | |||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.26 | $ | 27.31 | $ | 24.88 | $ | 13.60 | $ | 9.11 | ||||||||||||||||||
† Cost of Investments in unaffiliated securities | $ | 231,989,012 | $ | 211,727,193 | $ | 210,743,587 | $ | 8,627,851 | $ | 449,294,835 | $ | 147,774,803 | $ | 14,614,487 | ||||||||||||||
‡ Cost of investments in affiliated securities1 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
§ Fair Value of securities on loan | $ | - | $ | - | $ | – | $ | – | $ | 3,228,588 | $ | 2,483,289 | $ | 521,346 |
1 | See Note 14 for information on affiliated issuers. |
2 | 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. |
3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
See accompanying Notes to Financial Statements.
35 |
Madison Funds | April 30, 2023
Statements of Operations for the Six Months Ended April 30, 2023 (unaudited)
Conservative | Moderate | Aggressive | Tax-Free | Tax-Free | High Quality | Core | ||||||||||||||||||||||||||
Allocation | Allocation | Allocation | Virginia | National | Bond | Bond | Diversified | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Income Fund | |||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||
Interest | $ | 63,820 | $ | 179,525 | $ | 105,465 | $ | 242,707 | $ | 246,299 | $ | 827,548 | $ | 3,105,319 | $ | 835,966 | ||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||
Unaffiliated issuers | 428,142 | 848,351 | 451,063 | – | – | – | – | 1,757,024 | ||||||||||||||||||||||||
Affiliated issuers1 | 212,008 | 320,107 | 115,587 | – | – | – | – | – | ||||||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Income from securities lending | 10,853 | 17,171 | 7,193 | – | – | 4,115 | 4,892 | 1,508 | ||||||||||||||||||||||||
Total investment income | 714,823 | 1,365,154 | 679,308 | 242,707 | 246,299 | 831,663 | 3,110,211 | 2,594,498 | ||||||||||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||||||
Advisory agreement fees | 50,352 | 101,308 | 53,451 | 45,581 | 35,722 | 118,571 | 373,727 | 523,514 | ||||||||||||||||||||||||
Administrative services agreement fees | 62,940 | 126,635 | 66,813 | 31,907 | 31,257 | 67,656 | 76,830 | 161,081 | ||||||||||||||||||||||||
Trustee fees | 2,127 | 4,296 | 2,233 | 740 | 736 | 3,235 | 7,066 | 6,778 | ||||||||||||||||||||||||
Distribution fees - Class B3 | 2,572 | 6,738 | 3,905 | – | – | – | 473 | 4,970 | ||||||||||||||||||||||||
Distribution fees - Class C | 53,541 | 23,350 | 8,404 | – | – | – | – | 85,336 | ||||||||||||||||||||||||
Shareholder service fees - Class A | 42,588 | 111,286 | 59,149 | – | – | – | 40,713 | 168,274 | ||||||||||||||||||||||||
Shareholder service fees - Class B3 | 857 | 2,235 | 1,272 | – | – | – | 158 | 1,645 | ||||||||||||||||||||||||
Shareholder service fees - Class C | 17,847 | 7,678 | 2,794 | – | – | – | – | 28,222 | ||||||||||||||||||||||||
Otherexpenses | 2,268 | 4,625 | 2,400 | 791 | 785 | 3,399 | 8,050 | 7,336 | ||||||||||||||||||||||||
Total expenses | 235,092 | 388,151 | 200,421 | 79,019 | 68,500 | 192,861 | 507,017 | 987,156 | ||||||||||||||||||||||||
Net Investment Income (Loss) | 479,731 | 977,003 | 478,887 | 163,688 | 177,799 | 638,802 | 2,603,194 | 1,607,342 | ||||||||||||||||||||||||
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 | (702,072 | ) | (582,755 | ) | 25,159 | – | (20,287 | ) | (571,239 | ) | (2,948,597 | ) | 1,222,763 | |||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||||||
Affiliated Issuers1 | 217,127 | 680,422 | 469,881 | – | – | – | – | – | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||||||
Unaffiliated issuers | 2,300,119 | 4,189,276 | 1,996,768 | 715,411 | 746,289 | 3,127,862 | 11,894,534 | 1,365,664 | ||||||||||||||||||||||||
Affiliated Issuers1 | 754,794 | 1,207,344 | 478,195 | – | – | – | – | – | ||||||||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 2,569,968 | 5,494,287 | 2,970,003 | 715,411 | 726,002 | 2,556,623 | 8,945,937 | 2,588,427 | ||||||||||||||||||||||||
Net Increase in Net Assets from Operations | $ | 3,049,699 | $ | 6,471,290 | $ | 3,448,890 | $ | 879,099 | $ | 903,801 | $ | 3,195,425 | $ | 11,549,131 | $ | 4,195,769 |
1 | See Note 14 for information on affiliated issuers. |
2 | See Note 5 for information on expense, including any waivers. |
3 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. |
See accompanying Notes to Financial Statements.
36 |
Madison Funds | April 30, 2023
Statements of Operations for the Six Months Ended April 30, 2023 (unaudited)
Covered Call & | ||||||||||||||||||||||||||||
Equity Income | Dividend Income | Investors | Sustainable | Mid-Cap | Small Cap | International | ||||||||||||||||||||||
Fund | Fund | Fund | Equity | Fund | Fund | Stock Fund | ||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||
Interest | $ | 868,557 | $ | 63,857 | $ | 189,024 | $ | 9,027 | $ | 793,396 | $ | 235,262 | $ | 4,347 | ||||||||||||||
Dividends | ||||||||||||||||||||||||||||
Unaffiliated issuers | 1,254,476 | 4,557,393 | 1,671,165 | 70,974 | 3,452,684 | 651,287 | 129,185 | |||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | (8,505 | ) | 3,195 | (13,975 | ) | (522 | ) | (17,633 | ) | (7,998 | ) | (9,266 | ) | |||||||||||||||
Income from securities lending | 1,190 | – | 1,204 | 12 | 1,576 | 1,229 | 719 | |||||||||||||||||||||
Total investment income | – | 4,624,445 | 1,847,418 | 79,491 | 4,230,023 | 879,780 | 124,985 | |||||||||||||||||||||
Expenses:1 | ||||||||||||||||||||||||||||
Advisory agreement fees | 713,943 | 1,011,476 | 1,094,510 | 31,516 | 2,603,791 | 806,679 | 68,641 | |||||||||||||||||||||
Administrative services agreement fees | 100,876 | 244,840 | 225,300 | 4,544 | 545,183 | 174,461 | 19,612 | |||||||||||||||||||||
Trustee fees | 5,621 | 12,600 | 12,629 | 374 | 28,236 | 7,676 | 492 | |||||||||||||||||||||
Distribution fees - Class B2 | – | – | – | – | 1,198 | – | 302 | |||||||||||||||||||||
Distribution fees - Class C | 37,508 | – | – | – | – | – | – | |||||||||||||||||||||
Shareholder service fees - Class A | 19,566 | 68,174 | 112,412 | – | 80,581 | 4,134 | 14,884 | |||||||||||||||||||||
Shareholder service fees - Class B2 | – | – | – | – | 398 | – | 100 | |||||||||||||||||||||
Shareholder service fees - Class C | 12,503 | – | – | – | – | – | – | |||||||||||||||||||||
Other expenses | 6,238 | 13,813 | 13,788 | 419 | 31,280 | 8,287 | 569 | |||||||||||||||||||||
Total expenses before reimbursement/waiver | 896,255 | 1,350,903 | 1,458,639 | 36,853 | 3,290,667 | 1,001,237 | 104,600 | |||||||||||||||||||||
Total expenses | 896,255 | 1,350,903 | 1,458,639 | 36,853 | 3,290,667 | 1,001,237 | 104,600 | |||||||||||||||||||||
Net Investment Income (Loss) | 1,219,463 | 3,273,542 | 388,779 | 42,638 | 939,356 | (121,457 | ) | 20,385 | ||||||||||||||||||||
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 | (2,110,240 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Options written | 6,172,405 | – | – | – | – | – | – | |||||||||||||||||||||
Unaffiliated issuers | 3,266,593 | 4,232,931 | 9,829,745 | (270,085 | ) | 9,653,481 | (7,284,976 | ) | (257,311 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||
Options purchased | (806,285 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Options written | 1,894,438 | – | – | – | – | – | – | |||||||||||||||||||||
Unaffiliated issuers | 5,104,752 | (3,701,380 | ) | 22,671,262 | 716,488 | 36,811,482 | 12,393,236 | 2,720,199 | ||||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 13,521,663 | 531,551 | 32,501,007 | 446,403 | 46,464,963 | 5,108,260 | 2,462,888 | |||||||||||||||||||||
Net Increase in Net Assets from Operations | $ | 14,741,126 | $ | 3,805,093 | $ | 32,889,786 | $ | 489,041 | $ | 47,404,319 | $ | 4,986,803 | $ | 2,483,273 |
1 | See Note 5 for information on expense. |
2 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. |
See accompanying Notes to Financial Statements.
37 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Six-Months | Six-Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Net Assets at beginning of period | $ | 50,698,246 | $ | 68,674,779 | $ | 102,432,212 | $ | 134,584,040 | $ | 53,196,313 | $ | 67,457,807 | ||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||
Net investment income | 479,731 | 1,046,490 | 977,003 | 2,921,677 | 478,887 | 1,723,030 | ||||||||||||||||||
Net realized gain (loss) | (484,945 | ) | (2,038,488 | ) | 97,667 | (1,740,427 | ) | 495,040 | (1,076,941 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,054,913 | (8,727,716 | ) | 5,396,620 | (20,097,682 | ) | 2,474,963 | (10,639,076 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | 3,049,699 | (9,719,714 | ) | 6,471,290 | (18,916,432 | ) | 3,448,890 | (9,992,987 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net | ||||||||||||||||||||||||
realized gains): | ||||||||||||||||||||||||
Class A | (494,437 | ) | (2,896,934 | ) | (1,270,120 | ) | (9,265,098 | ) | (604,964 | ) | (5,578,440 | ) | ||||||||||||
Class B1 | (6,339 | ) | (124,933 | ) | (23,787 | ) | (461,958 | ) | (11,337 | ) | (293,779 | ) | ||||||||||||
Class C | (144,691 | ) | (1,086,716 | ) | (45,347 | ) | (630,540 | ) | (13,768 | ) | (267,464 | ) | ||||||||||||
Total distributions | (645,467 | ) | (4,108,583 | ) | (1,339,254 | ) | (10,357,596 | ) | (630,069 | ) | (6,139,683 | ) | ||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 2,294,477 | 3,553,577 | 5,122,418 | 5,228,672 | 3,296,035 | 2,746,022 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 493,618 | 2,893,391 | 1,266,452 | 9,241,256 | 604,612 | 5,574,873 | ||||||||||||||||||
Shares redeemed | (4,175,123 | ) | (7,772,703 | ) | (9,907,519 | ) | (14,743,825 | ) | (3,310,052 | ) | (5,512,896 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (1,387,028 | ) | (1,325,735 | ) | (3,518,649 | ) | (273,897 | ) | 590,595 | 2,807,999 | ||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | – | 136 | – | – | – | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 6,339 | 124,209 | 23,787 | 461,958 | 11,337 | 293,779 | ||||||||||||||||||
Shares redeemed | (1,363,629 | ) | (1,001,064 | ) | (3,694,652 | ) | (2,363,573 | ) | (2,050,380 | ) | (1,160,857 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (1,357,290 | ) | (876,855 | ) | (3,670,729 | ) | (1,901,615 | ) | (2,039,043 | ) | (867,078 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 12,175 | 148,454 | 48,537 | 198,048 | 19,235 | 58,419 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 144,691 | 1,086,000 | 45,347 | 630,540 | 13,768 | 267,464 | ||||||||||||||||||
Shares redeemed | (1,143,840 | ) | (3,180,100 | ) | (482,387 | ) | (1,530,876 | ) | (326,048 | ) | (395,628 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (986,974 | ) | (1,945,646 | ) | (388,503 | ) | (702,288 | ) | (293,045 | ) | (69,745 | ) | ||||||||||||
Total increase (decrease) from capital stock transactions | (3,731,292 | ) | (4,148,236 | ) | (7,577,881 | ) | (2,877,800 | ) | (1,741,493 | ) | 1,871,176 | |||||||||||||
Total increase (decrease) in net assets | (1,327,060 | ) | (17,976,533 | ) | (2,445,845 | ) | (32,151,828 | ) | 1,077,328 | (14,261,494 | ) | |||||||||||||
Net Assets at end ofperiod | $ | 49,371,186 | $ | 50,698,246 | $ | 99,986,367 | $ | 102,432,212 | $ | 54,273,641 | $ | 53,196,313 | ||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 249,252 | 347,177 | 514,833 | 487,941 | 323,007 | 247,936 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 54,190 | 277,414 | 131,239 | 809,217 | 61,134 | 472,047 | ||||||||||||||||||
Shares redeemed | (455,822 | ) | (790,078 | ) | (999,988 | ) | (1,374,621 | ) | (328,676 | ) | (507,542 | ) | ||||||||||||
Net increase from capital shares transactions | (152,380 | ) | (165,487 | ) | (353,916 | ) | (77,463 | ) | 55,465 | 212,441 | ||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | – | 14 | – | – | – | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 693 | 11,599 | 2,480 | 40,701 | 1,188 | 25,748 | ||||||||||||||||||
Shares redeemed | (145,166 | ) | (96,359 | ) | (373,956 | ) | (223,984 | ) | (207,172 | ) | (107,932 | ) | ||||||||||||
Net (decrease) from capital shares trasactions | (144,473 | ) | (84,760 | ) | (371,462 | ) | (183,283 | ) | (205,984 | ) | (82,184 | ) | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 1,308 | 14,568 | 4,943 | 18,435 | 1,968 | 5,478 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 15,604 | 101,369 | 4,724 | 55,456 | 1,442 | 23,421 | ||||||||||||||||||
Shares redeemed | (122,491 | ) | (309,187 | ) | (48,792 | ) | (147,467 | ) | (33,002 | ) | (37,876 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (105,579 | ) | (193,250 | ) | (39,125 | ) | (73,576 | ) | (29,592 | ) | (8,977 | ) |
1 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. |
See accompanying Notes to Financial Statements.
38 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets - continued
Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Net Assets at beginning of period | $ | 17,745,739 | $ | 20,620,165 | $ | 17,620,800 | $ | 22,330,541 | $ | 76,785,728 | $ | 115,682,091 | ||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||
Net investment income (loss) | 163,688 | 319,039 | 177,799 | 330,070 | 638,802 | 1,007,456 | ||||||||||||||||||
Net realized gain (loss) | – | (117,216 | ) | (20,287 | ) | 124,906 | (571,239 | ) | (1,222,043 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 715,411 | (2,252,119 | ) | 746,289 | (2,209,896 | ) | 3,127,862 | (8,236,007 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | 879,099 | (2,050,296 | ) | 903,801 | (1,754,920 | ) | 3,195,425 | (8,450,594 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||
Class Y | (161,588 | ) | (386,059 | ) | (300,506 | ) | (511,811 | ) | (444,472 | ) | (1,548,617 | ) | ||||||||||||
Class I | – | – | – | – | (135,440 | ) | (48,210 | ) | ||||||||||||||||
Total distributions | (161,588 | ) | (386,059 | ) | (300,506 | ) | (511,811 | ) | (579,912 | ) | (1,596,827 | ) | ||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 223,308 | 1,026,139 | 151,410 | 121,515 | 15,775,965 | 12,678,510 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 156,431 | 374,618 | 275,396 | 466,025 | 413,837 | 1,462,216 | ||||||||||||||||||
Shares redeemed | (478,492 | ) | (1,838,828 | ) | (653,491 | ) | (3,030,550 | ) | (9,600,021 | ) | (58,547,690 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (98,753 | ) | (438,071 | ) | (226,685 | ) | (2,443,010 | ) | 6,589,781 | (44,406,964 | ) | |||||||||||||
Class I Shares1 | ||||||||||||||||||||||||
Shares sold | 7,480,689 | 16,591,606 | ||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 135,440 | 48,210 | ||||||||||||||||||||||
Shares redeemed | (4,294,663 | ) | (1,081,794 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 3,321,466 | 15,558,022 | ||||||||||||||||||||||
Total increase (decrease) from capital stock transactions | (98,753 | ) | (438,071 | ) | (226,685 | ) | (2,443,010 | ) | 9,911,247 | (28,848,942 | ) | |||||||||||||
Total increase (decrease) in net assets | 618,758 | (2,874,426 | ) | 376,610 | (4,709,741 | ) | 12,526,760 | (38,896,363 | ) | |||||||||||||||
Net Assets at end of period | $ | 18,364,497 | $ | 17,745,739 | $ | 17,997,410 | $ | 17,620,800 | $ | 89,312,488 | $ | 76,785,728 | ||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 20,839 | 91,964 | 14,949 | 11,444 | 1,539,418 | 1,188,647 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 14,554 | 33,715 | 27,445 | 44,347 | 40,530 | 136,655 | ||||||||||||||||||
Shares redeemed | (44,545 | ) | (169,466 | ) | (64,993 | ) | (278,618 | ) | (941,472 | ) | (5,524,145 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (9,152 | ) | (43,787 | ) | (22,599 | ) | (222,827 | ) | 638,476 | (4,198,843 | ) | |||||||||||||
Class I Shares1 | ||||||||||||||||||||||||
Shares sold | 733,079 | 1,600,987 | ||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 13,166 | 4,751 | ||||||||||||||||||||||
Shares redeemed | (416,541 | ) | (105,519 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 329,704 | 1,500,219 |
1 | The High Quality Bond Fund the Class commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
39 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets - continued
Core Bond Fund | Diversified Income Fund | Covered Call & Equity Income Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Net Assets at beginning of period | $ | 179,795,322 | $ | 188,561,966 | $ | 161,841,486 | $ | 184,230,359 | $ | 135,198,709 | $ | 90,673,553 | ||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||
Net investment income | 2,603,194 | 3,430,538 | 1,607,342 | 2,637,620 | 1,219,463 | 784,696 | ||||||||||||||||||
Net realized gain (loss) | (2,948,597 | ) | (1,427,445 | ) | 1,222,763 | 9,543,799 | 7,328,758 | 8,056,553 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 11,894,534 | (32,166,556 | ) | 1,365,664 | (26,835,849 | ) | 6,192,905 | (5,670,872 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | 11,549,131 | (30,163,463 | ) | 4,195,769 | (14,654,430 | ) | 14,741,126 | 3,170,377 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||
Class A | (384,099 | ) | (811,781 | ) | (9,348,787 | ) | (17,995,280 | ) | (635,450 | ) | (956,245 | ) | ||||||||||||
Class B1 | (881 | ) | (5,399 | ) | (149,845 | ) | (509,475 | ) | – | – | ||||||||||||||
Class C | – | – | (1,467,708 | ) | (2,359,561 | ) | (430,197 | ) | (604,419 | ) | ||||||||||||||
Class Y | (92,257 | ) | (203,820 | ) | – | – | (1,724,166 | ) | (4,920,548 | ) | ||||||||||||||
Class I22 | (724,216 | ) | (2,094,211 | ) | – | – | (3,762,486 | ) | (374,635 | ) | ||||||||||||||
Class R63 | (1,364,456 | ) | (1,495,620 | ) | – | – | (49,286 | ) | (38,689 | ) | ||||||||||||||
Total distributions | (2,565,909 | ) | (4,610,831 | ) | (10,966,340 | ) | (20,864,316 | ) | (6,601,585 | ) | (6,894,536 | ) | ||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 731,737 | 1,547,576 | 5,577,385 | 5,843,321 | 3,290,190 | 1,383,461 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 379,093 | 802,544 | 9,305,310 | 17,918,652 | 608,232 | 909,181 | ||||||||||||||||||
Shares redeemed | (2,304,369 | ) | (5,732,779 | ) | (11,911,875 | ) | (15,332,901 | ) | (933,572 | ) | (2,447,952 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (1,193,539 | ) | (3,382,659 | ) | 2,970,820 | 8,429,072 | 2,964,850 | (155,310 | ) | |||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | – | – | 6,834 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 881 | 5,399 | 149,845 | 509,475 | ||||||||||||||||||||
Shares redeemed | (259,260 | ) | (199,292 | ) | (2,855,529 | ) | (2,044,670 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (258,379 | ) | (193,893 | ) | (2,705,684 | ) | (1,528,361 | ) | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 947,340 | 5,510,771 | 3,440,775 | 1,200,319 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,467,708 | 2,359,561 | 396,929 | 564,331 | ||||||||||||||||||||
Shares redeemed | (1,259,408 | ) | (1,641,170 | ) | (626,199 | ) | (1,269,549 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 1,155,640 | 6,229,162 | 3,211,505 | 495,101 | ||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 616,196 | 1,603,451 | 21,735,306 | 51,694,990 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 78,873 | 175,815 | 1,638,923 | 4,897,158 | ||||||||||||||||||||
Shares redeemed | (897,351 | ) | (4,060,800 | ) | (9,464,732 | ) | (81,897,013 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (202,282 | ) | (2,281,534 | ) | 13,909,497 | (25,304,865 | ) | |||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||
Shares sold | 12,280,445 | 41,315,224 | 61,231,669 | 74,565,269 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 683,269 | 842,112 | 3,762,486 | 374,635 | ||||||||||||||||||||
Shares redeemed | (5,241,083 | ) | (116,800,578 | ) | (15,163,224 | ) | (1,962,558 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 7,722,631 | (74,643,242 | ) | 49,830,931 | 72,977,346 | |||||||||||||||||||
Class R6 Shares3 | ||||||||||||||||||||||||
Shares sold | 2,250,042 | 106,822,028 | 1,739,772 | 778,390 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 32,154 | 359,960 | 49,285 | 38,689 | ||||||||||||||||||||
Shares redeemed | (45,516 | ) | (673,010 | ) | (386,748 | ) | (580,036 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 2,236,680 | 106,508,978 | 1,402,309 | 237,043 | ||||||||||||||||||||
Total increase (decrease) from capital stock transactions | 8,305,111 | 26,007,650 | 1,420,776 | 13,129,873 | 71,319,092 | 48,249,315 | ||||||||||||||||||
Total increase (decrease) in net assets | 17,288,333 | (8,766,644 | ) | (5,349,795 | ) | (22,388,873 | ) | 79,458,633 | 44,525,156 | |||||||||||||||
Net Assets at end of period | $ | 197,083,655 | $ | 179,795,322 | $ | 156,491,691 | $ | 161,841,486 | $ | 214,657,342 | $ | 135,198,709 | ||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 81,454 | 155,132 | 376,486 | 356,241 | 341,775 | 148,304 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 42,149 | 82,985 | 638,181 | 1,068,262 | 65,395 | 99,627 | ||||||||||||||||||
Shares redeemed | (256,962 | ) | (594,846 | ) | (809,310 | ) | (949,568 | ) | (97,779 | ) | (262,224 | ) | ||||||||||||
Net increase (decrease) from capital shares transactions | (133,359 | ) | (356,729 | ) | 205,357 | 474,935 | 309,391 | (14,293 | ) |
See accompanying Notes to Financial Statements.
40 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets April 30, 2023
Core Bond Fund | Diversified Income Fund | Covered Call & Equity Income Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | – | – | 407 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 98 | 548 | 10,174 | 29,941 | ||||||||||||||||||||
Shares redeemed | (28,766 | ) | (20,730 | ) | (190,334 | ) | (123,765 | ) | ||||||||||||||||
Net increase (decrease) from capital shares transactions | (28,668 | ) | (20,182 | ) | (180,160 | ) | (93,417 | ) | ||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 64,053 | 322,310 | 402,750 | 142,295 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 99,703 | 138,984 | 47,535 | 68,398 | ||||||||||||||||||||
Shares redeemed | (84,706 | ) | (100,492 | ) | (73,588 | ) | (152,399 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 79,050 | 360,802 | 376,697 | 58,294 | ||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 69,524 | 161,349 | 2,189,606 | 5,324,240 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 8,819 | 18,215 | 168,819 | 518,816 | ||||||||||||||||||||
Shares redeemed | (99,789 | ) | (408,905 | ) | (959,017 | ) | (8,712,400 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (21,446 | ) | (229,341 | ) | 1,399,408 | (2,869,344 | ) | |||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||
Shares sold | 1,371,820 | 4,414,200 | 6,187,868 | 8,014,034 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 76,696 | 89,031 | 386,857 | 42,128 | ||||||||||||||||||||
Shares redeemed | (590,271 | ) | (12,041,206 | ) | (1,535,136 | ) | (214,092 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 858,245 | (7,537,975 | ) | 5,039,589 | 7,842,070 | |||||||||||||||||||
Class R6 Shares3 | ||||||||||||||||||||||||
Shares sold | 254,515 | 10,977,262 | 170,941 | 79,952 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 3,609 | 38,148 | 4,946 | 4,021 | ||||||||||||||||||||
Shares redeemed | (5,128 | ) | (72,734 | ) | (37,558 | ) | (59,161 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 252,996 | 10,942,676 | 138,329 | 24,812 |
1 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. |
2 | For the Covered Call & Equity Income Fund, Class I Shares commenced operations effective March 1, 2022 |
3 | For the Core Bond Fund, Class R6 Shares commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
41 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets
Dividend Income Fund | Investors Fund | Sustainable Equity | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Net Assets at beginning of period | $ | 301,287,528 | $ | 323,218,081 | $ | 300,404,105 | $ | 409,629,139 | $ | 9,279,877 | $ | – | ||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||
Net investment income | 3,273,542 | 5,732,136 | 388,779 | 694,069 | 42,638 | 36,333 | ||||||||||||||||||
Net realized gain (loss) | 4,232,931 | 20,856,681 | 9,829,745 | 17,929,737 | (270,085 | ) | (200,624 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,701,380 | ) | (38,239,764 | ) | 22,671,262 | (59,414,605 | ) | 716,488 | (927,305 | ) | ||||||||||||||
Net increase (decrease) in net assets from operations | 3,805,093 | (11,650,947 | ) | 32,889,786 | (40,790,799 | ) | 489,041 | (1,091,596 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||
Class A | (4,393,473 | ) | (6,667,407 | ) | (5,361,393 | ) | (7,952,408 | ) | – | |||||||||||||||
Class Y1 | (13,218,651 | ) | (20,557,682 | ) | (5,634,351 | ) | (8,508,606 | ) | (384 | ) | ||||||||||||||
Class I1 | (4,602,074 | ) | (7,455,004 | ) | (4,540,678 | ) | (8,192,065 | ) | (52,927 | ) | ||||||||||||||
Class R6 | (1,588,690 | ) | (338,133 | ) | (3,481,988 | ) | (6,338,361 | ) | – | |||||||||||||||
Total distributions | (23,802,888 | ) | (35,018,226 | ) | (19,018,410 | ) | (30,991,440 | ) | (53,311 | ) | ||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 497,175 | 1,353,503 | 1,194,957 | 2,304,397 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,380,553 | 6,648,315 | 5,343,606 | 7,929,632 | ||||||||||||||||||||
Shares redeemed | (2,525,583 | ) | (5,685,683 | ) | (4,645,979 | ) | (10,848,230 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 2,352,145 | 2,316,135 | 1,892,584 | (614,201 | ) | |||||||||||||||||||
Class Y Shares1 | ||||||||||||||||||||||||
Shares sold | 19,074,683 | 67,297,042 | 5,386,764 | 11,979,387 | – | 751,690 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 13,050,140 | 20,231,086 | 5,142,831 | 7,809,980 | 384 | – | ||||||||||||||||||
Shares redeemed | (48,212,691 | ) | (83,610,162 | ) | (9,402,631 | ) | (22,273,113 | ) | – | (651,589 | ) | |||||||||||||
Net increase (decrease) from capital stock transactions | (16,087,868 | ) | 3,917,966 | 1,126,964 | (2,483,746 | ) | 384 | 100,101 | ||||||||||||||||
Class I Shares1 | ||||||||||||||||||||||||
Shares sold | 8,313,279 | 40,881,645 | 20,907,601 | 22,998,164 | 612,817 | 10,624,016 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,556,166 | 7,378,193 | 4,415,273 | 8,192,065 | 52,927 | – | ||||||||||||||||||
Shares redeemed | (25,197,918 | ) | (50,753,760 | ) | (12,082,410 | ) | (44,840,267 | ) | (1,961,130 | ) | (352,644 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (12,328,473 | ) | (2,493,922 | ) | 13,240,464 | (13,650,038 | ) | (1,295,386 | ) | 10,271,372 | ||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Shares sold | 1,091,394 | 31,254,703 | 2,426,681 | 4,409,527 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 185,710 | 247,345 | 3,481,988 | 6,338,361 | ||||||||||||||||||||
Shares redeemed | (3,212,550 | ) | (10,503,607 | ) | (870,879 | ) | (31,442,698 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (1,935,446 | ) | 20,998,441 | 5,037,790 | (20,694,810 | ) | ||||||||||||||||||
Total increase (decrease) from capital stock transactions | (27,999,642 | ) | 24,738,620 | 21,297,802 | (37,442,795 | ) | (1,295,002 | ) | 10,371,473 | |||||||||||||||
Total increase (decrease) in net assets | (47,997,437 | ) | (21,930,553 | ) | 35,169,178 | (109,225,034 | ) | (859,272 | ) | 9,279,877 | ||||||||||||||
Net Assets at end of period | $ | 253,290,091 | $ | 301,287,528 | $ | 335,573,283 | $ | 300,404,105 | $ | 8,420,605 | $ | 9,279,877 | ||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 17,672 | 43,919 | 50,048 | 90,971 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 157,763 | 210,630 | 236,025 | 284,624 | ||||||||||||||||||||
Shares redeemed | (88,840 | ) | (182,749 | ) | (194,048 | ) | (420,299 | ) | ||||||||||||||||
Net increase (decrease) from capital shares transactions | 86,595 | 71,800 | 92,025 | (44,704 | ) | |||||||||||||||||||
Class Y Shares1 | ||||||||||||||||||||||||
Shares sold | 674,422 | 2,212,227 | 225,318 | 454,793 | – | 75,171 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 469,860 | 640,928 | 226,856 | 280,028 | 47 | – | ||||||||||||||||||
Shares redeemed | (1,729,559 | ) | (2,693,339 | ) | (393,604 | ) | (863,903 | ) | – | (65,159 | ) | |||||||||||||
Net increase (decrease) in shares outstanding | (585,277 | ) | 159,816 | 58,570 | (129,082 | ) | 47 | 10,012 | ||||||||||||||||
Class I Shares1 | ||||||||||||||||||||||||
Shares sold | 292,671 | 1,306,452 | 875,544 | 912,090 | 72,789 | 1,160,479 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 164,136 | 234,132 | 195,626 | 294,679 | 6,478 | – | ||||||||||||||||||
Shares redeemed | (905,825 | ) | (1,608,639 | ) | (506,290 | ) | (1,808,445 | ) | (233,424 | ) | (41,621 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (449,018 | ) | (68,055 | ) | 564,880 | (601,676 | ) | (154,157 | ) | 1,118,858 | ||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Shares sold | 40,676 | 1,012,123 | 99,694 | 180,272 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 6,693 | 8,194 | 152,585 | 225,404 | ||||||||||||||||||||
Shares redeemed | (116,237 | ) | (351,693 | ) | (36,403 | ) | (1,181,769 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (68,868 | ) | 668,624 | 215,876 | (776,093 | ) |
1 | The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I Shares commenced operations effective January 3, 2022. |
See accompanying Notes to Financial Statements.
42 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets
Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Net Assets at beginning of period | $ | 681,139,846 | $ | 733,809,804 | $ | 183,678,969 | $ | 280,340,485 | $ | 11,700,503 | $ | 17,610,653 | ||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||
Net investment income (loss) | 939,356 | (859,725 | ) | (121,457 | ) | (589,131 | ) | 20,385 | 43,445 | |||||||||||||||
Net realized gain (loss) | 9,653,481 | 13,753,629 | (7,284,976 | ) | 9,386,807 | (257,311 | ) | (576,040 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 36,811,482 | (87,607,703 | ) | 12,393,236 | (70,026,964 | ) | 2,720,199 | (3,912,758 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | 47,404,319 | (74,713,799 | ) | 4,986,803 | (61,229,288 | ) | 2,483,273 | (4,445,353 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||
Class A | (1,324,546 | ) | (3,577,154 | ) | (179,025 | ) | (1,075,866 | ) | (32,804 | ) | (4,272,257 | ) | ||||||||||||
Class B1 | (15,919 | ) | (68,390 | ) | – | – | – | (91,028 | ) | |||||||||||||||
Class Y | (4,921,978 | ) | (11,660,270 | ) | (8,397,631 | ) | (55,515,240 | ) | (3,683 | ) | (243,016 | ) | ||||||||||||
Class I | (5,343,152 | ) | (12,986,283 | ) | (665,129 | ) | (4,955,880 | ) | – | – | ||||||||||||||
Class R62 | (1,689,800 | ) | (4,870,186 | ) | (8,456 | ) | – | – | – | |||||||||||||||
Total distributions | (13,295,395 | ) | (33,162,283 | ) | (9,250,241 | ) | (61,546,986 | ) | (36,487 | ) | (4,606,301 | ) | ||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 2,288,738 | 10,602,851 | 117,100 | 258,742 | 275,001 | 424,828 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,320,820 | 3,562,690 | 178,626 | 1,073,140 | 32,703 | 4,263,291 | ||||||||||||||||||
Shares redeemed | (4,224,937 | ) | (15,290,783 | ) | (181,270 | ) | (593,902 | ) | (589,532 | ) | (1,761,058 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (615,379 | ) | (1,125,242 | ) | 114,456 | 737,980 | (281,828 | ) | 2,927,061 | |||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | 1,125 | – | – | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 15,919 | 68,390 | – | 91,028 | ||||||||||||||||||||
Shares redeemed | (659,890 | ) | (468,073 | ) | (164,756 | ) | (135,525 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (643,971 | ) | (398,558 | ) | (164,756 | ) | (44,497 | ) | ||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 23,493,783 | 66,622,409 | 2,523,989 | 7,861,874 | 97,095 | 89,662 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,842,873 | 11,403,175 | 8,224,379 | 54,219,458 | 3,683 | 243,016 | ||||||||||||||||||
Shares redeemed | (32,128,101 | ) | (50,798,380 | ) | (15,924,608 | ) | (38,826,238 | ) | (102,718 | ) | (73,738 | ) | ||||||||||||
Net increase (decrease) from capital stock transactions | (3,791,445 | ) | 27,227,204 | (5,176,240 | ) | 23,255,094 | (1,940 | ) | 258,940 | |||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Shares sold | 46,702,015 | 101,753,752 | 1,180,678 | 6,826,690 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 5,228,821 | 12,839,515 | 665,129 | 4,955,880 | ||||||||||||||||||||
Shares redeemed | (32,547,937 | ) | (82,754,329 | ) | (3,075,578 | ) | (9,830,152 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 19,382,899 | 31,838,938 | (1,229,771 | ) | 1,952,418 | |||||||||||||||||||
Class R6 Shares2 | ||||||||||||||||||||||||
Shares sold | 17,507,297 | 20,457,282 | 47,442 | 188,005 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 598,094 | 1,715,908 | 8,456 | – | ||||||||||||||||||||
Shares redeemed | (14,099,360 | ) | (24,509,408 | ) | (775 | ) | (18,739 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | 4,006,031 | (2,336,218 | ) | 55,123 | 169,266 | |||||||||||||||||||
Total increase (decrease) from capital stock transactions | 18,338,135 | 55,206,124 | (6,236,432 | ) | 26,114,758 | (448,524 | ) | 3,141,504 | ||||||||||||||||
Total increase (decrease) in net assets | 52,447,059 | (52,669,958 | ) | (10,499,870 | ) | (96,661,516 | ) | 1,998,262 | (5,910,150 | ) | ||||||||||||||
Net Assets at end of period | $ | 733,586,905 | $ | 681,139,846 | $ | 173,179,099 | $ | 183,678,969 | $ | 13,698,765 | $ | 11,700,503 | ||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 187,427 | 853,186 | 12,588 | 24,838 | 32,068 | 48,354 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 113,668 | 259,293 | 20,771 | 88,543 | 4,093 | 433,261 | ||||||||||||||||||
Shares redeemed | (349,905 | ) | (1,286,440 | ) | (19,887 | ) | (54,458 | ) | (70,338 | ) | (194,563 | ) | ||||||||||||
Net increase (decrease) from capital shares transactions | (48,810 | ) | (173,961 | ) | 13,472 | 58,923 | (34,177 | ) | 287,052 | |||||||||||||||
Class B Shares1 | ||||||||||||||||||||||||
Shares sold | – | 121 | – | – | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,836 | 6,576 | – | 9,663 | ||||||||||||||||||||
Shares redeemed | (70,692 | ) | (50,037 | ) | (19,908 | ) | (16,156 | ) | ||||||||||||||||
Net increase (decrease) from capital shares transactions | (68,856 | ) | (43,340 | ) | (19,908 | ) | (6,493 | ) |
1 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated |
2 | For the Small Cap Fund, Class R6 Shares commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
43 |
Madison Funds | April 30, 2023
Statements of Changes in Net Assets April 30, 2023
Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | 4/30/23 | 10/31/22 | |||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||
Shares sold | 1,784,779 | 5,111,948 | 268,761 | 682,696 | 11,490 | 10,411 | ||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 386,194 | 773,621 | 942,082 | 4,422,468 | 465 | 24,950 | ||||||||||||||||||
Shares redeemed | (2,468,583 | ) | (3,784,461 | ) | (1,686,443 | ) | (3,490,516 | ) | (12,542 | ) | (9,025 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (297,610 | ) | 2,101,108 | (475,600 | ) | 1,614,648 | (587 | ) | 26,336 | |||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Shares sold | 3,554,529 | 7,687,795 | 125,977 | 588,372 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 416,307 | 870,476 | 76,102 | 404,232 | ||||||||||||||||||||
Shares redeemed | (2,479,922 | ) | (6,288,127 | ) | (329,788 | ) | (903,789 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 1,490,914 | 2,270,144 | (127,709 | ) | 88,815 | |||||||||||||||||||
Class R6 Shares1 | ||||||||||||||||||||||||
Shares sold | 1,307,860 | 1,493,443 | 5,008 | 19,316 | ||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 46,328 | 113,336 | 966 | – | ||||||||||||||||||||
Shares redeemed | (1,040,495 | ) | (1,793,973 | ) | (87 | ) | (2,093 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 313,693 | (187,194 | ) | 5,887 | 17,223 |
1 | For the Small Cap Fund, Class R6 Shares commenced operations effective March 1, 2022. |
See accompanying Notes to Financial Statements.
44 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.85 | $ | 11.12 | $ | 11.15 | $ | 10.96 | $ | 10.39 | $ | 10.97 | $ | 9.00 | $ | 11.30 | $ | 11.32 | $ | 11.11 | $ | 10.48 | $ | 11.06 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.10 | 0.20 | 0.10 | 0.13 | 1 | 0.36 | 1,2 | 0.19 | 0.06 | 0.13 | 0.01 | 0.04 | 1 | 0.29 | 1,2 | 0.11 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.46 | (1.77 | ) | 0.63 | 0.46 | 0.68 | 2 | (0.26 | ) | 0.47 | (1.81 | ) | 0.64 | 0.48 | 0.68 | 2 | (0.27 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 0.56 | (1.57 | ) | 0.73 | 0.59 | 1.04 | (0.07 | ) | 0.53 | (1.68 | ) | 0.65 | 0.52 | 0.97 | (0.16 | ) | ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.19 | ) | (0.18 | ) | (0.19 | ) | (0.18 | ) | (0.24 | ) | (0.09 | ) | (0.11 | ) | (0.09 | ) | (0.10 | ) | (0.05 | ) | (0.15 | ) | ||||||||||||||||||||||||
Capital gains | – | (0.51 | ) | (0.58 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | – | (0.51 | ) | (0.58 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | ||||||||||||||||||||||||||
Total distributions | (0.13 | ) | (0.70 | ) | (0.76 | ) | (0.40 | ) | (0.47 | ) | (0.51 | ) | (0.09 | ) | (0.62 | ) | (0.67 | ) | (0.31 | ) | (0.34 | ) | (0.42 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.43 | (2.27 | ) | (0.03 | ) | 0.19 | 0.57 | (0.58 | ) | 0.44 | (2.30 | ) | (0.02 | ) | 0.21 | 0.63 | (0.58 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.28 | $ | 8.85 | $ | 11.12 | $ | 11.15 | $ | 10.96 | $ | 10.39 | $ | 9.4 | 4 | $ | 9.00 | $ | 11.30 | $ | 11.32 | $ | 11.11 | $ | 10.48 | |||||||||||||||||||||||
Total Return (%)3 | 6.34 | 4 | (15.00 | ) | 6.72 | 5.62 | 10.37 | (0.75 | ) | 5.95 | 4 | (15.67 | ) | 5.91 | 4.89 | 9.50 | (1.51 | ) | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000‘s) | $ | 35,360 | $ | 35,084 | $ | 45,932 | $ | 44,146 | $ | 42,662 | $ | 42,247 | $ | 14,011 | $ | 14,315 | $ | 20,154 | $ | 20,137 | $ | 20,303 | $ | 20,001 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 5 | 1.46 | 1.46 | 1.45 | 1.45 | – | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.12 | 5 | 1.97 | 0.86 | 1.19 | 3.38 | 2 | 1.74 | 1.38 | 5 | 1.27 | 0.11 | 0.45 | 2.60 | 2 | 0.99 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 33 | 4 | 84 | 63 | 73 | 57 | 63 | 33 | 4 | 84 | 63 | 73 | 57 | 63 |
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 and $0.10, $0.87, and 0.89%, respectively, for the class C shares. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
45 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.59 | $ | 12.22 | $ | 11.85 | $ | 11.76 | $ | 11.59 | $ | 12.20 | $ | 9.49 | $ | 12.09 | $ | 11.70 | $ | 11.61 | $ | 11.47 | $ | 12.07 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.10 | 0.28 | 0.09 | 0.12 | 1 | 0.51 | 1,2 | 0.17 | 0.06 | 0.19 | (0.01 | ) | 0.02 | 1 | 0.42 | 1,2 | 0.08 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.51 | (1.94 | ) | 1.35 | 0.43 | 0.60 | 2 | (0.17 | ) | 0.51 | (1.92 | ) | 1.34 | 0.44 | 0.59 | 2 | (0.16 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 0.61 | (1.66 | ) | 1.44 | 0.55 | 1.11 | – | 0.57 | (1.73 | ) | 1.33 | 0.46 | 1.01 | (0.08 | ) | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.29 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.17 | ) | (0.07 | ) | (0.19 | ) | – | (0.08 | ) | (0.10 | ) | (0.08 | ) | |||||||||||||||||||||||||
Capital gains | – | (0.68 | ) | (0.94 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | – | (0.68 | ) | (0.94 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | ||||||||||||||||||||||||||
Total distributions | (0.13 | ) | (0.97 | ) | (1.07 | ) | (0.46 | ) | (0.94 | ) | (0.61 | ) | (0.07 | ) | (0.87 | ) | (0.94 | ) | (0.37 | ) | (0.87 | ) | (0.52 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.48 | (2.63 | ) | 0.37 | 0.09 | 0.17 | (0.61 | ) | 0.50 | (2.60 | ) | 0.39 | 0.09 | 0.14 | (0.60 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.07 | $ | 9.59 | $ | 12.22 | $ | 11.85 | $ | 11.76 | $ | 11.59 | $ | 9.99 | $ | 9.49 | $ | 12.09 | $ | 11.70 | $ | 11.61 | $ | 11.47 | ||||||||||||||||||||||||
Total Return (%)3 | 6.464 | (14.88 | ) | 12.66 | 4.75 | 10.69 | (0.12 | ) | 6.044 | (15.47 | ) | 11.79 | 3.99 | 9.78 | (0.82 | ) | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000‘s) | $ | 93,798 | $ | 92,669 | $ | 119,035 | $ | 111,135 | $ | 112,916 | $ | 108,459 | $ | 6,188 | $ | 6,244 | $ | 8,849 | $ | 9,230 | $ | 9,607 | $ | 9,338 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 5 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.98 | 5 | 2.54 | 0.70 | 0.96 | 4.42 | 2 | 1.39 | 1.23 | 5 | 1.83 | (0.03 | ) | 0.22 | 3.68 | 2 | 0.62 | |||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 43 | 4 | 95 | 71 | 87 | 64 | 75 | 43 | 4 | 95 | 71 | 87 | 64 | 75 |
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 and $0.08, $0.93, and 0.64%, respectively, for the class C shares. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
46 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.83 | $ | 12.75 | $ | 11.81 | $ | 12.02 | $ | 12.01 | $ | 12.71 | $ | 9.45 | $ | 12.29 | $ | 11.42 | $ | 11.63 | $ | 11.66 | $ | 12.36 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.09 | 0.33 | 0.08 | 0.10 | 1 | 0.56 | 1,2 | 0.14 | 0.04 | 0.24 | (0.01 | ) | 0.03 | 1 | 0.48 | 1,2 | 0.04 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.55 | (2.07 | ) | 1.89 | 0.33 | 0.57 | 2 | (0.11 | ) | 0.55 | (2.00 | ) | 1.82 | 0.30 | 0.54 | 2 | (0.11 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 0.64 | (1.74 | ) | 1.97 | 0.43 | 1.13 | 0.03 | 0.59 | (1.76 | ) | 1.81 | 0.33 | 1.02 | (0.07 | ) | |||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.34 | ) | (0.09 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.06 | ) | (0.24 | ) | – | (0.06 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||||||||||||||
Capital gains | – | (0.84 | ) | (0.94 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | – | (0.84 | ) | (0.94 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | ||||||||||||||||||||||||||
Total distributions | (0.12 | ) | (1.18 | ) | (1.03 | ) | (0.64 | ) | (1.12 | ) | (0.73 | ) | (0.06 | ) | (1.08 | ) | (0.94 | ) | (0.54 | ) | (1.05 | ) | (0.63 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.52 | (2.92 | ) | 0.94 | (0.21 | ) | 0.01 | (0.70 | ) | 0.53 | (2.84 | ) | 0.87 | (0.21 | ) | (0.03 | ) | (0.70 | ) | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.35 | $ | 9.83 | $ | 12.75 | $ | 11.81 | $ | 12.02 | $ | 12.01 | $ | 9.98 | $ | 9.45 | $ | 12.29 | $ | 11.42 | $ | 11.63 | $ | 11.66 | ||||||||||||||||||||||||
Total Return (%)3 | 6.61 | 4 | (15.22 | ) | 17.33 | 3.59 | 10.93 | 0.06 | 6.24 | 4 | (15.84 | ) | 16.39 | 2.88 | 10.11 | (0.74 | ) | |||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000‘s) | $ | 52,157 | $ | 48,969 | $ | 60,837 | $ | 56,089 | $ | 54,974 | $ | 51,274 | $ | 2,117 | $ | 2,283 | $ | 3,082 | $ | 2,655 | $ | 2,263 | $ | 2,160 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.70 | 5 | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.47 | 5 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.82 | 5 | 2.89 | 0.62 | 0.78 | 4.77 | 2 | 1.08 | 1.11 | 5 | 2.23 | (0.14 | ) | (0.01 | ) | 4.15 | 2 | 0.32 | ||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 40 | 4 | 99 | 84 | 105 | 79 | 71 | 40 | 4 | 99 | 84 | 105 | 79 | 71 |
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 and $0.07, $0.95, and 0.50%, respectively, for the class C shares. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
47 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
TAX-FREE VIRGINIA FUND | ||||||||||||||||||||||||
(unaudited) | CLASS Y | |||||||||||||||||||||||
Six-Months | Year Ended October 31, | |||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.33 | $ | 11.71 | $ | 11.89 | $ | 11.71 | $ | 11.08 | $ | 11.49 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.09 | 0.18 | 0.19 | 0.20 | 1 | 0.23 | 1 | 0.24 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.42 | (1.34 | ) | (0.17 | ) | 0.18 | 0.63 | (0.41 | ) | |||||||||||||||
Total from investment operations | 0.51 | (1.16 | ) | 0.02 | 0.38 | 0.86 | (0.17 | ) | ||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.18 | ) | (0.19 | ) | (0.20 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
Capital gains | – | (0.04 | ) | (0.01 | ) | – | – | – | ||||||||||||||||
Total distributions | (0.09 | ) | (0.22 | ) | (0.20 | ) | (0.20 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.42 | (1.38 | ) | (0.18 | ) | 0.18 | 0.63 | (0.41 | ) | |||||||||||||||
Net Asset Value at end of period | $ | 10.75 | $ | 10.33 | $ | 11.71 | $ | 11.89 | $ | 11.71 | $ | 11.08 | ||||||||||||
Total Return (%)2 | 4.98 | 3 | (10.01 | ) | 0.10 | 3.24 | 7.78 | (1.52 | ) | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 18,364 | $ | 17,746 | $ | 20,620 | $ | 21,572 | $ | 22,225 | $ | 20,868 | ||||||||||||
Ratios of expenses to average net assets (%) | 0.87 | 4 | 0.86 | 0.86 | 0.85 | 0.85 | 0.85 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.79 | 4 | 1.65 | 1.57 | 1.66 | 1.96 | 2.09 | |||||||||||||||||
Portfolio turnover (%)5 | 9 | 3 | 17 | 10 | 7 | 22 | 26 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
TAX-FREE NATIONAL FUND | ||||||||||||||||||||||||
(unaudited) | CLASS Y | |||||||||||||||||||||||
Six-Months | Year Ended October 31, | |||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.73 | $ | 10.98 | $ | 11.08 | $ | 10.96 | $ | 10.41 | $ | 10.85 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.10 | 0.18 | 0.18 | 0.21 | 1 | 0.24 | 1 | 0.24 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.40 | (1.15 | ) | (0.10 | ) | 0.15 | 0.61 | (0.41 | ) | |||||||||||||||
Total from investment operations | 0.50 | (0.97 | ) | 0.08 | 0.36 | 0.85 | (0.17 | ) | ||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
Capital gains | (0.07 | ) | (0.10 | ) | – | (0.03 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
Total distributions | (0.17 | ) | (0.28 | ) | (0.18 | ) | (0.24 | ) | (0.30 | ) | (0.27 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.33 | (1.25 | ) | (0.10 | ) | 0.12 | 0.55 | (0.44 | ) | |||||||||||||||
Net Asset Value at end of period | $ | 10.06 | $ | 9.73 | $ | 10.98 | $ | 11.08 | $ | 10.96 | $ | 10.41 | ||||||||||||
Total Return (%)2 | 5.13 | 3 | (8.98 | ) | 0.75 | 3.36 | 8.20 | (1.56 | ) | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 17,997 | $ | 17,621 | $ | 22,331 | $ | 23,377 | $ | 23,807 | $ | 23,325 | ||||||||||||
Ratios of expenses to average net assets (%) | 0.77 | 4 | 0.76 | 0.76 | 0.75 | 0.75 | 0.75 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.99 | 4 | 1.74 | 1.65 | 1.91 | 2.19 | 2.25 | |||||||||||||||||
Portfolio turnover (%)5 | 10 | 3 | 10 | 18 | 13 | 26 | 31 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
48 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
HIGH QUALITY BOND FUND | ||||||||||||||||||||||||||||||||
CLASS Y | CLASS I | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | Period Ended | ||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | October 31, | |||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022* | |||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.99 | $ | 11.15 | $ | 11.42 | $ | 11.11 | $ | 10.64 | $ | 10.93 | $ | 10.05 | $ | 10.84 | ||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||
Net investment income | 0.08 | 0.13 | 0.10 | 0.13 | 1 | 0.21 | 1 | 0.18 | 0.08 | 0.09 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.31 | (1.11 | ) | (0.24 | ) | 0.32 | 0.47 | (0.30 | ) | 0.33 | (0.79 | ) | ||||||||||||||||||||
Total from investment operations | 0.39 | (0.98 | ) | (0.14 | ) | 0.45 | 0.68 | (0.12 | ) | 0.41 | (0.70 | ) | ||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.12 | ) | (0.10 | ) | (0.14 | ) | (0.21 | ) | (0.17 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||||||
Capital gains | – | (0.06 | ) | (0.03 | ) | – | – | – | – | – | ||||||||||||||||||||||
Total distributions | (0.07 | ) | (0.18 | ) | (0.13 | ) | (0.14 | ) | (0.21 | ) | (0.17 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||||||
Net increase (decrease) in net asset value | 0.32 | (1.16 | ) | (0.27 | ) | 0.31 | 0.47 | (0.29 | ) | 0.33 | (0.79 | ) | ||||||||||||||||||||
Net Asset Value at end of period | $ | 10.31 | $ | 9.99 | $ | 11.15 | $ | 11.42 | $ | 11.11 | $ | 10.64 | $ | 10.38 | $ | 10.05 | ||||||||||||||||
Total Return (%)2 | 3.93 | 3 | (8.88 | ) | (1.21 | ) | 4.08 | 6.43 | (1.09 | ) | 4.05 | 3 | (6.44 | )3 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 70,316 | $ | 61,707 | $ | 115,682 | $ | 184,881 | $ | 90,407 | $ | 89,253 | $ | 18,99 | 7 | $ | 15,078 | |||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.51 | 4 | 0.50 | 0.50 | 0.49 | 0.49 | 0.49 | 0.41 | 4 | 0.41 | 4 | |||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.51 | 4 | 0.46 | 0.40 | 0.46 | 0.49 | 0.49 | 0.41 | 4 | 0.41 | 4 | |||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.59 | 4 | 1.04 | 0.76 | 1.17 | 1.88 | 1.64 | 1.69 | 4 | 1.32 | 4 | |||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.59 | 4 | 1.07 | 0.86 | 1.20 | 1.88 | 1.64 | 1.69 | 4 | 1.32 | 4 | |||||||||||||||||||||
Portfolio turnover (%)5 | 20 | 3 | 23 | 13 | 21 | 20 | 31 | 20 | 3 | 23 | 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. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
49 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
CORE BOND FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.65 | $ | 10.45 | $ | 10.78 | $ | 10.28 | $ | 9.55 | $ | 10.03 | $ | 8.60 | $ | 10.39 | $ | 10.71 | $ | 10.25 | $ | 9.52 | $ | 9.99 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.11 | 0.16 | 0.14 | 0.18 | 1 | 0.24 | 1 | 0.21 | 0.11 | 0.13 | (0.02 | ) | 0.20 | 1 | 0.25 | 1 | 0.24 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.42 | (1.75 | ) | (0.12 | ) | 0.53 | 0.74 | (0.46 | ) | 0.43 | (1.69 | ) | 0.10 | 0.52 | 0.75 | (0.45 | ) | |||||||||||||||||||||||||||||||
Total from investment operations | 0.53 | (1.59 | ) | 0.02 | 0.71 | 0.98 | (0.25 | ) | 0.54 | (1.56 | ) | 0.08 | 0.72 | 1.00 | (0.21 | ) | ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.15 | ) | (0.14 | ) | (0.19 | ) | (0.25 | ) | (0.23 | ) | (0.11 | ) | (0.17 | ) | (0.19 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||||||||||||||
Capital gains | – | (0.06 | ) | (0.21 | ) | (0.02 | ) | – | (0.00 | )2 | – | (0.06 | ) | (0.21 | ) | (0.02 | ) | – | (0.00 | )2 | ||||||||||||||||||||||||||||
Total distributions | (0.10 | ) | (0.21 | ) | (0.35 | ) | (0.21 | ) | (0.25 | ) | (0.23 | ) | (0.11 | ) | (0.23 | ) | (0.40 | ) | (0.26 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.43 | (1.80 | ) | (0.33 | ) | 0.50 | 0.73 | (0.48 | ) | 0.43 | (1.79 | ) | (0.32 | ) | 0.46 | 0.73 | (0.47 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.08 | $ | 8.65 | $ | 10.45 | $ | 10.78 | $ | 10.28 | $ | 9.55 | $ | 9.03 | $ | 8.60 | $ | 10.39 | $ | 10.71 | $ | 10.25 | $ | 9.52 | ||||||||||||||||||||||||
Total Return (%)3 | 6.18 | 4 | (15.47 | ) | 0.21 | 7.00 | 10.37 | (2.45 | ) | 6.35 | 4 | (15.25 | ) | 0.73 | 7.13 | 10.67 | (2.12 | ) | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000‘s) | $ | 33,428 | $ | 32,990 | $ | 43,577 | $ | 47,304 | $ | 28,902 | $ | 29,605 | $ | 7,107 | $ | 6,954 | $ | 10,783 | $ | 102,811 | $ | 121,000 | $ | 138,186 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.85 | 5 | 0.85 | 0.87 | 0.90 | 0.90 | 0.90 | 0.61 | 5 | 0.60 | 0.65 | 0.65 | 0.65 | 0.65 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.39 | 5 | 1.57 | 1.31 | 1.78 | 2.35 | 2.20 | 2.63 | 5 | 1.80 | 1.65 | 2.03 | 2.60 | 2.44 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 17 | 4 | 21 | 30 | 61 | 36 | 26 | 17 | 4 | 21 | 30 | 61 | 36 | 26 |
CLASS I | CLASS R6 | |||||||||||||||||||
(unaudited) | Year Ended | Period Ended | ||||||||||||||||||
Six-Months | October 31, | October 31, | Year Ended | Period Ended | ||||||||||||||||
Ended 4/30/23 | 2022 | 2021* | April 30, 2023 | April 30, 2022** | ||||||||||||||||
Net Asset Value at beginning of period | $ | 8.56 | $ | 10.36 | $ | 10.39 | $ | 8.56 | $ | 9.90 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income | 0.12 | 0.17 | 0.11 | 0.12 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.43 | (1.72 | ) | (0.02 | ) | 0.42 | (1.33 | ) | ||||||||||||
Total from investment operations | 0.55 | (1.55 | ) | 0.09 | 0.54 | (1.20 | ) | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.12 | ) | (0.19 | ) | (0.12 | ) | (0.12 | ) | (0.14 | ) | ||||||||||
Capital gains | – | (0.06 | ) | – | – | – | ||||||||||||||
Total distributions | (0.12 | ) | (0.25 | ) | (0.12 | ) | (0.12 | ) | (0.14 | ) | ||||||||||
Net increase (decrease) in net asset value | 0.43 | (1.80 | ) | (0.03 | ) | 0.42 | (1.34 | ) | ||||||||||||
Net Asset Value at end of period | $ | 8.99 | $ | 8.56 | $ | 10.36 | $ | 8.98 | $ | 8.56 | ||||||||||
Total Return (%)3 | 6.43 | 4 | (15.20 | ) | 0.88 | 4 | 6.36 | 4 | (12.22 | )4 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 55,966 | $ | 45,963 | $ | 133,692 | $ | 100,582 | $ | 93,641 | ||||||||||
Ratios of expenses to average net assets (%) | 0.50 | 5 | 0.50 | 0.50 | 5 | 0.43 | 5 | 0.42 | 5 | |||||||||||
Ratio of net investment income to average net assets (%) | 2.74 | 5 | 1.77 | 1.57 | 5 | 2.82 | 5 | 2.20 | 5 | |||||||||||
Portfolio turnover (%)6 | 17 | 4 | 21 | 30 | 4 | 17 | 4 | 21 | 4 |
* | Class I shares commenced operations effective March 1, 2021. |
** | Class R6 shares commenced operations effective March 1, 2022. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Amounts represent less than $(0.005) per share. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
50 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
DIVERSIFIED INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 15.06 | $ | 18.42 | $ | 15.52 | $ | 16.37 | $ | 15.98 | $ | 15.93 | $ | 15.21 | $ | 18.58 | $ | 15.65 | $ | 16.48 | $ | 16.07 | $ | 16.03 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.16 | 0.27 | 0.23 | 0.26 | 1 | 0.28 | 1 | 0.28 | 0.11 | 0.14 | 0.09 | 0.15 | 1 | 0.16 | 1 | 0.16 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.24 | (1.54 | ) | 3.11 | (0.04 | ) | 1.64 | 0.30 | 0.24 | (1.55 | ) | 3.14 | (0.03 | ) | 1.66 | 0.29 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.40 | (1.27 | ) | 3.34 | 0.22 | 1.92 | 0.58 | 0.35 | (1.41 | ) | 3.23 | 0.12 | 1.82 | 0.45 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.28 | ) | (0.24 | ) | (0.27 | ) | (0.29 | ) | (0.29 | ) | (0.10 | ) | (0.15 | ) | (0.10 | ) | (0.15 | ) | (0.17 | ) | (0.17 | ) | ||||||||||||||||||||||||
Capital gains | (0.89 | ) | (1.81 | ) | (0.20 | ) | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.89 | ) | (1.81 | ) | (0.20 | ) | (0.80 | ) | (1.24 | ) | (0.24 | ) | ||||||||||||||||||||||||
Total distributions | (1.04 | ) | (2.09 | ) | (0.44 | ) | (1.07 | ) | (1.53 | ) | (0.53 | ) | (0.99 | ) | (1.96 | ) | (0.30 | ) | (0.95 | ) | (1.41 | ) | (0.41 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.64 | ) | (3.36 | ) | 2.90 | (0.85 | ) | 0.39 | 0.05 | (0.64 | ) | (3.37 | ) | 2.93 | (0.83 | ) | 0.41 | 0.04 | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.42 | $ | 15.06 | $ | 18.42 | $ | 15.52 | $ | 16.37 | $ | 15.98 | $ | 14.57 | $ | 15.21 | $ | 18.58 | $ | 15.65 | $ | 16.48 | $ | 16.07 | ||||||||||||||||||||||||
Total Return (%)2 | 2.64 | 3 | (7.92 | ) | 21.74 | 1.27 | 13.51 | 3.63 | 2.25 | 3 | (8.62 | ) | 20.82 | 0.62 | 12.72 | 2.77 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 133,756 | $ | 136,578 | $ | 158,336 | $ | 134,213 | $ | 139,683 | $ | 131,127 | $ | 22,735 | $ | 22,524 | $ | 20,812 | $ | 16,888 | $ | 16,090 | $ | 14,647 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.11 | 4 | 1.11 | 1.11 | 1.10 | 1.10 | 1.10 | 1.86 | 4 | 1.86 | 1.85 | 1.85 | 1.84 | 1.85 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.10 | 4 | 1.61 | 1.27 | 1.66 | 1.80 | 1.72 | 1.36 | 4 | 0.88 | 0.52 | 0.91 | 1.05 | 0.97 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 19 | 3 | 32 | 34 | 31 | 34 | 27 | 19 | 3 | 32 | 34 | 31 | 34 | 27 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
51 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
COVERED CALL & EQUITY INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | CLASS A | (unaudited) | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.19 | $ | 9.60 | $ | 7.80 | $ | 7.84 | $ | 8.52 | $ | 8.88 | $ | 8.27 | $ | 8.74 | $ | 7.19 | $ | 7.31 | $ | 8.04 | $ | 8.47 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.13 | 0.05 | 0.02 | (0.09 | )1 | 0.03 | 1 | 0.06 | 0.33 | 0.05 | (0.08 | ) | (0.18 | )1 | (0.05 | )1 | (0.10 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 0.70 | 0.17 | 2.37 | 0.60 | 0.05 | 0.30 | 0.39 | 0.10 | 2.21 | 0.60 | 0.07 | 0.38 | ||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.83 | 0.22 | 2.39 | 0.51 | 0.08 | 0.36 | 0.72 | 0.15 | 2.13 | 0.42 | 0.02 | 0.28 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.43 | ) | (0.43 | ) | (0.39 | ) | (0.44 | ) | (0.43 | ) | (0.37 | ) | (0.42 | ) | (0.42 | ) | (0.38 | ) | (0.43 | ) | (0.42 | ) | ||||||||||||||||||||||||
Capital gains | – | (0.20 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | – | (0.20 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | ||||||||||||||||||||||||||
Total distributions | (0.38 | ) | (0.63 | ) | (0.59 | ) | (0.55 | ) | (0.76 | ) | (0.72 | ) | (0.37 | ) | (0.62 | ) | (0.58 | ) | (0.54 | ) | (0.75 | ) | (0.71 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.45 | (0.41 | ) | 1.80 | (0.04 | ) | (0.68 | ) | (0.36 | ) | 0.35 | (0.47 | ) | 1.55 | (0.12 | ) | (0.73 | ) | (0.43 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.64 | $ | 9.19 | $ | 9.60 | $ | 7.80 | $ | 7.84 | $ | 8.52 | $ | 8.62 | $ | 8.27 | $ | 8.74 | $ | 7.19 | $ | 7.31 | $ | 8.04 | ||||||||||||||||||||||||
Total Return (%)2 | 9.28 | 3 | 2.50 | 31.18 | 7.10 | 1.46 | 3.96 | 8.88 | 3 | 1.92 | 30.17 | 6.31 | 0.68 | 3.21 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 17,726 | $ | 14,044 | $ | 14,811 | $ | 11,996 | $ | 13,748 | $ | 16,035 | $ | 11,972 | $ | 8,365 | $ | 8,336 | $ | 7,156 | $ | 8,191 | $ | 9,638 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.26 | 4 | 1.26 | 1.26 | 1.25 | 1.25 | 1.25 | 2.01 | 4 | 2.01 | 2.01 | 2.01 | 2.00 | 2.00 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.27 | 4 | 0.57 | 0.09 | 0.70 | 1.05 | 0.47 | 0.52 | 4 | (0.18 | ) | (0.66 | ) | (0.05 | ) | 0.29 | (0.28 | ) | ||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 46 | 3 | 99 | 162 | 108 | 116 | 130 | 46 | 3 | 99 | 162 | 108 | 116 | 130 |
CLASS Y | CLASS I | CLASS R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended October 31, | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | Ended | (unaudited) | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Six-Months | October | Six-Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Ended | 31, | Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | 4/30/23 | 2022* | 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.57 | $ | 9.95 | $ | 8.05 | $ | 8.06 | $ | 8.73 | $ | 9.06 | $ | 9.57 | $ | 9.79 | $ | 9.74 | $ | 10.12 | $ | 8.17 | $ | 8.16 | $ | 8.81 | $ | 9.13 | ||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.05 | (0.21 | ) | 0.04 | (0.39 | )1 | 0.12 | 1 | 0.10 | 0.14 | 0.38 | 0.06 | 0.04 | 0.17 | (0.45 | )1 | 0.18 | 1 | 0.06 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.84 | 0.46 | 2.45 | 0.94 | (0.02 | ) | 0.29 | 0.75 | (0.18 | ) | 0.85 | 0.23 | 2.37 | 1.02 | (0.06 | ) | 0.34 | |||||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.89 | 0.25 | 2.49 | 0.55 | 0.10 | 0.39 | 0.89 | 0.20 | 0.91 | 0.27 | 2.54 | 0.57 | 0.12 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.43 | ) | (0.43 | ) | (0.40 | ) | (0.45 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.39 | ) | (0.45 | ) | (0.43 | ) | (0.40 | ) | (0.45 | ) | (0.43 | ) | ||||||||||||||||||||||||||||
Capital gains | – | (0.20 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | – | – | – | (0.20 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | ||||||||||||||||||||||||||||||||
Total distributions | (0.39 | ) | (0.63 | ) | (0.59 | ) | (0.56 | ) | (0.77 | ) | (0.72 | ) | (0.39 | ) | (0.42 | ) | (0.39 | ) | (0.65 | ) | (0.59 | ) | (0.56 | ) | (0.77 | ) | (0.72 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.50 | (0.38 | ) | 1.90 | (0.01 | ) | (0.67 | ) | (0.33 | ) | 0.50 | (0.22 | ) | 0.52 | (0.38 | ) | 1.95 | 0.01 | (0.65 | ) | (0.32 | ) | ||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.07 | $ | 9.57 | $ | 9.95 | $ | 8.05 | $ | 8.06 | $ | 8.73 | $ | 10.07 | $ | 9.57 | $ | 10.26 | $ | 9.74 | $ | 10.12 | $ | 8.17 | $ | 8.16 | $ | 8.81 | ||||||||||||||||||||||||||||
Total Return (%)2 | 9.50 | 3 | 2.78 | 31.54 | 7.34 | 1.60 | 4.29 | 9.51 | 3 | 2.22 | 9.583 | 2.89 | 31.69 | 7.51 | 1.82 | 4.37 | ||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 52,988 | $ | 36,964 | $ | 66,982 | $ | 59,966 | $ | 102,018 | $ | 106,576 | $ | 129,746 | $ | 75,060 | $ | 2,226 | $ | 765 | $ | 544 | $ | 1,439 | $ | 2,385 | $ | 2,388 | ||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.01 | 4 | 1.01 | 1.01 | 1.01 | 1.00 | 1.00 | 0.96 | 4 | 0.96 | 4 | 0.88 | 4 | 0.88 | 0.88 | 0.87 | 0.87 | 0.87 | ||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.52 | 4 | 0.84 | 0.34 | 0.98 | 1.28 | 0.73 | 1.54 | 4 | 1.06 | 4 | 1.58 | 4 | 0.95 | 0.60 | 1.10 | 1.41 | 0.85 | ||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 46 | 3 | 99 | 162 | 108 | 116 | 130 | 46 | 3 | 99 | 3 | 46 | 3 | 99 | 162 | 108 | 116 | 130 |
* | 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. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
52 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
DIVIDEND INCOME FUND | ||||||||||||||||||||||||||||||||||||||||
CLASS A* | CLASS Y | |||||||||||||||||||||||||||||||||||||||
(unaudited) | Period Ended | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | October 31, | Six-Months | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020* | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 29.27 | $ | 34.13 | $ | 26.10 | $ | 25.17 | $ | 29.29 | $ | 34.19 | $ | 26.14 | $ | 27.65 | $ | 27.01 | $ | 26.18 | ||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.30 | 0.52 | 0.39 | 0.16 | 1 | 0.34 | 0.60 | 0.50 | 0.51 | 1 | 0.46 | 1 | 0.47 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.07 | (1.73 | ) | 8.06 | 0.98 | 0.05 | (1.73 | ) | 8.03 | (0.88 | ) | 3.12 | 1.42 | |||||||||||||||||||||||||||
Total from investment operations | 0.37 | (1.21 | ) | 8.45 | 1.14 | 0.39 | (1.13 | ) | 8.53 | (0.37 | ) | 3.58 | 1.89 | |||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.44 | ) | (0.42 | ) | (0.21 | ) | (0.35 | ) | (0.56 | ) | (0.48 | ) | (0.45 | ) | (0.43 | ) | (0.47 | ) | ||||||||||||||||||||
Capital gains | (2.01 | ) | (3.21 | ) | – | – | (2.01 | ) | (3.21 | ) | – | (0.69 | ) | (2.51 | ) | (0.59 | ) | |||||||||||||||||||||||
Total distributions | (2.33 | ) | (3.65 | ) | (0.42 | ) | (0.21 | ) | (2.36 | ) | (3.77 | ) | (0.48 | ) | (1.14 | ) | (2.94 | ) | (1.06 | ) | ||||||||||||||||||||
Net Increase (decrease) in net asset value | (1.96 | ) | (4.86 | ) | 8.03 | 0.93 | (1.97 | ) | (4.90 | ) | 8.05 | (1.51 | ) | 0.64 | 0.83 | |||||||||||||||||||||||||
Net Asset Value at end of period | $ | 27.31 | $ | 29.27 | $ | 34.13 | $ | 26.10 | $ | 27.32 | $ | 29.29 | $ | 34.19 | $ | 26.14 | $ | 27.65 | $ | 27.01 | ||||||||||||||||||||
Total Return (%)2 | 1.14 | 3 | (4.23 | ) | 32.52 | 4.53 | 3 | 1.23 | 3 | (3.98 | ) | 32.81 | (1.42 | ) | 15.48 | 7.35 | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 54,515 | $ | 55,902 | $ | 62,716 | $ | 51,207 | $ | 138,864 | $ | 165,998 | $ | 188,287 | $ | 171,733 | $ | 220,725 | $ | 111,457 | ||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.16 | 4 | 1.16 | 1.16 | 1.17 | 4 | 0.92 | 4 | 0.91 | 0.91 | 1.02 | 1.10 | 1.10 | |||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%). | 1.16 | 4 | 1.16 | 1.16 | 1.17 | 4 | 0.92 | 4 | 0.91 | 0.91 | 0.93 | 0.95 | 0.95 | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 2.03 | 4 | 1.64 | 1.25 | 1.09 | 4 | 2.28 | 4 | 1.89 | 1.50 | 1.72 | 1.64 | 1.60 | |||||||||||||||||||||||||||
After reimbursement and waiver of expenses by Adviser (%) | 2.03 | 4 | 1.64 | 1.25 | 1.09 | 4 | 2.28 | 4 | 1.89 | 1.50 | 1.81 | 1.79 | 1.75 | |||||||||||||||||||||||||||
Portfolio turnover (%)5 | 14 | 3 | 33 | 31 | 33 | 3 | 14 | 3 | 33 | 31 | 33 | 28 | 32 |
CLASS I | CLASS R6 | |||||||||||||||||||||||
(unaudited) | Period Ended | (unaudited) | Year Ended | |||||||||||||||||||||
Six-Months | Year Ended October 31, | October 31, | Six-Months | October 31, | ||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020** | Ended 4/30/23 | 2022*** | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 29.27 | $ | 34.20 | $ | 26.14 | $ | 27.19 | $ | 29.28 | $ | 31.05 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.36 | 0.63 | 0.52 | 0.06 | 1 | 0.33 | 0.39 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | (1.73 | ) | 8.05 | (1.02 | ) | 0.09 | (1.72 | ) | |||||||||||||||
Total from investment operations | 0.42 | (1.10 | ) | 8.57 | (0.96 | ) | 0.42 | (1.33 | ) | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.37 | ) | (0.62 | ) | (0.51 | ) | (0.09 | ) | (0.38 | ) | (0.44 | ) | ||||||||||||
Capital gains | (2.01 | ) | (3.21 | ) | – | – | (2.01 | ) | – | |||||||||||||||
Total distributions | (2.38 | ) | (3.83 | ) | (0.51 | ) | (0.09 | ) | (2.39 | ) | (0.44 | ) | ||||||||||||
Net Increase (decrease) in net asset value | (1.96 | ) | (4.93 | ) | 8.06 | (1.05 | ) | (1.97 | ) | (1.77 | ) | |||||||||||||
Net Asset Value at end of period | $ | 27.31 | $ | 29.27 | $ | 34.20 | $ | 26.14 | $ | 27.31 | $ | 29.28 | ||||||||||||
Total Return (%)3 | 1.32 | 3 | (3.88 | ) | 32.95 | (3.53 | )3 | 1.32 | 3 | (4.25 | )3 | |||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 43,531 | $ | 59,812 | $ | 72,215 | $ | 51,725 | $ | 16,380 | $ | 19,575 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.82 | 4 | 0.81 | 0.81 | 0.82 | 4 | 0.74 | 4 | 0.73 | 4 | ||||||||||||||
After reimbursement of expenses by Adviser (%). | 0.82 | 4 | 0.81 | 0.81 | 0.82 | 4 | 0.74 | 4 | 0.73 | 4 | ||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 2.39 | 4 | 2.02 | 1.60 | 1.55 | 4 | 2.46 | 4 | 2.03 | 4 | ||||||||||||||
After reimbursement and waiver of expenses by Adviser (%) | 2.39 | 4 | 2.02 | 1.60 | 1.55 | 4 | 2.46 | 4 | 2.03 | 4 | ||||||||||||||
Portfolio turnover (%)6 | 14 | 3 | 33 | 31 | 33 | 3 | 14 | 3 | 33 | 3 |
* | Class A shares commenced operations effective June 1, 2020. |
** | Class I shares commenced operations effective September 1, 2020. |
*** | Class R6 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. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
53 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
INVESTORS FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 23.65 | $ | 28.72 | $ | 23.81 | $ | 23.76 | $ | 23.85 | $ | 23.22 | $ | 23.72 | $ | 28.78 | $ | 23.84 | $ | 23.83 | $ | 23.92 | $ | 23.29 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income 1 (loss) | 0.00 | 2 | (0.01 | ) | (0.01 | ) | 0.04 | 1 | 0.06 | 1 | 0.05 | 0.03 | 0.05 | 0.12 | 0.141 | 0.121 | 0.11 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.45 | (2.92 | ) | 7.29 | 1.31 | 3.39 | 1.87 | 2.45 | (2.93 | ) | 7.24 | 1.29 | 3.39 | 1.87 | ||||||||||||||||||||||||||||||||||
Total from investment operations | 2.45 | (2.93 | ) | 7.28 | 1.35 | 3.45 | 1.92 | 2.48 | (2.88 | ) | 7.36 | 1.43 | 3.51 | 1.98 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | (0.10 | ) | (0.03 | ) | (0.06 | ) | (0.04 | ) | (0.05 | ) | (0.12 | ) | (0.16 | ) | (0.09 | ) | ||||||||||||||||||||||||||||
Capital gains | (1.45 | ) | (2.14 | ) | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | (1.45 | ) | (2.14 | ) | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | ||||||||||||||||||||||||
Total distributions | (1.45 | ) | (2.14 | ) | (2.37 | ) | (1.30 | ) | (3.54 | ) | (1.29 | ) | (1.51 | ) | (2.18 | ) | (2.42 | ) | (1.42 | ) | (3.60 | ) | (1.35 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 1.00 | (5.07 | ) | 4.91 | 0.05 | (0.09 | ) | 0.63 | 0.97 | (5.06 | ) | 4.94 | 0.01 | (0.09 | ) | 0.63 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 24.65 | $ | 23.65 | $ | 28.72 | $ | 23.81 | $ | 23.76 | $ | 23.85 | $ | 24.69 | $ | 23.72 | $ | 28.78 | $ | 23.84 | $ | 23.83 | $ | 23.92 | ||||||||||||||||||||||||
Total Return (%)3 | 10.91 | 4 | (11.33 | ) | 32.37 | 5.75 | 18.37 | 8.50 | 11.02 | 4 | (11.13 | ) | 32.72 | 6.06 | 18.63 | 8.75 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 94,281 | $ | 88,286 | $ | 108,515 | $ | 88,934 | $ | 86,476 | $ | 78,043 | $ | 94,511 | $ | 89,391 | $ | 112,166 | $ | 157,991 | $ | 244,443 | $ | 208,942 | ||||||||||||||||||||||||
Ratios of expenses to average net | ||||||||||||||||||||||||||||||||||||||||||||||||
assets (%) | 1.16 | 5 | 1.16 | 1.16 | 1.18 | 1.20 | 1.20 | 0.92 | 5 | 0.91 | 0.91 | 0.94 | 0.95 | 0.95 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.02 | 5 | (0.05 | ) | (0.03 | ) | 0.18 | 0.23 | 0.22 | 0.27 | 5 | 0.21 | 0.25 | 0.54 | 0.47 | 0.47 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 15 | 4 | 18 | 17 | 41 | 23 | 40 | 15 | 4 | 18 | 17 | 41 | 23 | 40 |
CLASS I | CLASS R6 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | Period Ended | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | October 31, | Six-Months | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020* | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 23.67 | $ | 28.75 | $ | 23.84 | $ | 24.51 | $ | 23.95 | $ | 29.09 | $ | 24.12 | $ | 24.06 | $ | 24.07 | $ | 23.44 | ||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.07 | 0.07 | 0.10 | 0.00 | 1,2 | 0.06 | 0.08 | 0.11 | 0.03 | 1 | 0.16 | 1 | 0.15 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.42 | (2.91 | ) | 7.28 | (0.67 | ) | 2.46 | (2.93 | ) | 7.37 | 1.45 | 3.43 | 1.88 | |||||||||||||||||||||||||||
Total from investment operations | 2.49 | (2.84 | ) | 7.38 | (0.67 | ) | 2.52 | (2.85 | ) | 7.48 | 1.48 | 3.59 | 2.03 | |||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.10 | ) | (0.10 | ) | – | (0.14 | ) | (0.15 | ) | (0.14 | ) | (0.12 | ) | (0.16 | ) | (0.14 | ) | |||||||||||||||||||||
Capital gains | (1.45 | ) | (2.14 | ) | (2.37 | ) | – | (1.45 | ) | (2.14 | ) | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | |||||||||||||||||||||
Total distributions | (1.56 | ) | (2.24 | ) | (2.47 | ) | – | (1.59 | ) | (2.29 | ) | (2.51 | ) | (1.42 | ) | (3.60 | ) | (1.40 | ) | |||||||||||||||||||||
Net increase (decrease) in net asset value | 0.93 | (5.08 | ) | 4.91 | (0.67 | ) | 0.93 | (5.14 | ) | 4.97 | 0.06 | (0.01 | ) | 0.63 | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 24.60 | $ | 23.67 | $ | 28.75 | $ | 23.84 | $ | 24.88 | $ | 23.95 | $ | 29.09 | $ | 24.12 | $ | 24.06 | $ | 24.07 | ||||||||||||||||||||
Total Return (%)3 | 11.10 | 4 | (11.03 | ) | 32.87 | (2.73 | )5 | 11.15 | 4 | (10.96 | ) | 32.96 | 6.21 | 18.88 | 8.90 | |||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 88,599 | $ | 71,885 | $ | 104,617 | $ | 20,643 | $ | 58,182 | $ | 50,843 | $ | 84,331 | $ | 70,490 | $ | 8,063 | $ | 6,919 | ||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.82 | 5 | 0.81 | 0.81 | 0.82 | 5 | 0.74 | 5 | 0.73 | 0.73 | 0.74 | 0.77 | 0.77 | |||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.35 | 5 | 0.31 | 0.30 | 0.02 | 5 | 0.44 | 5 | 0.41 | 0.39 | 0.26 | 0.65 | 0.64 | |||||||||||||||||||||||||||
Portfolio turnover (%)6 | 15 | 4 | 18 | 17 | 41 | 4 | 15 | 4 | 18 | 17 | 41 | 23 | 40 |
* | 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. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
54 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
SUSTAINABLE EQUITY FUND | ||||||||||||||||
CLASS Y | CLASS I | |||||||||||||||
(unaudited) | Period Ended | (unaudited) | Period Ended | |||||||||||||
Six-Months | October 31 | Six-Months | October 31 | |||||||||||||
Ended 4/30/23 | 20221 | Ended 4/30/23 | 20221 | |||||||||||||
Net Asset Value at beginning of period | $ | 8.21 | $ | 10.00 | $ | 8.22 | $ | 10.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment loss | 0.04 | 0.03 | 0.04 | 0.03 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.43 | (1.82 | ) | 0.43 | (1.81 | ) | ||||||||||
Total from investment operations | 0.47 | (1.79 | ) | 0.47 | (1.78 | ) | ||||||||||
Less Distributions From: | ||||||||||||||||
Net investment income | (0.04 | ) | – | (0.05 | ) | – | ||||||||||
Total distributions | (0.04 | ) | – | (0.05 | ) | – | ||||||||||
Net increase (decrease) in net asset value | 0.43 | (1.79 | ) | 0.42 | (1.78 | ) | ||||||||||
Net Asset Value at end of period | $ | 8.64 | $ | 8.21 | $ | 8.64 | $ | 8.22 | ||||||||
Total Return (%)2 | 5.73 | 3 | (17.90 | )3 | 5.71 | 3 | (17.80 | )3 | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 87 | $ | 82 | $ | 8,334 | $ | 9,198 | ||||||||
Ratios of expenses to average net assets (%) | 0.92 | 4 | 0.89 | 4 | 0.81 | 4 | 0.81 | 4 | ||||||||
Ratio of net investment income to average net assets (%) | 0.85 | 4 | 0.46 | 4 | 0.95 | 4 | 0.60 | 4 | ||||||||
Portfolio turnover (%)5 | 16 | 3 | 12 | 3 | 16 | 3 | 12 | 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. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
55 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
MID CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.68 | $ | 13.68 | $ | 10.26 | $ | 11.09 | �� | $ | 9.77 | $ | 9.37 | $ | 12.58 | $ | 14.62 | $ | 10.89 | $ | 11.71 | $ | 10.23 | $ | 9.76 | |||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment loss | (0.02 | ) | (0.09 | ) | (0.07 | ) | (0.08 | )1 | (0.07 | )1 | (0.06 | ) | 0.02 | (0.03 | ) | 0.02 | (0.03 | )1 | (0.02 | )1 | (0.01 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.80 | (1.27 | ) | 3.91 | (0.32 | ) | 2.07 | 0.81 | 0.85 | (1.37 | ) | 4.13 | (0.36 | ) | 2.18 | 0.83 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.78 | (1.36 | ) | 3.84 | (0.40 | ) | 2.00 | 0.75 | 0.87 | (1.40 | ) | 4.15 | (0.39 | ) | 2.16 | 0.82 | ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment Income | – | – | – | – | – | – | – | (0.00 | )2 | – | (0.00 | )2 | – | – | ||||||||||||||||||||||||||||||||||
Capital gains | (0.25 | ) | (0.64 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.25 | ) | (0.64 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | ||||||||||||||||||||||||
Total distributions | (0.25 | ) | (0.64 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.25 | ) | (0.64 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.53 | (2.00 | ) | 3.42 | (0.83 | ) | 1.32 | 0.40 | 0.62 | (2.04 | ) | 3.73 | (0.82 | ) | 1.48 | 0.47 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.21 | $ | 11.68 | $ | 13.68 | $ | 10.26 | $ | 11.09 | $ | 9.77 | $ | 13.20 | $ | 12.58 | $ | 14.62 | $ | 10.89 | $ | 11.71 | $ | 10.23 | ||||||||||||||||||||||||
Total Return (%)3 | 6.75 | 4 | (10.62 | ) | 38.24 | (3.81 | ) | 22.65 | 8.15 | 6.98 | 4 | (10.17 | ) | 38.89 | (3.52 | ) | 23.27 | 8.55 | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 65,700 | $ | 63,417 | $ | 76,625 | $ | 58,782 | $ | 66,250 | $ | 59,519 | $ | 262,047 | $ | 253,477 | $ | 263,892 | $ | 323,841 | $ | 463,768 | $ | 351,716 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.40 | 5 | 1.40 | 1.39 | 1.40 | 1.40 | 1.40 | 0.95 | 5 | 0.95 | 0.95 | 0.97 | 0.98 | 0.98 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | (0.20 | )5 | (0.59 | ) | (0.50 | ) | (0.64 | ) | (0.59 | ) | (0.51 | ) | 0.25 | 5 | (0.14 | ) | (0.04 | ) | (0.20 | ) | (0.18 | ) | (0.09 | ) | ||||||||||||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 24 | 24 | 24 | 25 | 27 | 9 | 4 | 24 | 24 | 24 | 25 | 27 |
CLASS I | CLASS R6 | |||||||||||||||||||||||||||||||||||||||
(unaudited) | Period Ended | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | October 31 | Six-Months | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020* | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 12.60 | $ | 14.64 | $ | 10.90 | $ | 11.21 | $ | 12.94 | $ | 15.04 | $ | 11.19 | $ | 11.99 | $ | 10.44 | $ | 9.94 | ||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.02 | 0.002 | (0.03 | ) | (0.01 | )1 | 0.03 | 0.01 | 0.02 | (0.02 | )1 | (0.10 | )1 | 0.01 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.86 | (1.38 | ) | 4.19 | (0.30 | ) | 0.88 | (1.43 | ) | 4.27 | (0.35 | ) | 2.33 | 0.84 | ||||||||||||||||||||||||||
Total from investment operations | 0.88 | (1.38 | ) | 4.16 | (0.31 | ) | 0.91 | (1.42 | ) | 4.29 | (0.37 | ) | 2.23 | 0.85 | ||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income | – | (0.02 | ) | (0.00 | )2 | – | – | (0.04 | ) | (0.02 | ) | (0.00 | )2 | – | – | |||||||||||||||||||||||||
Capital gains | (0.25 | ) | (0.64 | ) | (0.42 | ) | – | (0.25 | ) | (0.64 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | |||||||||||||||||||||
Total distributions | (0.25 | ) | (0.66 | ) | (0.42 | ) | – | (0.25 | ) | (0.68 | ) | (0.44 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | |||||||||||||||||||||
Net increase (decrease) in net asset value | 0.63 | (2.04 | ) | 3.74 | (0.31 | ) | 0.66 | (2.10 | ) | 3.85 | (0.80 | ) | 1.55 | 0.50 | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 13.23 | $ | 12.60 | $ | 14.64 | $ | 10.90 | $ | 13.60 | $ | 12.94 | $ | 15.04 | $ | 11.19 | $ | 11.99 | $ | 10.44 | ||||||||||||||||||||
Total Return (%)3 | 7.05 | 4 | (10.08 | ) | 39.01 | (2.77 | )4 | 7.10 | 4 | (10.07 | ) | 39.20 | (3.26 | ) | 23.49 | 8.71 | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 308,343 | $ | 274,918 | $ | 286,235 | $ | 61,805 | $ | 97,497 | $ | 88,723 | $ | 105,878 | $ | 91,562 | $ | 55,417 | $ | 12,886 | ||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.85 | 5 | 0.85 | 0.85 | 0.86 | 5 | 0.77 | 5 | 0.77 | 0.77 | 0.77 | 0.76 | 0.77 | |||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.34 | 5 | (0.04 | ) | (0.01 | ) | (0.43 | )5 | 0.42 | 5 | 0.05 | 0.14 | (0.03 | ) | (0.06 | ) | 0.12 | |||||||||||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 24 | 24 | 24 | 4 | 9 | 4 | 24 | 24 | 24 | 25 | 27 |
* | 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. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
56 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
SMALL CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | Period | Inception | (unaudited) | Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Ended | to | Six-Months | Year Ended | Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Ended | Year Ended October 31, | October 31 | September | Ended | October 31, | October 31, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||
4/30/23 | 2022 | 2021 | 2020 | 20192 | 30, 20191 | 4/30/23 | 2022 | 2021 | 2020 | 20192 | 2019 | 20184 | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.22 | $ | 15.55 | $ | 11.04 | $ | 11.14 | $ | 10.82 | $ | 10.53 | $ | 9.35 | $ | 15.69 | $ | 11.11 | $ | 11.19 | $ | 10.87 | $ | 15.56 | $ | 15.03 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.01 | ) | (0.05 | ) | (0.09 | ) | (0.02 | )4 | (0.01 | )4 | (0.01 | )4 | (0.01 | ) | (0.03 | ) | (0.07 | ) | 0.023 | (0.01 | )4 | (0.04 | )4 | (0.08 | ) | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.21 | (2.81 | ) | 5.46 | 0.36 | 0.33 | 0.30 | 0.22 | (2.84 | ) | 5.51 | 0.35 | 0.33 | (1.39 | ) | 2.21 | ||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.20 | (2.86 | ) | 5.37 | 0.34 | 0.32 | 0.29 | 0.21 | (2.87 | ) | 5.44 | 0.37 | 0.32 | (1.43 | ) | 2.13 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.00 | )4 | ��� | (0.01 | ) | – | – | – | |||||||||||||||||||||||||||||||||||||
Capital gains | (0.48 | ) | (3.47 | ) | (0.86 | ) | (0.44 | ) | – | – | (0.48 | ) | (3.47 | ) | (0.86 | ) | (0.44 | ) | – | (3.26 | ) | (1.60 | ) | |||||||||||||||||||||||||||||
Total distribution | (0.48 | ) | (3.47 | ) | (0.86 | ) | (0.44 | ) | – | – | (0.48 | ) | (3.47 | ) | (0.86 | ) | (0.45 | ) | – | (3.26 | ) | (1.60 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.28 | ) | (6.33 | ) | 4.51 | (0.10 | ) | 0.32 | 0.29 | (0.27 | ) | (6.34 | ) | 4.58 | (0.08 | ) | 0.32 | (4.69 | ) | 0.53 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 8.94 | $ | 9.22 | $ | 15.55 | $ | 11.04 | $ | 11.14 | $ | 10.82 | $ | 9.08 | $ | 9.35 | $ | 15.69 | $ | 11.11 | $ | 11.19 | $ | 10.87 | $ | 15.56 | ||||||||||||||||||||||||||
Total Return (%)6 | 2.41 | 7 | (23.74 | ) | 50.17 | 3.02 | 2.96 | 7 | 2.75 | 7 | 2.49 | 7 | (23.55 | ) | 50.50 | 3.27 | 2.94 | 7 | (8.81 | ) | 15.29 | |||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 3,435 | $ | 3,417 | $ | 4,847 | $ | 2,958 | $ | 3,457 | $ | 3,420 | $ | 157,217 | $ | 166,238 | $ | 253,625 | $ | 215,890 | $ | 263,527 | $ | 274,824 | $ | 543,961 | ||||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.34 | 8 | 1.35 | 1.39 | 1.51 | 1.50 | 8 | 1.50 | 8 | 1.11 | 8 | 1.10 | 1.15 | 1.26 | 1.25 | 8 | 1.29 | 1.21 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.34 | 8 | 1.35 | 1.38 | 1.47 | 1.46 | 8 | 1.46 | 8 | 1.11 | 8 | 1.10 | 1.14 | 1.22 | 1.21 | 8 | 1.29 | 1.21 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | (0.37 | )8 | (0.52 | ) | (0.67 | ) | (0.18 | ) | (1.07 | )8 | (1.28 | )8 | (0.14 | )8 | (0.27 | ) | (0.42 | ) | 0.08 | (0.82 | )8 | (0.36 | ) | (0.57 | ) | |||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%). | (0.37 | )8 | (0.52 | ) | (0.66 | ) | (0.14 | ) | (1.03 | )8 | (1.24 | )8 | (0.14 | )8 | (0.27 | ) | (0.40 | ) | 0.12 | (0.78 | )8 | (0.36 | ) | (0.57 | ) | |||||||||||||||||||||||||||
Portfolio turnover (%)9 | 15 | 7 | 41 | 44 | 47 | 3 | 73 | 15 | 7 | 41 | 44 | 47 | 37 | 73 | 49 |
CLASS I | CLASS R6 | |||||||||||||||||||
(unaudited) | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
Six-Months | October 31, | October 31, | April 30, | October 31, | ||||||||||||||||
Ended 4/30/23 | 2022 | 2021* | 2023 | 2022** | ||||||||||||||||
Net Asset Value at beginning of period | $ | 9.36 | $ | 15.70 | $ | 14.41 | $ | 9.36 | $ | 11.30 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | (0.00 | )5 | (0.02 | ) | (0.03 | ) | (0.00 | )5 | (0.00 | )5 | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (2.83 | ) | 1.32 | 0.23 | (1.94 | ) | |||||||||||||
Total from investment operations | 0.22 | (2.85 | ) | 1.29 | 0.23 | (1.94 | ) | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net investment income | – | (0.02 | ) | – | – | – | ||||||||||||||
Capital gains | (0.48 | ) | (3.47 | ) | – | (0.48 | ) | – | ||||||||||||
Total distributions | (0.48 | ) | (3.49 | ) | – | (0.48 | ) | – | ||||||||||||
Net increase (decrease) in net asset value | (0.26 | ) | (6.34 | ) | 1.29 | (0.25 | ) | (1.94 | ) | |||||||||||
Net Asset Value at end of period | $ | 9.10 | $ | 9.36 | $ | 15.70 | $ | 9.11 | $ | 9.36 | ||||||||||
Total Return (%)6 | 2.71 | 7 | (23.52 | ) | 8.95 | 7 | 2.71 | 7 | (17.17 | )7 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 12,317 | $ | 13,863 | $ | 21,868 | $ | 210 | $ | 161 | ||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.01 | 8 | 1.00 | 1.00 | 8 | 0.93 | 8 | 0.928 | ||||||||||||
After reimbursement of expenses by Adviser (%). | 1.01 | 8 | 1.00 | 1.00 | 8 | 0.93 | 8 | 0.928 | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | (0.03 | )8 | (0.16 | ) | (0.36) | 8 | 0.03 | 8 | (0.06 | )8 | ||||||||||
After reimbursement of expenses by Adviser (%). | (0.03 | )8 | (0.16 | ) | (0.36) | 8 | 0.03 | 8 | (0.06 | )8 | ||||||||||
Portfolio turnover (%)9 | 15 | 7 | 41 | 447 | 15 | 7 | 41 | 7 |
* | 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 | Amounts represent less than $ (0.005) per share. |
6 | Total return without applicable sales charge. |
7 | Not annualized. |
8 | Annualized. |
9 | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year. |
See accompanying Notes to Financial Statements.
57 |
Madison Funds | April 30, 2023
Financial Highlights for a Share of Beneficial Interest Outstanding - continued
INTERNATIONAL STOCK FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Six-Months | Year Ended October 31, | Six-Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | Ended 4/30/23 | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 7.34 | $ | 13.67 | $ | 11.83 | $ | 13.53 | $ | 12.92 | $ | 14.00 | $ | 7.28 | $ | 13.64 | $ | 11.83 | $ | 13.57 | $ | 12.96 | $ | 14.04 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.01 | 0.08 | 0.07 | 0.06 | 1 | 0.18 | 1 | 0.16 | 0.04 | (1.21 | ) | 0.41 | 1.30 | 1 | 0.62 | 1 | 2.47 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.56 | (2.78 | ) | 2.35 | (0.89 | ) | 0.99 | (1.12 | ) | 1.53 | (1.46 | ) | 2.05 | (2.10 | ) | 0.58 | (3.40 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 1.57 | (2.70 | ) | 2.42 | (0.83 | ) | 1.17 | (0.96 | ) | 1.57 | (2.67 | ) | 2.46 | (0.80 | ) | 1.20 | (0.93 | ) | ||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.07 | ) | (0.06 | ) | (0.19 | ) | (0.19 | ) | (0.12 | ) | (0.04 | ) | (0.13 | ) | (0.13 | ) | (0.26 | ) | (0.22 | ) | (0.15 | ) | ||||||||||||||||||||||||
Capital gains | – | (3.56 | ) | (0.52 | ) | (0.68 | ) | (0.37 | ) | – | – | (3.56 | ) | (0.52 | ) | (0.68 | ) | (0.37 | ) | – | ||||||||||||||||||||||||||||
Total distributions | (0.02 | ) | (3.63 | ) | (0.58 | ) | (0.87 | ) | (0.56 | ) | (0.12 | ) | (0.04 | ) | (3.69 | ) | (0.65 | ) | (0.94 | ) | (0.59 | ) | (0.15 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 1.55 | (6.33 | ) | 1.84 | (1.70 | ) | 0.61 | (1.08 | ) | 1.53 | (6.36 | ) | 1.81 | (1.74 | ) | 0.61 | (1.08 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 8.89 | $ | 7.34 | $ | 13.67 | $ | 11.83 | $ | 13.53 | $ | 12.92 | $ | 8.81 | $ | 7.28 | $ | 13.64 | $ | 11.83 | $ | 13.57 | $ | 12.96 | ||||||||||||||||||||||||
Total Return (%)2 | 21.46 | 3 | (26.52 | ) | 20.48 | (6.78 | ) | 9.85 | (6.94 | ) | 21.66 | 3 | (26.39 | ) | 20.83 | (6.58 | ) | 10.10 | (6.72 | ) | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 12,898 | $ | 10,896 | $ | 16,375 | $ | 14,602 | $ | 17,209 | $ | 17,679 | $ | 800 | $ | 666 | $ | 888 | $ | 823 | $ | 1,310 | $ | 1,434 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.61 | 4 | 1.61 | 1.61 | 1.60 | 1.60 | 1.60 | 1.36 | 4 | 1.36 | 1.36 | 1.36 | 1.35 | 1.35 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.30 | 4 | 0.30 | 0.53 | 0.50 | 1.42 | 1.14 | 0.57 | 4 | 0.55 | 0.79 | 0.73 | 1.67 | 1.12 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 10 | 3 | 31 | 120 | 34 | 37 | 29 | 10 | 3 | 31 | 120 | 34 | 37 | 29 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
58 |
Madison Funds | April 30, 2023
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 C | |
Moderate Allocation2 | Class A, Class C | |
Aggressive Allocation2 | Class A, Class C | |
Tax-Free Virginia | Class Y | |
Tax-Free National | Class Y | |
High Quality Bond | Class Y, Class I | |
Core Bond | Class A, Class Y, Class I, Class R6 | |
Diversified Income | Class A, Class C | |
Covered Call & Equity Income | Class A, Class C, Class Y, Class I, Class R6 | |
Dividend Income | Class A, Class Y, Class I, Class R6 | |
Investors | Class A, Class Y, Class I, Class R6 | |
Sustainable Equity | Class Y, Class I | |
Mid Cap | Class A, Class Y, Class I, Class R6 | |
Small Cap | Class A, Class Y, Class I, Class R6 | |
International Stock | Class A, Class Y |
1 | As of the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. |
2 | The Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds are collectively referred to herein as the “Allocation Funds”. |
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”), the Fund’s investment adviser.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.
The following is a summary of significant accounting policies consistently followed by each fund in the preparation of its financial statements.
Portfolio Valuation: Equity securities, including American Depositary Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price (“NOCP”)). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.
Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.
Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time, on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.
59 |
Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
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 June 2022, the FASB issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Trust expects the ASU will not have a material impact on the Funds’ financial statements.
Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the fund’s ex-distribution date. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the 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.
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 gains of $534 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
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Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
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, 2023, 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. At April 30, 2023, 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 may segregate 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, 2023, 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 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, 2023 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, 2023, 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, 2023, 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):
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Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
Fund1 | Level 1 | Level 2 | Level 3 | Value at 4/30/23 | ||||||||||||
Conservative Allocation | ||||||||||||||||
Investment Companies | $ | 48,074,729 | $ | — | $ | — | $ | 48,074,729 | ||||||||
Short-Term Investments | 2,100,471 | — | — | 2,100,471 | ||||||||||||
50,175,200 | — | — | 50,175,200 | |||||||||||||
Moderate Allocation | ||||||||||||||||
Investment Companies | 97,054,846 | — | — | 97,054,846 | ||||||||||||
Short-Term Investments | 6,238,897 | — | — | 6,238,897 | ||||||||||||
103,293,743 | — | — | 103,293,743 | |||||||||||||
Aggressive Allocation | ||||||||||||||||
Investment Companies | 50,873,147 | — | — | 50,873,147 | ||||||||||||
Short-Term Investments | 3,517,916 | — | — | 3,517,916 | ||||||||||||
54,391,063 | — | — | 54,391,063 | |||||||||||||
Tax-Free Virginia | ||||||||||||||||
Municipal Bonds | — | 18,003,261 | — | 18,003,261 | ||||||||||||
Tax-Free National | ||||||||||||||||
Municipal Bonds | — | 17,596,047 | — | 17,596,047 | ||||||||||||
High Quality Bond | ||||||||||||||||
Corporate Notes and Bonds | — | 31,994,157 | — | 31,994,157 | ||||||||||||
U.S. Government and Agency Obligations | — | 55,688,699 | — | 55,688,699 | ||||||||||||
Short-Term Investments | 4,952,471 | — | — | 4,952,471 | ||||||||||||
4,952,471 | 87,682,856 | — | 92,635,327 | |||||||||||||
Core Bond | ||||||||||||||||
Asset Backed Securities | — | 9,875,468 | — | 9,875,468 | ||||||||||||
Collateralized Mortgage Obligations | — | 9,812,312 | — | 9,812,312 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 6,716,923 | — | 6,716,923 | ||||||||||||
Corporate Notes and Bonds | — | 55,805,104 | — | 55,805,104 | ||||||||||||
Foreign Corporate Bonds | — | 5,582,273 | — | 5,582,273 | ||||||||||||
Mortgage Backed Securities | — | 49,207,190 | — | 49,207,190 | ||||||||||||
U.S. Government and Agency Obligations | — | 57,612,558 | — | 57,612,558 | ||||||||||||
Short-Term Investments | 2,352,409 | — | — | 2,352,409 | ||||||||||||
2,352,409 | 194,611,828 | — | 196,964,237 | |||||||||||||
Diversified Income | ||||||||||||||||
Common Stocks | 102,023,927 | — | — | 102,023,927 | ||||||||||||
Asset Backed Securities | — | 1,785,661 | — | 1,785,661 | ||||||||||||
Collateralized Mortgage Obligations | — | 2,290,675 | — | 2,290,675 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 1,346,923 | — | 1,346,923 | ||||||||||||
Corporate Notes and Bonds | — | 13,820,883 | — | 13,820,883 | ||||||||||||
Foreign Corporate Bonds | — | 1,345,690 | 1,345,690 | |||||||||||||
Long Term Municipal Bonds | — | 579,555 | — | 579,555 | ||||||||||||
Mortgage Backed Securities | — | 14,861,260 | — | 14,861,260 | ||||||||||||
U.S. Government and Agency Obligations | — | 15,492,188 | — | 15,492,188 | ||||||||||||
Short-Term Investments | 3,097,845 | — | — | 3,097,845 | ||||||||||||
105,121,772 | 51,522,835 | — | 156,644,607 | |||||||||||||
Covered Call & Equity Income | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 160,949,655 | — | — | 160,949,655 | ||||||||||||
Exchange Traded Funds | 3,358,000 | — | — | 3,358,000 | ||||||||||||
Short-Term Investments | 53,662,073 | 53,662,073 | ||||||||||||||
Options Purchased | 528,900 | 528,900 | ||||||||||||||
218,498,628 | — | — | 218,498,628 | |||||||||||||
Liabilities: | ||||||||||||||||
Options Written | (3,261,090 | ) | — | — | (3,261,090 | ) | ||||||||||
Dividend Income | ||||||||||||||||
Common Stocks | 250,527,824 | — | — | 250,527,824 | ||||||||||||
Short-Term Investments | 2,473,934 | — | — | 2,473,934 | ||||||||||||
253,001,758 | — | — | 253,001,758 |
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Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
Fund1 | Level 1 | Level 2 | Level 3 | Value at 4/30/23 | ||||||||||||
Investors | ||||||||||||||||
Common Stocks | $ | 326,105,410 | $ | — | $ | — | $ | 326,105,410 | ||||||||
Short-Term Investments | 9,068,817 | — | — | 9,068,817 | ||||||||||||
335,174,227 | — | — | 335,174,227 | |||||||||||||
Sustainable Equity | ||||||||||||||||
Common Stocks | 8,034,492 | — | — | 8,034,492 | ||||||||||||
Short-Term Investments | 382,542 | — | — | 382,542 | ||||||||||||
8,417,034 | — | — | 8,417,034 | |||||||||||||
Mid Cap | ||||||||||||||||
Common Stocks | 679,554,452 | — | — | 679,554,452 | ||||||||||||
Short-Term Investments | 54,618,529 | — | — | 54,618,529 | ||||||||||||
734,172,981 | — | — | 734,172,981 | |||||||||||||
Small Cap | ||||||||||||||||
Common Stocks | 165,337,363 | — | — | 165,337,363 | ||||||||||||
Short-Term Investments | 9,587,973 | — | — | 9,587,973 | ||||||||||||
174,925,336 | 174,925,336 | |||||||||||||||
International Stock | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | 239,479 | — | — | 239,479 | ||||||||||||
Brazil | 319,737 | — | — | 319,737 | ||||||||||||
Canada | 768,563 | — | — | 768,563 | ||||||||||||
China | 975,295 | — | — | 975,295 | ||||||||||||
Denmark | 267,420 | — | — | 267,420 | ||||||||||||
France | 1,323,913 | — | — | 1,323,913 | ||||||||||||
Germany | 1,553,440 | — | — | 1,553,440 | ||||||||||||
Hong Kong | 243,799 | — | — | 243,799 | ||||||||||||
India | 1,024,554 | — | — | 1,024,554 | ||||||||||||
Ireland | 301,039 | — | — | 301,039 | ||||||||||||
Israel | 152,137 | — | — | 152,137 | ||||||||||||
Italy | 189,475 | — | — | 189,475 | ||||||||||||
Japan | 2,052,083 | — | — | 2,052,083 | ||||||||||||
Mexico | 507,318 | — | — | 507,318 | ||||||||||||
Netherlands | 519,369 | — | — | 519,369 | ||||||||||||
Norway | 155,979 | — | — | 155,979 | ||||||||||||
Singapore | 387,849 | — | — | 387,849 | ||||||||||||
Switzerland | 778,438 | — | — | 778,438 | ||||||||||||
Taiwan | 167,420 | — | — | 167,420 | ||||||||||||
United Kingdom | 1,408,303 | — | — | 1,408,303 | ||||||||||||
Short-Term Investments | 606,813 | — | — | 606,813 | ||||||||||||
13,942,423 | — | — | 13,942,423 |
1 | See 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. As of April 30, 2023 the Covered Call & Equity Income Fund has not offset any of the positions and the positions are presented gross on the Statements of Assets and Liabilities.
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, 2023.
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 | $ | 528,900 | Options written | $ | (3,261,090 | ) |
63 |
Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
The following table presents the effect of derivative instruments on the Statements of Operations for the period ended April 30, 2023.
Realized Gain | Change in Unrealized Appreciation | |||||||||||
Fund | Underlying Risk | Statement of Operations | (Loss) on Derivatives | (Depreciation) on Derivatives | ||||||||
Covered Call & Equity Income | Equity | Option Purchased | $ | (2,110,240 | ) | $ | (806,285 | ) | ||||
Equity | Option Written | 6,172,405 | 1,894,438 | |||||||||
Total | $ | 4,062,165 | $ | 1,088,153 |
The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2023.
Options Purchased Contracts(1) | Options Written Contracts(1) | |||||||
Covered Call & Equity Income | 124 | (7,871 | ) |
(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, 2023.
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, 2023:
Fund | Management Fee | Fund | Management Fee | |||
Conservative Allocation | 0.20% | Covered Call & Equity Income | 0.85% | |||
Moderate Allocation | 0.20% | Dividend Income1 | 0.70% | |||
Aggressive Allocation | 0.20% | Investors1 | 0.70% | |||
Tax-Free Virginia | 0.50% | Sustainable Equity1 | 0.70% | |||
Tax-Free National | 0.40% | Mid Cap1 | 0.75% | |||
High Quality Bond | 0.30% | Small Cap1 | 0.89% | |||
Core Bond1 | 0.39% | International Stock1 | 1.05% | |||
Diversified Income1 | 0.65% |
1 | 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 April 30, 2023, the funds and their respective share classes were charged the following fees under the Administrative Services Agreement:
Fund | Class A | Class C | Class Y | Class I | Class R6 | |||||||||||||||
Conservative Allocation | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||
Moderate Allocation | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||
Aggressive Allocation | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||
Tax-Free Virginia | N/A | N/A | 0.35 | % | N/A | N/A | ||||||||||||||
Tax-Free National | N/A | N/A | 0.35 | % | N/A | N/A | ||||||||||||||
High Quality Bond | N/A | N/A | 0.19 | % | 0.10 | % | N/A | |||||||||||||
Core Bond | 0.20 | % | N/A | 0.20 | % | 0.10 | % | 0.02 | % | |||||||||||
Diversified Income | 0.20 | % | 0.20 | % | N/A | N/A | N/A | |||||||||||||
Covered Call & Equity Income | 0.15 | % | 0.15 | % | 0.15 | % | 0.10 | % | 0.02 | % | ||||||||||
Dividend Income | 0.20 | % | N/A | 0.20 | % | 0.10 | % | 0.02 | % | |||||||||||
Investors | 0.20 | % | N/A | 0.20 | % | 0.10 | % | 0.02 | % | |||||||||||
Sustainable Equity | N/A | N/A | 0.20 | % | 0.10 | % | N/A | |||||||||||||
Mid Cap | 0.40 | % | N/A | 0.20 | % | 0.10 | % | 0.02 | % | |||||||||||
Small Cap | 0.20 | % | N/A | 0.20 | % | 0.10 | % | 0.02 | % | |||||||||||
International Stock | 0.30 | % | N/A | 0.30 | % | N/A | N/A |
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, 2023, 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:
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Madison Funds | April 30, 2023
Notes to the Financial Statements - continued
Shareholder Service Fees (Class A and C shares). Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A 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 (C shares only). Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class 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 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 C shares) or distribution-related expenses of dealers. This fee increases the cost of investment in the Class 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:
Shareholder Servicing Fee | Distribution Fee | Total Shareholder Servicing and Distribution Fees (Rule 12b-1) | ||||||||||||||||||
Fund | Class A | Class C | Class C | Class A | Class C | |||||||||||||||
Conservative Allocation | 0.25 | % | 0.25 | % | 0.75 | % | 0.25 | % | 1.00 | % | ||||||||||
Moderate Allocation | 0.25 | % | 0.25 | % | 0.75 | % | 0.25 | % | 1.00 | % | ||||||||||
Aggressive Allocation | 0.25 | % | 0.25 | % | 0.75 | % | 0.25 | % | 1.00 | % | ||||||||||
Tax-Free Virginia | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Tax-Free National | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
High Quality Bond | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Core Bond | 0.25 | % | N/A | N/A | 0.25 | % | N/A | |||||||||||||
Diversified Income | 0.25 | % | 0.25 | % | 0.75 | % | 0.25 | % | 1.00 | % | ||||||||||
Covered Call & Equity Income | 0.25 | % | 0.25 | % | 0.75 | % | 0.25 | % | 1.00 | % | ||||||||||
Dividend Income | 0.25 | % | N/A | N/A | 0.25 | % | N/A | |||||||||||||
Investors | 0.25 | % | N/A | N/A | 0.25 | % | N/A | |||||||||||||
Sustainable Equity | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Mid Cap | 0.25 | % | N/A | N/A | 0.25 | % | N/A | |||||||||||||
Small Cap | 0.25 | % | N/A | N/A | 0.25 | % | N/A | |||||||||||||
International Stock | 0.25 | % | N/A | N/A | 0.25 | % | 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 period April 30, 2023, 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 deducted from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A 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, 2023, were as follows:
Amount Collected | Amount Retained | |||||||||||||||||||||||
Fund | Class A | Class B1 | Class C | Class A | Class B1 | Class C | ||||||||||||||||||
Conservative Allocation | $ | 9,761 | $ | 0 | $ | 19 | $ | 1,431 | $ | 0 | $ | 19 | ||||||||||||
Moderate Allocation | 26,848 | 66 | 40 | 3,632 | 66 | 40 | ||||||||||||||||||
Aggressive Allocation | 20,243 | 1 | 71 | 2,466 | 1 | 71 | ||||||||||||||||||
Core Bond | 2,075 | 0 | N/A | 258 | 0 | N/A | ||||||||||||||||||
Diversified Income | 39,184 | 58 | 80 | 3,810 | 58 | 80 | ||||||||||||||||||
Dividend Income | 13,641 | N/A | N/A | 1,576 | N/A | N/A | ||||||||||||||||||
Covered Call & Equity Income | 7’7,386 | N/A | 1,155 | 9,598 | N/A | 1,155 | ||||||||||||||||||
Investors | 26,662 | N/A | N/A | 4,089 | N/A | N/A | ||||||||||||||||||
Mid Cap | 24,923 | 0 | N/A | 2,918 | 0 | N/A | ||||||||||||||||||
Small Cap | 1,267 | N/A | N/A | 148 | N/A | N/A | ||||||||||||||||||
International Stock | 2,743 | 0 | N/A | 342 | 0 | N/A |
1 | After the close of business on February 6, 2023, outstanding Class B shares of the Madison Funds converted into Class A shares of each respective fund, and Class B shares of the Trust were terminated. Amounts collected and retained for the Class B shares represents the period November 1, 2022 through February 6, 2023. |
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 overdraft fees or 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.
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Notes to the Financial Statements - continued
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, 2023, 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 | Purchase | Sale | Purchase | Sale | ||||||||||||
Conservative Allocation | $ | — | $ | — | $ | 15,576,648 | $ | 17,824,914 | ||||||||
Moderate Allocation | — | — | 39,878,087 | 41,814,723 | ||||||||||||
Aggressive Allocation | — | — | 19,421,054 | 20,033,266 | ||||||||||||
Tax-Free Virginia | — | — | 1,739,501 | 1,635,000 | ||||||||||||
Tax-Free National | — | — | 1,836,326 | 2,197,456 | ||||||||||||
High Quality Bond | 17,295,308 | 10,717,494 | 6,698,355 | 4,715,257 | ||||||||||||
Core Bond | 36,336,242 | 20,104,853 | 19,893,406 | 11,216,552 | ||||||||||||
Diversified Income | 10,985,062 | 7,480,791 | 19,493,016 | 29,600,712 | ||||||||||||
Covered Call & Equity Income | — | — | 115,508,316 | 57,781,985 | ||||||||||||
Dividend Income | — | — | 41,219,006 | 88,178,656 | ||||||||||||
Investors | — | — | 55,616,069 | 47,389,972 | ||||||||||||
Sustainable Equity | — | — | 1,389,486 | 1,980,390 | ||||||||||||
Mid Cap | — | — | 62,072,163 | 70,559,920 | ||||||||||||
Small Cap | — | — | 25,490,377 | 35,282,644 | ||||||||||||
International Stock | — | — | 1,264,339 | 1,772,402 |
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.
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
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Notes to the Financial Statements - continued
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, 2023, 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 Fund intend to purchase. However, the Fund becomes obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Funds in writing options on futures is potentially unlimited and may exceed the amount of the premium received.
During the period ended April 30, 2023, the Funds did not enter into any options on futures 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, 2023, the aggregate fair value of securities on loan for the Madison fund family was $17,155,331. 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 | $ | 773,981 | $ | 787,276 | $ | — | ||||||
Moderate Allocation | 3,484,826 | 3,189,408 | 351,211 | |||||||||
Aggressive Allocation | 386,523 | 74,000 | 322,031 | |||||||||
High Quality Bond | 3,837,467 | 3,909,375 | — | |||||||||
Core Bond | 1,930,006 | 1,960,018 | — | |||||||||
Diversified Income | 509,305 | 517,968 | — | |||||||||
Mid Cap | 3,228,588 | 168,481 | 3,137,550 | |||||||||
Small Cap | 2,483,289 | 1,923,635 | 644,530 | |||||||||
International Stock | 521,346 | 332,445 | 201,197 |
* 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.
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.
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Notes to the Financial Statements - continued
Remaining Contractual Maturity of the Agreements As of 4/30/2023 | ||||||||||||||||||||
Overnight and | Between | |||||||||||||||||||
Continuous | <30 days | 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions(1) | ||||||||||||||||||||
Conservative Allocation | ||||||||||||||||||||
Government Money Market | $ | 787,276 | $ | — | $ | — | $ | — | $ | 787,276 | ||||||||||
Total Borrowings | $ | 787,276 | $ | — | $ | — | $ | — | $ | 787,276 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 787,276 | ||||||||||||||||||
Moderate Allocation | ||||||||||||||||||||
Government Money Market | $ | 3,189,408 | $ | — | $ | — | $ | — | $ | 3,189,408 | ||||||||||
Total Borrowings | $ | 3,189,408 | $ | — | $ | — | $ | — | $ | 3,189,408 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,189,408 | ||||||||||||||||||
Aggressive Allocation | ||||||||||||||||||||
Government Money Market | $ | 74,000 | $ | — | $ | — | $ | — | $ | 74,000 | ||||||||||
Total Borrowings | $ | 74,000 | $ | — | $ | — | $ | — | $ | 74,000 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 74,000 | ||||||||||||||||||
High Quality Bond | ||||||||||||||||||||
Government Money Market | $ | 3,909,375 | $ | — | $ | — | $ | — | $ | 3,909,375 | ||||||||||
Total Borrowings | $ | 3,909,375 | $ | — | $ | — | $ | — | $ | 3,909,375 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,909,375 | ||||||||||||||||||
Core Bond | ||||||||||||||||||||
Government Money Market | $ | 1,960,018 | $ | — | $ | — | $ | — | $ | 1,960,018 | ||||||||||
Total Borrowings | $ | 1,960,018 | $ | — | $ | — | $ | — | $ | 1,960,018 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,960,018 | ||||||||||||||||||
Diversified Income | ||||||||||||||||||||
Government Money Market | $ | 517,968 | $ | — | $ | — | $ | — | $ | 517,968 | ||||||||||
Total Borrowings | $ | 517,968 | $ | — | $ | — | $ | — | $ | 517,968 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 517,968 | ||||||||||||||||||
Mid Cap | ||||||||||||||||||||
Government Money Market | $ | 168,481 | $ | — | $ | — | $ | — | $ | 168,481 | ||||||||||
Total Borrowings | $ | 168,481 | $ | — | $ | — | $ | — | $ | 168,481 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 168,481 | ||||||||||||||||||
Small Cap | ||||||||||||||||||||
Government Money Market | $ | 1,923,635 | $ | — | $ | — | $ | — | $ | 1,923,635 | ||||||||||
Total Borrowings | $ | 1,923,635 | $ | — | $ | — | $ | — | $ | 1,923,635 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,923,635 | ||||||||||||||||||
International Stock | ||||||||||||||||||||
Government Money Market | $ | 332,445 | $ | — | $ | — | $ | — | $ | 332,445 | ||||||||||
Total Borrowings | $ | 332,445 | $ | — | $ | — | $ | — | $ | 332,445 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 332,445 |
(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, 2023. 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, 2019 through October 31, 2022.
For federal income tax purposes, the funds listed below have capital loss carryovers as October 31, 2022, which are available to offset future capital gains, if any, realized through the fiscal year listed:
No Expiration Date | ||||||||
Fund | Short-Term | Long-Term | ||||||
Conservative Allocation | $ | 1,869,369 | $ | 130,421 | ||||
Moderate Allocation | 1,365,206 | — | ||||||
Aggressive Allocation | 943,165 | — | ||||||
Tax-Free Virginia | 62,710 | 54,506 | ||||||
High Quality Bond | 185,195 | 990,837 | ||||||
Core Bond | 848,181 | 2,609,785 |
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Notes to the Financial Statements - continued
No Expiration Date | ||||||||
Fund | Short-Term | Long-Term | ||||||
Dividend Income | 1,091,372 | — | ||||||
Sustainable Equity | 198,405 | — | ||||||
International Stock | 35,220 | 534,487 |
The loss carryovers for Core Bond Fund and Dividend Income Fund include losses from prior-year mergers. The utilization of these inherited losses are subject to an annual limitation.
At April 30, 2023, 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 | $ | 728,435 | $ | (2,810,261 | ) | $ | (2,081,826 | ) | ||||
Moderate Allocation | 3,277,740 | (2,965,291 | ) | 312,449 | ||||||||
Aggressive Allocation | 2,655,684 | (1,299,344 | ) | 1,356,340 | ||||||||
Tax-Free Virginia | 101,598 | (627,715 | ) | (526,117 | ) | |||||||
Tax-Free National | 173,999 | (444,613 | ) | (270,614 | ) | |||||||
High Quality Bond | 178,466 | (5,187,230 | ) | (5,008,764 | ) | |||||||
Core Bond | 786,803 | (16,327,025 | ) | (15,540,222 | ) | |||||||
Diversified Income | 24,348,800 | (6,403,350 | ) | 17,945,450 | ||||||||
Covered Call & Equity Income | 5,040,363 | (18,148,378 | ) | (13,108,015 | ) | |||||||
Dividend Income | 44,891,172 | (5,193,329 | ) | 39,697,843 | ||||||||
Investors | 126,906,715 | (3,378,927 | ) | 123,527,788 | ||||||||
Sustainable Equity | 438,988 | (698,474 | ) | (259,486 | ) | |||||||
Mid Cap | 296,688,674 | (12,301,000 | ) | 284,387,674 | ||||||||
Small Cap | 34,718,920 | (8,865,265 | ) | 25,853,655 | ||||||||
International Stock | 1,485,868 | (2,248,140 | ) | (762,272 | ) |
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
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Notes to the Financial Statements - continued
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 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, 2023 follows:
Beginning value as of 10/31/2022 | Gross Additions | Gross Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (depreciation) | Value at 4/30/2023 | Shares | Dividend Income | Distributions Received1 | ||||||||||||||||||||||||||||
Conservative Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class R6 | $ | 13,431,820 | $ | - | $ | - | $ | - | $ | 659,038 | $ | 14,090,858 | 1,569,138 | $ | 187,147 | $ | - | |||||||||||||||||||
Madison Dividend Income Fund Class R6 | 537,249 | - | - | - | (36,146 | ) | 501,103 | 18,349 | 6,921 | 36,809 | ||||||||||||||||||||||||||
Madison Investors Fund Class R6 | 2,683,256 | 698,259 | - | - | 131,902 | 3,513,417 | 141,214 | 17,940 | 180,318 | |||||||||||||||||||||||||||
Totals | $ | 16,652,325 | $ | 698,259 | $ | - | $ | - | $ | 754,794 | $ | 18,105,378 | $ | 212,008 | $ | 217,127 | ||||||||||||||||||||
Moderate Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class R6 | $ | 16,609,945 | $ | 1,000,000 | $ | - | $ | - | $ | 847,158 | $ | 18,457,103 | 2,055,357 | $ | 243,122 | $ | - | |||||||||||||||||||
Madison Dividend Income Fund Class R6 | 1,073,409 | 500,000 | - | - | (56,743 | ) | 1,516,666 | 55,535 | 16,606 | 73,544 | ||||||||||||||||||||||||||
Madison Investors Fund Class R6 | 9,040,113 | 1,667,257 | - | - | 416,929 | 11,124,299 | 447,118 | 60,379 | 606,878 | |||||||||||||||||||||||||||
Totals | $ | 26,723,467 | $ | 3,167,257 | $ | - | $ | - | $ | 1,207,344 | $ | 31,098,068 | $ | 320,107 | $ | 680,422 | ||||||||||||||||||||
Aggressive Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class R6 | $ | 4,456,998 | $ | - | $ | - | $ | - | $ | 218,684 | $ | 4,675,682 | 520,677 | $ | 62,100 | $ | - | |||||||||||||||||||
Madison Dividend Income Fund Class R6 | 827,443 | 309,412 | - | - | (46,093 | ) | 1,090,762 | 39,940 | 12,378 | 56,692 | ||||||||||||||||||||||||||
Madison Investors Fund Class R6 | 6,814,011 | 454,298 | - | - | 305,604 | 7,573,913 | 304,418 | 41,109 | 413,189 | |||||||||||||||||||||||||||
Totals | $ | 12,098,452 | $ | 763,710 | $ | - | $ | - | $ | 478,195 | $ | 13,340,357 | $ | 115,587 | $ | 469,881 |
1 | Distributions received include distributions from net investment income and from capital gains from the Underlying Funds. |
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.
70 |
Madison Funds | April 30, 2023
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 30,2023. 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 | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Conservative Allocation* | $ | 1,000 | $ | 1,063.40 | 0.71 | % | $ | 3.63 | ||||||||
Moderate Allocation* | 1,000 | 1,064.60 | 0.71 | % | 3.63 | |||||||||||
Aggressive Allocation* | 1,000 | 1,066.10 | 0.70 | % | 3.59 | |||||||||||
Core Bond | 1,000 | 1,061.80 | 0.85 | % | 4.35 | |||||||||||
Diversified Income | 1,000 | 1,026.40 | 1.11 | % | 5.58 | |||||||||||
Dividend Income | 1,000 | 1,011.40 | 1.16 | % | 5.79 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,092.80 | 1.26 | % | 6.54 | |||||||||||
Investors | 1,000 | 1,109.10 | 1.16 | % | 6.07 | |||||||||||
Mid Cap | 1,000 | 1,067.50 | 1.40 | % | 7.18 | |||||||||||
Small Cap | 1,000 | 1,024.10 | 1.34 | % | 6.73 | |||||||||||
International Stock | 1,000 | 1,214.60 | 1.61 | % | 8.84 |
Class C | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,059.50 | 1.46 | % | $ | 7.46 | ||||||||
Moderate Allocation | 1,000 | 1,060.40 | 1.46 | % | 7.46 | |||||||||||
Aggressive Allocation | 1,000 | 1,062.40 | 1.47 | % | 7.52 | |||||||||||
Diversified Income | 1,000 | 1,022.50 | 1.86 | % | 9.33 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,088.80 | 2.01 | % | 10.41 |
Class Y | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Tax-Free Virginia | $ | 1,000 | $ | 1,049.80 | 0.87 | % | $ | 4.42 | ||||||||
Tax-Free National | 1,000 | 1,051.30 | 0.77 | % | 3.92 | |||||||||||
High Quality Bond | 1,000 | 1,039.30 | 0.51 | % | 2.58 | |||||||||||
Core Bond | 1,000 | 1,063.50 | 0.61 | % | 3.12 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,095.00 | 1.01 | % | 5.25 | |||||||||||
Dividend Income | 1,000 | 1,012.30 | 0.92 | % | 4.59 | |||||||||||
Investors | 1,000 | 1,110.20 | 0.92 | % | 4.81 | |||||||||||
Sustainable Equity Fund | 1,000 | 1,057.30 | 0.92 | % | 4.69 | |||||||||||
Mid Cap | 1,000 | 1,069.80 | 0.95 | % | 4.88 | |||||||||||
Small Cap | 1,000 | 1,024.90 | 1.11 | % | 5.57 | |||||||||||
International Stock | 1,000 | 1,216.60 | 1.36 | % | 7.47 |
71 |
Madison Funds | April 30, 2023
Other Information (unaudited) - continued
FUND EXPENSES PAID BY SHAREHOLDERS – continued
Class I | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
High Quality Bond | $ | 1,000 | $ | 1,040.50 | 0.41 | % | $ | 2.07 | ||||||||
Core Bond | 1,000 | 1,064.30 | 0.50 | % | 2.56 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,095.10 | 0.96 | % | 4.99 | |||||||||||
Dividend Income | 1,000 | 1,013.20 | 0.82 | % | 4.09 | |||||||||||
Investors | 1,000 | 1,111.00 | 0.82 | % | 4.29 | |||||||||||
Sustainable Equity | 1,000 | 1,057.10 | 0.82 | % | 4.18 | |||||||||||
Mid Cap | 1,000 | 1,070.50 | 0.85 | % | 4.36 | |||||||||||
Small Cap | 1,000 | 1,027.10 | 1.01 | % | 5.08 |
Class R6 | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Core Bond | $ | 1,000 | $ | 1,063.60 | 0.43 | % | $ | 2.20 | ||||||||
Covered Call & Equity Income | 1,000 | 1,095.80 | 0.88 | % | 4.57 | |||||||||||
Dividend Income | 1,000 | 1,013.20 | 0.74 | % | 3.69 | |||||||||||
Investors | 1,000 | 1,111.50 | 0.74 | % | 3.87 | |||||||||||
Mid Cap | 1,000 | 1,071.00 | 0.77 | % | 3.95 | |||||||||||
Small Cap | 1,000 | 1,027.10 | 0.93 | % | 4.67 |
*The annual expense ratio does not include the expenses of the underlying funds.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
Class A | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Conservative Allocation* | $ | 1,000 | $ | 1,021.27 | 0.71 | % | $ | 3.56 | ||||||||
Moderate Allocation* | 1,000 | 1,021.27 | 0.71 | % | 3.56 | |||||||||||
Aggressive Allocation* | 1,000 | 1,021.32 | 0.70 | % | 3.51 | |||||||||||
Core Bond | 1,000 | 1,020.58 | 0.85 | % | 4.26 | |||||||||||
Diversified Income | 1,000 | 1,019.29 | 1.11 | % | 5.56 | |||||||||||
Dividend Income | 1,000 | 1,019.04 | 1.16 | % | 5.81 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,018.55 | 1.26 | % | 6.31 | |||||||||||
Investors | 1,000 | 1,019.04 | 1.16 | % | 5.81 | |||||||||||
Mid Cap | 1,000 | 1,017.85 | 1.40 | % | 7.00 | |||||||||||
Small Cap | 1,000 | 1,018.15 | 1.34 | % | 6.71 | |||||||||||
International Stock | 1,000 | 1,016.81 | 1.61 | % | 8.05 |
72 |
Madison Funds | April 30, 2023
Other Information (unaudited) - continued
FUND EXPENSES PAID BY SHAREHOLDERS - continued
Class C | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | 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 | 1,017.50 | 1.47 | % | 7.35 | |||||||||||
Diversified Income | 1,000 | 1,015.57 | 1.86 | % | 9.30 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,014.83 | 2.01 | % | 10.04 | |||||||||||
Class Y | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Tax-Free Virginia | $ | 1,000 | $ | 1,020.48 | 0.87 | % | $ | 4.36 | ||||||||
Tax-Free National | 1,000 | 1,020.98 | 0.77 | % | 3.86 | |||||||||||
High Quality Bond | 1,000 | 1,022.27 | 0.51 | % | 2.56 | |||||||||||
Core Bond | 1,000 | 1,021.77 | 0.61 | % | 3.06 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,019.79 | 1.01 | % | 5.06 | |||||||||||
Dividend Income | 1,000 | 1,020.23 | 0.92 | % | 4.61 | |||||||||||
Investors | 1,000 | 1,020.23 | 0.92 | % | 4.61 | |||||||||||
Sustainable Equity Fund | 1,000 | 1,020.23 | 0.92 | % | 4.61 | |||||||||||
Mid Cap | 1,000 | 1,020.08 | 0.95 | % | 4.76 | |||||||||||
Small Cap | 1,000 | 1,019.29 | 1.11 | % | 5.56 | |||||||||||
International Stock | 1,000 | 1,018.05 | 1.36 | % | 6.81 |
Class I | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
High Quality Bond | $ | 1,000 | $ | 1,022.76 | 0.41 | % | $ | 2.06 | ||||||||
Core Bond | 1,000 | 1,022.32 | 0.50 | % | 2.51 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,020.03 | 0.96 | % | 4.81 | |||||||||||
Dividend Income | 1,000 | 1,020.73 | 0.82 | % | 4.11 | |||||||||||
Investors | 1,000 | 1,020.73 | 0.82 | % | 4.11 | |||||||||||
Sustainable Equity | 1,000 | 1,020.73 | 0.82 | % | 4.11 | |||||||||||
Mid Cap | 1,000 | 1,020.58 | 0.85 | % | 4.26 | |||||||||||
Small Cap | 1,000 | 1,019.79 | 1.01 | % | 5.06 |
Class R6 | ||||||||||||||||
Expenses | ||||||||||||||||
Beginning | Ending | Annual | Paid | |||||||||||||
Account | Account | Expense | During | |||||||||||||
Fund | Value | Value | Ratio | Period | ||||||||||||
Core Bond | $ | 1,000 | $ | 1,022.66 | 0.43 | % | $ | 2.16 | ||||||||
Covered Call & Equity Income | 1,000 | 1,020.43 | 0.88 | % | 4.41 | |||||||||||
Dividend Income | 1,000 | 1,021.12 | 0.74 | % | 3.71 | |||||||||||
Investors | 1,000 | 1,021.12 | 0.74 | % | 3.71 | |||||||||||
Mid Cap | 1,000 | 1,020.98 | 0.77 | % | 3.86 | |||||||||||
Small Cap | 1,000 | 1,020.18 | 0.93 | % | 4.66 |
*The annual expense ratio does not include the expenses of the underlying funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. The information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-EX. Form NPORT-EX is available 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.
73 |
Madison Funds | April 30, 2023
Other Information (unaudited) - continued
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 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.
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4460-P1060
Rev.0423
Item 2. Code of Ethics.
Not applicable to Semi-Annual Report.
Item 3. Audit Committee Financial Expert.
Not applicable to Semi-Annual Report.
Item 4. Principal Accountant Fees and Services.
Not applicable to Semi-Annual Report.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Schedule included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Trust does not normally hold shareholder meetings. There have been no changes to the Trust's procedures during the period covered by this report.
Item 11. Controls and Procedures.
(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.
(b) There were no changes in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) (1) Code of ethics - See Item 2.
(3) Not applicable.
(4) There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Madison Funds | |
/s/ Steve J. Fredricks | |
Steve J. Fredricks, Chief Legal Officer & Chief Compliance Officer |
Date: June 28, 2023
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 28, 2023
/s/ Greg D. Hoppe | |
Greg D. Hoppe, Principal Financial Officer & Principal Accounting Officer |
Date: June 28, 2023