# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001753926-25-001420
**Filing Date:** 2025-9
**Character Count:** 15193
**Document Hash:** c05068e76bac00d87ccd5cedb7e7b2f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-25-001420.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001753926-25-001420

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612

**ORGANIZATION NAME:**
- **EIN:** 391894316
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-29511
- **FILM NUMBER:** 251284711

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMBERS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19970609

## Series and Classes Contracts Data

### Madison Core Bond Fund (Series ID: S000020646)

---

|  |  |  |
|:---|:---|:---|
| Class Name             | Ticker Symbol | Class ID   |
| Core Bond Fund Class A | mboax         | C000057637 |
| Core Bond Fund Class Y | MBOYX         | C000057639 |
| Core Bond Fund Class I | MBOIX         | C000227346 |
| Core Bond Class R6     | MBORX         | C000235944 |

---

### Madison Mid Cap Fund (Series ID: S000020651)

---

|  |  |  |
|:---|:---|:---|
| Class Name            | Ticker Symbol | Class ID   |
| Mid Cap Fund Class A  | merax         | C000057652 |
| Mid Cap Fund Class Y  | GTSGX         | C000057654 |
| Mid Cap Fund Class R6 | MMCRX         | C000124803 |
| Mid Cap Fund Class I  | MDCIX         | C000221332 |

---

### Madison Diversified Income Fund (Series ID: S000020653)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| Diversified Income Fund Class A | mblax         | C000057658 |

---

### Madison Small Cap Fund (Series ID: S000020659)

---

|  |  |  |
|:---|:---|:---|
| Class Name              | Ticker Symbol | Class ID   |
| Small Cap Fund Class A  | masmx         | C000057667 |
| Small Cap Fund Class Y  | bvaox         | C000057669 |
| Small Cap Fund Class I  | MSCIX         | C000227347 |
| Small Cap Fund Class R6 | MSCRX         | C000235945 |

---

### Madison Conservative Allocation Fund (Series ID: S000020660)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Conservative Allocation Fund Class A | mcnax         | C000057671 |

---

### Madison Moderate Allocation Fund (Series ID: S000020661)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| Moderate Allocation Fund Class A | MMDAX         | C000057673 |

---

### Madison Aggressive Allocation Fund (Series ID: S000020662)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| Aggressive Allocation Fund Class A | magsx         | C000057675 |

---

### Madison Covered Call & Equity Income Fund (Series ID: S000026831)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| Covered Call & Equity Income Fund Class A  | menax         | C000080723 |
| Covered Call & Equity Income Fund Class Y  | menyx         | C000080724 |
| Covered Call & Equity Income Fund Class R6 | MENRX         | C000116936 |
| Covered Call & Equity Income Fund Class I  | MENIX         | C000235946 |

---

### Madison High Quality Bond Fund (Series ID: S000040129)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| High Quality Bond Fund Class Y | MIIBX         | C000124792 |
| High Quality Bond Fund Class I | MIIRX         | C000235947 |

---

### Madison Large Cap Fund (Series ID: S000040131)

---

|  |  |  |
|:---|:---|:---|
| Class Name              | Ticker Symbol | Class ID   |
| Large Cap Fund Class Y  | MINVX         | C000124794 |
| Large Cap Fund Class R6 | MNVRX         | C000130690 |
| Large Cap Fund Class A  | MNVAX         | C000130691 |
| Large Cap Fund Class I  | MIVIX         | C000221333 |

---

### Madison Dividend Income Fund (Series ID: S000040132)

---

|  |  |  |
|:---|:---|:---|
| Class Name                   | Ticker Symbol | Class ID   |
| Dividend Income Fund Class Y | BHBFX         | C000124795 |
| Dividend Income Fund Class A | MADAX         | C000221172 |
| Dividend Income Fund Class I | MDMIX         | C000221334 |
| Dividend Income Fund Cass R6 | MADRX         | C000235948 |

---

### Madison Tax-Free National Fund (Series ID: S000040135)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| Tax-Free National Fund Class Y | GTFHX         | C000124800 |

---

## Series and Classes Contracts Data

### Madison Core Bond Fund (Series ID: S000020646)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000057637 | Core Bond Fund Class A | mboax           |
| C000057639 | Core Bond Fund Class Y | MBOYX           |
| C000227346 | Core Bond Fund Class I | MBOIX           |
| C000235944 | Core Bond Class R6     | MBORX           |

### Madison Mid Cap Fund (Series ID: S000020651)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000057652 | Mid Cap Fund Class A  | merax           |
| C000057654 | Mid Cap Fund Class Y  | GTSGX           |
| C000124803 | Mid Cap Fund Class R6 | MMCRX           |
| C000221332 | Mid Cap Fund Class I  | MDCIX           |

### Madison Diversified Income Fund (Series ID: S000020653)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000057658 | Diversified Income Fund Class A | mblax           |

### Madison Small Cap Fund (Series ID: S000020659)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000057667 | Small Cap Fund Class A  | masmx           |
| C000057669 | Small Cap Fund Class Y  | bvaox           |
| C000227347 | Small Cap Fund Class I  | MSCIX           |
| C000235945 | Small Cap Fund Class R6 | MSCRX           |

### Madison Conservative Allocation Fund (Series ID: S000020660)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000057671 | Conservative Allocation Fund Class A | mcnax           |

### Madison Moderate Allocation Fund (Series ID: S000020661)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057673 | Moderate Allocation Fund Class A | MMDAX           |

### Madison Aggressive Allocation Fund (Series ID: S000020662)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000057675 | Aggressive Allocation Fund Class A | magsx           |

### Madison Covered Call & Equity Income Fund (Series ID: S000026831)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000080723 | Covered Call & Equity Income Fund Class A  | menax           |
| C000080724 | Covered Call & Equity Income Fund Class Y  | menyx           |
| C000116936 | Covered Call & Equity Income Fund Class R6 | MENRX           |
| C000235946 | Covered Call & Equity Income Fund Class I  | MENIX           |

### Madison High Quality Bond Fund (Series ID: S000040129)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124792 | High Quality Bond Fund Class Y | MIIBX           |
| C000235947 | High Quality Bond Fund Class I | MIIRX           |

### Madison Large Cap Fund (Series ID: S000040131)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000124794 | Large Cap Fund Class Y  | MINVX           |
| C000130690 | Large Cap Fund Class R6 | MNVRX           |
| C000130691 | Large Cap Fund Class A  | MNVAX           |
| C000221333 | Large Cap Fund Class I  | MIVIX           |

### Madison Dividend Income Fund (Series ID: S000040132)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000124795 | Dividend Income Fund Class Y | BHBFX           |
| C000221172 | Dividend Income Fund Class A | MADAX           |
| C000221334 | Dividend Income Fund Class I | MDMIX           |
| C000235948 | Dividend Income Fund Cass R6 | MADRX           |

### Madison Tax-Free National Fund (Series ID: S000040135)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124800 | Tax-Free National Fund Class Y | GTFHX           |

**Madison Funds<sup>®</sup>**

**Supplement dated September 2, 2025**

*This Supplement dated September 2, 2025, amends the Prospectus* 

*for the Madison Funds (the "Trust") dated February 28, 2025.*

*and the Summary Prospectus for the Madison Tax-Free National Fund, Madison Core Bond Fund*

*and Madison Mid Cap Fund dated February 28, 2025.*

Effective September 2, 2025, the investment adviser to the Madison Funds, Madison Asset Management, LLC ("Madison"), has agreed to certain fee reductions for certain Madison Funds as indicated below.

**<u>Prospectus, p. 17 and Summary Prospectus – Madison Tax-Free National Fund - Fund Summary</u>**

Effective September 2, 2025, Madison agreed to reduce its administrative services fee for the Tax-Free National Fund from 0.35% to 0.20% as reflected in "Other Expenses."

As a result of the foregoing, the total annual fund operating expenses for the Class Y shares are reduced from 0.76% to 0.61%, as reflected in the new fee table and expense example set forth below.

**Fund Summary.** The "Fees and Expenses" and "Example" charts are deleted and replaced with the following:

**Fees and Expenses:**

---

| | |
|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of amount redeemed) |  |
| Redemption Fee Within 30 days of Purchase (as a percentage of amount redeemed) |  |
| ***Annual Fund Operating Expenses:*** *(expenses that you pay each year as a percentage of the value of your investment)* | **Class Y** |
| Management Fees | 0.40% |
| Distribution and/or Service (Rule 12b-1) Fees |  |
| Other Expenses | 0.21% |
| Total Annual Fund Operating Expenses | 0.61% |

---

***Example*:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class Y** | $62 | $195 | $340 | $762 |

---

**<u>Prospectus, p. 26 and Summary Prospectus – Madison Core Bond Fund - Fund Summary</u>**

Effective September 2, 2025, Madison agreed to reduce its management fee for the Core Bond Fund from 0.39% to 0.25% in conjunction with eliminating the Fund's breakpoints.

As a result of the foregoing, the total annual fund operating expenses for the Class Y shares, for example, are reduced from 0.60% to 0.46%, as reflected in the new fee table and expense example set forth below.

**Fund Summary.** The "Fees and Expenses" and "Example" charts are deleted and replaced with the following:

**Fees and Expenses:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** | **Class Y** | **Class I** | **Class R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.50% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of amount redeemed) |  |  |  |  |
| Redemption Fee Within 30 days of Purchase (as a percentage of amount redeemed) |  |  |  |  |
| ***Annual Fund Operating Expenses:*** <br> ***(****expenses that you pay each year as a percentage of the value of your investment)*  | **Class A** | **Class Y** | **Class I** | **Class R6** |
| Management Fees | 0.25% | 0.25% | 0.25% | 0.25% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.21% | 0.21% | 0.11% | 0.03% |
| Total Annual Fund Operating Expenses | 0.71% | 0.46% | 0.36% | 0.28% |

---

MF-PROSUP (0925)

***Example:***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $519 | $667 | $827 | $1293 |
| **Class Y** | 47 | 148 | 258 | 579 |
| **Class I** | 37 | 116 | 202 | 456 |
| **Class R6** | 29 | 90 | 157 | 356 |

---

**<u>Prospectus, p. 43 and Summary Prospectus – Madison Mid Cap Fund - Fund Summary</u>**

Effective September 2, 2025, Madison agreed to reduce its administrative services fee for the Mid Cap Fund Class A from 0.40% to 0.20% as reflected in "Other Expenses."

As a result of the foregoing, the total annual fund operating expenses for the Class A shares are reduced from 1.36% to 1.16%, as reflected in the new fee table and expense example set forth below.

**Fund Summary.** The "Fees and Expenses" and "Example" charts are deleted and replaced with the following:

**Fees and Expenses:**

---

| | |
|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.75% |
| Maximum Deferred Sales Charge (Load) (as a percentage of amount redeemed) |  |
| Redemption Fee Within 30 days of Purchase (as a percentage of amount redeemed) |  |
| ***Annual Fund Operating Expenses:***<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Class A** |
| Management Fees<sup>1</sup> | 0.71% |
| Distribution and/or Service (12b-1) Fees | 0.25% |
| Other Expenses | 0.20% |
| Total Annual Fund Operating Expenses | 1.16% |

---

<sup>1</sup> The Fund's management fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion.

***Example*:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $686 | $922 | $1177 | $1903 |

---

**<u>Prospectus, p. 64 - Investment Adviser section:</u>**

The chart is updated to delete and replace the management fee for the Core Bond Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Core Bond | 0.25% |

---

**<u>Prospectus, p. 64 - Administrative Services Agreement:</u>**

The chart is updated to delete and replace the administrative services fee for the Tax-Free National Fund and the Mid Cap Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Administrative Services Fee** |
| Tax-Free National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2,3</sup> |

---

<sup>1</sup> The annual administrative services fee for the Fund's Class I share is 0.10%.

<sup>2</sup> The annual administrative services fee for the Fund's Class R6 share is 0.02%.

<sup>3</sup> The annual administrative services fee for the Fund's Class Y share is 0.20%.

*Please keep this Supplement with your records for future reference*

MF-PROSUP (0925)