EX-99.(17)(d)
To Our Shareholders:
Thank you for being a valued shareholder of Madison Funds. We are pleased to present this semi-annual report for the six month period ended April 30, 2016. This report includes information about your Funds, including performance data and a complete list of investments as of the close of the reporting period.
Timely Information
One thing is undeniable about semi-annual reports: the information is dated when you receive it. The semi-annual and annual reports are regulatory documents to help you, the shareholder, better understand the Funds. These reports contain useful information, but the performance data and Fund performance discussions have aged by the time you receive this report. We believe it is important to find a better way to provide more timely and useful information to you.
With that in mind, we reference the madisonfunds.com website in the Performance Discussion for each Fund. Our website is the best way for you to receive the most up-to-date performance information and quarterly portfolio manager commentaries. These commentaries give you the opportunity to hear directly from the portfolio managers and provide greater insight into the investment process, strategy, and decisions that impact your Fund. We hope you find this information easily accessible, informative and timely.
Economic Overview & Outlook
After a rocky start to calendar year 2016, stocks quickly recouped lost ground and finished the six months ended April 30, 2016 mostly with modest gains. The S&P 500 Index® returned 0.43% over the last six months. Mid cap stocks, as measured by the Russell Mid Cap Index®, returned 0.81%, and small caps fell 1.90% based on the Russell 2000 Index®. Global equities, as measured by the MSCI EAFE Index, returned -3.07% as European economies continued to struggle with sub-par economic growth, a strong U.S. dollar, and stimulative monetary policy. Bonds were the lead performer in U.S. capital markets, with the Barclays Aggregate Index returning 2.82% for the period, and the Barclays Intermediate Government/Credit Index returning 2.12%. Lower long-term interest rates allowed bonds to fare favorably as the U.S. Federal Reserve paused after its initial increase in the federal funds rate pending further information on the health of the U.S. economy.
Growth in U.S. output continues to be sluggish, uneven and sub-par by historical standards, with first quarter 2016 real GDP growing 0.8% at an annualized rate. Inflation remains tame, helped overall by a significant pullback in energy prices during the period. Even without the volatile food and energy sectors included, inflation rates remain within a range that gives comfort, for now, to Fed policy makers. As a result, it seems unlikely that the Fed will raise rates in the near-term, preferring to continue its wait-and-see stance. One bright spot for the economy continues to be the labor market, with the unemployment rate continuing a gradual decline and labor costs beginning to show signs of advance. A higher rate of compensation growth would be a welcome development for U.S. workers, putting more discretionary income in their pockets and supporting a higher rate of consumption spending.
The wild card, as the year continues, will be developments on the political front. As we head in earnest into election season, it’s difficult to predict how political projections will affect the markets. Fortunately, the direct impact on the types of companies in which we invest should be minor, as they continue to produce solid results in a slowly expanding domestic economy. We will be carefully monitoring the political backdrop as the summer progresses for signs of impact on the markets and the companies we hold. We greatly value the confidence you place in us.
Best Regards,
Katherine L. Frank
President, Madison Funds
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Madison Funds | April 30, 2016
Table of Contents
Page | ||||
Review of Period | 2 | |||
Madison Conservative Allocation Fund | 2 | |||
Madison Moderate Allocation Fund | 2 | |||
Madison Aggressive Allocation Fund | 3 | |||
Madison Government Money Market Fund | 3 | |||
Madison Tax-Free Virginia Fund | 3 | |||
Madison Tax-Free National Fund | 3 | |||
Madison High Quality Bond Fund | 4 | |||
Madison Core Bond Fund | 4 | |||
Madison Corporate Bond Fund | 5 | |||
Madison High Income Fund | 5 | |||
Madison Diversified Income Fund | 5 | |||
Madison Covered Call & Equity Income Fund. | 6 | |||
Madison Dividend Income Fund | 6 | |||
Madison Large Cap Value Fund | 6 | |||
Madison Investors Fund | 7 | |||
Madison Mid Cap Fund | 7 | |||
Madison Small Cap Fund | 7 | |||
Madison NorthRoad International Fund | 8 | |||
Madison International Stock Fund | 8 | |||
Madison Hansberger International Growth Fund | 9 | |||
Madison Target Retirement Date Funds | 9 | |||
Madison Target Retirement 2020 Fund | 9 | |||
Madison Target Retirement 2030 Fund | 9 | |||
Madison Target Retirement 2040 Fund | 10 | |||
Madison Target Retirement 2050 Fund | 10 | |||
Notes to Review of Period | 11 | |||
Portfolios of Investments | ||||
Madison Conservative Allocation Fund | 13 | |||
Madison Moderate Allocation Fund | 13 | |||
Madison Aggressive Allocation Fund | 13 |
Page | ||||
Portfolios of Investments - continued | ||||
Madison Government Money Market Fund | 14 | |||
Madison Tax-Free Virginia Fund | 14 | |||
Madison Tax-Free National Fund | 15 | |||
Madison High Quality Bond Fund | 17 | |||
Madison Core Bond Fund | 17 | |||
Madison Corporate Bond Fund | 20 | |||
Madison High Income Fund | 21 | |||
Madison Diversified Income Fund | 22 | |||
Madison Covered Call & Equity Income Fund | 24 | |||
Madison Dividend Income Fund | 25 | |||
Madison Large Cap Value Fund | 26 | |||
Madison Investors Fund | 27 | |||
Madison Mid Cap Fund | 27 | |||
Madison Small Cap Fund | 28 | |||
Madison NorthRoad International Fund | 29 | |||
Madison International Stock Fund | 29 | |||
Madison Hansberger International Growth Fund | 30 | |||
Madison Target Retirement 2020 Fund | 31 | |||
Madison Target Retirement 2030 Fund | 31 | |||
Madison Target Retirement 2040 Fund | 32 | |||
Madison Target Retirement 2050 Fund | 32 | |||
Financial Statements | ||||
Statements of Assets and Liabilities | 33 | |||
Statements of Operations | 36 | |||
Statements of Changes in Net Assets | 39 | |||
Financial Highlights | 45 | |||
Notes to Financial Statements | 60 | |||
Other Information | 70 | |||
Privacy Policy | 73 |
* | Although each Fund’s name begins with the word “Madison,” the word “Madison” may be omitted in this report for simplicity when referring to any particular Fund, group of Funds or list of Funds. |
Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.
For more complete information about Madison Funds, including charges and expenses, request a prospectus from your financial advisor or from Madison Funds, P.O. Box 8390, Boston, MA 02266-8390. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the investment company.
For more current performance information, please call 1-800-877-6089 or visit our website at www.madisonfunds.com. Current performance may be lower or higher than the performance data quoted within. Past performance does not guarantee future results.
Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.
1
Madison Funds | April 30, 2016
Review of Period (unaudited)
ALLOCATION FUNDS SUMMARY
The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds (the “Funds”) invest primarily in shares of registered investment companies (the “Underlying Funds”). The Funds will be diversified among a number of asset classes and their allocation among Underlying Funds will be 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. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:
• | 0-20% money market funds; |
• | 20-80% debt securities (e.g., bond funds and convertible bond funds); |
• | 0-20% below-investment grade (“junk”) debt securities (e.g., high income funds); |
• | 10-50% equity securities (e.g., U.S. stock funds); |
• | 0-40% foreign securities (e.g., international stock and bond funds, including emerging market securities); and |
• | 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds). |
PERFORMANCE DISCUSSION
The Madison Conservative Allocation Fund (Class A) returned 1.40% for the period, underperforming the Conservative Allocation Fund Custom Index return of 1.83%. The Fund outperformed its peers as measured by the Morningstar Conservative Allocation Category, which advanced 0.99%. For more up-to-date information about the most recent performance information of the Fund, please visit www. madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 3.2 | % | Money Market Funds | 1.9 | % | |||||
Bond Funds | 61.9 | % | Stock Funds | 25.0 | % | |||||
Foreign Stock Funds | 8.0 | % | Net Other Assets and Liabilities | — |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Core Bond Fund Class Y | 21.3 | % | ||
Baird Aggregate Bond Fund Institutional Shares | 7.4 | % | ||
iShares 3-7 Year Treasury Bond ETF | 7.3 | % | ||
Madison Corporate Bond Fund Class Y | 7.1 | % | ||
Metropolitan West Total Return Bond Fund Class I | 5.0 | % | ||
Madison Dividend Income Fund Class Y | 5.0 | % | ||
iShares 7-10 Year Treasury Bond ETF | 5.0 | % | ||
Madison Investors Fund Class Y | 4.6 | % | ||
iShares TIPS Bond Fund ETF | 4.6 | % | ||
Vanguard Value ETF | 4.1 | % |
MADISON MODERATE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:
• | 0-15% money market funds; |
• | 10-60% debt securities (e.g., bond funds and convertible bond funds); |
• | 0-20% below-investment grade (“junk”) debt securities (e.g., high income funds); |
• | 20-80% equity securities (e.g., U.S. stock funds); |
• | 0-50% foreign securities (e.g., international stock and bond funds, including emerging market securities); and |
• | 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds). |
PERFORMANCE DISCUSSION
The Madison Moderate Allocation Fund (Class A) returned 0.74% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned 1.06%. The Fund outpaced its Morningstar peer group as the Moderate Allocation Category returned an average of -0.03%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds. com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 3.2 | % | Money Market Funds | 1.8 | % | |||||
Bond Funds | 37.8 | % | Stock Funds | 43.4 | % | |||||
Foreign Stock Funds | 13.9 | % | Net Other Assets and Liabilities | (0.1 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Core Bond Fund Class Y | 15.2 | % | ||
Madison Investors Fund Class Y | 9.4 | % | ||
Madison Dividend Income Fund Class Y | 7.5 | % | ||
iShares Intermediate Credit Bond ETF | 5.5 | % | ||
iShares Core S&P Mid-Cap ETF | 5.5 | % | ||
Vanguard Value ETF | 5.1 | % | ||
iShares Core MSCI EAFE ETF | 4.6 | % | ||
iShares 7-10 Year Treasury Bond ETF | 4.5 | % | ||
Madison Large Cap Value Fund Class Y | 4.0 | % | ||
iShares MSCI EAFE Minimum Volatility ETF | 3.5 | % |
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
MADISON AGGRESSIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the 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 85% equity investments and 15% 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. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:
• | 0-10% money market funds; |
• | 0-30% debt securities, all of which could be in below investment grade (“junk”) debt securities (e.g., bond funds, convertible bond funds and high income funds); |
• | 30-90% equity securities (e.g., U.S. stock funds); |
• | 0-60% foreign securities (e.g., international stock and bond funds, including emerging market securities); and |
• | 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds). |
PERFORMANCE DISCUSSION
The Madison Aggressive Allocation Fund (Class A) returned 0.25% for the period, trailing its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 0.40%. The Fund outperformed its Morningstar Aggressive Allocation Category peer group, which averaged a -0.63% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 3.1 | % | Money Market Funds | 2.0 | % | |||||
Bond Funds | 17.5 | % | Stock Funds | 57.7 | % | |||||
Foreign Stock Funds | 19.8 | % | Net Other Assets and Liabilities | (0.1 | )% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Investors Fund Class Y | 10.8 | % | ||
Madison Dividend Income Fund Class Y | 9.0 | % | ||
iShares Core S&P Mid-Cap ETF | 8.4 | % | ||
Madison Core Bond Fund Class Y | 8.3 | % | ||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 7.5 | % | ||
iShares Core MSCI EAFE ETF | 6.7 | % | ||
Vanguard Value ETF | 5.0 | % | ||
Madison Large Cap Value Fund Class Y | 5.0 | % | ||
iShares MSCI EAFE Minimum Volatility ETF | 4.9 | % | ||
Vanguard Information Technology ETF | 3.6 | % |
MADISON GOVERNMENT MONEY MARKET FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Government Money Market Fund (formerly known as Madison Cash Reserves Fund (see Note 1)) invests exclusively in U.S. dollar-denominated money market securities maturing in thirteen months or less from the date of purchase. These securities will be obligations of the U.S. Government and its agencies and instrumentalities, but may also include securities issued by U.S. and foreign financial institutions, corporations, municipalities, foreign governments, and multi-national organizations, such as the World Bank.
The Fund may invest in mortgage-backed and asset-backed securities, including those representing pools of mortgage, commercial, or consumer loans originated by financial institutions.
PERFORMANCE DISCUSSION
With the Federal Reserve continuing to pin short-term rates at near zero, management maintained its fee waivers to preserve investment capital. However, no dividends were produced over the course of this six-month period.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Fannie Mae | 29.7 | % | Money Market Funds | 4.2 | % | |||||
Federal Home Loan Bank | 30.7 | % | U.S. Treasury Notes | 4.6 | % | |||||
Freddie Mac | 22.9 | % | Net Other Assets and Liabilities | 7.9 | % |
MADISON TAX-FREE VIRGINIA FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free Virginia Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years.
PERFORMANCE DISCUSSION
The Madison Tax-Free Virginia Fund (Class Y) had a total return of 2.73% for the period. The Barclays Municipal Index was up 3.55%, while the Fund’s Morningstar peer group, the Municipal Single State Intermediate Category advanced 2.73%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Airport | 1.0 | % | Multifamily Housing | 6.1 | % | |||||
Development | 7.3 | % | Power | 4.3 | % | |||||
Education | 13.7 | % | Transportation | 5.6 | % | |||||
Facilities | 7.4 | % | Utilities | 1.5 | % | |||||
General | 12.4 | % | Water | 10.8 | % | |||||
General Obligation | 21.0 | % | Net Other Assets and Liabilities | 1.5 | % | |||||
Medical | 7.4 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Northern Virginia Transportation Authority, 5.0%, 6/1/30 | 4.2 | % | ||
Fairfax County Redevelopment & Housing Authority, 4.75%, 10/1/36 | 3.5 | % | ||
City of Portsmouth VA, 5.0%, 2/1/31 | 3.3 | % | ||
Newport News Economic Development Authority, 5.0%, 7/1/25 | 3.3 | % | ||
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25 | 2.9 | % | ||
Chesterfield County Economic Development Authority, 5.0%, 5/1/23 | 2.8 | % | ||
Commonwealth of Virginia, 5.0%, 6/1/23 | 2.8 | % | ||
Virginia College Building Authority, 5.0%, 2/1/23 | 2.7 | % | ||
Virginia Resources Authority, 5.0%, 10/1/23 | 2.5 | % | ||
Loudoun County Economic Development Authority Revenue, | 2.4 | % |
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,
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this Fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this Fund will invest in bonds that are exempt from federal income tax.
PERFORMANCE DISCUSSION
The Madison Tax-Free National Fund (Class Y) had a total return of 3.51% for the period. The Barclays Municipal Index was up 3.55%, while the Fund’s Morningstar peer group, the Municipal National Long Category, advanced 3.65%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alabama | 2.4 | % | New Jersey | 4.2 | % | |||||
Arkansas | 0.7 | % | New Mexico | 1.8 | % | |||||
Colorado | 1.8 | % | New York | 3.3 | % | |||||
Delaware | 1.5 | % | North Carolina | 5.2 | % | |||||
Florida | 12.4 | % | Ohio | 2.2 | % | |||||
Georgia | 4.8 | % | Pennsylvania | 0.6 | % | |||||
Hawaii | 2.0 | % | South Carolina | 9.0 | % | |||||
Illinois | 0.7 | % | Tennessee | 1.8 | % | |||||
Indiana | 3.5 | % | Texas | 9.7 | % | |||||
Iowa | 2.8 | % | Virginia | 2.2 | % | |||||
Kansas | 3.3 | % | Washington | 3.0 | % | |||||
Maryland | 5.6 | % | Wisconsin | 3.6 | % | |||||
Michigan | 3.4 | % | Net Other Assets and Liabilities | 2.4 | % | |||||
Missouri | 6.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Anderson County School District No. 1, General Obligation, | 3.3 | % | ||
Maple School District, General Obligation, 5.0%, 4/1/24 | 2.9 | % | ||
City of Rockville MD, General Obligation, 5.0%, 6/1/24 | 2.8 | % | ||
City of Port St. Lucie FL Utility System Revenue, 5.0%, 9/1/27 | 2.6 | % | ||
Montgomery County Revenue Authority, 5.0%, 5/1/31 | 2.5 | % | ||
City of Wichita KS, General Obligation, 5.0%, 12/1/24 | 2.3 | % | ||
Orlando Utilities Commission, 5.0%, 10/1/22 | 2.3 | % | ||
County of Miami-Dade FL, 5.0%, 3/1/25 | 2.3 | % | ||
Town of Cary NC Combined Utility Systems Revenue, 5.0%, 12/1/23 | 2.2 | % | ||
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24 | 2.2 | % |
MADISON HIGH QUALITY BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Quality Bond Fund seeks to achieve its investment objectives 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 or equivalent.
PERFORMANCE DISCUSSION
The Madison High Quality Bond Fund (Class Y) returned 1.33% for the period, trailing the Fund’s benchmark, the Barclays U.S. Intermediate Government Credit A+ Index, which advanced 1.97%. The Morningstar Short-Term Bond peer group gained 0.84% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary | 6.5 | % | Health Care | 2.9 | % | |||||
Consumer Staples | 1.5 | % | Industrials | 3.4 | % | |||||
Energy | 1.4 | % | Information Technology | 9.5 | % | |||||
Fannie Mae | 13.8 | % | Money Market Funds | 2.1 | % | |||||
Financials | 12.6 | % | U.S. Treasury Notes | 39.4 | % | |||||
Freddie Mac | 6.2 | % | Net Other Assets and Liabilities | 0.7 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Freddie Mac, 2.5%, 5/27/16 | 4.6 | % | ||
U.S. Treasury Note, 3.875%, 5/15/18 | 4.4 | % | ||
U.S. Treasury Note, 1.125%, 12/31/19 | 4.1 | % | ||
U.S. Treasury Note, 3.625%, 2/15/20 | 4.0 | % | ||
U.S. Treasury Note, 3.125%, 5/15/19 | 3.9 | % | ||
U.S. Treasury Note, 3.0%, 2/28/17 | 3.7 | % | ||
U.S. Treasury Note, 1.5%, 3/31/19 | 3.7 | % | ||
U.S. Treasury Note, 1.5%, 12/31/18 | 3.7 | % | ||
U.S. Treasury Note, 1.25%, 1/31/19 | 3.7 | % | ||
Fannie Mae, 1.25%, 1/30/17 | 3.7 | % |
MADISON CORE BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal market conditions, the Madison Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The Fund strives to add incremental return in the portfolio by making strategic decisions related to credit risk, sector exposure and yield curve positioning. The Fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.
PERFORMANCE DISCUSSION
The Madison Core Bond Fund (Class A) returned 2.56% for the period, trailing the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index, which advanced 2.82%, and the Bank of America Merrill Lynch U.S. Corporate Government and Mortgage Index, which advanced 2.85%. The Morningstar Intermediate-Term Bond peer group gained 2.33% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Asset Backed Securities | 3.3 | % | Mortgage Backed Securities | 22.7 | % | |||||
Collateralized Mortgage Obligations | 2.6 | % | Short-Term Investments | 2.8 | % | |||||
Commercial Mortgage-Backed Securities | 2.3 | % | U.S. Government and Agency Obligations | 23.6 | % | |||||
Corporate Notes and Bonds | 31.2 | % | Net Other Assets and Liabilities | 0.8 | % | |||||
Long Term Municipal Bonds | 10.7 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
U.S. Treasury Note, 3.125%, 5/15/21 | 1.8 | % | ||
U.S. Treasury Bond, 4.5%, 5/15/38 | 1.7 | % | ||
U.S. Treasury Note, 0.75%, 3/15/17 | 1.6 | % | ||
U.S. Treasury Note, 2.75%, 2/28/18 | 1.4 | % | ||
U.S. Treasury Note, 2.625%, 1/31/18 | 1.4 | % | ||
U.S. Treasury Note, 1.875%, 10/31/17 | 1.4 | % | ||
U.S. Treasury Note, 1.375%, 2/28/19 | 1.4 | % | ||
U.S. Treasury Bond, 6.625%, 2/15/27 | 1.3 | % | ||
U.S. Treasury Note, 3.875%, 5/15/18 | 1.3 | % | ||
U.S. Treasury Note, 4.25%, 11/15/17 | 1.2 | % |
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
MADISON CORPORATE BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Corporate Bond Fund seeks to achieve its investment objective through diversified investment in a broad range of corporate debt securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in income-producing corporate bonds, and at least 80% of its assets in investment grade bonds. Up to 20% of the Fund’s assets may be invested in non-investment grade fixed-income securities commonly referred to as “high yield” or “junk” bonds. The Fund expects to maintain an average overall portfolio quality of A- or better, an overall portfolio dollar weighted average maturity of 15 years or less, and an overall portfolio duration within 25% of the Barclays U.S. Credit Bond Index benchmark (with the flexibility to occasionally vary from the benchmark by up to 50% when the investment adviser believes interest rates are likely to materially change).
PERFORMANCE DISCUSSION
The Madison Corporate Bond Fund (Class Y) gained 3.70% for the period, while its benchmark, the Barclays U.S. Credit Bond Index, gained 4.15%. The Fund lagged its peer group, the Morningstar Corporate Bond category, which averaged a 3.81% gain. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary | 14.4 | % | Information Technology | 4.7 | % | |||||
Consumer Staples | 6.5 | % | Long Term Municipal Bonds | 4.7 | % | |||||
Energy | 11.9 | % | Materials | 3.3 | % | |||||
Financials† | 34.1 | % | Money Market Funds | 1.7 | % | |||||
Health Care | 5.5 | % | Telecommunication Services | 4.7 | % | |||||
Industrials | 7.2 | % | Net Other Assets and Liabilities | 1.3 | % |
† | Financials includes securities in the following industries: Banks; Diversified Financial Services; Insurance; Machinery-Construction & Mining; Mining and Real Estate. |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Simon Property Group L.P., 4.125%, 12/1/21 | 1.9 | % | ||
Berkshire Hathaway Finance Corp., 5.4%, 5/15/18 | 1.8 | % | ||
General Electric Capital Corp., 6.75%, 3/15/32 | 1.8 | % | ||
Comcast Corp., 6.45%, 3/15/37 | 1.7 | % | ||
Valero Energy Corp., 6.625%, 6/15/37 | 1.7 | % | ||
AT&T Inc., 5.0%, 3/1/21 | 1.4 | % | ||
Wells Fargo & Co., 5.625%, 12/11/17 | 1.4 | % | ||
Affiliated Managers Group Inc., 4.25%, 2/15/24 | 1.3 | % | ||
Prudential Financial Inc., 3.5%, 5/15/24 | 1.3 | % | ||
Capital One Financial Corp., 2.45%, 4/24/19 | 1.3 | % |
MADISON HIGH INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Income Fund invests primarily in lower-rated, higher-yielding; income bearing securities, such as “junk” bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the Fund may rotate securities selection by business sector according to economic outlook. Under normal market conditions, the Fund invests at least 80% of its net assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.
PERFORMANCE DISCUSSION
The Madison High Income Fund (Class A) returned 1.20% during the period, trailing the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index’s 2.27% return. The Fund outperformed its Morningstar High Yield Bond category peer group, which returned 0.70%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary | 22.5 | % | Information Technology | 10.3 | % | |||||
Consumer Staples | 2.0 | % | Materials | 4.6 | % | |||||
Energy | 6.1 | % | Money Market Funds | 7.9 | % | |||||
Financials | 7.4 | % | Telecommunication Services | 5.6 | % | |||||
Health Care | 10.9 | % | Utilities | 9.6 | % | |||||
Industrials | 12.6 | % | Net Other Assets and Liabilities | 0.5 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Univision Communications Inc., 6.75%, 9/15/22 | 2.2 | % | ||
Outfront Media Capital LLC / Outfront Media Capital Corp., | 2.2 | % | ||
Belden Inc., 5.5%, 9/1/22 | 2.2 | % | ||
CenturyLink Inc., 7.5%, 4/1/24 | 2.1 | % | ||
Sinclair Television Group Inc., 6.375%, 11/1/21 | 1.8 | % | ||
AmeriGas Finance LLC / AmeriGas Finance Corp., 7.0%, 5/20/22 | 1.8 | % | ||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc., | 1.8 | % | ||
Prospect Medical Holdings Inc., 8.375%, 5/1/19 | 1.8 | % | ||
Alliance Data Systems Corp., 6.375%, 4/1/20 | 1.8 | % | ||
Herts Corp.,The, 6.75%, 4/15/19 | 1.7 | % |
MADISON DIVERSIFIED INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds. Generally, however, bonds may constitute up to 80% of the Fund’s assets, stocks may constitute up to 70% of the Fund’s assets, real estate securities may constitute up to 25% of the Fund’s assets, foreign stocks and bonds may constitute up to 25% of the Fund’s assets and money market instruments may constitute up to 25% of the Fund’s assets. 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) returned 3.02% for the period, outperforming its blended index (50% Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500®) which returned 1.73%. The Fund’s designated Morningstar peer group, the Moderate Allocation category, averaged a -0.03% return for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds. com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Asset Backed Securities | 1.3 | % | Long Term Municipal Bonds | 3.9 | % | |||||
Collateralized Mortgage Obligations | 1.0 | % | Mortgage Backed Securities | 8.8 | % | |||||
Commercial Mortgage-Backed Securities | 1.1 | % | Short-Term Investments | 4.4 | % | |||||
Common Stocks | 54.2 | % | U.S. Government and Agency Obligations | 10.3 | % | |||||
Corporate Notes and Bonds | 14.8 | % | Net Other Assets and Liabilities | 0.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Johnson & Johnson | 2.3 | % | ||
Travelers Cos. Inc./The | 2.3 | % | ||
McDonald’s Corp. | 2.0 | % | ||
Exxon Mobil Corp. | 2.0 | % | ||
Pfizer Inc. | 2.0 | % | ||
Microsoft Corp. | 1.9 | % | ||
Verizon Communications Inc. | 1.8 | % | ||
General Electric Co. | 1.7 | % | ||
Wells Fargo & Co. | 1.6 | % | ||
US Bancorp | 1.5 | % |
5
Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
MADISON COVERED CALL & EQUITY INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Covered Call & Equity Income Fund (formerly the Madison Equity Income Fund) invests, under normal market conditions, primarily in common stocks of large-and mid-capitalization companies that are, in the view of the Fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the Fund’s assets among stocks in sectors of the economy based upon their views on forward earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.
The Fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The extent of option writing activity will depend upon market conditions and the portfolio managers’ ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the Fund by providing downside protection.
PERFORMANCE DISCUSSION
The Madison Covered Call & Equity Income Fund (Class Y) returned 1.94% for the period, outperforming its covered call benchmark, the CBOE S&P 500 BuyWrite Index (BXM), which returned -0.38%. The Fund outperformed the Morningstar Option Writing category’s return of -0.96%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds. com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary | 10.4 | % | Information Technology | 14.4 | % | |||||
Consumer Staples | 4.6 | % | Telecommunication Services | 2.6 | % | |||||
Energy | 8.9 | % | Exchange Traded Funds† | 4.3 | % | |||||
Financials | 8.8 | % | U.S. Government and Agency Obligations | 5.3 | % | |||||
Health Care | 13.1 | % | Short-Term Investments | 21.1 | % | |||||
Industrials | 6.5 | % |
† | Includes Put Options Purchased |
TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
United Technologies Corp. | 3.2 | % | ||
Apple Inc. | 3.0 | % | ||
T-Mobile U.S. Inc. | 2.7 | % | ||
CBS Corp., Class B | 2.6 | % | ||
Cerner Corp. | 2.5 | % | ||
Occidental Petroleum Corp. | 2.5 | % | ||
Apache Corp. | 2.4 | % | ||
Jacobs Engineering Group Inc. | 2.4 | % | ||
T. Rowe Price Group Inc. | 2.4 | % | ||
SPDR S&P 500 ETF Trust | 2.3 | % |
MADISON DIVIDEND INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Dividend Income Fund invests in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the Fund’s net assets will be invested in dividend paying equity securities. The Fund typically owns 40-55 securities, which are chosen for having a current yield exceeding the S&P 500’s average yield, strong fundamentals (including an attractive balance sheet) and reasonable valuations at the time of purchase. A key attraction for management is a company with a history of increasing dividend payments and a business model which supports the possibility of continuing these increases in the future.
PERFORMANCE DISCUSSION
The Madison Dividend Income Fund (Class Y) returned 3.02% for the period, outperforming its benchmark, the S&P 500® Index, which advanced 0.43%. This performance beat its peer group, as the Morningstar Large Value category was up 0.29%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary | 8.8 | % | Information Technology | 12.6 | % | |||||
Consumer Staples | 12.5 | % | Materials | 1.9 | % | |||||
Energy | 7.9 | % | Money Market Funds | 4.8 | % | |||||
Financials | 14.4 | % | Telecommunication Services | 3.1 | % | |||||
Health Care | 13.0 | % | Utilities | 4.3 | % | |||||
Industrials | 16.5 | % | Net Other Assets and Liabilities | 0.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Johnson & Johnson | 4.1 | % | ||
Travelers Cos. Inc./The | 3.9 | % | ||
Exxon Mobil Corp. | 3.6 | % | ||
McDonald’s Corp. | 3.5 | % | ||
Microsoft Corp. | 3.4 | % | ||
Pfizer Inc. | 3.3 | % | ||
Verizon Communications Inc. | 3.1 | % | ||
General Electric Co. | 3.0 | % | ||
Accenture PLC, Class A | 2.6 | % | ||
Wells Fargo & Co. | 2.6 | % |
MADISON LARGE CAP VALUE FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Large Cap Value Fund will, under normal market conditions, invest primarily in large cap stocks. The Fund follows a “value” approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the Fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The Fund will diversify its holdings among various industries and among companies within those industries. The Fund typically sells a stock when the fundamental expectations for buying it no longer apply, the price exceeds its intrinsic value or other stocks appear more attractively priced relative to their intrinsic values.
PERFORMANCE DISCUSSION
The Madison Large Cap Value Fund (Class A) returned 2.10% for the period, leading its benchmark, the Russell 1000® Value Index, which was up 1.93%. The Fund also beat its Morningstar peer group, Large Cap Value category, which showed a 0.29% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary | 6.4 | % | Information Technology | 8.0 | % | |||||
Consumer Staples | 9.1 | % | Money Market Funds | 8.7 | % | |||||
Energy | 12.7 | % | Telecommunication Services | 4.5 | % | |||||
Financials† | 27.3 | % | Utilities | 1.5 | % | |||||
Health Care | 7.2 | % | Net Other Assets and Liabilities | (1.4 | )% | |||||
Industrials | 16.0 | % |
† | Financials includes securities in the following industries: Capital Markets; Commercial Banks; Diversified Financial Services Insurance; and Real Estate Investment Trusts (REITs). |
6
Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Exxon Mobil Corp. | 4.5 | % | ||
General Electric Co. | 4.4 | % | ||
Republic Services Inc. | 4.1 | % | ||
Microsoft Corp. | 4.0 | % | ||
Jacobs Engineering Group Inc. | 4.0 | % | ||
Occidental Petroleum Corp. | 3.8 | % | ||
Markel Corp. | 3.7 | % | ||
Wells Fargo & Co. | 3.6 | % | ||
American International Group Inc. | 3.5 | % | ||
JM Smucker Co./The | 3.5 | % |
MADISON INVESTORS FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Investors Fund invests primarily in the common stocks of established, high-quality growth companies. The Fund typically owns 25-40 securities which are selected using our long-held investment discipline of seeking high quality, proven companies and purchasing them when valuations appear advantageous. A rigorous three-pronged review 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 achieved, the fundamental business prospects for the company have materially changed, or the portfolio managers find a more attractive alternative.
PERFORMANCE DISCUSSION
The Madison Investors Fund (Class Y) returned 3.81% for the period, outperforming its benchmark, the S&P 500® Index, which advanced 0.43%. This performance outpaced its peer group, as the Morningstar Large Growth category returned -3.70%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary | 15.0 | % | Industrials | 14.3 | % | |||||
Consumer Staples | 14.1 | % | Information Technology | 17.0 | % | |||||
Energy | 1.3 | % | Materials | 3.7 | % | |||||
Financials | 19.7 | % | Money Market Funds | 6.5 | % | |||||
Health Care | 8.2 | % | Net Other Assets and Liabilities | 0.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Berkshire Hathaway Inc., Class B | 4.9 | % | ||
Discovery Communications Inc., Class C | 4.8 | % | ||
Johnson & Johnson | 4.7 | % | ||
Diageo PLC, ADR | 4.7 | % | ||
US Bancorp | 4.2 | % | ||
Jacobs Engineering Group Inc. | 3.9 | % | ||
Oracle Corp. | 3.9 | % | ||
Brookfield Asset Management Inc., Class A | 3.8 | % | ||
JM Smucker Co./The | 3.8 | % | ||
Danaher Corp. | 3.8 | % |
MADISON MID CAP FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such mid-cap 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. As a result, stocks of issuers that are believed to have a blend of both value and growth potential will be selected for investment. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.
PERFORMANCE DISCUSSION
The Madison Mid Cap Fund (Class Y) returned 2.31% for the period, outperforming its benchmark Russell Midcap® Index’s 0.81% return. The Fund outpaced its peer group, the Morningstar Mid-Cap Growth category, whose average return was -2.98%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary† | 28.1 | % | Industrials | 12.7 | % | |||||
Consumer Staples | 2.9 | % | Information Technology | 4.8 | % | |||||
Energy | 3.3 | % | Materials | 3.2 | % | |||||
Financials± | 26.3 | % | Money Market Funds | 8.6 | % | |||||
Health Care | 7.5 | % | Net Other Assets and Liabilities | 2.6 | % |
† | Consumer Discretionary includes securities in the Media and Specialty Retail Industries. |
± | Financials includes securities in the following industries: Commercial Banks, Insurance, Real Estate Investment Trusts and Real Estate Management & Development. |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Ross Stores Inc. | 5.5 | % | ||
Brown & Brown Inc. | 5.1 | % | ||
Markel Corp. | 4.7 | % | ||
Sally Beauty Holdings Inc. | 4.7 | % | ||
Copart Inc. | 4.3 | % | ||
Brookfield Asset Management Inc., Class A | 4.0 | % | ||
Expeditors International of Washington Inc. | 3.6 | % | ||
Liberty Broadband Corp., Class C | 3.5 | % | ||
CarMax Inc. | 3.3 | % | ||
Omnicom Group Inc. | 3.3 | % |
MADISON SMALL CAP FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in such small cap securities. The portfolio managers employ a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify securities of companies they believe have attractive valuations. The portfolio managers focus on companies with a record of above average rates of profitability that sell at a discount relative to the overall small cap market. Through fundamental research, the portfolio managers seek to identify those companies which possess one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and financial structures that are more conservative than the relevant industry average.
7
Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
PERFORMANCE DISCUSSION
The Madison Small Cap Fund (Class Y) returned 3.12% for the period, outperforming both the Russell 2000® Index’s -1.90% and the Russell 2000® Value Index’s 1.18% return. The Fund also outperformed its peer group average, as the Morningstar Small Blend category averaged a return of -1.18%. For more up-to-date information about the most recent performance information of the Fund, please visit www. madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary | 6.2 | % | Information Technology | 8.8 | % | |||||
Consumer Staples | 4.6 | % | Materials | 4.6 | % | |||||
Energy | 5.6 | % | Money Market Funds | 4.3 | % | |||||
Financials | 22.4 | % | Utilities | 3.2 | % | |||||
Health Care | 7.3 | % | Net Other Assets and Liabilities | — | ||||||
Industrials† | 33.0 | % |
† | Industrials includes securities in the following industries: Aerospace Defense; Commercial Services & Supplies; Construction & Engineering; Electrical Equipment; Machinery and Professional Services. |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Mueller Industries Inc. | 2.7 | % | ||
Webster Financial Corp. | 2.5 | % | ||
Belden Inc. | 2.5 | % | ||
G&K Services Inc., Class A | 2.4 | % | ||
Albany International Corp., Class A | 2.1 | % | ||
International Bancshares Corp. | 2.1 | % | ||
Sensient Technologies Corp. | 2.0 | % | ||
First Midwest Bancorp Inc. | 1.9 | % | ||
FTI Consulting Inc. | 1.9 | % | ||
Cubic Corp. | 1.8 | % |
MADISON NORTHROAD INTERNATIONAL FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison NorthRoad International Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in the stock of foreign companies, with an emphasis on companies with a market capitalization of approximately $3 billion or greater. The Fund expects to have a relatively focused portfolio of between 25-50 holdings.
PERFORMANCE DISCUSSION
The Madison NorthRoad International Stock Fund (Class Y) returned -4.87% for the period, trailing the -3.07% return of the MSCI EAFE Index (net). The Fund also trailed its peer group, with the Morningstar Foreign Large Blend category averaging a -3.06% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
United Kingdom | 25.5 | % | United States | 3.0 | % | |||||
France | 15.1 | % | South Korea | 2.5 | % | |||||
Switzerland | 14.6 | % | Sweden | 2.2 | % | |||||
Japan | 9.2 | % | Brazil | 2.0 | % | |||||
Netherlands | 9.2 | % | Australia | 1.8 | % | |||||
Ireland | 4.1 | % | Israel | 1.8 | % | |||||
Denmark | 3.9 | % | Singapore | 1.6 | % | |||||
Germany | 3.1 | % | Net Other Assets and Liabilities | 0.4 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Diageo PLC | 3.6 | % | ||
Novartis AG | 3.5 | % | ||
SAP SE | 3.1 | % | ||
Total S.A. | 3.1 | % | ||
Secom Co. Ltd. | 3.0 | % | ||
LVMH Moet Hennessy Louis Vuitton SE | 2.9 | % | ||
Sensata Technologies Holding N.V. | 2.7 | % | ||
TE Connectivity Ltd. | 2.6 | % | ||
WPP PLC | 2.6 | % | ||
Nestle S.A. | 2.6 | % |
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 it believes 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 it believes that income bearing securities have greater capital appreciation potential than equity securities.
PERFORMANCE DISCUSSION
The Madison International Stock Fund (Class A) returned -2.33% for the period, outperforming the -3.07% return of the MSCI EAFE Index (net). The Fund outperformed its peer group, with the Morningstar Foreign Large Blend Category averaging a -3.06% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
United Kingdom | 22.9 | % | Finland | 1.7 | % | |||||
Japan | 19.4 | % | Italy | 1.7 | % | |||||
France | 8.0 | % | Australia | 1.6 | % | |||||
Switzerland | 6.5 | % | Norway | 1.5 | % | |||||
United States | 5.2 | % | Brazil | 1.3 | % | |||||
Ireland | 4.7 | % | Turkey | 1.3 | % | |||||
Belgium | 4.0 | % | Denmark | 1.2 | % | |||||
Sweden | 3.5 | % | Spain | 1.1 | % | |||||
Netherlands | 2.8 | % | Luxembourg | 0.7 | % | |||||
Germany | 2.5 | % | Philippines | 0.7 | % | |||||
Canada | 2.3 | % | Thailand | 0.6 | % | |||||
Israel | 2.2 | % | Austria | 0.3 | % | |||||
Taiwan | 1.8 | % | Net Other Assets and Liabilities | 0.5 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Novartis AG | 3.8 | |||
Anheuser-Busch InBev N.V. | 3.1 | |||
British American Tobacco PLC | 2.9 | |||
Shire PLC | 2.8 | |||
Daiwa House Industry Co. Ltd. | 2.7 | |||
Bayer AG | 2.5 | |||
Prudential PLC | 2.4 | |||
KDDI Corp. | 2.4 | |||
Teva Pharmaceutical Industries Ltd. | 2.2 | |||
Royal Dutch Shell PLC | 2.2 |
8
Madison Funds | Review of Period (unaudited) - continued | April 30, 2016
HANSBERGER INTERNATIONAL GROWTH FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Hansberger International Growth Fund seeks to achieve its investment objective by investing at least 80% of total assets in the equity securities (including common stock, preferred stock and convertible securities) of companies organized or located outside of the U.S. Even though these companies are based outside of the U.S., their securities may be traded on U.S. securities markets. The Fund will invest in at least three different countries and generally expects to be invested in more than three countries, including countries considered to be emerging market countries. The Fund anticipates that it will invest primarily in common stock, though the balance of its equity holdings may vary.
PERFORMANCE DISCUSSION
The Madison Hansberger International Growth Fund (Class I) returned -5.80% for the period, underperforming its benchmark, the MSCI ACWI ex USA (net) Index which returned -1.75%. The Fund underperformed its peer group, with the Morningstar Foreign Large Growth Category averaging a -2.85% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Japan | 14.9 | % | Ireland | 2.7 | % | |||||
United Kingdom | 12.4 | % | Hong Kong | 2.5 | % | |||||
China | 11.1 | % | Norway | 1.4 | % | |||||
France | 9.4 | % | Singapore | 1.4 | % | |||||
Germany | 8.2 | % | Sweden | 1.4 | % | |||||
Switzerland | 7.8 | % | Spain | 1.3 | % | |||||
Canada | 6.6 | % | Denmark | 1.1 | % | |||||
Netherlands | 4.9 | % | Indonesia | 1.0 | % | |||||
India | 4.4 | % | United States | 0.7 | % | |||||
Mexico | 3.6 | % | Net Other Assets and Liabilities | 0.4 | % | |||||
South Korea | 2.8 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Tencent Holdings Ltd. | 3.2 | % | ||
CyberAgent Inc. | 2.9 | % | ||
Alibaba Group Holding Ltd. | 2.9 | % | ||
Nidec Corp. | 2.7 | % | ||
Keyence Corp. | 2.6 | % | ||
NXP Semiconductors N.V. | 2.6 | % | ||
Carnival PLC | 2.5 | % | ||
AIA Group Ltd. | 2.5 | % | ||
Iliad S.A. | 2.4 | % | ||
Zodiac Aerospace | 2.4 | % |
TARGET RETIREMENT DATE FUNDS
The Madison Target Retirement Date Funds (the “Funds”) were launched on August 29, 2014 in R6 shares only, and are designed exclusively for use in retirement plans.
TARGET RETIREMENT 2020 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2020 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2020. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Madison Target Retirement 2020 Fund (Class R6) returned 1.47% for the period, outperforming the S&P Target Date® To 2020 Index return of 0.99%. The Fund also outperformed its peers as measured by the Morningstar Target Date 2016-2020 category, which advanced 0.64% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 3.5 | % | Money Market Funds | 3.1 | % | |||||
Bond Funds | 59.4 | % | Stock Funds | 26.6 | % | |||||
Foreign Stock Funds | 6.5 | % | Net Other Assets and Liabilities | 0.9 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
iShares 3-7 Year Treasury Bond ETF | 31.5 | % | ||
SPDR S&P 500 ETF Trust | 15.0 | % | ||
iShares TIPS Bond Fund ETF | 12.5 | % | ||
iShares 20+ Year Treasury Bond ETF | 5.0 | % | ||
PowerShares Senior Loan Portfolio | 4.0 | % | ||
SPDR Gold Shares | 3.5 | % | ||
PowerShares Buyback Achievers Portfolio ETF | 3.0 | % | ||
Vanguard Intermediate-Term Corporate Bond ETF | 2.5 | % | ||
Vanguard Information Technology ETF | 2.0 | % | ||
WisdomTree Europe Hedged Equity Fund | 2.0 | % |
TARGET RETIREMENT 2030 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2030 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2030. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Madison Target Retirement 2030 Fund (Class R6) returned 0.79% for the period, compared to the S&P Target Date® To 2030 Index return of 0.63%. The Fund also outperformed its peers as measured by the Morningstar Target Date 2026-2030 category, which returned -0.05% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
9
Madison Funds | Review of Period (unaudited) - concluded | April 30, 2016
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 4.0 | % | Money Market Funds | 3.0 | % | |||||
Bond Funds | 33.9 | % | Stock Funds | 46.6 | % | |||||
Foreign Stock Funds | 11.5 | % | Net Other Assets and Liabilities | 1.0 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust | 26.1 | % | ||
iShares 3-7 Year Treasury Bond ETF | 14.0 | % | ||
iShares TIPS Bond Fund ETF | 11.0 | % | ||
iShares 20+ Year Treasury Bond ETF | 5.0 | % | ||
PowerShares Buyback Achievers Portfolio ETF | 4.0 | % | ||
SPDR Gold Shares | 4.0 | % | ||
iShares Core S&P Mid-Cap ETF | 3.0 | % | ||
Vanguard Information Technology ETF | 3.0 | % | ||
iShares MSCI EAFE Minimum Volatility ETF | 3.0 | % | ||
Vanguard FTSE All-World ex-U.S. ETF | 2.5 | % |
TARGET RETIREMENT 2040 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2040 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2040. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Madison Target Retirement 2040 Fund (Class R6) returned 0.51% for the period, compared to the S&P Target Date® To 2040 Index return of 0.26%. The Fund outperformed its peers as measured by the Morningstar Target Date 2036-2040 category, which returned -0.57% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 4.0 | % | Money Market Funds | 3.2 | % | |||||
Bond Funds | 23.9 | % | Stock Funds | 54.6 | % | |||||
Foreign Stock Funds | 13.5 | % | Net Other Assets and Liabilities | 0.8 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust | 28.0 | % | ||
iShares TIPS Bond Fund ETF | 9.5 | % | ||
iShares 3-7 Year Treasury Bond ETF | 7.0 | % | ||
PowerShares Buyback Achievers Portfolio ETF | 5.0 | % | ||
iShares 20+ Year Treasury Bond ETF | 5.0 | % | ||
iShares MSCI EAFE Minimum Volatility ETF | 4.5 | % | ||
Vanguard Information Technology ETF | 4.0 | % | ||
SPDR Gold Shares | 4.0 | % | ||
iShares Core S&P Mid-Cap ETF | 3.5 | % | ||
Schwab U.S. Dividend Equity ETF | 3.0 | % |
TARGET RETIREMENT 2050 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2050 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2050. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Madison Target Retirement 2050 Fund (Class R6) returned 0.29% for the period, compared the S&P Target Date® To 2050 Index return of -0.01%. The Fund outperformed its peers as measured by the Morningstar Target Date 2046-2050 category, which returned -0.66% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds | 4.0 | % | Money Market Funds | 3.2 | % | |||||
Bond Funds | 14.0 | % | Stock Funds | 62.6 | % | |||||
Foreign Stock Funds | 15.5 | % | Net Other Assets and Liabilities | 0.7 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust | 30.0 | % | ||
iShares TIPS Bond Fund ETF | 8.0 | % | ||
PowerShares Buyback Achievers Portfolio ETF | 6.0 | % | ||
iShares MSCI EAFE Minimum Volatility ETF | 6.0 | % | ||
Vanguard Information Technology ETF | 5.0 | % | ||
iShares 20+ Year Treasury Bond ETF | 5.0 | % | ||
iShares Core S&P Mid-Cap ETF | 4.0 | % | ||
Schwab U.S. Dividend Equity ETF | 4.0 | % | ||
SPDR Gold Shares | 4.0 | % | ||
Vanguard FTSE All-World ex-U.S. ETF | 3.5 | % |
10
Madison Funds | April 30, 2016
Notes to Review of Period
BENCHMARK DESCRIPTIONS
Allocation Fund Indexes*
The Conservative Allocation Fund Custom Index consists of 28% Russell 3000 Index, 7% MSCI ACWI ex-US Index and 65% Barclays US Aggregate Bond Index. See market index descriptions below.
The Moderate Allocation Fund Custom Index consists of 48% Russell 3000 Index, 12% MSCI ACWI ex-US Index and 40% Barclays US Aggregate Bond Index. See market index descriptions below.
The Aggressive Allocation Fund Custom Index consists of 64% Russell 3000 Index, 16% MSCI ACWI ex-US Index and 20% Barclays US Aggregate Bond Index. See market index descriptions below.
Target Date Fund Indexes
The S&P Target Date® To Index Series
The S&P Target Date® “To” Index Series consists of multi-asset class indices, and corresponds to specific target retirement dates. The series reflects the consensus asset allocation and glide path of a subset of target date funds that generally pursue investment policies characterized by static total equity exposure after retirement and a relatively conservative total equity exposure near retirement. As the overall universe becomes more conservative with the approach of each target date year, so will the index. The asset allocation is based on market observations through an annual survey of “to” target date fund managers, and is categorized by S&P Dow Jones Indices.
• | The S&P Target Date® To 2020 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2020. |
• | The S&P Target Date® To 2030 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2030. |
• | The S&P Target Date® To 2040 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2040. |
• | The S&P Target Date® To 2050 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2050. |
Hybrid Fund Indexes*
The Custom Blended Index consists of 50% S&P 500® Index and 50% 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 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 Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.
The Barclays U.S. Credit Bond Index is an unmanaged, market capitalization weighted index that covers the U.S. dollar denominated fixed-rate, taxable bond market, with maturities of one year or more.
The Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed-securities, asset-backed securities and corporate securities, with maturities greater than one year.
The Barclays U.S. Intermediate Government Credit Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with maturities between one and 10 years.
The Barclays U.S. Intermediate Government Credit A+ Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with quality ratings of A3/A- or better and maturities between one and 10 years.
The Barclays Municipal Bond Index measures the performance of the U.S. dollar denominated long-term tax exempt bond market.
THE MSCI ACWI ex-U.S. Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The Index includes both developed and emerging markets.
The MSCI EAFE (Europe, Australasia & Far East) Index is a free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.
The Russell 1000® Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000® Index.
The Russell 2000® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.
The Russell Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.
11
Madison Funds | Notes to Review of Period (unaudited) - concluded | April 30, 2016
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). |
© 2016 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.
Past performance is no guarantee of future results.
12
Madison Funds | April 30, 2016
Madison Conservative Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—100.0% |
| |||||||
Alternative Funds—3.2% |
| |||||||
SPDR Gold Shares* | 18,743 | $ | 2,317,573 | |||||
|
| |||||||
Bond Funds—61.9% |
| |||||||
Baird Aggregate Bond Fund Institutional Shares | 496,325 | 5,414,901 | ||||||
iShares 3-7 Year Treasury Bond ETF | 42,171 | 5,297,943 | ||||||
iShares 7-10 Year Treasury Bond ETF | 33,042 | 3,634,620 | ||||||
iShares Intermediate Credit Bond ETF | 14,980 | 1,650,047 | ||||||
iShares TIPS Bond Fund ETF | 28,849 | 3,314,173 | ||||||
Madison Core Bond Fund Class Y (A) | 1,527,924 | 15,462,595 | ||||||
Madison Corporate Bond Fund Class Y (A) | 446,801 | 5,160,547 | ||||||
Metropolitan West Total Return Bond Fund Class I | 335,522 | 3,643,768 | ||||||
SPDR Barclays Short-Term High Yield Bond ETF | 55,714 | 1,481,992 | ||||||
|
| |||||||
45,060,586 |
Shares | Value (Note 2) | |||||||
Foreign Stock Funds—8.0% |
| |||||||
iShares Core MSCI EAFE ETF | 34,273 | $ | 1,857,597 | |||||
iShares MSCI EAFE Minimum Volatility ETF | 21,492 | 1,444,692 | ||||||
Madison NorthRoad International Fund Class Y (A) | 117,514 | 1,151,638 | ||||||
SPDR S&P Emerging Asia Pacific ETF | 8,349 | 610,562 | ||||||
WisdomTree Europe Hedged Equity Fund | 13,921 | 728,764 | ||||||
|
| |||||||
5,793,253 | ||||||||
Money Market Funds—1.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,413,615 | 1,413,615 | ||||||
|
| |||||||
Stock Funds—25.0% |
| |||||||
Energy Select Sector SPDR Fund | 3,261 | 220,150 | ||||||
iShares Russell Mid-Cap ETF | 15,356 | 2,527,290 | ||||||
Madison Dividend Income Fund Class Y (A) | 166,112 | 3,637,848 | ||||||
Madison Investors Fund Class Y (A) | 174,675 | 3,334,544 | ||||||
Madison Large Cap Value Fund Class Y (A) | 24,019 | 353,807 |
Shares | Value (Note 2) | |||||||
Madison Mid Cap Fund Class Y (A) | 128,011 | $ | 1,093,215 | |||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 120,118 | 1,768,132 | ||||||
VanEck Vectors Agribusiness ETF | 12,846 | 625,729 | ||||||
Vanguard Growth ETF | 5,327 | 562,584 | ||||||
Vanguard Information Technology ETF | 10,002 | 1,044,309 | ||||||
Vanguard Value ETF | 36,036 | 3,014,051 | ||||||
|
| |||||||
18,181,659 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—100.0% | 72,766,686 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.0% | (20,872 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 72,745,814 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $72,070,175. |
(A) | Affiliated Company (see Note 12). |
ETF Exchange Traded Fund.
Madison Moderate Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—100.1% |
| |||||||
Alternative Funds—3.2% |
| |||||||
SPDR Gold Shares* | 36,395 | $ | 4,500,242 | |||||
|
| |||||||
Bond Funds—37.8% |
| |||||||
Baird Aggregate Bond Fund Institutional Shares | 435,466 | 4,750,931 | ||||||
iShares 3-7 Year Treasury Bond ETF | 35,946 | 4,515,896 | ||||||
iShares 7-10 Year Treasury Bond ETF | 57,942 | 6,373,620 | ||||||
iShares Intermediate Credit Bond ETF | 71,503 | 7,876,055 | ||||||
iShares TIPS Bond Fund ETF | 37,702 | 4,331,206 | ||||||
Madison Core Bond Fund Class Y (A) | 2,147,334 | 21,731,019 | ||||||
Metropolitan West Total Return Bond Fund Class I | 334,449 | 3,632,115 | ||||||
SPDR Barclays Short-Term High Yield Bond ETF | 26,892 | 715,327 | ||||||
|
| |||||||
53,926,169 |
Shares | Value (Note 2) | |||||||
Foreign Stock Funds—13.9% |
| |||||||
iShares Core MSCI EAFE ETF | 120,955 | $ | 6,555,761 | |||||
iShares MSCI EAFE Minimum Volatility ETF | 74,059 | 4,978,246 | ||||||
Madison NorthRoad International Fund Class Y (A) | 341,393 | 3,345,648 | ||||||
SPDR S&P Emerging Asia Pacific ETF | 27,527 | 2,013,050 | ||||||
WisdomTree Europe Hedged Equity Fund | 54,593 | 2,857,944 | ||||||
|
| |||||||
19,750,649 | ||||||||
Money Market Funds—1.8% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 2,550,440 | 2,550,440 | ||||||
|
| |||||||
Stock Funds—43.4% |
| |||||||
Energy Select Sector SPDR Fund | 18,449 | 1,245,492 | ||||||
iShares Core S&P Mid-Cap ETF | 53,300 | 7,772,739 | ||||||
Madison Dividend Income Fund Class Y (A) | 488,689 | 10,702,291 | ||||||
Madison Investors Fund Class Y (A) | 705,317 | 13,464,496 | ||||||
Madison Large Cap Value Fund Class Y (A) | 388,180 | 5,717,898 |
Shares | Value (Note 2) | |||||||
Madison Mid Cap Fund Class Y (A) | 340,479 | $ | 2,907,692 | |||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 316,837 | 4,663,838 | ||||||
VanEck Vectors Agribusiness ETF | 39,793 | 1,938,317 | ||||||
Vanguard Growth ETF | 23,461 | 2,477,716 | ||||||
Vanguard Information Technology ETF | 36,085 | 3,767,635 | ||||||
Vanguard Value ETF | 87,137 | 7,288,139 | ||||||
|
| |||||||
61,946,253 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—100.1% | 142,673,753 | |||||||
NET OTHER ASSETS AND LIABILITIES—(0.1%) |
| (97,430 | ) | |||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 142,576,323 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $138,737,398. |
(A) | Affiliated Company (see Note 12). |
ETF | Exchange Traded Fund. |
Madison Aggressive Allocation Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—100.1% |
| |||||||
Alternative Funds—3.1% | ||||||||
SPDR Gold Shares* | 15,562 | $ | 1,924,241 | |||||
|
| |||||||
Bond Funds—17.5% |
| |||||||
iShares 3-7 Year Treasury Bond ETF | 10,810 | 1,358,060 | ||||||
iShares 7-10 Year Treasury Bond ETF | 18,971 | 2,086,810 | ||||||
iShares Intermediate Credit Bond ETF | 14,683 | 1,617,333 | ||||||
Madison Core Bond Fund Class Y (A) | 499,599 | 5,055,943 | ||||||
Metropolitan West Total Return Bond Fund Class I | 57,053 | 619,601 | ||||||
|
| |||||||
10,737,747 | ||||||||
Foreign Stock Funds—19.8% | ||||||||
iShares Core MSCI EAFE ETF | 75,849 | 4,111,016 | ||||||
iShares MSCI EAFE Minimum Volatility ETF | 45,111 | 3,032,361 | ||||||
Madison NorthRoad International Fund Class Y (A) | 195,535 | 1,916,245 |
Shares | Value (Note 2) | |||||||
SPDR S&P Emerging Asia Pacific ETF | 20,990 | $ | 1,534,999 | |||||
WisdomTree Europe Hedged Equity Fund | 29,335 | 1,535,687 | ||||||
|
| |||||||
12,130,308 | ||||||||
Money Market Funds—2.0% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.23%, Premier Class | 1,200,365 | 1,200,365 | ||||||
|
| |||||||
Stock Funds—57.7% | ||||||||
Energy Select Sector SPDR Fund | 10,368 | 699,944 | ||||||
iShares Core S&P Mid-Cap ETF | 35,139 | 5,124,320 | ||||||
Madison Dividend Income Fund Class Y (A) | 251,245 | 5,502,257 | ||||||
Madison Investors Fund Class Y (A) | 347,381 | 6,631,500 | ||||||
Madison Large Cap Value Fund Class Y (A) | 209,406 | 3,084,547 | ||||||
Madison Mid Cap Fund Class Y (A) | 252,207 | 2,153,846 | ||||||
Schwab Fundamental U.S. Large Company | ||||||||
Index Fund Institutional Shares | 312,458 | 4,599,388 | ||||||
VanEck Vectors Agribusiness ETF | 21,837 | 1,063,680 |
Shares | Value (Note 2) | |||||||
Vanguard Growth ETF | 10,976 | $ | 1,159,175 | |||||
Vanguard Information Technology ETF | 21,241 | 2,217,773 | ||||||
Vanguard Value ETF | 36,910 | 3,087,152 | ||||||
|
| |||||||
35,323,582 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—100.1% | 61,316,243 | |||||||
NET OTHER ASSETS AND LIABILITIES—(0.1%) |
| (44,142 | ) | |||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 61,272,101 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $59,235,087. |
(A) | Affiliated Company (see Note 12). |
ETF Exchange Traded Fund.
See accompanying Notes to Financial Statements.
13
Madison Funds | April 30, 2016
Madison Government Money Market Fund (formerly Madison Cash Reserves Fund) Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—87.9% |
| |||||||
Fannie Mae—29.7% |
| |||||||
0.233%, 5/2/16 (A) | $ | 1,065,000 | $ | 1,064,993 | ||||
0.335%, 5/9/16 (A) | 700,000 | 699,949 | ||||||
0.335%, 5/18/16 (A) | 650,000 | 649,899 | ||||||
0.254%, 5/31/16 (A) | 250,000 | 249,948 | ||||||
0.350%, 6/1/16 (A) | 400,000 | 399,881 | ||||||
0.233%, 6/22/16 (A) | 900,000 | 899,701 | ||||||
0.305%, 7/6/16 (A) | 1,550,000 | 1,549,146 | ||||||
0.625%, 8/26/16 | 250,000 | 250,165 | ||||||
|
| |||||||
5,763,682 | ||||||||
Federal Home Loan Bank—30.7% |
| |||||||
0.340%, 5/4/16 (A) | 500,000 | 499,986 | ||||||
0.335%, 5/17/16 (A) | 500,000 | 499,927 | ||||||
0.274%, 5/25/16 (A) | 700,000 | 699,874 | ||||||
0.279%, 6/1/16 (A) | 1,100,000 | 1,099,740 |
Par Value | Value (Note 2) | |||||||
0.289%, 6/16/16 (A) | $ | 750,000 | $ | 749,727 | ||||
0.314%, 6/17/16 (A) | 500,000 | 499,798 | ||||||
0.289%, 6/20/16 (A) | 300,000 | 299,881 | ||||||
0.304%, 6/24/16 (A) | 200,000 | 199,910 | ||||||
0.325%, 6/30/16 (A) | 800,000 | 799,573 | ||||||
0.340%, 7/13/16 (A) | 600,000 | 599,592 | ||||||
|
| |||||||
5,948,008 | ||||||||
Freddie Mac—22.9% | ||||||||
0.366%, 5/10/16 (A) | 1,600,000 | 1,599,877 | ||||||
0.500%, 5/13/16 | 735,000 | 735,013 | ||||||
2.500%, 5/27/16 | 1,008,000 | 1,009,534 | ||||||
0.365%, 6/9/16 (A) | 1,100,000 | 1,099,571 | ||||||
|
| |||||||
4,443,995 | ||||||||
U.S. Treasury Notes—4.6% | ||||||||
0.250%, 5/15/16 | 900,000 | 900,055 | ||||||
|
| |||||||
Total U.S. Government and Agency Obligations | 17,055,740 |
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—4.2% |
| |||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.23%, Premier Class | 824,518 | $ | 824,518 | |||||
|
| |||||||
Total Investment Companies (Cost $824,518) | 824,518 | |||||||
|
| |||||||
TOTAL INVESTMENTS—92.1% (Cost $17,880,258**) | 17,880,258 | |||||||
NET OTHER ASSETS AND LIABILITIES—7.9% | 1,533,154 | |||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 19,413,412 | ||||||
|
|
** | Aggregate cost for Federal tax purposes was $17,880,258. |
(A) | Rate noted represents annualized yield at time of purchase. |
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS—98.5% |
| |||||||
Airport—1.0% |
| |||||||
Metropolitan Washington Airports Authority Revenue, Series B, (BHAC-CR), 3.75%, 10/1/18 | $ | 210,000 | $ | 224,746 | ||||
|
| |||||||
Development—7.3% | ||||||||
Fairfax County Economic Development Authority, Series A, 5%, 10/1/26 | 150,000 | 187,429 | ||||||
Norfolk Economic Development Authority, 5%, 11/1/29 | 480,000 | 548,098 | ||||||
Powhatan County Economic Development Authority, 3%, 9/15/28 | 200,000 | 208,980 | ||||||
Virginia Housing Development Authority, Series C, 1.5%, 4/1/19 | 200,000 | 202,628 | ||||||
Wise County Industrial Development Authority Revenue, Series A (A), 1.875%, 11/1/40 | 500,000 | 508,975 | ||||||
|
| |||||||
1,656,110 | ||||||||
Education—13.7% | ||||||||
Henrico County Economic Development Authority, 4%, 4/15/42 | 220,000 | 228,131 | ||||||
University of Virginia, 5%, 6/1/40 | 255,000 | 274,689 | ||||||
Virginia College Building Authority, (ST APPROP), 5%, 2/1/23 | 500,000 | 617,215 | ||||||
Virginia College Building Authority, (Prerefunded 9/1/18 @ $100), (ST APPROP), 5%, 9/1/26 | 140,000 | 153,584 | ||||||
Virginia College Building Authority, Series A, (ST APPROP), 5%, 2/1/29 | 375,000 | 414,491 | ||||||
Virginia Commonwealth University, Series A, 5%, 5/1/26 | 385,000 | 464,195 | ||||||
Virginia Public School Authority, 5%, 12/1/18 | 100,000 | 109,981 | ||||||
Virginia Public School Authority, Series A, (Prerefunded 8/1/18 @ $100), (ST APPROP), 5%, 8/1/27 | 350,000 | 382,424 | ||||||
Virginia Public School Authority, (ST AID WITHHLDG), 3%, 8/1/33 | 450,000 | 453,825 | ||||||
|
| |||||||
3,098,535 | ||||||||
Facilities—7.4% | ||||||||
New River Valley Regional Jail Authority, 5%, 10/1/25 | 100,000 | 126,001 |
Par Value | Value (Note 2) | |||||||
Newport News Economic Development Authority, (Prerefunded 7/1/16 @ $100), 5%, 7/1/25 | $ | 745,000 | $ | 750,327 | ||||
Stafford County & Staunton Industrial Development Authority, (NATL-RE), 4.5%, 8/1/25 | 50,000 | 50,065 | ||||||
Virginia Public Building Authority, Series B, (Prerefunded 8/1/18 @ $100), 5.25%, 8/1/23 | 200,000 | 219,872 | ||||||
Western Regional Jail Authority, 3.125%, 12/1/29 | 500,000 | 521,685 | ||||||
|
| |||||||
1,667,950 | ||||||||
General—12.4% | ||||||||
Fairfax County Economic Development Authority, 4.25%, 8/1/29 | 340,000 | 376,802 | ||||||
Loudoun County Economic Development Authority Revenue, 3%, 12/1/29 | 535,000 | 551,194 | ||||||
Northern Virginia Transportation Authority, 5%, 6/1/30 | 780,000 | 949,135 | ||||||
Puerto Rico Public Finance Corp, (Escrowed To Maturity) (AMBAC)*, 5.5%, 8/1/27 | 100,000 | 132,352 | ||||||
Territory of Guam, Series A, 5%, 1/1/26 | 150,000 | 171,894 | ||||||
Virgin Islands Public Finance Authority, (NATL-RE), 5%, 10/1/23 | 100,000 | 101,758 | ||||||
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | 250,000 | 264,845 | ||||||
Virginia Resources Authority, (MORAL OBLG), 5%, 11/1/23 | 200,000 | 239,098 | ||||||
|
| |||||||
2,787,078 | ||||||||
General Obligation—21.0% | ||||||||
City of Danville VA, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | 190,000 | 234,295 | ||||||
City of Fredericksburg VA, Series A, 3.625%, 7/15/30 | 400,000 | 419,116 | ||||||
City of Hampton VA, Series A, 5%, 1/15/21 | 250,000 | 276,825 | ||||||
City of Norfolk VA, Series A (Prerefunded 11/1/19 @ $100), 4.125%, 11/1/27 | 75,000 | 83,214 | ||||||
City of Portsmouth VA, Series A, (ST AID WITHHLDG), 5%, 2/1/31 | 635,000 | 753,250 | ||||||
City of Richmond VA, Series C, (ST AID WITHHLDG), 5%, 7/15/22 | 100,000 | 116,042 |
Par Value | Value (Note 2) | |||||||
City of Roanoke VA, Series A, (Prerefunded 2/1/20 @ $100), (ST AID WITHHLDG), 5%, 2/1/25 | $ | 230,000 | $ | 264,157 | ||||
City of Virginia Beach VA, Series A, 4%, 8/1/22 | 300,000 | 348,600 | ||||||
Commonwealth of Virginia, Series B (Prerefunded 6/1/18 @ $100), 5%, 6/1/21 | 175,000 | 190,285 | ||||||
Commonwealth of Virginia, Series A, 5%, 6/1/23 | 500,000 | 626,575 | ||||||
Commonwealth of Virginia, Series B, 5%, 6/1/27 | 150,000 | 168,269 | ||||||
County of Arlington VA, (Prerefunded 1/15/17 @ $100), 5%, 1/15/25 | 175,000 | 180,397 | ||||||
County of Fairfax VA, Series B, (ST AID WITHHLDG), 4%, 10/1/22 | 250,000 | 292,042 | ||||||
County of Henrico VA, Series A, (Prerefunded 12/1/18 @ $100), 5%, 12/1/24 | 200,000 | 221,636 | ||||||
County of Henrico VA, 5%, 7/15/25 | 150,000 | 174,264 | ||||||
County of Prince William VA, (ST AID WITHHLDG), 5%, 8/1/21 | 105,000 | 125,859 | ||||||
Town of Leesburg VA, (ST AID WITHHLDG), 5%, 1/15/25 | 90,000 | 115,508 | ||||||
Town of Leesburg VA, Series A, 5%, 1/15/41 | 135,000 | 154,896 | ||||||
|
| |||||||
4,745,230 | ||||||||
Medical—7.4% | ||||||||
Fredericksburg Economic Development Authority, 5.25%, 6/15/18 | 250,000 | 268,293 | ||||||
Harrisonburg Industrial Development Authority, (AMBAC)*, 5%, 8/15/46 | 180,000 | 181,973 | ||||||
Henrico County Economic Development Authority, (NATL-RE), 6%, 8/15/16 | 60,000 | 60,899 | ||||||
Norfolk Economic Development Authority, Series B, 5%, 11/1/36 | 480,000 | 551,184 | ||||||
Roanoke Economic Development Authority, Series B, (Escrowed To Maturity) (NATL-RE), 6.125%, 7/1/17 | 265,000 | 273,779 | ||||||
Virginia Small Business Financing Authority, 5%, 11/1/40 | 300,000 | 336,693 | ||||||
|
| |||||||
1,672,821 |
See accompanying Notes to Financial Statements.
14
Madison Funds | April 30, 2016
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS - continued | ||||||||
Multifamily Housing—6.1% | ||||||||
Fairfax County Redevelopment & Housing Authority, 4.75%, 10/1/36 | $ | 725,000 | $ | 780,919 | ||||
Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39 | 300,000 | 325,887 | ||||||
Virginia Housing Development Authority, Series E, 4.8%, 10/1/39 | 250,000 | 259,115 | ||||||
|
| |||||||
1,365,921 | ||||||||
Power—4.3% | ||||||||
Chesterfield County Economic Development Authority, Series A, 5%, 5/1/23 | 565,000 | 627,201 | ||||||
Puerto Rico Electric Power Authority, (BHAC-CR MBIA-RE FGIC), 5.25%, 7/1/24 | 290,000 | 346,982 | ||||||
|
| |||||||
974,183 | ||||||||
Transportation—5.6% | ||||||||
Puerto Rico Highways & Transportation Authority, Series N, (ASSURED GTY), 5.25%, 7/1/34 | 100,000 | 103,978 | ||||||
Richmond Metropolitan Authority, (Escrowed To Maturity) (NATL-RE), 5.25%, 7/15/22 | 60,000 | 69,268 | ||||||
Richmond Metropolitan Authority, (NATL- RE), 5.25%, 7/15/22 | 140,000 | 162,400 | ||||||
Virginia Commonwealth Transportation Board, Series A, 5%, 9/15/24 | 225,000 | 270,866 | ||||||
Virginia Commonwealth Transportation Board, 5%, 3/15/25 | 535,000 | 651,138 | ||||||
|
| |||||||
1,257,650 |
Par Value | Value (Note 2) | |||||||
Utilities—1.5% | ||||||||
City of Richmond VA, Series A, 5%, 1/15/38 | $ | 300,000 | $ | 349,596 | ||||
Water—10.8% | ||||||||
Fairfax County Water Authority, 5.25%, 4/1/23 | 180,000 | 226,829 | ||||||
Fairfax County Water Authority, 5%, 4/1/27 | 150,000 | 181,464 | ||||||
Hampton Roads Sanitation District, (Prerefunded 4/1/18 @ $100), 5%, 4/1/33 | 90,000 | 97,179 | ||||||
Hampton Roads Sanitation District, (Prerefunded 4/1/18 @ $100), 5%, 4/1/33 | 160,000 | 172,923 | ||||||
Prince William County Service Authority, 5%, 7/1/22 | 250,000 | 306,228 | ||||||
Upper Occoquan Sewage Authority, Series A, (NATL-RE), 5.15%, 7/1/20 | 500,000 | 544,740 | ||||||
Virginia Resources Authority, (Prerefunded 10/1/19 @ $100), (ST AID WITHHLDG), 5%, 10/1/23 | 500,000 | 569,195 | ||||||
Virginia Resources Authority, (Prerefunded 10/1/19 @ $100), (ST AID WITHHLDG), 4.5%, 10/1/28 | 160,000 | 179,462 | ||||||
Virginia Resources Authority, (Prerefunded 11/1/16 @ $100), 5%, 11/1/31 | 140,000 | 143,006 | ||||||
Virginia Resources Authority, 5%, 11/1/31 | 20,000 | 20,421 | ||||||
|
| |||||||
2,441,447 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—98.5% (Cost $21,136,708**) |
| 22,241,267 | ||||||
NET OTHER ASSETS AND |
| 327,461 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 22,568,728 | ||||||
|
|
* | This bond is covered by insurance issued by Ambac Assurance Corporation (“AMBAC”). On November 8, 2010, Ambac Financial Group, Inc., the holding company of AMBAC, announced that it had filed for Chapter 11 bankruptcy protection. Although AMBAC’s claim-paying ability appears strong at this point, its ultimate ability to guarantee timely payment of principal and interest on these bonds, should they default, will be dependent on the timing and magnitude of losses within the entity’s overall portfolio. |
** | Aggregate cost for Federal tax purposes was $21,136,708. |
(A) | Floating rate or variable rate note. Rate shown is as of April 30, 2016. |
AMBAC | AMBAC Indemnity Corp. | |
ASSURED GTY | Assured Guaranty. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
MBIA-RE | MBIA Insurance Corp. | |
MORAL OBLG | Moral Obligation. | |
NATL-RE | National Public Finance Guarantee Corp. | |
ST AID WITHHLDG | State Aid Withholding. | |
ST APPROP | State Appropriations. |
Madison Tax-Free National Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS—97.6% | ||||||||
Alabama—2.4% | ||||||||
Alabama Incentives Financing Authority Revenue, Series A, 5%, 9/1/29 | $ | 300,000 | $ | 336,417 | ||||
Tuscaloosa Public Educational Building Authority, (ASSURED GTY), 6.375%, 7/1/28 | 295,000 | 327,158 | ||||||
|
| |||||||
663,575 | ||||||||
Arkansas—0.7% | ||||||||
City of Fort Smith AR Water & Sewer Revenue, (AGM), 5%, 10/1/21 | 175,000 | 191,263 | ||||||
|
| |||||||
Colorado—1.8% | ||||||||
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27 | 400,000 | 507,336 | ||||||
|
| |||||||
Delaware—1.5% | ||||||||
State of Delaware, General Obligation, Series A, 5%, 8/1/25 | 345,000 | 430,512 | ||||||
|
| |||||||
Florida—12.4% | ||||||||
City of Port St. Lucie FL Utility System Revenue, 5%, 9/1/27 | 600,000 | 712,308 | ||||||
County of Miami-Dade FL, Series B, 5%, 3/1/25 | 525,000 | 640,720 | ||||||
Hillsborough County Industrial Development Authority, 5%, 10/1/34 | 450,000 | 505,247 | ||||||
Lee County Industrial Development Authority, 5%, 11/1/28 | 500,000 | 581,890 | ||||||
Orlando Utilities Commission, Series C, 5%, 10/1/22 | 525,000 | 642,253 |
Par Value | Value (Note 2) | |||||||
Palm Beach County Solid Waste Authority, 5%, 10/1/24 | $ | 300,000 | $ | 358,305 | ||||
|
| |||||||
3,440,723 | ||||||||
Georgia—4.8% | ||||||||
City of Atlanta GA Water & Wastewater Revenue, (AGM), 5.75%, 11/1/30 | 300,000 | 423,300 | ||||||
City of Columbus GA Water & Sewerage Revenue, Series A, 5%, 5/1/31 | 430,000 | 515,007 | ||||||
Dublin GA School District, General Obligation, (ST AID WITHHLDG), 4%, 4/1/23 | 135,000 | 154,836 | ||||||
Georgia State Road & Tollway Authority, Series A, 5%, 6/1/21 | 90,000 | 100,699 | ||||||
Private Colleges & Universities Authority, Series C, 5%, 9/1/38 | 130,000 | 140,978 | ||||||
|
| |||||||
1,334,820 | ||||||||
Hawaii—2.0% | ||||||||
State of Hawaii, General Obligation, Series EY, 5%, 10/1/25 | 435,000 | 558,444 | ||||||
|
| |||||||
Illinois—0.7% | ||||||||
Regional Transportation Authority, Series A, (AMBAC GO of AUTH)*, 7.2%, 11/1/20 | 165,000 | 190,464 | ||||||
|
| |||||||
Indiana—3.5% | ||||||||
Indiana Finance Authority, 5%, 2/1/21 | 400,000 | 458,612 | ||||||
Indianapolis Local Public Improvement Bond Bank, Series A, (ASSURED GTY), 5.5%, 1/1/38 | 475,000 | 527,217 | ||||||
|
| |||||||
985,829 |
Par Value | Value (Note 2) | |||||||
Iowa—2.8% | ||||||||
City of Bettendorf IA, General Obligation, Series A, 5%, 6/1/28 | $ | 475,000 | $ | 545,751 | ||||
City of Bettendorf IA, General Obligation, Series A, 5%, 6/1/30 | 210,000 | 240,559 | ||||||
|
| |||||||
786,310 | ||||||||
Kansas—3.3% | ||||||||
City of Wichita KS, General Obligation, Series 816, 5%, 12/1/24 | 510,000 | 651,234 | ||||||
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | 220,000 | 260,808 | ||||||
|
| |||||||
912,042 | ||||||||
Maryland—5.6% | ||||||||
City of Rockville MD, General Obligation, Series A, 5%, 6/1/24 | 600,000 | 765,948 | ||||||
Maryland State Transportation Authority, Series A, 5%, 7/1/18 | 100,000 | 109,013 | ||||||
Montgomery County Revenue Authority, Series A, 5%, 5/1/31 | 600,000 | 694,686 | ||||||
|
| |||||||
1,569,647 | ||||||||
Michigan—3.4% | ||||||||
Detroit City School District, General Obligation, Series A, (FGIC Q-SBLF), 6%, 5/1/20 | 400,000 | 467,792 | ||||||
Redford Unified School District No. 1, General Obligation, (AMBAC Q-SBLF)*, 5%, 5/1/22 | 410,000 | 471,525 | ||||||
|
| |||||||
939,317 |
See accompanying Notes to Financial Statements.
15
Madison Funds | April 30, 2016
Madison Tax-Free National Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
MUNICIPAL BONDS - continued | ||||||||
Missouri—6.1% | ||||||||
County of St Louis MO, Series D, (Escrowed To Maturity), 5.65%, 2/1/20 | $ | 500,000 | $ | 581,160 | ||||
Missouri State Board of Public Buildings, Series B, 4%, 4/1/25 | 525,000 | 609,357 | ||||||
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25 | 400,000 | 510,372 | ||||||
|
| |||||||
1,700,889 | ||||||||
New Jersey—4.2% | ||||||||
City of Elizabeth NJ, General Obligation, (AGM), 3%, 4/1/24 | 300,000 | 325,731 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR FSA), 5.25%, 1/1/28 | 250,000 | 327,725 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR FSA), 5.25%, 1/1/29 | 250,000 | 329,620 | ||||||
Union County Improvement Authority, Series A, 4%, 2/1/25 | 150,000 | 172,341 | ||||||
|
| |||||||
1,155,417 | ||||||||
New Mexico—1.8% | ||||||||
Farmington Municipal School District No. 5, General Obligation, Series A, (ST AID WITHHLDG), 3%, 9/1/23 | 450,000 | 489,731 | ||||||
|
| |||||||
New York—3.3% | ||||||||
New York State Dormitory Authority, Series 1, (BHAC-CR AMBAC)*, 5.5%, 7/1/31 | 250,000 | 334,080 | ||||||
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28 | 455,000 | 578,824 | ||||||
|
| |||||||
912,904 | ||||||||
North Carolina—5.2% | ||||||||
North Carolina Medical Care Commission, Series A, (HUD SECT 8), 5.5%, 10/1/24 | 500,000 | 501,650 | ||||||
State of North Carolina, Series A, 4.5%, 5/1/27 | 200,000 | 219,896 | ||||||
State of North Carolina, General Obligation, Series D, 4%, 6/1/21 | 100,000 | 114,702 | ||||||
Town of Cary NC Combined Utility Systems Revenue, 5%, 12/1/23 | 500,000 | 618,705 | ||||||
|
| |||||||
1,454,953 | ||||||||
Ohio—2.2% | ||||||||
Cleveland-Cuyahoga County Port Authority, 5%, 7/1/24 | 500,000 | 613,650 | ||||||
|
|
Par Value | Value (Note 2) | |||||||
Pennsylvania—0.6% | ||||||||
Lehigh County General Purpose Authority, Series A, (NATL-RE GO of HOSP), 7%, 7/1/16 | $ | 170,000 | $ | 171,737 | ||||
|
| |||||||
South Carolina—9.0% | ||||||||
Anderson County School District No. 1, General Obligation, Series A, (SCSDE), 5%, 3/1/25 | 720,000 | 921,398 | ||||||
City of Bennettsville SC Combined Utility System Revenue, (BAM), 3.5%, 2/1/24 | 465,000 | 525,827 | ||||||
County of Richland SC, General Obligation, Series A, (ST AID WITHHLDG), 4%, 3/1/27 | 495,000 | 570,631 | ||||||
York County School District No. 1, General Obligation, Series A, (Prerefunded 3/1/19 @ $100), (SCSDE), 5%, 3/1/27 | 440,000 | 491,515 | ||||||
|
| |||||||
2,509,371 | ||||||||
Tennessee—1.8% | ||||||||
Gibson County Special School District, (BAM), 5%, 4/1/26 | 300,000 | 368,727 | ||||||
Jackson Energy Authority, 4.75%, 6/1/25 | 100,000 | 117,595 | ||||||
|
| |||||||
486,322 | ||||||||
Texas—9.7% | ||||||||
Beaumont Independent School District, General Obligation, (PSF-GTD), 4.75%, 2/15/38 | 300,000 | 325,854 | ||||||
City of San Antonio TX, Water System Revenue, 5.125%, 5/15/29 | 500,000 | 551,275 | ||||||
Liberty Hill Independent School District, General Obligation, (PSF-GTD), 5%, 8/1/26 | 410,000 | 460,639 | ||||||
Mueller Local Government Corp., 5%, 9/1/25 | 500,000 | 507,325 | ||||||
San Jacinto College District Revenue, 3.625%, 2/15/30 | 250,000 | 262,963 | ||||||
San Jacinto River Authority, (BAM), 4%, 10/1/23 | 200,000 | 227,856 | ||||||
State of Texas, General Obligation, Series C, 5%, 8/1/27 | 330,000 | 372,220 | ||||||
|
| |||||||
2,708,132 | ||||||||
Virginia—2.2% | ||||||||
Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39 | 100,000 | 108,629 | ||||||
Virginia Commonwealth Transportation Board, 5%, 3/15/23 | 200,000 | 241,020 | ||||||
Virginia Housing Development Authority, Series E, 4.8%, 10/1/39 | 250,000 | 259,115 | ||||||
|
| |||||||
608,764 |
Par Value | Value (Note 2) | |||||||
Washington—3.0% | ||||||||
State of Washington, General Obligation, Series E, 5%, 2/1/29 | $ | 205,000 | $ | 248,573 | ||||
University of Washington, Series A, 5%, 7/1/32 | 500,000 | 598,660 | ||||||
|
| |||||||
847,233 | ||||||||
Wisconsin—3.6% | ||||||||
Maple School District, General Obligation, Series A, 5%, 4/1/24 | 650,000 | 796,763 | ||||||
Wisconsin Health & Educational Facilities Authority, 5.25%, 10/1/21 | 200,000 | 203,486 | ||||||
|
| |||||||
1,000,249 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—97.6% (Cost $25,243,929**) |
| 27,169,634 | ||||||
NET OTHER ASSETS AND LIABILITIES—2.4% |
| 671,016 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 27,840,650 | ||||||
|
|
* | This bond is covered by insurance issued by Ambac Assurance Corporation (“AMBAC”). On November 8, 2010, Ambac Financial Group, Inc., the holding company of AMBAC, announced that it had filed for Chapter 11 bankruptcy protection. Although AMBAC’s claim-paying ability appears strong at this point, its ultimate ability to guarantee timely payment of principal and interest on these bonds, should they default, will be dependent on the timing and magnitude of losses within the entity’s overall portfolio. |
** | Aggregate cost for Federal tax purposes was $25,243,929. |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | AMBAC Indemnity Corp. | |
ASSURED GTY | Assured Guaranty. | |
BAM | Build America Mutual Assurance Co. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
FSA | Financial Security Assurance. | |
GO of AUTH | General Obligation of the Authority. | |
GO of HOSP | General Obligation of the Hospital District. | |
HUD SECT 8 | HUD Insured Multifamily Housing. | |
NATL-RE | National Public Finance Guarantee Corp. | |
PSF-GTD | Permanent School Fund Guaranteed. | |
Q-SBLF | Qualified School Board Loan Fund. | |
SCSDE | South Carolina School District-Enhanced (State of SC’s Intercept program). | |
ST AID DIR DEP | State Aid Direct Deposit. | |
ST AID WITHHLDG | State Aid Withholding. |
See accompanying Notes to Financial Statements.
16
Madison Funds | April 30, 2016
Madison High Quality Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS—37.8% |
| |||||||
Consumer Discretionary—6.5% | ||||||||
Comcast Corp., 3.125%, 7/15/22 | $ | 2,000,000 | $ | 2,119,950 | ||||
Home Depot Inc./The, 2%, 6/15/19 | 2,000,000 | 2,046,440 | ||||||
Target Corp., 2.9%, 1/15/22 | 2,000,000 | 2,115,818 | ||||||
Walt Disney Co./The, MTN, 1.1%, 12/1/17 | 750,000 | 753,169 | ||||||
|
| |||||||
7,035,377 | ||||||||
Consumer Staples—1.5% | ||||||||
Coca-Cola Co./The, 2.45%, 11/1/20 | 1,500,000 | 1,565,630 | ||||||
|
| |||||||
Energy—1.4% | ||||||||
Chevron Corp., 2.427%, 6/24/20 | 1,500,000 | 1,541,240 | ||||||
|
| |||||||
Financials—12.6% | ||||||||
American Express Credit Corp., 2.125%, 7/27/18 | 1,000,000 | 1,015,518 | ||||||
Bank of New York Mellon Corp./The, MTN, 1.35%, 3/6/18 | 500,000 | 501,899 | ||||||
Goldman Sachs Group Inc./The, 2.625%, 1/31/19 | 1,360,000 | 1,387,850 | ||||||
John Deere Capital Corp., MTN, 1.4%, 3/15/17 | 2,000,000 | 2,011,918 | ||||||
JPMorgan Chase & Co., 2.25%, 1/23/20 | 2,000,000 | 2,014,644 | ||||||
Morgan Stanley, 2.8%, 6/16/20 | 2,000,000 | 2,039,200 | ||||||
Simon Property Group L.P., 4.125%, 12/1/21 | 1,750,000 | 1,927,049 | ||||||
US Bancorp, MTN, 1.95%, 11/15/18 | 750,000 | 763,417 | ||||||
Wells Fargo & Co., 5.625%, 12/11/17 | 2,000,000 | 2,136,308 | ||||||
|
| |||||||
13,797,803 | ||||||||
Health Care—2.9% | ||||||||
Merck & Co. Inc., 3.875%, 1/15/21 | 1,500,000 | 1,640,308 | ||||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 1,500,000 | 1,541,232 | ||||||
|
| |||||||
3,181,540 |
Par Value | Value (Note 2) | |||||||
Industrials—3.4% | ||||||||
General Electric Co., MTN, 5.625%, 9/15/17 | $ | 2,000,000 | $ | 2,127,252 | ||||
United Parcel Service Inc., 5.5%, 1/15/18 | 1,500,000 | 1,616,511 | ||||||
|
| |||||||
3,743,763 | ||||||||
Information Technology—9.5% | ||||||||
Apple Inc., 2.4%, 5/3/23 | 1,500,000 | 1,506,630 | ||||||
Cisco Systems Inc., 2.2%, 2/28/21 | 1,500,000 | 1,530,645 | ||||||
Intel Corp., 1.95%, 10/1/16 | 2,000,000 | 2,010,922 | ||||||
Microsoft Corp., 3%, 10/1/20 | 1,500,000 | 1,607,400 | ||||||
Texas Instruments Inc., 2.375%, 5/16/16 | 2,000,000 | 2,001,262 | ||||||
Visa Inc., 2.2%, 12/14/20 | 1,700,000 | 1,743,940 | ||||||
|
| |||||||
10,400,799 | ||||||||
|
| |||||||
Total Corporate Notes and Bonds |
| 41,266,152 | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—59.4% | ||||||||
Fannie Mae—13.8% | ||||||||
1.250%, 9/28/16 | 4,000,000 | 4,012,500 | ||||||
1.375%, 11/15/16 | 3,000,000 | 3,013,680 | ||||||
1.250%, 1/30/17 | 4,000,000 | 4,019,300 | ||||||
0.875%, 2/8/18 | 4,000,000 | 4,002,984 | ||||||
|
| |||||||
15,048,464 | ||||||||
Freddie Mac—6.2% | ||||||||
2.500%, 5/27/16 | 5,000,000 | 5,007,820 | ||||||
2.375%, 1/13/22 | 1,750,000 | 1,829,506 | ||||||
|
| |||||||
6,837,326 |
Par Value | Value (Note 2) | |||||||
U.S. Treasury Notes—39.4% | ||||||||
0.875%, 1/31/17 | $ | 3,000,000 | $ | 3,007,266 | ||||
3.000%, 2/28/17 | 4,000,000 | 4,079,532 | ||||||
3.875%, 5/15/18 | 4,500,000 | 4,785,471 | ||||||
1.500%, 12/31/18 | 4,000,000 | 4,066,092 | ||||||
1.250%, 1/31/19 | 4,000,000 | 4,039,064 | ||||||
1.500%, 3/31/19 | 4,000,000 | 4,068,280 | ||||||
3.125%, 5/15/19 | 4,000,000 | 4,264,220 | ||||||
1.125%, 12/31/19 | 4,500,000 | 4,506,853 | ||||||
3.625%, 2/15/20 | 4,000,000 | 4,377,500 | ||||||
2.625%, 11/15/20 | 3,000,000 | 3,181,290 | ||||||
2.500%, 8/15/23 | 2,500,000 | 2,653,613 | ||||||
|
| |||||||
43,029,181 | ||||||||
|
| |||||||
Total U.S. Government and Agency Obligations |
| 64,914,971 | ||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—2.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 2,327,071 | 2,327,071 | ||||||
|
| |||||||
Total Short-Term Investments |
| 2,327,071 | ||||||
|
| |||||||
TOTAL INVESTMENTS—99.3% (Cost $106,712,770**) | 108,508,194 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.7% |
| 770,661 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 109,278,855 | ||||||
|
|
** | Aggregate cost for Federal tax purposes was $106,712,770. |
MTN Medium Term Note.
Madison Core Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
ASSET BACKED SECURITIES—3.3% | ||||||||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30 | $ | 64,040 | $ | 66,747 | ||||
Ally Master Owner Trust, Series 2014-4, Class A2, 1.43%, 6/17/19 | 750,000 | 749,840 | ||||||
CarMax Auto Owner Trust, Series 2015-1, Class A2, 0.88%, 3/15/18 | 436,685 | 436,600 | ||||||
CNH Equipment Trust, Series 2014-A, Class A3, 0.84%, 5/15/19 | 437,223 | 436,678 | ||||||
Ford Credit Auto Owner Trust, Series 2014- A, Class A3, 0.79%, 5/15/18 | 349,876 | 349,733 | ||||||
GreatAmerica Leasing Receivables, Series 2015-1, Class A2 (B), 1.12%, 6/20/17 | 313,500 | 313,240 | ||||||
Hyundai Auto Receivables Trust, Series 2014-A, Class A3, 0.79%, 7/16/18 | 158,375 | 158,330 | ||||||
John Deere Owner Trust, Series 2014-B, Class A2A, 0.54%, 7/17/17 | 49,837 | 49,828 | ||||||
Mercedes-Benz Auto Lease Trust, Series 2014-A, Class A4, 0.9%, 12/16/19 | 1,108,399 | 1,108,371 | ||||||
Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.01%, 4/16/18 | 81,059 | 81,158 | ||||||
Santander Drive Auto Receivables Trust, Series 2013-3 Class B, 1.19%, 5/15/18 | 124,308 | 124,308 | ||||||
Santander Drive Auto Receivables Trust, Series 2014-2, Class B, 1.62%, 2/15/19 | 978,245 | 979,411 |
Par Value | Value (Note 2) | |||||||
Santander Drive Auto Receivables Trust, Series 2013-5, Class C, 2.25%, 6/17/19 | $ | 1,000,000 | $ | 1,005,623 | ||||
Santander Drive Auto Receivables Trust, Series 2013-4, Class C, 3.25%, 1/15/20 | 900,000 | 910,414 | ||||||
Volkswagen Auto Lease Trust, Series 2014- A, Class A3, 0.8%, 4/20/17 | 251,271 | 251,052 | ||||||
Volvo Financial Equipment LLC, Series 2014-1A, Class A3 (B), 0.82%, 4/16/18 | 361,473 | 360,780 | ||||||
|
| |||||||
Total Asset Backed Securities | 7,382,113 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS—2.6% | ||||||||
Fannie Mae REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 3,119,409 | 366,750 | ||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 425,000 | 456,412 | ||||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 1,000,000 | 1,096,409 | ||||||
Fannie Mae REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 407,358 | 465,222 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 293,926 | 333,365 | ||||||
Fannie Mae REMICS, Series 2015-44, Class GI, IO, 3%, 11/25/40 | 1,122,589 | 87,676 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 987,681 | 1,023,399 |
Par Value | Value (Note 2) | |||||||
Freddie Mac REMICS, Series 3825, Class CB, 3.5%, 3/15/26 | $ | 1,000,000 | $ | 1,070,607 | ||||
Freddie Mac REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 4,335,455 | 420,247 | ||||||
Government National Mortgage Association, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 3,076,407 | 375,240 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations |
| 5,695,327 | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES—2.3% | ||||||||
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A1A (A), 5.65%, 6/11/50 | 1,086,929 | 1,135,183 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K718, Class X1, IO (A), 0.771%, 1/25/22 | 24,360,248 | 760,149 | ||||||
FREMF Mortgage Trust, Series 2012-K708, Class B (A) (B), 3.883%, 2/25/45 | 1,250,000 | 1,282,136 | ||||||
FREMF Mortgage Trust, Series 2012-K501, Class B (A) (B), 3.48%, 11/25/46 | 650,000 | 653,132 | ||||||
FREMF Mortgage Trust, Series 2011-K701, Class C (A) (B), 4.436%, 7/25/48 | 1,250,000 | 1,259,212 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities | 5,089,812 |
See accompanying Notes to Financial Statements.
17
Madison Funds | April 30, 2016
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS—31.2% |
| |||||||
Consumer Discretionary—6.1% | ||||||||
CCO Safari II LLC (B), 4.464%, 7/23/22 | $ | 1,000,000 | $ | 1,063,239 | ||||
Delphi Automotive PLC (C), 3.15%, 11/19/20 | 1,000,000 | 1,018,618 | ||||||
ERAC USA Finance LLC (B), 6.7%, 6/1/34 | 250,000 | 316,326 | ||||||
Expedia Inc. (B), 5%, 2/15/26 | 1,000,000 | 1,016,104 | ||||||
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19 | 1,000,000 | 1,024,361 | ||||||
General Motors Financial Co. Inc., 4.2%, 3/1/21 | 900,000 | 948,460 | ||||||
Georgia-Pacific LLC (B), 3.163%, 11/15/21 | 1,000,000 | 1,027,371 | ||||||
GLP Capital L.P./GLP Financing II Inc., 4.875%, 11/1/20 | 275,000 | 290,125 | ||||||
Harman International Industries Inc., 4.15%, 5/15/25 | 1,000,000 | 1,020,765 | ||||||
Lennar Corp., 4.75%, 4/1/21 | 500,000 | 520,750 | ||||||
Newell Brands Inc., 4.2%, 4/1/26 | 1,100,000 | 1,162,140 | ||||||
Nissan Motor Acceptance Corp. (B), 2.65%, 9/26/18 | 500,000 | 511,665 | ||||||
Omnicom Group Inc., 3.6%, 4/15/26 | 750,000 | 780,858 | ||||||
QVC Inc., 3.125%, 4/1/19 | 800,000 | 810,460 | ||||||
Sirius XM Radio Inc. (B), 6%, 7/15/24 | 525,000 | 553,927 | ||||||
Toll Brothers Finance Corp., 4%, 12/31/18 | 450,000 | 465,750 | ||||||
Walgreens Boots Alliance Inc., 4.5%, 11/18/34 | 1,000,000 | 998,243 | ||||||
|
| |||||||
13,529,162 | ||||||||
Consumer Staples—2.6% | ||||||||
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46 | 300,000 | 340,217 | ||||||
CVS Health Corp. (B), 4.75%, 12/1/22 | 1,000,000 | 1,124,562 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 1,000,000 | 1,168,648 | ||||||
JM Smucker Co./The, 3.5%, 3/15/25 | 1,000,000 | 1,049,113 | ||||||
Kraft Heinz Foods Co., 3.5%, 6/6/22 | 1,000,000 | 1,061,061 | ||||||
Kraft Heinz Foods Co. (B), 3.95%, 7/15/25 | 1,000,000 | 1,067,806 | ||||||
|
| |||||||
5,811,407 | ||||||||
Energy—6.4% | ||||||||
Antero Resources Corp., 5.625%, 6/1/23 | 300,000 | 291,000 | ||||||
Energy Transfer Partners L.P., 5.2%, 2/1/22 | 1,000,000 | 1,010,274 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 1,000,000 | 1,031,856 | ||||||
Helmerich & Payne International Drilling Co., 4.65%, 3/15/25 | 1,000,000 | 1,032,775 | ||||||
Hess Corp., 7.875%, 10/1/29 | 240,000 | 271,845 | ||||||
Kinder Morgan Inc. (B), 5%, 2/15/21 | 1,000,000 | 1,035,514 | ||||||
Marathon Oil Corp., 2.7%, 6/1/20 | 1,000,000 | 931,713 | ||||||
Marathon Petroleum Corp., 2.7%, 12/14/18 | 500,000 | 509,099 | ||||||
Phillips 66, 4.65%, 11/15/34 | 1,000,000 | 1,054,304 | ||||||
Phillips 66 Partners L.P., 3.605%, 2/15/25 | 1,300,000 | 1,237,428 | ||||||
Pioneer Natural Resources Co., 3.45%, 1/15/21 | 1,000,000 | 1,014,788 | ||||||
Schlumberger Holdings Corp. (B), 2.35%, 12/21/18 | 1,800,000 | 1,824,919 | ||||||
Tosco Corp., 7.8%, 1/1/27 | 1,000,000 | 1,235,111 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 1,000,000 | 1,123,793 | ||||||
Williams Partners L.P./ACMP Finance Corp., 4.875%, 5/15/23 | 750,000 | 688,352 | ||||||
|
| |||||||
14,292,771 | ||||||||
Financials—6.6% | ||||||||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (C), 3.75%, 5/15/19 | 450,000 | 456,188 | ||||||
Air Lease Corp., 3.875%, 4/1/21 | 450,000 | 457,875 | ||||||
Air Lease Corp., 3.75%, 2/1/22 | 1,000,000 | 1,010,212 |
Par Value | Value (Note 2) | |||||||
Apollo Management Holdings L.P. (B), 4%, 5/30/24 | $ | 1,000,000 | $ | 1,010,616 | ||||
Bank of America Corp., MTN, 3.3%, 1/11/23 | 1,000,000 | 1,016,283 | ||||||
Berkshire Hathaway Inc., 3.125%, 3/15/26 | 250,000 | 260,342 | ||||||
Boston Properties L.P., 3.65%, 2/1/26 | 450,000 | 471,183 | ||||||
Glencore Funding LLC (B), 3.125%, 4/29/19 | 825,000 | 787,875 | ||||||
Goldman Sachs Group Inc./The, 5.75%, 1/24/22 | 1,000,000 | 1,150,889 | ||||||
Goldman Sachs Group Inc./The, 4.75%, 10/21/45 | 1,000,000 | 1,064,175 | ||||||
JPMorgan Chase & Co., 3.125%, 1/23/25 | 1,000,000 | 1,002,721 | ||||||
Liberty Mutual Group Inc. (B), 4.25%, 6/15/23 | 1,250,000 | 1,309,681 | ||||||
Morgan Stanley, 4.3%, 1/27/45 | 1,000,000 | 1,015,552 | ||||||
Regions Bank, 2.25%, 9/14/18 | 1,000,000 | 1,004,510 | ||||||
Shell International Finance BV (C), 2.25%, 11/10/20 | 1,000,000 | 1,017,174 | ||||||
Synchrony Financial, 2.6%, 1/15/19 | 1,000,000 | 1,007,244 | ||||||
Synchrony Financial, 3.75%, 8/15/21 | 700,000 | 720,479 | ||||||
|
| |||||||
14,762,999 | ||||||||
Health Care—2.8% | ||||||||
AbbVie Inc., 4.7%, 5/14/45 | 1,000,000 | 1,062,073 | ||||||
Actavis Funding SCS (C), 4.75%, 3/15/45 | 1,000,000 | 1,011,528 | ||||||
Cardinal Health Inc., 1.95%, 6/15/18 | 1,000,000 | 1,010,465 | ||||||
Express Scripts Holding Co., 3.3%, 2/25/21 | 675,000 | 696,544 | ||||||
Forest Laboratories Inc. (B), 5%, 12/15/21 | 200,000 | 220,641 | ||||||
HCA Inc., 3.75%, 3/15/19 | 800,000 | 822,000 | ||||||
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19 | 250,000 | 257,813 | ||||||
UnitedHealth Group Inc., 4.75%, 7/15/45 | 1,000,000 | 1,155,426 | ||||||
|
| |||||||
6,236,490 | ||||||||
Industrials—2.4% | ||||||||
ADT Corp./The, 4.125%, 4/15/19 | 475,000 | 509,437 | ||||||
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20 | 285,000 | 349,326 | ||||||
CRH America Inc. (B), 3.875%, 5/18/25 | 1,000,000 | 1,047,820 | ||||||
Hertz Corp./The, 7.5%, 10/15/18 | 500,000 | 508,380 | ||||||
International Lease Finance Corp., 8.875%, 9/1/17 | 500,000 | 538,125 | ||||||
Lockheed Martin Corp., 4.7%, 5/15/46 | 1,000,000 | 1,149,845 | ||||||
Masco Corp., 4.375%, 4/1/26 | 700,000 | 721,000 | ||||||
United Rentals North America Inc., 6.125%, 6/15/23 | 400,000 | 415,000 | ||||||
|
| |||||||
5,238,933 | ||||||||
Information Technology—1.7% | ||||||||
Analog Devices Inc., 5.3%, 12/15/45 | 600,000 | 696,533 | ||||||
Autodesk Inc., 4.375%, 6/15/25 | 1,000,000 | 1,030,342 | ||||||
CDW LLC/CDW Finance Corp., 5%, 9/1/23 | 200,000 | 204,824 | ||||||
First Data Corp. (B), 6.75%, 11/1/20 | 500,000 | 525,000 | ||||||
Hewlett-Packard Enterprise Co. (B), 6.35%, 10/15/45 | 350,000 | 348,953 | ||||||
Microsoft Corp., 3.5%, 2/12/35 | 1,000,000 | 1,001,531 | ||||||
|
| |||||||
3,807,183 | ||||||||
Materials—0.6% | ||||||||
Alcoa Inc., 5.125%, 10/1/24 | 200,000 | 194,750 | ||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 1,000,000 | 1,006,194 | ||||||
|
| |||||||
1,200,944 | ||||||||
Telecommunication Services—1.5% | ||||||||
AT&T Inc., 4.75%, 5/15/46 | 1,000,000 | 1,007,622 |
Par Value | Value (Note 2) | |||||||
Frontier Communications Corp. (B), 11%, 9/15/25 | $ | 250,000 | $ | 252,500 | ||||
Harris Corp., 5.054%, 4/27/45 | 1,000,000 | 1,081,650 | ||||||
Verizon Communications Inc., 4.4%, 11/1/34 | 1,000,000 | 1,019,142 | ||||||
|
| |||||||
3,360,914 | ||||||||
Utilities—0.5% | ||||||||
Black Hills Corp., 4.25%, 11/30/23 | 1,000,000 | 1,068,129 | ||||||
|
| |||||||
Total Corporate Notes and Bonds |
| 69,308,932 | ||||||
LONG TERM MUNICIPAL BONDS—10.7% | ||||||||
City of Laredo TX, General Obligation, 6.566%, 2/15/39 | 1,500,000 | 1,644,495 | ||||||
City of Reading PA, General Obligation, (AGM), 5.3%, 11/1/33 | 1,500,000 | 1,595,475 | ||||||
County of Clark NV, General Obligation, Series C, 7%, 7/1/38 | 1,000,000 | 1,181,580 | ||||||
County of Palm Beach FL Revenue, 5%, 11/1/33 | 1,880,000 | 2,026,903 | ||||||
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39 | 1,500,000 | 1,711,815 | ||||||
East Baton Rouge Sewerage Commission Revenue, 6.087%, 2/1/45 | 2,000,000 | 2,231,740 | ||||||
Las Vegas Valley Water District, General Obligation, Series A, 7.1%, 6/1/39 | 1,000,000 | 1,138,690 | ||||||
Metropolitan Water District of Southern California Revenue, Series D, 6.538%, 7/1/39 | 420,000 | 472,403 | ||||||
New York City Water & Sewer System Revenue, 6.491%, 6/15/42 | 1,025,000 | 1,163,785 | ||||||
Northside Independent School District, General Obligation, Series B, (PSF-GTD), 5.741%, 8/15/35 | 1,600,000 | 1,753,712 | ||||||
Rancho Water District Financing Authority Revenue, Series A, 6.337%, 8/1/40 | 1,000,000 | 1,135,320 | ||||||
South Dakota State Building Authority Revenue, Series F, 4.7%, 6/1/32 | 1,250,000 | 1,347,963 | ||||||
State of Iowa Revenue, 6.75%, 6/1/34 | 2,000,000 | 2,287,720 | ||||||
State of Michigan Revenue, Series B, 7.625%, 9/15/27 | 1,500,000 | 1,705,140 | ||||||
West Contra Costa Unified School District, General Obligation, 8.46%, 8/1/34 | 2,000,000 | 2,375,500 | ||||||
|
| |||||||
Total Long Term Municipal Bonds |
| 23,772,241 | ||||||
MORTGAGE BACKED SECURITIES—22.7% | ||||||||
Fannie Mae—14.3% | ||||||||
6%, 5/1/16 Pool # 582558 | 29 | 29 | ||||||
3%, 12/1/26 Pool # AB4086 | 665,234 | 696,720 | ||||||
3%, 3/1/27 Pool # AK6784 | 1,283,048 | 1,343,652 | ||||||
3%, 5/1/27 Pool # AL1715 | 975,303 | 1,021,301 | ||||||
3.5%, 5/1/29 Pool # AW3740 | 1,368,902 | 1,452,021 | ||||||
3.5%, 8/1/29 Pool # MA2003 | 1,108,988 | 1,173,574 | ||||||
3.5%, 10/1/29 Pool # AX3155 | 585,594 | 622,126 | ||||||
3%, 4/1/30 Pool # AS4877 | 489,822 | 512,049 | ||||||
3%, 9/1/30 Pool # 890696 | 1,461,670 | 1,531,738 | ||||||
7%, 11/1/31 Pool # 607515 | 10,010 | 11,383 | ||||||
6.5%, 3/1/32 Pool # 631377 | 52,036 | 59,661 | ||||||
6.5%, 5/1/32 Pool # 636758 | 2,380 | 2,729 | ||||||
7%, 5/1/32 Pool # 644591 | 1,692 | 1,896 | ||||||
6.5%, 6/1/32 Pool # 545691 | 106,100 | 123,835 | ||||||
5.5%, 11/1/33 Pool # 555880 | 125,819 | 142,269 | ||||||
5%, 5/1/34 Pool # 780890 | 56,203 | 62,434 | ||||||
7%, 7/1/34 Pool # 792636 | 8,114 | 8,460 | ||||||
4%, 2/1/35 Pool # MA2177 | 1,262,098 | 1,360,468 |
See accompanying Notes to Financial Statements.
18
Madison Funds | April 30, 2016
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
MORTGAGE BACKED SECURITIES—continued | ||||||||
Fannie Mae—continued | ||||||||
5%, 8/1/35 Pool # 829670 | $ | 118,827 | $ | 131,695 | ||||
5%, 9/1/35 Pool # 820347 | 154,452 | 174,314 | ||||||
5%, 9/1/35 Pool # 835699 | 130,976 | 147,868 | ||||||
3.5%, 12/1/35 Pool # MA2473 | 1,455,411 | 1,537,155 | ||||||
4.5%, 12/1/35 Pool # 745147 | 22,206 | 24,284 | ||||||
5%, 12/1/35 Pool # 850561 | 53,163 | 58,928 | ||||||
6%, 11/1/36 Pool # 902510 | 108,501 | 125,657 | ||||||
5.5%, 5/1/37 Pool # 928292 | 149,392 | 167,058 | ||||||
6%, 10/1/37 Pool # 947563 | 139,791 | 162,117 | ||||||
6.5%, 12/1/37 Pool # 889072 | 123,928 | 142,565 | ||||||
6.5%, 8/1/38 Pool # 987711 | 253,737 | 305,705 | ||||||
4.5%, 8/1/40 Pool # AD8243 | 125,464 | 136,896 | ||||||
4%, 9/1/40 Pool # AE3039 | 1,124,480 | 1,213,923 | ||||||
4%, 1/1/41 Pool # AB2080 | 927,119 | 997,450 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 914,592 | 1,030,544 | ||||||
4%, 9/1/41 Pool # AJ1406 | 792,297 | 850,521 | ||||||
4%, 10/1/41 Pool # AJ4046 | 1,141,935 | 1,232,786 | ||||||
3.5%, 11/1/41 Pool # AB3867 | 488,040 | 513,578 | ||||||
4%, 3/1/42 Pool # AL1998 | 1,775,591 | 1,917,192 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 1,675,128 | 1,762,733 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 981,125 | 1,030,050 | ||||||
3%, 9/1/42 Pool # AP6568 | 150,491 | 154,724 | ||||||
3.5%, 9/1/42 Pool # AB6228 | 542,063 | 569,094 | ||||||
3.5%, 12/1/42 Pool # AQ8892 | 173,374 | 182,007 | ||||||
3.5%, 1/1/43 Pool # AQ9326 | 788,891 | 833,424 | ||||||
3%, 2/1/43 Pool # AL3072 | 1,266,323 | 1,303,184 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 828,791 | 870,113 | ||||||
3.5%, 4/1/43 Pool # AR9902 | 517,687 | 546,914 | ||||||
3.5%, 4/1/43 Pool # AT2887 | 462,827 | 486,822 | ||||||
4%, 1/1/45 Pool # AS4257 | 405,494 | 434,150 | ||||||
4.5%, 2/1/45 Pool # MA2193 | 1,204,315 | 1,316,606 | ||||||
3.5%, 8/1/45 Pool # AS5645 | 1,191,898 | 1,249,567 | ||||||
|
| |||||||
31,735,969 | ||||||||
Freddie Mac—8.4% | ||||||||
3%, 12/1/26 Pool # J17506 | 100,324 | 105,364 | ||||||
3%, 1/1/27 Pool # G18420 | 51,990 | 54,546 | ||||||
8%, 6/1/30 Pool # C01005 | 994 | 1,257 | ||||||
6.5%, 1/1/32 Pool # C62333 | 28,389 | 32,507 | ||||||
3.5%, 8/1/32 Pool # C91485 | 215,900 | 228,461 | ||||||
4.5%, 6/1/34 Pool # C01856 | 764,414 | 834,425 | ||||||
6.5%, 11/1/36 Pool # C02660 | 16,091 | 19,502 | ||||||
5.5%, 11/1/37 Pool # A68787 | 231,792 | 260,246 | ||||||
5.5%, 12/1/38 Pool # G05267 | 842,379 | 947,314 | ||||||
5%, 10/1/39 Pool # G60465 | 1,839,950 | 2,037,012 |
Par Value | Value (Note 2) | |||||||
3.5%, 11/1/40 Pool # G06168 | $ | 803,898 | $ | 843,345 | ||||
4%, 10/1/41 Pool # Q04092 | 1,386,888 | 1,491,519 | ||||||
4.5%, 3/1/42 Pool # G07491 | 977,521 | 1,069,471 | ||||||
3%, 9/1/42 Pool # C04233 | 871,509 | 894,443 | ||||||
3%, 2/1/43 Pool # Q15767 | 157,640 | 162,127 | ||||||
3%, 4/1/43 Pool # V80025 | 610,041 | 626,091 | ||||||
3%, 4/1/43 Pool # V80026 | 602,103 | 617,944 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 827,157 | 869,921 | ||||||
4%, 5/1/45 Pool # G08642 | 1,765,954 | 1,887,394 | ||||||
3%, 7/1/45 Pool # G08653 | 963,911 | 988,482 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 963,942 | 1,012,836 | ||||||
3.5%, 9/1/45 Pool # G08667 | 1,180,464 | 1,237,578 | ||||||
3%, 11/1/45 Pool # G08675 | 1,219,655 | 1,250,744 | ||||||
3%, 1/1/46 Pool # G08686 | 1,234,614 | 1,266,084 | ||||||
|
| |||||||
18,738,613 | ||||||||
Ginnie Mae—0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 14,479 | 17,192 | ||||||
6.5%, 4/20/31 Pool # 3068 | 6,870 | 8,259 | ||||||
4%, 4/15/39 Pool # 698089 | 64,851 | 69,493 | ||||||
|
| |||||||
94,944 | ||||||||
|
| |||||||
Total Mortgage Backed Securities | 50,569,526 | |||||||
Contracts | ||||||||
PUT OPTIONS PURCHASED—0.0% |
| |||||||
U.S. Treasury Bond, Put, May 2016, $158 | 30 | 4,687 | ||||||
U.S. Treasury Bond, Put, May 2016, $162 | 30 | 28,594 | ||||||
|
| |||||||
Total Put Options Purchased (Cost $36,742) | 33,281 | |||||||
Par Value | ||||||||
U.S. GOVERNMENT AND |
| |||||||
Federal Farm Credit Bank—0.2% | ||||||||
5.875%, 10/3/16 | $ | 500,000 | 511,433 | |||||
|
| |||||||
Freddie Mac—0.2% | ||||||||
5.000%, 2/16/17 | 450,000 | 465,426 | ||||||
|
| |||||||
U.S. Treasury Bonds—4.8% | ||||||||
6.625%, 2/15/27 | 2,000,000 | 2,932,578 | ||||||
5.375%, 2/15/31 | 1,250,000 | 1,778,613 | ||||||
4.500%, 5/15/38 | 2,750,000 | 3,747,304 | ||||||
3.750%, 8/15/41 | 250,000 | 305,596 | ||||||
3.000%, 5/15/45 | 1,650,000 | 1,765,307 | ||||||
|
| |||||||
10,529,398 |
Par Value | Value (Note 2) | |||||||
U.S. Treasury Notes—18.4% | ||||||||
0.750%, 3/15/17 | $ | 3,600,000 | $ | 3,605,767 | ||||
2.375%, 7/31/17 | 2,200,000 | 2,246,407 | ||||||
1.875%, 10/31/17 | 3,000,000 | 3,051,915 | ||||||
4.250%, 11/15/17 | 2,550,000 | 2,687,261 | ||||||
2.625%, 1/31/18 | 3,000,000 | 3,096,915 | ||||||
2.750%, 2/28/18 | 3,000,000 | 3,108,048 | ||||||
3.875%, 5/15/18 | 2,750,000 | 2,924,454 | ||||||
1.375%, 2/28/19 | 3,000,000 | 3,039,609 | ||||||
3.625%, 8/15/19 | 1,750,000 | 1,899,228 | ||||||
2.625%, 11/15/20 | 1,350,000 | 1,431,581 | ||||||
3.125%, 5/15/21 | 3,750,000 | 4,082,227 | ||||||
2.125%, 8/15/21 | 1,900,000 | 1,974,590 | ||||||
2.000%, 10/31/21 | 2,500,000 | 2,579,298 | ||||||
1.750%, 9/30/22 | 2,500,000 | 2,531,640 | ||||||
2.750%, 2/15/24 | 1,500,000 | 1,619,063 | ||||||
2.250%, 11/15/25 | 1,000,000 | 1,038,008 | ||||||
|
| |||||||
40,916,011 | ||||||||
|
| |||||||
Total U.S. Government and Agency Obligations |
| 52,422,268 | ||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—2.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 6,313,136 | 6,313,136 | ||||||
|
| |||||||
Total Short-Term Investments | 6,313,136 | |||||||
|
| |||||||
TOTAL INVESTMENTS—99.2% |
| 220,586,636 | ||||||
NET OTHER ASSETS AND LIABILITIES—0.8% |
| 1,885,208 | ||||||
|
| |||||||
TOTAL CALL & PUT OPTIONS WRITTEN—0.0% |
| (26,719 | ) | |||||
|
| |||||||
TOTAL NET ASSETS—100.0% |
| $ | 222,445,125 | |||||
|
|
** | Aggregate cost for Federal tax purposes was $214,468,250. |
(A) | Floating rate or variable rate note. Rate shown is as of April 30, 2016. |
(B) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(C) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.6% of total net assets. |
AGM | Assured Guaranty Municipal Corp. |
MTN | Medium Term Note. |
PLC | Public Limited Company. |
PSF-GTD | Permanent School Fund Guaranteed. |
Put Options Written | Contracts (100 Shares Per Contract) | Expiration Date | Strike Price | Value (Note 2) | ||||||||||||
U.S. Treasury Bond | 30 | May 2016 | $ | 159.00 | $ | 7,500 | ||||||||||
U.S. Treasury Bond | 30 | May 2016 | 161.00 | 19,219 | ||||||||||||
|
| |||||||||||||||
Total Put Options Written (Premiums received $32,164) | $ | 26,719 | ||||||||||||||
|
| |||||||||||||||
Total Value of Options Written (Premiums received $32,164) | $ | 26,719 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements.
19
Madison Funds | April 30, 2016
Madison Corporate Bond Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS — 92.3% |
| |||||||
Consumer Discretionary — 14.4% |
| |||||||
Amazon.com Inc., 3.8%, 12/5/24 | $ | 200,000 | $ | 220,366 | ||||
CCO Safari II LLC (A), 4.464%, 7/23/22 | 200,000 | 212,648 | ||||||
Comcast Corp., 6.45%, 3/15/37 | 300,000 | 403,912 | ||||||
Delphi Automotive PLC (B), 3.15%, 11/19/20 | 200,000 | 203,724 | ||||||
DR Horton Inc., 3.75%, 3/1/19 | 50,000 | 51,125 | ||||||
Expedia Inc. (A), 5%, 2/15/26 | 50,000 | 50,805 | ||||||
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19 | 200,000 | 204,872 | ||||||
GameStop Corp. (A), 6.75%, 3/15/21 | 50,000 | 49,263 | ||||||
General Motors Financial Co. Inc., 4.2%, 3/1/21 | 100,000 | 105,384 | ||||||
Georgia-Pacific LLC (A), 3.163%, 11/15/21 | 100,000 | 102,737 | ||||||
GLP Capital L.P./GLP Financing II Inc., 4.875%, 11/1/20 | 25,000 | 26,375 | ||||||
Harman International Industries Inc., 4.15%, 5/15/25 | 100,000 | 102,076 | ||||||
Home Depot Inc/The, 2%, 4/1/21 | 100,000 | 101,208 | ||||||
Lowe’s Cos. Inc., 2.5%, 4/15/26 | 100,000 | 99,022 | ||||||
McDonald’s Corp., MTN, 4.875%, 12/9/45 | 50,000 | 56,503 | ||||||
Newell Brands Inc., 4.2%, 4/1/26 | 100,000 | 105,649 | ||||||
Newell Brands Inc., 5.5%, 4/1/46 | 100,000 | 111,255 | ||||||
Nissan Motor Acceptance Corp. (A), 2.65%, 9/26/18 | 50,000 | 51,167 | ||||||
Omnicom Group Inc., 3.6%, 4/15/26 | 200,000 | 208,229 | ||||||
Priceline Group Inc./The, 3.65%, 3/15/25 | 200,000 | 204,801 | ||||||
QVC Inc., 3.125%, 4/1/19 | 200,000 | 202,615 | ||||||
Sirius XM Radio Inc. (A), 6%, 7/15/24 | 125,000 | 131,887 | ||||||
Time Warner Inc., 6.25%, 3/29/41 | 150,000 | 182,733 | ||||||
Toll Brothers Finance Corp., 4%, 12/31/18 | 50,000 | 51,750 | ||||||
Walgreens Boots Alliance Inc., 4.5%, 11/18/34 | 150,000 | 149,736 | ||||||
|
| |||||||
3,389,842 | ||||||||
Consumer Staples—6.5% |
| |||||||
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46 | 50,000 | 56,703 | ||||||
CVS Health Corp. (A), 4.75%, 12/1/22 | 200,000 | 224,912 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 200,000 | 233,730 | ||||||
General Mills Inc., 5.65%, 2/15/19 | 200,000 | 223,100 | ||||||
JM Smucker Co./The, 3.5%, 3/15/25 | 200,000 | 209,823 | ||||||
Kraft Heinz Foods Co., 3.5%, 6/6/22 | 200,000 | 212,212 | ||||||
Kraft Heinz Foods Co. (A), 3.95%, 7/15/25 | 150,000 | 160,171 | ||||||
Wal-Mart Stores Inc., 3.25%, 10/25/20 | 200,000 | 215,925 | ||||||
|
| |||||||
1,536,576 | ||||||||
Energy—11.9% |
| |||||||
Antero Resources Corp., 5.625%, 6/1/23 | 50,000 | 48,500 | ||||||
BP Capital Markets PLC (B), 3.119%, 5/4/26 | 100,000 | 100,684 | ||||||
Chevron Corp., 3.191%, 6/24/23 | 200,000 | 209,632 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 75,000 | 71,932 | ||||||
Devon Energy Corp., 5.6%, 7/15/41 | 100,000 | 88,147 | ||||||
Energy Transfer Partners L.P., 5.2%, 2/1/22 | 300,000 | 303,082 | ||||||
Enterprise Products Operating LLC, 4.45%, 2/15/43 | 200,000 | 190,992 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 50,000 | 53,268 | ||||||
Helmerich & Payne International Drilling Co., 4.65%, 3/15/25 | 100,000 | 103,277 | ||||||
Kinder Morgan Energy Partners L.P., 2.65%, 2/1/19 | 50,000 | 49,489 | ||||||
Kinder Morgan Inc. (A), 5%, 2/15/21 | 50,000 | 51,776 | ||||||
Marathon Oil Corp., 2.7%, 6/1/20 | 200,000 | 186,343 | ||||||
Marathon Petroleum Corp., 2.7%, 12/14/18 | 100,000 | 101,820 |
Par Value | Value (Note 2) | |||||||
Marathon Petroleum Corp., 5.125%, 3/1/21 | $ | 250,000 | $ | 271,081 | ||||
Phillips 66, 4.65%, 11/15/34 | 100,000 | 105,430 | ||||||
Phillips 66 Partners L.P., 3.605%, 2/15/25 | 200,000 | 190,374 | ||||||
Schlumberger Holdings Corp. (A), 2.35%, 12/21/18 | 200,000 | 202,769 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 350,000 | 393,328 | ||||||
Williams Partners L.P./ACMP Finance Corp., 4.875%, 5/15/23 | 100,000 | 91,780 | ||||||
|
| |||||||
2,813,704 | ||||||||
Financials—34.1% |
| |||||||
Banks—15.3% | ||||||||
Bank of America Corp., 2.6%, 1/15/19 | 100,000 | 101,738 | ||||||
Bank of America Corp., MTN, 3.3%, 1/11/23 | 200,000 | 203,257 | ||||||
BB&T Corp., MTN, 2.25%, 2/1/19 | 200,000 | 204,089 | ||||||
Capital One Financial Corp., 2.45%, 4/24/19 | 300,000 | 303,447 | ||||||
Goldman Sachs Group Inc./The, 5.75%, 1/24/22 | 100,000 | 115,089 | ||||||
Goldman Sachs Group Inc./The, 3.625%, 1/22/23 | 200,000 | 207,265 | ||||||
Huntington National Bank/The, 2.2%, 4/1/19 | 300,000 | 299,574 | ||||||
JPMorgan Chase & Co., 4.25%, 10/15/20 | 100,000 | 108,168 | ||||||
JPMorgan Chase & Co., 3.125%, 1/23/25 | 200,000 | 200,544 | ||||||
KeyCorp, MTN, 5.1%, 3/24/21 | 250,000 | 278,516 | ||||||
Morgan Stanley, 2.8%, 6/16/20 | 200,000 | 203,920 | ||||||
Morgan Stanley, MTN, 3.7%, 10/23/24 | 200,000 | 206,302 | ||||||
Morgan Stanley, MTN, 3.875%, 1/27/26 | 100,000 | 103,764 | ||||||
PNC Funding Corp., 3.3%, 3/8/22 | 100,000 | 105,500 | ||||||
Regions Bank, 2.25%, 9/14/18 | 250,000 | 251,128 | ||||||
US Bancorp, MTN, 2.2%, 11/15/16 | 200,000 | 201,359 | ||||||
US Bancorp, MTN, 2.35%, 1/29/21 | 200,000 | 204,823 | ||||||
Wells Fargo & Co., 5.625%, 12/11/17 | 300,000 | 320,446 | ||||||
|
| |||||||
3,618,929 | ||||||||
Diversified Financial Services—7.2% |
| |||||||
AerCap Ireland Capital Ltd./AerCap Global | ||||||||
Aviation Trust (B), 3.75%, 5/15/19 | 150,000 | 152,063 | ||||||
Affiliated Managers Group Inc., 4.25%, 2/15/24 | 300,000 | 308,928 | ||||||
Air Lease Corp., 3.875%, 4/1/21 | 50,000 | 50,875 | ||||||
Air Lease Corp., 3.75%, 2/1/22 | 200,000 | 202,042 | ||||||
Apollo Management Holdings L.P. (A), 4%, 5/30/24 | 250,000 | 252,654 | ||||||
General Electric Capital Corp., MTN, 6.75%, 3/15/32 | 300,000 | 414,661 | ||||||
Intercontinental Exchange Inc., 2.75%, 12/1/20 | 100,000 | 102,999 | ||||||
Synchrony Financial, 2.6%, 1/15/19 | 100,000 | 100,724 | ||||||
Synchrony Financial, 3.75%, 8/15/21 | 100,000 | 102,926 | ||||||
|
| |||||||
1,687,872 | ||||||||
Insurance—7.0% | ||||||||
Aflac Inc., 3.625%, 11/15/24 | 200,000 | 211,780 | ||||||
American International Group Inc., 3.875%, 1/15/35 | 200,000 | 185,450 | ||||||
Berkshire Hathaway Finance Corp., 5.4%, 5/15/18 | 400,000 | 435,150 | ||||||
Berkshire Hathaway Inc., 3.125%, 3/15/26 | 50,000 | 52,068 | ||||||
Liberty Mutual Group Inc. (A), 4.25%, 6/15/23 | 100,000 | 104,775 | ||||||
MetLife Inc., 3.6%, 4/10/24 | 100,000 | 105,149 | ||||||
New York Life Global Funding (A), 1.95%, 2/11/20 | 200,000 | 200,635 | ||||||
ProAssurance Corp., 5.3%, 11/15/23 | 50,000 | 53,124 |
Par Value | Value (Note 2) | |||||||
Prudential Financial Inc., MTN, 3.5%, 5/15/24 | $ | 300,000 | $ | 308,095 | ||||
|
| |||||||
1,656,226 | ||||||||
Machinery-Constr&Mining - 0.9% |
| |||||||
Caterpillar Financial Services Corp., Series G, 2.45%, 9/6/18 | 200,000 | 205,706 | ||||||
|
| |||||||
Mining—0.5% | ||||||||
Glencore Funding LLC (A), 3.125%, 4/29/19 | 125,000 | 119,375 | ||||||
|
| |||||||
Real Estate—3.2% | ||||||||
Boston Properties L.P., 3.65%, 2/1/26 | 100,000 | 104,707 | ||||||
Simon Property Group L.P., 4.125%, 12/1/21 | 400,000 | 440,468 | ||||||
WP Carey Inc., 4.6%, 4/1/24 | 200,000 | 202,201 | ||||||
|
| |||||||
747,376 | ||||||||
|
| |||||||
8,035,484 | ||||||||
Health Care—5.5% |
| |||||||
AbbVie Inc., 4.7%, 5/14/45 | 100,000 | 106,207 | ||||||
Actavis Funding SCS (B), 4.55%, 3/15/35 | 130,000 | 130,045 | ||||||
Cardinal Health Inc., 1.95%, 6/15/18 | 200,000 | 202,093 | ||||||
Express Scripts Holding Co., 3.3%, 2/25/21 | 50,000 | 51,596 | ||||||
Express Scripts Holding Co., 4.75%, 11/15/21 | 200,000 | 219,897 | ||||||
Forest Laboratories Inc. (A), 5%, 12/15/21 | 50,000 | 55,160 | ||||||
Gilead Sciences Inc., 4.75%, 3/1/46 | 100,000 | 110,925 | ||||||
HCA Inc., 3.75%, 3/15/19 | 100,000 | 102,750 | ||||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 200,000 | 205,498 | ||||||
UnitedHealth Group Inc., 4.75%, 7/15/45 | 100,000 | 115,543 | ||||||
|
| |||||||
1,299,714 | ||||||||
Industrials—7.2% |
| |||||||
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 200,000 | 219,000 | ||||||
Caterpillar Inc., 5.2%, 5/27/41 | 20,000 | 23,982 | ||||||
CRH America Inc. (A), 3.875%, 5/18/25 | 200,000 | 209,564 | ||||||
Hertz Corp./The, 7.5%, 10/15/18 | 100,000 | 101,676 | ||||||
International Lease Finance Corp., 8.875%, 9/1/17 | 100,000 | 107,625 | ||||||
Lockheed Martin Corp., 2.9%, 3/1/25 | 200,000 | 204,578 | ||||||
Masco Corp., 4.375%, 4/1/26 | 100,000 | 103,000 | ||||||
Norfolk Southern Corp., 3.25%, 12/1/21 | 200,000 | 209,146 | ||||||
Textron Inc., 3.875%, 3/1/25 | 200,000 | 204,632 | ||||||
United Rentals North America Inc., 6.125%, 6/15/23 | 100,000 | 103,750 | ||||||
Verisk Analytics Inc., 4%, 6/15/25 | 200,000 | 204,670 | ||||||
|
| |||||||
1,691,623 | ||||||||
Information Technology—4.7% |
| |||||||
Analog Devices Inc., 5.3%, 12/15/45 | 50,000 | 58,044 | ||||||
Apple Inc., 2.25%, 2/23/21 | 200,000 | 204,450 | ||||||
CDW LLC/CDW Finance Corp., 5%, 9/1/23 | 50,000 | 51,206 | ||||||
Cisco Systems Inc., 2.2%, 2/28/21 | 150,000 | 153,065 | ||||||
First Data Corp. (A), 6.75%, 11/1/20 | 100,000 | 105,000 | ||||||
Fiserv Inc., 2.7%, 6/1/20 | 200,000 | 205,093 | ||||||
Intel Corp., 4.9%, 7/29/45 | 100,000 | 114,498 | ||||||
Microsoft Corp., 3.5%, 2/12/35 | 100,000 | 100,153 | ||||||
Visa Inc., 3.15%, 12/14/25 | 100,000 | 104,844 | ||||||
|
| |||||||
1,096,353 | ||||||||
Materials—3.3% |
| |||||||
Agrium Inc. (B), 3.375%, 3/15/25 | 200,000 | 198,417 | ||||||
Alcoa Inc., 5.125%, 10/1/24 | 50,000 | 48,688 | ||||||
Dow Chemical Co./The, 4.125%, 11/15/21 | 200,000 | 219,589 | ||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 300,000 | 301,858 | ||||||
|
| |||||||
768,552 |
See accompanying Notes to Financial Statements.
|
20 |
Madison Funds | April 30, 2016
Madison Corporate Bond Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - continued |
| |||||||
Telecommunication Services—4.7% |
| |||||||
AT&T Inc., 5%, 3/1/21 | $ | 300,000 | $ | 335,245 | ||||
AT&T Inc., 4.75%, 5/15/46 | 75,000 | 75,572 | ||||||
Frontier Communications Corp. (A), 11%, 9/15/25 | 50,000 | 50,500 | ||||||
Harris Corp., 5.054%, 4/27/45 | 200,000 | 216,330 | ||||||
Verizon Communications Inc., 5.15%, 9/15/23 | 200,000 | 230,019 | ||||||
Verizon Communications Inc., 4.4%, 11/1/34 | 200,000 | 203,828 | ||||||
|
| |||||||
1,111,494 | ||||||||
|
| |||||||
Total Corporate Notes and Bonds (Cost $20,990,109) | 21,743,342 | |||||||
LONG TERM MUNICIPAL BONDS—4.7% |
| |||||||
City of Oklahoma City OK Tax Allocation, Series B, 5%, 3/1/32 | 200,000 | 226,800 |
Par Value | Value (Note 2) | |||||||
County of Palm Beach FL Revenue, 5%, 11/1/33 | $ | 200,000 | $ | 215,628 | ||||
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39 | 200,000 | 228,242 | ||||||
Las Vegas Valley Water District, General Obligation, Series A, 7.1%, 6/1/39 | 200,000 | 227,738 | ||||||
Orange County Health Facilities Authority Revenue, 5%, 1/1/29 | 200,000 | 219,988 | ||||||
|
| |||||||
Total Long Term Municipal Bonds (Cost $1,097,631) | 1,118,396 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—1.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 394,906 | 394,906 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $394,906) | 394,906 | |||||||
|
|
Value (Note 2) | ||||
TOTAL INVESTMENTS—98.7% (Cost $22,482,646**) | $ | 23,256,644 | ||
NET OTHER ASSETS AND LIABILITIES—1.3% | 295,614 | |||
|
| |||
TOTAL NET ASSETS—100.0% | $ | 23,552,258 | ||
|
|
** | Aggregate cost for Federal tax purposes was $22,482,646. |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(B) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 3.3% of total net assets. |
MTN | Medium Term Note. |
PLC | Public Limited Company. |
Madison High Income Fund Portfolio of Investments (unaudited)
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - 91.6% |
| |||||||
Consumer Discretionary—22.5% |
| |||||||
Altice Financing S.A. (A) (B), 7.5%, 5/15/26 | $ | 250,000 | $ | 250,312 | ||||
Cablevision Systems Corp., 5.875%, 9/15/22 | 100,000 | 87,000 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (B), 5.875%, 4/1/24 | 300,000 | 314,250 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 200,000 | 206,042 | ||||||
DISH DBS Corp., 5.875%, 11/15/24 | 100,000 | 93,850 | ||||||
GameStop Corp. (B), 6.75%, 3/15/21 | 225,000 | 221,681 | ||||||
Group 1 Automotive Inc., 5%, 6/1/22 | 300,000 | 297,000 | ||||||
LTF Merger Sub Inc. (B), 8.5%, 6/15/23 | 250,000 | 245,625 | ||||||
Mediacom LLC/Mediacom Capital Corp., 7.25%, 2/15/22 | 100,000 | 104,750 | ||||||
New Red Finance Inc. (A) (B), 6%, 4/1/22 | 300,000 | 309,750 | ||||||
Nexteer Automotive Group Ltd. (A) (B), 5.875%, 11/15/21 | 250,000 | 256,875 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.625%, 2/15/24 | 500,000 | 520,000 | ||||||
Penske Automotive Group Inc., 5.75%, 10/1/22 | 250,000 | 258,125 | ||||||
Pinnacle Entertainment Inc., 8.75%, 5/15/20 | 200,000 | 206,300 | ||||||
Pinnacle Entertainment Inc. (B), 5.625%, 5/1/24 | 250,000 | 249,688 | ||||||
Scientific Games International Inc., 6.25%, 9/1/20 | 350,000 | 224,875 | ||||||
Sinclair Television Group Inc., 6.375%, 11/1/21 | 400,000 | 423,000 | ||||||
Sirius XM Radio Inc. (B), 4.625%, 5/15/23 | 250,000 | 247,500 | ||||||
Univision Communications Inc. (B), 6.75%, 9/15/22 | 497,000 | 526,820 | ||||||
Viking Cruises Ltd. (A) (B), 8.5%, 10/15/22 | 250,000 | 235,000 | ||||||
|
| |||||||
5,278,443 | ||||||||
Consumer Staples—2.0% |
| |||||||
Cott Beverages Inc., 5.375%, 7/1/22 | 250,000 | 256,875 | ||||||
Dean Foods Co. (B), 6.5%, 3/15/23 | 200,000 | 210,000 | ||||||
|
| |||||||
466,875 | ||||||||
Energy—6.1% |
| |||||||
Archrock Partners L.P./Archrock Partners | ||||||||
Finance Corp., 6%, 10/1/22 | 250,000 | 196,250 |
Par Value | Value (Note 2) | |||||||
Devon Energy Corp., 6.3%, 1/15/19 | $ | 250,000 | $ | 261,657 | ||||
Paramount Resources Ltd. (A) (B), 6.875%, 6/30/23 | 100,000 | 77,500 | ||||||
QEP Resources Inc., 5.375%, 10/1/22 | 250,000 | 236,875 | ||||||
Southern Star Central Corp. (B), 5.125%, 7/15/22 | 300,000 | 285,750 | ||||||
Tesoro Logistics L.P./Tesoro Logistics | ||||||||
Finance Corp., 6.25%, 10/15/22 | 100,000 | 102,500 | ||||||
Unit Corp., 6.625%, 5/15/21 | 400,000 | 271,000 | ||||||
|
| |||||||
1,431,532 | ||||||||
Financials—7.4% |
| |||||||
Ally Financial Inc., 3.75%, 11/18/19 | 300,000 | 299,250 | ||||||
Equinix Inc., 5.875%, 1/15/26 | 100,000 | 105,812 | ||||||
Geo Group Inc./The, 5.875%, 10/15/24 | 150,000 | 153,000 | ||||||
Iron Mountain Inc., 6%, 8/15/23 | 150,000 | 159,375 | ||||||
Iron Mountain Inc., 5.75%, 8/15/24 | 350,000 | 359,625 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 7/1/21 | 300,000 | 263,250 | ||||||
Quicken Loans Inc. (B), 5.75%, 5/1/25 | 200,000 | 188,000 | ||||||
Solera LLC/Solera Finance Inc. (B), 10.5%, 3/1/24 | 200,000 | 209,500 | ||||||
|
| |||||||
1,737,812 | ||||||||
Health Care—10.9% |
| |||||||
Acadia Healthcare Co. Inc., 5.125%, 7/1/22 | 250,000 | 253,437 | ||||||
Alere Inc. (B), 6.375%, 7/1/23 | 200,000 | 204,000 | ||||||
Centene Corp. (B), 5.625%, 2/15/21 | 250,000 | 263,125 | ||||||
CHS/Community Health Systems Inc., 6.875%, 2/1/22 | 300,000 | 271,500 | ||||||
Grifols Worldwide Operations Ltd. (A), 5.25%, 4/1/22 | 250,000 | 257,500 | ||||||
HCA Inc., 5.875%, 2/15/26 | 100,000 | 103,750 | ||||||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC (B), 6.375%, 8/1/23 | 100,000 | 103,900 | ||||||
Mallinckrodt International Finance S.A. (A), 4.75%, 4/15/23 | 300,000 | 244,623 | ||||||
MPH Acquisition Holdings LLC (B), 6.625%, 4/1/22 | 250,000 | 261,040 | ||||||
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19 | 400,000 | 412,500 |
Par Value | Value (Note 2) | |||||||
Valeant Pharmaceuticals International Inc. (A) (B), 5.625%, 12/1/21 | $ | 200,000 | $ | 169,500 | ||||
|
| |||||||
2,544,875 | ||||||||
Industrials—12.6% |
| |||||||
ACCO Brands Corp., 6.75%, 4/30/20 | 200,000 | 212,000 | ||||||
Aircastle Ltd. (A), 5%, 4/1/23 | 100,000 | 101,816 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. (B), 5.25%, 3/15/25 | 250,000 | 229,375 | ||||||
Bombardier Inc. (A) (B), 6.125%, 1/15/23 | 175,000 | 152,250 | ||||||
Brand Energy & Infrastructure Services Inc. (B) (C), 8.5%, 12/1/21 | 250,000 | 236,250 | ||||||
GCP Applied Technologies Inc. (B), 9.5%, 2/1/23 | 100,000 | 109,500 | ||||||
Hertz Corp./The, 6.75%, 4/15/19 | 400,000 | 407,092 | ||||||
Hertz Corp./The, 5.875%, 10/15/20 | 100,000 | 101,551 | ||||||
Manitowoc Foodservice Inc. (B), 9.5%, 2/15/24 | 200,000 | 221,000 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. (B), 5%, 4/15/22 | 200,000 | 204,000 | ||||||
Nortek Inc., 8.5%, 4/15/21 | 250,000 | 260,000 | ||||||
Prime Security Services Borrower LLC/ Prime Finance Inc. (B), 9.25%, 5/15/23 | 125,000 | 129,687 | ||||||
Standard Industries Inc. (B), 5.375%, 11/15/24 | 250,000 | 260,625 | ||||||
Summit Materials LLC/Summit Materials Finance Corp. (B), 8.5%, 4/15/22 | 250,000 | 265,000 | ||||||
United Rentals North America Inc., 8.25%, 2/1/21 | 69,000 | 71,933 | ||||||
|
| |||||||
2,962,079 | ||||||||
Information Technology—10.3% |
| |||||||
Alliance Data Systems Corp. (B), 6.375%, 4/1/20 | 400,000 | 411,000 | ||||||
Belden Inc. (B), 5.5%, 9/1/22 | 500,000 | 505,000 | ||||||
Diebold Inc. (B), 8.5%, 4/15/24 | 250,000 | 253,125 | ||||||
Hughes Satellite Systems Corp., 7.625%, 6/15/21 | 150,000 | 166,875 | ||||||
Micron Technology Inc. (B), 5.25%, 1/15/24 | 125,000 | 100,312 | ||||||
ViaSat Inc., 6.875%, 6/15/20 | 370,000 | 382,025 | ||||||
Western Digital Corp. (B), 7.375%, 4/1/23 | 400,000 | 403,750 | ||||||
Western Digital Corp. (B), 10.5%, 4/1/24 | 200,000 | 194,500 | ||||||
|
| |||||||
2,416,587 |
See accompanying Notes to Financial Statements.
21
Madison Funds | April 30, 2016
Madison High Income Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS—continued |
| |||||||
Materials—4.6% |
| |||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. (A) (B), 9.125%, 10/15/20 | $ | 400,000 | $ | 420,500 | ||||
Berry Plastics Corp., 5.5%, 5/15/22 | 275,000 | 283,766 | ||||||
Rayonier AM Products Inc. (B), 5.5%, 6/1/24 | 450,000 | 380,250 | ||||||
|
| |||||||
1,084,516 | ||||||||
Telecommunication Services—5.6% |
| |||||||
Altice S.A. (A) (B), 7.625%, 2/15/25 | 250,000 | 241,563 | ||||||
CenturyLink Inc., 7.5%, 4/1/24 | 500,000 | 501,250 | ||||||
GCI Inc., 6.875%, 4/15/25 | 150,000 | 151,500 | ||||||
Intelsat Jackson Holdings S.A. (A) (B), 8%, 2/15/24 | 100,000 | 103,500 | ||||||
T-Mobile USA Inc., 6.633%, 4/28/21 | 200,000 | 210,750 | ||||||
T-Mobile USA Inc., 6.5%, 1/15/26 | 100,000 | 106,000 | ||||||
|
| |||||||
1,314,563 | ||||||||
Utilities—9.6% |
| |||||||
AES Corp./VA, 5.5%, 3/15/24 | 400,000 | 405,000 |
Par Value | Value (Note 2) | |||||||
AmeriGas Finance LLC/AmeriGas Finance | ||||||||
Corp., 7%, 5/20/22 | $ | 400,000 | $ | 422,500 | ||||
Calpine Corp., 5.5%, 2/1/24 | 250,000 | 252,500 | ||||||
Dynegy Inc., 7.625%, 11/1/24 | 150,000 | 146,625 | ||||||
Ferrellgas L.P./Ferrellgas Finance Corp., 6.75%, 1/15/22 | 400,000 | 383,000 | ||||||
NRG Energy Inc., 8.25%, 9/1/20 | 200,000 | 207,000 | ||||||
NRG Energy Inc., 6.25%, 5/1/24 | 200,000 | 195,000 | ||||||
Talen Energy Supply LLC (B), 4.625%, 7/15/19 | 250,000 | 232,500 | ||||||
|
| |||||||
2,244,125 | ||||||||
|
| |||||||
Total Corporate Notes and Bonds (Cost $21,671,277) | 21,481,407 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—7.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,861,625 | 1,861,625 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $1,861,625) | 1,861,625 | |||||||
|
|
Value (Note 2) | ||||
TOTAL INVESTMENTS—99.5% (Cost $23,532,902**) | $ | 23,343,032 | ||
NET OTHER ASSETS AND LIABILITIES—0.5% | 115,172 | |||
|
| |||
TOTAL NET ASSETS—100.0% | $ | 23,458,204 | ||
|
|
** | Aggregate cost for Federal tax purposes was $23,532,902. |
(A) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 12.0% of total net assets. |
(B) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(C) | Illiquid security (See Note 2). |
PLC | Public Limited Company. |
Madison Diversified Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—54.2% |
| |||||||
Consumer Discretionary—4.9% |
| |||||||
Home Depot Inc./The | 14,800 | $ | 1,981,572 | |||||
McDonald’s Corp. | 23,500 | 2,972,515 | ||||||
Omnicom Group Inc. | 17,000 | 1,410,490 | ||||||
Tiffany & Co. | 12,500 | 891,875 | ||||||
|
| |||||||
7,256,452 | ||||||||
Consumer Staples—7.1% |
| |||||||
Coca-Cola Co./The | 33,000 | 1,478,400 | ||||||
Hershey Co./The | 17,500 | 1,629,425 | ||||||
JM Smucker Co./The | 15,500 | 1,968,190 | ||||||
Nestle S.A., ADR | 26,700 | 1,991,019 | ||||||
PepsiCo Inc. | 15,000 | 1,544,400 | ||||||
Procter & Gamble Co./The | 25,000 | 2,003,000 | ||||||
|
| |||||||
10,614,434 | ||||||||
Energy—4.4% |
| |||||||
Chevron Corp. | 17,700 | 1,808,586 | ||||||
Exxon Mobil Corp. | 33,500 | 2,961,400 | ||||||
Schlumberger Ltd. | 22,500 | 1,807,650 | ||||||
|
| |||||||
6,577,636 | ||||||||
Financials—8.5% |
| |||||||
BB&T Corp. | 33,500 | 1,185,230 | ||||||
CME Group Inc. | 16,200 | 1,488,942 | ||||||
Northern Trust Corp. | 16,000 | 1,137,280 | ||||||
PNC Financial Services Group Inc./The | 10,000 | 877,800 | ||||||
Travelers Cos. Inc./The | 31,500 | 3,461,850 | ||||||
US Bancorp | 51,500 | 2,198,535 | ||||||
Wells Fargo & Co. | 47,000 | 2,349,060 | ||||||
|
| |||||||
12,698,697 | ||||||||
Health Care—7.6% |
| |||||||
Amgen Inc. | 7,500 | 1,187,250 | ||||||
Johnson & Johnson | 31,000 | 3,474,480 | ||||||
Medtronic PLC | 22,100 | 1,749,215 | ||||||
Merck & Co. Inc. | 35,000 | 1,919,400 | ||||||
Pfizer Inc. | 90,000 | 2,943,900 | ||||||
|
| |||||||
11,274,245 | ||||||||
Industrials—9.3% |
| |||||||
3M Co. | 10,500 | 1,757,490 |
Shares | Value (Note 2) | |||||||
Boeing Co./The | 12,700 | $ | 1,711,960 | |||||
Emerson Electric Co. | 18,000 | 983,340 | ||||||
General Electric Co. | 82,500 | 2,536,875 | ||||||
Union Pacific Corp. | 13,000 | 1,133,990 | ||||||
United Parcel Service Inc., Class B | 19,800 | 2,080,386 | ||||||
United Technologies Corp. | 18,500 | 1,930,845 | ||||||
Waste Management Inc. | 28,000 | 1,646,120 | ||||||
|
| |||||||
13,781,006 | ||||||||
Information Technology—7.1% |
| |||||||
Accenture PLC, Class A | 19,000 | 2,145,480 | ||||||
Automatic Data Processing Inc. | 10,000 | 884,400 | ||||||
Cisco Systems Inc. | 48,000 | 1,319,520 | ||||||
Linear Technology Corp. | 33,000 | 1,467,840 | ||||||
Microsoft Corp. | 58,000 | 2,892,460 | ||||||
Texas Instruments Inc. | 31,000 | 1,768,240 | ||||||
|
| |||||||
10,477,940 | ||||||||
Materials—1.1% |
| |||||||
Praxair Inc. | 14,000 | 1,644,440 | ||||||
|
| |||||||
Telecommunication Service—1.8% |
| |||||||
Verizon Communications Inc. | 52,000 | 2,648,880 | ||||||
|
| |||||||
Utilities—2.4% |
| |||||||
Duke Energy Corp. | 26,500 | 2,087,670 | ||||||
NextEra Energy Inc. | 13,000 | 1,528,540 | ||||||
|
| |||||||
3,616,210 | ||||||||
|
| |||||||
Total Common Stocks (Cost $61,695,497) | 80,589,940 | |||||||
Par Value | ||||||||
ASSET BACKED SECURITIES—1.3% |
| |||||||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30 | $ | 98,971 | 103,153 | |||||
Ally Master Owner Trust, Series 2014-4, Class A2, 1.43%, 6/17/19 | 225,000 | 224,952 | ||||||
CNH Equipment Trust, Series 2014-A, Class A3, 0.84%, 5/15/19 | 102,019 | 101,892 | ||||||
Ford Credit Auto Owner Trust, Series 2014- A, Class A3, 0.79%, 5/15/18 | 101,577 | 101,535 |
Par Value | Value (Note 2) | |||||||
Hyundai Auto Receivables Trust, Series 2014-A, Class A3, 0.79%, 7/16/18 | $ | 57,591 | $ | 57,575 | ||||
Mercedes-Benz Auto Lease Trust, Series 2014-A, Class A4, 0.9%, 12/16/19 | 320,204 | 320,196 | ||||||
Santander Drive Auto Receivables Trust, Series 2013-3 Class B, 1.19%, 5/15/18 | 24,862 | 24,862 | ||||||
Santander Drive Auto Receivables Trust, Series 2012-5, Class D, 3.3%, 9/17/18 | 250,000 | 253,420 | ||||||
Santander Drive Auto Receivables Trust, Series 2013-5, Class C, 2.25%, 6/17/19 | 250,000 | 251,406 | ||||||
Santander Drive Auto Receivables Trust, Series 2013-4, Class C, 3.25%, 1/15/20 | 275,000 | 278,182 | ||||||
Volkswagen Auto Lease Trust, Series 2014- A, Class A3, 0.8%, 4/20/17 | 60,305 | 60,252 | ||||||
Volvo Financial Equipment LLC, Series 2014-1A, Class A3 (B), 0.82%, 4/16/18 | 90,368 | 90,195 | ||||||
|
| |||||||
Total Asset Backed Securities (Cost $1,866,702) | 1,867,620 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.0% |
| |||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 200,000 | 214,782 | ||||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 250,000 | 274,102 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 137,778 | 156,265 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 395,072 | 409,360 | ||||||
Freddie Mac REMICS, Series 3825, Class CB, 3.5%, 3/15/26 | 406,565 | 435,271 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations (Cost $1,488,533) | 1,489,780 | |||||||
CORPORATE NOTES AND BONDS—14.8% |
| |||||||
Consumer Discretionary—3.1% |
| |||||||
Advance Auto Parts Inc., 4.5%, 12/1/23 | 500,000 | 530,754 | ||||||
Amazon.com Inc., 3.3%, 12/5/21 | 200,000 | 215,211 | ||||||
CCO Safari II LLC (B), 4.464%, 7/23/22 | 400,000 | 425,296 | ||||||
ERAC USA Finance LLC (B), 6.7%, 6/1/34 | 150,000 | 189,795 | ||||||
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19 | 300,000 | 307,308 |
See accompanying Notes to Financial Statements.
22
Madison Funds | April 30, 2016
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS - continued |
| |||||||
Consumer Discretionary - continued |
| |||||||
GameStop Corp. (B), 6.75%, 3/15/21 | $ | 100,000 | $ | 98,525 | ||||
General Motors Financial Co. Inc., 4.2%, 3/1/21 | 300,000 | 316,153 | ||||||
GLP Capital L.P. / GLP Financing II Inc., 4.875%, 11/1/20 | 125,000 | 131,875 | ||||||
Lennar Corp., 4.75%, 4/1/21 | 150,000 | 156,225 | ||||||
McDonald’s Corp., MTN, 4.875%, 12/9/45 | 300,000 | 339,017 | ||||||
Newell Brands Inc., 5.5%, 4/1/46 | 450,000 | 500,648 | ||||||
Omnicom Group Inc., 3.6%, 4/15/26 | 350,000 | 364,400 | ||||||
Royal Caribbean Cruises Ltd. (C), 7.25%, 6/15/16 | 400,000 | 402,360 | ||||||
Time Warner Inc., 4.75%, 3/29/21 | 400,000 | 447,010 | ||||||
Walgreens Boots Alliance Inc., 4.5%, 11/18/34 | 155,000 | 154,728 | ||||||
|
| |||||||
4,579,305 | ||||||||
Consumer Staples—0.6% |
| |||||||
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46 | 100,000 | 113,406 | ||||||
Coca-Cola Co./The, 2.45%, 11/1/20 | 500,000 | 521,876 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 250,000 | 292,162 | ||||||
|
| |||||||
927,444 | ||||||||
Energy—2.4% |
| |||||||
Antero Resources Corp., 5.625%, 6/1/23 | 150,000 | 145,500 | ||||||
BP Capital Markets PLC (C), 3.119%, 5/4/26 | 200,000 | 201,368 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 500,000 | 479,548 | ||||||
Energy Transfer Partners L.P., 5.2%, 2/1/22 | 200,000 | 202,055 | ||||||
Enterprise Products Operating LLC, 5.2%, 9/1/20 | 450,000 | 495,045 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 300,000 | 309,557 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 225,000 | 239,707 | ||||||
Hess Corp., 7.875%, 10/1/29 | 150,000 | 169,903 | ||||||
Marathon Oil Corp., 6%, 10/1/17 | 300,000 | 311,873 | ||||||
Phillips 66, 4.65%, 11/15/34 | 500,000 | 527,152 | ||||||
Schlumberger Holdings Corp. (B), 4%, 12/21/25 | 300,000 | 320,432 | ||||||
Williams Partners L.P. / ACMP Finance Corp., 4.875%, 5/15/23 | 250,000 | 229,450 | ||||||
|
| |||||||
3,631,590 | ||||||||
Financials—2.2% |
| |||||||
Air Lease Corp., 3.75%, 2/1/22 | 300,000 | 303,063 | ||||||
American Express Credit Corp., MTN, 2.375%, 3/24/17 | 90,000 | 91,099 | ||||||
Berkshire Hathaway Inc., 3.125%, 3/15/26 | 100,000 | 104,137 | ||||||
Capital One Financial Corp., 2.45%, 4/24/19 | 200,000 | 202,298 | ||||||
Fifth Third Bancorp, 2.3%, 3/1/19 | 275,000 | 276,521 | ||||||
Glencore Funding LLC (B), 3.125%, 4/29/19 | 265,000 | 253,075 | ||||||
Goldman Sachs Group Inc./The, 5.75%, 1/24/22 | 500,000 | 575,444 | ||||||
Huntington National Bank/The, 2.2%, 4/1/19 | 400,000 | 399,432 | ||||||
Morgan Stanley, MTN, 3.875%, 1/27/26 | 100,000 | 103,764 | ||||||
Morgan Stanley, 4.3%, 1/27/45 | 250,000 | 253,888 | ||||||
New York Life Global Funding (B), 1.95%, 2/11/20 | 300,000 | 300,953 | ||||||
Synchrony Financial, 3.75%, 8/15/21 | 250,000 | 257,314 | ||||||
Welltower Inc., 4.5%, 1/15/24 | 200,000 | 211,008 | ||||||
|
| |||||||
3,331,996 | ||||||||
Health Care—1.8% |
| |||||||
AbbVie Inc., 2%, 11/6/18 | 300,000 | 302,663 |
Par Value | Value (Note 2) | |||||||
Actavis Funding SCS (C), 4.75%, 3/15/45 | $ | 150,000 | $ | 151,729 | ||||
Amgen Inc., 5.85%, 6/1/17 | 1,050,000 | 1,102,179 | ||||||
Express Scripts Holding Co., 3.3%, 2/25/21 | 200,000 | 206,383 | ||||||
HCA Inc., 3.75%, 3/15/19 | 150,000 | 154,125 | ||||||
Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 220,000 | 271,583 | ||||||
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19 | 50,000 | 51,563 | ||||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 400,000 | 410,995 | ||||||
|
| |||||||
2,651,220 | ||||||||
Industrials—1.3% |
| |||||||
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20 | 175,000 | 214,498 | ||||||
Caterpillar Inc., 3.9%, 5/27/21 | 450,000 | 494,841 | ||||||
Danaher Corp., 3.9%, 6/23/21 | 450,000 | 490,664 | ||||||
International Lease Finance Corp., 8.875%, 9/1/17 | 150,000 | 161,437 | ||||||
Masco Corp., 4.375%, 4/1/26 | 150,000 | 154,500 | ||||||
Norfolk Southern Corp., 5.59%, 5/17/25 | 239,000 | 288,189 | ||||||
United Rentals North America Inc., 4.625%, 7/15/23 | 150,000 | 149,438 | ||||||
|
| |||||||
1,953,567 | ||||||||
Information Technology—1.9% |
| |||||||
Analog Devices Inc., 5.3%, 12/15/45 | 225,000 | 261,200 | ||||||
Apple Inc., 2.4%, 5/3/23 | 450,000 | 451,989 | ||||||
Broadridge Financial Solutions Inc., 3.95%, 9/1/20 | 450,000 | 475,568 | ||||||
Cisco Systems Inc., 2.2%, 2/28/21 | 325,000 | 331,640 | ||||||
Fiserv Inc., 2.7%, 6/1/20 | 250,000 | 256,366 | ||||||
Hewlett-Packard Enterprise Co. (B), 6.35%, 10/15/45 | 175,000 | 174,476 | ||||||
Intel Corp., 4.9%, 7/29/45 | 250,000 | 286,246 | ||||||
International Business Machines Corp., 1.875%, 8/1/22 | 400,000 | 396,667 | ||||||
Thomson Reuters Corp. (C), 4.3%, 11/23/23 | 225,000 | 241,780 | ||||||
|
| |||||||
2,875,932 | ||||||||
Materials—0.2% |
| |||||||
WestRock MWV LLC, 8.2%, 1/15/30 | 175,000 | 225,778 | ||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
AT&T Inc., 4.75%, 5/15/46 | 200,000 | 201,524 | ||||||
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22 | 415,000 | 588,011 | ||||||
Frontier Communications Corp. (B), 11%, 9/15/25 | 75,000 | 75,750 | ||||||
Harris Corp., 5.054%, 4/27/45 | 250,000 | 270,413 | ||||||
Verizon Communications Inc., 5.15%, 9/15/23 | 400,000 | 460,037 | ||||||
|
| |||||||
1,595,735 | ||||||||
Utilities—0.2% |
| |||||||
Interstate Power & Light Co., 6.25%, 7/15/39 | 175,000 | 230,768 | ||||||
|
| |||||||
Total Corporate Notes and Bonds (Cost $20,884,385) | 22,003,335 | |||||||
LONG TERM MUNICIPAL BONDS—3.9% |
| |||||||
County of Clark NV, General Obligation, Series C, 7%, 7/1/38 | 500,000 | 590,790 | ||||||
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39 | 500,000 | 570,605 | ||||||
County of Pima AZ, Series B, 3.325%, 12/1/25 | 500,000 | 495,525 | ||||||
Los Angeles Department of Water & Power Revenue, 6.166%, 7/1/40 | 500,000 | 571,510 | ||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325,000 | 429,429 |
Par Value | Value (Note 2) | |||||||
Metropolitan Water District of Southern California Revenue, Series D, 6.538%, 7/1/39 | $ | 500,000 | $ | 562,385 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 6.267%, 8/1/39 | 500,000 | 556,245 | ||||||
Northside Independent School District, General Obligation, Series B, (PSF-GTD), 5.741%, 8/15/35 | 325,000 | 356,223 | ||||||
Rancho Water District Financing Authority Revenue, Series A, 6.337%, 8/1/40 | 350,000 | 397,362 | ||||||
State of Iowa Revenue, 6.75%, 6/1/34 | 250,000 | 285,965 | ||||||
State of Michigan Revenue, Series B, 7.625%, 9/15/27 | 250,000 | 284,190 | ||||||
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39 | 500,000 | 555,950 | ||||||
Washington County School District #1 West Union, General Obligation, 4.355%, 6/30/34 | 200,000 | 209,870 | ||||||
|
| |||||||
Total Long Term Municipal Bonds (Cost $5,842,686) | 5,866,049 | |||||||
MORTGAGE BACKED SECURITIES—8.8% |
| |||||||
Fannie Mae—5.5% |
| |||||||
6%, 5/1/16 Pool # 582558 | 43 | 43 | ||||||
3.5%, 8/1/26 Pool # AL0787 | 258,596 | 273,761 | ||||||
3%, 5/1/27 Pool # AL1715 | 316,973 | 331,923 | ||||||
3.5%, 8/1/29 Pool # MA2003 | 277,247 | 293,393 | ||||||
3%, 9/1/30 Pool # 890696 | 306,479 | 321,171 | ||||||
7%, 11/1/31 Pool # 607515 | 10,010 | 11,383 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 497,153 | 526,003 | ||||||
7%, 5/1/32 Pool # 644591 | 2,708 | 3,033 | ||||||
5.5%, 10/1/33 Pool # 254904 | 76,657 | 86,693 | ||||||
7%, 7/1/34 Pool # 792636 | 5,100 | 5,318 | ||||||
4%, 2/1/35 Pool # MA2177 | 546,909 | 589,536 | ||||||
5%, 8/1/35 Pool # 829670 | 69,086 | 76,567 | ||||||
5%, 9/1/35 Pool # 820347 | 92,129 | 103,977 | ||||||
5%, 9/1/35 Pool # 835699 | 81,526 | 92,040 | ||||||
5%, 12/1/35 Pool # 850561 | 32,360 | 35,869 | ||||||
6%, 9/1/36 Pool # 831741 | 78,489 | 89,369 | ||||||
5.5%, 9/1/36 Pool # 831820 | 145,608 | 166,795 | ||||||
5.5%, 10/1/36 Pool # 901723 | 62,149 | 69,498 | ||||||
5.5%, 12/1/36 Pool # 903059 | 119,612 | 136,580 | ||||||
4.5%, 7/1/41 Pool # AB3274 | 264,223 | 289,473 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 274,378 | 309,163 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 392,608 | 413,141 | ||||||
4%, 6/1/42 Pool # MA1087 | 311,466 | 333,648 | ||||||
3.5%, 8/1/42 Pool # AO8100 | 273,348 | 286,968 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 294,337 | 309,015 | ||||||
3%, 2/1/43 Pool # AB8486 | 401,526 | 412,559 | ||||||
3%, 2/1/43 Pool # AB8563 | 240,353 | 246,951 | ||||||
3%, 2/1/43 Pool # AL3072 | 386,601 | 397,854 | ||||||
3%, 3/1/43 Pool # AB8818 | 400,207 | 411,194 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 236,797 | 248,604 | ||||||
4%, 1/1/45 Pool # AS4257 | 213,418 | 228,500 | ||||||
4%, 1/1/45 Pool # MA2145 | 568,954 | 607,775 | ||||||
4.5%, 2/1/45 Pool # MA2193 | 401,438 | 438,869 | ||||||
|
| |||||||
8,146,666 | ||||||||
Freddie Mac—3.3% |
| |||||||
8%, 6/1/30 Pool # C01005 | 1,839 | 2,325 | ||||||
6.5%, 1/1/32 Pool # C62333 | 42,583 | 48,760 | ||||||
5%, 10/1/39 Pool # G60465 | 633,141 | 700,951 | ||||||
3.5%, 11/1/40 Pool # G06168 | 426,430 | 447,355 | ||||||
4.5%, 9/1/41 Pool # Q03516 | 251,000 | 274,096 | ||||||
4%, 10/1/41 Pool # Q04092 | 327,810 | 352,541 |
See accompanying Notes to Financial Statements.
23
Madison Funds | April 30, 2016
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued
Par Value | Value (Note 2) | |||||||
MORTGAGE BACKED SECURITIES—continued |
| |||||||
Freddie Mac—continued |
| |||||||
3%, 8/1/42 Pool # G08502 | $ | 350,965 | $ | 360,200 | ||||
3%, 9/1/42 Pool # C04233 | 361,019 | 370,519 | ||||||
3%, 4/1/43 Pool # V80025 | 406,694 | 417,394 | ||||||
3%, 4/1/43 Pool # V80026 | 401,402 | 411,963 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 641,046 | 674,188 | ||||||
4%, 5/1/45 Pool # G08642 | 353,191 | 377,479 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 481,971 | 506,418 | ||||||
|
| |||||||
4,944,189 | ||||||||
Ginnie Mae—0.0% |
| |||||||
6.5%, 2/20/29 Pool # 2714 | 20,271 | 24,069 | ||||||
6.5%, 4/20/31 Pool # 3068 | 11,449 | 13,766 | ||||||
|
| |||||||
37,835 | ||||||||
|
| |||||||
Total Mortgage Backed Securities | 13,128,690 | |||||||
U.S. GOVERNMENT AND AGENCY |
| |||||||
U.S. Treasury Bonds—1.4% |
| |||||||
6.625%, 2/15/27 | 860,000 | 1,261,009 | ||||||
3.000%, 5/15/42 | 500,000 | 538,203 | ||||||
2.500%, 2/15/45 | 250,000 | 241,523 | ||||||
|
| |||||||
2,040,735 |
Par Value | Value (Note 2) | |||||||
U.S. Treasury Notes—8.9% |
| |||||||
4.250%, 11/15/17 | $ | 1,000,000 | $ | 1,053,828 | ||||
3.875%, 5/15/18 | 750,000 | 797,578 | ||||||
1.500%, 12/31/18 | 750,000 | 762,392 | ||||||
3.125%, 5/15/19 | 1,000,000 | 1,066,055 | ||||||
1.625%, 8/31/19 | 2,000,000 | 2,040,782 | ||||||
3.375%, 11/15/19 | 2,000,000 | 2,161,718 | ||||||
2.000%, 7/31/20 | 750,000 | 774,698 | ||||||
2.625%, 11/15/20 | 2,000,000 | 2,120,860 | ||||||
1.750%, 5/15/22 | $ | 1,600,000 | 1,624,125 | |||||
2.500%, 8/15/23 | 750,000 | 796,084 | ||||||
|
| |||||||
13,198,120 | ||||||||
|
| |||||||
Total U.S. Government and Agency Obligations | 15,238,855 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—4.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 6,585,446 | 6,585,446 | ||||||
|
| |||||||
Total Short-Term Investments | 6,585,446 | |||||||
|
|
Value (Note 2) | ||||
TOTAL INVESTMENTS—99.8% | $ | 148,355,113 | ||
NET OTHER ASSETS AND LIABILITIES—0.2% | 301,271 | |||
|
| |||
TOTAL NET ASSETS—100.0% | $ | 148,656,384 | ||
|
|
** | Aggregate cost for Federal tax purposes was $127,703,658. |
(A) | Floating rate or variable rate note. Rate shown is as of April 30, 2016. |
(B) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” |
(C) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.7% of total net assets. |
ADR | American Depositary Receipt | |||
MTN | Medium Term Note | |||
PLC | Public Limited Company. |
PSF-GTD Permanent School Fund Guaranteed
Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—73.9% |
| |||||||
Consumer Discretionary—11.1% |
| |||||||
CarMax Inc.* (A) | 31,400 | $ | 1,662,630 | |||||
CBS Corp., Class B (A) | 41,300 | 2,309,083 | ||||||
Discovery Communications Inc., Class A* (A) | 33,800 | 923,078 | ||||||
Discovery Communications Inc., Class C* (A) | 12,000 | 321,360 | ||||||
Johnson Controls Inc. (A) | 37,800 | 1,564,920 | ||||||
Nordstrom Inc. (A) | 34,300 | 1,753,759 | ||||||
Starbucks Corp. | 23,400 | 1,315,782 | ||||||
|
| |||||||
9,850,612 | ||||||||
Consumer Staples—4.9% |
| |||||||
Costco Wholesale Corp. (A) | 8,500 | 1,259,105 | ||||||
Diageo PLC, ADR (A) | 15,700 | 1,700,781 | ||||||
Hershey Co./The (A) | 15,200 | 1,415,272 | ||||||
|
| |||||||
4,375,158 | ||||||||
Energy—9.5% |
| |||||||
Apache Corp. (A) | 39,000 | 2,121,600 | ||||||
Baker Hughes Inc. (A) | 36,300 | 1,755,468 | ||||||
California Resources Corp. | 2,686 | 5,909 | ||||||
EOG Resources Inc. (A) | 12,000 | 991,440 | ||||||
Occidental Petroleum Corp. (A) | 28,700 | 2,199,855 | ||||||
Schlumberger Ltd. (A) | 17,300 | 1,389,882 | ||||||
|
| |||||||
8,464,154 | ||||||||
Financials—9.4% |
| |||||||
American Tower Corp. (A) | 8,100 | 849,528 | ||||||
PNC Financial Services Group Inc./The (A) | 21,700 | 1,904,826 | ||||||
Progressive Corp./The (A) | 52,300 | 1,704,980 | ||||||
State Street Corp. (A) | 29,000 | 1,806,700 | ||||||
T. Rowe Price Group Inc. (A) | 27,800 | 2,093,062 | ||||||
|
| |||||||
8,359,096 |
Shares | Value (Note 2) | |||||||
Health Care—14.0% |
| |||||||
Agilent Technologies Inc. (A) | 27,100 | $ | 1,108,932 | |||||
Biogen Inc.* (A) | 7,300 | 2,007,427 | ||||||
Cerner Corp.* (A) | 39,700 | 2,228,758 | ||||||
Express Scripts Holding Co.* (A) | 27,100 | 1,998,083 | ||||||
Gilead Sciences Inc. | 17,900 | 1,578,959 | ||||||
McKesson Corp. (A) | 10,500 | 1,762,110 | ||||||
Varian Medical Systems Inc.* (A) | 21,500 | 1,745,370 | ||||||
|
| |||||||
12,429,639 | ||||||||
Industrials—7.0% |
| |||||||
Jacobs Engineering Group Inc.* (A) | 47,500 | 2,117,550 | ||||||
PACCAR Inc. (A) | 21,000 | 1,237,110 | ||||||
United Technologies Corp. (A) | 27,100 | 2,828,427 | ||||||
|
| |||||||
6,183,087 | ||||||||
Information Technology—15.3% |
| |||||||
Alphabet Inc., Class C* (A) | 1,900 | 1,316,719 | ||||||
Apple Inc. | 28,600 | 2,680,964 | ||||||
EMC Corp. | 60,900 | 1,590,099 | ||||||
Linear Technology Corp. (A) | 39,300 | 1,748,064 | ||||||
Microsoft Corp. (A) | 32,600 | 1,625,762 | ||||||
Nuance Communications Inc.* | 11,000 | 188,980 | ||||||
Oracle Corp. (A) | 38,200 | 1,522,652 | ||||||
QUALCOMM Inc. (A) | 31,100 | 1,571,172 | ||||||
Visa Inc., Class A (A) | 17,700 | 1,367,148 | ||||||
|
| |||||||
13,611,560 | ||||||||
Telecommunication Service—2.7% |
| |||||||
T-Mobile U.S. Inc.* (A) | 61,600 | 2,419,648 | ||||||
|
| |||||||
Total Common Stocks | 65,692,954 | |||||||
EXCHANGE TRADED FUNDS—4.6% |
| |||||||
SPDR S&P 500 ETF Trust | 10,000 | 2,063,000 | ||||||
Vanguard Total Stock Market ETF (A) | 19,000 | 2,004,690 | ||||||
|
| |||||||
Total Exchange Traded Funds | 4,067,690 |
Par Value | Value (Note 2) | |||||||
U.S. GOVERNMENT AND AGENCY |
| |||||||
U.S. Treasury Bill (B) (C), 0.324%, 5/26/16 | $ | 5,000,000 | $ | 4,998,891 | ||||
|
| |||||||
Total U.S. Government and Agency Obligations | 4,998,891 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS—22.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 19,988,128 | 19,988,128 | ||||||
|
| |||||||
Total Short-Term Investments |
| 19,988,128 | ||||||
|
| |||||||
TOTAL INVESTMENTS—106.6% |
| 94,747,663 | ||||||
NET OTHER ASSETS AND LIABILITIES—(3.9%) |
| (3,440,679 | ) | |||||
TOTAL CALL & PUT OPTIONS WRITTEN—(2.7%) |
| (2,393,402 | ) | |||||
|
| |||||||
TOTAL NET ASSETS—100.0% |
| $ | 88,913,582 | |||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $95,218,468. |
(A) | All or a portion of these securities’ positions represent covers (directly or through conversion rights) for outstanding options written. |
(B) | All or a portion of these securities are segregated as collateral for put options written. As of April 30, 2016, the total amount segregated was $4,998,891. |
(C) | Rate noted represents annualized yield at time of purchase. |
ADR | American Depositary Receipt. |
ETF | Exchange Traded Fund. |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
24
Madison Funds | April 30, 2016
Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited) - continued
Call Options Written | Contracts (100 shares per contract) | Expiration | Strike Price | Value (Note 2) | ||||||||||||
Agilent Technologies Inc. | 257 | May 2016 | $ | 40.00 | $ | 42,662 | ||||||||||
Alphabet Inc., Class C | 19 | June 2016 | 725.00 | 16,530 | ||||||||||||
American Tower Corp. | 81 | July 2016 | 100.00 | 54,270 | ||||||||||||
Apache Corp. | 193 | May 2016 | 52.50 | 66,103 | ||||||||||||
Apache Corp. | 197 | June 2016 | 60.00 | 25,216 | ||||||||||||
Baker Hughes Inc. | 33 | June 2016 | 50.00 | 9,190 | ||||||||||||
Biogen Inc. | 39 | May 2016 | 280.00 | 26,130 | ||||||||||||
Biogen Inc. | 34 | June 2016 | 280.00 | 41,140 | ||||||||||||
CarMax Inc. | 114 | May 2016 | 55.00 | 9,120 | ||||||||||||
CarMax Inc. | 200 | July 2016 | 57.50 | 31,500 | ||||||||||||
CBS Corp., Class B | 137 | May 2016 | 55.00 | 28,702 | ||||||||||||
CBS Corp., Class B | 218 | June 2016 | 55.00 | 57,116 | ||||||||||||
CBS Corp., Class B | 58 | June 2016 | 57.50 | 8,207 | ||||||||||||
Cerner Corp. | 105 | May 2016 | 55.00 | 28,088 | ||||||||||||
Cerner Corp. | 192 | June 2016 | 55.00 | 58,560 | ||||||||||||
Cerner Corp. | 15 | June 2016 | 57.50 | 2,662 | ||||||||||||
Cerner Corp. | 58 | June 2016 | 60.00 | 5,220 | ||||||||||||
Costco Wholesale Corp. | 85 | July 2016 | 155.00 | 17,340 | ||||||||||||
Diageo PLC | 30 | May 2016 | 110.00 | 3,075 | ||||||||||||
Diageo PLC | 50 | July 2016 | 110.00 | 15,000 | ||||||||||||
Diageo PLC | 77 | July 2016 | 115.00 | 9,625 | ||||||||||||
Discovery Communications Inc. | 112 | June 2016 | 30.00 | 5,040 | ||||||||||||
Discovery Communications Inc. | 226 | July 2016 | 30.00 | 14,690 | ||||||||||||
EOG Resources Inc. | 120 | May 2016 | 80.00 | 54,000 | ||||||||||||
Express Scripts Holding Co. | 104 | May 2016 | 70.00 | 46,280 | ||||||||||||
Express Scripts Holding Co. | 104 | May 2016 | 75.00 | 10,920 | ||||||||||||
Express Scripts Holding Co. | 63 | June 2016 | 75.00 | 11,812 | ||||||||||||
Hershey Co./The | 152 | May 2016 | 85.00 | 112,480 | ||||||||||||
Jacobs Engineering Group Inc. | 28 | May 2016 | 42.50 | 7,910 | ||||||||||||
Jacobs Engineering Group Inc. | 200 | July 2016 | 42.50 | 66,000 | ||||||||||||
Jacobs Engineering Group Inc. | 247 | July 2016 | 45.00 | 45,078 | ||||||||||||
Johnson Controls Inc. | 93 | July 2016 | 40.00 | 21,622 | ||||||||||||
Linear Technology Corp. | 195 | May 2016 | 42.00 | 48,263 | ||||||||||||
Linear Technology Corp. | 198 | May 2016 | 44.00 | 21,285 | ||||||||||||
McKesson Corp. | 74 | May 2016 | 170.00 | 26,270 | ||||||||||||
McKesson Corp. | 31 | June 2016 | 185.00 | 3,022 | ||||||||||||
Microsoft Corp. | 202 | May 2016 | 55.00 | 505 | ||||||||||||
Microsoft Corp. | 124 | June 2016 | 55.00 | 1,240 |
Call Options Written | Contracts (100 shares per contract) | Expiration | Strike Price | Value (Note 2) | ||||||||||||
Nordstrom Inc. | 128 | June 2016 | $ | 55.00 | $ | 13,824 | ||||||||||
Nordstrom Inc. | 215 | July 2016 | 55.00 | 28,058 | ||||||||||||
Occidental Petroleum Corp. | 70 | May 2016 | 67.50 | 64,575 | ||||||||||||
Occidental Petroleum Corp. | 217 | May 2016 | 75.00 | 66,619 | ||||||||||||
Oracle Corp. | 224 | June 2016 | 41.00 | 18,032 | ||||||||||||
Oracle Corp. | 129 | July 2016 | 41.00 | 13,029 | ||||||||||||
PACCAR Inc. | 125 | May 2016 | 48.60 | 127,500 | ||||||||||||
PACCAR Inc. | 85 | May 2016 | 55.00 | 35,700 | ||||||||||||
PNC Financial Services Group Inc./The | 100 | May 2016 | 85.00 | 35,250 | ||||||||||||
PNC Financial Services Group Inc./The | 117 | May 2016 | 87.50 | 21,001 | ||||||||||||
Progressive Corp./The | 223 | May 2016 | 31.00 | 36,795 | ||||||||||||
Progressive Corp./The | 300 | May 2016 | 32.00 | 28,500 | ||||||||||||
QUALCOMM Inc. | 154 | July 2016 | 52.50 | 15,708 | ||||||||||||
Schlumberger Ltd. | 93 | May 2016 | 75.00 | 53,708 | ||||||||||||
Schlumberger Ltd. | 80 | August 2016 | 80.00 | 34,400 | ||||||||||||
State Street Corp. | 100 | May 2016 | 57.50 | 49,750 | ||||||||||||
State Street Corp. | 156 | May 2016 | 60.00 | 46,488 | ||||||||||||
T-Mobile U.S. Inc. | 80 | May 2016 | 39.50 | 7,960 | ||||||||||||
T-Mobile U.S. Inc. | 80 | May 2016 | 40.00 | 5,840 | ||||||||||||
T-Mobile U.S. Inc. | 155 | June 2016 | 40.00 | 19,452 | ||||||||||||
T-Mobile U.S. Inc. | 105 | June 2016 | 41.00 | 9,187 | ||||||||||||
T. Rowe Price Group Inc. | 140 | May 2016 | 75.00 | 24,150 | ||||||||||||
T. Rowe Price Group Inc. | 138 | July 2016 | 75.00 | 38,985 | ||||||||||||
United Technologies Corp. | 131 | May 2016 | 90.00 | 185,038 | ||||||||||||
United Technologies Corp. | 140 | May 2016 | 92.50 | 164,500 | ||||||||||||
Vanguard Total Stock Market ETF | 190 | June 2016 | 105.00 | 47,025 | ||||||||||||
Varian Medical Systems Inc. | 110 | May 2016 | 80.00 | 24,200 | ||||||||||||
Varian Medical Systems Inc. | 94 | June 2016 | 85.00 | 7,050 | ||||||||||||
Visa Inc., Class A | 177 | May 2016 | 75.00 | 52,835 | ||||||||||||
|
| |||||||||||||||
Total Call Options Written ( Premiums received $1,799,661 ) |
| $ | 2,327,032 | |||||||||||||
Put Options Written | ||||||||||||||||
EOG Resources Inc. | 115 | June 2016 | 80.00 | 34,443 | ||||||||||||
Visa Inc., Class A | 135 | June 2016 | 77.50 | 31,927 | ||||||||||||
|
| |||||||||||||||
Total Put Options Written ( Premiums received $55,896 ) |
| 66,370 | ||||||||||||||
|
| |||||||||||||||
Total Options Written, at Value ( Premiums received $1,855,557 ) |
| $ | 2,393,402 | |||||||||||||
|
|
Madison Dividend Income Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—95.0% |
| |||||||
Consumer Discretionary—8.8% |
| |||||||
Home Depot Inc./The | 16,000 | $ | 2,142,240 | |||||
McDonald’s Corp. | 24,500 | 3,099,005 | ||||||
Omnicom Group Inc. | 18,500 | 1,534,945 | ||||||
Tiffany & Co. | 14,000 | 998,900 | ||||||
|
| |||||||
7,775,090 | ||||||||
Consumer Staples—12.5% |
| |||||||
Coca-Cola Co./The | 35,000 | 1,568,000 | ||||||
Hershey Co./The | 19,000 | 1,769,090 | ||||||
JM Smucker Co./The | 16,000 | 2,031,680 | ||||||
Nestle S.A., ADR | 27,000 | 2,013,390 | ||||||
PepsiCo Inc. | 15,500 | 1,595,880 | ||||||
Procter & Gamble Co./The | 25,800 | 2,067,096 | ||||||
|
| |||||||
11,045,136 | ||||||||
Energy—7.9% |
| |||||||
Chevron Corp. | 18,500 | 1,890,330 |
Shares | Value (Note 2) | |||||||
Exxon Mobil Corp. | 35,500 | $ | 3,138,200 | |||||
Schlumberger Ltd. | 24,500 | 1,968,330 | ||||||
|
| |||||||
6,996,860 | ||||||||
Financials—14.4% |
| |||||||
BB&T Corp. | 34,500 | 1,220,610 | ||||||
CME Group Inc. | 17,000 | 1,562,470 | ||||||
Northern Trust Corp. | 15,500 | 1,101,740 | ||||||
PNC Financial Services Group Inc./The | 10,500 | 921,690 | ||||||
Travelers Cos. Inc./The | 31,500 | 3,461,850 | ||||||
US Bancorp | 50,500 | 2,155,845 | ||||||
Wells Fargo & Co. | 46,000 | 2,299,080 | ||||||
|
| |||||||
12,723,285 | ||||||||
Health Care—13.0% |
| |||||||
Amgen Inc. | 7,500 | 1,187,250 | ||||||
Johnson & Johnson | 32,500 | 3,642,600 | ||||||
Medtronic PLC | 23,000 | 1,820,450 |
Shares | Value (Note 2) | |||||||
Merck & Co. Inc. | 35,000 | $ | 1,919,400 | |||||
Pfizer Inc. | 89,500 | 2,927,545 | ||||||
|
| |||||||
11,497,245 | ||||||||
Industrials—16.5% |
| |||||||
3M Co. | 11,500 | 1,924,870 | ||||||
Boeing Co./The | 13,500 | 1,819,800 | ||||||
Emerson Electric Co. | 19,500 | 1,065,285 | ||||||
General Electric Co. | 86,000 | 2,644,500 | ||||||
Union Pacific Corp. | 13,500 | 1,177,605 | ||||||
United Parcel Service Inc., Class B | 21,000 | 2,206,470 | ||||||
United Technologies Corp. | 19,500 | 2,035,215 | ||||||
Waste Management Inc. | 28,500 | 1,675,515 | ||||||
|
| |||||||
14,549,260 | ||||||||
Information Technology—12.6% |
| |||||||
Accenture PLC, Class A | 20,500 | 2,314,860 | ||||||
Automatic Data Processing Inc. | 11,000 | 972,840 |
See accompanying Notes to Financial Statements.
25
Madison Funds | April 30, 2016
Madison Dividend Income Fund Portfolio of Investments (unaudited) - continued
Shares | Value (Note 2) | |||||||
COMMON STOCKS—continued |
| |||||||
Information Technology—continued |
| |||||||
Cisco Systems Inc. | 54,000 | $ | 1,484,460 | |||||
Linear Technology Corp. | 33,500 | 1,490,080 | ||||||
Microsoft Corp. | 61,000 | 3,042,070 | ||||||
Texas Instruments Inc. | 32,000 | 1,825,280 | ||||||
|
| |||||||
11,129,590 | ||||||||
Materials—1.9% |
| |||||||
Praxair Inc. | 14,700 | 1,726,662 | ||||||
|
| |||||||
Telecommunication Service—3.1% |
| |||||||
Verizon Communications Inc. | 53,000 | 2,699,820 | ||||||
|
|
Shares | Value (Note 2) | |||||||
Utilities—4.3% |
| |||||||
Duke Energy Corp. | 27,000 | $ | 2,127,060 | |||||
NextEra Energy Inc. | 14,000 | 1,646,120 | ||||||
|
| |||||||
3,773,180 | ||||||||
|
| |||||||
Total Common Stocks |
| 83,916,128 | ||||||
SHORT-TERM INVESTMENTS—4.8% |
| |||||||
State Street Institutional U.S. Government |
| |||||||
Money Market Fund, 0.23%, Premier Class | 4,258,271 | 4,258,271 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $4,258,271) 4,258,271 |
| |||||||
|
|
Value (Note 2) | ||||
TOTAL INVESTMENTS—99.8% (Cost $83,147,580**) | $ | 88,174,399 | ||
NET OTHER ASSETS AND | 215,221 | |||
|
| |||
TOTAL NET ASSETS—100.0% | $ | 88,389,620 | ||
|
|
** | Aggregate cost for Federal tax purposes was $83,193,459. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
Madison Large Cap Value Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—92.7% |
| |||||||
Consumer Discretionary—6.4% |
| |||||||
Mattel Inc. | 106,500 | $ | 3,311,085 | |||||
McDonald’s Corp. | 30,500 | 3,857,945 | ||||||
|
| |||||||
7,169,030 | ||||||||
Consumer Staples—9.1% |
| |||||||
General Mills Inc. | 47,000 | 2,882,980 | ||||||
JM Smucker Co./The | 31,000 | 3,936,380 | ||||||
Procter & Gamble Co./The | 43,000 | 3,445,160 | ||||||
|
| |||||||
10,264,520 | ||||||||
Energy—12.7% |
| |||||||
Apache Corp. | 27,500 | 1,496,000 | ||||||
Baker Hughes Inc. | 25,500 | 1,233,180 | ||||||
Chevron Corp. | 22,200 | 2,268,396 | ||||||
Exxon Mobil Corp. | 57,500 | 5,083,000 | ||||||
Occidental Petroleum Corp. | 55,500 | 4,254,075 | ||||||
|
| |||||||
14,334,651 | ||||||||
Financials—27.3% |
| |||||||
Capital Markets - 1.7% |
| |||||||
Bank of New York Mellon Corp./The | 46,500 | 1,871,160 | ||||||
|
| |||||||
Commercial Banks - 7.6% |
| |||||||
Citigroup Inc. | 31,000 | 1,434,680 | ||||||
US Bancorp | 72,000 | 3,073,680 | ||||||
Wells Fargo & Co. | 81,000 | 4,048,380 | ||||||
|
| |||||||
8,556,740 |
Shares | Value (Note 2) | |||||||
Diversified Financial Services—4.0% | ||||||||
Berkshire Hathaway Inc., Class B* | 17,100 | $ | 2,487,708 | |||||
Nasdaq Inc. | 33,000 | 2,036,430 | ||||||
|
| |||||||
4,524,138 | ||||||||
Insurance—10.7% | ||||||||
Aflac Inc. | 33,000 | 2,276,010 | ||||||
American International Group Inc. | 71,500 | 3,991,130 | ||||||
Arch Capital Group Ltd.* | 24,000 | 1,691,760 | ||||||
Markel Corp.* | 4,600 | 4,135,906 | ||||||
|
| |||||||
12,094,806 | ||||||||
Real Estate Investment Trusts | ||||||||
(REITs)—3.3% | ||||||||
Digital Realty Trust Inc. | 42,000 | 3,695,160 | ||||||
|
| |||||||
30,742,004 | ||||||||
Health Care—7.2% |
| |||||||
Baxter International Inc. | 76,500 | 3,382,830 | ||||||
Johnson & Johnson | 26,500 | 2,970,120 | ||||||
Pfizer Inc. | 55,400 | 1,812,134 | ||||||
|
| |||||||
8,165,084 | ||||||||
Industrials—16.0% |
| |||||||
Expeditors International of Washington Inc. | 30,000 | 1,488,300 | ||||||
Fluor Corp. | 43,500 | 2,377,710 | ||||||
General Electric Co. | 162,500 | 4,996,875 | ||||||
Jacobs Engineering Group Inc.* | 100,500 | 4,480,290 | ||||||
Republic Services Inc. | 98,500 | 4,636,395 | ||||||
|
| |||||||
17,979,570 |
Shares | Value (Note 2) | |||||||
Information Technology—8.0% |
| |||||||
Cisco Systems Inc. | 80,300 | $ | 2,207,447 | |||||
Microsoft Corp. | 91,000 | 4,538,170 | ||||||
Oracle Corp. | 56,000 | 2,232,160 | ||||||
|
| |||||||
8,977,777 | ||||||||
Telecommunication Services—4.5% |
| |||||||
AT&T Inc. | 36,000 | 1,397,520 | ||||||
T-Mobile U.S. Inc.* | 94,000 | 3,692,320 | ||||||
|
| |||||||
5,089,840 | ||||||||
Utilities—1.5% |
| |||||||
NextEra Energy Inc. | 14,000 | 1,646,120 | ||||||
|
| |||||||
Total Common Stocks |
| 104,368,596 | ||||||
SHORT-TERM INVESTMENTS—8.7% |
| |||||||
State Street Institutional U.S. Government |
| |||||||
Money Market Fund, 0.23%, Premier Class | 9,843,034 | 9,843,034 | ||||||
|
| |||||||
Total Short-Term Investments |
| 9,843,034 | ||||||
|
| |||||||
TOTAL INVESTMENTS—101.4% |
| 114,211,630 | ||||||
NET OTHER ASSETS AND LIABILITIES—(1.4%) |
| (1,618,790 | ) | |||||
|
| |||||||
TOTAL NET ASSETS - 100.0% | $ | 112,592,840 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $103,460,058. |
See accompanying Notes to Financial Statements.
26
Madison Funds | April 30, 2016
Madison Investors Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—93.3% |
| |||||||
Consumer Discretionary—15.0% |
| |||||||
CarMax Inc.* | 151,210 | $ | 8,006,570 | |||||
Discovery Communications Inc., Class C* | 455,003 | 12,184,980 | ||||||
Dollar General Corp. | 96,033 | 7,866,063 | ||||||
McDonald’s Corp. | 19,656 | 2,486,288 | ||||||
TJX Cos. Inc./The | 101,082 | 7,664,037 | ||||||
|
| |||||||
38,207,938 | ||||||||
Consumer Staples—14.1% |
| |||||||
Diageo PLC, ADR | 111,159 | 12,041,855 | ||||||
Hershey Co./The | 77,090 | 7,177,850 | ||||||
JM Smucker Co./The | 75,357 | 9,568,832 | ||||||
Nestle S.A., ADR | 94,499 | 7,046,790 | ||||||
|
| |||||||
35,835,327 | ||||||||
Energy—1.3% |
| |||||||
Schlumberger Ltd. | 42,249 | 3,394,285 | ||||||
|
| |||||||
Financials—19.7% |
| |||||||
American Tower Corp. | 86,901 | 9,114,177 | ||||||
Berkshire Hathaway Inc., Class B* | 86,439 | 12,575,146 | ||||||
Brookfield Asset Management Inc., Class A | 284,469 | 9,620,741 | ||||||
Markel Corp.* | 9,156 | 8,232,251 | ||||||
US Bancorp | 249,213 | 10,638,903 | ||||||
|
| |||||||
50,181,218 |
Shares | Value (Note 2) | |||||||
Health Care—8.2% | ||||||||
Johnson & Johnson | 107,552 | $ | 12,054,428 | |||||
Varian Medical Systems Inc.* | 107,879 | 8,757,617 | ||||||
|
| |||||||
20,812,045 | ||||||||
Industrials—14.3% |
| |||||||
Copart Inc.* | 203,607 | 8,722,524 | ||||||
Danaher Corp. | 98,807 | 9,559,577 | ||||||
Jacobs Engineering Group Inc.* | 220,416 | 9,826,145 | ||||||
PACCAR Inc. | 138,759 | 8,174,293 | ||||||
|
| |||||||
36,282,539 | ||||||||
Information Technology—17.0% |
| |||||||
Accenture PLC, Class A | 71,102 | 8,028,838 | ||||||
Alphabet Inc., Class C* | 7,391 | 5,122,037 | ||||||
CDW Corp. | 182,549 | 7,028,137 | ||||||
Oracle Corp. | 245,864 | 9,800,139 | ||||||
TE Connectivity Ltd. | 108,588 | 6,458,814 | ||||||
Visa Inc., Class A | 87,479 | 6,756,878 | ||||||
|
| |||||||
43,194,843 | ||||||||
Materials—3.7% | ||||||||
PPG Industries Inc. | 86,424 | 9,540,345 | ||||||
|
| |||||||
Total Common Stocks | 237,448,540 |
Shares | Value (Note 2) | |||||||
SHORT-TERM INVESTMENTS—6.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 16,629,716 | $ | 16,629,716 | |||||
|
| |||||||
Total Short-Term Investments |
| 16,629,716 | ||||||
|
| |||||||
TOTAL INVESTMENTS—99.8% (Cost $214,476,101**) |
| 254,078,256 | ||||||
NET OTHER ASSETS AND LIABILITIES—0.2% |
| 429,483 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% |
| $ | 254,507,739 | |||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $214,940,921. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
Madison Mid Cap Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—88.8% | ||||||||
Consumer Discretionary—28.1% | ||||||||
Media—12.6% | ||||||||
Discovery Communications Inc., Class C* | 294,689 | $ | 7,891,771 | |||||
Liberty Broadband Corp., Class C* | 182,129 | 10,426,885 | ||||||
Liberty Global PLC, Series C* | 254,391 | 9,310,711 | ||||||
Omnicom Group Inc. | 119,306 | 9,898,819 | ||||||
|
| |||||||
37,528,186 | ||||||||
Specialty Retail—15.5% | ||||||||
CarMax Inc.* | 188,253 | 9,967,996 | ||||||
Ross Stores Inc. | 290,712 | 16,506,627 | ||||||
Sally Beauty Holdings Inc.* | 448,764 | 14,091,190 | ||||||
Tiffany & Co. | 80,113 | 5,716,063 | ||||||
|
| |||||||
46,281,876 | ||||||||
|
| |||||||
83,810,062 | ||||||||
Consumer Staples—2.9% | ||||||||
Brown-Forman Corp., Class B | 26,969 | 2,597,654 | ||||||
Hershey Co./The | 66,723 | 6,212,578 | ||||||
|
| |||||||
8,810,232 | ||||||||
Energy—3.3% | ||||||||
Oceaneering International Inc. | 79,730 | 2,922,105 | ||||||
World Fuel Services Corp. | 148,962 | 6,960,994 | ||||||
|
| |||||||
9,883,099 | ||||||||
Financials—26.3% | ||||||||
Commercial Banks—4.0% | ||||||||
Glacier Bancorp Inc. | 237,244 | 6,142,247 |
Shares | Value (Note 2) | |||||||
M&T Bank Corp. | 50,246 | $ | 5,945,107 | |||||
|
| |||||||
12,087,354 | ||||||||
Insurance—15.1% | ||||||||
Arch Capital Group Ltd.* | 98,287 | 6,928,251 | ||||||
Brown & Brown Inc. | 436,321 | 15,319,230 | ||||||
Markel Corp.* | 15,738 | 14,150,193 | ||||||
WR Berkley Corp. | 153,592 | 8,601,152 | ||||||
|
| |||||||
44,998,826 | ||||||||
Real Estate Investment Trusts (REITs)—3.2% | ||||||||
American Tower Corp. | 42,594 | 4,467,259 | ||||||
Crown Castle International Corp. | 58,163 | 5,053,201 | ||||||
|
| |||||||
9,520,460 | ||||||||
Real Estate Management & Development—4.0% | ||||||||
Brookfield Asset Management Inc., Class A | 352,833 | 11,932,812 | ||||||
|
| |||||||
78,539,452 | ||||||||
Health Care—7.5% | ||||||||
DaVita HealthCare Partners Inc.* | 118,275 | 8,740,523 | ||||||
Laboratory Corp. of America Holdings* | 77,442 | 9,705,031 | ||||||
Perrigo Co. PLC | 39,734 | 3,841,086 | ||||||
|
| |||||||
22,286,640 | ||||||||
Industrials—12.7% | ||||||||
Copart Inc.* | 301,417 | 12,912,704 | ||||||
Expeditors International of Washington Inc. | 217,987 | 10,814,335 |
Shares | Value (Note 2) | |||||||
Fastenal Co. | 137,484 | $ | 6,432,876 | |||||
IHS Inc., Class A* | 63,882 | 7,868,985 | ||||||
|
| |||||||
38,028,900 | ||||||||
Information Technology—4.8% | ||||||||
Amphenol Corp., Class A | 109,088 | 6,090,383 | ||||||
CDW Corp. | 217,869 | 8,387,956 | ||||||
|
| |||||||
14,478,339 | ||||||||
Materials—3.2% | ||||||||
Crown Holdings Inc.* | 181,532 | 9,613,935 | ||||||
|
| |||||||
Total Common Stocks | 265,450,659 | |||||||
SHORT-TERM INVESTMENTS—8.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 25,651,700 | 25,651,700 | ||||||
|
| |||||||
Total Short-Term Investments | 25,651,700 | |||||||
|
| |||||||
TOTAL INVESTMENTS—97.4% |
| 291,102,359 | ||||||
NET OTHER ASSETS AND LIABILITIES—2.6% |
| 7,640,518 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% |
| $ | 298,742,877 | |||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $214,046,388. |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
27
Madison Funds | April 30, 2016
Madison Small Cap Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—95.7% |
| |||||||
Consumer Discretionary—6.2% |
| |||||||
Ascena Retail Group Inc.* | 117,670 | $ | 1,036,673 | |||||
Cato Corp./The, Class A | 34,869 | 1,275,857 | ||||||
DSW Inc., Class A | 33,390 | 820,392 | ||||||
Fred’s Inc., Class A | 93,190 | 1,367,097 | ||||||
Helen of Troy Ltd.* | 9,060 | 901,742 | ||||||
International Speedway Corp., Class A | 4,300 | 144,007 | ||||||
Stage Stores Inc. | 76,110 | 560,170 | ||||||
|
| |||||||
6,105,938 | ||||||||
Consumer Staples—4.6% |
| |||||||
C&C Group PLC | 310,453 | 1,394,565 | ||||||
Cranswick PLC | 51,894 | 1,699,996 | ||||||
Post Holdings Inc.* | 17,310 | 1,243,550 | ||||||
Smart & Final Stores Inc.* | 12,900 | 205,368 | ||||||
|
| |||||||
4,543,479 | ||||||||
Energy—5.6% |
| |||||||
Dorian LPG Ltd.* | 67,240 | 683,158 | ||||||
Era Group Inc.* | 37,780 | 360,043 | ||||||
RSP Permian Inc.* | 49,434 | 1,513,175 | ||||||
Scorpio Tankers Inc. | 201,530 | 1,261,578 | ||||||
SEACOR Holdings Inc.* | 21,850 | 1,284,125 | ||||||
Tesco Corp. | 44,085 | 417,044 | ||||||
|
| |||||||
5,519,123 | ||||||||
Financials—22.4% |
| |||||||
AMERISAFE Inc. | 3,980 | 214,442 | ||||||
Corporate Office Properties Trust, REIT | 34,990 | 898,543 | ||||||
DiamondRock Hospitality Co., REIT | 85,814 | 764,603 | ||||||
Education Realty Trust Inc., REIT | 29,143 | 1,159,017 | ||||||
First Busey Corp. | 45,247 | 924,849 | ||||||
First Midwest Bancorp Inc. | 101,930 | 1,883,666 | ||||||
First Niagara Financial Group Inc. | 110,050 | 1,162,128 | ||||||
Flushing Financial Corp. | 45,100 | 899,745 | ||||||
Great Western Bancorp Inc. | 44,388 | 1,399,110 | ||||||
Hancock Holding Co. | 46,260 | 1,201,372 | ||||||
International Bancshares Corp. | 77,460 | 2,028,678 | ||||||
Kemper Corp. | 7,300 | 226,008 | ||||||
MB Financial Inc. | 46,450 | 1,614,602 | ||||||
Northwest Bancshares Inc. | 122,210 | 1,713,384 | ||||||
Primerica Inc. | 31,970 | 1,584,433 | ||||||
Solar Capital Ltd. | 42,095 | 742,135 | ||||||
State National Cos. Inc. | 20,360 | 229,661 | ||||||
Summit Hotel Properties Inc., REIT | 73,310 | 835,734 | ||||||
Webster Financial Corp. | 67,850 | 2,486,024 | ||||||
|
| |||||||
21,968,134 |
Shares | Value (Note 2) | |||||||
Health Care—7.3% |
| |||||||
Allscripts Healthcare Solutions Inc.* | 118,350 | $ | 1,585,890 | |||||
Amsurg Corp.* | 9,180 | 743,397 | ||||||
Charles River Laboratories International Inc.* | 20,290 | 1,608,388 | ||||||
Corvel Corp.* | 19,360 | 875,072 | ||||||
Haemonetics Corp.* | 38,490 | 1,248,231 | ||||||
ICU Medical Inc.* | 6,810 | 676,505 | ||||||
Phibro Animal Health Corp., Class A | 20,060 | 416,044 | ||||||
|
| |||||||
7,153,527 | ||||||||
Industrials—33.0% |
| |||||||
Aerospace & Defense—1.8% |
| |||||||
Cubic Corp. | 42,900 | 1,783,353 | ||||||
|
| |||||||
Air Freight & Logistics—0.7% | ||||||||
Forward Air Corp. | 15,620 | 711,960 | ||||||
|
| |||||||
Building Products—1.3% | ||||||||
Tyman PLC | 304,481 | 1,291,301 | ||||||
|
| |||||||
Commercial Services & Supplies—9.6% |
| |||||||
ACCO Brands Corp.* | 163,900 | 1,563,606 | ||||||
Essendant Inc. | 55,280 | 1,702,071 | ||||||
G&K Services Inc., Class A | 33,620 | 2,375,253 | ||||||
Matthews International Corp., Class A | 27,020 | 1,422,333 | ||||||
SP Plus Corp.* | 68,200 | 1,519,496 | ||||||
Steelcase Inc., Class A | 52,370 | 799,166 | ||||||
|
| |||||||
9,381,925 | ||||||||
Construction & Engineering—1.2% |
| |||||||
Primoris Services Corp. | 52,320 | 1,223,765 | ||||||
|
| |||||||
Electrical Equipment—2.6% |
| |||||||
Babcock & Wilcox Enterprises Inc.* | 54,060 | 1,235,271 | ||||||
Thermon Group Holdings Inc.* | 70,610 | 1,323,231 | ||||||
|
| |||||||
2,558,502 | ||||||||
Machinery—10.0% | ||||||||
Albany International Corp., Class A | 50,860 | 2,049,150 | ||||||
CIRCOR International Inc. | 20,410 | 1,152,145 | ||||||
ESCO Technologies Inc. | 37,730 | 1,451,850 | ||||||
Luxfer Holdings PLC, ADR | 66,831 | 858,778 | ||||||
Mueller Industries Inc. | 85,070 | 2,684,809 | ||||||
TriMas Corp.* | 88,630 | 1,604,203 | ||||||
|
| |||||||
9,800,935 | ||||||||
Professional Services—4.2% | ||||||||
FTI Consulting Inc.* | 46,530 | 1,875,159 | ||||||
Huron Consulting Group Inc.* | 15,680 | 871,965 | ||||||
Mistras Group Inc.* | 55,200 | 1,345,224 | ||||||
|
| |||||||
4,092,348 |
Shares | Value (Note 2) | |||||||
Trading Companies & Distributors—1.6% |
| |||||||
GATX Corp. | 33,560 | $ | 1,541,746 | |||||
|
| |||||||
32,385,835 | ||||||||
Information Technology—8.8% |
| |||||||
Belden Inc. | 38,702 | 2,443,644 | ||||||
Coherent Inc.* | 11,150 | 1,041,410 | ||||||
CTS Corp. | 46,220 | 765,866 | ||||||
Diebold Inc. | 47,330 | 1,243,359 | ||||||
Forrester Research Inc. | 40,160 | 1,350,179 | ||||||
ScanSource Inc.* | 42,390 | 1,724,425 | ||||||
|
| |||||||
8,568,883 | ||||||||
Materials—4.6% |
| |||||||
Deltic Timber Corp. | 21,270 | 1,329,375 | ||||||
Greif Inc., Class A | 36,400 | 1,263,080 | ||||||
Sensient Technologies Corp. | 28,760 | 1,934,110 | ||||||
|
| |||||||
4,526,565 | ||||||||
Utilities—3.2% |
| |||||||
New Jersey Resources Corp. | 20,930 | 746,783 | ||||||
Spire Inc. | 18,130 | 1,159,595 | ||||||
WGL Holdings Inc. | 17,580 | 1,193,506 | ||||||
|
| |||||||
3,099,884 | ||||||||
|
| |||||||
Total Common Stocks (Cost $84,034,274) |
| 93,871,368 | ||||||
SHORT-TERM INVESTMENTS—4.3% |
| |||||||
State Street Institutional U.S. Government |
| |||||||
Money Market Fund, 0.23%, Premier Class | 4,251,424 | 4,251,424 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $4,251,424) |
| 4,251,424 | ||||||
TOTAL INVESTMENTS—100.0% |
| $ | 98,122,792 | |||||
NET OTHER ASSETS AND LIABILITIES—(0.0%) |
| (15,869 | ) | |||||
|
| |||||||
TOTAL NET ASSETS—100.0% |
| $ | 98,106,923 | |||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $88,475,296. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
28
Madison Funds | April 30, 2016
Madison NorthRoad International Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—96.6% |
| |||||||
Australia—1.8% |
| |||||||
BHP Billiton Ltd., ADR | 20,295 | $ | 636,045 | |||||
|
| |||||||
Brazil—2.0% | ||||||||
Estacio Participacoes S.A. (A) | 88,952 | 307,003 | ||||||
Kroton Educacional S.A. (A) | 114,690 | 426,847 | ||||||
|
| |||||||
733,850 | ||||||||
Denmark—3.9% | ||||||||
Carlsberg AS, Class B (A) | 7,494 | 729,834 | ||||||
ISS AS (A) | 17,855 | 677,972 | ||||||
|
| |||||||
1,407,806 | ||||||||
France—15.1% | ||||||||
AXA S.A., ADR | 32,992 | 835,357 | ||||||
BNP Paribas S.A. (A) | 11,495 | 608,627 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (A) | 6,356 | 1,056,029 | ||||||
Schneider Electric SE, ADR | 70,030 | 910,390 | ||||||
Technip S.A. (A) | 15,710 | 919,405 | ||||||
Total S.A., ADR | 22,036 | 1,118,327 | ||||||
|
| |||||||
5,448,135 | ||||||||
Germany—3.1% | ||||||||
SAP SE, ADR | 14,229 | 1,118,684 | ||||||
|
| |||||||
Ireland—4.1% | ||||||||
CRH PLC, ADR | 28,766 | 837,378 | ||||||
Perrigo Co. PLC | 6,673 | 645,079 | ||||||
|
| |||||||
1,482,457 | ||||||||
Israel—1.8% | ||||||||
Teva Pharmaceutical Industries Ltd., ADR | 11,824 | 643,817 | ||||||
|
| |||||||
Japan—9.2% | ||||||||
Hitachi Ltd. (A) | 177,689 | 804,310 | ||||||
Mitsubishi UFJ Financial Group Inc., ADR | 156,626 | 720,480 | ||||||
Secom Co. Ltd., ADR | 57,235 | 1,089,754 | ||||||
Seven & I Holdings Co. Ltd. (A) | 17,295 | 708,387 | ||||||
|
| |||||||
3,322,931 |
Shares | Value (Note 2) | |||||||
Netherlands—9.2% | ||||||||
Akzo Nobel N.V., ADR | 32,721 | $ | 774,506 | |||||
ING Groep N.V. (A) | 63,065 | 772,314 | ||||||
Royal Dutch Shell PLC, Class A, ADR | 15,528 | 821,276 | ||||||
Sensata Technologies Holding N.V.* | 25,475 | 959,643 | ||||||
|
| |||||||
3,327,739 | ||||||||
Singapore—1.6% | ||||||||
DBS Group Holdings Ltd. (A) | 51,680 | 587,181 | ||||||
|
| |||||||
South Korea—2.5% | ||||||||
Samsung Electronics Co. Ltd. (A) | 811 | 886,164 | ||||||
|
| |||||||
Sweden—2.2% | ||||||||
Telefonaktiebolaget LM Ericsson, ADR | 97,633 | 789,851 | ||||||
|
| |||||||
Switzerland—14.6% | ||||||||
Credit Suisse Group AG, ADR | 45,573 | 693,165 | ||||||
Nestle S.A., ADR | 12,521 | 933,691 | ||||||
Novartis AG, ADR | 16,406 | 1,246,364 | ||||||
Roche Holding AG, ADR | 24,770 | 781,989 | ||||||
Syngenta AG, ADR | 8,402 | 676,949 | ||||||
TE Connectivity Ltd. | 15,815 | 940,676 | ||||||
|
| |||||||
5,272,834 | ||||||||
United Kingdom—25.5% | ||||||||
Babcock International Group PLC (A) | 57,495 | 795,984 | ||||||
Barclays PLC (A) | 231,835 | 580,949 | ||||||
Berendsen PLC (A) | 46,415 | 800,268 | ||||||
Compass Group PLC, ADR | 50,361 | 898,944 | ||||||
Diageo PLC, ADR | 12,079 | 1,308,518 | ||||||
GlaxoSmithKline PLC, ADR | 16,609 | 712,692 | ||||||
HSBC Holdings PLC, ADR | 15,133 | 504,383 | ||||||
Rolls-Royce Holdings PLC* (A) | 3,678,480 | 505,083 | ||||||
Royal Dutch Shell PLC, Class A (A) | 29,608 | 769,843 | ||||||
Standard Chartered PLC (A) | 72,183 | 582,301 | ||||||
Tesco PLC, ADR* | 104,041 | 783,429 | ||||||
WPP PLC, ADR | 8,004 | 937,669 | ||||||
|
| |||||||
9,180,063 | ||||||||
|
| |||||||
Total Common Stocks (Cost $36,897,209) | 34,837,557 |
Shares | Value (Note 2) | |||||||
SHORT-TERM INVESTMENTS—3.0% | ||||||||
United States—3.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,086,252 | $ | 1,086,252 | |||||
|
| |||||||
Total Short-Term Investments (Cost $1,086,252) | 1,086,252 | |||||||
|
| |||||||
TOTAL INVESTMENTS—99.6% (Cost $37,983,461**) |
| 35,923,809 | ||||||
NET OTHER ASSETS AND LIABILITIES—0.4% | 150,263 | |||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 36,074,072 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $38,468,787. |
(A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary | 10.0 | % | Information Technology | 12.6 | % | |||||
Consumer Staples | 12.4 | % | Materials | 8.1 | % | |||||
Energy | 10.1 | % | Money Market Funds | 3.0 | % | |||||
Financials | 16.3 | % | Net Other Assets and Liabilities | 0.4 | % | |||||
Health Care | 11.2 | % | ||||||||
Industrials | 15.9 | % |
Madison International Stock Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—95.7% | ||||||||
Australia—1.6% | ||||||||
Caltex Australia Ltd. (A) | 25,122 | $ | 620,799 | |||||
|
| |||||||
Austria—0.4% | ||||||||
UNIQA Insurance Group AG (A) | 18,821 | 135,858 | ||||||
|
| |||||||
Belgium—4.0% | ||||||||
Anheuser-Busch InBev N.V. (A) | 9,630 | 1,192,001 | ||||||
KBC Groep N.V. (A) | 6,519 | 365,988 | ||||||
|
| |||||||
1,557,989 | ||||||||
Brazil—1.3% | ||||||||
BB Seguridade Participacoes S.A. (A) | 58,500 | 510,286 | ||||||
|
| |||||||
Canada—2.3% | ||||||||
MacDonald Dettwiler & Associates Ltd. (A) | 5,205 | 364,644 | ||||||
National Bank of Canada (A) | 14,400 | 514,622 | ||||||
|
| |||||||
879,266 | ||||||||
Denmark—1.2% | ||||||||
Carlsberg AS, Class B (A) | 4,722 | 459,871 | ||||||
|
| |||||||
Finland—1.7% | ||||||||
Sampo Oyj, Class A (A) | 15,313 | 668,577 | ||||||
|
|
Shares | Value (Note 2) | |||||||
France—8.0% | ||||||||
Cap Gemini S.A. (A) | 8,430 | $ | 786,991 | |||||
Iliad S.A. (A) | 1,482 | 323,866 | ||||||
Total S.A. (A) | 8,132 | 409,056 | ||||||
Valeo S.A. (A) | 5,017 | 795,356 | ||||||
Vinci S.A. (A) | 10,049 | 750,691 | ||||||
|
| |||||||
3,065,960 | ||||||||
Germany—2.5% | ||||||||
Bayer AG (A) | 8,229 | 949,329 | ||||||
|
| |||||||
Ireland—4.7% | ||||||||
James Hardie Industries PLC (A) | 25,845 | 364,137 | ||||||
Ryanair Holdings PLC, ADR | 4,468 | 361,685 | ||||||
Shire PLC (A) | 17,216 | 1,071,862 | ||||||
|
| |||||||
1,797,684 | ||||||||
Israel—2.2% | ||||||||
Teva Pharmaceutical Industries Ltd., ADR | 15,455 | 841,525 | ||||||
|
| |||||||
Italy—1.7% | ||||||||
Azimut Holding SpA (A) | 17,042 | 428,916 | ||||||
Mediaset SpA (A) | 47,321 | 212,947 | ||||||
|
| |||||||
641,863 |
Shares | Value (Note 2) | |||||||
Japan—19.4% | ||||||||
ABC-Mart Inc. (A) | 6,700 | $ | 434,501 | |||||
Daiwa House Industry Co. Ltd. (A) | 38,600 | 1,019,785 | ||||||
Don Quijote Holdings Co. Ltd. (A) | 22,800 | 812,660 | ||||||
Isuzu Motors Ltd. (A) | 40,900 | 435,376 | ||||||
Japan Tobacco Inc. (A) | 14,900 | 610,326 | ||||||
KDDI Corp. (A) | 32,500 | 924,443 | ||||||
Makita Corp. (A) | 7,800 | 485,336 | ||||||
Seven & I Holdings Co. Ltd. (A) | 15,700 | 643,057 | ||||||
SoftBank Group Corp. (A) | 10,800 | 568,072 | ||||||
Sony Corp. (A) | 22,300 | 542,120 | ||||||
Sumitomo Mitsui Financial Group Inc. (A) | 22,300 | 670,341 | ||||||
United Arrows Ltd. (A) | 8,300 | 333,546 | ||||||
|
| |||||||
7,479,563 | ||||||||
Luxembourg—0.7% | ||||||||
RTL Group S.A.* (A) | 3,336 | 278,699 | ||||||
|
| |||||||
Netherlands—2.8% | ||||||||
Koninklijke KPN N.V. (A) | 102,269 | 402,250 | ||||||
Wolters Kluwer N.V. (A) | 18,280 | 695,659 | ||||||
|
| |||||||
1,097,909 |
See accompanying Notes to Financial Statements.
29
Madison Funds | April 30, 2016
Madison International Stock Fund Portfolio of Investments (unaudited) - continued
Shares | Value (Note 2) | |||||||
COMMON STOCKS—continued |
| |||||||
Norway—1.5% | ||||||||
Telenor ASA (A) | 33,070 | $ | 569,248 | |||||
|
| |||||||
Philippines—0.7% | ||||||||
Alliance Global Group Inc. (A) | 840,600 | 259,956 | ||||||
|
| |||||||
Spain—1.1% | ||||||||
Red Electrica Corp. S.A. (A) | 4,622 | 412,650 | ||||||
|
| |||||||
Sweden—3.5% | ||||||||
Assa Abloy AB, Class B (A) | 38,362 | 804,458 | ||||||
Swedbank AB, Class A (A) | 24,900 | 537,041 | ||||||
|
| |||||||
1,341,499 | ||||||||
Switzerland—6.5% | ||||||||
Credit Suisse Group AG* (A) | 20,284 | 308,077 | ||||||
Novartis AG (A) | 19,013 | 1,450,799 | ||||||
Wolseley PLC (A) | 13,511 | 754,327 | ||||||
|
| |||||||
2,513,203 | ||||||||
Taiwan—1.8% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 28,800 | 679,392 | ||||||
|
| |||||||
Thailand—0.6% | ||||||||
Krung Thai Bank PCL (A) | 452,700 | 222,916 | ||||||
|
| |||||||
Turkey—1.3% | ||||||||
Turkcell Iletisim Hizmetleri AS (A) | 117,910 | 509,904 | ||||||
|
| |||||||
United Kingdom—22.9% | ||||||||
Aon PLC | 6,660 | 700,099 | ||||||
BHP Billiton PLC (A) | 46,896 | 639,380 |
Shares | Value (Note 2) | |||||||
British American Tobacco PLC (A) | 18,246 | $ | 1,111,729 | |||||
Direct Line Insurance Group PLC (A) | 57,680 | 305,006 | ||||||
Howden Joinery Group PLC (A) | 41,044 | 296,259 | ||||||
Informa PLC (A) | 37,767 | 361,175 | ||||||
J Sainsbury PLC (A) | 117,384 | 495,509 | ||||||
Lloyds Banking Group PLC (A) | 844,236 | 827,346 | ||||||
Provident Financial PLC (A) | 10,452 | 445,025 | ||||||
Prudential PLC (A) | 47,781 | 940,760 | ||||||
RELX PLC (A) | 38,397 | 678,856 | ||||||
Rexam PLC (A) | 69,917 | 638,496 | ||||||
Royal Dutch Shell PLC, Class A | 32,148 | 835,886 | ||||||
Unilever PLC | 11,822 | 527,626 | ||||||
|
| |||||||
8,803,152 | ||||||||
United States—1.3% | ||||||||
Signet Jewelers Ltd. | 4,647 | 504,478 | ||||||
|
| |||||||
Total Common Stocks | 36,801,576 | |||||||
SHORT-TERM INVESTMENTS—3.8% | ||||||||
United States—3.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,479,045 | 1,479,045 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $1,479,045) | 1,479,045 | |||||||
|
| |||||||
TOTAL INVESTMENTS—99.5% (Cost $34,454,250**) | 38,280,621 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.5% |
| 201,692 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 38,482,313 | ||||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $34,784,071. |
(A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). |
ADR American Depositary Receipt.
PCL Public Company Limited.
PLC Public Limited Company.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary | 15.8 | % | Materials | 4.3 | % | |||||
Consumer Staples | 13.1 | % | Money Market Funds | 3.8 | % | |||||
Energy | 4.8 | % | Telecommunication Services | 8.6 | % | |||||
Financials | 22.4 | % | Utilities | 1.1 | % | |||||
Health Care | 11.2 | % | Net Other Assets and Liabilities | 0.5 | % | |||||
Industrials | 10.6 | % | ||||||||
Information Technology | 3.8 | % |
Hansberger International Growth Fund Portfolio of Investments (unaudited)
Shares | Value (Note 2) | |||||||
COMMON STOCKS—98.9% |
| |||||||
Canada—6.6% | ||||||||
Cameco Corp. | 39,676 | $ | 496,347 | |||||
Canadian Pacific Railway Ltd. | 3,913 | 564,450 | ||||||
Manulife Financial Corp. | 36,116 | 531,989 | ||||||
|
| |||||||
1,592,786 | ||||||||
China—11.1% | ||||||||
Alibaba Group Holding Ltd., ADR* | 9,090 | 699,385 | ||||||
China Longyuan Power Group Corp. Ltd., Class H (A) | 525,683 | 363,923 | ||||||
CITIC Securities Co. Ltd., Class H (A) | 192,623 | 425,628 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H (A) | 92,143 | 435,360 | ||||||
Tencent Holdings Ltd. (A) | 37,459 | 767,347 | ||||||
|
| |||||||
2,691,643 | ||||||||
Denmark—1.1% | ||||||||
Novo Nordisk AS, Class B (A) | 4,799 | 267,944 | ||||||
|
| |||||||
France—9.4% | ||||||||
Christian Dior SE (A) | 1,368 | 240,212 | ||||||
Hermes International (A) | 718 | 255,687 | ||||||
Iliad S.A. (A) | 2,646 | 578,238 | ||||||
Pernod Ricard S.A. (A) | 2,866 | 309,400 | ||||||
Safran S.A. (A) | 4,568 | 314,725 | ||||||
Zodiac Aerospace (A) | 24,566 | 575,948 | ||||||
|
| |||||||
2,274,210 | ||||||||
Germany—8.2% | ||||||||
Bayer AG (A) | 3,123 | 360,281 | ||||||
Continental AG (A) | 1,630 | 357,982 | ||||||
Fresenius SE & Co. KGaA (A) | 7,361 | 535,392 |
Shares | Value (Note 2) | |||||||
KUKA AG (A) | 4,694 | $ | 462,453 | |||||
United Internet AG (A) | 5,278 | 257,668 | ||||||
|
| |||||||
1,973,776 | ||||||||
Hong Kong—2.5% | ||||||||
AIA Group Ltd. (A) | 99,304 | 596,574 | ||||||
|
| |||||||
India—4.4% | ||||||||
Dr Reddy’s Laboratories Ltd., ADR | 7,444 | 339,446 | ||||||
HDFC Bank Ltd., ADR | 6,907 | 434,243 | ||||||
Larsen & Toubro Ltd., GDR | 15,275 | 290,989 | ||||||
|
| |||||||
1,064,678 | ||||||||
Indonesia—1.0% | ||||||||
Bank Mandiri Persero Tbk PT (A) | 327,000 | 239,274 | ||||||
|
| |||||||
Ireland—2.7% | ||||||||
Kerry Group PLC, Class A (A) | 3,380 | 301,378 | ||||||
Shire PLC (A) | 5,456 | 339,688 | ||||||
|
| |||||||
641,066 | ||||||||
Japan—14.9% | ||||||||
CyberAgent Inc. (A) | 15,000 | 700,697 | ||||||
Keyence Corp. (A) | 1,074 | 639,632 | ||||||
Nidec Corp. (A) | 9,000 | 650,866 | ||||||
Seven & I Holdings Co. Ltd. (A) | 7,100 | 290,809 | ||||||
SoftBank Group Corp. (A) | 8,300 | 436,574 | ||||||
Toray Industries Inc. (A) | 41,000 | 342,234 | ||||||
Toyota Motor Corp. (A) | 10,700 | 539,744 | ||||||
|
| |||||||
3,600,556 | ||||||||
Mexico—3.6% | ||||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O (A) | 74,747 | 424,987 |
Shares | Value (Note 2) | |||||||
Grupo Mexico S.A.B. de C.V., Class AClass | ||||||||
AClass B (A) | 175,049 | $ | 445,237 | |||||
|
| |||||||
870,224 | ||||||||
Netherlands—4.9% | ||||||||
ASML Holding N.V. | 5,729 | 553,422 | ||||||
NXP Semiconductors N.V.* | 7,444 | 634,824 | ||||||
|
| |||||||
1,188,246 | ||||||||
Norway—1.4% | ||||||||
Telenor ASA (A) | 19,486 | 335,421 | ||||||
|
| |||||||
Singapore—1.4% | ||||||||
DBS Group Holdings Ltd. (A) | 30,000 | 340,856 | ||||||
|
| |||||||
South Korea—2.8% | ||||||||
Amorepacific Corp. (A) | 911 | 325,814 | ||||||
LG Household & Health Care Ltd. (A) | 405 | 357,938 | ||||||
|
| |||||||
683,752 | ||||||||
Spain—1.3% | ||||||||
Grifols S.A. (A) | 14,018 | 304,895 | ||||||
|
| |||||||
Sweden—1.4% | ||||||||
Hexagon AB, Class B shares (A) | 8,247 | 328,835 | ||||||
|
| |||||||
Switzerland—7.8% | ||||||||
Cie Financiere Richemont S.A. (A) | 3,489 | 232,042 | ||||||
Credit Suisse Group AG* (A) | 37,381 | 567,749 | ||||||
Nestle S.A. (A) | 3,608 | 268,917 | ||||||
Partners Group Holding AG (A) | 1,235 | 508,522 | ||||||
Roche Holding AG (A) | 1,195 | 302,082 | ||||||
|
| |||||||
1,879,312 |
See accompanying Notes to Financial Statements.
30
Madison Funds | April 30, 2016
Hansberger International Growth Fund Portfolio of Investments (unaudited) - continued
Shares | Value (Note 2) | |||||||
COMMON STOCKS —continued |
| |||||||
United Kingdom—12.4% |
| |||||||
ARM Holdings PLC (A) | 28,788 | $ | 394,346 | |||||
Ashtead Group PLC (A) | 28,159 | 373,387 | ||||||
Carnival PLC (A) | 12,298 | 610,415 | ||||||
London Stock Exchange Group PLC (A) | 10,264 | 406,876 | ||||||
Michael Page International PLC (A) | 56,004 | 332,640 | ||||||
Prudential PLC (A) | 25,624 | 504,511 | ||||||
Royal Dutch Shell PLC, Class B shares (A) | 14,486 | 378,029 | ||||||
|
| |||||||
3,000,204 | ||||||||
|
| |||||||
Total Common Stocks | 23,874,252 | |||||||
SHORT-TERM INVESTMENTS—0.7% |
| |||||||
United States—0.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 172,892 | 172,892 | ||||||
|
|
Value (Note 2) | ||||||
Total Short-Term Investments | $ | 172,892 | ||||
|
| |||||
TOTAL INVESTMENTS—99.6% (Cost $22,065,291**) | 24,047,144 | |||||
NET OTHER ASSETS AND LIABILITIES—0.4% | 100,741 | |||||
|
| |||||
TOTAL NET ASSETS—100.0% | $ | 24,147,885 | ||||
|
|
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $22,586,404. |
(A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). |
ADR | American Depositary Receipt. |
GDR | Global Depositary Receipt. |
PLC | Public Limited Company. |
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16 | ||||||||||
Consumer Discretionary | 12.2 | % | Materials | 3.3 | % | |||||
Consumer Staples | 7.7 | % | Money Market Funds | 0.7 | % | |||||
Energy | 3.6 | % | Telecommunication Services | 5.6 | % | |||||
Financials | 22.4 | % | Utilities | 1.5 | % | |||||
Health Care | 10.1 | % | Net Other Assets and Liabilities | 0.4 | % | |||||
Industrials | 14.8 | % | ||||||||
Information Technology | 17.7 | % |
Target Retirement 2020 Fund Portfolio of Investments
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—99.1% |
| |||||||
Alternative Funds—3.5% |
| |||||||
SPDR Gold Shares* | 14,585 | $ | 1,803,436 | |||||
|
| |||||||
Bond Funds—59.4% | ||||||||
Baird Aggregate Bond Fund Institutional Shares | 47,162 | 514,541 | ||||||
iShares 20+ Year Treasury Bond ETF | 19,928 | 2,578,285 | ||||||
iShares 3-7 Year Treasury Bond ETF † | 128,926 | 16,196,973 | ||||||
iShares 7-10 Year Treasury Bond ETF | 9,348 | 1,028,280 | ||||||
iShares TIPS Bond Fund ETF | 55,964 | 6,429,144 | ||||||
Metropolitan West Total Return Bond Fund Class I | 47,380 | 514,543 | ||||||
PowerShares Senior Loan Portfolio | 89,323 | 2,062,468 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF | 14,661 | 1,283,717 | ||||||
|
| |||||||
30,607,951 |
Shares | Value (Note 2) | |||||||
Foreign Stock Funds—6.5% |
| |||||||
iShares MSCI EAFE Minimum Volatility ETF | 11,507 | $ | 773,501 | |||||
SPDR S&P China ETF | 3,720 | 258,205 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 17,549 | 773,209 | ||||||
WisdomTree Europe Hedged Equity Fund | 19,670 | 1,029,724 | ||||||
WisdomTree Japan Hedged Equity Fund | 12,509 | 514,120 | ||||||
|
| |||||||
3,348,759 | ||||||||
Money Market Funds—3.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,602,009 | 1,602,009 | ||||||
|
| |||||||
Stock Funds—26.6% | ||||||||
Energy Select Sector SPDR Fund | 7,691 | 519,219 | ||||||
Guggenheim S&P 500 Equal Weight ETF | 3,253 | 258,646 | ||||||
iShares Core S&P Mid-Cap ETF | 5,311 | 774,503 | ||||||
PowerShares Buyback Achievers Portfolio ETF | 33,966 | 1,550,548 | ||||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 17,345 | 255,326 |
Shares | Value (Note 2) | |||||||
Schwab U.S. Dividend Equity ETF | 12,898 | $ | 516,178 | |||||
SPDR S&P 500 ETF Trust | 37,540 | 7,744,502 | ||||||
SPDR S&P Regional Banking ETF | 12,781 | 515,713 | ||||||
VanEck Vectors Agribusiness ETF | 10,602 | 516,423 | ||||||
Vanguard Information Technology ETF | 9,884 | 1,031,989 | ||||||
|
| |||||||
13,683,047 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—99.1% (Cost $46,281,559**) | 51,045,202 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.9% |
| 441,702 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 51,486,904 | ||||||
|
|
† | The annual report and prospectus for the iShares 3-7 Year Treasury Bond ETF can be found at: http://www.ishares.com/us/ library/financial-legal-tax. |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $47,086,489. |
ETF | Exchange Traded Fund. |
Target Retirement 2030 Fund Portfolio of Investments
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—99.1% |
| |||||||
Alternative Funds—4.0% |
| |||||||
SPDR Gold Shares* | 24,634 | $ | 3,045,994 | |||||
|
| |||||||
Bond Funds—34.0% | ||||||||
iShares 20+ Year Treasury Bond ETF | 29,453 | 3,810,629 | ||||||
iShares 3-7 Year Treasury Bond ETF | 84,687 | 10,639,228 | ||||||
iShares 7-10 Year Treasury Bond ETF | 13,816 | 1,519,760 | ||||||
iShares TIPS Bond Fund ETF | 72,786 | 8,361,655 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF | 17,339 | 1,518,203 | ||||||
|
| |||||||
25,849,475 | ||||||||
Foreign Stock Funds—11.5% | ||||||||
iShares MSCI Canada ETF | 15,048 | 382,219 | ||||||
iShares MSCI EAFE Minimum Volatility ETF | 34,012 | 2,286,287 | ||||||
iShares MSCI United Kingdom ETF | 23,377 | 381,279 | ||||||
SPDR S&P China ETF | 5,498 | 381,616 |
Shares | Value (Note 2) | |||||||
Vanguard FTSE All-World ex-U.S. ETF | 43,227 | $ | 1,904,582 | |||||
WisdomTree Europe Hedged Equity Fund | 36,338 | 1,902,294 | ||||||
WisdomTree Japan Hedged Equity Fund | 36,976 | 1,519,713 | ||||||
|
| |||||||
8,757,990 | ||||||||
Money Market Funds—3.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 2,300,312 | 2,300,312 | ||||||
Stock Funds—46.6% | ||||||||
Energy Select Sector SPDR Fund | 17,045 | 1,150,708 | ||||||
Guggenheim S&P 500 Equal Weight ETF | 9,616 | 764,568 | ||||||
iShares Core S&P Mid-Cap ETF | 15,700 | 2,289,531 | ||||||
PowerShares Buyback Achievers Portfolio ETF | 66,910 | 3,054,442 | ||||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 51,370 | 756,167 | ||||||
Schwab U.S. Dividend Equity ETF | 38,126 | 1,525,803 | ||||||
SPDR S&P 500 ETF Trust † | 96,168 | 19,839,458 |
Shares | Value (Note 2) | |||||||
SPDR S&P Homebuilders ETF | 22,663 | $ | 762,837 | |||||
SPDR S&P Regional Banking ETF | 28,335 | 1,143,317 | ||||||
VanEck Vectors Agribusiness ETF | 23,503 | 1,144,831 | ||||||
Vanguard Growth ETF | 3,613 | 381,569 | ||||||
Vanguard Health Care ETF | 2,998 | 380,926 | ||||||
Vanguard Information Technology ETF | 21,912 | 2,287,832 | ||||||
|
| |||||||
35,481,989 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—99.1% (Cost $65,925,222**) | 75,435,760 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.9% |
| 719,268 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 76,155,028 | ||||||
|
|
† | The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: http://www.spdrs.com/product/fund. seam?ticker=spy. |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $67,568,549. |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
31 |
Madison Funds | April 30, 2016
Target Retirement 2040 Fund Portfolio of Investments
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—99.2% |
| |||||||
Alternative Funds—4.0% |
| |||||||
SPDR Gold Shares* | 16,046 | $ | 1,984,087 | |||||
|
| |||||||
Bond Funds—23.9% |
| |||||||
iShares 20+ Year Treasury Bond ETF | 19,185 | 2,482,155 | ||||||
iShares 3-7 Year Treasury Bond ETF | 27,581 | �� | 3,465,001 | |||||
iShares 7-10 Year Treasury Bond ETF | 4,499 | 494,890 | ||||||
iShares TIPS Bond Fund ETF | 40,896 | 4,698,133 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF | 8,471 | 741,721 | ||||||
|
| |||||||
11,881,900 | ||||||||
Foreign Stock Funds—13.5% |
| |||||||
iShares MSCI Canada ETF | 9,788 | 248,615 | ||||||
iShares MSCI EAFE Minimum Volatility ETF | 33,223 | 2,233,250 | ||||||
iShares MSCI United Kingdom ETF | 15,227 | 248,353 | ||||||
SPDR S&P China ETF | 3,581 | 248,557 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 33,796 | 1,489,052 |
Shares | Value (Note 2) | |||||||
WisdomTree Europe Hedged Equity Fund | 23,701 | $ | 1,240,747 | |||||
WisdomTree Japan Hedged Equity Fund | 24,082 | 989,770 | ||||||
|
| |||||||
6,698,344 | ||||||||
Money Market Funds—3.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 1,566,747 | 1,566,747 | ||||||
|
| |||||||
Stock Funds—54.6% |
| |||||||
Energy Select Sector SPDR Fund | 11,106 | 749,766 | ||||||
Guggenheim S&P 500 Equal Weight ETF | 9,398 | 747,235 | ||||||
iShares Core S&P Mid-Cap ETF | 11,932 | 1,740,044 | ||||||
PowerShares Buyback Achievers Portfolio ETF | 54,503 | 2,488,062 | ||||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 50,191 | 738,817 | ||||||
Schwab U.S. Dividend Equity ETF | 37,265 | 1,491,345 | ||||||
SPDR S&P 500 ETF Trust † | 67,460 | 13,916,998 | ||||||
SPDR S&P Homebuilders ETF | 14,762 | 496,889 |
Shares | Value (Note 2) | |||||||
SPDR S&P Regional Banking ETF | 24,609 | $ | 992,973 | |||||
VanEck Vectors Agribusiness ETF | 20,412 | 994,269 | ||||||
Vanguard Growth ETF | 4,709 | 497,317 | ||||||
Vanguard Health Care ETF | 1,953 | 248,148 | ||||||
Vanguard Information Technology ETF | 19,051 | 1,989,115 | ||||||
|
| |||||||
27,090,978 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—99.2% | 49,222,056 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.8% |
| 400,196 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 49,622,252 | ||||||
|
|
† | The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: http://www.spdrs.com/product/fund. seam?ticker=spy. |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $43,103,811. |
ETF | Exchange Traded Fund. |
Target Retirement 2050 Fund Portfolio of Investments
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES—99.3% |
| |||||||
Alternative Funds—4.0% |
| |||||||
SPDR Gold Shares* | 7,072 | $ | 874,453 | |||||
|
| |||||||
Bond Funds—14.0% |
| |||||||
iShares 20+ Year Treasury Bond ETF | 8,455 | 1,093,908 | ||||||
iShares TIPS Bond Fund ETF | 15,178 | 1,743,648 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF | 2,489 | 217,937 | ||||||
|
| |||||||
3,055,493 | ||||||||
Foreign Stock Funds—15.5% |
| |||||||
iShares MSCI Canada ETF | 4,314 | 109,576 | ||||||
iShares MSCI EAFE Minimum Volatility ETF | 19,522 | 1,312,269 | ||||||
iShares MSCI United Kingdom ETF | 6,749 | 110,076 | ||||||
SPDR S&P China ETF | 1,578 | 109,529 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 17,377 | 765,631 | ||||||
WisdomTree Europe Hedged Equity Fund | 10,429 | 545,958 | ||||||
WisdomTree Japan Hedged Equity Fund | 10,613 | 436,194 | ||||||
|
| |||||||
3,389,233 |
Shares | Value (Note 2) | |||||||
Money Market Funds—3.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, 0.23%, Premier Class | 703,981 | $ | 703,981 | |||||
|
| |||||||
Stock Funds—62.6% |
| |||||||
Energy Select Sector SPDR Fund | 4,894 | 330,394 | ||||||
Guggenheim S&P 500 Equal Weight ETF | 5,522 | 439,054 | ||||||
iShares Core S&P Mid-Cap ETF | 6,010 | 876,438 | ||||||
PowerShares Buyback Achievers Portfolio ETF | 28,824 | 1,315,816 | ||||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 29,493 | 434,139 | ||||||
Schwab U.S. Dividend Equity ETF | 21,898 | 876,358 | ||||||
SPDR S&P 500 ETF Trust † | 31,854 | 6,571,480 | ||||||
SPDR S&P Homebuilders ETF | 6,506 | 218,992 | ||||||
SPDR S&P Regional Banking ETF | 13,557 | 547,025 | ||||||
VanEck Vectors Agribusiness ETF | 11,245 | 547,744 | ||||||
Vanguard Growth ETF | 3,113 | 328,764 |
Shares | Value (Note 2) | |||||||
Vanguard Health Care ETF | 861 | $ | 109,399 | |||||
Vanguard Information Technology ETF | 10,495 | 1,095,783 | ||||||
|
| |||||||
13,691,386 | ||||||||
|
| |||||||
TOTAL INVESTMENTS—99.3% | 21,714,546 | |||||||
NET OTHER ASSETS AND LIABILITIES—0.7% |
| 162,971 | ||||||
|
| |||||||
TOTAL NET ASSETS—100.0% | $ | 21,877,517 | ||||||
|
|
† | The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: https://www.spdrs.com/product/fund. seam?ticker=spy. |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $19,799,527. |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
32
Madison Funds | April 30, 2016
Statements of Assets and Liabilities as of April 30, 2016 (unaudited)
Conservative | Moderate | Aggressive | Government | Tax-Free | Tax-Free | High Quality | Core | Corporate | ||||||||||||||||||||||||||||
Allocation | Allocation | Allocation | Money Market | Virginia | National | Bond | Bond | Bond | ||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Investments in securities, at cost: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 41,589,883 | $ | 82,483,074 | $ | 35,883,555 | $ | 17,880,258 | $ | 21,136,708 | $ | 25,243,929 | $ | 106,712,770 | $ | 214,468,250 | $ | 22,482,646 | ||||||||||||||||||
Affiliated issuers1 | 30,301,227 | 55,668,309 | 22,967,628 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | 982,609 | 2,321,635 | 1,088,350 | — | 1,104,559 | 1,925,705 | 1,795,424 | 6,118,386 | 773,998 | |||||||||||||||||||||||||||
Affiliated issuers1 | (107,033 | ) | 2,200,735 | 1,376,710 | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total investments, at value | 72,766,686 | 142,673,753 | 61,316,243 | 17,880,258 | 22,241,267 | 27,169,634 | 108,508,194 | 220,586,636 | 23,256,644 | |||||||||||||||||||||||||||
Cash | — | — | — | 1,500,000 | 73,012 | 384,397 | — | 875,084 | — | |||||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||||||
Investments sold | 683,568 | 2,133,214 | 918,880 | — | — | — | — | 2,477,373 | 224,012 | |||||||||||||||||||||||||||
Fund shares sold | 80,778 | 163,725 | 15,434 | 5,937 | 250 | 10,000 | 387,944 | 30,905 | — | |||||||||||||||||||||||||||
Dividends and interest | 50,099 | 53,837 | 11,443 | 33,503 | 271,452 | 309,094 | 755,598 | 1,904,947 | 235,162 | |||||||||||||||||||||||||||
Due from Adviser | — | — | — | 3,975 | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total assets | 73,581,131 | 145,024,529 | 62,262,000 | 19,423,673 | 22,585,981 | 27,873,125 | 109,651,736 | 225,874,945 | 23,715,818 | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||||||
Investments purchased | 689,533 | 2,146,774 | 918,980 | — | — | — | — | 2,988,961 | 100,000 | |||||||||||||||||||||||||||
Fund shares repurchased | 85,850 | 196,835 | 27,090 | 1,111 | 391 | 9,493 | 329,311 | 9,012 | 127 | |||||||||||||||||||||||||||
Advisory agreement fees | 11,957 | 23,408 | 10,050 | 6,283 | 9,260 | 9,161 | 26,676 | 90,759 | 7,675 | |||||||||||||||||||||||||||
Service agreement fees | 14,947 | 29,261 | 12,563 | 2,663 | 6,482 | 8,015 | 16,894 | 27,037 | 4,797 | |||||||||||||||||||||||||||
Distribution fees—Class B | 5,946 | 16,909 | 7,153 | 204 | — | — | — | 1,708 | — | |||||||||||||||||||||||||||
Distribution fees—Class C | 12,147 | 5,788 | 1,518 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shareholder servicing fees | 14,937 | 29,231 | 12,545 | — | — | — | — | 7,466 | — | |||||||||||||||||||||||||||
Dividends | — | — | — | — | 1,120 | 5,806 | — | 278,023 | 50,961 | |||||||||||||||||||||||||||
Accrued expenses and other payables | — | — | — | — | — | — | — | 135 | — | |||||||||||||||||||||||||||
Options written, at value (premium received $32,164) (Note 6) | — | — | — | — | — | — | — | 26,719 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total liabilities | 835,317 | 2,448,206 | 989,899 | 10,261 | 17,253 | 32,475 | 372,881 | 3,429,820 | 163,560 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 72,745,814 | $ | 142,576,323 | $ | 61,272,101 | $ | 19,413,412 | $ | 22,568,728 | $ | 27,840,650 | $ | 109,278,855 | $ | 222,445,125 | $ | 23,552,258 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 71,253,877 | $ | 136,086,138 | $ | 58,263,054 | $ | 19,413,434 | $ | 21,422,418 | $ | 25,867,163 | $ | 107,375,366 | $ | 215,833,202 | $ | 22,850,116 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | (53,480 | ) | (205,533 | ) | (179,020 | ) | — | 3,587 | 4,673 | 110,126 | (188,652 | ) | 4,774 | |||||||||||||||||||||||
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions | 669,841 | 2,173,348 | 723,007 | (22 | ) | 38,164 | 43,109 | (2,061 | ) | 676,744 | (76,630 | ) | ||||||||||||||||||||||||
Net unrealized appreciation of investments (including appreciation (depreciation) of foreign currency related transactions | 875,576 | 4,522,370 | 2,465,060 | — | 1,104,559 | 1,925,705 | 1,795,424 | 6,123,831 | 773,998 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 72,745,814 | $ | 142,576,323 | $ | 61,272,101 | $ | 19,413,412 | $ | 22,568,728 | $ | 27,840,650 | $ | 109,278,855 | $ | 222,445,125 | $ | 23,552,258 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 43,317,277 | $ | 105,671,023 | $ | 47,174,836 | $ | 19,130,406 | $ | 34,099,075 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,179,666 | 9,655,323 | 4,344,070 | 19,130,406 | 3,359,096 | |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | $ | 10.36 | $ | 10.94 | $ | 10.86 | $ | 1.00 | $ | 10.15 | ||||||||||||||||||||||||||
Sales charge of offering price2 | 0.63 | 0.67 | 0.66 | — | 0.48 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Maximum offering price per share | $ | 10.99 | $ | 11.61 | $ | 11.52 | $ | 1.00 | $ | 10.63 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 9,615,595 | $ | 27,457,431 | $ | 11,621,859 | $ | 283,006 | $ | 2,788,445 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 922,269 | 2,527,657 | 1,094,613 | 283,006 | 274,547 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.43 | $ | 10.86 | $ | 10.62 | $ | 1.00 | $ | 10.16 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 19,812,942 | $ | 9,447,869 | $ | 2,475,406 | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,899,167 | 869,126 | 232,981 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.43 | $ | 10.87 | $ | 10.62 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 22,568,728 | $ | 27,840,650 | $ | 109,278,855 | $ | 183,752,688 | $ | 23,552,258 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,918,674 | 2,486,730 | 9,850,942 | 18,159,041 | 2,038,339 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 11.76 | $ | 11.20 | $ | 11.09 | $ | 10.12 | $ | 11.55 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 1,804,917 | ||||||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 177,813 | |||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.15 | ||||||||||||||||||||||||||||||||||
|
|
1 | See Note 12 for information on affiliated issuers. |
2 | Sales charge of offering price is 5.75 % for the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds and 4.50% for the Core Bond Fund. |
3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
See accompanying Notes to Financial Statements.
33
Madison Funds | April 30, 2016
Statements of Assets and Liabilities as of April 30, 2016 (unaudited)
High | Diversified | Covered Call & | Dividend | Large Cap | NorthRoad | |||||||||||||||||||||||||||||||
Income | Income | Equity Income | Income | Value | Investors | Mid Cap | Small Cap | International | ||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Investments in securities, at cost: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 23,532,902 | $ | 127,530,929 | $ | 101,746,022 | $ | 83,147,580 | $ | 103,225,311 | $ | 214,476,101 | $ | 213,908,511 | $ | 88,285,698 | $ | 37,983,461 | ||||||||||||||||||
Net unrealized appreciation | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | (189,870 | ) | 20,824,184 | (6,998,359 | ) | 5,026,819 | 10,986,319 | 39,602,155 | 77,193,848 | 9,837,094 | (2,059,652 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total investments, at value | 23,343,032 | 148,355,113 | 94,747,663 | 88,174,399 | 114,211,630 | 254,078,256 | 291,102,359 | 98,122,792 | 35,923,809 | |||||||||||||||||||||||||||
Foreign currency (cost of $6,342 and $37, respectively)(Note 2) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||||||
Investments sold | 463,683 | 2,227,204 | 592,203 | 1,580,772 | �� | 3,663,229 | — | 8,904,374 | 34,255 | — | ||||||||||||||||||||||||||
Fund shares sold | 911 | 97,037 | 61,775 | 130,675 | 20,850 | 431,797 | 1,234,691 | 90,366 | — | |||||||||||||||||||||||||||
Dividends and interest | 337,160 | 714,663 | 24,642 | 149,050 | 80,427 | 304,080 | 40,197 | 77,184 | 187,271 | |||||||||||||||||||||||||||
Due from Adviser | — | — | — | 10,461 | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total assets | 24,144,786 | 151,394,017 | 95,426,283 | 90,045,357 | 117,976,136 | 254,814,133 | 301,281,621 | 98,324,597 | 36,111,080 | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||||||
Investments purchased | 625,000 | 2,467,190 | 3,999,238 | 1,574,768 | 5,134,674 | — | 2,068,262 | 77,445 | 5,301 | |||||||||||||||||||||||||||
Fund shares repurchased | 38,660 | 115,591 | 35,343 | 4,252 | 145,052 | 95,042 | 181,853 | 40,133 | — | |||||||||||||||||||||||||||
Advisory agreement fees | 10,594 | 79,296 | 61,461 | 52,307 | 53,055 | 156,591 | 181,317 | 79,245 | 23,643 | |||||||||||||||||||||||||||
Service agreement fees | 3,852 | 24,399 | 10,549 | 24,410 | 34,727 | 40,750 | 93,770 | 19,811 | 8,064 | |||||||||||||||||||||||||||
Distribution fees—Class B | 967 | 8,146 | 6,951 | — | 2,346 | — | 1,886 | 253 | — | |||||||||||||||||||||||||||
Distribution fees—Class C | — | 7,810 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shareholder servicing fees | 4,656 | 33,858 | 5,757 | — | 13,442 | 14,011 | 11,656 | 787 | — | |||||||||||||||||||||||||||
Dividends | 2,853 | 1,343 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Accrued expenses and other payables | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Options written, at value (premium received $1,855,557) (Note 6) | — | — | 2,393,402 | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total liabilities | 686,582 | 2,737,633 | 6,512,701 | 1,655,737 | 5,383,296 | 306,394 | 2,538,744 | 217,674 | 37,008 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 23,458,204 | $ | 148,656,384 | $ | 88,913,582 | $ | 88,389,620 | $ | 112,592,840 | $ | 254,507,739 | $ | 298,742,877 | 98,106,923 | 36,074,072 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 25,418,527 | $ | 126,587,824 | $ | 96,086,798 | $ | 82,827,220 | $ | 92,721,975 | $ | 210,970,241 | $ | 214,122,332 | $ | 85,990,649 | $ | 40,004,429 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 8,280 | (46,602 | ) | (1,499,572 | ) | 92,248 | 445,191 | 122,665 | (2,774,613 | ) | 100,978 | 257,241 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions | (1,778,733 | ) | 1,290,978 | 1,862,560 | 443,333 | 8,439,355 | 3,812,678 | 10,201,310 | 2,177,697 | (2,129,065 | ) | |||||||||||||||||||||||||
Net unrealized appreciation (depreciation) of investments (including appreciation (depreciation) of foreign currency related transactions | (189,870 | ) | 20,824,184 | (7,536,204 | ) | 5,026,819 | 10,986,319 | 39,602,155 | 77,193,848 | 9,837,599 | (2,058,533 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 23,458,204 | $ | 148,656,384 | $ | 88,913,582 | $ | 88,389,620 | $ | 112,592,840 | $ | 254,507,739 | $ | 298,742,877 | $ | 98,106,923 | $ | 36,074,072 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 21,184,391 | $ | 122,774,076 | $ | 17,195,040 | $ | 61,681,537 | $ | 68,238,958 | $ | 53,427,844 | $ | 3,446,215 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,618,590 | 8,349,053 | 1,917,557 | 4,186,944 | 3,579,845 | 6,467,004 | 231,723 | |||||||||||||||||||||||||||||
Net Asset Value and redemption price per share | 5.85 | 14.71 | 8.97 | 14.73 | 19.06 | 8.26 | $ | 14.87 | ||||||||||||||||||||||||||||
Sales charge of offering price1 | 0.28 | 0.90 | 0.55 | 0.90 | 1.16 | 0.50 | 0.91 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Maximum offering price per share | 6.13 | 15.61 | 9.52 | 15.63 | 20.22 | 8.76 | $ | 15.78 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 1,586,344 | $ | 13,260,231 | $ | 3,800,015 | $ | 3,023,911 | 405,155 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 263,945 | 896,300 | 263,435 | 432,408 | 28,769 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net Asset Value and redemption price per share2 | $ | 6.01 | $ | 14.79 | $ | 14.42 | $ | 6.99 | $ | 14.08 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 12,622,077 | $ | 11,513,537 | ||||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 853,553 | 1,326,018 | ||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share2 | $ | 14.79 | $ | 8.68 | ||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 687,469 | $ | 57,779,633 | $ | 88,389,620 | $ | 47,111,288 | $ | 179,456,853 | $ | 232,981,455 | $ | 94,255,553 | $ | 27,611,833 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 119,224 | 6,343,392 | 4,035,367 | 3,199,094 | 9,401,411 | 27,293,585 | 6,320,365 | 2,818,882 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net Asset Value and redemption price per share2 | $ | 5.77 | $ | 9.11 | $ | 21.90 | $ | 14.73 | $ | 19.09 | $ | 8.54 | $ | 14.91 | $ | 9.80 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,425,372 | $ | 6,811,928 | $ | 9,309,667 | $ | 8,462,239 | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 264,960 | 355,039 | 1,075,586 | 857,315 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net Asset Value and redemption price per share2 | $ | 9.15 | $ | 19.19 | $ | 8.66 | $ | 9.87 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||||||||||||||||||||||
Net Asset Value and redemption price per share |
1 | Sales charge of offering price is 4.50% for the High Income Fund and 5.75% for the Diversified Income, Covered Call & Equity Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock Funds |
2 | 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, 2016
International | Hansberger | Madison Target | Madison Target | Madison Target | Madison Target | |||||||||||||||||
Stock | International | Retirement | Retirement | Retirement | Retirement | |||||||||||||||||
Fund | Growth Fund | 2020 Fund | 2030 Fund | 2040 Fund | 2050 Fund | |||||||||||||||||
$ | 34,454,250 | $ | 22,065,291 | $ | 46,281,559 | $ | 65,925,222 | $ | 41,884,459 | $ | 19,122,350 | |||||||||||
3,826,371 | 1,981,853 | 4,763,643 | 9,510,538 | 7,337,597 | 2,592,196 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
38,280,621 | 24,047,144 | 51,045,202 | 75,435,760 | 49,222,056 | 21,714,546 | |||||||||||||||||
6,326 | 37 | — | — | — | — | |||||||||||||||||
40,344 | — | 1,801,357 | 2,024,992 | 1,227,153 | 525,209 | |||||||||||||||||
2,611 | — | 101 | — | — | — | |||||||||||||||||
353,015 | 156,543 | 877 | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
38,682,917 | 24,203,724 | 52,847,537 | 77,460,752 | 50,449,209 | 22,239,755 | |||||||||||||||||
153,224 | — | 1,347,797 | 1,286,973 | 814,753 | 356,860 | |||||||||||||||||
544 | 24,071 | — | — | — | — | |||||||||||||||||
32,273 | 16,845 | 10,697 | 15,626 | 10,170 | 4,482 | |||||||||||||||||
9,221 | 13,005 | 2,139 | 3,125 | 2,034 | 896 | |||||||||||||||||
884 | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
4,458 | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | 1,918 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
200,604 | 55,839 | 1,360,633 | 1,305,724 | 826,957 | 362,238 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
38,482,313 | 24,147,885 | 51,486,904 | 76,155,028 | 49,622,252 | 21,877,517 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 35,855,124 | $ | 31,173,952 | $ | 47,461,158 | $ | 68,467,372 | $ | 43,498,770 | $ | 19,956,417 | |||||||||||
221,066 | (195,108 | ) | 84,887 | 88,032 | 42,710 | 13,667 | ||||||||||||||||
(1,421,730 | ) | (8,809,193 | ) | (822,784 | ) | (1,910,914 | ) | (1,256,825 | ) | (684,763 | ) | |||||||||||
3,827,853 | 1,978,234 | 4,763,643 | 9,510,538 | 7,337,597 | 2,592,196 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 38,482,313 | $ | 24,147,885 | $ | 51,486,904 | $ | 76,155,028 | $ | 49,622,252 | $ | 21,877,517 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 20,291,148 | |||||||||||||||||||||
1,612,617 | ||||||||||||||||||||||
$ | 12.58 | |||||||||||||||||||||
0.77 | ||||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 13.35 | |||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 1,432,045 | |||||||||||||||||||||
116,307 | ||||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 12.31 | |||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 16,759,120 | $ | 2,196,593 | |||||||||||||||||||
1,331,068 | 147,571 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
$ | 12.59 | $ | 14.89 | |||||||||||||||||||
|
|
|
| |||||||||||||||||||
$ | 51,486,904 | $ | 76,155,028 | $ | 49,622,252 | $ | 21,877,517 | |||||||||||||||
5,308,015 | 7,998,578 | 5,318,408 | 2,301,573 | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 9.70 | $ | 9.52 | $ | 9.33 | $ | 9.51 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 21,951,292 | |||||||||||||||||||||
1,473,567 | ||||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 14.90 | |||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements.
35
Madison Funds | April 30, 2016
Statements of Operations for the Six-Months Ended April 30, 2016 (unaudited)
Conservative | Moderate | Aggressive | Government | Tax-Free | Tax-Free | Core | ||||||||||||||||||||||||||
Allocation | Allocation | Allocation | Money Market | Virginia | National | High Quality | Bond | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Bond Fund | Fund | |||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||
Interest | $ | 1,993 | $ | 2,709 | $ | 1,048 | $ | 22,847 | $ | 344,591 | $ | 437,155 | $ | 832,841 | $ | 3,246,138 | ||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||
Unaffiliated issuers | 364,389 | 687,492 | 310,260 | — | — | — | — | — | ||||||||||||||||||||||||
Affiliated issuers1 | 371,351 | 660,571 | 267,457 | — | — | — | — | — | ||||||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total investment income | 737,733 | 1,350,772 | 578,765 | 22,847 | 344,591 | 437,155 | 832,841 | 3,246,138 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||||||
Advisory agreement fees | 72,816 | 140,214 | 59,676 | 38,410 | 56,065 | 64,840 | 156,594 | 550,352 | ||||||||||||||||||||||||
Services agreement fees | 91,020 | 175,268 | 74,595 | 14,404 | 39,246 | 48,703 | 99,176 | 163,980 | ||||||||||||||||||||||||
Distribution fees—Class B | 36,253 | 104,021 | 43,593 | 1,311 | — | — | — | 10,520 | ||||||||||||||||||||||||
Distribution fees—Class C | 72,010 | 34,562 | 9,103 | — | — | — | — | — | ||||||||||||||||||||||||
Shareholder servicing fees—Class A | 54,913 | 129,049 | 57,026 | — | — | — | — | 40,868 | ||||||||||||||||||||||||
Shareholder servicing fees—Class B | 12,084 | 34,649 | 14,514 | — | — | — | — | 3,506 | ||||||||||||||||||||||||
Shareholder servicing fees—Class C | 24,003 | 11,523 | 3,034 | — | — | — | — | — | ||||||||||||||||||||||||
Other expenses | 4,196 | 8,095 | 3,447 | 1,091 | 1,265 | 1,549 | 5,708 | 12,452 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses before reimbursement/waiver | 367,295 | 637,381 | 264,988 | 55,216 | 96,576 | 115,092 | 261,478 | 781,678 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Less reimbursement/waiver3 | — | — | — | (32,369 | ) | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses net of reimbursement/waiver | 367,295 | 637,381 | 264,988 | 22,847 | 96,576 | 115,092 | 261,478 | 781,678 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Investment Income (Loss) | 370,438 | 713,391 | 313,777 | — | 248,015 | 322,063 | 571,363 | 2,464,460 | ||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | (18,717 | ) | |||||||||||||||||||||||
Futures | — | — | — | — | — | — | — | 358 | ||||||||||||||||||||||||
Unaffiliated issuers | (722,302 | ) | (2,380,622 | ) | (2,001,462 | ) | — | 38,164 | 43,137 | (1,915 | ) | 695,954 | ||||||||||||||||||||
Affiliated issuers1 | 204,431 | 120,844 | 371,548 | — | — | — | — | — | ||||||||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||||||
Unaffiliated issuers | 199,473 | 565,454 | 302,800 | — | — | — | — | — | ||||||||||||||||||||||||
Affiliated issuers1 | 1,437,890 | 5,164,937 | 2,655,207 | — | — | — | — | — | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||||||
Options | — | — | — | — | — | — | — | 16,533 | ||||||||||||||||||||||||
Futures | — | — | — | — | — | — | — | (610 | ) | |||||||||||||||||||||||
Unaffiliated issuers | 721,433 | 1,346,918 | 543,420 | — | 332,805 | 573,679 | 838,027 | 2,552,606 | ||||||||||||||||||||||||
Affiliated issuers1 | (1,327,411 | ) | (4,668,156 | ) | (2,140,040 | ) | — | — | — | — | — | |||||||||||||||||||||
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| |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 513,514 | 149,375 | (268,527 | ) | — | 370,969 | 616,816 | 836,112 | 3,246,124 | |||||||||||||||||||||||
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Net Increase in Net Assets from Operations | $ | 883,952 | $ | 862,766 | $ | 45,250 | $ | — | $ | 618,984 | $ | 938,879 | $ | 1,407,475 | $ | 5,710,584 | ||||||||||||||||
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1 | See Note 12 for information on affiliated issuers. |
2 | See Note 3 for information on expenses. |
3 | See Note 3 for more information on these waivers. |
See accompanying Notes to Financial Statements.
36
Madison Funds | April 30, 2016
Corporate | High | Diversified | Covered Call & | Dividend | Large Cap | NorthRoad | International | Hansberger | ||||||||||||||||||||||||||||||||||||||
Bond | Income | Income | Equity Income | Income | Value | Investors | Mid Cap | Small Cap | International | Stock | International | |||||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Growth Fund | |||||||||||||||||||||||||||||||||||
$ | 409,801 | $ | 717,355 | $ | 926,518 | $ | 6,957 | $ | 2,250 | $ | 6,681 | $ | 7,184 | $ | 10,709 | $ | 2,233 | $ | 632 | $ | 770 | $ | 36 | |||||||||||||||||||||||
— | — | 1,177,080 | 630,236 | 446,511 | 1,720,789 | 1,072,392 | 1,164,010 | 785,496 | 559,666 | 557,168 | 186,562 | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | (9,066 | ) | — | (7,640 | ) | — | (36,678 | ) | (12,908 | ) | (325 | ) | (60,682 | ) | (55,667 | ) | (18,855 | ) | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||
409,801 | 717,355 | 2,094,532 | 637,193 | 441,121 | 1,727,470 | 1,042,898 | 1,161,811 | 787,404 | 499,616 | 502,271 | 167,743 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
45,534 | 64,461 | 468,279 | 363,310 | 133,698 | 436,474 | 578,801 | 992,643 | 436,732 | 153,084 | 191,886 | 112,768 | |||||||||||||||||||||||||||||||||||
28,459 | 23,440 | 144,086 | 62,314 | 62,392 | 285,692 | 199,666 | 511,454 | 109,183 | 52,959 | 54,825 | 39,256 | |||||||||||||||||||||||||||||||||||
— | 5,885 | 49,030 | 37,708 | — | 14,449 | — | 11,791 | 1,518 | — | 5,671 | — | |||||||||||||||||||||||||||||||||||
— | — | 46,620 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | 26,508 | 148,059 | 19,988 | — | 76,517 | 30,476 | 64,766 | 4,102 | — | 24,855 | — | |||||||||||||||||||||||||||||||||||
— | 1,962 | 16,327 | 12,569 | — | 4,800 | — | 3,930 | 506 | — | 1,890 | — | |||||||||||||||||||||||||||||||||||
— | — | 15,533 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
1,280 | 1,362 | 8,177 | 5,033 | 1,174 | 9,906 | 6,577 | 15,008 | �� | 5,131 | 3,077 | 2,183 | 1,840 | ||||||||||||||||||||||||||||||||||
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75,273 | 123,618 | 896,111 | 500,922 | 197,264 | 827,838 | 815,520 | 1,599,592 | 557,172 | 209,120 | 281,310 | 153,864 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
— | — | — | — | (26,739 | ) | — | (46,047 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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75,273 | 123,618 | 896,111 | 500,922 | 170,525 | 827,838 | 769,473 | 1,599,592 | 557,172 | 209,120 | 281,310 | 153,864 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
334,528 | 593,737 | 1,198,421 | 136,271 | 270,596 | 899,632 | 273,425 | (437,781 | ) | 230,232 | 290,496 | 220,961 | 13,879 | ||||||||||||||||||||||||||||||||||
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— | — | — | 2,444,910 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(76,614 | ) | (1,465,101 | ) | 1,463,712 | (1,339,403 | ) | 449,570 | 8,528,841 | 4,150,383 | 11,553,546 | 3,000,097 | (1,838,889 | ) | (353,530 | ) | (76,791 | ) | |||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | 759,117 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
591,239 | 1,088,822 | 1,560,132 | (509,987 | ) | 1,220,364 | (6,384,585 | ) | 20,055,625 | (3,449,400 | ) | 125,710 | (826,680 | ) | (847,318 | ) | (1,787,373 | ) | |||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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|
514,625 |
| (376,279 | ) | 3,023,844 | 1,354,637 | 1,669,934 | 2,144,256 | 24,206,008 | 8,104,146 | 3,125,807 | (2,665,569 | ) | (1,200,848 | ) | (1,864,164 | ) | |||||||||||||||||||||||||||||
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$ | 849,153 | $ | 217,458 | $ | 4,222,265 | $ | 1,490,908 | $ | 1,940,530 | $ | 3,043,888 | $ | 24,479,433 | $ | 7,666,365 | $ | 3,356,039 | $ | (2,375,073 | ) | $ | (979,887 | ) | $ | (1,850,285 | ) | ||||||||||||||||||||
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See accompanying Notes to Financial Statements.
37
Madison Funds | April 30, 2016
Statements of Operations for the Six-Months Ended April 30, 2016 (unaudited)
Madison Target | Madison Target | Madison Target | Madison Target | |||||||||||||
Retirement | Retirement | Retirement | Retirement | |||||||||||||
2020 Fund | 2030 Fund | 2040 Fund | 2050 Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 1,014 | $ | 1,351 | $ | 873 | $ | 398 | ||||||||
Dividends | ||||||||||||||||
Unaffiliated issuers | 439,711 | 645,135 | 433,145 | 194,422 | ||||||||||||
Less: Foreign taxes withheld | — | — | — | — | ||||||||||||
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| |||||||||
Total investment income | 440,725 | 646,486 | 434,018 | 194,820 | ||||||||||||
Expenses:1 | ||||||||||||||||
Advisory agreement fees | 65,138 | 92,966 | 60,257 | 25,614 | ||||||||||||
Service agreement fees | 13,028 | 18,593 | 12,051 | 5,123 | ||||||||||||
Other expenses | 2,988 | 4,268 | 2,795 | 1,179 | ||||||||||||
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| |||||||||
Total expenses. | 81,154 | 115,827 | 75,103 | 31,916 | ||||||||||||
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| |||||||||
Net Investment Income | 359,571 | 530,659 | 358,915 | 162,904 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net realized gain on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||
Unaffiliated issuers | (223,854 | ) | (746,334 | ) | (505,310 | ) | (362,774 | ) | ||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||
Unaffiliated issuers | 135,945 | 242,271 | 192,305 | 95,186 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||
Unaffiliated issuers | 461,296 | 569,476 | 209,568 | 165,138 | ||||||||||||
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| |||||||||
Net Realized and Unrealized Gain on Investments | 373,387 | 65,413 | (103,437 | ) | (102,450 | ) | ||||||||||
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Net Increase in Net Assets from Operations | $ | 732,958 | $ | 596,072 | $ | 255,478 | $ | 60,454 | ||||||||
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1 | See Note 3 for information on expenses. |
See accompanying Notes to Financial Statements.
38
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Government Money | ||||||||||||||||||||||||||||||||
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Market Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 75,796,970 | $ | 74,779,327 | $ | 145,999,790 | $ | 150,621,084 | $ | 61,816,629 | $ | 61,306,975 | $ | 19,309,804 | $ | 21,031,337 | ||||||||||||||||
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Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 370,438 | 734,032 | 713,391 | 1,256,554 | 313,777 | 407,607 | — | — | ||||||||||||||||||||||||
Net realized gain | 1,119,492 | 2,484,425 | 3,470,613 | 8,632,169 | 1,328,093 | 5,183,912 | — | — | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (605,978 | ) | (2,644,134 | ) | (3,321,238 | ) | (8,031,221 | ) | (1,596,620 | ) | (4,663,317 | ) | — | — | ||||||||||||||||||
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Net increase in net assets from operations | 883,952 | 574,323 | 862,766 | 1,857,502 | 45,250 | 928,202 | — | — | ||||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (360,260 | ) | (735,977 | ) | (1,100,928 | ) | (1,515,732 | ) | (402,397 | ) | (712,370 | ) | — | — | ||||||||||||||||||
Class B | (39,522 | ) | (73,931 | ) | (158,540 | ) | (288,639 | ) | (87,614 | ) | (131,546 | ) | — | — | ||||||||||||||||||
Class C | (80,218 | ) | (132,294 | ) | (52,784 | ) | (73,012 | ) | (17,856 | ) | (25,700 | ) | — | — | ||||||||||||||||||
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| |||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (1,385,777 | ) | (1,947,168 | ) | (5,707,228 | ) | (5,792,027 | ) | (3,649,031 | ) | (3,391,541 | ) | — | — | ||||||||||||||||||
Class B | (298,666 | ) | (477,033 | ) | (1,567,987 | ) | (1,751,819 | ) | (971,280 | ) | (974,688 | ) | — | — | ||||||||||||||||||
Class C | (588,819 | ) | (819,430 | ) | (522,047 | ) | (443,063 | ) | (197,949 | ) | (190,426 | ) | — | — | ||||||||||||||||||
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| |||||||||||||||||
Total distributions | (2,753,262 | ) | (4,185,833 | ) | (9,109,514 | ) | (9,864,292 | ) | (5,326,127 | ) | (5,426,271 | ) | — | — | ||||||||||||||||||
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| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,449,682 | 9,812,568 | 6,222,070 | 12,938,988 | 3,087,464 | 5,699,130 | 3,538,360 | 6,879,831 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,744,689 | 2,669,691 | 6,801,086 | 7,261,935 | 4,049,878 | 4,090,813 | — | — | ||||||||||||||||||||||||
Shares redeemed | (5,752,035 | ) | (8,667,176 | ) | (8,348,363 | ) | (16,565,032 | ) | (2,838,435 | ) | (5,323,214 | ) | (3,483,876 | ) | (8,374,021 | ) | ||||||||||||||||
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Net increase (decrease) from capital stock transactions | (1,557,664 | ) | 3,815,083 | 4,674,793 | 3,635,891 | 4,298,907 | 4,466,729 | 54,484 | (1,494,190 | ) | ||||||||||||||||||||||
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Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,022,667 | 1,167,306 | 1,701,528 | 3,501,055 | 733,180 | 1,937,168 | 213,962 | 345,729 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 338,082 | 549,584 | 1,724,768 | 2,033,723 | 1,055,907 | 1,103,670 | — | — | ||||||||||||||||||||||||
Shares redeemed | (1,569,477 | ) | (2,544,524 | ) | (3,765,610 | ) | (7,540,929 | ) | (1,450,967 | ) | (2,748,286 | ) | (164,838 | ) | (573,072 | ) | ||||||||||||||||
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Net increase (decrease) from capital stock transactions | (208,728 | ) | (827,634 | ) | (339,314 | ) | (2,006,151 | ) | 338,120 | 292,552 | 49,124 | (227,343 | ) | |||||||||||||||||||
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Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,540,076 | 3,766,571 | 586,471 | 2,193,521 | 66,112 | 432,354 | — | — | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 669,037 | 942,456 | 574,652 | 488,581 | 215,805 | 211,144 | — | — | ||||||||||||||||||||||||
Shares redeemed | (1,624,567 | ) | (3,067,323 | ) | (673,321 | ) | (926,346 | ) | (182,595 | ) | (395,056 | ) | — | — | ||||||||||||||||||
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| |||||||||||||||||
Net increase from capital stock transactions | 584,546 | 1,641,704 | 487,802 | 1,755,756 | 99,322 | 248,442 | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
Total increase (decrease) from capital stock transactions | (1,181,846 | ) | 4,629,153 | 4,823,281 | 3,385,496 | 4,736,349 | 5,007,723 | 103,608 | (1,721,533 | ) | ||||||||||||||||||||||
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| |||||||||||||||||
Total increase (decrease) in net assets | (3,051,156 | ) | 1,017,643 | (3,423,467 | ) | (4,621,294 | ) | (544,528 | ) | 509,654 | 103,608 | (1,721,533 | ) | |||||||||||||||||||
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| |||||||||||||||||
Net Assets at end of period | $ | 72,745,814 | $ | 75,796,970 | $ | 142,576,323 | $ | 145,999,790 | $ | 61,272,101 | $ | 61,816,629 | $ | 19,413,412 | $ | 19,309,804 | ||||||||||||||||
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| |||||||||||||||||
Undistributed net investment income (loss) included in net assets | $ | (53,480 | ) | $ | 56,082 | $ | (205,533 | ) | $ | 393,328 | $ | (179,020 | ) | $ | 15,070 | $ | — | $ | — | |||||||||||||
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Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 238,709 | 903,657 | 571,323 | 1,093,950 | 282,742 | 470,864 | 3,538,360 | 6,879,831 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 171,807 | 249,386 | 636,210 | 627,110 | 380,628 | 345,800 | — | — | ||||||||||||||||||||||||
Shares redeemed | (561,962 | ) | (805,705 | ) | (762,383 | ) | (1,408,144 | ) | (263,772 | ) | (439,396 | ) | (3,483,876 | ) | (8,374,021 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital share transactions | (151,446 | ) | 347,338 | 445,150 | 312,916 | 399,598 | 377,268 | 54,484 | (1,494,190 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 100,143 | 107,196 | 158,407 | 298,149 | 67,980 | 164,052 | 213,962 | 345,729 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 33,082 | 50,974 | 162,103 | 175,928 | 101,238 | 94,492 | — | — | ||||||||||||||||||||||||
Shares redeemed | (152,644 | ) | (234,224 | ) | (348,274 | ) | (644,105 | ) | (137,175 | ) | (231,728 | ) | (164,838 | ) | (573,072 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital share transactions | (19,419 | ) | (76,054 | ) | (27,764 | ) | (170,028 | ) | 32,043 | 26,816 | 49,124 | (227,343 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 149,651 | 345,850 | 53,887 | 186,779 | 6,372 | 36,088 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 65,463 | 87,338 | 53,958 | 42,228 | 20,671 | 18,062 | ||||||||||||||||||||||||||
Shares redeemed | (157,564 | ) | (283,227 | ) | (63,096 | ) | (79,781 | ) | (17,012 | ) | (33,075 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase from capital share transactions | 57,550 | 149,961 | 44,749 | 149,226 | 10,031 | 21,075 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
39
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 22,659,372 | $ | 23,100,256 | $ | 27,744,109 | $ | 28,414,758 | $ | 102,551,509 | $ | 118,082,335 | $ | 223,858,567 | $ | 225,218,208 | ||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 248,015 | 557,549 | 322,063 | 681,658 | 571,363 | 1,068,831 | 2,464,460 | 4,625,209 | ||||||||||||||||||||||||
Net realized gain (loss) | 38,164 | 69,799 | 43,137 | 162,253 | (1,915 | ) | 346,179 | 677,595 | 2,352,083 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 332,805 | (110,858 | ) | 573,679 | (115,237 | ) | 838,027 | (278,909 | ) | 2,568,529 | (3,394,264 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase in net assets from operations | 618,984 | 516,490 | 938,879 | 728,674 | 1,407,475 | 1,136,101 | 5,710,584 | 3,583,028 | ||||||||||||||||||||||||
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|
|
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|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | (362,031 | ) | (686,660 | ) | ||||||||||||||||||||||
Class B | — | — | — | — | — | — | (20,459 | ) | (40,569 | ) | ||||||||||||||||||||||
Class Y | (248,128 | ) | (556,364 | ) | (321,862 | ) | (680,303 | ) | (557,833 | ) | (1,074,047 | ) | (2,293,535 | ) | (4,356,627 | ) | ||||||||||||||||
Class R6 | — | — | — | — | — | — | (21,856 | ) | (15,797 | ) | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | (271,770 | ) | (288,322 | ) | ||||||||||||||||||||||
Class B | — | — | — | — | — | — | (23,795 | ) | (28,595 | ) | ||||||||||||||||||||||
Class Y | (69,797 | ) | (150,588 | ) | (162,274 | ) | (217,904 | ) | (346,318 | ) | (118,544 | ) | (1,544,568 | ) | (1,598,223 | ) | ||||||||||||||||
Class R6 | — | — | — | — | — | — | (14,467 | ) | (3,894 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (317,925 | ) | (706,952 | ) | (484,136 | ) | (898,207 | ) | (904,151 | ) | (1,192,591 | ) | (4,552,481 | ) | (7,018,687 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,914,944 | 4,601,495 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 630,796 | 933,423 | ||||||||||||||||||||||||||||||
Shares redeemed | (2,464,982 | ) | (6,179,365 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 1,080,758 | (644,447 | ) | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 41,582 | 256,153 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 44,255 | 68,295 | ||||||||||||||||||||||||||||||
Shares redeemed | (240,845 | ) | (795,720 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (155,008 | ) | (471,272 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 219,041 | 259,157 | 618,620 | 775,540 | 21,142,320 | 40,394,343 | 2,063,868 | 16,119,764 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 308,882 | 682,954 | 436,285 | 709,457 | 826,855 | 760,886 | 939,993 | 1,482,771 | ||||||||||||||||||||||||
Shares redeemed | (919,626 | ) | (1,192,533 | ) | (1,413,107 | ) | (1,986,113 | ) | (15,745,153 | ) | (56,629,565 | ) | (6,601,872 | ) | (16,101,865 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital stock transactions | (391,703 | ) | (250,422 | ) | (358,202 | ) | (501,116 | ) | 6,224,022 | (15,474,336 | ) | (3,598,011 | ) | 1,500,670 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 283,987 | 1,686,691 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 36,323 | 19,691 | ||||||||||||||||||||||||||||||
Shares redeemed | (219,594 | ) | (15,315 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase from capital stock transactions | 100,716 | 1,691,067 | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total increase (decrease) from capital stock transactions | (391,703 | ) | (250,422 | ) | (358,202 | ) | (501,116 | ) | 6,224,022 | (15,474,336 | ) | (2,571,545 | ) | 2,076,018 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total increase (decrease) in net assets | (90,644 | ) | (440,884 | ) | 96,541 | (670,649 | ) | 6,727,346 | (15,530,826 | ) | (1,413,442 | ) | (1,359,641 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Assets at end of period | $ | 22,568,728 | $ | 22,659,372 | $ | 27,840,650 | $ | 27,744,109 | $ | 109,278,855 | $ | 102,551,509 | $ | 222,445,125 | $ | 223,858,567 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 3,587 | $ | 3,700 | $ | 4,673 | $ | 4,472 | $ | 110,126 | $ | 96,596 | $ | (188,652 | ) | $ | 44,769 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 290,684 | 452,158 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 63,234 | 91,746 | ||||||||||||||||||||||||||||||
Shares redeemed | (246,198 | ) | (607,067 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net decrease from capital share transactions | 107,720 | (63,163 | ) | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 4,142 | 25,161 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,438 | 6,712 | ||||||||||||||||||||||||||||||
Shares redeemed | (24,057 | ) | (77,826 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | (15,477 | ) | (45,953 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 18,700 | 22,359 | 55,325 | 70,523 | 1,916,092 | 3,649,801 | 205,845 | 1,583,787 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 26,442 | 58,764 | 39,358 | 64,491 | 75,265 | 69,007 | 94,520 | 146,113 | ||||||||||||||||||||||||
Shares redeemed | (78,705 | ) | (102,600 | ) | (126,947 | ) | (180,352 | ) | (1,427,286 | ) | (5,126,122 | ) | (660,672 | ) | (1,581,126 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital share transactions | (33,563 | ) | (21,477 | ) | (32,264 | ) | (45,338 | ) | 564,071 | (1,407,314 | ) | (360,307 | ) | 148,774 | ||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 28,395 | 166,291 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 3,642 | 1,941 | ||||||||||||||||||||||||||||||
Shares redeemed | (21,977 | ) | (1,497 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase from capital share transactions | 10,060 | 166,735 | ||||||||||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements.
40
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Covered Call & | ||||||||||||||||||||||||||||||||
Corporate Bond Fund | High Income Fund | Diversified Income Fund | Equity Income Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 23,545,115 | $ | 27,010,078 | $ | 25,503,956 | $ | 31,251,076 | $ | 147,233,643 | $ | 145,286,852 | $ | 89,071,393 | $ | 60,220,920 | ||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 334,528 | 680,289 | 593,737 | 1,443,566 | 1,198,421 | 2,153,698 | 136,271 | 176,859 | ||||||||||||||||||||||||
Net realized gain (loss) | (76,614 | ) | 77,740 | (1,465,101 | ) | (313,632 | ) | 1,463,712 | 3,893,229 | 1,105,507 | 5,842,743 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 591,239 | (395,306 | ) | 1,088,822 | (1,854,987 | ) | 1,560,132 | (4,362,658 | ) | 249,130 | (6,709,561 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
| |||||||||||||||||
Net increase (decrease) in net assets from operations | 849,153 | 362,723 | 217,458 | (725,053 | ) | 4,222,265 | 1,684,269 | 1,490,908 | (689,959 | ) | ||||||||||||||||||||||
|
|
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|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | — | (541,016 | ) | (1,339,819 | ) | (1,103,636 | ) | (2,006,159 | ) | (304,320 | ) | (803,931 | ) | ||||||||||||||||||
Class B | — | — | (32,766 | ) | (79,813 | ) | (72,398 | ) | (128,802 | ) | — | — | ||||||||||||||||||||
Class C | — | — | — | — | (68,989 | ) | (111,519 | ) | (203,551 | ) | (383,709 | ) | ||||||||||||||||||||
Class Y | (334,602 | ) | (678,077 | ) | (21,167 | ) | (21,057 | ) | — | — | (1,075,209 | ) | (2,484,145 | ) | ||||||||||||||||||
Class R6 | — | — | — | — | — | — | (52,763 | ) | (75,556 | ) | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | — | (1,576,185 | ) | (2,746,767 | ) | — | (289,318 | ) | (346,247 | ) | ||||||||||||||||||||
Class B | — | — | — | (120,683 | ) | (303,965 | ) | — | — | — | ||||||||||||||||||||||
Class C | — | — | — | — | (286,956 | ) | — | (178,928 | ) | (157,719 | ) | |||||||||||||||||||||
Class Y | (77,756 | ) | (40,614 | ) | — | (11,512 | ) | — | — | (1,036,903 | ) | (1,233,836 | ) | |||||||||||||||||||
Class R6 | — | — | — | — | — | — | (50,094 | ) | (10,324 | ) | ||||||||||||||||||||||
|
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|
|
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|
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|
|
|
|
| |||||||||||||||||
Total distributions | (412,358 | ) | (718,691 | ) | (594,949 | ) | (3,149,069 | ) | (4,582,711 | ) | (2,246,480 | ) | (3,191,086 | ) | (5,495,467 | ) | ||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 519,652 | 1,674,886 | 6,330,269 | 14,869,686 | 2,786,834 | 7,299,764 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 526,607 | 2,568,863 | 3,824,777 | 1,978,421 | 574,094 | 1,038,831 | ||||||||||||||||||||||||||
Shares redeemed | (2,676,198 | ) | (6,104,245 | ) | (8,118,846 | ) | (14,726,381 | ) | (1,913,937 | ) | (2,453,398 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (1,629,939 | ) | (1,860,496 | ) | 2,036,200 | 2,121,726 | 1,446,991 | 5,885,197 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 18,000 | 160,043 | 650,036 | 1,577,854 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 28,498 | 162,119 | 376,363 | 128,547 | ||||||||||||||||||||||||||||
Shares redeemed | (124,270 | ) | (647,318 | ) | (1,167,569 | ) | (2,585,540 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (77,772 | ) | (325,156 | ) | (141,170 | ) | (879,139 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 658,654 | 3,290,899 | 2,701,887 | 5,704,108 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 355,945 | 110,743 | 311,753 | 438,189 | ||||||||||||||||||||||||||||
Shares redeemed | (1,126,442 | ) | (2,135,227 | ) | (616,113 | ) | (1,013,937 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (111,843 | ) | 1,266,415 | 2,397,527 | 5,128,360 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 71,563 | 81,139 | 1,073,711 | 1,733,581 | 8,122,951 | 51,075,935 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 17,637 | 26,796 | 21,167 | 31,473 | 2,066,489 | 2,791,002 | ||||||||||||||||||||||||||
Shares redeemed | (518,852 | ) | (3,216,930 | ) | (1,055,428 | ) | (1,452,400 | ) | (12,134,973 | ) | (32,641,444 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (429,652 | ) | (3,108,995 | ) | 39,450 | 312,654 | (1,945,533 | ) | 21,225,493 | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 87,326 | 2,861,624 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 102,856 | 51,333 | ||||||||||||||||||||||||||||||
Shares redeemed | (546,800 | ) | (116,108 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (356,618 | ) | 2,796,849 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total increase (decrease) from capital stock transactions | (429,652 | ) | (3,108,995 | ) | (1,668,261 | ) | (1,872,998 | ) | 1,783,187 | 2,509,002 | 1,542,367 | 35,035,899 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total increase (decrease) in net assets | 7,143 | (3,464,963 | ) | (2,045,752 | ) | (5,747,120 | ) | 1,422,741 | 1,946,791 | (157,811 | ) | 28,850,473 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Assets at end of period | $ | 23,552,258 | $ | 23,545,115 | $ | 23,458,204 | $ | 25,503,956 | $ | 148,656,384 | $ | 147,233,643 | $ | 88,913,582 | $ | 89,071,393 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 4,774 | $ | 4,848 | $ | 8,280 | $ | 9,492 | $ | (46,602 | ) | $ | — | $ | (1,499,572 | ) | $ | — | ||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 91,149 | 265,723 | 439,211 | 1,003,726 | 314,603 | 759,705 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 92,452 | 416,152 | 265,708 | 134,264 | 64,650 | 110,180 | ||||||||||||||||||||||||||
Shares redeemed | (470,150 | ) | (988,266 | ) | (563,152 | ) | (999,059 | ) | (217,184 | ) | (260,367 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital share transactions | (286,549 | ) | (306,391 | ) | 141,767 | 138,931 | 162,069 | 609,518 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,078 | 25,728 | 44,700 | 105,641 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 4,873 | 25,617 | 26,015 | 8,671 | ||||||||||||||||||||||||||||
Shares redeemed | (21,198 | ) | (100,582 | ) | (80,635 | ) | (174,264 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | (13,247 | ) | (49,237 | ) | (9,920 | ) | (59,952 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 45,512 | 221,556 | 316,366 | 612,689 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 24,606 | 7,477 | 36,184 | 47,722 | ||||||||||||||||||||||||||||
Shares redeemed | (77,574 | ) | (144,085 | ) | (71,727 | ) | (108,461 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | (7,456 | ) | 84,948 | 280,823 | 551,950 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 6,363 | 7,034 | 190,954 | 287,679 | 904,893 | 5,296,137 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,569 | 2,338 | 3,777 | 5,194 | 229,209 | 294,148 | ||||||||||||||||||||||||||
Shares redeemed | (45,860 | ) | (282,934 | ) | (188,767 | ) | (237,196 | ) | (1,360,987 | ) | (3,394,084 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital share transactions | (37,928 | ) | (273,562 | ) | 5,964 | 55,677 | (226,885 | ) | 2,196,201 | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 9,635 | 295,083 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 11,358 | 5,516 | ||||||||||||||||||||||||||||||
Shares redeemed | (59,653 | ) | (12,115 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | (38,660 | ) | 288,484 | |||||||||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements.
41
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Dividend Income Fund | Large Cap Value Fund | Investors Fund | Mid Cap Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 20,924,558 | $ | 21,518,235 | $ | 177,208,386 | $ | 203,817,722 | $ | 118,284,204 | $ | 173,358,800 | $ | 265,880,184 | $ | 290,650,610 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 270,596 | 370,248 | 899,632 | 1,202,520 | 273,425 | 850,971 | (437,781 | ) | (1,433,150 | ) | ||||||||||||||||||||||
Net realized gain | 449,570 | 830,164 | 8,528,841 | 19,715,065 | 4,150,383 | 14,548,492 | 11,553,546 | 15,183,881 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,220,364 | (863,192 | ) | (6,384,585 | ) | (22,072,941 | ) | 20,055,625 | (7,809,747 | ) | (3,449,400 | ) | 2,822,289 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) in net assets from operations | 1,940,530 | 337,220 | 3,043,888 | (1,155,356 | ) | 24,479,433 | 7,589,716 | 7,666,365 | 16,573,020 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | — | (385,702 | ) | (530,834 | ) | (12,985 | ) | (3,124 | ) | — | — | ||||||||||||||||||||
Class B | — | — | (4,614 | ) | (982 | ) | — | — | — | — | ||||||||||||||||||||||
Class Y | (186,854 | ) | (355,808 | ) | (924,359 | ) | (1,222,110 | ) | (866,821 | ) | (722,755 | ) | — | — | ||||||||||||||||||
Class R6 | — | — | — | — | (66,629 | ) | (31,748 | ) | — | — | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | (7,048,086 | ) | (9,855,995 | ) | (290,581 | ) | (282,552 | ) | (3,119,742 | ) | (10,096,248 | ) | ||||||||||||||||||
Class B | — | — | (458,770 | ) | (680,861 | ) | — | — | (229,780 | ) | (827,997 | ) | ||||||||||||||||||||
Class Y | (838,307 | ) | (1,219,689 | ) | (11,989,841 | ) | (16,853,584 | ) | (13,633,242 | ) | (29,941,971 | ) | (11,027,407 | ) | (36,856,357 | ) | ||||||||||||||||
Class R6 | — | — | — | — | (863,240 | ) | (1,315,235 | ) | (549,126 | ) | (1,049,409 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (1,025,161 | ) | (1,575,497 | ) | (20,811,372 | ) | (29,144,366 | ) | (15,733,498 | ) | (32,297,385 | ) | (14,926,055 | ) | (48,830,011 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,583,756 | 4,423,301 | 1,145,994 | 1,008,592 | 2,114,447 | 3,292,194 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 7,418,601 | 10,243,270 | 303,567 | 279,828 | 3,116,694 | 10,025,872 | ||||||||||||||||||||||||||
Shares redeemed | (4,710,267 | ) | (10,600,838 | ) | (1,738,646 | ) | (231,323 | ) | (3,764,360 | ) | (9,476,158 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 4,292,090 | 4,065,733 | (289,085 | ) | 1,057,097 | 1,466,781 | 3,841,908 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 153,787 | 427,559 | 155,505 | 320,087 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 463,383 | 678,940 | 229,779 | 827,123 | ||||||||||||||||||||||||||||
Shares redeemed | (511,994 | ) | (1,141,251 | ) | (573,226 | ) | (1,358,274 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 105,176 | (34,752 | ) | (187,942 | ) | (211,064 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 67,097,366 | 1,989,210 | 6,670,762 | 12,963,807 | 131,434,750 | 11,006,964 | 55,489,970 | 27,769,283 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 985,905 | 1,511,616 | 12,900,309 | 18,074,172 | 14,292,494 | 17,846,708 | 9,641,548 | 25,946,268 | ||||||||||||||||||||||||
Shares redeemed | (1,533,578 | ) | (2,856,226 | ) | (70,816,399 | ) | (31,378,574 | ) | (18,847,419 | ) | (62,675,960 | ) | (26,042,562 | ) | (55,123,047 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital stock transactions | 66,549,693 | 644,600 | (51,245,328 | ) | (340,595 | ) | 126,879,825 | (33,822,288 | ) | 39,088,956 | (1,407,496 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 685,450 | 2,128,479 | 459,798 | 4,515,567 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 929,869 | 1,346,983 | 549,126 | 1,049,409 | ||||||||||||||||||||||||||||
Shares redeemed | (728,459 | ) | (1,077,198 | ) | (1,254,336 | ) | (301,759 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 886,860 | 2,398,264 | (245,412 | ) | 5,263,217 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total increase (decrease) from capital stock transactions | 66,549,693 | 644,600 | (46,848,062 | ) | 3,690,386 | 127,477,600 | (30,366,927 | ) | 40,122,383 | 7,486,565 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total increase (decrease) in net assets | 67,465,062 | (593,677 | ) | (64,615,546 | ) | (26,609,336 | ) | 136,223,535 | (55,074,596 | ) | 32,862,693 | (24,770,426 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Assets at end of period | $ | 88,389,620 | $ | 20,924,558 | $ | 112,592,840 | $ | 177,208,386 | $ | 254,507,739 | $ | 118,284,204 | $ | 298,742,877 | $ | 265,880,184 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Undistributed net investment income (loss) included in net assets | ||||||||||||||||||||||||||||||||
$ | 92,248 | $ | 8,506 | $ | 445,191 | $ | 860,234 | $ | 122,665 | $ | 795,675 | $ | (2,774,613 | ) | $ | (2,336,832 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 107,242 | 255,629 | 3,552,510 | 47,076 | 264,951 | 378,026 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 503,981 | 596,927 | 16,561 | 13,268 | 386,208 | 1,182,296 | ||||||||||||||||||||||||||
Shares redeemed | (315,962 | ) | (636,857 | ) | (91,969 | ) | (11,159 | ) | (467,683 | ) | (1,116,448 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from capital share transactions | 295,261 | 215,699 | 3,477,102 | 49,185 | 183,476 | 443,874 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 10,794 | 25,274 | 21,822 | 42,643 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 32,068 | 40,127 | 33,544 | 112,995 | ||||||||||||||||||||||||||||
Shares redeemed | (35,306 | ) | (67,859 | ) | (84,031 | ) | (182,024 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | 7,556 | (2,458 | ) | (28,665 | ) | (26,386 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,121,851 | 87,166 | 464,308 | 777,399 | 4,487,455 | 521,213 | 6,823,053 | 3,149,762 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 45,932 | 66,708 | 876,976 | 1,054,503 | 779,307 | 845,815 | 1,157,449 | 2,978,906 | ||||||||||||||||||||||||
Shares redeemed | (71,651 | ) | (126,660 | ) | (4,842,386 | ) | (1,822,188 | ) | (993,113 | ) | (2,892,859 | ) | (3,121,639 | ) | (6,101,904 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital share transactions | 3,096,132 | 27,214 | (3,501,102 | ) | 9,714 | 4,273,649 | (1,525,831 | ) | 4,858,863 | 26,764 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 37,220 | 87,423 | 55,195 | 508,499 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 50,482 | 63,627 | 65,062 | 119,523 | ||||||||||||||||||||||||||||
Shares redeemed | (39,574 | ) | (50,991 | ) | (147,636 | ) | (33,600 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | 48,128 | 100,059 | (27,379 | ) | 594,422 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
42
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Hansberger International | ||||||||||||||||||||||||||||||||
Small Cap Fund | NorthRoad International Fund | International Stock Fund | Growth Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 87,600,246 | $ | 64,439,940 | $ | 45,429,261 | $ | 45,425,305 | $ | 38,329,644 | $ | 33,010,915 | $ | 33,405,022 | $ | 156,780,547 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 230,232 | 246,443 | 290,496 | 816,408 | 220,961 | 361,192 | 13,879 | 508,794 | ||||||||||||||||||||||||
Net realized gain (loss) | 3,000,097 | 3,744,598 | (1,838,889 | ) | 141,024 | (353,530 | ) | 365,802 | (76,791 | ) | 8,360,702 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 125,710 | (991,275 | ) | (826,680 | ) | (2,600,056 | ) | (847,318 | ) | (805,075 | ) | (1,787,373 | ) | (6,988,840 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) in net assets from operations | 3,356,039 | 2,999,766 | (2,375,073 | ) | (1,642,624 | ) | (979,887 | ) | (78,081 | ) | (1,850,285 | ) | 1,880,656 | |||||||||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (3,775 | ) | (8,622 | ) | — | — | (176,364 | ) | (533,657 | ) | — | — | ||||||||||||||||||||
Class B | — | — | — | — | (3,888 | ) | (31,860 | ) | — | — | ||||||||||||||||||||||
Class Y | (237,790 | ) | (334,294 | ) | (549,462 | ) | (674,182 | ) | (171,460 | ) | (210,332 | ) | (22,052 | ) | (130,885 | ) | ||||||||||||||||
Class R6 | — | — | (175,696 | ) | (180,437 | ) | — | — | — | — | ||||||||||||||||||||||
Class I | — | — | — | — | — | — | (316,932 | ) | (2,365,747 | ) | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (121,988 | ) | (191,090 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Class B | (15,891 | ) | (25,961 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Class Y | (2,938,689 | ) | (3,500,200 | ) | (302,630 | ) | (1,361,399 | ) | — | — | (20,201 | ) | — | |||||||||||||||||||
Class R6 | — | — | (80,680 | ) | (364,362 | ) | — | — | — | — | ||||||||||||||||||||||
Class I | — | — | — | — | — | — | (256,002 | ) | — | |||||||||||||||||||||||
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|
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|
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| |||||||||||||||||
Total distributions | (3,318,133 | ) | (4,060,167 | ) | (1,108,468 | ) | (2,580,380 | ) | (351,712 | ) | (775,849 | ) | (615,187 | ) | (2,496,632 | ) | ||||||||||||||||
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| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 394,643 | 773,600 | 1,197,639 | 2,379,285 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 125,763 | 199,707 | 175,730 | 527,393 | ||||||||||||||||||||||||||||
Shares redeemed | (474,884 | ) | (1,112,553 | ) | (1,515,767 | ) | (4,455,302 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 45,522 | (139,246 | ) | (142,398 | ) | (1,548,624 | ) | |||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 15,714 | 84,462 | 53,422 | 279,135 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 15,891 | 25,961 | 3,888 | 31,860 | ||||||||||||||||||||||||||||
Shares redeemed | (56,356 | ) | (184,776 | ) | (261,371 | ) | (651,975 | ) | ||||||||||||||||||||||||
|
|
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|
|
|
|
| |||||||||||||||||||||||||
Net decrease from capital stock transactions | (24,751 | ) | (74,353 | ) | (204,061 | ) | (340,980 | ) | ||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 12,065,274 | 26,907,349 | 750,287 | 9,402,829 | 4,022,731 | 12,453,021 | 13,308 | 15,399 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 3,057,379 | 3,544,488 | 209,064 | 525,272 | 171,460 | 210,332 | 42,115 | 128,025 | ||||||||||||||||||||||||
Shares redeemed | (4,674,653 | ) | (6,017,531 | ) | (6,786,786 | ) | (6,991,005 | ) | (2,363,464 | ) | (4,601,090 | ) | (180,290 | ) | (484,040 | ) | ||||||||||||||||
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|
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| |||||||||||||||||
Net increase (decrease) from capital stock transactions | 10,448,000 | 24,434,306 | (5,827,435 | ) | 2,937,096 | 1,830,727 | 8,062,263 | (124,867 | ) | (340,616 | ) | |||||||||||||||||||||
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| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 26,625 | 864,300 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 256,377 | 544,800 | ||||||||||||||||||||||||||||||
Shares redeemed | (327,215 | ) | (119,236 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (44,213 | ) | 1,289,864 | |||||||||||||||||||||||||||||
|
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|
| |||||||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Shares sold | 43,955 | 819,009 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 572,935 | 2,365,747 | ||||||||||||||||||||||||||||||
Shares redeemed | (7,283,688 | ) | (125,603,689 | ) | ||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (6,666,798 | ) | (122,418,933 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Increase (decrease) from capital stock transactions | 10,468,771 | 24,220,707 | (5,871,648 | ) | 4,226,960 | 1,484,268 | 6,172,659 | (6,791,665 | ) | (122,759,549 | ) | |||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
| |||||||||||||||||
Total increase (decrease) in net assets | 10,506,677 | 23,160,306 | (9,355,189 | ) | 3,956 | 152,669 | 5,318,729 | (9,257,137 | ) | (123,375,525 | ) | |||||||||||||||||||||
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|
|
| |||||||||||||||||
Net Assets at end of period | $ | 98,106,923 | $ | 87,600,246 | $ | 36,074,072 | $ | 45,429,261 | $ | 38,482,313 | $ | 38,329,644 | $ | 24,147,885 | $ | 33,405,022 | ||||||||||||||||
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|
|
| |||||||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 100,978 | $ | 112,311 | $ | 257,241 | $ | 691,903 | $ | 221,066 | $ | 351,817 | $ | (195,108 | ) | $ | 129,997 | |||||||||||||||
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| |||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 27,442 | 51,618 | 99,978 | 178,791 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 8,697 | 13,261 | 13,718 | 41,790 | ||||||||||||||||||||||||||||
Shares redeemed | (33,672 | ) | (74,908 | ) | (123,734 | ) | (341,596 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | 2,467 | (10,029 | ) | (10,038 | ) | (121,015 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,126 | 5,872 | 4,442 | 21,503 | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,158 | 1,802 | 309 | 2,569 | ||||||||||||||||||||||||||||
Shares redeemed | (4,156 | ) | (12,831 | ) | (21,897 | ) | (50,526 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net decrease from capital share transactions | (1,872 | ) | (5,157 | ) | (17,146 | ) | (26,454 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 872,289 | 1,782,129 | 71,455 | 833,074 | 317,545 | 938,710 | 913 | 905 | ||||||||||||||||||||||||
Issued to shareholders from capital stock transactions | 211,145 | 235,202 | 20,720 | 49,789 | 13,385 | 16,680 | 2,707 | 8,270 | ||||||||||||||||||||||||
Shares redeemed | (333,405 | ) | (397,954 | ) | (698,264 | ) | (642,543 | ) | (196,813 | ) | (358,949 | ) | (12,096 | ) | (29,533 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from capital share transactions | 750,029 | 1,619,377 | (606,089 | ) | 240,320 | 134,117 | 596,441 | (8,476 | ) | (20,358 | ) | |||||||||||||||||||||
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|
|
|
|
|
|
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| |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,817 | 75,185 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 25,234 | 51,299 | ||||||||||||||||||||||||||||||
Shares redeemed | (34,087 | ) | (10,717 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from capital share transactions | (6,036 | ) | 115,767 | |||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,865 | 48,884 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 36,821 | 152,826 | ||||||||||||||||||||||||||||||
Shares redeemed | (484,304 | ) | (7,498,009 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Net decrease from capital share transactions | (444,618 | ) | (7,296,299 | ) | ||||||||||||||||||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements.
43
Madison Funds | April 30, 2016
Statements of Changes in Net Assets
Madison Target Retirement | Madison Target Retirement | Madison Target Retirement | Madison Target Retirement | |||||||||||||||||||||||||||||
2020 Fund | 2030 Fund | 2040 Fund | 2050 Fund | |||||||||||||||||||||||||||||
Six-Months | Year | Six-Months | Year | Six-Months | Year | Six-Months | Year | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | April 30, 2016 | October 31, | |||||||||||||||||||||||||
(unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | (unaudited) | 2015 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 53,618,610 | $ | 61,964,350 | $ | 79,006,925 | $ | 82,852,177 | $ | 50,029,414 | $ | 58,902,574 | $ | 20,482,173 | $ | 21,265,564 | ||||||||||||||||
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|
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|
|
| |||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 359,571 | 872,479 | 530,659 | 1,234,059 | 358,915 | 839,055 | 162,904 | 326,330 | ||||||||||||||||||||||||
Net realized gain (loss) | (87,909 | ) | 1,693,559 | (504,063 | ) | 2,099,659 | (313,005 | ) | 1,997,182 | (267,588 | ) | 416,075 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 461,296 | (984,069 | ) | 569,476 | (1,065,611 | ) | 209,568 | (1,252,918 | ) | 165,138 | (90,904 | ) | ||||||||||||||||||||
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|
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|
|
| |||||||||||||||||
Net increase in net assets from operations | 732,958 | 1,581,969 | 596,072 | 2,268,107 | 255,478 | 1,583,319 | 60,454 | 651,501 | ||||||||||||||||||||||||
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| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class R6 | (899,589 | ) | (537,568 | ) | (1,258,551 | ) | (781,023 | ) | (839,070 | ) | (588,549 | ) | (348,249 | ) | (227,101 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class R6 | (1,764,330 | ) | (604,745 | ) | (2,672,152 | ) | (1,632,546 | ) | (2,209,026 | ) | (1,513,221 | ) | (629,298 | ) | (463,433 | ) | ||||||||||||||||
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| |||||||||||||||||
Total distributions | (2,663,919 | ) | (1,142,313 | ) | (3,930,703 | ) | (2,413,569 | ) | (3,048,096 | ) | (2,101,770 | ) | (977,547 | ) | (690,534 | ) | ||||||||||||||||
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| |||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 437,129 | 1,965,286 | 205,453 | 2,827,154 | 165,976 | 1,322,699 | 1,404,511 | 2,060,597 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,663,920 | 1,142,314 | 3,930,703 | 2,413,569 | 3,048,096 | 2,101,769 | 977,547 | 690,534 | ||||||||||||||||||||||||
Shares redeemed | (3,301,794 | ) | (11,892,996 | ) | (3,653,422 | ) | (8,940,513 | ) | (828,616 | ) | (11,779,177 | ) | (69,621 | ) | (3,495,489 | ) | ||||||||||||||||
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|
|
| |||||||||||||||||
Net increase (decrease) from capital stock transactions | (200,745 | ) | (8,785,396 | ) | 482,734 | (3,699,790 | ) | 2,385,456 | (8,354,709 | ) | 2,312,437 | (744,358 | ) | |||||||||||||||||||
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|
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| |||||||||||||||||
Total increase (decrease) from capital stock transactions | (200,745 | ) | (8,785,396 | ) | 482,734 | (3,699,790 | ) | 2,385,456 | (8,354,709 | ) | 2,312,437 | (744,358 | ) | |||||||||||||||||||
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|
| |||||||||||||||||
Total increase (decrease) in net assets | (2,131,706 | ) | (8,345,740 | ) | (2,851,897 | ) | (3,845,252 | ) | (407,162 | ) | (8,873,160 | ) | 1,395,344 | (783,391 | ) | |||||||||||||||||
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| |||||||||||||||||
Net Assets at end of period | $ | 51,486,904 | $ | 53,618,610 | $ | 76,155,028 | $ | 79,006,925 | $ | 49,622,252 | $ | 50,029,414 | $ | 21,877,517 | $ | 20,482,173 | ||||||||||||||||
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| |||||||||||||||||
Undistributed net investment income included in net assets | $ | 84,887 | $ | 624,905 | $ | 88,032 | $ | 815,924 | $ | 42,710 | 522,865 | $ | 13,667 | $ | 199,012 | |||||||||||||||||
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| |||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 45,972 | 194,179 | 22,927 | 279,805 | 18,123 | 132,290 | 146,366 | 204,401 | ||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 282,195 | 114,460 | 422,202 | 243,549 | 333,125 | 213,378 | 104,551 | 69,681 | ||||||||||||||||||||||||
Shares redeemed | (342,485 | ) | (1,184,264 | ) | (370,764 | ) | (894,665 | ) | (87,266 | ) | (1,191,593 | ) | (7,597 | ) | (346,869 | ) | ||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from capital share transactions | (14,318 | ) | (875,625 | ) | 74,365 | (371,311 | ) | 263,982 | (845,925 | ) | 243,320 | (72,787 | ) | |||||||||||||||||||
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See accompanying Notes to Financial Statements.
44
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.63 | $ | 11.15 | $ | 10.68 | $ | 10.43 | $ | 9.94 | $ | 10.02 | $ | 10.69 | $ | 11.19 | $ | 10.71 | $ | 10.42 | $ | 9.94 | $ | 10.03 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.06 | 0.13 | 0.15 | 0.22 | 0.24 | 0.25 | 0.02 | 0.06 | 0.06 | 0.15 | 0.16 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.07 | — | 0.50 | 0.48 | 0.50 | 0.04 | 0.08 | (0.01 | ) | 0.51 | 0.47 | 0.50 | 0.05 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Total from investment operations | 0.13 | 0.13 | 0.65 | 0.70 | 0.74 | 0.29 | 0.10 | 0.05 | 0.57 | 0.62 | 0.66 | 0.22 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.08 | ) | (0.17 | ) | (0.14 | ) | (0.45 | ) | (0.25 | ) | (0.37 | ) | (0.04 | ) | (0.07 | ) | (0.05 | ) | (0.33 | ) | (0.18 | ) | (0.31 | ) | ||||||||||||||||||||||||
Distributions from capital gains | (0.32 | ) | (0.48 | ) | (0.04 | ) | — | — | — | (0.32 | ) | (0.48 | ) | (0.04 | ) | — | — | — | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Total distributions | (0.40 | ) | (0.65 | ) | (0.18 | ) | (0.45 | ) | (0.25 | ) | (0.37 | ) | (0.36 | ) | (0.55 | ) | (0.09 | ) | (0.33 | ) | (0.18 | ) | (0.31 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.27 | ) | (0.52 | ) | 0.47 | 0.25 | 0.49 | (0.08 | ) | (0.26 | ) | (0.50 | ) | 0.48 | 0.29 | 0.48 | (0.09 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.36 | $ | 10.63 | $ | 11.15 | $ | 10.68 | $ | 10.43 | $ | 9.94 | $ | 10.43 | $ | 10.69 | $ | 11.19 | $ | 10.71 | $ | 10.42 | $ | 9.94 | ||||||||||||||||||||||||
Total Return (%)2 | 1.40 | 3 | 1.17 | 6.13 | 6.90 | 7.60 | 3.00 | 1.07 | 3 | 0.44 | 5.41 | 6.05 | 6.75 | 2.19 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 43,317 | $ | 46,039 | $ | 44,438 | $ | 42,353 | $ | 41,905 | $ | 35,293 | $ | 9,616 | $ | 10,064 | $ | 11,393 | $ | 11,569 | $ | 9,521 | $ | 8,203 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.33 | 4 | 1.23 | 1.35 | 2.09 | 2.34 | 2.40 | 0.51 | 4 | 0.59 | 0.59 | 1.29 | 1.61 | 1.67 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 45 | 3 | 83 | 96 | 69 | 40 | 26 | 45 | 3 | 83 | 96 | 69 | 40 | 26 |
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.69 | $ | 11.20 | $ | 10.72 | $ | 10.43 | $ | 9.95 | $ | 10.04 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.03 | 0.05 | 0.06 | 0.16 | 0.16 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.07 | (0.01 | ) | 0.51 | 0.46 | 0.50 | 0.03 | |||||||||||||||||
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Total from investment operations | 0.10 | 0.04 | 0.57 | 0.62 | 0.66 | 0.22 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.04 | ) | (0.07 | ) | (0.05 | ) | (0.33 | ) | (0.18 | ) | (0.31 | ) | ||||||||||||
Distributions from capital gains | (0.32 | ) | (0.48 | ) | (0.04 | ) | — | — | — | |||||||||||||||
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Total distributions | (0.36 | ) | (0.55 | ) | (0.09 | ) | (0.33 | ) | (0.18 | ) | (0.31 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.26 | ) | (0.51 | ) | 0.48 | 0.29 | 0.48 | (0.09 | ) | |||||||||||||||
Net Asset Value at end of period | $ | 10.43 | $ | 10.69 | $ | 11.20 | $ | 10.72 | $ | 10.43 | $ | 9.95 | ||||||||||||
Total Return (%)2 | 1.07 | 3 | 0.34 | 5.41 | 6.05 | 6.75 | 2.19 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 19,813 | $ | 19,694 | $ | 18,948 | $ | 16,787 | $ | 10,813 | $ | 5,846 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.55 | 4 | 0.49 | 0.57 | 1.22 | 1.49 | 1.76 | |||||||||||||||||
Portfolio turnover (%)5 | 45 | 3 | 83 | 96 | 69 | 40 | 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. |
See accompanying Notes to Financial Statements.
45
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.62 | $ | 12.27 | $ | 11.50 | $ | 10.35 | $ | 9.76 | $ | 9.63 | $ | 11.52 | $ | 12.19 | $ | 11.43 | $ | 10.29 | $ | 9.70 | $ | 9.58 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.07 | 0.13 | 0.12 | 0.17 | 0.19 | 0.16 | 0.03 | 0.05 | 0.04 | 0.09 | 0.11 | 0.08 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | — | 0.04 | 0.80 | 1.23 | 0.63 | 0.22 | — | 0.04 | 0.78 | 1.23 | 0.63 | 0.21 | ||||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.07 | 0.17 | 0.92 | 1.40 | 0.82 | 0.38 | 0.03 | 0.09 | 0.82 | 1.32 | 0.74 | 0.29 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.12 | ) | (0.17 | ) | (0.15 | ) | (0.25 | ) | (0.23 | ) | (0.25 | ) | (0.06 | ) | (0.11 | ) | (0.06 | ) | (0.18 | ) | (0.15 | ) | (0.17 | ) | ||||||||||||||||||||||||
Distributions from capital gains | (0.63 | ) | (0.65 | ) | — | — | — | — | (0.63 | ) | (0.65 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (0.75 | ) | (0.82 | ) | (0.15 | ) | (0.25 | ) | (0.23 | ) | (0.25 | ) | (0.69 | ) | (0.76 | ) | (0.06 | ) | (0.18 | ) | (0.15 | ) | (0.17 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.68 | ) | (0.65 | ) | 0.77 | 1.15 | 0.59 | 0.13 | (0.66 | ) | (0.67 | ) | 0.76 | 1.14 | 0.59 | 0.12 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.94 | $ | 11.62 | $ | 12.27 | $ | 11.50 | $ | 10.35 | $ | 9.76 | $ | 10.86 | $ | 11.52 | $ | 12.19 | $ | 11.43 | $ | 10.29 | $ | 9.70 | ||||||||||||||||||||||||
Total Return (%)2 | 0.74 | 3 | 1.44 | 8.03 | 13.87 | 8.55 | 3.97 | 0.39 | 3 | 0.72 | 7.18 | 12.98 | 7.77 | 3.19 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 105,671 | $ | 107,043 | $ | 109,148 | $ | 104,849 | $ | 92,954 | $ | 84,321 | $ | 27,457 | $ | 29,451 | $ | 33,235 | $ | 33,070 | $ | 29,821 | $ | 26,928 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.18 | 4 | 1.02 | 1.00 | 1.55 | 1.86 | 1.64 | 0.55 | 4 | 0.41 | 0.27 | 0.82 | 1.11 | 0.88 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 57 | 3 | 81 | 89 | 69 | 50 | 20 | 57 | 3 | 81 | 89 | 69 | 50 | 20 |
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.53 | $ | 12.20 | $ | 11.44 | $ | 10.30 | $ | 9.71 | $ | 9.58 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.03 | 0.02 | 0.03 | 0.10 | 0.10 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain on investments | — | 0.07 | 0.79 | 1.22 | 0.64 | 0.22 | ||||||||||||||||||
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Total from investment operations | 0.03 | 0.09 | 0.82 | 1.32 | 0.74 | 0.30 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.11 | ) | (0.06 | ) | (0.18 | ) | (0.15 | ) | (0.17 | ) | ||||||||||||
Distributions from capital gains | (0.63 | ) | (0.65 | ) | — | — | — | — | ||||||||||||||||
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Total distributions | (0.69 | ) | (0.76 | ) | (0.06 | ) | (0.18 | ) | (0.15 | ) | (0.17 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.66 | ) | (0.67 | ) | 0.76 | 1.14 | 0.59 | 0.13 | ||||||||||||||||
Net Asset Value at end of period | $ | 10.87 | $ | 11.53 | $ | 12.20 | $ | 11.44 | $ | 10.30 | $ | 9.71 | ||||||||||||
Total Return (%)2 | 0.39 | 3 | 0.72 | 7.17 | 12.97 | 7.77 | 3.19 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 9,448 | $ | 9,506 | $ | 8,238 | $ | 7,347 | $ | 5,253 | $ | 3,939 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.57 | 4 | 0.01 | 0.21 | 0.82 | 1.02 | 0.90 | |||||||||||||||||
Portfolio turnover (%)5 | 57 | 3 | 81 | 89 | 69 | 50 | 20 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
46
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.87 | $ | 12.81 | $ | 11.72 | $ | 10.01 | $ | 9.32 | $ | 9.04 | $ | 11.65 | $ | 12.61 | $ | 11.59 | $ | 9.89 | $ | 9.23 | $ | 8.96 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.07 | 0.11 | 0.09 | 0.12 | 0.12 | 0.07 | 0.04 | 0.03 | 0.002 | 0.04 | 0.05 | 0.002 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 0.10 | 1.04 | 1.80 | 0.70 | 0.32 | (0.07 | ) | 0.09 | 1.02 | 1.80 | 0.68 | 0.32 | ||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.01 | 0.21 | 1.13 | 1.92 | 0.82 | 0.39 | (0.03 | ) | 0.12 | 1.02 | 1.84 | 0.73 | 0.32 | |||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.20 | ) | (0.04 | ) | (0.21 | ) | (0.13 | ) | (0.11 | ) | (0.08 | ) | (0.13 | ) | — | (0.14 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||||||||||||||
Distributions from capital gains | (0.92 | ) | (0.95 | ) | — | — | — | — | (0.92 | ) | (0.95 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (1.02 | ) | (1.15 | ) | (0.04 | ) | (0.21 | ) | (0.13 | ) | (0.11 | ) | (1.00 | ) | (1.08 | ) | — | (0.14 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.01 | ) | (0.94 | ) | 1.09 | 1.71 | 0.69 | 0.28 | (1.03 | ) | (0.96 | ) | 1.02 | 1.70 | 0.66 | 0.27 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.86 | $ | 11.87 | $ | 12.81 | $ | 11.72 | $ | 10.01 | $ | 9.32 | $ | 10.62 | $ | 11.65 | $ | 12.61 | $ | 11.59 | $ | 9.89 | $ | 9.23 | ||||||||||||||||||||||||
Total Return (%)2 | 0.25 | 3 | 1.66 | 9.67 | 19.56 | 8.87 | 4.29 | (0.10 | )4 | 0.91 | 8.80 | 18.79 | 7.99 | 3.54 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 47,175 | $ | 46,834 | $ | 45,697 | $ | 41,526 | $ | 33,282 | $ | 30,190 | $ | 11,622 | $ | 12,383 | $ | 13,063 | $ | 12,365 | $ | 10,787 | $ | 9,975 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.71 | 4 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.17 | 4 | 0.81 | 0.73 | 1.02 | 1.22 | 0.74 | 0.71 | 5 | 0.21 | (0.01 | ) | 0.34 | 0.48 | (0.00 | )5 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 54 | 3 | 72 | 78 | 67 | 67 | 29 | 54 | 4 | 72 | 78 | 67 | 67 | 29 |
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.66 | $ | 12.62 | $ | 11.60 | $ | 9.90 | $ | 9.24 | $ | 8.97 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | 0.04 | 0.02 | (0.01 | ) | 0.05 | 0.03 | (0.02 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | 0.10 | 1.03 | 1.79 | 0.70 | 0.34 | |||||||||||||||||
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Total from investment operations | (0.04 | ) | 0.12 | 1.02 | 1.84 | 0.73 | 0.32 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.08 | ) | (0.13 | ) | — | (0.14 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||
Distributions from capital gains | (0.92 | ) | (0.95 | ) | — | — | — | — | ||||||||||||||||
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Total distributions | (1.00 | ) | (1.08 | ) | — | (0.14 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||
Net increase (decrease) in net asset value | (1.04 | ) | (0.96 | ) | 1.02 | 1.70 | 0.66 | 0.27 | ||||||||||||||||
Net Asset Value at end of period | $ | 10.62 | $ | 11.66 | $ | 12.62 | $ | 11.60 | $ | 9.90 | $ | 9.24 | ||||||||||||
Total Return (%)2 | (0.19 | )3 | 0.91 | 8.79 | 18.78 | 7.98 | 3.54 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 2,475 | $ | 2,600 | $ | 2,547 | $ | 2,116 | $ | 1,099 | $ | 828 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.46 | 4 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.56 | 4 | 0.05 | (0.09 | ) | 0.10 | 0.32 | (0.32 | ) | |||||||||||||||
Portfolio turnover (%)6 | 54 | 3 | 72 | 78 | 67 | 67 | 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. |
6 | Amounts represent less than $0.005 per share. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
47
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
GOVERNMENT MONEY MARKET FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total Return (%)3 | 0.00 | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.004 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 19,130 | $ | 19,076 | $ | 20,570 | $ | 24,552 | $ | 11,654 | $ | 12,298 | $ | 283 | $ | 234 | $ | 461 | $ | 524 | $ | 826 | $ | 1,601 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by | 0.56 | 5 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 1.30 | 5 | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 0.24 | 5 | 0.07 | 0.07 | 0.09 | 0.08 | 0.10 | 0.25 | 5 | 0.08 | 0.07 | 0.10 | 0.07 | 0.10 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement and waiver of expenses by Adviser (%)2 | 0.00 | 5 | 0.00 | 0.00 | (0.00 | ) | 0.00 | 0.00 | (0.01 | )5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Ratio is net of fees waived by the adviser and distributor (See Note 3). |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
TAX-FREE VIRGINIA FUND* | TAX-FREE NATIONAL FUND* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended September 30, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 20131 | 2013 | 2012 | 2011 | 2015 | 2014 | 20131 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.61 | $ | 11.70 | $ | 11.54 | $ | 11.50 | $ | 12.24 | $ | 11.92 | $ | 11.98 | $ | 11.01 | $ | 11.08 | $ | 10.73 | $ | 10.70 | $ | 11.44 | $ | 11.05 | $ | 11.16 | ||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income2 | 0.15 | 0.28 | 0.30 | 0.03 | 0.32 | 0.35 | 0.35 | 0.15 | 0.27 | 0.29 | 0.03 | 0.32 | 0.33 | 0.34 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.19 | (0.01 | ) | 0.35 | 0.04 | (0.65 | ) | 0.33 | — | 0.25 | 0.01 | 0.40 | 0.03 | (0.66 | ) | 0.43 | (0.02 | ) | ||||||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.34 | 0.27 | 0.65 | 0.07 | (0.33 | ) | 0.68 | 0.35 | 0.40 | 0.28 | 0.69 | 0.06 | (0.34 | ) | 0.76 | 0.32 | ||||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.15 | ) | (0.28 | ) | (0.30 | ) | (0.03 | ) | (0.32 | ) | (0.35 | ) | (0.35 | ) | (0.15 | ) | (0.27 | ) | (0.29 | ) | (0.03 | ) | (0.32 | ) | (0.33 | ) | (0.34 | ) | ||||||||||||||||||||||||||||
Distributions from capital gains | (0.04 | ) | (0.08 | ) | (0.19 | ) | — | (0.09 | ) | (0.01 | ) | (0.06 | ) | (0.06 | ) | (0.08 | ) | (0.05 | ) | — | (0.08 | ) | (0.04 | ) | (0.09 | ) | ||||||||||||||||||||||||||||||
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Total distributions | (0.19 | ) | (0.36 | ) | (0.49 | ) | (0.03 | ) | (0.41 | ) | (0.36 | ) | (0.41 | ) | (0.21 | ) | (0.35 | ) | (0.34 | ) | (0.03 | ) | (0.40 | ) | (0.37 | ) | (0.43 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.15 | (0.09 | ) | 0.16 | 0.04 | (0.74 | ) | 0.32 | (0.06 | ) | 0.19 | (0.07 | ) | 0.35 | 0.03 | (0.74 | ) | 0.39 | (0.11 | ) | ||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.76 | $ | 11.61 | $ | 11.70 | $ | 11.54 | $ | 11.50 | $ | 12.24 | $ | 11.92 | $ | 11.20 | $ | 11.01 | $ | 11.08 | $ | 10.73 | $ | 10.70 | $ | 11.44 | $ | 11.05 | ||||||||||||||||||||||||||||
Total Return (%)3 | 2.73 | 4 | 2.36 | 5.82 | 0.57 | 4 | (2.77 | ) | 5.75 | 3.10 | 3.51 | 4 | 2.61 | 6.52 | 0.52 | 4 | (3.03 | ) | 7.02 | 3.02 | ||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 22,569 | $ | 22,659 | $ | 23,100 | $ | 23,408 | $ | 23,215 | $ | 26,117 | $ | 25,009 | $ | 27,841 | $ | 27,744 | $ | 28,415 | $ | 27,805 | $ | 28,328 | $ | 31,526 | $ | 31,319 | ||||||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.86 | 5 | 0.85 | 0.85 | 0.85 | 5 | 0.85 | 0.98 | 1.03 | 0.83 | 5 | 0.85 | 0.85 | 0.85 | 5 | 0.85 | 1.00 | 1.06 | ||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.86 | 5 | 0.85 | 0.85 | 0.85 | 5 | 0.85 | — | — | 0.83 | 5 | 0.85 | 0.85 | 0.85 | 5 | 0.85 | — | — | ||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 2.21 | 5 | 2.45 | 2.63 | 2.58 | 5 | 2.71 | 2.88 | 3.03 | 2.31 | 5 | 2.44 | 2.65 | 2.79 | 5 | 2.92 | 2.97 | 3.11 | ||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 6 | 4 | 12 | 16 | — | 4 | 14 | 12 | 7 | 6 | 4 | 15 | 30 | 6 | 4 | 24 | 13 | 13 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 1 month of information. |
2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
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.
48
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
HIGH QUALITY BOND FUND* | ||||||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2015 | 2014 | 20131 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.04 | $ | 11.04 | $ | 11.07 | $ | 11.21 | $ | 11.15 | $ | 10.94 | $ | 10.68 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income2 | 0.06 | 0.11 | 0.11 | 0.09 | 0.13 | 0.16 | 0.19 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.09 | 0.01 | 0.01 | (0.13 | ) | 0.10 | 0.22 | 0.27 | ||||||||||||||||||||
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Total from investment operations | 0.15 | 0.12 | 0.12 | (0.04 | ) | 0.23 | 0.38 | 0.46 | ||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.11 | ) | (0.11 | ) | (0.08 | ) | (0.13 | ) | (0.16 | ) | (0.19 | ) | ||||||||||||||
Distributions from capital gains | (0.04 | ) | (0.01 | ) | (0.04 | ) | (0.02 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||
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Total distributions | (0.10 | ) | (0.12 | ) | (0.15 | ) | (0.10 | ) | (0.17 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||||
Net increase (decrease) in net asset value | 0.05 | — | (0.03 | ) | (0.14 | ) | 0.06 | 0.21 | 0.26 | |||||||||||||||||||
Net Asset Value at end of period | $ | 11.09 | $ | 11.04 | $ | 11.04 | $ | 11.07 | $ | 11.21 | $ | 11.15 | $ | 10.94 | ||||||||||||||
Total Return (%)3 | 1.33 | 4 | 1.11 | 1.12 | (0.35 | )4 | 2.04 | 3.53 | 4.35 | |||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 109,279 | $ | 102,552 | $ | 118,082 | $ | 132,688 | $ | 109,694 | $ | 104,849 | $ | 52,388 | ||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.50 | 5 | 0.49 | 0.49 | 0.49 | 5 | 0.49 | 0.49 | 0.49 | |||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.50 | 5 | 0.49 | 0.49 | 0.49 | 5 | — | — | — | |||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.09 | 5 | 1.00 | 1.00 | 0.99 | 5 | 1.15 | 1.48 | 1.76 | |||||||||||||||||||
Portfolio turnover (%)6 | 11 | 4 | 35 | 20 | 30 | 4 | 29 | 9 | 21 |
CORE BOND FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | �� | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.09 | $ | 10.25 | $ | 10.21 | $ | 10.66 | $ | 10.59 | $ | 10.46 | $ | 10.10 | $ | 10.25 | $ | 10.22 | $ | 10.67 | $ | 10.59 | $ | 10.46 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income2 | 0.12 | 0.19 | 0.22 | 0.26 | 0.26 | 0.26 | 0.07 | 0.11 | 0.14 | 0.18 | 0.18 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.05 | ) | 0.09 | (0.46 | ) | 0.07 | 0.13 | 0.15 | (0.04 | ) | 0.08 | (0.46 | ) | 0.08 | 0.12 | ||||||||||||||||||||||||||||||||
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Total from investment operations | 0.27 | 0.14 | 0.31 | (0.20 | ) | 0.33 | 0.39 | 0.22 | 0.07 | 0.22 | (0.28 | ) | 0.26 | 0.31 | ||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.13 | ) | (0.21 | ) | (0.22 | ) | (0.25 | ) | (0.26 | ) | (0.26 | ) | (0.08 | ) | (0.13 | ) | (0.14 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||||||
Distributions from capital gains | (0.08 | ) | (0.09 | ) | (0.05 | ) | — | — | — | (0.08 | ) | (0.09 | ) | (0.05 | ) | — | — | — | ||||||||||||||||||||||||||||||
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Total distributions | (0.21 | ) | (0.30 | ) | (0.27 | ) | (0.25 | ) | (0.26 | ) | (0.26 | ) | (0.16 | ) | (0.22 | ) | (0.19 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.06 | (0.16 | ) | 0.04 | (0.45 | ) | 0.07 | 0.13 | 0.06 | (0.15 | ) | 0.03 | (0.45 | ) | 0.08 | 0.13 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.15 | $ | 10.09 | $ | 10.25 | $ | 10.21 | $ | 10.66 | $ | 10.59 | $ | 10.16 | $ | 10.10 | $ | 10.25 | $ | 10.22 | $ | 10.67 | $ | 10.59 | ||||||||||||||||||||||||
Total Return (%)3 | 2.56 | 3 | 1.34 | 3.04 | (1.92 | ) | 3.11 | 3.81 | 2.18 | 3 | 0.69 | 2.18 | (2.65 | ) | 2.43 | 3.04 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 34,099 | $ | 32,823 | $ | 33,973 | $ | 40,104 | $ | 45,671 | $ | 43,775 | $ | 2,788 | $ | 2,929 | $ | 3,445 | $ | 4,433 | $ | 6,088 | $ | 5,678 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.91 | 4 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 1.66 | 4 | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.91 | 4 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 1.66 | 4 | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 2.04 | 4 | 1.85 | 2.10 | 2.42 | 2.41 | 2.54 | 1.29 | 4 | 1.10 | 1.36 | 1.68 | 1.66 | 1.78 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 25 | 4 | 57 | 41 | 24 | 6 | 12 | 25 | 4 | 57 | 41 | 24 | 6 | 12 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
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.
49
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
CORE BOND FUND - continued | ||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Inception to 10/31/138 | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.07 | $ | 10.22 | $ | 10.19 | $ | 10.64 | $ | 10.58 | $ | 10.46 | $ | 10.09 | $ | 10.24 | $ | 10.20 | $ | 10.53 | ||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.13 | 0.21 | 0.23 | 0.28 | 0.29 | 0.29 | 0.14 | 0.23 | 0.20 | 0.14 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.14 | (0.04 | ) | 0.09 | (0.45 | ) | 0.06 | 0.12 | 0.14 | (0.06 | ) | 0.13 | (0.34 | ) | ||||||||||||||||||||||||||
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Total from investment operations | 0.27 | 0.17 | 0.32 | (0.17 | ) | 0.35 | 0.41 | 0.28 | 0.17 | 0.33 | (0.20 | ) | ||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.14 | ) | (0.23 | ) | (0.24 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.14 | ) | (0.23 | ) | (0.24 | ) | (0.13 | ) | ||||||||||||||||||||
Distributions from capital gains | (0.08 | ) | (0.09 | ) | (0.05 | ) | — | — | — | (0.08 | ) | (0.09 | ) | (0.05 | ) | — | ||||||||||||||||||||||||
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Total distributions | (0.22 | ) | (0.32 | ) | (0.29 | ) | (0.28 | ) | (0.29 | ) | (0.29 | ) | (0.22 | ) | (0.32 | ) | (0.29 | ) | (0.13 | ) | ||||||||||||||||||||
Net increase (decrease) in net asset value | 0.05 | (0.15 | ) | 0.03 | (0.45 | ) | 0.06 | 0.12 | 0.06 | (0.15 | ) | 0.04 | (0.33 | ) | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.12 | $ | 10.07 | $ | 10.22 | $ | 10.19 | $ | 10.64 | $ | 10.58 | $ | 10.15 | $ | 10.09 | $ | 10.24 | $ | 10.20 | ||||||||||||||||||||
Total Return (%)2 | 2.62 | 4 | 1.71 | 3.23 | (1.65 | ) | 3.36 | 4.03 | 2.71 | 4 | 1.71 | 3.32 | (1.86 | )4 | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 183,753 | $ | 186,414 | $ | 187,790 | $ | 109,247 | $ | 74,486 | $ | 145,125 | $ | 1,805 | $ | 1,693 | $ | 10 | $ | 10 | ||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.66 | 5 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.53 | 5 | 0.52 | 0.54 | 0.53 | 5 | |||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.66 | 5 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.53 | 5 | 0.52 | 0.54 | 0.53 | 5 | |||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 2.29 | 5 | 2.10 | 2.30 | 2.64 | 2.64 | 2.79 | 2.42 | 5 | 2.24 | 1.99 | 2.71 | 5 | |||||||||||||||||||||||||||
Portfolio turnover (%)3 | 25 | 4 | 57 | 41 | 24 | 6 | 12 | 25 | 4 | 57 | 41 | 24 | 4 |
CORPORATE BOND FUND* | HIGH INCOME FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 20137 | 2012 | 2011 | 2010 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.34 | $ | 11.49 | $ | 11.27 | $ | 11.67 | $ | 11.27 | $ | 10.81 | $ | 10.68 | $ | 5.93 | $ | 6.79 | $ | 7.15 | $ | 7.15 | $ | 6.95 | $ | 7.10 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.19 | 0.29 | 0.25 | 0.19 | 0.24 | 0.22 | 0.48 | 0.17 | 0.32 | 0.35 | 0.41 | 0.45 | 0.48 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.25 | (0.13 | ) | 0.22 | (0.38 | ) | 0.39 | 0.61 | 0.13 | (0.08 | ) | (0.47 | ) | — | 0.03 | 0.20 | (0.16 | ) | ||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.44 | 0.16 | 0.47 | (0.19 | ) | 0.63 | 0.83 | 0.61 | 0.09 | (0.15 | ) | 0.35 | 0.44 | 0.65 | 0.32 | |||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.19 | ) | (0.29 | ) | (0.25 | ) | (0.19 | ) | (0.23 | ) | (0.36 | ) | (0.48 | ) | (0.17 | ) | (0.32 | ) | (0.36 | ) | (0.44 | ) | (0.45 | ) | (0.47 | ) | ||||||||||||||||||||||||||
Distributions from capital gains | (0.04 | ) | (0.02 | ) | — | (0.02 | ) | (0.00 | )6 | (0.01 | ) | — | — | (0.39 | ) | (0.35 | ) | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (0.23 | ) | (0.31 | ) | (0.25 | ) | (0.21 | ) | (0.23 | ) | (0.37 | ) | (0.48 | ) | (0.17 | ) | (0.71 | ) | (0.71 | ) | (0.44 | ) | (0.45 | ) | (0.47 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.21 | (0.15 | ) | 0.22 | (0.40 | ) | 0.40 | 0.46 | 0.13 | (0.08 | ) | (0.86 | ) | (0.36 | ) | (0.00 | )6 | 0.20 | (0.15 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.55 | $ | 11.34 | $ | 11.49 | $ | 11.27 | $ | 11.67 | $ | 11.27 | $ | 10.81 | $ | 5.85 | $ | 5.93 | $ | 6.79 | $ | 7.15 | $ | 7.15 | $ | 6.95 | ||||||||||||||||||||||||||
Total Return (%)2 | 3.70 | 4 | 1.40 | 4.21 | (1.58 | )4 | 5.72 | 7.83 | 5.81 | 1.20 | 4 | (2.29 | ) | 5.20 | 6.29 | 9.67 | 4.61 | |||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 23,552 | $ | 23,545 | $ | 27,010 | $ | 19,743 | $ | 19,813 | $ | 17,550 | $ | 1,069 | $ | 21,184 | $ | 23,155 | $ | 28,596 | $ | 28,530 | $ | 27,061 | $ | 25,299 | ||||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.66 | 5 | 0.65 | 0.65 | 0.65 | 5 | 0.67 | 0.69 | 0.06 | 1.01 | 5 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.66 | 5 | 0.65 | 0.65 | 0.65 | 5 | — | — | — | 1.01 | 5 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 2.94 | 5 | 2.55 | 2.22 | 2.05 | 5 | 2.04 | 1.98 | 4.44 | 5.11 | 5 | 5.12 | 5.05 | 5.63 | 6.35 | 6.73 | ||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)3 | 18 | 4 | 37 | 31 | 10 | 4 | 11 | 10 | 14 | 39 | 4 | 28 | 52 | 28 | 36 | 55 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
4 | Not annualized. |
5 | Annualized. |
6 | Amounts represent less than $0.005 per share. |
7 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
8 | Class was launched on April 22, 2013. |
See accompanying Notes to Financial Statements.
50
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
HIGH INCOME FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 6.08 | $ | 6.95 | $ | 7.30 | $ | 7.26 | $ | 7.05 | $ | 7.19 | $ | 5.86 | $ | 6.73 | $ | 7.09 | $ | 7.10 | $ | 6.92 | $ | 7.09 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.15 | 0.29 | 0.30 | 0.37 | 0.40 | 0.44 | 0.14 | 0.01 | 1.02 | 0.45 | 0.47 | 0.49 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (0.50 | ) | — | 0.03 | 0.20 | (0.17 | ) | (0.04 | ) | (0.14 | ) | (0.65 | ) | 0.01 | 0.19 | (0.16 | ) | |||||||||||||||||||||||||||||
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Total from investment operations | 0.07 | (0.21 | ) | 0.30 | 0.40 | 0.60 | 0.27 | 0.10 | (0.13 | ) | 0.37 | 0.46 | 0.66 | 0.33 | ||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.14 | ) | (0.27 | ) | (0.30 | ) | (0.36 | ) | (0.39 | ) | (0.41 | ) | (0.19 | ) | (0.35 | ) | (0.38 | ) | (0.47 | ) | (0.48 | ) | (0.50 | ) | ||||||||||||||||||||||||
Distributions from capital gains | — | (0.39 | ) | (0.35 | ) | — | — | — | — | (0.39 | ) | (0.35 | ) | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (0.14 | ) | (0.66 | ) | (0.65 | ) | (0.36 | ) | (0.39 | ) | (0.41 | ) | (0.19 | ) | (0.74 | ) | (0.73 | ) | (0.47 | ) | (0.48 | ) | (0.50 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.07 | ) | (0.87 | ) | (0.35 | ) | 0.04 | 0.21 | (0.14 | ) | (0.09 | ) | (0.87 | ) | (0.36 | ) | (0.01 | ) | 0.18 | (0.17 | ) | |||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 6.01 | $ | 6.08 | $ | 6.95 | $ | 7.30 | $ | 7.26 | $ | 7.05 | $ | 5.77 | $ | 5.86 | $ | 6.73 | $ | 7.09 | $ | 7.10 | $ | 6.92 | ||||||||||||||||||||||||
Total Return (%)2 | 0.92 | 3 | (3.11 | ) | 4.47 | 5.60 | 8.74 | 3.89 | 1.38 | 3 | (2.00 | ) | 5.59 | 6.68 | 9.92 | 4.81 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 1,586 | $ | 1,685 | $ | 2,267 | $ | 2,566 | $ | 2,983 | $ | 3,023 | $ | 688 | $ | 664 | $ | 388 | $ | 17,449 | $ | 53,121 | $ | 81,572 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by | 1.76 | 4 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.76 | 4 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 1.76 | 4 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 0.76 | 4 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses | 4.36 | 4 | 4.36 | 4.30 | 4.89 | 5.60 | 6.01 | 5.35 | 4 | 5.39 | 5.36 | 5.95 | 6.61 | 7.00 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 39 | 3 | 28 | 52 | 28 | 36 | 55 | 39 | 3 | 28 | 52 | 28 | 36 | 55 |
DIVERSIFIED INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 14.75 | $ | 14.79 | $ | 13.89 | $ | 12.54 | $ | 11.68 | $ | 11.16 | $ | 14.83 | $ | 14.88 | $ | 13.98 | $ | 12.61 | $ | 11.74 | $ | 11.22 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income1 | 0.15 | 0.23 | 0.23 | 0.24 | 0.26 | 0.29 | 0.09 | 0.13 | 0.13 | 0.13 | 0.18 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | (0.03 | ) | 0.90 | 1.35 | 0.86 | 0.52 | 0.30 | (0.04 | ) | 0.90 | 1.37 | 0.86 | 0.52 | ||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.45 | 0.20 | 1.13 | 1.59 | 1.12 | 0.81 | 0.39 | 0.09 | 1.03 | 1.50 | 1.04 | 0.72 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.15 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.09 | ) | (0.14 | ) | (0.13 | ) | (0.13 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||||||||||||||
Distributions from capital gains | (0.34 | ) | — | — | — | — | — | (0.34 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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Total distributions | (0.49 | ) | (0.24 | ) | (0.23 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.43 | ) | (0.14 | ) | (0.13 | ) | (0.13 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||||||||||||||
Net increase in net asset value | (0.04 | ) | (0.04 | ) | 0.90 | 1.35 | 0.86 | 0.52 | (0.04 | ) | (0.05 | ) | 0.90 | 1.37 | 0.87 | 0.52 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.71 | $ | 14.75 | $ | 14.79 | $ | 13.89 | $ | 12.54 | $ | 11.68 | $ | 14.79 | $ | 14.83 | $ | 14.88 | $ | 13.98 | $ | 12.61 | $ | 11.74 | ||||||||||||||||||||||||
Total Return (%)2 | 3.02 | 3 | 1.39 | 8.22 | 12.76 | 9.69 | 7.32 | 2.62 | 3 | 0.58 | 7.37 | 11.99 | 8.89 | 6.47 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 122,774 | $ | 121,026 | $ | 119,364 | $ | 105,521 | $ | 86,952 | $ | 72,913 | $ | 13,260 | $ | 13,442 | $ | 14,378 | $ | 14,297 | $ | 14,387 | $ | 15,906 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.11 | 4 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.86 | 4 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 1.11 | 4 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.86 | 4 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 1.80 | 4 | 1.59 | 1.61 | 1.75 | 2.14 | 2.51 | 1.05 | 4 | 0.84 | 0.86 | 1.01 | 1.42 | 1.77 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 19 | 3 | 25 | 23 | 18 | 21 | 17 | 19 | 3 | 25 | 23 | 18 | 21 | 17 |
1 | Net investment income 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, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
DIVERSIFIED INCOME FUND - continued | ||||||||||||||||||||
CLASS C | ||||||||||||||||||||
Six Months | Inception | |||||||||||||||||||
Ended 4/30/16 | Year Ended October 31, | to | ||||||||||||||||||
(unaudited) | 2015 | 2014 | 2013 | 10/31/122 | ||||||||||||||||
Net Asset Value at beginning of period | $ | 14.83 | $ | 14.88 | $ | 13.97 | $ | 12.61 | $ | 12.53 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income3 | 0.09 | 0.13 | 0.13 | 0.13 | 0.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | (0.04 | ) | 0.91 | 1.36 | 0.08 | ||||||||||||||
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Total from investment operations | 0.39 | 0.09 | 1.04 | 1.49 | 0.12 | |||||||||||||||
Less Distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.14 | ) | (0.13 | ) | (0.13 | ) | (0.04 | ) | ||||||||||
Distributions from capital gains | (0.34 | ) | — | — | — | — | ||||||||||||||
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Total distributions | (0.43 | ) | (0.14 | ) | (0.13 | ) | (0.13 | ) | (0.04 | ) | ||||||||||
Net increase (decrease) in net asset value | (0.04 | ) | (0.05 | ) | 0.91 | 1.36 | 0.08 | |||||||||||||
Net Asset Value at end of period | $ | 14.79 | $ | 14.83 | $ | 14.88 | $ | 13.97 | $ | 12.61 | ||||||||||
Total Return (%)4 | 2.62 | 5 | 0.64 | 7.38 | 11.91 | 0.94 | 5 | |||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 12,622 | $ | 12,766 | $ | 11,545 | $ | 6,732 | $ | 924 | ||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.86 | 6 | 1.85 | 1.85 | 1.84 | 1.83 | 6 | |||||||||||||
After reimbursement of expenses by Adviser (%) | 1.86 | 6 | 1.85 | 1.85 | 1.84 | 1.83 | 6 | |||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.05 | 6 | 0.84 | 0.83 | 0.88 | 0.83 | 6 | |||||||||||||
Portfolio turnover (%)7 | 19 | 5 | 25 | 23 | 18 | 21 | 5 |
COVERED CALL & EQUITY INCOME FUND1 | ||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS C | |||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | Inception | ||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/16 | Year Ended October 31, | Ended 4/30/16 | Year Ended October 31, | to | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | (unaudited) | 2015 | 2014 | 2013 | 10/31/122 | ||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.14 | $ | 9.92 | $ | 9.99 | $ | 9.76 | $ | 9.76 | $ | 10.27 | $ | 8.89 | $ | 9.74 | $ | 9.89 | $ | 9.74 | $ | 9.66 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income3 | 0.03 | 0.06 | 0.08 | 0.02 | 0.00 | 8 | 0.00 | 8 | 0.02 | 0.16 | 0.08 | 0.20 | 0.00 | 8 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.13 | (0.06 | ) | 0.77 | 1.12 | 0.82 | 0.50 | 0.10 | (0.23 | ) | 0.69 | 0.86 | 0.28 | |||||||||||||||||||||||||||||||
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Total from investment operations | 0.16 | — | 0.85 | 1.14 | 0.82 | 0.50 | 0.12 | (0.07 | ) | 0.77 | 1.06 | 0.28 | ||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.50 | ) | (0.60 | ) | (0.60 | ) | — | — | (0.16 | ) | (0.50 | ) | (0.60 | ) | (0.60 | ) | — | |||||||||||||||||||||||||
Distributions from capital gains | (0.16 | ) | (0.28 | ) | (0.32 | ) | (0.31 | ) | (0.82 | ) | (1.01 | ) | (0.17 | ) | (0.28 | ) | (0.32 | ) | (0.31 | ) | (0.20 | ) | ||||||||||||||||||||||
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Total distributions | (0.33 | ) | (0.78 | ) | (0.92 | ) | (0.91 | ) | (0.82 | ) | (1.01 | ) | (0.33 | ) | (0.78 | ) | (0.92 | ) | (0.91 | ) | (0.20 | ) | ||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.17 | ) | (0.78 | ) | (0.07 | ) | 0.23 | — | (0.51 | ) | (0.21 | ) | (0.85 | ) | (0.15 | ) | 0.15 | 0.08 | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 8.97 | $ | 9.14 | $ | 9.92 | $ | 9.99 | $ | 9.76 | $ | 9.76 | $ | 8.68 | $ | 8.89 | $ | 9.74 | $ | 9.89 | $ | 9.74 | ||||||||||||||||||||||
Total Return (%)4 | 1.79 | 5 | (0.18 | ) | 8.90 | 12.29 | 8.61 | 5.22 | 1.32 | 5 | (0.83 | ) | 8.01 | 11.44 | 2.88 | 5 | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 17,195 | $ | 16,042 | $ | 11,373 | $ | 7,559 | $ | 6,297 | $ | 4,072 | $ | 11,514 | $ | 9,287 | $ | 4,805 | $ | 2,258 | $ | 527 | ||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.26 | 6 | 1.25 | 1.25 | 1.25 | 1.24 | 1.25 | 2.01 | 6 | 1.99 | 2.00 | 2.00 | 1.96 | 6 | ||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.26 | 6 | 1.25 | 1.25 | 1.25 | 1.24 | 1.25 | 2.01 | 6 | 1.99 | 2.00 | 2.00 | 1.96 | 6 | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.23 | 6 | 0.13 | (0.30 | ) | (0.12 | ) | (0.15 | ) | (0.44 | ) | (0.53 | )6 | (0.59 | ) | (1.07 | ) | (0.91 | ) | (0.89 | )6 | |||||||||||||||||||||||
Portfolio turnover (%)7 | 45 | 5 | 107 | 139 | 100 | 84 | 107 | 45 | 5 | 107 | 139 | 100 | 84 | 5 |
1 | Prior to close of business on February 28, 2014, the Fund was known as the Equity Income Fund. |
2 | Class was launched on July 31, 2012. |
3 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
4 | Total return without applicable sales charge. |
5 | Not annualized. |
6 | Annualized. |
7 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
8 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
52
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
COVERED CALL & EQUITY INCOME FUND1 - continued | ||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | Year Ended | Inception | |||||||||||||||||||||||||||||||||||||||||
Ended 4/30/16 | Year Ended October 31, | Ended 4/30/16 | October 31, | to | ||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | (unaudited) | 2015 | 2014 | 2013 | 10/31/122 | ||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.27 | $ | 10.03 | $ | 10.08 | $ | 9.82 | $ | 9.81 | $ | 10.29 | $ | 9.31 | $ | 10.06 | $ | 10.09 | $ | 9.82 | $ | 9.72 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)3 | 0.02 | 0.14 | 0.22 | (0.28 | ) | 0.00 | 8 | 0.03 | — | 0.24 | 0.13 | 0.04 | 0.00 | 8 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 0.16 | (0.12 | ) | 0.67 | 1.45 | 0.84 | 0.50 | 0.18 | (0.21 | ) | 0.78 | 1.14 | 0.30 | |||||||||||||||||||||||||||||||
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Total from investment operations | 0.18 | 0.02 | 0.89 | 1.17 | 0.84 | 0.53 | 0.18 | 0.03 | 0.91 | 1.18 | 0.30 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.50 | ) | (0.62 | ) | (0.60 | ) | (0.02 | ) | — | (0.17 | ) | (0.50 | ) | (0.62 | ) | (0.60 | ) | — | ||||||||||||||||||||||||
Distributions from capital gains | (0.17 | ) | (0.28 | ) | (0.32 | ) | (0.31 | ) | (0.81 | ) | (1.01 | ) | (0.17 | ) | (0.28 | ) | (0.32 | ) | (0.31 | ) | (0.20 | ) | ||||||||||||||||||||||
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Total distributions | (0.34 | ) | (0.78 | ) | (0.94 | ) | (0.91 | ) | (0.83 | ) | (1.01 | ) | (0.34 | ) | (0.78 | ) | (0.94 | ) | (0.91 | ) | (0.20 | ) | ||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.16 | ) | (0.76 | ) | (0.05 | ) | 0.26 | 0.01 | (0.48 | ) | (0.16 | ) | (0.75 | ) | (0.03 | ) | 0.27 | 0.10 | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.11 | $ | 9.27 | $ | 10.03 | $ | 10.08 | $ | 9.82 | $ | 9.81 | $ | 9.15 | $ | 9.31 | $ | 10.06 | $ | 10.09 | $ | 9.82 | ||||||||||||||||||||||
Total Return (%)4 | 1.94 | 5 | 0.13 | 9.08 | 12.60 | 8.73 | 5.51 | 1.93 | 5 | 0.23 | 9.29 | 12.75 | 3.07 | 5 | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 57,780 | $ | 60,916 | $ | 43,891 | $ | 29,307 | $ | 81,779 | $ | 63,395 | $ | 2,425 | $ | 2,826 | $ | 152 | $ | 116 | $ | 103 | ||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by | 1.01 | 6 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 6 | 0.87 | 0.87 | 0.87 | 0.86 | 6 | ||||||||||||||||||||||||||||||
After reimbursement of expenses by | 1.01 | 6 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 6 | 0.87 | 0.87 | 0.87 | 0.86 | 6 | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 0.48 | 6 | 0.40 | (0.03 | ) | 0.14 | 0.09 | (0.15 | ) | 0.62 | 6 | 0.70 | 0.10 | 0.21 | 0.17 | 6 | ||||||||||||||||||||||||||||
Portfolio turnover (%)7 | 45 | 5 | 107 | 139 | 100 | 84 | 107 | 45 | 5 | 107 | 139 | 100 | 84 | 5 |
DIVIDEND INCOME FUND* | LARGE CAP VALUE FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/16 | Year Ended October 31, | Year Ended December 31, | Ended 4/30/16 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2015 | 2014 | 20139 | 2012 | 2011 | 2010 | (unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 22.28 | $ | 23.59 | $ | 21.94 | $ | 17.90 | $ | 17.17 | $ | 17.50 | $ | 16.39 | $ | 16.33 | $ | 19.18 | $ | 17.04 | $ | 13.99 | $ | 12.42 | $ | 11.40 | ||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income3 | 0.14 | 0.40 | 0.38 | 0.28 | 0.36 | 0.20 | 0.19 | 0.07 | 0.08 | 0.13 | 0.18 | 0.21 | 0.18 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)on investments | 0.51 | 0.01 | 2.29 | 4.03 | 1.50 | 0.10 | 1.11 | 0.27 | (0.10 | ) | 2.15 | 3.07 | 1.55 | 0.98 | ||||||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.65 | 0.41 | 2.67 | 4.31 | 1.86 | 0.30 | 1.30 | 0.34 | (0.02 | ) | 2.28 | 3.25 | 1.76 | 1.16 | ||||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.13 | ) | (0.38 | ) | (0.38 | ) | (0.27 | ) | (0.35 | ) | (0.20 | ) | (0.19 | ) | (0.10 | ) | (0.14 | ) | (0.14 | ) | (0.20 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Distributions from capital gains | (0.90 | ) | (1.34 | ) | (0.64 | ) | — | (0.78 | ) | (0.43 | ) | — | (1.84 | ) | (2.69 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (1.03 | ) | (1.72 | ) | (1.02 | ) | (0.27 | ) | (1.13 | ) | (0.63 | ) | (0.19 | ) | (1.94 | ) | (2.83 | ) | (0.14 | ) | (0.20 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.38 | ) | (1.31 | ) | 1.65 | 4.04 | 0.73 | (0.33 | ) | 1.11 | (1.60 | ) | (2.85 | ) | 2.14 | 3.05 | 1.57 | 1.02 | ||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 21.90 | $ | 22.28 | $ | 23.59 | $ | 21.94 | $ | 17.90 | $ | 17.17 | $ | 17.50 | $ | 14.73 | $ | 16.33 | $ | 19.18 | $ | 17.04 | $ | 13.99 | $ | 12.42 | ||||||||||||||||||||||||||
Total Return (%)4 | 3.02 | 5 | 1.76 | 12.42 | 24.18 | 5 | 10.86 | 1.73 | 8.02 | 2.10 | 5 | (0.80 | ) | 13.47 | 23.58 | 14.37 | 10.27 | |||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 88,390 | $ | 20,925 | $ | 21,518 | $ | 18,658 | $ | 13,263 | $ | 11,189 | $ | 12,256 | $ | 61,682 | $ | 63,566 | $ | 70,495 | $ | 67,048 | $ | 58,537 | $ | 54,271 | ||||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.09 | 6 | 1.10 | 1.10 | 1.10 | 6 | 1.17 | 1.25 | 1.24 | 1.17 | 6 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | ||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.94 | 6 | 0.95 | 0.95 | 0.95 | 6 | 1.09 | 1.25 | — | 1.17 | 6 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.50 | 6 | 1.75 | 1.66 | 1.66 | 6 | 1.95 | — | — | 0.93 | 6 | 0.47 | 0.69 | 1.12 | 1.51 | 1.44 | ||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)7 | 21 | 5 | 24 | 29 | 16 | 5 | 61 | 56 | 39 | 39 | 5 | 97 | 85 | 33 | 25 | 39 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Prior to close of business on February 28, 2014, the Fund was known as the Equity Income Fund. |
2 | Class was launched on July 31, 2012. |
3 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
4 | Total return without applicable sales charge. |
5 | Not annualized. |
6 | Annualized. |
7 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
8 | Amounts represent less than $0.005 per share. |
9 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
See accompanying Notes to Financial Statements.
53
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
LARGE CAP VALUE FUND - continued | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 16.01 | $ | 18.84 | $ | 16.74 | $ | 13.74 | $ | 12.21 | $ | 11.20 | $ | 16.35 | $ | 19.20 | $ | 17.06 | $ | 14.01 | $ | 12.44 | $ | 11.42 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)2 | 0.01 | (0.05 | ) | 0.04 | 0.12 | 0.16 | 0.12 | 0.11 | 0.14 | 0.19 | 0.19 | 0.22 | 0.23 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.26 | (0.09 | ) | 2.07 | 2.98 | 1.47 | 0.94 | 0.25 | (0.11 | ) | 2.14 | 3.10 | 1.57 | 0.97 | ||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.27 | (0.14 | ) | 2.11 | 3.10 | 1.63 | 1.06 | 0.36 | 0.03 | 2.33 | 3.29 | 1.79 | 1.20 | |||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.02 | ) | (0.00 | )6 | (0.01 | ) | (0.10 | ) | (0.10 | ) | (0.05 | ) | (0.14 | ) | (0.19 | ) | (0.19 | ) | (0.24 | ) | (0.22 | ) | (0.18 | ) | ||||||||||||||||||||||||
Distributions from capital gains | (1.84 | ) | (2.69 | ) | — | — | — | — | (1.84 | ) | (2.69 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
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Total distributions | (1.86 | ) | (2.69 | ) | (0.01 | ) | (0.10 | ) | (0.10 | ) | (0.05 | ) | (1.98 | ) | (2.88 | ) | (0.19 | ) | (0.24 | ) | (0.22 | ) | (0.18 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.59 | ) | (2.83 | ) | 2.10 | 3.00 | 1.53 | 1.01 | (1.62 | ) | (2.85 | ) | 2.14 | 3.05 | 1.57 | 1.02 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.42 | $ | 16.01 | $ | 18.84 | $ | 16.74 | $ | 13.74 | $ | 12.21 | $ | 14.73 | $ | 16.35 | $ | 19.20 | $ | 17.06 | $ | 14.01 | $ | 12.44 | ||||||||||||||||||||||||
Total Return (%)3 | 1.73 | 4 | (1.49 | ) | 12.61 | 22.69 | 13.41 | 9.52 | 2.24 | 4 | (0.51 | ) | 13.74 | 23.86 | 14.64 | 10.53 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 3,800 | $ | 4,096 | $ | 4,867 | $ | 5,222 | $ | 5,768 | $ | 7,199 | $ | 47,111 | $ | 109,546 | $ | 128,456 | $ | 132,206 | $ | 84,545 | $ | 78,344 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.92 | 5 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 0.93 | 5 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.92 | 5 | 1.91 | 1.91 | 1.91 | 1.91 | 1.91 | 0.93 | 5 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | 0.18 | 5 | (0.27 | ) | (0.06 | ) | 0.40 | 0.79 | 0.70 | 1.31 | 5 | 0.73 | 0.92 | 1.33 | 1.76 | 1.69 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)7 | 39 | 4 | 97 | 85 | 33 | 25 | 39 | 39 | 4 | 97 | 85 | 33 | 25 | 39 |
INVESTORS FUND* | ||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Inception to 10/31/131 | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 20138 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 21.30 | $ | 25.01 | $ | 22.49 | $ | 22.06 | $ | 21.36 | $ | 25.07 | $ | 22.50 | $ | 18.56 | $ | 16.40 | $ | 16.55 | $ | 15.07 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.09 | 0.03 | — | 0.05 | 0.16 | 0.12 | 0.10 | 0.13 | 0.15 | 0.09 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.60 | 1.06 | 3.18 | 0.43 | 0.65 | 1.05 | 3.15 | 3.94 | 2.17 | (0.15 | ) | 1.48 | ||||||||||||||||||||||||||||||||
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Total from investment operations | 0.67 | 1.15 | 3.21 | 0.43 | 0.70 | 1.21 | 3.27 | 4.04 | 2.30 | — | 1.57 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.12 | ) | (0.06 | ) | (0.01 | ) | — | (0.18 | ) | (0.12 | ) | (0.02 | ) | (0.10 | ) | (0.14 | ) | (0.15 | ) | (0.09 | ) | |||||||||||||||||||||||
Distributions from capital gains | (2.79 | ) | (4.80 | ) | (0.68 | ) | — | (2.79 | ) | (4.80 | ) | (0.68 | ) | — | — | — | — | |||||||||||||||||||||||||||
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Total distributions | (2.91 | ) | (4.86 | ) | (0.69 | ) | — | (2.97 | ) | (4.92 | ) | (0.70 | ) | (0.10 | ) | (0.14 | ) | (0.15 | ) | (0.09 | ) | |||||||||||||||||||||||
Net increase (decrease) in net asset value | (2.24 | ) | (3.71 | ) | 2.52 | 0.43 | (2.27 | ) | (3.71 | ) | 2.57 | 3.94 | 2.16 | (0.15 | ) | 1.48 | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 19.06 | $ | 21.30 | $ | 25.01 | $ | 22.49 | $ | 19.09 | $ | 21.36 | $ | 25.07 | $ | 22.50 | $ | 18.56 | $ | 16.40 | $ | 16.55 | ||||||||||||||||||||||
Total Return (%)3 | 3.69 | 4 | 4.78 | 14.55 | 1.95 | 4 | 3.81 | 4 | 5.07 | 14.84 | 21.78 | 4 | 14.05 | — | 10.44 | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 68,239 | $ | 2,189 | $ | 1,340 | $ | 280 | $ | 179,457 | $ | 109,506 | $ | 166,819 | $ | 196,164 | $ | 35,176 | $ | 36,339 | $ | 42,882 | ||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.21 | 5 | 1.31 | 1.28 | 1.20 | 5 | 1.03 | 5 | 1.06 | 1.02 | 1.04 | 5 | 1.05 | 0.99 | 0.99 | |||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.20 | 5 | 1.19 | 1.13 | 1.06 | 5 | 0.96 | 5 | 0.94 | 0.87 | 0.89 | 5 | 0.97 | 0.99 | — | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | (0.11 | )5 | 0.38 | 0.15 | (0.22 | )5 | 0.43 | 5 | 0.62 | 0.43 | 0.41 | 5 | 0.75 | 0.82 | — | |||||||||||||||||||||||||||||
Portfolio turnover (%)7 | 20 | 4 | 33 | 52 | 34 | 4 | 20 | 4 | 33 | 52 | 34 | 4 | 47 | 36 | 41 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Class was launched on September 20, 2013. |
2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Amounts represent less than $0.005 per share. |
7 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
8 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
See accompanying Notes to Financial Statements.
54
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
INVESTORS FUND* - continued | MID CAP FUND* | |||||||||||||||||||||||||||||||
CLASS R6 | CLASS A | |||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Inception to 10/31/131 | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Inception to 10/31/137 | |||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 21.47 | $ | 25.14 | $ | 22.51 | $ | 22.06 | $ | 8.59 | $ | 9.78 | $ | 9.48 | $ | 8.41 | ||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.15 | 0.17 | — | (0.02 | ) | (0.06 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||
Net realized and unrealized gain on investments | 0.66 | 1.10 | 3.16 | 0.45 | 0.19 | 0.61 | 1.01 | 1.10 | ||||||||||||||||||||||||
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Total from investment operations | 0.73 | 1.25 | 3.33 | 0.45 | 0.17 | 0.55 | 0.97 | 1.07 | ||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.22 | ) | (0.12 | ) | (0.02 | ) | — | — | — | — | — | |||||||||||||||||||||
Distributions from capital gains | (2.79 | ) | (4.80 | ) | (0.68 | ) | — | (0.50 | ) | (1.74 | ) | (0.67 | ) | — | ||||||||||||||||||
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Total distributions | (3.01 | ) | (4.92 | ) | (0.70 | ) | — | (0.50 | ) | (1.74 | ) | (0.67 | ) | — | ||||||||||||||||||
Net increase (decrease) in net asset value | (2.28 | ) | (3.67 | ) | 2.63 | 0.45 | (0.33 | ) | (1.19 | ) | 0.30 | 1.07 | ||||||||||||||||||||
Net Asset Value at end of period | $ | 19.19 | $ | 21.47 | $ | 25.14 | $ | 22.51 | $ | 8.26 | $ | 8.59 | $ | 9.78 | $ | 9.48 | ||||||||||||||||
Total Return (%)3 | 3.94 | 4 | 5.25 | 15.10 | 2.04 | 4 | 2.13 | 4 | 5.80 | 10.65 | 12.72 | 4 | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 6,812 | $ | 6,589 | $ | 5,200 | $ | 7,234 | $ | 53,428 | $ | 54,000 | $ | 57,117 | $ | 56,578 | ||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||
Before reimbursement of expenses by | 0.77 | 5 | 0.73 | 0.69 | 0.65 | 5 | 1.41 | 5 | 1.40 | 1.40 | 1.40 | 5 | ||||||||||||||||||||
After reimbursement of expenses by | 0.77 | 5 | 0.73 | 0.64 | 0.56 | 5 | 1.41 | 5 | 1.40 | 1.40 | 1.40 | 5 | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.68 | 5 | 0.83 | 0.65 | 0.23 | 5 | (0.54 | )5 | (0.72 | ) | (0.42 | ) | (0.64 | )5 | ||||||||||||||||||
Portfolio turnover (%)6 | 20 | 4 | 33 | 52 | 34 | 4 | 19 | 4 | 28 | 33 | 21 | 4 |
MID CAP FUND* | ||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Inception to 10/31/137 | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 20138 | 20129 | 20119 | 20109 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 7.38 | $ | 8.69 | $ | 8.55 | $ | 7.62 | $ | 8.85 | $ | 10.00 | $ | 9.66 | $ | 8.31 | $ | 7.45 | $ | 7.40 | $ | 6.11 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)2 | (0.07 | ) | (0.13 | ) | (0.14 | ) | (0.06 | ) | — | (0.04 | ) | (0.02 | ) | (0.02 | ) | — | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.18 | 0.56 | 0.95 | 0.99 | 0.19 | 0.63 | 1.03 | 2.11 | 1.17 | 0.39 | 1.31 | |||||||||||||||||||||||||||||||||
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Total from investment operations | 0.11 | 0.43 | 0.81 | 0.93 | 0.19 | 0.59 | 1.01 | 2.09 | 1.17 | 0.38 | 1.29 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from capital gains | (0.50 | ) | (1.74 | ) | (0.67 | ) | — | (0.50 | ) | (1.74 | ) | (0.67 | ) | (0.74 | ) | (0.31 | ) | (0.33 | ) | — | ||||||||||||||||||||||||
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Total distributions | (0.50 | ) | (1.74 | ) | (0.67 | ) | — | (0.50 | ) | (1.74 | ) | (0.67 | ) | (0.74 | ) | (0.31 | ) | (0.33 | ) | — | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.39 | ) | (1.31 | ) | 0.14 | 0.93 | (0.31 | ) | (1.15 | ) | 0.34 | 1.35 | 0.86 | 0.05 | 1.29 | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 6.99 | $ | 7.38 | $ | 8.69 | $ | 8.55 | $ | 8.54 | $ | 8.85 | $ | 10.00 | $ | 9.66 | $ | 8.31 | $ | 7.45 | $ | 7.40 | ||||||||||||||||||||||
Total Return (%)3 | 1.65 | 4 | 5.06 | 9.89 | 12.20 | 4 | 2.31 | 4 | 6.13 | 10.88 | 22.68 | 4 | 15.69 | 5.10 | 21.15 | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 3,024 | $ | 3,401 | $ | 4,235 | $ | 5,476 | $ | 232,981 | $ | 198,605 | $ | 224,181 | $ | 255,263 | $ | 168,428 | $ | 160,328 | $ | 159,413 | ||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by | 2.16 | 5 | 2.15 | 2.15 | 2.15 | 5 | 1.16 | 5 | 1.15 | 1.15 | 1.15 | 5 | 1.20 | 1.25 | 1.25 | |||||||||||||||||||||||||||||
After reimbursement of expenses by | 2.16 | 5 | 2.15 | 2.15 | 2.15 | 5 | 1.16 | 5 | 1.15 | 1.15 | 1.15 | 5 | 1.20 | 1.25 | 1.25 | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | (1.28 | )5 | (1.47 | ) | (1.19 | ) | (1.39 | )5 | (0.28 | )5 | (0.47 | ) | (0.17 | ) | (0.29 | )5 | 0.00 | (0.20 | ) | (0.26 | ) | |||||||||||||||||||||||
Portfolio turnover (%)6 | 19 | 4 | 28 | 33 | 21 | 4 | 19 | 4 | 28 | 33 | 21 | 4 | 28 | 32 | 57 |
* | The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Class was launched on September 20, 2013. |
2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
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. |
7 | For accounting purposes, the Mid-Cap Fund Class A & B are treated as having commenced investment operations at the close of business on April 19, 2013. |
8 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
9 | The financial highlights prior to April 22, 2013 are those of the Madison Mosaic Mid Cap Fund, the accounting survivor of the reorganization of the Madison Mid Cap and Madison Mosaic Mid Cap Funds. The net asset values and other per share information of the Madison Mosaic Mid Cap Fund have been restated by the conversion ratio of 1.5634 for Class Y shares and 1.5696 for Class R6 shares to reflect those of the legal survivor of the reorganization, the Madison Mid Cap Fund. |
See accompanying Notes to Financial Statements.
55
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
MID CAP FUND* - continued | SMALL CAP FUND | |||||||||||||||||||||||||||||||||||||||||||
CLASS R6 | CLASS A | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended 12/31/122,3 | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 20131 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.95 | $ | 10.06 | $ | 9.68 | $ | 8.30 | $ | 7.42 | $ | 14.98 | $ | 15.21 | $ | 14.87 | $ | 11.81 | $ | 10.79 | $ | 9.93 | ||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)4 | — | (0.05 | ) | 0.02 | 0.01 | 0.08 | 0.02 | 0.02 | 0.06 | 0.02 | 0.06 | 0.04 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 0.21 | 0.68 | 1.03 | 2.11 | 1.12 | 0.42 | 0.58 | 0.88 | 3.68 | 1.31 | 0.86 | |||||||||||||||||||||||||||||||||
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Total from investment operations | 0.21 | 0.63 | 1.05 | 2.12 | 1.20 | 0.44 | 0.60 | 0.94 | 3.70 | 1.37 | 0.90 | |||||||||||||||||||||||||||||||||
Redemption Fees | — | — | — | — | — | — | — | — | — | — | 0.01 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | — | — | — | — | (0.01 | ) | (0.02 | ) | (0.04 | ) | — | (0.09 | ) | — | (0.05 | ) | ||||||||||||||||||||||||||||
Distributions from capital gains | (0.50 | ) | (1.74 | ) | (0.67 | ) | (0.74 | ) | (0.31 | ) | (0.53 | ) | (0.79 | ) | (0.60 | ) | (0.55 | ) | (0.35 | ) | — | |||||||||||||||||||||||
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Total distributions | (0.50 | ) | (1.74 | ) | (0.67 | ) | (0.74 | ) | (0.32 | ) | (0.55 | ) | (0.83 | ) | (0.60 | ) | (0.64 | ) | (0.35 | ) | (0.05 | ) | ||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.29 | ) | (1.11 | ) | 0.38 | 1.38 | 0.88 | (0.11 | ) | (0.23 | ) | 0.34 | 3.06 | 1.02 | 0.86 | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 8.66 | $ | 8.95 | $ | 10.06 | $ | 9.68 | $ | 8.30 | $ | 14.87 | $ | 14.98 | $ | 15.21 | $ | 14.87 | $ | 11.81 | $ | 10.79 | ||||||||||||||||||||||
Total Return (%)5 | 2.51 | 6 | 6.55 | 11.29 | 23.05 | 6 | 7.34 | 6 | 3.01 | 6 | 3.90 | 6.45 | 32.85 | 13.08 | 9.12 | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 9,310 | $ | 9,874 | $ | 5,118 | $ | 6,270 | $ | 4,856 | $ | 3,446 | $ | 3,435 | $ | 3,639 | $ | 4,566 | $ | 3,941 | $ | 3,201 | ||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.78 | 7 | 0.77 | 0.77 | 0.77 | 7 | 0.76 | 7 | 1.51 | 7 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | |||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.78 | 7 | 0.77 | 0.77 | 0.77 | 7 | 0.76 | 7 | 1.51 | 7 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.10 | 7 | (0.09 | ) | 0.20 | 0.11 | 7 | 1.19 | 7 | 0.29 | 7 | 0.09 | 0.35 | 0.14 | 0.53 | 0.33 | ||||||||||||||||||||||||||||
Portfolio turnover (%)8 | 19 | 6 | 28 | 33 | 21 | 6 | 28 | 6 | 10 | 6 | 19 | 29 | 22 | 15 | 15 |
SMALL CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS B | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 14.25 | $ | 14.58 | $ | 14.38 | $ | 11.45 | $ | 10.55 | $ | 9.78 | $ | 15.03 | $ | 15.26 | $ | 14.88 | $ | 11.82 | $ | 10.77 | $ | 9.91 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)1 | (0.05 | ) | (0.14 | ) | (0.05 | ) | (0.06 | ) | (0.02 | ) | (0.06 | ) | 0.04 | 0.04 | 0.07 | 0.02 | 0.10 | 0.07 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 0.41 | 0.60 | 0.85 | 3.56 | 1.27 | 0.86 | 0.41 | 0.60 | 0.91 | 3.71 | 1.30 | 0.85 | ||||||||||||||||||||||||||||||||||||
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Total from investment operations | 0.36 | 0.46 | 0.80 | 3.50 | 1.25 | 0.80 | 0.45 | 0.64 | 0.98 | 3.73 | 1.40 | 0.92 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | — | — | — | (0.02 | ) | — | (0.03 | ) | (0.04 | ) | (0.08 | ) | (0.00 | )9 | (0.12 | ) | — | (0.06 | ) | |||||||||||||||||||||||||||||
Distributions from capital gains | (0.53 | ) | (0.79 | ) | (0.60 | ) | (0.55 | ) | (0.35 | ) | — | (0.53 | ) | (0.79 | ) | (0.60 | ) | (0.55 | ) | (0.35 | ) | — | ||||||||||||||||||||||||||
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Total distributions | (0.53 | ) | (0.79 | ) | (0.60 | ) | (0.57 | ) | (0.35 | ) | (0.03 | ) | (0.57 | ) | (0.87 | ) | (0.60 | ) | (0.67 | ) | (0.35 | ) | (0.06 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.17 | ) | (0.33 | ) | 0.20 | 2.93 | 0.90 | 0.77 | (0.12 | ) | (0.23 | ) | 0.38 | 3.06 | 1.05 | 0.86 | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.08 | $ | 14.25 | $ | 14.58 | $ | 14.38 | $ | 11.45 | $ | 10.55 | $ | 14.91 | $ | 15.03 | $ | 15.26 | $ | 14.88 | $ | 11.82 | $ | 10.77 | ||||||||||||||||||||||||
Total Return (%)3 | 2.62 | 6 | 3.10 | �� | 5.66 | 31.92 | 12.21 | 8.20 | 3.12 | 6 | 4.16 | 6.72 | 33.17 | 13.39 | 9.29 | |||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 405 | $ | 437 | $ | 522 | $ | 497 | $ | 318 | $ | 266 | $ | 94,256 | $ | 83,728 | $ | 60,279 | $ | 45,217 | $ | 13,808 | $ | 17,039 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 2.26 | 7 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 1.26 | 7 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 2.26 | 7 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 1.26 | 7 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by | (0.46 | )7 | (0.66 | ) | (0.40 | ) | (0.62 | ) | (0.22 | ) | (0.42 | ) | 0.54 | 7 | 0.32 | 0.59 | 0.28 | 0.77 | 0.69 | |||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 10 | 6 | 19 | 29 | 22 | 15 | 15 | 10 | 6 | 19 | 29 | 22 | 15 | 15 |
* | The Financial Statements presented herein include the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
2 | The financial highlights prior to April 22, 2013 are those of the Madison Mosaic Mid Cap Fund, the accounting survivor of the reorganization of the Madison Mid Cap and Madison Mosaic Mid Cap Funds. The net asset values and other per share information of the Madison Mosaic Mid Cap Fund have been restated by the conversion ratio of 1.5634 for Class Y shares and 1.5696 for Class R6 shares to reflect those of the legal survivor of the reorganization, the Madison Mid Cap Fund. |
3 | Class was launched on February 29, 2012. |
4 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
5 | Total return without applicable sales charge. |
6 | Not annualized. |
7 | Annualized. |
8 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
9 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
56
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
NORTHROAD INTERNATIONAL FUND* | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Year Ended December 31, | Six Months | Year Ended October 31, | Inception | |||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/16 | �� | Ended 4/30/16 | to | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2015 | 2014 | 20131 | 2012 | 2011 | 20102 | (unaudited) | 2015 | 2014 | 20131 | 12/31/129 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.57 | $ | 11.54 | $ | 12.25 | $ | 10.39 | $ | 9.28 | $ | 13.30 | $ | 11.92 | $ | 10.67 | $ | 11.60 | $ | 12.28 | $ | 10.39 | $ | 9.28 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income3 | 0.08 | 0.19 | 0.19 | 0.19 | 0.19 | 0.04 | 0.00 | 4 | 0.09 | 0.21 | 0.24 | 0.22 | 0.19 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.59 | ) | (0.49 | ) | (0.41 | ) | 1.67 | 1.09 | (1.03 | ) | 2.20 | (0.60 | ) | (0.47 | ) | (0.43 | ) | 1.67 | 1.11 | |||||||||||||||||||||||||||||
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Total from investment operations | (0.51 | ) | (0.30 | ) | (0.22 | ) | 1.86 | 1.28 | (0.99 | ) | 2.20 | (0.51 | ) | (0.26 | ) | (0.19 | ) | 1.89 | 1.30 | |||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.22 | ) | (0.20 | ) | — | (0.17 | ) | (0.04 | ) | (0.00 | )4 | (0.20 | ) | (0.22 | ) | (0.20 | ) | — | (0.19 | ) | ||||||||||||||||||||||||||
Distributions from capital gains | (0.09 | ) | (0.45 | ) | (0.29 | ) | — | — | (2.99 | ) | (0.82 | ) | (0.09 | ) | (0.45 | ) | (0.29 | ) | — | — | ||||||||||||||||||||||||||||
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Total distributions | (0.26 | ) | (0.67 | ) | (0.49 | ) | — | (0.17 | ) | (3.03 | ) | (0.82 | ) | (0.29 | ) | (0.67 | ) | (0.49 | ) | — | (0.19 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.77 | ) | (0.97 | ) | (0.71 | ) | 1.86 | 1.11 | (4.02 | ) | 1.38 | (0.80 | ) | (0.93 | ) | (0.68 | ) | 1.89 | 1.11 | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.80 | $ | 10.57 | $ | 11.54 | $ | 12.25 | $ | 10.39 | $ | 9.28 | $ | 13.30 | $ | 9.87 | $ | 10.67 | $ | 11.60 | $ | 12.28 | $ | 10.39 | ||||||||||||||||||||||||
Total Return (%)5 | (4.87 | )6 | (2.63 | ) | (1.91 | ) | 17.90 | 6 | 13.76 | (6.43 | ) | 18.42 | (4.79 | )6 | (2.25 | ) | (1.66 | ) | 18.19 | 6 | 6.70 | 6 | ||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 27,612 | $ | 36,216 | $ | 36,751 | $ | 32,616 | $ | 28,856 | $ | 1,621 | $ | 1,763 | $ | 8,462 | $ | 9,213 | $ | 8,674 | $ | 12 | $ | 11 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.17 | 7 | 1.15 | 1.15 | 1.15 | 7 | 1.15 | 1.20 | 1.25 | 0.84 | 7 | 0.82 | 0.83 | 0.83 | 7 | 0.83 | 7 | |||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.17 | 7 | 1.15 | 1.15 | 1.15 | 7 | 1.15 | 1.20 | 1.25 | 0.84 | 7 | 0.826 | 0.83 | 0.83 | 7 | 0.83 | 7 | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.42 | 7 | 1.73 | 1.68 | 2.01 | 7 | 1.94 | 0.43 | 0.02 | 1.87 | 7 | 2.08 | 2.67 | 2.33 | 7 | 2.33 | 7 | |||||||||||||||||||||||||||||||
Portfolio turnover (%)8 | 13 | 6 | 29 | 30 | 15 | 6 | 12 | 129 | 61 | 13 | 6 | 29 | 30 | 15 | 6 | 12 | 6 |
INTERNATIONAL STOCK FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 | Year Ended October 31, | Six Months Ended 4/30/16 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | (unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 12.99 | $ | 13.20 | $ | 13.16 | $ | 10.81 | $ | 10.12 | $ | 10.58 | $ | 12.68 | $ | 12.89 | $ | 12.87 | $ | 10.58 | $ | 9.92 | $ | 10.39 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income3 | 0.07 | 0.12 | 0.16 | 0.13 | 0.14 | 0.16 | 0.02 | 0.03 | 0.10 | 0.07 | 0.09 | 0.08 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.37 | ) | (0.02 | ) | (0.02 | ) | 2.35 | 0.76 | (0.47 | ) | (0.36 | ) | (0.03 | ) | (0.06 | ) | 2.28 | 0.72 | (0.47 | ) | ||||||||||||||||||||||||||||
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Total from investment operations | (0.30 | ) | 0.10 | 0.14 | 2.48 | 0.90 | (0.31 | ) | (0.34 | ) | — | 0.04 | 2.35 | 0.81 | (0.39 | ) | ||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.11 | ) | (0.31 | ) | (0.10 | ) | (0.13 | ) | (0.21 | ) | (0.15 | ) | (0.03 | ) | (0.21 | ) | (0.02 | ) | (0.06 | ) | (0.15 | ) | (0.08 | ) | ||||||||||||||||||||||||
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Total distributions | (0.11 | ) | (0.31 | ) | (0.10 | ) | (0.13 | ) | (0.21 | ) | (0.15 | ) | (0.03 | ) | (0.21 | ) | (0.02 | ) | (0.06 | ) | (0.15 | ) | (0.08 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.41 | ) | (0.21 | ) | 0.04 | 2.35 | 0.69 | (0.46 | ) | (0.37 | ) | (0.21 | ) | 0.02 | 2.29 | 0.66 | (0.47 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.58 | $ | 12.99 | �� | $ | 13.20 | $ | 13.16 | $ | 10.81 | $ | 10.12 | $ | 12.31 | $ | 12.68 | $ | 12.89 | $ | 12.87 | $ | 10.58 | $ | 9.92 | |||||||||||||||||||||||
Total Return (%)5 | (2.33 | )6 | 0.83 | 1.09 | 23.11 | 9.23 | (3.00 | ) | (2.69 | )6 | 0.06 | 0.31 | 22.26 | 8.39 | (3.77 | ) | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 20,291 | $ | 21,072 | $ | 23,012 | $ | 24,571 | $ | 21,002 | $ | 20,763 | $ | 1,432 | $ | 1,692 | $ | 2,061 | $ | 2,946 | $ | 3,206 | $ | 3,872 | ||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.61 | 7 | 1.60 | 1.60 | 1.60 | 1.60 | 1.60 | 2.36 | 7 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 | ||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.61 | 7 | 1.60 | 1.60 | 1.60 | 1.60 | 1.60 | 2.36 | 7 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.16 | 7 | 0.88 | 1.13 | 1.02 | 1.35 | 1.45 | 0.31 | 7 | 0.10 | 0.29 | 0.28 | 0.59 | 0.72 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)8 | 11 | 6 | 45 | 44 | 53 | 41 | 44 | 11 | 6 | 45 | 44 | 53 | 41 | 44 |
* | The Financial Statements presented herein include the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds. |
1 | Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
2 | Prior to June 30, 2011, the NorthRoad International Fund was known as the Small/Mid-Cap Fund. Inception of the fund was December 31, 2008. |
3 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
4 | Amounts represent less than $0.005 per share. |
5 | Total return without applicable sales charge. |
6 | Not annualized. |
7 | Annualized. |
8 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
9 | Class was launched on February 29, 2012. |
See accompanying Notes to Financial Statements.
57
Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
INTERNATIONAL STOCK FUND - continued | ||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Asset Value at beginning of period | $ | 13.00 | $ | 13.22 | $ | 13.18 | $ | 10.82 | $ | 10.13 | $ | 10.59 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss)2 | 0.06 | (0.05 | ) | 0.73 | 0.13 | 0.18 | 0.21 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.33 | ) | 0.17 | (0.56 | ) | 2.38 | 0.75 | (0.49 | ) | |||||||||||||||
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Total from investment operations | (0.27 | ) | 0.12 | 0.17 | 2.51 | 0.93 | (0.28 | ) | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.14 | ) | (0.34 | ) | (0.13 | ) | (0.15 | ) | (0.24 | ) | (0.18 | ) | ||||||||||||
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Total distributions | (0.14 | ) | (0.34 | ) | (0.13 | ) | (0.15 | ) | (0.24 | ) | (0.18 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.41 | ) | (0.22 | ) | 0.04 | 2.36 | 0.69 | (0.46 | ) | |||||||||||||||
Net Asset Value at end of period | $ | 12.59 | $ | 13.00 | $ | 13.22 | $ | 13.18 | $ | 10.82 | $ | 10.13 | ||||||||||||
Total Return (%)4 | (2.20 | )5 | 1.09 | 1.29 | 23.44 | 9.61 | (2.85 | ) | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 16,759 | $ | 15,566 | $ | 7,938 | $ | 34,634 | $ | 23,294 | $ | 44,358 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.36 | 6 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.36 | 6 | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 | |||||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.36 | 6 | 1.27 | 1.65 | 1.26 | 1.36 | 1.70 | |||||||||||||||||
Portfolio turnover (%)9 | 11 | 5 | 45 | 44 | 53 | 41 | 44 |
HANSBERGER INTERNATIONAL GROWTH FUND* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLASS I | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | Six Months Ended 4/30/16 (unaudited) | Year Ended October 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 20141 | 2013 | 2012 | 2011 | 2010 | 2015 | 20141 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 16.11 | $ | 16.70 | $ | 17.88 | $ | 15.42 | $ | 13.11 | $ | 16.16 | $ | 15.02 | $ | 16.09 | $ | 16.68 | $ | 17.89 | $ | 15.42 | $ | 13.11 | $ | 16.16 | $ | 15.01 | ||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income2 | 0.01 | 0.73 | 0.26 | 0.17 | 3 | 0.213 | 0.213 | 0.153 | (0.05 | ) | 0.05 | 0.14 | 0.133 | 0.17 | 3 | 0.193 | 0.12 | 3 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.92 | ) | (0.54 | ) | (1.44 | ) | 2.52 | 2.33 | (3.06 | ) | 1.14 | (0.87 | ) | 0.12 | (1.35 | ) | 2.53 | 2.32 | (3.07 | ) | 1.15 | |||||||||||||||||||||||||||||||||||
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Total from investment operations | (0.91 | ) | 0.19 | (1.18 | ) | 2.69 | 2.54 | (2.85 | ) | 1.29 | (0.92 | ) | 0.17 | (1.21 | ) | 2.66 | 2.49 | (2.88 | ) | 1.27 | ||||||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.78 | ) | — | (0.23 | ) | (0.23 | ) | (0.20 | ) | (0.15 | ) | (0.15 | ) | (0.76 | ) | — | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||
Distributions from capital gains | (0.13 | ) | — | — | — | — | — | — | (0.13 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
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Total distributions | (0.30 | ) | (0.78 | ) | — | (0.23 | ) | (0.23 | ) | (0.20 | ) | (0.15 | ) | (0.28 | ) | (0.76 | ) | — | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (1.21 | ) | (0.59 | ) | (1.18 | ) | 2.46 | 2.31 | (3.05 | ) | 1.14 | (1.20 | ) | (0.59 | ) | (1.21 | ) | 2.47 | 2.31 | (3.05 | ) | 1.15 | ||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 14.90 | $ | 16.11 | $ | 16.70 | $ | 17.88 | $ | 15.42 | $ | 13.11 | $ | 16.16 | $ | 14.89 | $ | 16.09 | $ | 16.68 | $ | 17.89 | $ | 15.42 | $ | 13.11 | $ | 16.16 | ||||||||||||||||||||||||||||
Total Return (%)4 | (5.80 | )5 | 1.41 | (6.60 | )5 | 17.46 | 19.37 | (17.61 | ) | 8.63 | (5.86 | )5 | 1.27 | (6.76 | )5 | 17.26 | 19.01 | (17.82 | ) | 8.44 | ||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 21,951 | $ | 30,895 | $ | 153,839 | $ | 262,627 | $ | 518,186 | $ | 548,110 | $ | 608,571 | $ | 2,197 | $ | 2,510 | $ | 2,942 | $ | 3,928 | $ | 4,410 | $ | 5,907 | $ | 9,398 | ||||||||||||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.01 | 6 | 1.01 | 0.95 | 6 | 0.94 | 0.89 | 0.86 | 0.87 | 1.16 | 6 | 1.16 | 1.85 | 6 | 1.67 | 1.45 | 1.05 | 1.10 | ||||||||||||||||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.01 | 6 | 1.01 | 0.95 | 6 | 0.94 | 7 | 0.89 | 8 | 0.86 | 0.87 | 1.16 | 6 | 1.16 | 1.16 | 6 | 1.17 | 9 | 1.15 | 10 | 1.05 | 1.10 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets After reimbursement of expenses by Adviser (%) | 0.62 | 6 | 0.85 | 1.40 | 6 | 1.05 | 1.44 | 1.39 | 1.05 | (0.06 | )6 | 0.80 | 1.22 | 6 | 0.78 | 1.15 | 1.22 | 0.83 | ||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)11 | 34 | 5 | 61 | 34 | 5 | 48 | 47 | 62 | 52 | 16 | 5 | 61 | 34 | 5 | 48 | 47 | 62 | 52 |
* | The Financial Statements presented herein reflect the historical operating results of the Hansberger International Series International Growth Fund through July 30, 2014. |
1 | Effective at the close of business on July 31, 2014, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information. |
2 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
3 | Per share net investment income has been calculated using the average shares outstanding during the period. |
4 | Total return without applicable sales charge. |
5 | Not annualized. |
6 | Annualized. |
7 | Includes interest expense of 0.02%. Without this expense the ratio of net expenses would have been 0.92%. |
8 | Includes interest expense of 0.01%. Without this expense the ratio of net expenses would have been 0.88%. |
9 | Includes interest expense of 0.02%. Without this expense the ratio of net expenses would have been 1.15%. |
10 | Includes interest expense of less than 0.01%. |
11 | 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, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
TARGET RETIREMENT 2020 FUND | TARGET RETIREMENT 2030 FUND | |||||||||||||||||||||||
CLASS R6 | CLASS R6 | |||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended 10/31/15 | Inception to 10/31/141 | Six Months Ended 4/30/16 (unaudited) | Year Ended 10/31/15 | Inception to 10/31/141 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.07 | $ | 10.00 | $ | 10.00 | $ | 9.97 | $ | 9.99 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.16 | 0.03 | 0.08 | 0.15 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.06 | 0.10 | (0.03 | ) | (0.01 | ) | 0.12 | (0.04 | ) | |||||||||||||||
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Total from investment operations | 0.13 | 0.26 | — | 0.07 | 0.27 | (0.01 | ) | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.09 | ) | — | (0.17 | ) | (0.09 | ) | — | ||||||||||||||
Distributions from capital gains | (0.33 | ) | (0.10 | ) | — | (0.35 | ) | (0.20 | ) | — | ||||||||||||||
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Total distributions | (0.50 | ) | (0.19 | ) | — | (0.52 | ) | (0.29 | ) | — | ||||||||||||||
Net increase (decrease) in net asset value | (0.37 | ) | 0.07 | — | (0.45 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
Net Asset Value at end of period | $ | 9.70 | $ | 10.07 | $ | 10.00 | $ | 9.52 | $ | 9.97 | $ | 9.99 | ||||||||||||
Total Return (%)3 | 1.47 | 4 | 2.61 | — | 4 | 0.79 | 4 | 2.76 | (0.10 | )4 | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 51,487 | $ | 53,619 | $ | 61,964 | $ | 76,155 | $ | 79,007 | $ | 82,852 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.31 | 5 | 0.30 | 0.32 | 5 | 0.31 | 5 | 0.30 | 0.32 | 5 | ||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.31 | 5 | 0.30 | 0.32 | 5 | 0.31 | 5 | 0.30 | 0.32 | 5 | ||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.38 | 5 | 1.46 | 1.82 | 5 | 1.43 | 5 | 1.49 | 1.87 | 5 | ||||||||||||||
Portfolio turnover (%)6 | 93 | 4 | 207 | 48 | 4 | 72 | 4 | 156 | 44 | 4 |
TARGET RETIREMENT 2040 FUND | TARGET RETIREMENT 2050 FUND | |||||||||||||||||||||||
CLASS R6 | CLASS R6 | |||||||||||||||||||||||
Six Months Ended 4/30/16 (unaudited) | Year Ended 10/31/15 | Inception to 10/31/141 | Six Months Ended 4/30/16 (unaudited) | Year Ended 10/31/15 | Inception to 10/31/141 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 9.90 | $ | 9.98 | $ | 10.00 | $ | 9.95 | $ | 9.98 | $ | 10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.15 | 0.03 | 0.07 | 0.15 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.03 | ) | 0.13 | (0.05 | ) | (0.05 | ) | 0.13 | (0.05 | ) | ||||||||||||||
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Total from investment operations | 0.04 | 0.28 | (0.02 | ) | 0.02 | 0.28 | (0.02 | ) | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.10 | ) | — | (0.16 | ) | (0.10 | ) | — | ||||||||||||||
Distributions from capital gains | (0.44 | ) | (0.26 | ) | — | (0.30 | ) | (0.21 | ) | — | ||||||||||||||
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Total distributions | (0.61 | ) | (0.36 | ) | — | (0.46 | ) | (0.31 | ) | — | ||||||||||||||
Net increase (decrease) in net asset value | (0.57 | ) | (0.08 | ) | (0.02 | ) | (0.44 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||
Net Asset Value at end of period | $ | 9.33 | $ | 9.90 | $ | 9.98 | $ | 9.51 | $ | 9.95 | $ | 9.98 | ||||||||||||
Total Return (%)3 | 0.51 | 4 | 2.86 | (0.20 | )4 | 0.29 | 4 | 2.87 | (0.20 | )4 | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 49,622 | $ | 50,029 | $ | 58,903 | $ | 21,878 | $ | 20,482 | $ | 21,266 | ||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.31 | 5 | 0.30 | 0.32 | 5 | 0.31 | 5 | 0.30 | 0.32 | 5 | ||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.31 | 5 | 0.30 | 0.32 | 5 | 0.31 | 5 | 0.30 | 0.32 | 5 | ||||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.49 | 5 | 1.50 | 1.84 | 5 | 1.59 | 5 | 1.51 | 1.72 | 5 | ||||||||||||||
Portfolio turnover (%)6 | 71 | 4 | 160 | 46 | 4 | 78 | 4 | 204 | 52 | 4 |
1 | Commenced investment operations August 29, 2014. See Note 1. |
2 | Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. |
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.
59
Madison Funds | April 30, 2016
Notes to the Financial Statements (unaudited)
1. ORGANIZATION
Madison Funds, a Delaware business 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 twenty-four funds (individually, a “Fund,” collectively, the “Funds”).
During the reporting period, based on approval given by the Board of Trustees at a meeting held on December 18, 2015, the Madison Large Cap Growth Fund reorganized with and into the Madison Investors Fund. The two Fund’s fundamental investment policies and investment objectives were the same. Prior to reorganization, the Large Cap Growth Fund’s Class B shares were converted to Class A shares. The Large Cap Growth Fund’s Class A and Y shares were then exchanged for Class A and Y shares of the Investors Fund effective after market close February 26, 2016.
Effective February 29, 2016 the Madison Cash Reserves Fund changed to a government money market fund and adopted a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized by cash, and/or government securities. Additionally, the Fund changed its name to the Madison Government Money Market Fund.
The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest of the Trust without par value. The Trust has entered into an Investment Advisory Agreement with Madison Asset Management, LLC (the “Investment Adviser” or “Madison”). The Investment Adviser, in turn, has entered into subadvisory agreements with certain subadvisers (“Subadvisers”) for the management of the investments of the Small Cap Fund, NorthRoad International Fund, International Stock Fund and Hansberger International Growth Fund.
The accompanying financial statements include the Government Money Market (formerly known as Cash Reserves), Tax-Free Virginia, Tax-Free National, High Quality Bond, Core Bond, Corporate Bond, High Income, Diversified Income, Covered Call & Equity Income, Dividend Income, Large Cap Value, Investors, Mid Cap, Small Cap, NorthRoad International, International Stock and Hansberger International Growth Funds (collectively, the “Core Funds”), the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds (collectively, the “Allocation Funds”) and the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund. The Tax-Free Virginia Fund invests solely in securities exempt from both federal and Virginia state income taxes, while the Tax-Free National Fund invests in securities exempt from federal taxes ( together, the “Tax-Free Funds”).
The Government Money Market Fund offers two classes of shares: Class A and B. The High Income, Large Cap Value, Small Cap, and International Stock Funds offer three classes of shares: Class A, B and Y. The Diversified Income Fund and Allocation Funds offer three classes of shares: Class A, B and C. The Investors Fund offers three classes of shares: Class A, Y and R6. The Core Bond Fund and Mid Cap Fund offer four classes of shares: Class A, B, Y and R6. The Covered Call & Equity Income Fund offers four classes of shares: Class A, C, Y and R6. The NorthRoad International Fund offer two classes of shares: Class Y and R6. The Tax-Free Virginia, Tax-Free National, High Quality Bond, Corporate Bond and Dividend Income offer one class of shares: Class Y. The Hansberger International Growth Fund offers two classes of shares: Class I and Y. The Target Date Funds offer one class of shares, Class R6 shares. Each class of shares represents an interest in the assets of the respective Fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fees and servicing fees, if any, and its proportional share of Fund level expenses, is subject to its own sales charges, if any, and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that class and other class-specific matters.
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.
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 Depository Receipts (“ADRs”), Global Depositary 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. Liquidity in the tax-exempt market is influenced by economic conditions, issuer financial strength, bond structure, trade size, supply and demand, tax code and regulatory environment. 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 Target Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each Fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates market value.
Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. 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
60
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
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 market 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 and Target Date 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 or Target Date Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.
A Fund’s investments (or Underlying Fund) will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.
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. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.
Expenses: Expenses that are directly related to one Fund are charged directly to that Fund. Other operating expenses are prorated to the Funds on the basis of relative net assets. Class-specific expenses are borne by that class.
Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.
Repurchase Agreements: Each Fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The Funds will enter into repurchase agreements only with members of the Federal Reserve System and with “primary dealers” in U.S. Government securities. As of April 30, 2016, none of the Funds held open repurchase agreements.
The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Funds’ custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a Fund could experience one of the following: delays in liquidating the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.
Foreign Currency Transactions: The Trust’s books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the Funds at the spot rate at settlement.
Each Fund, except the Government Money Market and the Tax-Free 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 Small Cap, NorthRoad International and Hansberger International Growth Funds had net realized losses of $1,135, $20,020 and $12,047, related to foreign currency transactions, respectively. The International Stock Fund had net realized gains of $4,279.
The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.
Forward Foreign Currency Exchange Contracts: Each Fund, except the Government Money Market Fund and the Tax-Free Funds, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The Funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. As of April 30, 2016, 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.
61
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
Illiquid Securities: Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for Government Money Market Fund which is governed by the Rule 2(a)-7 liquidity guidelines. An illiquid security is generally defined as any investment that may be difficult to sell within seven days for the price at which the Fund values it. At April 30, 2016, investments in securities of the High Income Fund included issues that are illiquid. As of that date, the aggregate values of illiquid securities held by the High Income Fund were $236,250, which represent 1.01% of net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above. Information concerning the illiquid securities held at April 30, 2016, which includes cost and acquisition date, is as follows:
Security | Acquisition Date | Acquisition Cost | ||||||
High Income Fund | ||||||||
Brand Energy & Infrastructure Services Inc. | 11/22/13 | $ | 250,000 | |||||
|
| |||||||
$ | 250,000 |
Delayed Delivery Securities: Each Fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For when- issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or other liquid securities, of any type or maturity, equal in value to the Fund’s commitment. Losses may arise due to changes in the market 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, 2016, none of the Funds had entered into such transactions.
Indemnifications: Under the Funds’ organizational documents, the Funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds enter into contracts that contain a variety of representations and provide general indemnifications. The Funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.
Fair Value Measurements: Each Fund has adopted Financial Accounting Standards Board (the “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, 2016, maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; 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, 2016, 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, 2016, in valuing the Funds’ investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each category):
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/16 | ||||||||||||
Conservative Allocation | $ | 72,766,686 | $ | — | $ | — | $ | 72,766,686 | ||||||||
Moderate Allocation | 142,673,753 | — | — | 142,673,753 | ||||||||||||
Aggressive Allocation | 61,316,243 | — | — | 61,316,243 | ||||||||||||
Government Money Market2 | 824,518 | 17,055,740 | — | 17,880,258 | ||||||||||||
Tax-Free Virginia | ||||||||||||||||
Municipal Bonds | — | 22,241,267 | — | 22,241,267 | ||||||||||||
Tax-Free National | ||||||||||||||||
Municipal Bonds | — | 27,169,634 | — | 27,169,634 | ||||||||||||
High Quality Bond | ||||||||||||||||
Corporate Notes and Bonds | — | 41,266,152 | — | 41,266,152 | ||||||||||||
U.S. Government and Agency | ||||||||||||||||
Obligations | — | 64,914,971 | — | 64,914,971 | ||||||||||||
Short-Term Investments | 2,327,071 | — | — | 2,327,071 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
2,327,071 | 106,181,123 | — | 108,508,194 | |||||||||||||
Core Bond | ||||||||||||||||
Assets | ||||||||||||||||
Asset Backed Securities | — | 7,382,113 | — | 7,382,113 | ||||||||||||
Collateralized Mortgage | ||||||||||||||||
Obligations | — | 5,695,327 | — | 5,695,327 | ||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||
Securities | — | 5,089,812 | — | 5,089,812 | ||||||||||||
Corporate Notes and Bonds | — | 69,308,932 | — | 69,308,932 | ||||||||||||
Long Term Municipal Bonds | — | 23,772,241 | — | 23,772,241 | ||||||||||||
Mortgage Backed Securities | — | 50,569,526 | — | 50,569,526 | ||||||||||||
Put Options Purchased | 33,281 | — | — | 33,281 | ||||||||||||
U.S. Government and Agency | ||||||||||||||||
Obligations | — | 52,422,268 | — | 52,422,268 | ||||||||||||
Short-Term Investments | 6,313,136 | — | — | 6,313,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
6,346,417 | 214,240,219 | — | 220,586,636 | |||||||||||||
Liabilities: | ||||||||||||||||
Options Written | 26,719 | — | — | 26,719 | ||||||||||||
Corporate Bond | ||||||||||||||||
Corporate Notes and Bonds | — | 21,743,342 | — | 21,743,342 | ||||||||||||
Long Term Municipal Bonds | — | 1,118,396 | — | 1,118,396 | ||||||||||||
Short-Term Investments | 394,906 | — | — | 394,906 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
394,906 | 22,861,738 | — | 23,256,644 |
62
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/16 | ||||||||||||
High Income | ||||||||||||||||
Corporate Notes and Bonds | $ | — | $ | 21,481,407 | $ | — | $ | 21,481,407 | ||||||||
Short-Term Investments | 1,861,625 | — | — | 1,861,625 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
1,861,625 | 21,481,407 | — | 23,343,032 | |||||||||||||
Diversified Income | ||||||||||||||||
Common Stocks | 80,589,940 | — | — | 80,589,940 | ||||||||||||
Asset Backed Securities | — | 1,867,620 | — | 1,867,620 | ||||||||||||
Collateralized Mortgage | ||||||||||||||||
Obligations | — | 1,489,780 | — | 1,489,780 | ||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||
Securities | — | 1,585,398 | — | 1,585,398 | ||||||||||||
Corporate Notes and Bonds | — | 22,003,335 | — | 22,003,335 | ||||||||||||
Long Term Municipal Bonds | — | 5,866,049 | — | 5,866,049 | ||||||||||||
Mortgage Backed Securities | — | 13,128,690 | — | 13,128,690 | ||||||||||||
U.S. Government and Agency | ||||||||||||||||
Obligations | — | 15,238,855 | — | 15,238,855 | ||||||||||||
Short-Term Investments | 6,585,446 | — | — | 6,585,446 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
87,175,386 | 61,179,727 | — | 148,355,113 | |||||||||||||
Covered Call & Equity Income | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 65,692,954 | — | — | 65,692,954 | ||||||||||||
Exchange Traded Funds | 4,067,690 | — | — | 4,067,690 | ||||||||||||
U.S. Government and Agency | ||||||||||||||||
Obligations | — | 4,998,891 | — | 4,998,891 | ||||||||||||
Short-Term Investments | 19,988,128 | — | — | 19,988,128 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
89,748,772 | 4,998,891 | — | 94,747,663 | |||||||||||||
Liabilities: | ||||||||||||||||
Options Written | 2,393,402 | — | — | 2,393,402 | ||||||||||||
Dividend Income | ||||||||||||||||
Common Stocks | 83,916,128 | — | — | 83,916,128 | ||||||||||||
Short-Term Investments | 4,258,271 | — | — | 4,258,271 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
88,174,399 | — | — | 88,174,399 | |||||||||||||
Large Cap Value | ||||||||||||||||
Common Stocks | 104,368,596 | — | — | 104,368,596 | ||||||||||||
Short-Term Investments | 9,843,034 | — | — | 9,843,034 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
114,211,630 | — | — | 114,211,630 | |||||||||||||
Investors | ||||||||||||||||
Common Stocks | 237,448,540 | — | — | 237,448,540 | ||||||||||||
Short-Term Investments | 16,629,716 | — | — | 16,629,716 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
254,078,256 | — | — | 254,078,256 | |||||||||||||
Mid Cap | ||||||||||||||||
Common Stocks | $ | 265,450,659 | — | — | 265,450,659 | |||||||||||
Short-Term Investments | 25,651,700 | — | — | 25,651,700 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
291,102,359 | — | — | 291,102,359 | |||||||||||||
Small Cap | ||||||||||||||||
Common Stocks | $ | 89,485,506 | $ | 4,385,862 | $ | — | $ | 93,871,368 | ||||||||
Short-Term Investments | 4,251,424 | — | — | 4,251,424 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
93,736,930 | 4,385,862 | — | 98,122,792 | |||||||||||||
NorthRoad International | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | 636,045 | — | — | 636,045 | ||||||||||||
Brazil | — | 733,850 | — | 733,850 | ||||||||||||
Denmark | — | 1,407,806 | — | 1,407,806 | ||||||||||||
France | 2,864,074 | 2,584,061 | — | 5,448,135 | ||||||||||||
Germany | 1,118,684 | — | — | 1,118,684 | ||||||||||||
Ireland | 1,482,457 | — | — | 1,482,457 | ||||||||||||
Israel | 643,817 | — | — | 643,817 | ||||||||||||
Japan | 1,810,234 | 1,512,697 | — | 3,322,931 | ||||||||||||
Netherlands | 2,555,425 | 772,314 | — | 3,327,739 | ||||||||||||
Singapore | — | 587,181 | — | 587,181 | ||||||||||||
South Korea | — | 886,164 | — | 886,164 | ||||||||||||
Sweden | 789,851 | — | — | 789,851 | ||||||||||||
Switzerland | 5,272,834 | — | — | 5,272,834 | ||||||||||||
United Kingdom | 5,145,635 | 4,034,428 | — | 9,180,063 | ||||||||||||
Short-Term Investments | 1,086,252 | — | — | 1,086,252 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
23,405,308 | 12,518,501 | — | 35,923,809 |
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/16 | ||||||||||||
International Stock | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 620,799 | $ | — | $ | 620,799 | ||||||||
Austria | — | 135,858 | — | 135,858 | ||||||||||||
Belgium | — | 1,557,989 | — | 1,557,989 | ||||||||||||
Brazil | — | 510,286 | — | 510,286 | ||||||||||||
Canada | — | 879,266 | — | 879,266 | ||||||||||||
Denmark | — | 459,871 | — | 459,871 | ||||||||||||
Finland | — | 668,577 | — | 668,577 | ||||||||||||
France | — | 3,065,960 | — | 3,065,960 | ||||||||||||
Germany | — | 949,329 | — | 949,329 | ||||||||||||
Ireland | 361,685 | 1,435,999 | — | 1,797,684 | ||||||||||||
Israel | 841,525 | — | — | 841,525 | ||||||||||||
Italy | — | 641,863 | — | 641,863 | ||||||||||||
Japan | — | 7,479,563 | — | 7,479,563 | ||||||||||||
Luxembourg | — | 278,699 | — | 278,699 | ||||||||||||
Netherlands | — | 1,097,909 | — | 1,097,909 | ||||||||||||
Norway | — | 569,248 | — | 569,248 | ||||||||||||
Philippines | — | 259,956 | — | 259,956 | ||||||||||||
Spain | — | 412,650 | — | 412,650 | ||||||||||||
Sweden | — | 1,341,499 | — | 1,341,499 | ||||||||||||
Switzerland | 2,513,203 | — | 2,513,203 | |||||||||||||
Taiwan | 679,392 | — | 679,392 | |||||||||||||
Thailand | — | 222,916 | — | 222,916 | ||||||||||||
Turkey | — | 509,904 | — | 509,904 | ||||||||||||
United Kingdom | 700,099 | 8,103,053 | — | 8,803,152 | ||||||||||||
United States | 504,478 | — | — | 504,478 | ||||||||||||
Short-Term Investments | 1,479,045 | — | — | 1,479,045 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
4,566,224 | 33,714,397 | — | 38,280,621 | |||||||||||||
Hansberger International Growth | ||||||||||||||||
Common Stocks | ||||||||||||||||
Canada | 1,592,786 | — | — | 1,592,786 | ||||||||||||
China | 699,385 | 1,992,258 | — | 2,691,643 | ||||||||||||
Denmark | — | 267,944 | — | 267,944 | ||||||||||||
France | — | 2,274,210 | — | 2,274,210 | ||||||||||||
Germany | — | 1,973,776 | — | 1,973,776 | ||||||||||||
Hong Kong | — | 596,574 | — | 596,574 | ||||||||||||
India | 1,064,678 | — | — | 1,064,678 | ||||||||||||
Indonesia | — | 239,274 | — | 239,274 | ||||||||||||
Ireland | — | 641,066 | — | 641,066 | ||||||||||||
Japan | — | 3,600,556 | — | 3,600,556 | ||||||||||||
Mexico | — | 870,224 | — | 870,224 | ||||||||||||
Netherlands | 1,188,246 | — | — | 1,188,246 | ||||||||||||
Norway | — | 335,421 | — | 335,421 | ||||||||||||
Singapore | — | 340,856 | — | 340,856 | ||||||||||||
SouthKorea | — | 683,752 | — | 683,752 | ||||||||||||
Spain | — | 304,895 | — | 304,895 | ||||||||||||
Sweden | — | 328,835 | — | 328,835 | ||||||||||||
Switzerland | $ | — | $ | 1,879,312 | $ | — | $ | 1,879,312 | ||||||||
United Kingdom | — | 3,000,204 | — | 3,000,204 | ||||||||||||
Short-Term Investments | 172,892 | — | — | 172,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
4,717,987 | 19,329,157 | — | 24,047,144 | |||||||||||||
Madison Target Retirement 2020 | 51,045,202 | — | — | 51,045,202 | ||||||||||||
Madison Target Retirement 2030 | 75,435,760 | — | — | 75,435,760 | ||||||||||||
Madison Target Retirement 2040 | 49,222,056 | — | — | 49,222,056 | ||||||||||||
Madison Target Retirement 2050 | 21,714,546 | — | — | 21,714,546 |
1 | See respective portfolio of investments for underlying holdings in each Fund. For additional information on the underlying funds held in the Allocation and Target Date 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 |
2 | At April 30, 2016, all Level 2 securities held are U.S. Government and Agency Obligations. See respective Portfolio of Investments. |
Derivatives: The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and hedging activities and enable investors to understand: a) how and why a Fund uses derivative investments, b) how derivative instruments and related hedge fund items are accounted for, and c) how derivative instruments and related hedge items affect a Fund’s financial position, results of operations and cash flows.
63 |
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
The following table presents the types of derivatives in the Fund by location as presented on the Statement of Assets and Liabilities as of April 30, 2016.
Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | ||||||||
Core Bond - Equity contracts | Options purchased | $ | 33,281 | Options written | $ | 26,719 | ||||||
Covered Call & Equity Income - Equity contracts | Options purchased | Options written | 2,393,402 |
The following table presents the effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2016:
Derivatives not accounted for as hedging Instruments | Realized Loss on Derivatives: | Change in Unrealized Depreciation on Derivatives | ||||||
Core Bond - Equity contracts | $ | (18,718) | $ | 16,533 | ||||
Covered Call & Equity Income - Equity contracts | 2,444,910 | 759,117 |
Management has determined that there is no impact on the financial statements of the other Funds held in the Trust as they currently do not hold derivative financial instruments.
3. ADVISORY, SERVICES AND DISTRIBUTION AGREEMENTS
Advisory Agreement. For its investment advisory services to the Funds, the Investment Adviser is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows as of April 30, 2016:
Fund | Advisory Fee | Fund | Advisory Fee | |||||||
Conservative Allocation | 0.20 | % | Dividend Income | 0.75 | % | |||||
Moderate Allocation | 0.20 | % | Large Cap Value | 0.55 | % | |||||
Aggressive Allocation | 0.20 | % | Investors | 0.75 | % | |||||
Government Money Market | 0.40 | % | Mid Cap | 0.75 | % | |||||
Tax-Free Virginia | 0.50 | % | Small Cap | 1.00 | % | |||||
Tax-Free National | 0.40 | % | NorthRoad International | 0.80 | % | |||||
High Quality Bond | 0.30 | % | International Stock | 1.05 | % | |||||
Core Bond | 0.50 | % | Hansberger International Growth | 0.75 | % | |||||
Corporate Bond | 0.40 | % | Target Retirement 2020 | 0.25 | % | |||||
High Income | 0.55 | % | Target Retirement 2030 | 0.25 | % | |||||
Diversified Income | 0.65 | % | Target Retirement 2040 | 0.25 | % | |||||
Covered Call & Equity Income | 0.85 | % | Target Retirement 2050 | 0.25 | % |
Effective February 29, 2016, the Tax-Free National Fund’s Advisory fee was reduced permanently from 0.50% to 0.40%.
A special meeting of shareholders of the Madison Investors Fund was held on February 23, 2016 to approve an amended Advisory agreement. Specifically, the proposal was to remove a current breakpoint which provided for a management fee of 0.75% on the first $100 million of net assets and 0.60% on net assets in excess of $100 million, and to replace it with a management fee of 0.75% with a reduction of 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. The final proxy vote was 3,911841 shares voted for the proposal, 35,347 shares voted against with 12,773 shares abstaining from voting. The change was effective February 29, 2016.
The Government Money Market, Core Bond, High Income, Diversified Income, Large Cap Value, Investors, Mid Cap, Small Cap, and International Stock Funds’ advisory fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. The Investment Adviser is solely responsible for the payment of all fees to the Subadvisers. The Subadvisers for the Funds at April 30, 2016, are Wellington Management Company, LLP for the Small Cap Fund, NorthRoad Capital Management, LLC for the NorthRoad International Fund, Lazard Asset Management LLC for the International Stock Fund and Hansberger Growth Investors, LP for the Hansberger International Growth Fund.
The Investment Adviser may, from time to time, contractually or voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser has contractually agreed to waive a portion of advisory fees on the Government Money Market Fund Class A Shares and Class B Shares until February 27, 2017, for the purpose of maintaining a one day yield of zero. The amount of the daily waiver was equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended April 30, 2016, the waivers totaled $28,786 for Class A Shares and $414 for Class B Shares and are reflected as fees waived in the accompanying Statement of Operations. A portion of the Dividend Income Fund’s advisory fee, 0.10%, is being waived by the Investment Adviser until February 27, 2017. For the period ended April 30, 2016, the waivers totaled $17,826 and are reflected as fees waived in the accompanying Statement of Operations. The Investment Adviser does not have the right to recoup these waived fees.
Administrative Services Agreement. The Investment Adviser provides or arranges for each Fund to have all of the necessary operational and support services it needs for a fee. These fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows:
Fund | Class A | Class B | Class C | Class Y | Class R6 | Class I | ||||||||||||||||||
Conservative Allocation | 0.25 | % | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||||
Moderate Allocation | 0.25 | % | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||||
Aggressive Allocation | 0.25 | % | 0.25 | % | 0.25 | % | N/A | N/A | N/A | |||||||||||||||
Government Money Market | 0.15 | % | 0.15 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Tax-Free Virginia | N/A | N/A | N/A | 0.35 | % | N/A | N/A | |||||||||||||||||
Tax-Free National | N/A | N/A | N/A | 0.35 | % | N/A | N/A | |||||||||||||||||
High Quality Bond | N/A | N/A | N/A | 0.19 | % | N/A | N/A | |||||||||||||||||
Core Bond | 0.15 | % | 0.15 | % | N/A | 0.15 | % | 0.02 | % | N/A | ||||||||||||||
Corporate Bond | N/A | N/A | N/A | 0.25 | % | N/A | N/A | |||||||||||||||||
High Income | 0.20 | % | 0.20 | % | N/A | 0.20 | % | N/A | N/A | |||||||||||||||
Diversified Income | 0.20 | % | 0.20 | % | 0.20 | % | N/A | N/A | N/A | |||||||||||||||
Covered Call & Equity Income | 0.15 | % | N/A | 0.15 | % | 0.15 | % | 0.02 | % | N/A | ||||||||||||||
Dividend Income | N/A | N/A | N/A | 0.35 | % | N/A | N/A | |||||||||||||||||
Large Cap Value | 0.36 | % | 0.36 | % | N/A | 0.36 | % | N/A | N/A | |||||||||||||||
Investors | 0.20 | % | N/A | N/A | 0.20 | % | 0.02 | % | N/A | |||||||||||||||
Mid Cap | 0.40 | % | 0.40 | % | N/A | 0.40 | %1 | 0.02 | % | N/A | ||||||||||||||
Small Cap | 0.25 | % | 0.25 | % | N/A | 0.25 | % | N/A | N/A | |||||||||||||||
NorthRoad International | N/A | N/A | N/A | 0.35 | % | 0.02 | % | N/A | ||||||||||||||||
International Stock | 0.30 | % | 0.30 | % | N/A | 0.30 | % | N/A | N/A | |||||||||||||||
Hansberger International Growth | N/A | N/A | N/A | 0.40 | % | N/A | 0.25 | % | ||||||||||||||||
Target Retirement 2020 | N/A | N/A | N/A | N/A | 0.05 | % | N/A | |||||||||||||||||
Target Retirement 2030 | N/A | N/A | N/A | N/A | 0.05 | % | N/A | |||||||||||||||||
Target Retirement 2040 | N/A | N/A | N/A | N/A | 0.05 | % | N/A | |||||||||||||||||
Target Retirement 2050 | N/A | N/A | N/A | N/A | 0.05 | % | N/A |
1 | Effective June 1, 2016 the fee was permanently reduced to 0.23%. |
The direct expenses of the Funds’ Independent Trustees and independent auditors are paid out of this fee on behalf of the Funds.
The Investment Adviser may from time to time contractually or voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser waived a portion of service agreement fees on the Government Money Market Fund Class A Shares and Class B Shares until at least February 27, 2017, for the purpose of maintaining a one-day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. A portion of the Dividend Income Fund’s annual service fee, 0.05% is being waived by the Investment Adviser until February 27, 2017. A portion of the Investors Fund annual service fee, 0.15%, was waived by the Invesstment Adviser through February 28, 2016. This waiver was discontinued effective February 29, 2016. The waived amounts for the Government Money Market and Dividend Income Funds are reflected as fees waived in the accompanying Statement of Operations. For the period ended April 30, 2016 the waivers were as follows:
64 |
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
Waived Fees or Expenses* | ||||||||||||||||||||
Fund | Class A | Class B | Class Y | Class R6 | Total Waivers | |||||||||||||||
Government Money Market | $ | 1,743 | $ | 106 | $ | — | $ | — | $ | 1,849 | ||||||||||
Dividend Income | — | — | 8,913 | — | 8,913 | |||||||||||||||
Investors | 924 | — | 45,134 | (11 | ) | 46,047 |
* | The Investment Adviser does not have the right to recoup any of these waived fees. |
Shareholder Servicing and Distribution (Rule 12b-1). Madison Funds has adopted, on behalf of certain Funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”). These plans permit the Funds to pay for distribution of their shares and servicing of their shareholders out of Fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected Funds and share classes. These plans are described below:
Shareholder Servicing Fees (Class A, B and C shares). Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A, B and C shares of each of the Funds, other than the Government Money Market Fund. Under the terms of these plans, each Fund pays MFD Distributor, LLC (“MFD”) a service fee equal to 0.25% of the average daily net assets attributable to each class of shares of that Fund. The service fee is used by MFD to offset costs of servicing shareholder accounts or to compensate other qualified broker/dealers who sell shares of the Funds pursuant to agreements with MFD for their costs of servicing shareholder accounts. MFD may retain any portion of the service fee for which there is no broker/dealer of record as partial consideration for its services with respect to shareholder accounts.
Distribution Fees (Class B and C shares only). Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class B and C shares of each of the Funds. Under the terms of each plan, each Fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class B and C shares of that Fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling Class B and C shares) or distribution-related expenses of dealers. This fee increases the cost of investment in the Class B and C shares of a Fund and, over time, may cost more than paying the initial sales charge for Class A shares.
The Shareholder Servicing & Distribution Fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows:
Shareholder Servicing Fee | Distribution Fee | Total Shareholder Servicing and Distribution Fees (Rule 12b-1) | ||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||||||||
Conservative Allocation | 0.25 | % | 0.25 | % | 0.25 | % | 0.75 | % | 0.75 | % | 0.25 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
Moderate Allocation | 0.25 | % | 0.25 | % | 0.25 | % | 0.75 | % | 0.75 | % | 0.25 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
Aggressive Allocation | 0.25 | % | 0.25 | % | 0.25 | % | 0.75 | % | 0.75 | % | 0.25 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
Government Money Market | N/A | N/A | N/A | 0.75 | % | N/A | N/A | 0.75 | % | N/A | ||||||||||||||||||||||
Tax-Free Virginia | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Tax-Free National | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
High Quality Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Core Bond | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A | |||||||||||||||||||
Corporate Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
High Income | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A | |||||||||||||||||||
Diversified Income | 0.25 | % | 0.25 | % | 0.25 | % | 0.75 | % | 0.75 | % | 0.25 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
Covered Call & Equity Income | 0.25 | % | N/A | 0.25 | % | N/A | 0.75 | % | 0.25 | % | N/A | 1.00 | % | |||||||||||||||||||
Dividend Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Large Cap Value | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A | |||||||||||||||||||
Investors | 0.25 | % | N/A | N/A | N/A | N/A | 0.25 | % | N/A | N/A | ||||||||||||||||||||||
Mid Cap | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A | |||||||||||||||||||
Small Cap | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A | |||||||||||||||||||
NorthRoad International | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
International Stock | 0.25 | % | 0.25 | % | N/A | 0.75 | % | N/A | 0.25 | % | 1.00 | % | N/A |
Shareholder Servicing Fee | Distribution Fee | Total Shareholder Servicing and Distribution Fees (Rule 12b-1) | ||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||||||||
Hansberger International Growth | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Target Retirement 2020 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Target Retirement 2030 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Target Retirement 2040 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Target Retirement 2050 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, MFD waived a portion of 12b-1 fees on the Government Money Market Fund Class B Shares for the purpose of maintaining a one day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended April 30, 2016, the waivers totaled $1,320 and are reflected as fees waived in the accompanying Statement of Operations. MFD does not have the right to recoup these 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, B, and C shares), as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell Fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the period November 1, 2015 through April 30, 2016, were as follows:
Amount Collected | Amount Retained | |||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||
Conservative Allocation | $ | 33,315 | $ | 13,215 | $ | 596 | $ | 3,827 | $ | 13,215 | $ | 596 | ||||||||||||
Moderate Allocation | 95,353 | 19,620 | 540 | 10,871 | 19,620 | 540 | ||||||||||||||||||
Aggressive Allocation | 56,576 | 6,049 | 304 | 6,400 | 6,049 | 304 | ||||||||||||||||||
Government Money Market | — | 643 | — | — | 643 | — | ||||||||||||||||||
Core Bond | 29,386 | 1,298 | — | 4,353 | 1,298 | — | ||||||||||||||||||
High Income | 7,601 | 183 | — | 1,160 | 183 | — | ||||||||||||||||||
Diversified Income | 103,500 | 7,817 | 320 | 13,030 | 7,817 | 320 | ||||||||||||||||||
Covered Call & Equity Income | 66,050 | — | 1,295 | 9,086 | — | 1,295 | ||||||||||||||||||
Large Cap Value | 26,757 | 1,296 | — | 3,455 | 1,296 | — | ||||||||||||||||||
Investors | 26,260 | — | — | 3,451 | — | — | ||||||||||||||||||
Mid Cap | 53,940 | 2,828 | — | 6,409 | 2,828 | — | ||||||||||||||||||
Small Cap | 6,954 | 236 | — | 661 | 236 | — | ||||||||||||||||||
International Stock | 11,632 | 558 | — | 1,460 | 558 | — |
Other Expenses: In addition to the fees described above, the Trust is responsible for brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, overdrafts and any potential taxes owed and extraordinary expenses as approved by a majority of independent trustees.
Officers and Trustees: Certain officers and trustees of the Funds are also officers of the Investment Adviser. The Funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated. Fees paid to the Trustees reduce the fees paid to the Investment Adviser pursuant to the Administrative Services Agreement as described above.
4. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
With respect to dividends from net investment income, the Government Money Market Fund declares dividends, if any, daily and reinvests monthly. The Tax-Free Funds, Core Bond, Corporate Bond, High Income and Diversified Income Funds declare and reinvest dividends, if any, monthly. The Conservative Allocation, High Quality, Dividend Income and Covered Call & Equity Income Funds declare and reinvest dividends, if any, quarterly. The Moderate Allocation, Aggressive Allocation, Large Cap Value, Investors, Mid Cap, Small Cap, NorthRoad International, International Stock, Hansberger International Growth and the Target Date Funds
65
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
declare and reinvest dividends, if any, annually. The Funds distribute net realized gains from investment transactions, if any, to shareholders annually.
Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains in the Funds differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income. Dividends from net investment income are determined on a class level. Capital gains are determined on a fund level.
5. SECURITIES TRANSACTIONS
For the period ended April 30, 2016, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:
U.S. Government Securities | Other Investment Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Conservative Allocation | $ | — | $ | — | $ | 31,490,106 | $ | 31,860,140 | ||||||||
Moderate Allocation | — | — | 83,718,368 | 78,867,941 | ||||||||||||
Aggressive Allocation | — | — | 35,314,219 | 32,029,982 | ||||||||||||
Tax-Free Virginia | — | — | 1,388,262 | 1,567,426 | ||||||||||||
Tax-Free National | — | — | 943,149 | 1,431,625 | ||||||||||||
High Quality Bond | 12,254,412 | 8,779,443 | 5,203,770 | 2,236,629 | ||||||||||||
Core Bond | 18,998,688 | 18,021,239 | 34,009,784 | 39,118,731 | ||||||||||||
Corporate Bond | — | — | 4,123,867 | 4,554,904 | ||||||||||||
High Income | — | — | 8,488,463 | 10,552,122 | ||||||||||||
Diversified Income | 4,324,936 | 7,550,438 | 21,561,304 | 20,748,594 | ||||||||||||
Covered Call & Equity Income | — | — | 32,912,842 | 36,447,376 | ||||||||||||
Dividend Income | — | — | 69,377,469 | 7,498,195 | ||||||||||||
Large Cap Value | — | — | 56,730,172 | 113,534,146 | ||||||||||||
Investors | — | — | 30,773,271 | 35,025,944 | ||||||||||||
Mid Cap | — | — | 56,430,926 | 46,331,533 | ||||||||||||
Small Cap | — | — | 14,927,598 | 8,662,248 | ||||||||||||
NorthRoad International | — | — | 5,012,349 | 10,191,859 | ||||||||||||
International Stock | — | — | 5,653,752 | 4,081,843 | ||||||||||||
Hansberger International Growth | — | — | 4,772,669 | 16,329,797 | ||||||||||||
Madison Target Retirement 2020 | — | — | 47,480,392 | 50,821,489 | ||||||||||||
Madison Target Retirement 2030 | — | — | 52,618,996 | 56,726,540 | ||||||||||||
Madison Target Retirement 2040 | — | — | 33,589,856 | 34,673,529 | ||||||||||||
Madison Target Retirement 2050 | — | — | 16,885,569 | 15,749,674 |
6. COVERED CALL AND PUT OPTIONS
An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or pay the exercise price upon delivery of the underlying security (in the case of a put).
The Covered Call & Equity Income Fund will pursue 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 market value of the option written. These liabilities are reflected as options written in the Statement 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.
Transactions in option contracts in the Covered Call & Equity Income Fund during the period ended April 30, 2016 were as follows:
Number of Contracts | Premiums Received | |||||||
Core Bond Fund | ||||||||
Options outstanding, beginning of period | 50 | $ | 9,225 | |||||
Options written during the period | 165 | 109,914 | ||||||
Options closed during the period | (70 | ) | (49,216 | ) | ||||
Options exercised during the period | — | — | ||||||
Options expired during the period | (85 | ) | (37,759 | ) | ||||
|
|
|
| |||||
Options outstanding, end of period | 60 | $ | 32,164 | |||||
Covered Call & Equity Income Fund | ||||||||
Options outstanding, beginning of period | 9,656 | $ | 1,916,685 | |||||
Options written during the period | 25,070 | 5,466,764 | ||||||
Options closed during the period | (11,443 | ) | (2,587,023 | ) | ||||
Options exercised during the period | (5,037 | ) | (947,261 | ) | ||||
Options expired during the period | (9,725 | ) | (1,993,608 | ) | ||||
|
|
|
| |||||
Options outstanding, end of period | 8,521 | $ | 1,855,557 |
7. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS
The Core Bond Fund may purchase and sell futures contracts and purchase and write options on futures contracts on a limited basis. The Fund may purchase and sell futures contracts based on various securities (such as U.S. Government securities), securities indices, foreign currencies and other financial instruments and indices. The Fund will engage in futures or related options transactions on a limited basis only for bona fide hedging purposes or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission.
Futures Contracts. The Core Bond Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or other assets, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“variation margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.
Options on Futures Contracts. The acquisition of put and call options on futures contracts will give the fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.
The writing of a call option on a futures contract generates a premium which may partially offset a decline in the value of the Fund’s assets. By writing a call option, the Fund becomes obligated, in exchange for the premium, to sell a futures contract which may have a value higher than the exercise price. Conversely, the writing of a
66
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that the Fund intends to purchase. However, the Fund becomes obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.
8. FOREIGN SECURITIES
Each Fund, other than the Tax-Free Funds and the Government Money Market Fund may invest in foreign securities. Foreign securities are defined as securities that are: (i) issued by companies organized outside the U.S. or whose principal operations are outside the U.S., or issued by foreign governments or their agencies or instrumentalities (“foreign issuers”); (ii) principally traded outside of the U.S.; and (iii) quoted or denominated in a foreign currency (“non-dollar securities”). Foreign securities include ADRs, European Depositary Receipts (“EDRs”), GDRs, Swedish Depositary Receipts (“SDRs”) and foreign money market securities.
Certain of the Funds have reclaims receivable balances, in which the Funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the Funds and are reflected in Other Assets on the Statement of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.
9. SECURITIES LENDING
The Core Bond, High Income, Diversified Income, Large Cap Value, Mid Cap and International Stock Funds have entered into a Securities Lending Agreement (the “Agreement”) with State Street Bank and Trust Company (“State Street”). Under the terms of the Agreement, the Funds may lend portfolio securities to qualified borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash or other liquid assets at least equal to 102% of the value of securities, which is determined on a daily basis. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statement of Operations. The primary risk associated with securities lending is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral.
The Funds did not engage in any securities lending activity during the period ended April 30, 2016.
10. FEDERAL AND FOREIGN INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.
The Funds have not recorded any liabilities for material unrecognized tax benefits as of April 30, 2016. 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 2012 through 2015. The prior years of 2012 through 2014 represent the legacy MEMBERS Mutual Funds and the legacy Madison Mosaic Funds. Effective as of the market close of April 19, 2013, the Mosaic Funds reorganized into the Madison Funds (formerly known as the MEMBERS Mutual Funds).
For federal income tax purposes, the Funds listed below have capital loss carryovers as of October 31, 2015, which are available to offset future capital gains, if any, realized through the fiscal year listed:
No Expiration Date | ||||||||||||||||||||
Fund | 2016 | 2017 | 2018 | Short Term | Long Term | |||||||||||||||
Government Money Market | $ | — | $ | 16 | $ | 5 | $ | 1 | $ | — | ||||||||||
High Income | — | — | — | 82,006 | 231,626 | |||||||||||||||
Mid Cap | 1,244,692 | — | — | — | — | |||||||||||||||
Small Cap | 675,894 | — | — | — | — | |||||||||||||||
International Stock | — | — | — | 710,871 | — | |||||||||||||||
Hansberger International | ||||||||||||||||||||
Growth | — | 7,836,710 | — | — | — |
The capital loss carryovers for the Mid Cap Fund, Small Cap Fund, and Hansberger International are subject to certain limitations upon availability, to offset future gains, pursuant to Section 382 of the Internal Revenue Code.
At April 30, 2016, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, excluding options, as computed on a federal income tax basis for each Fund were as follows:
Fund | Appreciation | Depreciation | Net | |||||||||
Conservative Allocation Fund | $ | 1,422,152 | $ | 725,641 | $ | 696,511 | ||||||
Moderate Allocation Fund | 4,825,275 | 888,920 | 3,936,355 | |||||||||
Aggressive Allocation Fund | 2,532,294 | 451,138 | 2,081,156 | |||||||||
Government Money Market | — | — | — | |||||||||
Tax-Free Virginia Fund | 1,104,559 | — | 1,104,559 | |||||||||
Tax-Free National Fund | 1,925,705 | — | 1,925,705 | |||||||||
High Quality Bond Fund | 1,795,424 | — | 1,795,424 | |||||||||
Core Bond Fund | 6,944,423 | — | 6,944,423 | |||||||||
Corporate Bond Fund | 875,956 | 101,958 | 773,998 | |||||||||
High Income Fund | 500,588 | 690,458 | (189,870 | ) | ||||||||
Diversified Income Fund | 20,980,697 | 329,242 | 20,651,455 | |||||||||
Covered Call & Equity Income | 538,447 | 8,007,611 | (7,469,164 | ) | ||||||||
Dividend Income Fund | 5,153,374 | 172,434 | 4,980,940 | |||||||||
Large Cap Value Fund | 11,356,672 | 605,100 | 10,751,572 | |||||||||
Investors Fund | 39,773,479 | 636,144 | 39,137,335 | |||||||||
Mid Cap Fund | 80,127,116 | 3,071,145 | 77,055,971 | |||||||||
Small Cap Fund | 14,293,750 | 4,646,254 | 9,647,496 | |||||||||
NorthRoad International Fund | 2,768,883 | 5,313,861 | (2,544,978 | ) | ||||||||
International Stock Fund | 5,312,274 | 1,815,724 | 3,496,550 | |||||||||
Hansberger International Growth Fund | 2,225,981 | 765,241 | 1,460,740 | |||||||||
Madison Target Retirement 2020 Fund | 3,968,377 | 9,664 | 3,958,713 | |||||||||
Madison Target Retirement 2030 Fund | 7,956,944 | 89,733 | 7,867,211 | |||||||||
Madison Target Retirement 2040 Fund | 6,189,261 | 71,016 | 6,118,245 | |||||||||
Madison Target Retirement 2050 Fund | 1,947,847 | 32,828 | 1,915,019 |
The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of wash sales.
11. CONCENTRATION OF RISK
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.
67
Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016
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 market 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 the risk. The Core Bond may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.
The Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Additionally, while the Fund has maintained a constant share price since inception, and will continue to try to do so, neither the Investment Adviser nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the Fund’s share price from falling below $1.00.
The Tax-Free Funds invest in municipal securities. Municipal securities generally are subject to possible default, bankruptcy or insolvency of the issuer. Principal and interest repayment may be affected by federal, state and local legislation, referendums, judicial decisions and executive acts. The tax-exempt status of municipal securities may be affected by future changes in the tax laws, litigation involving the tax status of the securities and errors and omissions by issuers and their counsel. Madison will not attempt to make an independent determination of the present or future tax-exempt status of municipal securities acquired for the Funds. While most municipal securities have a readily available market, a variety of factors, including the scarcity of issues and the fact that tax-free investments are inappropriate for significant numbers of investors, limit the depth of the market for these securities. Accordingly, it may be more difficult for the Funds to sell large blocks of municipal securities advantageously than would be the case with comparable taxable securities.
The Core Bond Fund may invest in futures contracts or options on futures contracts. Investing in futures contracts and options on futures entail certain other risks such as: unanticipated changes in interest rates, securities prices or currency exchange rates, and may result in a poorer overall performance for the Fund than if it had not entered into any futures contracts or options transactions. In the event of an imperfect correlation between a futures position and portfolio position which is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss. Perfect correlation between the fund’s futures positions and portfolio positions may be difficult to achieve.
The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized rating agencies (so-called “junk bonds”). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The Fund generally invests at least 80% of its net assets in high yield securities.
The Covered Call & Equity Income Fund invests in options on securities. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. A writer of a put option is exposed to the risk of loss if fair value of the underlying securities declines, but profits only to the extent of the premium received if the underlying security
increases in value. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
The Allocation and Target Date 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 and Target Date 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.
All of 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 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, of course, to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the Funds.
12. CAPITAL SHARES AND AFFILIATED OWNERSHIP
The Allocation Funds invest in Underlying Funds, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2016 follows:
68
Madison Funds | Notes to the Financial Statements (unaudited) - concluded | April 30, 2016
Fund/Underlying Fund | Balance of Shares Held at 10/31/2015 | Gross Additions | Gross Sales | Balance of Shares Held at 4/30/2016 | Value at 4/30/2016 | Realized Gain (Loss) | Distributions Received1 | |||||||||||||||||||||
Conservative Allocation | ||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | 1,574,009 | 49,505 | (95,590 | ) | 1,527,924 | $ | 15,462,595 | $ | (33,712 | ) | $ | 319,600 | ||||||||||||||||
Madison Corporate Bond Fund Class Y | 446,801 | — | — | 446,801 | 5,160,547 | — | 90,585 | |||||||||||||||||||||
Madison Dividend Income Fund Class Y | — | 166,112 | — | 166,112 | 3,637,848 | — | 4,590 | |||||||||||||||||||||
Madison Investors Fund Class Y | — | 174,675 | — | 174,675 | 3,334,544 | — | — | |||||||||||||||||||||
Madison Large Cap Growth Fund Class Y | 204,750 | 46,950 | (251,700 | ) | — | — | (328,570 | ) | 887,824 | |||||||||||||||||||
Madison Large Cap Value Fund Class Y | 235,565 | 91,902 | (303,448 | ) | 24,019 | 353,807 | 682,008 | 471,398 | ||||||||||||||||||||
Madison Mid Cap Fund Class Y | — | 128,011 | — | 128,011 | 1,093,215 | — | — | |||||||||||||||||||||
Madison NorthRoad International Fund Class Y | 158,257 | — | (40,743 | ) | 117,514 | 1,151,638 | (115,295 | ) | 35,244 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Totals | $ | 30,194,194 | $ | 204,431 | $ | 1,809,241 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Moderate Allocation | ||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | 2,097,384 | 49,950 | — | 2,147,334 | 21,731,019 | — | 446,671 | |||||||||||||||||||||
Madison Dividend Income Fund Class Y | — | 488,689 | — | 488,689 | 10,702,291 | — | 12,716 | |||||||||||||||||||||
Madison Investors Fund Class Y | — | 705,317 | — | 705,317 | 13,464,496 | — | — | |||||||||||||||||||||
Madison Large Cap Growth Fund Class Y | 740,132 | 174,530 | (914,662 | ) | — | — | (860,287 | ) | 3,298,879 | |||||||||||||||||||
Madison Large Cap Value Fund Class Y | 991,432 | 169,782 | (773,034 | ) | 388,180 | 5,717,898 | 1,007,159 | 1,966,059 | ||||||||||||||||||||
Madison Mid Cap Fund Class Y | — | 340,479 | — | 340,479 | 2,907,692 | — | — | |||||||||||||||||||||
Madison NorthRoad International Fund Class Y | 430,751 | — | (89,358 | ) | 341,393 | 3,345,648 | (267,716 | ) | 101,183 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Totals | $ | 57,869,044 | $ | (120,844 | ) | $ | 5,825,508 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Aggressive Allocation | ||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y | 499,599 | — | — | 499,599 | 5,055,943 | — | 104,151 | |||||||||||||||||||||
Madison Dividend Income Fund Class Y | — | 251,245 | — | 251,245 | 5,502,257 | — | 6,677 | |||||||||||||||||||||
Madison Investors Fund Class Y | — | 347,381 | — | 347,381 | 6,631,500 | — | — | |||||||||||||||||||||
Madison Large Cap Growth Fund Class Y | 390,860 | 90,398 | (481,258 | ) | — | — | (559,033 | ) | 1,709,134 | |||||||||||||||||||
Madison Large Cap Value Fund Class Y | 530,122 | 71,466 | (392,182 | ) | 209,406 | 3,084,546 | 252,694 | 1,051,258 | ||||||||||||||||||||
Madison Mid Cap Fund Class Y | — | 252,207 | — | 252,207 | 2,153,846 | — | — | |||||||||||||||||||||
Madison NorthRoad International Fund Class Y | 222,260 | — | (26,725 | ) | 195,535 | 1,916,245 | (65,209 | ) | 51,444 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Totals | $ | 24,344,337 | $ | (371,548 | ) | $ | 2,922,664 | |||||||||||||||||||||
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|
|
|
|
1 | Distributions received includes distributions from net investment income and from capital gains from the underlying funds. |
13. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issue. On May 6, 2016, the Board of Trustees of Madison Funds approved an Agreement and Plan of Reorganization pursuant to which the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund and Madison Target Retirement 2050 Fund series of the Trust are proposed to be reorganized into the Goldman Sachs Target Date 2020 Portfolio, the Goldman Sachs Target Date 2030 Portfolio, the Goldman Sachs Target Date 2040 Portfolio
and the Goldman Sachs Target Date 2050 Portfolio, respectively, each a newly formed “shell” series of the Goldman Sachs Trust II. The reorganizations are subject to the approval of the shareholders of each Madison Target Retirement Fund and satisfaction of certain other conditions. A special joint meeting of the Madison Target Retirement Funds shareholders is scheduled to be held on or about August 4, 2016 to consider the approval of the Plan. If approved, the reorganization will occur on or about August 19, 2016. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.
69
Madison Funds | April 30, 2016
Other Information (unaudited)
FUND EXPENSES PAID BY SHAREHOLDERS
As shareholders of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended April 30, 2016. Expenses paid during the period in the tables below are equal to the Fund’s
annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half fiscal year period).
Actual Expenses
The table below provides information about actual account values using actual expenses and actual returns for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, and $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
CLASS A | CLASS B | |||||||||||||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,014.00 | 0.71 | % | $ | 3.56 | $ | 1,010.70 | 1.46 | % | $ | 7.30 | ||||||||||||||
Moderate Allocation | 1,000 | 1,007.40 | 0.71 | % | 3.54 | 1,003.90 | 1.46 | % | 7.27 | |||||||||||||||||||
Aggressive Allocation | 1,000 | 1,002.50 | 0.71 | % | 3.54 | 999.00 | 1.46 | % | 7.26 | |||||||||||||||||||
Government Money Market | 1,000 | 1,000.00 | 0.24 | % | 1.19 | 1,000.00 | 0.25 | % | 1.24 | |||||||||||||||||||
Core Bond | 1,000 | 1,025.60 | 0.91 | % | 4.58 | 1,021.80 | 1.66 | % | 8.34 | |||||||||||||||||||
High Income | 1,000 | 1,012.00 | 1.01 | % | 5.05 | 1,009.20 | 1.76 | % | 8.79 | |||||||||||||||||||
Diversified Income | 1,000 | 1,030.20 | 1.11 | % | 5.60 | 1,026.20 | 1.86 | % | 9.37 | |||||||||||||||||||
Covered Call & Equity Income | 1,000 | 1,017.90 | 1.26 | % | 6.32 | N/A | N/A | N/A | ||||||||||||||||||||
Large Cap Value | 1,000 | 1,021.00 | 1.17 | % | 5.88 | 1,017.30 | 1.92 | % | 9.63 | |||||||||||||||||||
Investors | 1,000 | 1,036.90 | 1.20 | % | 6.08 | 1,000.00 | N/A | N/A | ||||||||||||||||||||
Mid Cap | 1,000 | 1,021.30 | 1.41 | % | 7.09 | 1,016.50 | 2.16 | % | 10.83 | |||||||||||||||||||
Small Cap | 1,000 | 1,030.10 | 1.51 | % | 7.62 | 1,026.20 | 2.26 | % | 11.39 | |||||||||||||||||||
International Stock | 1,000 | 976.70 | 1.61 | % | 7.91 | 973.10 | 2.36 | % | 11.58 |
CLASS C | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,010.70 | 1.46 | % | $ | 7.30 | ||||||||
Moderate Allocation | 1,000 | 1,003.90 | 1.46 | % | 7.27 | |||||||||||
Aggressive Allocation | 1,000 | 998.10 | 1.46 | % | 7.25 | |||||||||||
Diversified Income | 1,000 | 1,026.20 | 1.86 | % | 9.37 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,013.20 | 2.01 | % | 10.06 | |||||||||||
CLASS Y | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Tax-Free Virginia | $ | 1,000 | $ | 1,027.30 | 0.86 | % | $ | 4.33 | ||||||||
Tax-Free National | 1,000 | 1,035.10 | 0.83 | % | 4.20 | |||||||||||
High Quality Bond | 1,000 | 1,013.30 | 0.50 | % | 2.50 | |||||||||||
Core Bond | 1,000 | 1,026.20 | 0.66 | % | 3.32 | |||||||||||
Corporate Bond | 1,000 | 1,037.00 | 0.66 | % | 3.34 | |||||||||||
High Income | 1,000 | 1,013.80 | 0.76 | % | 3.81 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,019.40 | 1.01 | % | 5.07 | |||||||||||
Dividend Income | 1,000 | 1,030.20 | 0.94 | % | 4.74 | |||||||||||
Large Cap Value | 1,000 | 1,022.40 | 0.93 | % | 4.68 | |||||||||||
Investors | 1,000 | 1,038.10 | 0.96 | % | 4.86 | |||||||||||
Mid Cap | 1,000 | 1,023.10 | 1.16 | % | 5.83 | |||||||||||
Small Cap | 1,000 | 1,031.20 | 1.26 | % | 6.36 | |||||||||||
NorthRoad International | 1,000 | 951.30 | 1.17 | % | 5.68 | |||||||||||
International Stock | 1,000 | 978.00 | 1.36 | % | 6.69 | |||||||||||
Hansberger International Growth | 1,000 | 941.40 | 1.16 | % | 5.60 |
See accompanying Notes to Financial Statements.
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Madison Funds | Other Information (unaudited) - continued | April 30, 2016
CLASS R6 | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Core Bond | $ | 1,000 | $ | 1,027.10 | 0.53 | % | $ | 2.67 | ||||||||
Covered Call & Equity Income | 1,000 | 1,019.30 | 0.88 | % | 4.42 | |||||||||||
Investors | 1,000 | 1,039.40 | 0.77 | % | 3.90 | |||||||||||
Mid Cap | 1,000 | 1,025.10 | 0.78 | % | 3.93 | |||||||||||
NorthRoad International | 1,000 | 952.10 | 0.84 | % | 4.08 | |||||||||||
Target Retirement 2020 | 1,000 | 1,014.70 | 0.31 | % | 1.55 | |||||||||||
Target Retirement 2030 | 1,000 | 1,007.90 | 0.31 | % | 1.55 | |||||||||||
Target Retirement 2040 | 1,000 | 1,005.10 | 0.31 | % | 1.55 | |||||||||||
Target Retirement 2050 | 1,000 | 1,002.90 | 0.31 | % | 1.54 | |||||||||||
CLASS I | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Hansberger International Growth | $ | 1,000 | $ | 942.00 | 1.01 | % | $ | 4.88 |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
CLASS A | CLASS B | |||||||||||||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,021.33 | 0.71 | % | $ | 3.57 | $ | 1,017.60 | 1.46 | % | $ | 7.32 | ||||||||||||||
Moderate Allocation | 1,000 | 1,021.33 | 0.71 | % | 3.57 | 1,017.60 | 1.46 | % | 7.32 | |||||||||||||||||||
Aggressive Allocation | 1,000 | 1,021.33 | 0.71 | % | 3.57 | 1,017.60 | 1.46 | % | 7.32 | |||||||||||||||||||
Government Money Market | 1,000 | 1,023.67 | 0.24 | % | 1.21 | 1,023.62 | 0.25 | % | 1.26 | |||||||||||||||||||
Core Bond | 1,000 | 1,020.34 | 0.91 | % | 4.57 | 1,016.61 | 1.66 | % | 8.32 | |||||||||||||||||||
High Income | 1,000 | 1,019.84 | 1.01 | % | 5.07 | 1,016.11 | 1.76 | % | 8.82 | |||||||||||||||||||
Diversified Income | 1,000 | 1,019.34 | 1.11 | % | 5.57 | 1,015.61 | 1.86 | % | 9.32 | |||||||||||||||||||
Covered Call & Equity Income | 1,000 | 1,018.60 | 1.26 | % | 6.32 | N/A | N/A | N/A | ||||||||||||||||||||
Large Cap Value | 1,000 | 1,019.05 | 1.17 | % | 5.87 | 1,015.32 | 1.92 | % | 9.62 | |||||||||||||||||||
Investors | 1,000 | 1,018.90 | 1.20 | % | 6.02 | 1,000.00 | N/A | N/A | ||||||||||||||||||||
Mid Cap | 1,000 | 1,017.85 | 1.41 | % | 7.07 | 1,014.12 | 2.16 | % | 10.82 | |||||||||||||||||||
Small Cap | 1,000 | 1,017.35 | 1.51 | % | 7.57 | 1,013.63 | 2.26 | % | 11.31 | |||||||||||||||||||
International Stock | 1,000 | 1,016.86 | 1.61 | % | 8.07 | 1,013.13 | 2.36 | % | 11.81 |
CLASS C | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,017.60 | 1.46 | % | $ | 7.32 | ||||||||
Moderate Allocation | 1,000 | 1,017.60 | 1.46 | % | 7.32 | |||||||||||
Aggressive Allocation | 1,000 | 1,017.60 | 1.46 | % | 7.32 | |||||||||||
Diversified Income | 1,000 | 1,015.61 | 1.86 | % | 9.32 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,014.87 | 2.01 | % | 10.07 | |||||||||||
CLASS Y | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Tax-Free Virginia | $ | 1,000 | $ | 1,020.59 | 0.86 | % | $ | 4.32 | ||||||||
Tax-Free National | 1,000 | 1,020.74 | 0.83 | % | 4.17 | |||||||||||
High Quality Bond | 1,000 | 1,022.38 | 0.50 | % | 2.51 | |||||||||||
Core Bond | 1,000 | 1,021.58 | 0.66 | % | 3.32 | |||||||||||
Corporate Bond | 1,000 | 1,021.58 | 0.66 | % | 3.32 | |||||||||||
High Income | 1,000 | 1,021.08 | 0.76 | % | 3.82 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,019.84 | 1.01 | % | 5.07 | |||||||||||
Dividend Income | 1,000 | 1,020.19 | 0.94 | % | 4.72 | |||||||||||
Large Cap Value | 1,000 | 1,020.24 | 0.93 | % | 4.67 | |||||||||||
Investors | 1,000 | 1,020.09 | 0.96 | % | 4.82 | |||||||||||
Mid Cap | 1,000 | 1,019.10 | 1.16 | % | 5.82 | |||||||||||
Small Cap | 1,000 | 1,018.60 | 1.26 | % | 6.32 | |||||||||||
NorthRoad International | 1,000 | 1,019.05 | 1.17 | % | 5.87 | |||||||||||
International Stock | 1,000 | 1,018.10 | 1.36 | % | 6.82 | |||||||||||
Hansberger International Growth | 1,000 | 1,019.10 | 1.16 | % | 5.82 |
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Madison Funds | Other Information (unaudited) - concluded | April 30, 2016
CLASS R6 | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Core Bond | $ | 1,000 | $ | 1,022.23 | 0.53 | % | $ | 2.66 | ||||||||
Covered Call & Equity Income | 1,000 | 1,020.49 | 0.88 | % | 4.42 | |||||||||||
Investors | 1,000 | 1,021.03 | 0.77 | % | 3.87 | |||||||||||
Mid Cap | 1,000 | 1,020.98 | 0.78 | % | 3.92 | |||||||||||
NorthRoad International | 1,000 | 1,020.69 | 0.84 | % | 4.22 | |||||||||||
Target Retirement 2020 | 1,000 | 1,023.32 | 0.31 | % | 1.56 | |||||||||||
Target Retirement 2030 | 1,000 | 1,023.32 | 0.31 | % | 1.56 | |||||||||||
Target Retirement 2040 | 1,000 | 1,023.32 | 0.31 | % | 1.56 | |||||||||||
Target Retirement 2050 | 1,000 | 1,023.32 | 0.31 | % | 1.56 |
CLASS I | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Hansberger International Growth | $ | 1,000 | $ | 1,019.84 | 1.01 | % | $ | 5.07 |
* | 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 N-Q. Form N-Q is available to shareholders at no cost by calling 1-800-877-6089 or on the SEC’s website at www. sec.gov. Form N-Q 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 1-202-551-8090.
PROXY VOTING POLICIES, PROCEDURES AND RECORDS
A description of the policies and procedures used by the Funds to vote proxies related to portfolio securities is available to shareholders at no cost on the Funds’ website at www.madisonfunds.com or by calling 1-800-877-6089. 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 Review of Period section 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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Madison Funds | April 30, 2016
FACTS | WHAT DOES MADISON FUNDS® | |
DO WITH YOUR PERSONAL INFORMATION? | ||
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | |
• Social Security number and transaction history | ||
• Account balances and checking account information | ||
• Purchase history and wire transfer instructions | ||
When you are no longer our customer, we continue to share your information as described in this notice. | ||
How? | All financial companies need to share investors’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their investors’ personal information; the reasons Madison Funds chooses to share; and whether you can limit this sharing. |
Reason we can share your personal information | Does Madison Funds share? | Can you limit this sharing? | ||
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For our marketing purposes— | Yes | No | ||
to offer our products and services to you | ||||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes— | Yes | No | ||
information about your transactions and experiences | ||||
For our affiliates’ everyday business purposes— | No | We don’t share | ||
information about your creditworthiness | ||||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-877-6089 or go to www.madisonfunds.com. |
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Madison Funds | April 30, 2016
Page 2
Who we are
Who is proving this notice? | Madison Funds | |
Post Office Box 8390 | ||
Boston, MA 02266-8390 | ||
What we do | ||
How does Madison Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
How does Madison Funds | We collect your personal information, for example, when you | |
collect my personal information? | • Open an account or provide account information | |
• Direct us to buy securities or make deposits or withdrawals from your account | ||
• Give us your contact information | ||
We also collect your personal information from other companies. | ||
Why can’t I limit all sharing? | Federal law gives you the right to limit only | |
• sharing for affiliates’ everyday business purposes—information about your creditworthiness | ||
• affiliates from using your information to market to you | ||
• sharing for nonaffiliates to market to you | ||
State laws and individual companies may give you additional rights to limit sharing. | ||
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. | |
• Our affiliates include companies with a common “Madison” name; financial companies such as Madison Investment Advisors and MFD Distributor, LLC, and subadvisers, NorthRoad Capital Management LLC and Hansberger Growth Investors, L.P. | ||
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. | |
• Madison Funds does not share with nonaffiliates so they can market to you. | ||
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | |
• Madison Funds does not jointly market. |
Other important information
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Madison Funds
Post Office Box 8390
Boston, MA 02266-8390
1 (800) 877-6089
www.madisonfunds.com
SEC File Number: 811-08261
4460-P1060
Rev: 0416