# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001040612-23-000018
**Filing Date:** 2023-2
**Character Count:** 1137112
**Document Hash:** 0fc746b0c1f1357e36b90c4752da31bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001040612-23-000018.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001040612-23-000018

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 23664864

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-29511
- **FILM NUMBER:** 23664863

**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 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 International Stock Fund (Series ID: S000020652)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057655 | International Stock Fund Class A | minax           |
| C000057657 | International Stock Fund Class Y | MINYX           |

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

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000057658 | Diversified Income Fund Class A | mblax           |
| C000116935 | Diversified Income Fund Class C | MBLCX           |

### 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           |
| C000060603 | Conservative Allocation Fund Class C | mcocx           |

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

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057673 | Moderate Allocation Fund Class A | MMDAX           |
| C000060604 | Moderate Allocation Fund Class C | MMDCX           |

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

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000057675 | Aggressive Allocation Fund Class A | magsx           |
| C000060605 | Aggressive Allocation Fund Class C | maacx           |

### 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           |
| C000116937 | Covered Call & Equity Income Fund Class C  | MENCX           |
| 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 Investors Fund (Series ID: S000040131)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000124794 | Investors Fund Class Y  | MINVX           |
| C000130690 | Investors Fund Class R6 | MNVRX           |
| C000130691 | Investors Fund Class A  | MNVAX           |
| C000221333 | Investors 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 Tax-Free Virginia Fund (Series ID: S000040136)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124801 | Tax-Free Virginia Fund Class Y | GTVAX           |

### Madison Sustainable Equity Fund (Series ID: S000074726)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000232859 | Sustainable Equity Fund Class I | MFSIX           |
| C000232860 | Sustainable Equity Fund Class Y | MFSYX           |

?xml version="1.0" ? ck0001040612-20221031

As filed with the Securities and Exchange Commission on February 24, 2023

SEC File Nos. 333-29511 and 811-08261

**===========================================================================**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-1A**

Registration Statement Under the Securities Act of 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 85 [X]

and/or

Registration Statement Under the Investment Company Act of 1940 [X]

Amendment No. 87 [X]

-----------------------------------

**Madison Funds**

550 Science Drive

Madison, WI 53711

(800) 767-0300

(Registrant's Exact Name, Address and Telephone Number)

Steve J. Fredricks

Chief Legal Officer & Chief Compliance Officer

Madison Asset Management, LLC

550 Science Drive

Madison, WI 53711

(Name and Address of Agent for Service)

--------------------------------------------

It is proposed that this filing will become effective (check appropriate box):

[ ] immediately upon filing pursuant to paragraph (b)

[X] on February 28, 2023 pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a

previously filed post-effective amendment.

**===========================================================================**

------

---

| | |
|:---|:---|
| ![ck0001040612-20221031_g1.jpg](ck0001040612-20221031_g1.jpg) | **Prospectus**<br>**February 28, 2023** |

---

---

| | |
|:---|:---|
| **U.S. BOND FUNDS:** | **U.S. STOCK FUNDS:** |
| **Madison High Quality Bond Fund**<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - MIIBX Class I - MIIRX*<br>**Madison Core Bond Fund** | **Madison Dividend Income Fund**<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class A - MADAX Class I - MDMIX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - BHBFX Class R6 - MADRX* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Class A - MBOAX Class I - MBOIX* <br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - MBOYX Class R6 - MBORX*  | **Madison Investors Fund**<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class A - MNVAX Class I - MIVIX* <br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - MINVX Class R6 - MNVRX*  |
| **Madison Tax-Free Virginia Fund** | **Madison Sustainable Equity Fund** |
| *Class Y - GTVAX* | &nbsp;&nbsp;*Class Y - MFSYX Class I - MFSIX* |
| **Madison Tax-Free National Fund** | **Madison Mid Cap Fund** |
| &nbsp;&nbsp; *Class Y - GTFHX* | *Class A - MERAX Class I - MDCIX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - GTSGX Class R6 - MMCRX* |
|  | *Class A - MERAX Class I - MDCIX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - GTSGX Class R6 - MMCRX* |
| **ASSET ALLOCATION FUNDS:** | **Madison Small Cap Fund**<br> *Class A - MASMX Class I - MSCIX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - BVAOX Class R6 - MSCRX* |
| **Madison Diversified Income Fund**<br>*&nbsp;&nbsp;&nbsp;&nbsp;Class A - MBLAX Class C - MBLCX*  |  |
| **Madison Diversified Income Fund**<br>*&nbsp;&nbsp;&nbsp;&nbsp;Class A - MBLAX Class C - MBLCX*  | **COVERED CALL STOCK FUND:** |
| **Madison Conservative Allocation Fund**<br>*&nbsp;&nbsp;&nbsp;&nbsp;Class A - MCNAX Class C - MCOCX* | **Madison Covered Call & Equity Income Fund**<br>*Class A - MENAX Class I - MENIX* <br>&nbsp;&nbsp;&nbsp;&nbsp;*Class C - MENCX Class R6 - MENRX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - MENYX* |
| **Madison Moderate Allocation Fund**<br>***&nbsp;&nbsp;&nbsp;&nbsp;****Class A - MMDAX Class C - MMDCX*  | **Madison Covered Call & Equity Income Fund**<br>*Class A - MENAX Class I - MENIX* <br>&nbsp;&nbsp;&nbsp;&nbsp;*Class C - MENCX Class R6 - MENRX*<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class Y - MENYX* |
| **Madison Aggressive Allocation Fund**<br> *Class A - MAGSX Class C - MAACX*  | **INTERNATIONAL STOCK FUND:** |
| **Madison Aggressive Allocation Fund**<br> *Class A - MAGSX Class C - MAACX*  | **Madison International Stock Fund**<br>&nbsp;&nbsp;&nbsp;&nbsp;*Class A - MINAX Class Y - MINYX*  |

---

__________________________________________________________________________________________________________________________

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the shares in these funds, nor does the Commission guarantee the accuracy or adequacy of the prospectus. Any statement to the contrary is a criminal offense.

------

**MADISON FUNDS**<sup>®</sup>

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[FUND SUMMARIES](#ie6be00a54ada4b2bacb1df4887caa23a_13)** | |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Conservative Allocation Fund](#ie6be00a54ada4b2bacb1df4887caa23a_16) | [1](#ie6be00a54ada4b2bacb1df4887caa23a_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Moderate Allocation Fund](#ie6be00a54ada4b2bacb1df4887caa23a_25) | [5](#ie6be00a54ada4b2bacb1df4887caa23a_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Aggressive Allocation Fund](#ie6be00a54ada4b2bacb1df4887caa23a_34) | [9](#ie6be00a54ada4b2bacb1df4887caa23a_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Tax-Free Virginia Fund](#ie6be00a54ada4b2bacb1df4887caa23a_43) | [13](#ie6be00a54ada4b2bacb1df4887caa23a_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Tax-Free National Fund](#ie6be00a54ada4b2bacb1df4887caa23a_52) | [17](#ie6be00a54ada4b2bacb1df4887caa23a_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison High Quality Bond Fund](#ie6be00a54ada4b2bacb1df4887caa23a_61) | [21](#ie6be00a54ada4b2bacb1df4887caa23a_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Core Bond Fund](#ie6be00a54ada4b2bacb1df4887caa23a_70) | [25](#ie6be00a54ada4b2bacb1df4887caa23a_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Diversified Income Fund](#ie6be00a54ada4b2bacb1df4887caa23a_79) | [29](#ie6be00a54ada4b2bacb1df4887caa23a_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Covered Call & Equity Income Fund](#ie6be00a54ada4b2bacb1df4887caa23a_88) | [33](#ie6be00a54ada4b2bacb1df4887caa23a_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Dividend Income Fund](#ie6be00a54ada4b2bacb1df4887caa23a_97) | [37](#ie6be00a54ada4b2bacb1df4887caa23a_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Investors Fund](#ie6be00a54ada4b2bacb1df4887caa23a_106) | [41](#ie6be00a54ada4b2bacb1df4887caa23a_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Sustainable Equity Fund | [45](#ie6be00a54ada4b2bacb1df4887caa23a_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Mid Cap Fund](#ie6be00a54ada4b2bacb1df4887caa23a_121) | [49](#ie6be00a54ada4b2bacb1df4887caa23a_121) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison Small Cap Fund](#ie6be00a54ada4b2bacb1df4887caa23a_130) | [53](#ie6be00a54ada4b2bacb1df4887caa23a_130) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Madison International Stock Fund](#ie6be00a54ada4b2bacb1df4887caa23a_139) | [57](#ie6be00a54ada4b2bacb1df4887caa23a_139) |
| **[ADDITIONAL RISKS](#ie6be00a54ada4b2bacb1df4887caa23a_148)** | [61](#ie6be00a54ada4b2bacb1df4887caa23a_148) |
| **[YOUR ACCOUNT](#ie6be00a54ada4b2bacb1df4887caa23a_151)** | [62](#ie6be00a54ada4b2bacb1df4887caa23a_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Who Can Invest in the Funds? | [62](#ie6be00a54ada4b2bacb1df4887caa23a_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share Class Availability | [62](#ie6be00a54ada4b2bacb1df4887caa23a_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Minimums | [63](#ie6be00a54ada4b2bacb1df4887caa23a_160) |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Contact Us](#ie6be00a54ada4b2bacb1df4887caa23a_163) | [63](#ie6be00a54ada4b2bacb1df4887caa23a_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Opening an Account](#ie6be00a54ada4b2bacb1df4887caa23a_166) | [63](#ie6be00a54ada4b2bacb1df4887caa23a_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Purchasing Shares](#ie6be00a54ada4b2bacb1df4887caa23a_169) | [64](#ie6be00a54ada4b2bacb1df4887caa23a_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Purchasing by Exchange](#ie6be00a54ada4b2bacb1df4887caa23a_172) | [64](#ie6be00a54ada4b2bacb1df4887caa23a_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Sales Charges and Fees](#ie6be00a54ada4b2bacb1df4887caa23a_175) | [65](#ie6be00a54ada4b2bacb1df4887caa23a_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Service Plans (12b-1)](#ie6be00a54ada4b2bacb1df4887caa23a_178) | [67](#ie6be00a54ada4b2bacb1df4887caa23a_178) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Selling Shares](#ie6be00a54ada4b2bacb1df4887caa23a_181) | [67](#ie6be00a54ada4b2bacb1df4887caa23a_181) |
| &nbsp;&nbsp;&nbsp;&nbsp;[General Policies](#ie6be00a54ada4b2bacb1df4887caa23a_184) | [68](#ie6be00a54ada4b2bacb1df4887caa23a_184) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Investor Services](#ie6be00a54ada4b2bacb1df4887caa23a_187) | [71](#ie6be00a54ada4b2bacb1df4887caa23a_187) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions and Taxes](#ie6be00a54ada4b2bacb1df4887caa23a_190) | [71](#ie6be00a54ada4b2bacb1df4887caa23a_190) |
| **[INVESTMENT ADVISER](#ie6be00a54ada4b2bacb1df4887caa23a_193)** | [73](#ie6be00a54ada4b2bacb1df4887caa23a_193) |
| **[PORTFOLIO MANAGEMENT](#ie6be00a54ada4b2bacb1df4887caa23a_196)** | [74](#ie6be00a54ada4b2bacb1df4887caa23a_196) |
| **[FINANCIAL HIGHLIGHTS](#ie6be00a54ada4b2bacb1df4887caa23a_199)** | [75](#ie6be00a54ada4b2bacb1df4887caa23a_199) |
| **APPENDIX**  | [91](#ie6be00a54ada4b2bacb1df4887caa23a_205) |
| **[MORE INFORMATION ABOUT MADISON FUNDS](#ie6be00a54ada4b2bacb1df4887caa23a_208)** | [94](#ie6be00a54ada4b2bacb1df4887caa23a_208) |

---

Please note that an investment in any of these funds is not a deposit in a financial institution and is neither insured nor endorsed in

any way by any financial institution or government agency.

------

(This page intentionally left blank.)

------

**MADISON CONSERVATIVE ALLOCATION FUND Fund Summary** 

---

| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MCNAX** | **Class C - MCOCX** |

---

**Investment Objective**

The Madison Conservative Allocation Fund seeks income, capital appreciation and relative stability of value.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** | **Class C** |
| 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) |  | 1.00%¹ |
| 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 A** | **Class C** |
| Management Fees | 0.20% | 0.20% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% | 1.00% |
| Other Expenses | 0.26% | 0.26% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.26% | 0.26% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.97% | 1.72% |

---

<sup>1</sup> The CDSC is eliminated after 12 months following purchase.

<sup>2</sup> Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one more underlying funds.

<sup>3</sup> Total annual fund operating expenses for the period ended October 31, 2022 do not match the financial statements because the financial statements do not include acquired fund fees and expenses.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or not redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Redemption** | **Redemption** | **No Redemption** | **No Redemption** |
| | **A** | **C** | **A** | **C** |
| **1 Year** | $668 | $275 | $668 | $175 |
| **3 Years** | 866 | 542 | 866 | 542 |
| **5 Years** | 1080 | 933 | 1080 | 933 |
| **10 Years** | 1696 | 2030 | 1696 | 2030 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 84% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in shares of other registered investment companies (the "underlying funds"). The Fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the Fund's investment adviser. Under normal circumstances, the 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, as of October 31, 2022, the Fund's portfolio allocation as a percentage of net assets was:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Alternative Funds: | 2.0% |
| Bond Funds: | 64.9% |
| Foreign Stock Funds: | 2.0% |
| Short-Term Investments: | 25.1% |
| Stock Funds: | 25.7% |
| Net Other Assets and Liabilities: | -19.7% |

---

------

With regard to investments in debt securities, Madison's bias is toward securities with intermediate and short-term maturities. As of December 31, 2022, the weighted average duration of the fund's debt portfolio was 6.40 years.

Madison may employ multiple analytical approaches to determine the appropriate asset allocation for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macroeconomic analysis. This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Fund's aim to achieve a favorable overall risk and return profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions.

In addition, Madison has a flexible mandate that permits the Fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the fund's ability to achieve its investment objective may be diminished.

**Principal Risks** 

The Fund is a fund of funds, meaning that it invests primarily in the shares of underlying funds, including ETFs. Thus, the 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. Each underlying fund's performance, in turn, depends on the particular securities in which that underlying fund invests and the expenses of that underlying fund. Accordingly, the Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Asset Allocation Risk*. The Fund is subject to asset allocation risk, which is the risk that the selection of the underlying funds and 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.

*Interest Rate Risk*. The Fund, through the underlying funds, is 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 this risk.

*Credit and Prepayment/Extension Risk*. The Fund, through the underlying funds, is also subject to credit risk, which is the risk that issuers of debt securities may be unable to meet their interest or principal payment obligations when due. There is also prepayment/extension risk, which is the chance that a rise/fall in interest rates will reduce/extend the life of a mortgage-backed security by increasing/decreasing mortgage prepayments, typically reducing the underlying fund's return.

*Non-Investment Grade Security Risk*. The Fund, through the underlying funds, may invest in non-investment grade securities (i.e., **"**junk" bonds). Issuers of non-investment grade securities are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. "Junk" bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

*Equity Risk*. The Fund, through the underlying funds, is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*ETF Risks*. The main risks of investing in ETFs are the same as investing in a portfolio of equity securities comprising the index on which the ETF is based, although lack of liquidity in an ETF could result in it being more volatile than the securities comprising the index. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

------

*Foreign Security Risk*. Investments of underlying funds that invest in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Market Risk*. While the majority of the Fund's assets will typically be invested in underlying funds that invest primarily in debt securities, to the extent that the Fund invests in underlying funds that invest in equities, the Fund is subject to market risk, which is the risk that the value of an investment may fluctuate in response to stock market movements.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad market index, as well as a custom index that reflects the Fund's asset allocation targets. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g2.jpg](ck0001040612-20221031_g2.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 7.42% |
| **Lowest:** | 2Q 2022 | -7.84% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Shares** – Return Before Taxes | -18.72% | -0.08% | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -19.12% | -1.46% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -10.99% | -0.27% | 1.66% |
| **Class C Shares** – Return before Taxes | -15.33% | 0.35% | 2.35% |
| **ICE BofA U.S. Corporate, Government & Mortgage Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -13.31% | 0.00% | 1.06% |
| **Conservative Allocation Fund Custom Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -14.59% | 2.56% | 4.22% |

---

The Conservative Allocation Fund Custom Index consists of 65% Bloomberg U.S. Aggregate Bond Index, 24.5% Russell 3000<sup>®</sup> Index and 10.5% MSCI ACWI ex-USA Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. David Hottmann, CFA and CPA (Vice President, Portfolio Manager), Patrick Ryan, CFA (Head of Multi-Asset Solutions, Portfolio Manager) and Stuart Dybdahl, CFA and CAIA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. Hottmann has served in this capacity since September 2009, Mr. Ryan has served in this capacity since January 2008 and Mr. Dybdahl has served in this capacity since February 2023.

------

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class C shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON MODERATE ALLOCATION FUND Fund Summary**

---

| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MMDAX** | **Class C - MMDCX** |

---

**Investment Objective**

The Madison Moderate Allocation Fund seeks capital appreciation, income and moderated market risk.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** | **Class C** |
| 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) |  | 1.00%¹ |
| 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 A** | **Class C** |
| Management Fees | 0.20% | 0.20% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% | 1.00% |
| Other Expenses | 0.26% | 0.26% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.27% | 0.27% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.98% | 1.73% |

---

<sup>1</sup> The CDSC is eliminated after 12 months following purchase.

<sup>2</sup> Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one more underlying funds.

<sup>3</sup> Total annual fund operating expenses for the period ended October 31, 2022 do not match the financial statements because the financial statements do not include acquired fund fees and expenses.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or not redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Redemption** | **Redemption** | **No Redemption** | **No Redemption** |
| | **A** | **C** | **A** | **C** |
| **1 Year** | $669 | $276 | $669 | $176 |
| **3 Years** | 869 | 545 | 869 | 545 |
| **5 Years** | 1086 | 939 | 1086 | 939 |
| **10 Years** | 1707 | 2052 | 1707 | 2052 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 95% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in shares of other registered investment companies (the "underlying funds"). The Fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the Fund's investment adviser. Under normal circumstances, the 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 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, as of October 31, 2022, the Fund's portfolio allocation as a percentage of net assets was:

---

| | |
|:---|:---|
| Alternative Funds: | 3.6% |
| Bond Funds: | 40.9% |
| Foreign Stock Funds: | 4.0% |
| Short-Term Investments: | 17.2% |
| Stock Funds: | 43.5% |
| Net Other Assets and Liabilities: | -9.2% |

---

------

With regard to investments in debt securities, Madison's bias is toward securities with intermediate and short-term maturities. As of December 31, 2022, the weighted average duration of the Fund's debt portfolio was 6.23 years.

Madison may employ multiple analytical approaches to determine the appropriate asset allocation for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macroeconomic analysis. This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Fund's aim to achieve a favorable overall risk and return profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions.

In addition, Madison has a flexible mandate that permits the Fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks** 

The Fund is a fund of funds, meaning that it invests primarily in the shares of underlying funds, including ETFs. Thus, the 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. Each underlying Fund's performance, in turn, depends on the particular securities in which that underlying fund invests and the expenses of that underlying fund. Accordingly, the Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Asset Allocation Risk*. The Fund is subject to asset allocation risk, which is the risk that the selection of the underlying funds and 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.

*Equity Risk*. The Fund, through the underlying funds, is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Interest Rate Risk*. The Fund, through the underlying funds, is 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 this risk.

*Credit and Prepayment/Extension Risk*. The Fund, through the underlying funds, is also subject to credit risk, which is the risk that issuers of debt securities may be unable to meet their interest or principal payment obligations when due. There is also prepayment/extension risk, which is the chance that a rise/fall in interest rates will reduce/extend the life of a mortgage-backed security by increasing/decreasing mortgage prepayments, typically reducing the underlying Fund's return.

*Non-Investment Grade Security Risk*. The Fund, through the underlying funds, may invest in non-investment grade securities (i.e., **"**junk" bonds). Issuers of non-investment grade securities are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. "Junk" bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

*ETF Risks*. The main risks of investing in ETFs are the same as investing in a portfolio of equity securities comprising the index on which the ETF is based, although lack of liquidity in an ETF could result in it being more volatile than the securities comprising the index. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

------

*Foreign Security Risk*. Investments in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Market Risk*. The Fund, through the underlying funds, is subject to market risk, which is the risk that the value of an investment may fluctuate in response to stock market movements. Certain of the underlying funds may invest in the equity securities of smaller companies, which may fluctuate more in value and be more thinly traded than the general market.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad market index, as well as a custom index that reflects the Fund's asset allocation targets. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g3.jpg](ck0001040612-20221031_g3.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 9.82% |
| **Lowest:** | 2Q 2022 | -10.33% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Shares** – Return Before Taxes | -19.44% | 0.84% | 4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -19.77% | -0.81% | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -11.38% | 0.46% | 3.21% |
| **Class C Shares** – Return before Taxes | -15.90% | 1.29% | 4.21% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes)  | -18.11% | 9.42% | 12.56% |
| **Moderate Allocation Fund Custom Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -15.87% | 4.19% | 6.38% |

---

The Moderate Allocation Fund Custom Index consists of 42% Russell 3000<sup>®</sup> Index, 40% Bloomberg U.S. Aggregate Bond Index and

18% MSCI ACWI ex-USA Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. David Hottmann, CFA and CPA (Vice President, Portfolio Manager) and Patrick Ryan, CFA (Head of Multi-Asset Solutions, Portfolio Manager) and Stuart Dybdahl, CFA and CAIA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. Hottmann has served in this capacity since September 2009, Mr. Ryan has served in this capacity since January 2008 and Mr. Dybdahl has served in this capacity since February 2023.

------

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class C shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON AGGRESSIVE ALLOCATION FUND Fund Summary**

---

| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MAGSX** | **Class C - MAACX** |

---

**Investment Objective**

The Madison Aggressive Allocation Fund seeks capital appreciation.

**Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** | **Class C** |
| 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) |  | 1.00%¹ |
| 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 A** | **Class C** |
| Management Fees | 0.20% | 0.20% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% | 1.00% |
| Other Expenses | 0.26% | 0.26% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.28% | 0.28% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.99% | 1.74% |

---

<sup>1</sup> The CDSC is eliminated after 12 months following purchase.

<sup>2</sup> Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one more underlying funds.

<sup>3</sup> Total annual fund operating expenses for the period ended October 31, 2022 do not match the financial statements because the financial statements do not include acquired fund fees and expenses.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or not redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Redemption** | **Redemption** | **No Redemption** | **No Redemption** |
| | **A** | **C** | **A** | **C** |
| **1 Year** | $670 | $277 | $670 | $177 |
| **3 Years** | 872 | 548 | 872 | 548 |
| **5 Years** | 1091 | 944 | 1091 | 944 |
| **10 Years** | 1718 | 2052 | 1718 | 2052 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 99% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests primarily in shares of other registered investment companies (the "underlying funds"). The Fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the Fund's investment adviser. Under normal circumstances, the Fund's total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange (exchange traded funds or "ETFs"), with target allocations over time of approximately 80% equity investments and 20% fixed income investments. Underlying funds in which the Fund invests may include 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, as of October 31, 2022, the Fund's portfolio allocation as a percentage of net assets was:

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| | |
|:---|:---|
| Alternative Funds: | 4.9% |
| Bond Funds: | 22.0% |
| Foreign Stock Funds: | 5.4% |
| Short-Term Investments: | 24.9% |
| Stock Funds: | 59.8% |
| Net Other Assets and Liabilities: | -17.0% |

---

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With regard to investments in debt securities, Madison's bias is toward securities with intermediate and short-term maturities. As of December 31, 2022, the weighted average duration of the Fund's debt portfolio was 5.88 years.

Madison may employ multiple analytical approaches to determine the appropriate asset allocation for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macroeconomic analysis. This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Fund's aim to achieve a favorable overall risk and return profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions.

In addition, Madison has a flexible mandate that permits the Fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks** 

The Fund is a fund of funds, meaning that it invests primarily in the shares of underlying funds, including ETFs. Thus, the 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. Each underlying Fund's performance, in turn, depends on the particular securities in which that underlying fund invests and the expenses of that underlying fund. Accordingly, the Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Asset Allocation Risk*. The Fund is subject to asset allocation risk, which is the risk that the selection of the underlying funds and 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.

*Equity Risk*. The Fund, through the underlying funds, is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Interest Rate Risk*. To the extent that the Fund invests in underlying funds that invest in debt securities, the Fund will 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 this risk.

*Credit and Prepayment/Extension Risk*. The Fund, through the underlying funds, is also subject to credit risk, which is the risk that issuers of debt securities may be unable to meet their interest or principal payment obligations when due. There is also prepayment/extension risk, which is the chance that a rise/fall in interest rates will reduce/extend the life of a mortgage-backed security by increasing/decreasing mortgage prepayments, typically reducing the underlying Fund's return.

*Non-Investment Grade Security Risk*. The Fund, through the underlying funds, may invest in non-investment grade securities (i.e., **"**junk" bonds). Issuers of non-investment grade securities are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. "Junk" bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

*ETF Risks*. The main risks of investing in ETFs are the same as investing in a portfolio of equity securities comprising the index on which the ETF is based, although lack of liquidity in an ETF could result in it being more volatile than the securities comprising the index. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

------

*Foreign Security Risk*. Investments in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Market Risk*. The Fund, through the underlying funds, is subject to market risk, which is the risk that the value of an investment may fluctuate in response to stock market movements. Certain of the underlying funds may invest in the equity securities of smaller companies, which may fluctuate more in value and be more thinly traded than the general market.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad market index, as well as a custom index that reflects the Fund's asset allocation targets. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g4.jpg](ck0001040612-20221031_g4.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 12.11% |
| **Lowest:** | 1Q 2020 | -13.53% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Shares** – Return Before Taxes | -20.26% | 1.29% | 5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -20.53% | -0.49% | 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -11.86% | 0.83% | 4.34% |
| **Class C Shares** – Return before Taxes | -16.89% | 1.72% | 5.56% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | 9.42% | 12.56% |
| **Aggressive Allocation Fund Custom Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -16.97% | 5.37% | 8.04% |

---

The Aggressive Allocation Fund Custom Index consists of 56% Russell 3000<sup>®</sup> Index, 24% MSCI ACWI ex-USA Index and 20% Bloomberg U.S. Aggregate Bond Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC David Hottmann, CFA and CPA (Vice President, Portfolio Manager), Patrick Ryan, CFA (Head of Multi-Asset Solutions, Portfolio Manager) and Stuart Dybdahl, CFA and CAIA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. Hottmann has served in this capacity since September 2009, Mr. Ryan has served in this capacity since January 2008 and Mr. Dybdahl has served in this capacity since February 2023.

------

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class C shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON TAX-FREE VIRGINIA FUND Fund Summary**

---

| | |
|:---|:---|
| **Share Class/Ticker:** | **Class Y - GTVAX** |

---

**Investment Objective**

The primary investment objective of the Madison Tax-Free Virginia Fund is to receive income from municipal bonds and to distribute that income to its investors as tax-free dividends. The secondary objective is to distribute dividends that are intended to be exempt from Virginia (and local) tax as well as federal tax.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.** 

---

| | |
|:---|:---|
| ***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 | 0.50% |
| Distribution and/or Service (Rule 12b-1) Fees |  |
| Other Expenses | 0.36% |
| Total Annual Fund Operating Expenses | 0.86% |

---

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class Y** | $88 | $274 | $477 | $1061 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including borrowings for investment purposes) 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 only invests in investment grade bonds, which means bonds rated in the top four rating categories by a nationally recognized statistical rating organization, such as Moody's, S&P or Fitch; however, if a bond is downgraded below investment grade, the Fund may need to hold the bond for a period of time in an attempt to avoid selling it at a "fire sale" price. The Fund invests in general obligation bonds of states and municipalities (backed by the general credit of the issuing city, state or county) and specific or limited purpose bonds (supported by, for example, a specific power company, hospital or highway project).

The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The Fund's weighted average life as of December 31, 2022 was 9.2 years. Under normal market conditions, the Fund will have an average duration range of 3 to 10 years, although it is expected to center around 3 to 7 years. Duration is an approximation of the expected change in a debt security's price given a 1% move in interest rates, using the following formula: [change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. Securities are selected for the Fund that, in the opinion of the portfolio managers, provide the highest combination of yield (i.e., the interest rate the bond pays in relation to its price), credit risk and diversification. To a lesser extent, consideration is also given as to whether a particular bond may increase in value from its price at the time of purchase. The Fund generally holds 50-75 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund's investment objectives.

------

In the event Madison determines that extraordinary conditions exist (such as tax law changes or a need to adopt a defensive investment position) making it advisable to invest a larger portion of the Fund's assets in taxable investments, more than 20% and even as much as 100% of the Fund's assets could be invested in securities whose income is taxable on the federal or state level. If this situation were to occur, the Fund would not be invested in a manner designed to achieve its investment objective.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in tax-free money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objectives may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Virginia-Specific Risks*. Particular risks to consider when investing in Virginia securities are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Commonwealth must have a balanced budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Commonwealth pensions are underfunded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the economy of the Commonwealth bears heavy exposure to defense contracting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Virginians rely heavily on federal government and technology sector employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a single-term governorship may result in volatile financial policies and management.

*Legislative Risk.* Municipal bonds pay lower rates of interest than comparable corporate bonds because of the tax-free nature of their interest payments. If the tax-free status of municipal securities is altered or eliminated by an act of Congress or the legislature of any particular state, the value of the affected bonds will drop. This is because their low interest payments will be less competitive with other taxable bonds.

*Risks of General Obligation versus Limited Purpose Bonds*. General obligation bonds are backed by the unlimited taxing powers of the municipality issuing the bonds. Limited purpose bonds or "limited tax general obligation bonds" are more risky because the pledged tax revenues backing the bonds are limited to revenue sources and maximum property tax millage amounts. For example, a bond issued by the Commonwealth of Virginia has an unlimited tax pledge backing the debt service, while a bond issued for Arlington, Virginia Public School system has a limited revenue source which is property taxes in the district.

*Interest Rate Risk*. As with most income funds, the Fund is 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 the bond's maturity, the more sensitive it is to this risk.

*Call Risk.* If a bond issuer "calls" a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond.

*Risk of Default.* Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment.

*Liquidity Risk*. The Fund is also subject to liquidity risk, which means there may be little or no trading activity for the debt securities in which the Fund invests, and that may make it difficult for the Fund to value accurately and/or sell those securities. In addition, liquid debt securities in which the Fund invests are subject to the risk that during certain periods their liquidity will shrink or disappear suddenly and without warning as a result of adverse economic, regulatory or market conditions, or adverse investor perceptions. If the Fund experiences rapid, large redemptions during a period in which a substantial portion of its debt securities are illiquid, the Fund may be forced to sell those securities at a discount, which could result in significant fund and shareholder losses. Liquidity risk may be higher for this Fund than those of income funds that hold U.S. government securities as part of their portfolios because the liquidity of U.S. government securities has historically continued in times of recent market stress. This Fund normally holds few or no U.S. government securities.

*Capital Gains Tax-Related Risk*. While dividend income is expected to be tax-free, fund shareholders can recognize taxable income in two ways: (1) if you sell your shares at a price that is higher than when you bought them, you will have a taxable capital gain; on the other hand, if you sell your shares at a price that is lower than the price when you bought them, you will have a capital loss; and (2) in the event the Fund sells more securities at prices higher than when they were bought by the Fund, the Fund may pass through the profit it makes from these transactions by making a taxable capital gain distribution.

*Alternative Minimum Tax (AMT) Risk.* In addition to possible taxable capital gain distributions, certain bonds owned by the Fund generate income that is subject to the federal AMT. The interest on these "private activity" bonds could become subject to AMT if you are a taxpayer that meets the AMT criteria. If you are subject to AMT, you will be required to add any income attributable to these bonds (as reported by the Fund annually) to other so-called "tax preference items" to determine possible liability for AMT. Income from AMT bonds may not exceed 20% of the Fund's net income.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**

![ck0001040612-20221031_g5.jpg](ck0001040612-20221031_g5.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2022 | 3.11% |
| **Lowest:** | 1Q 2022 | -4.96% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class Y Shares** – Return Before Taxes | -7.30% | 0.50% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -7.30% | 0.48% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -3.67% | 0.82% | 1.25% |
| **ICE BofA 1-22 Year U.S. Municipal Securities Index (**reflects no deduction for sales charges, account fees, expenses or taxes) | -6.74% | 1.39% | 2.05% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Mike Peters, CFA (Vice President, Portfolio Manager) and Jeffrey Matthias, CFA (Vice President, Portfolio Manager) co-manage the Fund. Mr. Peters has served in this capacity since February 1997 and Mr. Matthias has served in this capacity since February 2016.

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value.Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

------

**Tax Information**

Capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes; however, tax-exempt interest distributions from the Fund are generally exempt from federal income taxes and will normally be exempt from state income tax for investors in Virginia. In addition to possible taxable capital gains distributions, certain bonds owned by the Fund generate income that is subject to AMT, although income from AMT bonds will not exceed 20% of the Fund's net income.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON TAX-FREE NATIONAL FUND Fund Summary**

---

| | |
|:---|:---|
| **Share Class/Ticker:** | **Class Y - GTFHX** |

---

**Investment Objective**

The Madison Tax-Free National Fund seeks to receive income from municipal bonds and to distribute that income to shareholders as tax-free dividends.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.** 

---

| | |
|:---|:---|
| ***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 | 0.36% |
| Total Annual Fund Operating Expenses | 0.76% |

---

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class Y** | $78 | $243 | $422 | $942 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including borrowings for investment purposes) 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 only invests in investment grade bonds, which means bonds rated in the top four rating categories by a nationally recognized statistical rating organization, such as Moody's, S&P or Fitch; however, if a bond is downgraded below investment grade, the Fund may need to hold the bond for a period of time in an attempt to avoid selling it at a "fire sale" price. The Fund invests in general obligation bonds of states and municipalities (backed by the general credit of the issuing city, state or county) and specific or limited purpose bonds (supported by, for example, a specific power company, hospital or highway project).

The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The Fund's weighted average life as of December 31, 2022 was 8.7 years. Under normal market conditions, the Fund will have an average duration range of 3 to 10 years, although it is expected to center around 3 to 7 years. Duration is an approximation of the expected change in a debt security's price given a 1% move in interest rates, using the following formula: [change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. Securities are selected for the Fund that, in the opinion of the portfolio managers, provide the highest combination of yield (i.e., the interest rate the bond pays in relation to its price), credit risk and diversification. To a lesser extent, consideration is also given as to whether a particular bond may increase in value from its price at the time of purchase. The Fund generally holds 50-75 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund's investment objectives.

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In the event Madison determines that extraordinary conditions exist (such as tax law changes or a need to adopt a defensive investment position) making it advisable to invest a larger portion of the Fund's assets in taxable investments, more than 20% and even as much as 100% of the Fund's assets could be invested in securities whose income is taxable on the federal or state level. If this situation were to occur, the Fund would not be invested in a manner designed to achieve its investment objective.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in tax-free money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Risks of General Obligation versus Limited Purpose Bonds*. General obligation bonds are backed by the unlimited taxing powers of the municipality issuing the bonds. Limited purpose bonds or "limited tax general obligation bonds" are more risky because the pledged tax revenues backing the bonds are limited to revenue sources and maximum property tax millage amounts. For example, a bond issued by the Commonwealth of Virginia has an unlimited tax pledge backing the debt service, while a bond issued for Arlington, Virginia Public School system has a limited revenue source which is property taxes in the district.

*Legislative Risk.* Municipal bonds pay lower rates of interest than comparable corporate bonds because of the tax-free nature of their interest payments. If the tax-free status of municipal securities is altered or eliminated by an act of Congress or the legislature of any particular state, the value of the affected bonds will drop. This is because their low interest payments will be less competitive with other taxable bonds.

*Interest Rate Risk*. As with most income funds, the Fund is 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 the bond's maturity, the more sensitive it is to this risk.

*Call Risk.* If a bond issuer "calls" a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond.

*Risk of Default.* Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment.

*Liquidity Risk*. The Fund is also subject to liquidity risk, which means there may be little or no trading activity for the debt securities in which the Fund invests, and that may make it difficult for the Fund to value accurately and/or sell those securities. In addition, liquid debt securities in which the Fund invests are subject to the risk that during certain periods their liquidity will shrink or disappear suddenly and without warning as a result of adverse economic, regulatory or market conditions, or adverse investor perceptions. If the Fund experiences rapid, large redemptions during a period in which a substantial portion of its debt securities are illiquid, the Fund may be forced to sell those securities at a discount, which could result in significant Fund and shareholder losses. Liquidity risk may be higher for this Fund than those of income funds that hold U.S. government securities as part of their portfolios because the liquidity of U.S. government securities has historically continued in times of recent market stress. This Fund normally holds few or no U.S. government securities.

*Capital Gains Tax-Related Risk*. While dividend income is expected to be tax-free, fund shareholders can recognize taxable income in two ways: (1) if you sell your shares at a price that is higher than when you bought them, you will have a taxable capital gain; on the other hand, if you sell your shares at a price that is lower than the price when you bought them, you will have a capital loss; and (2) in the event the Fund sells more securities at prices higher than when they were bought by the Fund, the Fund may pass through the profit it makes from these transactions by making a taxable capital gain distribution.

*Alternative Minimum Tax (AMT) Risk.* In addition to possible taxable capital gain distributions, certain bonds owned by the Fund generate income that is subject to the federal AMT. The interest on these "private activity" bonds could become subject to AMT if you are a taxpayer that meets the AMT criteria. If you are subject to AMT, you will be required to add any income attributable to these bonds (as reported by the Fund annually) to other so-called "tax preference items" to determine possible liability for AMT. Income from AMT bonds may not exceed 20% of the Fund's net income.

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**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**

![ck0001040612-20221031_g6.jpg](ck0001040612-20221031_g6.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2022 | 3.31% |
| **Lowest:** | 1Q 2022 | -5.06% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class Y Shares** – Return Before Taxes | -6.21% | 0.97% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -6.36% | 0.85% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -2.87% | 1.21% | 1.52% |
| **ICE BofA 1-22 Year U.S. Municipal Securities Index** (reflects no deductions for sales charges, account fees, expenses or taxes) | -6.74% | 1.39% | 2.05% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Mike Peters, CFA (Vice President, Portfolio Manager) and Jeffrey Matthias, CFA (Vice President, Portfolio Manager) co-manage the Fund. Mr. Peters has served in this capacity since February 1997 and Mr. Matthias has served in this capacity since February 2016.

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value.Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

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**Tax Information**

Capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes; however, tax-exempt interest distributions will generally be exempt from federal income taxes and with regard to state income taxes, the tax- exempt interest attributable to the shareholder's home state may be exempt from taxes in that state. In most states, however, the rest of the capital gains distributions and dividends from the Fund will be subject to state income tax. In addition to possible taxable capital gains distributions, certain bonds owned by the Fund generate income that is subject to AMT, although income from AMT bonds will not exceed 20% of the Fund's net income.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON HIGH QUALITY BOND FUND Fund Summary**

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| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class Y - MIIBX** | **Class I - MIIRX** |

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**Investment Objective**

The Madison High Quality Bond Fund seeks to obtain the highest total investment return within the policy limitations of (1) investing in bonds and money market instruments rated A or better, and (2) maintaining a dollar weighted average maturity of ten years or less.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.** 

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class Y** | **Class I** |
| 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** | **Class I** |
| Management Fees | 0.30% | 0.30% |
| Distribution and/or Service (Rule 12b-1) Fees |  |  |
| Other Expenses | 0.20% | 0.11% |
| Total Annual Fund Operating Expenses | 0.50% | 0.41% |

---

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class Y** | $51 | $160 | $280 | $628 |
| **Class I** | 42 | 132 | 230 | 518 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the Fund's goals, the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), will (1) shorten or lengthen the weighted average life 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 (including borrowings for investment purposes) 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. The dollar weighted average maturity of the Fund as of December 31, 2022 was 3.54 years. The Fund generally holds 50-75 individual securities in its portfolio at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund's investment objective.

Madison may alter the composition of the Fund with regard to quality and maturity and may sell securities prior to maturity. Under normal circumstances, however, turnover for the Fund is generally not expected to exceed 100%. Sales of fund securities may result in capital gains. This can occur any time Madison sells a bond at a price that was higher than the purchase price, even if Madison does not engage in active or frequent trading. Madison's intent when it sells bonds is to "lock in" any gains already achieved by that investment or, alternatively, prevent additional or potential losses that could occur if Madison continued to hold the bond. Turnover may also occur when Madison finds an investment that could generate a higher return than the investment currently held. However, increasing portfolio turnover at a time when Madison's assessment of market performance is incorrect could lower investment performance. The Fund pays implied brokerage commissions when it purchases or sells bonds, which is the difference between the bid and ask price. As a result, as portfolio turnover increases, the cumulative effect of this may hurt Fund performance. Under normal circumstances, the Fund will not engage in active or frequent trading of its bonds. However, it is possible that Madison will determine that market conditions require a significant change to the composition of the Fund's portfolio. For example, if interest rates begin to rise, Madison may attempt to sell bonds in anticipation of further rate increases before they lose more value. Also, if the Fund experiences large swings in shareholder purchases and redemptions, Madison may be required to sell bonds more frequently in order to generate the cash needed to pay redeeming shareholders. Under these circumstances, the Fund could make a taxable capital gain distribution.

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Madison reserves the right to invest a portion of the Fund's assets in short-term debt securities (i.e., those with maturities of one year or less) and to maintain a portion of fund assets in uninvested cash. However, Madison does not intend to hold more than 35% of the Fund's assets in such investments, unless Madison determines that market conditions warrant a temporary defensive investment position. Under such circumstances, up to 100% of the Fund may be so invested. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished. Short-term investments may include investment grade certificates of deposit, commercial paper and repurchase agreements. Madison might hold substantial cash reserves in seeking to reduce the Fund's exposure to bond price depreciation during a period of rising interest rates and to maintain desired liquidity while awaiting more attractive investment conditions in the bond market.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Interest Rate Risk*. As with most income funds, the Fund is 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 the bond's maturity, the more sensitive it is to this risk.

*Call Risk.* If a bond issuer "calls" a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond.

*Risk of Default.* Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment.

*Liquidity Risk*. The Fund is also subject to liquidity risk, which means there may be little or no trading activity for the debt securities in which the Fund invests, and that may make it difficult for the Fund to value accurately and/or sell those securities. In addition, liquid debt securities in which the Fund invests are subject to the risk that during certain periods their liquidity will shrink or disappear suddenly and without warning as a result of adverse economic, regulatory or market conditions, or adverse investor perceptions. If the Fund experiences rapid, large redemptions during a period in which a substantial portion of its debt securities are illiquid, the Fund may be forced to sell those securities at a discount, which could result in significant fund and shareholder losses.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to different broad measures of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Madison waived 0.10% of the Fund's annual management fee from August 7, 2020 through February 27, 2022. Investment returns reflect this fee waiver, without which returns would have been lower. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**

![ck0001040612-20221031_g7.jpg](ck0001040612-20221031_g7.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 1Q 2020 | 2.68% |
| **Lowest:** | 1Q 2022 | -3.84% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/28/2022** |
| **Class Y Shares** – Return Before Taxes | -7.13% | 0.11% | 0.40% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -7.59% | -0.48% | -0.16% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -4.22% | -0.13% | 0.09% | N/A |
| **Class I Shares** – Return Before Taxes | N/A | N/A | N/A | -4.87% |
| **Bloomberg U.S. Intermediate Government Credit A+ Bond Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -7.93% | 0.60% | 0.91% | -6.13% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Chris Nisbet, CFA (Vice President, Portfolio Manager) and Mike Sanders, CFA (Head of Fixed Income, Portfolio Manager) co-manage the Fund. Mr. Nisbet has served in this capacity since the Fund's inception in 2000 and Mr. Sanders has served in this capacity since February 2019.

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value.Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON CORE BOND FUND Fund Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MBOAX** | **Class Y - MBOYX** | **Class I - MBOIX** | **Class R6 - MBORX** |

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**Investment Objective**

The Madison Core Bond Fund seeks to generate a high level of current income, consistent with the prudent limitation of investment risk.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 0.39% | 0.39% | 0.39% | 0.39% |
| 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 | 0.85% | 0.60% | 0.50% | 0.42% |

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***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $533 | $709 | $900 | $1452 |
| **Class Y** | 61 | 192 | 335 | 750 |
| **Class I** | 51 | 160 | 280 | 628 |
| **Class R6** | 43 | 135 | 235 | 530 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) 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 (for this purpose, the benchmark used is Bloomberg U.S. Aggregate Bond Index, the duration of which as of December 31, 2022 was 6.12 years). Duration is an approximation of the expected change in a debt security's price given a 1% move in interest rates, using the following formula: [change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%.

The Fund is managed so that, under normal market conditions, the weighted average life of the Fund will be 10 years or less. The weighted average life of the Fund as of December 31, 2022 was 8.06 years. The Fund strives to add incremental return in the portfolio by making strategic decisions relating to credit risk, sector exposure and yield curve positioning. The Fund generally holds 100-500 individual securities in its portfolio at any given time and may invest in the following instruments:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities: securities issued by domestic and foreign (including emerging market) corporations which have a rating within the four highest categories and, to a limited extent (up to 20% of its assets), in securities not rated within the four highest categories (i.e., "junk bonds"). The Fund's investment adviser, Madison Asset Management, LLC ("Madison"), will only invest in lower-grade securities when it believes that the creditworthiness of the issuer is stable or improving, and when the potential return of investing in such securities justifies the higher level of risk;

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&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government debt securities: securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Foreign government debt securities: securities issued or guaranteed by a foreign (including emerging market) government or its agencies or instrumentalities, payable in U.S. dollars, which have a rating within the four highest categories;

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Non-rated debt securities: securities issued or guaranteed by corporations, financial institutions, and others which, although not rated by a national rating service, are considered by Madison to have an investment quality equivalent to those categories in which the Fund is permitted to invest (including up to 20% of the Fund's assets in junk bonds); and

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed, mortgage-backed and commercial mortgage-backed securities: securities issued or guaranteed by special purpose corporations and financial institutions that represent direct or indirect participation in, or are collateralized by, an underlying pool of assets. The types of assets that can be "securitized" include, among others, residential or commercial mortgages, credit card receivables, automobile loans, and other assets.

Madison may alter the composition of the Fund with regard to quality and maturity and may sell securities prior to maturity. Under normal market conditions, however, turnover for the Fund is generally not expected to exceed 100%. Sales of fund securities may result in capital gains. This can occur any time Madison sells a bond at a price that was higher than the purchase price, even if Madison does not engage in active or frequent trading. Madison's intent when it sells bonds is to "lock in" any gains already achieved by that investment or, alternatively, prevent additional or potential losses that could occur if Madison continued to hold the bond. Turnover may also occur when Madison finds an investment that could generate a higher return than the investment currently held. However, increasing portfolio turnover at a time when Madison's assessment of market performance is incorrect could lower investment performance. The Fund pays implied brokerage commissions when it purchases or sells bonds, which is the difference between the bid and ask price. As a result, as portfolio turnover increases, the cumulative effect of this may hurt Fund performance. Under normal market conditions, the Fund will not engage in active or frequent trading of its bonds. However, it is possible that Madison will determine that market conditions require a significant change to the composition of the Fund's portfolio. For example, if interest rates begin to rise, Madison may attempt to sell bonds in anticipation of further rate increases before they lose more value. Also, if the Fund experiences large swings in shareholder purchases and redemptions, Madison may be required to sell bonds more frequently in order to generate the cash needed to pay redeeming shareholders. Under these circumstances, the Fund could make a taxable capital gain distribution.

Madison reserves the right to invest a portion of the Fund's assets in short-term debt securities (i.e., those with maturities of one year or less) and to maintain a portion of fund assets in uninvested cash. However, Madison does not intend to hold more than 35% of the Fund's assets in such investments, unless Madison determines that market conditions warrant a temporary defensive investment position. Under such circumstances, up to 100% of the Fund may be so invested. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished. Short-term investments may include investment grade certificates of deposit, commercial paper and repurchase agreements. Madison might hold substantial cash reserves in seeking to reduce the Fund's exposure to bond price depreciation during a period of rising interest rates and to maintain desired liquidity while awaiting more attractive investment conditions in the bond market.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Interest Rate Risk*. As with most income funds, the Fund is 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 the bond's maturity, the more sensitive it is to this risk.

*Call Risk.* If a bond issuer "calls" a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond.

*Risk of Default.* Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment.

*Mortgage-Backed Securities Risk*. The Fund may own obligations backed by mortgages issued by a government agency or through a government-sponsored program. If the mortgage holders prepay principal during a period of falling interest rates, the Fund could be exposed to prepayment risk. In that case, the Fund would have to reinvest the proceeds at a lower interest rate. The security itself may not increase in value with the corresponding drop in rates since the prepayment acts to shorten the maturity of the security.

*Liquidity Risk*. The Fund is also subject to liquidity risk, which means there may be little or no trading activity for the debt securities in which the Fund invests, and that may make it difficult for the Fund to value accurately and/or sell those securities. In addition, liquid debt securities in which the Fund invests are subject to the risk that during certain periods their liquidity will shrink or disappear suddenly and without warning as a result of adverse economic, regulatory or market conditions, or adverse investor perceptions. If the Fund experiences rapid, large redemptions during a period in which a substantial portion of its debt securities are illiquid, the Fund may be forced to sell those securities at a discount, which could result in significant fund and shareholder losses.

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*Credit Risk and Prepayment/Extension Risk*. The Fund is subject to credit risk, which is the risk that issuers of debt securities may be unable to meet their interest or principal payment obligations when due. There is also prepayment/extension risk, which is the chance that a fall/rise in interest rates will reduce/extend the life of a mortgage-backed security by increasing/decreasing mortgage prepayments, typically reducing the Fund's return.

*Non-Investment Grade Security Risk*. To the extent that the Fund invests in non-investment grade securities, the Fund is also subject to above-average credit, market and other risks. Issuers of non-investment grade securities *(i.e.,* "junk" bonds) are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. "Junk" bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

*Foreign Security Risk*. Investments in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g8.jpg](ck0001040612-20221031_g8.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 4.38% |
| **Lowest:** | 1Q 2022 | -5.66% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 2/26/2021** | **Since Inception 2/28/2022** |
| **Class A Shares** – Return Before Taxes | -16.76% | -0.87% | 0.35% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -17.37% | -1.79% | -0.66% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -9.91% | -0.97% | -0.11% | N/A | N/A |
| **Class Y Shares** – Return Before Taxes | -12.58% | 0.33% | 1.10% | N/A | N/A |
| **Class I Shares** – Return Before Taxes | -12.55% | N/A | N/A | -6.62% | N/A |
| **Class R6 Shares** – Return Before Taxes | N/A | N/A | N/A | N/A | -9.56% |
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -13.01% | 0.02% | 1.06% | -7.01% | -10.09% |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Mike Sanders, CFA (Head of Fixed Income, Portfolio Manager) and Allen Olson, CFA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. Sanders has served in this capacity since September 2016. Mr. Olson has served in this capacity since February 2021.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A, Class C and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. No such payments are made with respect to Class R6. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON DIVERSIFIED INCOME FUND Fund Summary**

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| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MBLAX** | **Class C - MBLCX** |

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**Investment Objective**

The Madison Diversified Income Fund seeks a high total return through the combination of income and capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

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| | | |
|:---|:---|:---|
| ***Shareholder Fees: (****fees paid directly from your investment)* | **Class A** | **Class C** |
| 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) |  | 1.00%¹ |
| 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 A** | **Class C** |
| Management Fees | 0.65% | 0.65% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% | 1.00% |
| Other Expenses | 0.21% | 0.21% |
| Total Annual Fund Operating Expenses | 1.11% | 1.86% |

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<sup>1</sup> The CDSC is eliminated after 12 months following purchase.

 ***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or not redeem your shares at the end

of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the

same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Redemption** | **Redemption** | **No Redemption** | **No Redemption** |
| | **A** | **C** | **A** | **C** |
| **1 Year** | $682 | $289 | $682 | $189 |
| **3 Years** | 908 | 585 | 908 | 585 |
| **5 Years** | 1151 | 1006 | 1151 | 1006 |
| **10 Years** | 1849 | 2180 | 1849 | 2180 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks income by investing in a broadly diversified array of securities, including bonds, common stocks, real estate securities, foreign market bonds and stocks, and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers'

judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the Fund's portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds (including investment grade, non-investment grade securities (i.e., **"**junk" bonds), and mortgage- or asset-backed) may constitute up to 80% of the Fund's assets, stocks (including common stocks, preferred stocks and convertible bonds) may constitute up to 70% of the Fund's assets, real estate securities may constitute up to 25% of the Fund's assets, foreign (including American Depositary Receipts ("ADRs") and emerging market) 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. Although the Fund is permitted to invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund's assets.

With regard to the fixed income component of the Fund, while there is no maturity strategy utilized, the Fund is managed with the goal of being between 90-110% of the market benchmark duration. The weighted average life of the Fund's bond portfolio as of December 31, 2022 was 8.59 years. Duration is an approximation of the expected change in a debt security's price given a 1% move in interest rates, using the following formula:

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[change in debt security value = (change in interest rates) x (duration) x (-1)]. By way of example, assume XYZ company issues a five year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. As of December 31, 2022, the duration of the Fund's bond portfolio was 6.19 years, and the duration of the benchmark index (which, for this purpose, is the ICE BofA U.S. Corporate, Government & Mortgage Index), was 6.28 years.

The balance between the two strategies of the Fund -- i.e., fixed income investing and equity investing -- is determined after reviewing the risks associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand. The Fund may also invest in exchange traded funds ("ETFs") that are registered investment companies and may also write (sell) covered call options, when deemed appropriate by the portfolio managers, in order to generate additional income through the collection of option premiums. With regard to the equity portion of the Fund, the Fund generally holds 30-60 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund's investment objective.

The Fund typically sells a stock when the fundamental expectations for producing competitive yields at an acceptable level of price risk no longer apply, the price exceeds its intrinsic value or other stocks appear more attractive.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks** 

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's equity portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Interest Rate Risk*. The Fund is 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 this risk.

*Credit Risk*. The Fund is subject to credit risk, which is the risk that issuers of debt securities may be unable to meet their interest or principal payment obligations when due.

*Non-Investment Grade Security Risk*. Issuers of non-investment grade securities *(i.e.,* "junk" bonds) are typically in weak financial health and, compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. Because the Fund may invest a significant portion of its assets in these securities, the Fund may be subject to greater levels of credit and liquidity risk than a fund that does not invest in such securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund's ability to sell these securities. If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. Because of the risks involved in investing in non-investment grade securities, an investment in a fund that invests in such securities should be considered speculative.

*Real Estate Investment Trusts "REITs" Risk.* REITs pool investors' Funds for investment primarily in real estate properties or real estate-related loans. REITs generally derive their income from rents on the underlying properties or interest on the underlying loans, and their value is impacted by changes in the value of the underlying property or changes in interest rates affecting the underlying loans owned by the REITs. REITs are more susceptible to risks associated with the ownership of real estate and the real estate industry in general. These risks can include, but are not limited, fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry. In addition, REITs depend upon specialized management skills, may not be diversified (which may increase the price volatility of REITs), may have less trading volume and liquidity, and may be subject to more abrupt or erratic price movements than the overall securities market. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code of 1986, as amended. REITs are subject to the risk of failing to qualify for favorable tax treatment under the Code.

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*Foreign Security and Emerging Market Risk.* Investments in foreign securities, including investments in ADRs and emerging market securities. involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such as American depository receipts ("ADRs"), global depository receipts ("GDRs"), and European depository receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance, as well as a custom index that reflects a hypothetical investment allocation of 50% bonds and 50% stock. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g9.jpg](ck0001040612-20221031_g9.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2022 | 10.12% |
| **Lowest:** | 1Q 2020 | -13.59% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Shares** – Return Before Taxes | -13.22% | 4.71% | 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -14.79% | 2.80% | 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -6.71% | 3.52% | 5.15% |
| **Class C Shares** – Return Before Taxes | -9.48% | 5.19% | 6.47% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | 9.42% | 12.56% |
| **ICE BofA U.S. Corporate, Government & Mortgage Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -13.31% | 0.00% | 1.06% |
| **Custom Blended Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -15.40% | 5.02% | 6.94% |

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The Custom Blended Index consists of 50% ICE BofA US Corp. Govt. & Mtg. Index and 50% S&P 500 Index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

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**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. John Brown, CFA (Vice President, Portfolio Manager/Analyst), and Drew Justman, CFA (Vice President, Portfolio Manager/Analyst), Chris Nisbet, CFA (Vice President, Portfolio Manager), Allen Olson, CFA (Vice President, Portfolio Manager/Analyst), and Mike Sanders, CFA (Head of Fixed Income, Portfolio Manager) co-manage the Fund. Mr. Brown has served in this capacity since 1998, Mr. Justman has served in this capacity since February 2015, Mr. Nisbet has served in this capacity since June 2013, Mr. Olson has served in this capacity since February 2021, and Mr. Sanders has served in this capacity since February 2022.

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class C shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON COVERED CALL & EQUITY INCOME FUND Fund Summary**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MENAX** | **Class C - MENCX** | **Class Y - MENYX** | **Class I - MENIX** | **Class R6 - MENRX** |

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**Investment Objective**

The Madison Covered Call & Equity Income Fund seeks to provide consistent total return and, secondarily, to provide a high level of income and gains from option premiums.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class A** | **Class C** | **Class Y** | **Class I** | **Class R6** |
| 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) |  | 1.00%¹ |  |  |  |
| 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 C** | **Class Y** | **Class I** | **Class R6** |
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses | 0.16% | 0.16% | 0.16% | 0.11% | 0.03% |
| Acquired Fund Fees and Expenses<sup>2</sup> | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 1.30% | 2.05% | 1.05% | 1.00% | 0.92% |

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<sup>¹</sup> The CDSC is eliminated after 12 months following purchase.

<sup>2</sup> Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one or more acquired funds.

<sup>3</sup> Total annual fund operating expenses for the period ended October 31, 2022 do not match the financial statements because the financial statements do not include acquired fund fees and expenses.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then either redeem or not redeem your shares at the end

of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the

same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Redemption** | **Redemption** | **Redemption** | **Redemption** | **Redemption** | **No Redemption** | **No Redemption** | **No Redemption** | **No Redemption** | **No Redemption** |
| | **A** | **C** | **Y** | **I** | **R6** | **A** | **C** | **Y** | **I** | **R6** |
| **1 Year** | $700 | $308 | $107 | $102 | $94 | $700 | $208 | $107 | $102 | $94 |
| **3 Years** | 963 | 643 | 334 | 318 | 293 | 963 | 643 | 334 | 318 | 293 |
| **5 Years** | 1247 | 1103 | 579 | 552 | 509 | 1247 | 1103 | 579 | 552 | 509 |
| **10 Years** | 2053 | 2379 | 1283 | 1225 | 1131 | 2053 | 2379 | 1283 | 1225 | 1131 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 99% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests, under normal conditions, primarily in common stocks of large- and mid-capitalization issuers that are, in the view of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), selling at a reasonable price in relation to their long-term earnings growth rates. Under normal market conditions, 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 Fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends.

Under normal market conditions, the Fund will invest at least 80% of its net assets in common stocks, with at least 65% of this amount invested in common stocks of large capitalization issuers that meet the Fund's selection criteria. In calculating compliance with these percentages, the Fund will "look through" to the characteristics of the underlying holdings of any exchange traded funds ("ETFs") held by the Fund. The Fund may invest the remainder of its common stock investments in companies that meet the Fund's selection criteria but whose market capitalization is considered to be middle sized or "mid-cap" (generally, stocks with a market capitalization similar to those companies in the Russell Midcap® Index). In addition, the Fund may invest up to 15% of its net assets in foreign securities, including American Depositary Receipts ("ADRs") and emerging market securities. Madison will allocate the Fund's assets among stocks in sectors of the economy based upon Madison' views on forward earnings growth rates, adjusted to reflect Madison's views on economic and market conditions and sector risk factors. In general, Madison focuses its investments in the

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information technology, consumer discretionary, health care and financials sectors, and may invest up to 35% of the Fund's net assets in any one such sector. The Fund generally holds 30-60 individual equity and investment company securities, including ETFs and Unit Investment Trusts ("UITs"), in its portfolio at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund's investment objective.

Although Madison believes that, under normal conditions, at least 80% of the Fund will be invested in equity securities, high levels of new investment inflow can lead to periods of higher cash levels which are invested in due course as appropriate opportunities are identified. In addition, during periods in which stock markets advance, option assignment activity can rise significantly resulting in options being exercised and portfolio securities being called away in exchange for Madison. Madison believes that reinvesting such sale proceeds should be done carefully and opportunistically such that cash level may remain elevated for relatively short periods of time until appropriate reinvestment opportunities are identified. Additionally, during periods when Madison believes the stock markets in general are overvalued or when there is perceived domestic or global economic or political risk or when investments in equity securities bear an above average risk of loss, Madison will delay investment of some or all of the Fund's cash until such periods have ended. Thus, in Madison's discretion, the Fund's cash may be held for "temporary defensive purposes," and might represent a material percentage of the Fund's portfolio. These periods may last for a few weeks or even for a few months, until more attractive market conditions exist.

The Fund will employ an option strategy of writing covered call options on a substantial portion of the common stocks in its portfolio. The extent of option writing activity will depend upon market conditions and Madison's ongoing assessment of the attractiveness of writing call options on the Fund's stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the Fund by providing downside protection.

In addition to its covered call strategy, the Fund may, to a lesser extent (not more than 20% of its net assets), pursue an option strategy that includes the writing of both put options and call options on certain of the common stocks in the Fund's portfolio. To seek to offset some of the risk of a larger potential decline in the event the overall stock market has a sizable short-term or intermediate-term decline, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options or put option debit spreads (where another put option at a lower strike price is sold to offset the cost of the first put option) on broad-based securities indices (such as the S&P 500, S&P MidCap 400 or other indices deemed suitable) or certain ETFs that trade like common stocks but represent such market indices. To seek to offset some of the risk of a larger potential decline in an individual holding due to a binary short term company specific event, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options on individual equity holdings.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the fund expects to pursue its investment objectives utilizing its principal investment strategies regardless of market conditions, the fund may invest up to 100% in money market instruments. To the extent the fund engages in this temporary defensive position, the Fund's ability to achieve its investment objectives may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Option Risk*. There are several risks associated with transactions in options on securities, as follows:

• There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives.

• 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.

• The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it may not be able to effect a closing purchase transaction in order to terminate its obligation under the option and must then deliver the underlying security at the exercise price.

• There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If the Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security unless the option expired without exercise.

• The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets.

• The value of call options will be affected by changes in the value and dividend rates of the underlying common stocks, an increase in interest rates, changes in the actual or perceived volatility of the stock market and the underlying common stocks and the remaining time to the options' expiration. Additionally, the exercise price of an option may be adjusted downward before the option's expiration as a result of the occurrence of events affecting the underlying equity security. A reduction in the exercise price of an option would reduce the Fund's capital appreciation potential on the underlying security.

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• When the Fund writes covered put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price. If the option is exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise. Also, while the Fund's potential gain in writing a covered put option is limited to the interest earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire value of the stock.

• If a put option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price, the Fund will lose its entire investment in the option.

The Fund's options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. The number of options which the Fund may write or purchase may be affected by options written or purchased by other clients of Madison or its affiliates.

*Tax Risk*. The Fund will generate taxable income and therefore is subject to tax risk. In addition to option premium income, most or all of the gains from the sale of the underlying securities held by the Fund on which options are written may be short-term capital gains taxed at ordinary income rates in any particular year. Because the Fund does not have control over the exercise of the call options it writes, such exercises or other required sales of the underlying stocks may force the Fund to realize capital gains or losses at inopportune times. The Fund's transactions in options are subject to special and complex U.S. federal income tax provisions that may, among other things, treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income; treat dividends that would otherwise be eligible for the corporate dividends-received deduction as ineligible for such treatment; disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; convert an ordinary loss or deduction into a capital loss (the deductibility of which is more limited); and cause the Fund to recognize income or gain without a corresponding receipt of cash.

*Derivatives Risk.* The risk that loss may result from investments in options, forwards, futures, swaps and other derivatives instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations.

*Concentration Risk*. To the extent that the Fund makes substantial investments in a single sector, the Fund will be more susceptible to adverse economic or regulatory occurrences affecting those sectors.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Mid Cap Risk*. The Fund's investments in midsize companies may entail greater risks than investments in larger, more established companies. Mid-capitalization companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some growth-oriented companies may not have established financial histories; often have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance, as well as the CBOE S&P 500 BuyWrite Index (BXM<sup>SM</sup>) which is provided because of the Fund's option writing strategy. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g10.jpg](ck0001040612-20221031_g10.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 19.31% |
| **Lowest:** | 1Q 2020 | -20.22% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception**<br>**2/28/2022** |
| **Class A Shares** – Return Before Taxes | -1.23% | 7.33% | 6.94% | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -3.87% | 4.38% | 3.82% | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -0.57% | 4.38% | 3.95% | &nbsp;&nbsp;N/A |
| **Class C Shares** – Return Before Taxes | 3.21% | 7.81% | 6.79% | &nbsp;&nbsp;N/A |
| **Class Y Shares** – Return before Taxes | 5.12% | 8.85% | 7.85% | &nbsp;&nbsp;N/A |
| **Class I Shares** – Return before Taxes | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | 5.25% |
| **Class R6 Shares** – Return before Taxes | 5.28% | 9.03% | 8.00% | N/A |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | 9.42% | 12.56% | -10.98% |
| **CBOE S&P 500 BuyWrite**<sup>®</sup> **Index**<sup>SM</sup> **(BXM)** (reflects no deduction for sales charges, account fees, expenses or taxes) | -11.37% | 2.73% | 5.71% | -8.48% |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Ray DiBernardo, CFA (Vice President, Portfolio Manager/Analyst) and Drew Justman, CFA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. DiBernardo has served in this capacity since inception of the Fund in October 2009 and Mr. Justman has served in this capacity since December 2016.

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A, Class C and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. No such payments are made with respect to Class R6. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON DIVIDEND INCOME FUND Fund Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MADAX** | **Class Y - BHBFX** | **Class I - MDMIX** | **Class R6 - MADRX** |

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**Investment Objective**

The Madison Dividend Income Fund seeks to produce current income while providing an opportunity for capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***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) | 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** | **Class Y** | **Class I** | **Class R6** |
| Management Fees | 0.70% | 0.70% | 0.70% | 0.70% |
| 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 | 1.16% | 0.91% | 0.81% | 0.73% |

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***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $686 | $922 | $1177 | $1903 |
| **Class Y** | 93 | 290 | 504 | 1120 |
| **Class I** | 83 | 259 | 450 | 1002 |
| **Class R6** | 75 | 233 | 406 | 906 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing 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 (including borrowings for investment purposes) will be invested in dividend paying equity securities. The Fund's investment adviser, Madison Asset Management, LLC ("Madison"), will identify investment opportunities by screening for companies that generally have the following characteristics: (i) a dividend yield of at least 100% of the market dividend yield (for this purpose, the "market" is the S&P 500); (ii) a strong balance sheet; (iii) a dividend that has been maintained and which is likely to increase; (iv) trade on the high side of the company's historical relative dividend yield, due to issues which Madison views as temporary; and (v) other compelling valuation characteristics. Under normal market conditions, the Fund expects to be fully invested in equity securities, but will maintain the flexibility to hold up to 20% of the Fund's assets in investment grade fixed income securities when warranted in Madison's discretion. The Fund may also invest up to 25% of its common stock allocation in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). To the extent invested in common stocks, the Fund generally invests in 30-60 companies at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund's investment objective.

Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment. When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet. When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic

------

value as determined by discounted cash flows modeling and additional valuation methodologies. Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate. Madison seeks to avoid the downside risks associated with overpriced securities.

Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for stock has been achieved, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative. In addition, with regard to dividend paying stocks in particular, Madison may sell a stock that has reduced its dividend to a level that brings the yield on the stock to below the market (S&P 500) dividend yield, but only if the reduction in dividend appears to Madison to be a symptom of fundamental difficulties with the company that are other than temporary in nature.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Growth and Value Risks.* Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Stocks with value characteristics carry the risk that investors will not recognize their intrinsic value for a long time or that they are appropriately priced at a low level. Because the Fund generally follows a strategy of holding stocks with both growth and value characteristics, any stock's share price may be negatively affected by either set of risks.

*Special Risks Associated with Dividend Paying Stocks*. Raising interest rates have the potential to hurt the value and/or price of higher dividend yielding stocks more so than the overall market. In addition, higher dividend yielding stocks may go through periods of underperformance as a group versus the broader market.

*Foreign Security and Emerging Market Risk*. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such as American depository receipts ("ADRs"), global depository receipts ("GDRs"), and European depository receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

*Interest Rate Risk*. To the extent the Fund invests in fixed income securities (i.e., bonds), the Fund will 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 this risk.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to two broad measures of market performance, as well as with returns of an index of funds with similar investment objectives. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Madison waived 0.10% of the Fund's annual management fee and 0.05% of the Fund's annual services fee for Class Y shares from June 29, 2012 through May 31, 2020. Investment returns reflect these fee waivers, without which returns would have been lower. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**![ck0001040612-20221031_g11.jpg](ck0001040612-20221031_g11.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2022 | 13.86% |
| **Lowest:** | 1Q 2020 | -20.41% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 5/29/2020** | **Since Inception 8/31/2020** | **Since Inception 2/28/2022** |
| **Class Y Shares** – Return Before Taxes | -5.42% | 8.94% | 11.43% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -7.39% | 7.03% | 9.79% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -1.83% | 6.84% | 9.12% | N/A | N/A | N/A |
| **Class A Shares** – Return Before Tax | -11.04% | N/A | N/A | 10.30% | N/A | N/A |
| **Class I Shares** – Return Before Tax | -5.32% | N/A | N/A | N/A | 10.82% | N/A |
| **Class R6 Shares** – Return Before Tax | N/A | N/A | N/A | N/A | N/A | -1.28% |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | 9.42% | 12.56% | 11.12% | 5.66% | -10.98% |
| **Russell 1000**<sup>®</sup> **Value Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -7.54% | 6.67% | 10.29% | 14.26% | 12.35% | -4.22% |
| **Lipper Equity Income Funds Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -5.57% | 7.68% | 10.29% | 13.77% | 11.58% | -2.40% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Y shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. John Brown, CFA (Vice President, Portfolio Manager/Analyst) and Drew Justman, CFA (Vice President, Portfolio Manager/Analyst) co-manage the Fund. Mr. Brown has served in this capacity since March 2012, and Mr. Justman has served in this capacity since April 2013.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON INVESTORS FUND Fund Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MNVAX** | **Class Y - MINVX** | **Class I - MIVIX** | **Class R6 - MNVRX** |

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**Investment Objective**

The Madison Investors Fund seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***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) | 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** | **Class Y** | **Class I** | **Class R6** |
| Management Fees | 0.70% | 0.70% | 0.70% | 0.70% |
| 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 | 1.16% | 0.91% | 0.81% | 0.73% |

---

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $686 | $922 | $1177 | $1903 |
| **Class Y** | 93 | 290 | 504 | 1120 |
| **Class I** | 83 | 259 | 450 | 1002 |
| **Class R6** | 75 | 233 | 406 | 906 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing in the common stock of established, high-quality companies selected via bottom-up fundamental analysis. Under normal market conditions, the Fund will maintain at least 80% of its net assets (including borrowings for investment purposes) in such securities. The portfolio managers define "high-quality" companies as those businesses that have demonstrated stable revenue and earnings growth patterns and high profitability metrics, and that maintain proportionately low levels of debt. The Fund may also invest up to 35% of its assets in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). To the extent invested in common stocks, the Fund generally invests in only 25-40 companies at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund's investment objectives.

Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment. When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet.

------

When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows modeling and additional valuation methodologies. Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate. Madison seeks to avoid the downside risks associated with overpriced securities.

Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for stock has been achieved or exceeded, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Growth and Value Risks.* Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Stocks with value characteristics carry the risk that investors will not recognize their intrinsic value for a long time or that they are appropriately priced at a low level. Because the Fund generally follows a strategy of holding stocks with both growth and value characteristics, any stock's share price may be negatively affected by either set of risks.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Foreign Security and Emerging Market Risk*. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such as American depository receipts ("ADRs"), global depository receipts ("GDRs"), and European depository receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Madison waived between 0.11% to 0.15% of the Fund's management fee and/or services fee annually for Class Y shares from February 6, 2009 through February 28, 2016; 0.15% for Class A shares from September 23, 2013 to February 28, 2016; and 0.10% for Class R6 shares from September 23, 2013 until May 1, 2014. Investment returns reflect these fee waivers, without which returns would have been lower. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**

![ck0001040612-20221031_g12.jpg](ck0001040612-20221031_g12.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 17.51% |
| **Lowest:** | 1Q 2020 | -20.53% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 9/23/2013** | **Since Inception 8/31/2020** |
| **Class Y Shares** – Return Before Taxes | -13.17% | 9.68% | 12.23% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -14.46% | 7.36% | 9.78% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -6.88% | 7.39% | 9.49% | N/A | N/A |
| **Class A Shares** – Return Before Taxes | -18.40% | 8.11% | N/A | 10.10% | N/A |
| **Class I Shares** – Return Before Taxes  | -13.11% | N/A | N/A | N/A | 7.13% |
| **Class R6 Shares** – Return before Taxes | -13.04% | 9.87% | N/A | 11.30% | N/A |
| **S&P 500**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | 9.42% | 12.56% | 11.28% | 5.66% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Y shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Richard Eisinger (Co-Head of Investments and Portfolio Manager/Analyst), Haruki Toyama (Head of Mid Cap and Large Cap Equity and Portfolio Manager/Analyst) and Joe Maginot (Vice President and Portfolio Manager/Analyst) co-manage the Fund. Mr. Eisinger served in this capacity from January 2000 until May 2010, and again since June 2019; and Messrs. Toyama and Maginot have served in this capacity since February 2022.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. No such payments are made with respect to Class R6. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON SUSTAINABLE EQUITY FUND Fund Summary**

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| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class Y - MFSYX** | **Class I - MFSIX** |

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**Investment Objective**

The Madison Sustainable Equity Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees:*** *(fees paid directly from your investment)* | **Class Y** | **Class I** |
| 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** | **Class I** |
| Management Fees | 0.70% | 0.70% |
| Distribution and/or Service (Rule 12b-1) Fees |  |  |
| Other Expenses | 0.21% | 0.11% |
| Total Annual Fund Operating Expenses | 0.91%¹ | 0.81% |

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<sup>1</sup> Total annual fund operating expenses for the period ended October 31, 2022 for the Class Y shares do not match the financial statements due to rounding.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class Y** | $93 | $290 | $504 | $1120 |
| **Class I** | 83 | 259 | 450 | 1002 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund will invest primarily in common stocks of high-quality, large cap companies (generally, stocks with a market capitalization of greater than $10 billion) that the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), believes incorporate sustainability into their overall strategy. Under normal conditions, at least 80% of the Fund's net assets (including borrowings for investment purposes) will be invested in stocks that meet Madison's fundamental and sustainability criteria. The Fund's portfolio managers define "high-quality" companies as those businesses that exhibit durable growth, operate in large growing markets, and have strong competitive advantages with high barriers to entry Stocks that meet these criteria are selected by using an integrated research process that combines bottom-up fundamental analysis and sustainable research. The research process analyzes a company's sustainable practices using quantitative and qualitative analysis and engagement with the company.. The Fund may invest up to 30% of its assets in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). To the extent invested in common stocks, the Fund generally invests in only 35-50 companies at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund's investment objective.

Madison follows a rigorous multi-step process when evaluating companies for the Fund, where Madison considers (1) the business model and overall strategy, (2) the company's sustainable business practices starting with corporate governance, (3) the board of directors and the management team, and (4) the risk-reward of each potential investment. When evaluating the business model and overall strategy, Madison looks for durable competitive advantages, metrics that demonstrate consistent or improving levels of return on capital, growing revenue and earnings, and a solid balance sheet. When considering sustainable business practices, the Fund's portfolio managers identify material factors by industry, analyze corporate data and future targets, and engage with corporate management to better understand the company's sustainable efforts and goals. The sustainable research is combined with the fundamental research to develop an integrated view and investment thesis. When assessing the board of directors and the management team, Madison evaluates management's operational and capital allocation track records and the board of directors' corporate governance record including how the Board structures executive compensation. The final step in the process is assessing the risk-reward for the stock when deciding to invest in a company. Madison seeks to purchase securities trading at a discount to their intrinsic value as determined by applying relative multiples to projected earnings, discounted cash flows, and additional valuation methodologies. Often Madison finds companies

------

that meet our business model and sustainability criteria but not our valuation hurdle. Those companies are monitored for inclusion later when the price may be more appropriate.

Madison's criteria for selecting sustainable investments will vary by industry and by company. Madison uses a proprietary scoring system to assign an "above average," "average," or "below average" rating to each company and monitors these ratings across the portfolio. Madison will only invest in securities it determines are "average" or "above average." Madison primarily uses the services of Sustainalytics US Inc., an independent, third-party service that provides sustainability analytics and ratings. The Sustainalytics ratings are not determinative, but one of many factors considered when making investment decisions. Madison considers a number of sustainability metrics when reviewing a company for the portfolio, which may include: carbon footprint; waste management; water usage; diversity, equity, and inclusion; product safety; data management; board composition; ethical standards; and regulatory issues. Madison may also use research reports and other data when reviewing sustainable investing opportunities.

Madison may sell stocks for several reasons, including: (i) excessive valuation, (ii) the fundamental business prospects for the company have materially changed, (iii) the company no longer meets our sustainability criteria or inconsistent or negative changes in sustainability practices or (iv) Madison finds a more attractive alternative.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Large Cap Risk.* Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

*Management Risk.* The Fund is actively managed. The investment techniques and decisions of the investment adviser and the Fund's portfolio managers, including the investment adviser's assessment of a company's sustainability profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund's performance, including relative to other funds that do not consider sustainability factors or come to different conclusions regarding such factors.

*Sustainable Investment Risk*. The Fund follows a sustainable investment approach by investing in companies that embed sustainability in their overall strategy and demonstrate adherence to sustainable business practices. In pursuing such a strategy, the Fund may forgo opportunities to gain exposure to certain companies, industries, or sectors, and may be overweight or underweight in certain industries or sectors relative to its benchmark index, which may cause the Fund's performance to be sensitive to developments affecting those sectors. In addition, since sustainable investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Fund may be limited at times. Sustainability related information provided by issuers and third parties, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Madison's framework of sustainable investing will vary from other managers. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable practices may fall out of favor, which could potentially limit the Fund's investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the Fund selling a security when it might otherwise be disadvantageous to do so.

*Foreign Security and Emerging Market Risk*. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such ADRs, may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

------

*Growth and Value Risks.* Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Stocks with value characteristics carry the risk that investors will not recognize their intrinsic value for a long time or that they are appropriately priced at a low level. Because the Fund generally follows a strategy of holding stocks with both growth and value characteristics, any stock's share price may be negatively affected by either set of risks.

*Mid Cap Risk.* In addition to large-capitalization companies, the Fund may invest in mid-capitalization companies, which may entail greater risks than investments in larger, more established companies. Midsize companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some midsize companies may not have established financial histories; may have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. Because the Fund's inception date was December 31, 2021, only one year of performance is reflected in the bar chart and table. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class I Shares**

![ck0001040612-20221031_g13.jpg](ck0001040612-20221031_g13.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2022 | 7.00% |
| **Lowest:** | 2Q 2022 | -11.89% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 12/31/2021** |
| **Class I Shares** – Return Before Taxes | -17.63% | -17.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -17.74% | -17.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -10.36% | -10.36% |
| **Class Y Shares** – Return Before Taxes | -17.72% | -17.72% |
| **S&P 500**<sup>®</sup> **Index (**reflects no deduction for sales charges, account fees, expenses or taxes) | -18.11% | -18.11% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Maya Bittar, CFA (Vice President and Portfolio Manager/Analyst) and Dave Geisler (Vice President and Portfolio Manager/Analyst) have co-managed the Fund since December 2021.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON MID CAP FUND Fund Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MERAX** | **Class Y - GTSGX** | **Class I - MDCIX** | **Class R6 - MMCRX** |

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**Investment Objective**

The Madison Mid Cap Fund seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***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) | 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:*** *(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<sup>1</sup> | 0.74% | 0.74% | 0.74% | 0.74% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.41% | 0.21% | 0.11% | 0.03% |
| Total Annual Fund Operating Expenses | 1.40% | 0.95% | 0.85% | 0.77% |

---

<sup>1</sup> The management fee is 0.75% on assets up to $500 million, and reduced annually by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding

&nbsp;&nbsp;&nbsp;&nbsp;$1 billion.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $709 | $993 | $1297 | $2158 |
| **Class Y** | 97 | 303 | 525 | 1166 |
| **Class I** | 87 | 271 | 471 | 1049 |
| **Class R6** | 79 | 246 | 428 | 954 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of "midsize" companies (for this purpose, "midsize" is defined as those companies with market capitalization of between $500 million and $50 billion). Under normal market conditions, the Fund will maintain at least 80% of its net assets (including borrowings for investment purposes) in such mid cap securities. The Fund may also invest up to 25% of its assets in foreign securities (including American Depositary Receipts ("ADRs") and emerging market securities). As a non-principal investment strategy, the Fund may also invest in exchange traded funds ("ETFs") that are registered investment companies, warrants, preferred stocks and debt securities, including non-investment grade convertible debt securities. The Fund generally holds 25-40 individual securities in its portfolio at any given time. This reflects the belief of the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), that your money should be invested in Madison's top investment ideas, and that focusing on Madison's best investment ideas is the best way to achieve the Fund's investment objective.

The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality 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.

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Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment. When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet. When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows modeling and additional valuation methodologies. Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate. Madison seeks to avoid the downside risks associated with overpriced securities.

Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for the stock has been achieved or exceeded, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative.

The Fund's investment strategy reflects Madison's general "Participate and Protect<sup>®</sup>" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Mid Cap Risk*. The Fund's investments in midsize companies may entail greater risks than investments in larger, more established companies. Midsize companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some midsize companies may not have established financial histories; may have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Growth and Value Risks.* Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Stocks with value characteristics carry the risk that investors will not recognize their intrinsic value for a long time or that they are appropriately priced at a low level. Because the Fund generally follows a strategy of holding stocks with both growth and value characteristics, any stock's share price may be negatively affected by either set of risks.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Foreign Security and Emerging Market Risk*. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such as American depository receipts ("ADRs"), global depository receipts ("GDRs"), and European depository receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**

![ck0001040612-20221031_g14.jpg](ck0001040612-20221031_g14.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 2Q 2020 | 16.31% |
| **Lowest:** | 1Q 2020 | -23.68% |

---

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 4/19/2013** | **Since Inception 8/31/2020** |
| **Class Y Shares** – Return Before Taxes | -13.60% | 9.36% | 11.18% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -13.99% | 8.31% | 9.51% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -7.77% | 7.29% | 8.75% | N/A | N/A |
| **Class A Shares** – Return Before Taxes | -18.88% | 7.60% | N/A | 9.51% | N/A |
| **Class I Shares** – Return before Taxes | -13.46% | N/A | N/A | N/A | 9.50% |
| **Class R6 Shares** – Return before Taxes | -13.37% | 9.58% | 11.47% | N/A | N/A |
| **Russell Midcap**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -17.32% | 7.10% | 10.96% | 10.13% | 7.81% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Y shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Richard Eisinger (Co-Head of Investments and Portfolio Manager/Analyst), Haruki Toyama (Head of Mid Cap and Large Cap Equity and Portfolio Manager/Analyst), and Andy Romanowich, CFA (Vice President and Portfolio Manager/Analyst), co-manage the Fund. Mr. Eisinger has served in this capacity since January 1998, Mr. Toyama has served in this capacity since February 2015 and Mr. Romanowich has served in this capacity since February 2019.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. No such payments are made with respect to Class R6. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**MADISON SMALL CAP FUND Fund Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MASMX** | **Class Y - BVAOX** | **Class I - MSCIX** | **Class R6 - MSCRX** |

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**Investment Objective**

The Madison Small Cap Fund seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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) | 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** | **Class Y** | **Class I** | **Class R6** |
| Management Fees | 0.89% | 0.89% | 0.89% | 0.89% |
| 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 | 1.35% | 1.10% | 1.00% | 0.92% |

---

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The

example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $705 | $978 | $1272 | $2015 |
| **Class Y** | 112 | 350 | 606 | 1340 |
| **Class I** | 102 | 318 | 552 | 1225 |
| **Class R6** | 94 | 293 | 509 | 1131 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

**Principal Investment Strategies** 

The 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. For purposes of this Fund, "small cap" is defined as those companies with market capitalization of between $100 million and $15 billion. Under normal market conditions, the Fund will maintain at least 80% of its net assets

(including borrowings for investment purposes) in small cap securities.

The Fund's investment adviser, Madison Asset Management, LLC ("Madison"), focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be

------

monitored by Madison. Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.

Madison may generally sell a security when it believes: (1) the security has achieved its value potential; (2) such sale is necessary for portfolio diversification, (3) changing fundamentals signal a deteriorating value potential; or (4) other securities have a better value potential.

The Fund's investment strategy reflects Madison's general "Participate and Protect®" investment philosophy. Madison's expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison's expectations regarding this investment strategy will be realized.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Small Cap Risk—Price Volatility*. Due to its focus on small cap companies, the Fund may experience significant volatility over time. Small companies tend to have narrower product lines, fewer financial resources and a more limited trading market for their securities, as compared to larger companies. The securities of smaller companies also experience greater price volatility than securities of larger capitalization companies.

*Small Cap Risk—Illiquidity*. During certain periods, the liquidity of the securities of small cap companies may shrink or disappear suddenly and without warning as a result of adverse economic or market conditions, or adverse investor perceptions. This liquidity risk could translate into losses for the Fund if it has to sell illiquid securities at a disadvantageous time. The costs of purchasing or selling securities of small capitalization companies are often greater than those of more widely traded securities. Securities of smaller capitalization companies can also be difficult to value.

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Growth and Value Risks.* Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Stocks with value characteristics carry the risk that investors will not recognize their intrinsic value for a long time or that they are appropriately priced at a low level. Because the Fund generally follows a strategy of holding stocks with both growth and value characteristics, any stock's share price may be negatively affected by either set of risks.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to different broad measures of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Performance results prior to August 30, 2019 for the Class Y shares are based on the performance of the Broadview Opportunity Fund (the "Predecessor Fund"), which was reorganized into the Class Y shares of the Fund on August 30, 2019. Performance for Class A shares was deemed to be new effective August 31, 2019 as a result of the reorganization. Madison waived 0.04% of the Fund's annual services fee from August 31, 2019 through December 31, 2020. Investment returns reflect this fee waiver, without which returns would have been lower. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class Y Shares**![ck0001040612-20221031_g15.jpg](ck0001040612-20221031_g15.jpg)

---

| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2020 | 27.61% |
| **Lowest:** | 1Q 2020 | -28.96% |

---

*\** *The performance shown in the bar chart and the performance table for periods prior to November 29, 2013 represents the performance of the* 

&nbsp;&nbsp;&nbsp;&nbsp;*FMI Focus Fund (the "FMI Fund"), which merged with and into the Predecessor Fund on November 29, 2013. Prior to November 29, 2013,* 

&nbsp;&nbsp;&nbsp;&nbsp;*Broadview Advisors, LLC, the investment adviser to the Predecessor Fund served as subadviser to the FMI Fund. The FMI Fund had the same* 

&nbsp;&nbsp;&nbsp;&nbsp;*investment objective and substantially similar investment strategies as the Predecessor Fund*

**Average Annual Total Returns** 

**For Periods Ended December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception 8/31/2019** | **Since Inception 2/26/2021** | **Since Inception 2/28/2022** |
| **Class Y Shares** – Return Before Taxes | -24.36% | 4.22% | 7.97% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -25.30% | 0.13% | 3.82% | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -13.75% | 2.36% | 4.82% | N/A | N/A | N/A |
| **Class A Shares** – Return Before Taxes | -28.98% | N/A | N/A | 4.67% | N/A | N/A |
| **Class I Shares** – Return Before Taxes | -24.36% | N/A | N/A | N/A | -9.85% | N/A |
| **Class R6 Shares** – Return Before Taxes | N/A | N/A | N/A | N/A | N/A | -17.91% |
| **Russell 2000**<sup>®</sup> **Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -20.44% | 4.13% | 9.01% | 6.40% | -10.33% | -12.89% |
| **Russell 2500™ Index** (reflects no deduction for sales charges, account fees, expenses or taxes) | -18.37% | 5.89% | 10.03% | 7.65% | -6.50% | -11.95% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Y shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Aaron Garcia, CFA (Vice President and Portfolio Manager/Analyst) and Faraz Farzam, CFA (Vice President and Portfolio Manager/Analyst) have co-managed the Fund since August 2019. Messrs. Garcia and Farzam served as co-managers of Predecessor Fund since January 2010.

------

**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account. For accounts with Class I or R6 shares serviced by the Fund's transfer agent, the minimum investment amount is $250,000 for Class I shares and $500,000 for Class R6 shares, and there is no minimum to add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

------

**MADISON INTERNATIONAL STOCK FUND Fund Summary**

---

| | | |
|:---|:---|:---|
| **Share Class/Ticker:** | **Class A - MINAX** | **Class Y - MINYX** |

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**Investment Objective**

The Madison International Stock Fund seeks long-term growth of capital.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for Class A sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in Madison Funds.

More information about these and other discounts is available from your financial professional, in the "Sales Charges and Fees" section on page 65

of the prospectus, in the "More About Purchasing and Selling Shares" section on page 46 of the Funds' statement of additional information ("SAI") and in the sales charge waiver appendix to this prospectus.

---

| | | |
|:---|:---|:---|
| ***Shareholder Fees: (****fees paid directly from your investment)* | **Class A** | **Class Y** |
| 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: (e****xpenses that you pay each year as a percentage of the value of your investment)* | **Class A** | **Class Y** |
| Management Fees | 1.05% | 1.05% |
| Distribution and/or Service (Rule 12b-1) Fees | 0.25% |  |
| Other Expenses | 0.31% | 0.31% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.02% | 0.02% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 1.63% | 1.38% |

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<sup>¹</sup> Fees and expenses incurred indirectly by the Fund as a result of investment in shares of one or more acquired funds.

<sup>2</sup> Total annual fund operating expenses for the period ended October 31, 2022 do not match the financial statements because the financial statements do not include acquired fund fees and expenses.

***Example*:**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of the period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $731 | $1060 | $1411 | $2397 |
| **Class Y** | 140 | 437 | 755 | 1657 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense examples above, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in the stock of foreign companies. For this purpose, a foreign company is one whose principal operations are located outside the U.S., or that is organized outside the U.S., whose securities are principally traded outside of the U.S., and/or whose securities are quoted or denominated in a foreign currency. The types of stocks that the Fund may invest in include common stocks, securities convertible into common stocks, preferred stocks, and other securities representing equity interests such as American Depositary Receipts ("ADRs") (which represent an interest in the shares of a non-U.S. company that have been deposited with a U.S. bank, trade in U.S. dollars and clear through U.S. settlement systems, thus allowing the holder of an ADR to avoid having to transact in a foreign currency), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Swedish Depositary Receipts ("SDRs"). EDRs, GDRs and SDRs are receipts evidencing an arrangement with a non-U.S. financial institution similar to that for ADRs and are designed for use in non-U.S. securities markets.

The Fund may also invest in debt securities, foreign money market instruments, and other income bearing securities as well as forward foreign currency exchange contracts and other derivative securities and contracts. The Fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 40-70 individual securities in its portfolio at any given time. Typically, a majority of the Fund's assets are invested in relatively large capitalization stocks of issuers located or operating in developed countries. Such securities are those issued by companies located in countries included in the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI ex USA") Index.

------

The Fund may also invest up to 40% of its assets in securities of companies whose principal business activities are located in emerging market countries; however, the Fund's exposure will typically be limited to within +/- 10% relative to the benchmark (for this purpose, the benchmark used is the MSCI ACWI ex USA Index, which as of December 31, 2022, had 28.4% of its assets invested in emerging market securities). The growth style of equity management used by the Fund's investment adviser, Madison Asset Management, LLC ("Madison"), emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth, returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders. In general, the Fund seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High secular growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Superior profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medium to large capitalizations, although there are no limitations on the size of the companies in which the Fund may invest.

In making investment decisions, Madison generally selects securities on the basis of fundamental company-by-company analysis. In choosing securities, Madison will typically focus on the market price of a company's securities relative to its evaluation of the company's long-term earnings and cash flow potential. In addition, a company's valuation measures, including but not limited to price-to-earnings ratio and price-to-book ratio, will customarily be considered.

Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund's ability to achieve its investment objective may be diminished.

**Principal Risks**

The specific risks of owning the Fund are set forth below. You could lose money as a result of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund's share price and total return will fluctuate. You should consider your own investment goals, time horizon and risk tolerance before investing in the Fund.

*Foreign Security and Emerging Market Risk*. Investing in foreign securities involves certain special considerations and additional risks which are not typically associated with investing in securities of domestic issuers or U.S. dollar denominated securities. These risks may make the Fund more volatile than a comparable domestic stock fund. For example, foreign securities are typically subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Fluctuations in currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Higher trading and custody charges compared to securities of U.S. companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Different accounting and reporting practices than U.S. companies. As a result, it is often more difficult to evaluate financial information from foreign issuers. Also, the laws of some foreign countries limit the information that is made available to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Less stringent securities regulations than those of the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Potential political instability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Potential economic instability. The economies of individual foreign countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation and industry diversification. Such differences may cause the economies of these countries to be less stable than the U.S. economy and may make them more sensitive to economic fluctuations.

The risks of international investing are greater in emerging markets such as those of Latin America, Africa, Asia and Eastern Europe. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Depository Receipt Risk.* Depository receipts, such as American depository receipts ("ADRs"), global depository receipts ("GDRs"), and European depository receipts ("EDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk."

*Equity Risk*. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*Growth Investing Risk*. Stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Because the Fund generally follows a strategy of holding stocks with growth characteristics, any particular stock's share price may be negatively affected by this risk.

*Capital Gain Realization Risks to Taxpaying Shareholders.* Because of the focused nature of the Fund's portfolio, the Fund is susceptible to capital gain realization. In other words, when the Fund is successful in achieving its investment objective, portfolio turnover may generate more capital gains per share than funds that hold greater numbers of individual securities. The Fund's sale of just a few positions will represent a larger percentage of the Fund's assets compared with, say, a fund that has hundreds of securities positions.

*Market Risk.* The share price of the Fund reflects the value of the securities it holds. If a security's price falls, the share price of the Fund will go down (unless another security's price rises by an offsetting amount). If the Fund's share price falls below the price you paid for your shares, you could lose money when you redeem your shares.

------

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund's investment results have varied from year to year. The table shows the Fund's average annual total returns for various periods compared to a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. Performance data presented below for all periods prior to March 1, 2021, represents the performance of the previous subadviser. Updated performance information current to the most recent month end is available at no cost by visiting www.madisonfunds.com or by calling 1-800-877-6089.

**Calendar Year Total Returns for Class A Shares** 

(Returns do not reflect sales charges and would be lower if they did.)

![ck0001040612-20221031_g16.jpg](ck0001040612-20221031_g16.jpg)

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| | | |
|:---|:---|:---|
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: | Highest/Lowest quarter end results during this period were: |
| **Highest:** | 4Q 2020 | 15.12% |
| **Lowest:** | 1Q 2020 | -23.39% |

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**Average Annual Total Returns** 

**For Periods Ended December 31, 2022** 

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Shares** – Return Before Taxes | -23.01% | -3.35% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -22.96% | -5.29% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -13.48% | -2.23% | 1.27% |
| **Class Y Shares** – Return before Taxes | -18.17% | -1.96% | 2.12% |
| **MSCI ACWI ex USA Index (net)** (reflects no deduction for sales charges, account fees, expenses or taxes) | -16.00% | 0.88% | 3.80% |

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

After-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund

shares may be higher than other returns for the same period due to the tax benefit of realizing a capital loss on the sale of Fund shares.

**Portfolio Management**

The investment adviser to the Fund is Madison Asset Management, LLC. Thomas Tibbles, CFA (Head of International Equity Team and Portfolio Manager), Patrick Tan (Portfolio Manager/Analyst), and Alyssa Rudakas, CFA (Portfolio Manager/Analyst) co-manage the Fund. Messrs. Tibbles and Tan, and Ms. Rudakas have served in this capacity since February 2021.

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**Purchase and Sale of Fund Shares**

The minimum investment amount to establish an account in Class A and Class Y shares is normally $1,000 for non-retirement accounts and $500 for individual retirement and education savings accounts, and the minimum to add to an account is $50. For an account established with an automatic investment plan the minimum is $50 per month to establish or add to an account.

The Fund will waive the minimum investment requirements for certain employee benefit plans and for certain financial intermediaries that submit orders on behalf of their customers, although the intermediaries may impose their own minimum investment requirements. The Fund may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Fund.

You may generally purchase, exchange or redeem shares of the Fund on any day the New York Stock Exchange (NYSE) is open for business by written request (Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083), by telephone (1-800-877-6089), by contacting your financial professional, by wire (purchases only) or, with respect to purchases and exchanges, online at www.madisonfunds.com. Requests must be received in good order by the Fund or its transfer agent prior to the close of regular trading of the NYSE in order to receive that day's net asset value. Investors wishing to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the broker-dealer or financial intermediary to learn how to place an order.

**Tax Information**

Dividends and capital gains distributions you receive from the Fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-exempt or tax-deferred (in which case, such distributions may be taxable upon withdrawal). Distributions from the Fund may be taxed as ordinary income or long-term capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediary's website for more information.

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**ADDITIONAL RISKS**

**Unknown Market Risks**

Investing in the Funds involves risk. In addition to the other risks described in this prospectus, you should understand what we refer to as "unknown market risks." While investments in stocks and bonds have been keystones in wealth building and management for a hundred years, at times these investments have produced surprises for even the savviest investors. Those who enjoyed growth and income of their investments were rewarded for the risks they took by investing in the markets. When the rare calamity strikes, the word "security" itself seems a misnomer. Although we seek to appropriately address and manage the risks we have identified in this prospectus, 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 and, therefore, have not identified in this prospectus. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and, of course, 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 you must consider in connection with your investment in the Funds. Unforeseen events have the potential to upset the best laid plans, and could, under certain circumstances, produce a material loss of the value of some or all of the funds.

**Recent Market Events**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks' interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

**Cybersecurity Risk** 

The computer systems, networks and devices used by the Funds and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Funds and their service providers, systems, networks, or devices potentially can be breached. The Funds and their respective shareholders could be negatively impacted as a result of a cybersecurity breach. Cybersecurity breaches can include, but are not limited to, gaining unauthorized access to digital systems, networks or devices (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information; infection from computer viruses, corrupting data or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact a fund's business operations, potentially resulting in financial losses; interference with a fund's ability to calculate its NAV; impediments to trading; the inability of a fund, its investment advisor or subadviser, as applicable, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds' service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Funds or their shareholders. The Funds and their shareholders could be negatively impacted as a result.

**Fixed-Income Market Capacity Risk**

While assets in bond mutual funds and ETFs have grown rapidly, dealer capacity in the fixed income markets appears to have undergone fundamental changes. Primary dealer inventories appear to be lower since the financial crisis of 2008. This apparent reduction in market-making capacity may be a persistent change, to the extent it is resulting from broader structural changes such as fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements at the holding company level. A significant reduction in dealer market-making capacity has the potential to decrease liquidity and increase volatility in the fixed income markets at times. Therefore, our funds with income distributions objectives seek to invest in larger, more liquid issues. However, structural changes may cause trading in even the most liquid of issues to become challenged at times. This could negatively affect the price of these securities and the value of an investment in the fund.

**Management Risk** 

Each fund is subject to management risk as an actively-managed investment portfolio and depends on the decisions of the co-portfolio managers to produce the desired results.

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**YOUR ACCOUNT**

The following pages describe the share classes offered through this prospectus, and explain how you can invest with Madison Funds<sup>®</sup> ("Madison Funds," the "Funds," or the "Trust"). You may generally open an account and purchase shares of the Funds through financial intermediaries, such as mutual fund supermarkets, retirement plan record keepers, or brokers-dealers who are authorized to sell shares of the Funds (individually a "financial intermediary," and collectively, "financial intermediaries"). You may also purchase shares directly from the Funds' transfer agent.

***Note: most of the information on how to open an account and how to purchase, exchange, or sell shares that follows will not be relevant to you if you invest in the Funds through a financial intermediary.*** Financial intermediaries may require the payment of fees from their individual clients, which may be different from those described in this prospectus, and may also have policies and procedures that are different than those contained in this prospectus. For example, they may charge transaction fees or set different minimum investment amounts. Investors should consult their financial intermediary regarding its procedures for purchasing and selling shares of the Funds as the policies and procedures may be different. If you have such an account, contact your financial intermediary and they will be able to assist you.

Regardless of the type of account, the first step to investing in Madison Funds is to carefully read this *entire* prospectus.

**Who Can Invest in the Funds?**

In general, to invest in the Funds, you should be an adult US citizen or resident or a US entity with a US tax identification (social security or employer identification) number. You or the person authorized to place transactions on your behalf may not place transactions in your account for the benefit of any person other than yourself (except for a transfer of shares to another account). If the Funds determine that the registered owner of an account has permitted another person or entity who is not the registered or beneficial owner of the account to hold shares through that account, the Funds may reject future purchases in that account and any related accounts. The Funds may only be sold in states where they are notice filed or registered. Some funds and share classes appearing in this prospectus may not be available for purchase in all jurisdictions. The Funds sell shares to investors residing outside the US only in limited circumstances. Any sale to an investor residing outside of the US requires prior approval of the Funds.

**Share Class Availability**

The Trust offers five classes of shares through this prospectus: Class A, Class C, Class Y, Class I and Class R6. Not all share classes are offered by all funds. Each share class offered within a fund represents investments in the same portfolio of securities, but each class has its own expense structure, which allows you to choose the one that best meets your needs. For a description of the expenses imposed on each class, please see the "Fund Summaries - Fees and Expenses" section for the fund in which you are interested. The various share classes are described in more detail below.

When deciding which share class is best for you, carefully consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how long you plan to own the fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total expenses you'll pay for each class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether you qualify for any reduction or waiver of sales charges.

***Class A Shares.*** Class A shares typically charge a front-end sales charge or "load" that is deducted from your initial investment. Often, Class A shares offer you discounts (the discount increases as the size of your investment increases), called "breakpoints," on the front-end sales charge if you make a large purchase, already hold other mutual funds offered by the same fund family, or have family members (or others with whom you may link according to fund rules) who hold funds in the same fund family. Class A shares also charge a 0.25% Rule 12b-1 service fee that, over time, will increase the cost of investing.

***Class C Shares***. Class C shares do not impose a front-end sales charge that is deducted from your initial investment, but they do impose Rule 12b-1 distribution fees of 0.75% and service fees of 0.25% that will result in higher annual operating expenses than you would incur if you purchased Class A shares. Over time, these fees will increase the cost of investing and may make the Class C charges more than those for Class A shares. For this reason and others, Madison Funds does not normally accept purchase orders of more than $999,999 for Class C shares from a single investor. Class C shares impose a CDSC, which you pay if you sell your shares within one year of purchase. Class C shares do not convert to any other share class.

***Class Y Shares.*** Class Y shares do not impose a front-end sales charge or CDSC, and are not subject to any Rule 12b-1 distribution or service fees. Class Y shares are generally purchased directly through the Funds' transfer agent by individuals and entities that are not assisted by a financial adviser, and by investors who purchase shares through financial intermediaries who have entered into an agreement with the Funds' distributor or Madison to offer fund shares through a managed account or fee-based program or to brokerage accounts held on a network or platform that submit orders on behalf of their clients.

***Class I Shares.*** Class I shares do not impose a front-end sales charge or CDSC, and are not subject to any Rule 12b-1 distribution or service fees. Class I shares are generally available for purchase through participating employee benefit plans, and through certain other accounts registered to trust companies and bank trust departments, and certain eligible qualifying investment product platforms offered by financial intermediaries who have entered into an agreement with the Funds' distributor or Madison. Class I shares offered through such plans, accounts and platforms are generally maintained on the books of the Funds' transfer agent at an omnibus level. Investment minimums for any such plans, accounts, and platforms are set by the policies of those offering such shares. Class I shares are also available for purchase by individuals, trusts, estates, charitable organizations, corporations (including affiliated and unaffiliated investment companies), endowments, foundations and other investors who purchase shares directly from the Funds' transfer agent with a minimum initial investment of $250,000, and no minimum to add to an account.

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***Class R6 Shares***. Class R6 shares do not impose a front-end sales charge or CDSC, and are not subject to any Rule 12b-1 distribution or service fees. Class R6 shares do not make any payments to financial intermediaries from fund assets, nor from the Funds' distributor or Madison and its affiliates. Class R6 shares are available for purchase through participating retirement plans (401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans), and through certain other accounts registered to trust companies and bank trust departments and certain eligible qualifying investment product platforms offered by financial intermediaries under a signed agreement with the Funds' distributor. Class R6 shares offered through such plans, accounts and platforms are generally maintained on the books of the Funds' transfer agent at an omnibus level. Investment minimums for any such plans, accounts, and platforms are set by the policies of those offering such shares. Class R6 shares are available for purchase by corporations (including affiliated and unaffiliated investment companies), and other institutional investors, such as trusts, endowments and foundations, with a minimum initial investment of $500,000, and there is no minimum to add to an account.

Class R6 shares are generally not available to retail non-retirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPS, SARSEPs, SIMPLE IRAs or individual 403(b) plans. Class R6 shares are also not available for purchase under circumstances where the Funds' distributor or Madison is contractually required to pay any commissions, account servicing fees, record keeping fees, sub-transfer agent fees or other asset-based or sales-based fees to a financial intermediary. Please refer to the SAI for more information regarding the availability of Class R6 shares.

Each individual's investment needs are different. You should speak with your financial adviser to review your investment objectives, which will help you decide which share class is right for you.

**Investment Minimums**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Investments** | **Class A** | **Class C** | **Class Y** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp;**To open an account:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Retirement account: | $1000 | $1000 | $1000 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual Retirement account: | $500 | $500 | $500 | &nbsp;&nbsp;&nbsp;&nbsp;$250000 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Savings account: | $500 | $500 | $500 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**To add to an account:** | $50 | $50 | $50 | &nbsp;&nbsp;&nbsp;&nbsp;No minimum | &nbsp;&nbsp;&nbsp;&nbsp;No minimum |

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The Funds will waive the initial minimum investment to open an account for Class A, Class C and Class Y shares if you invest through an Automatic Investment Plan. See "Additional Investor Services – Automatic Investment Plan."

The Funds have no minimum investment requirements for all share classes for: (1) accounts funded with pre-tax or salary reduction contributions which include SEPs, 401(k) plans, non-qualified deferred compensation plans, and other pension and profit sharing plans; (2) for shares purchased by affiliated and unaffiliated investment companies; or (3) for investors who purchase shares through financial intermediaries who have entered into an agreement with the Funds' distributor or Madison to offer fund shares (i) through a managed account or fee-based program; or (ii) through accounts held on a network or platform that submit orders on behalf of their clients; and (iii) where the intermediary holds shares through an omnibus account. If you invest through a financial intermediary, the intermediary may impose their own minimum investment requirements.

The Funds may also reduce or waive the minimum investment requirements under certain circumstances and on a case-by-case basis if deemed to be in the best interest of the Funds. Please refer to the SAI for more information regarding the waiver of investment minimums of Class I and Class R6 shares.

**How to Contact Us**

You can reach a Madison Funds shareholder services representative by calling 1-800-877-6089 weekdays, 8:00 a.m. to 7:00 p.m. Central time. Mail all general inquiries, new account applications and transaction requests as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail:** | **Express, Certified or Registered Mail:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Funds<br>P. O. Box 219083<br>Kansas City, MO 64121-9083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 W 7<sup>th</sup> Street, STE 219083<br>Kansas City, MO 64105-1407 |

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**Opening an Account**

1.&nbsp;&nbsp;&nbsp;&nbsp;Carefully read this prospectus.

2.&nbsp;&nbsp;&nbsp;&nbsp;Determine how much you want to invest.

3.&nbsp;&nbsp;&nbsp;&nbsp;Carefully complete the appropriate parts of the account application, including the account privileges section of the application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional form if you want to add privileges later. If you have questions, please contact your financial adviser or the Trust.

When opening a new account, the Funds are required by law to obtain certain personal information from you to verify your identity, including name, address, date of birth, and other information that will allow us to identify you. If you do not provide the information, the Funds' transfer agent, on behalf of the Funds, may not be able to open your account. If the transfer agent is unable to verify your identity, the Funds' reserve the right to close your account or take such other action deemed reasonable or required by law.

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**Purchasing Shares**

The following explains how to purchase shares by check, wire, phone, exchange or Internet. You may purchase shares at any time by complying with the minimum investment requirements described in "FUND SUMMARIES—Purchase and Sale of Fund Shares." Upon request, your shares will be purchased at the next net asset value ("NAV") calculated after your order is accepted in good order by the Fund. "Good order" means that the request includes the information described in the table below.

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| | |
|:---|:---|
| **OPENING AN ACCOUNT** | **ADDING TO AN ACCOUNT** |
| **BY CHECK** | **BY CHECK** |
| Make out a check for the investment, payable to Madison Funds. | Make out a check for the investment amount, payable to Madison Funds. |
| Deliver the check and your completed application to your financial adviser or mail to Madison Funds. | Complete the detachable investment slip from your account statement. If no slip is available, send a letter specifying the fund name, share class, your account number, the name in which the account is registered, and the amount of your investment to be sent by check. Mail to Madison Funds. |
| **A charge of $30 will be assessed for each returned check occurrence.** | **A charge of $30 will be assessed for each returned check occurrence.** |
| **BY WIRE** | **BY WIRE** |
| Deliver your completed application to your financial adviser or mail to Madison Funds. | Call Madison Funds at 1-800-877-6089. Provide the fund name, share class, your account number, the name in which the account is registered, and the amount of your investment to be sent by wire. |
| Obtain your account number by calling your financial adviser or Madison Funds at 1-800-877-6089. Instruct your financial institution to wire the amount of your investment to State Street Bank & Trust Company. | &nbsp;&nbsp;Instruct your financial institution to wire the amount of your investment to State Street Bank & Trust Company:<br>ABA#: 0110-0002-8<br>FBO: Madison Funds<br>DDA#: 9905-510-5 FBO: (Shareholder name/account number) |
| **BY PHONE** | **BY PHONE** |
| Not currently available. | Call Madison Funds at 1-800-877-6089 to verify that these features are in place on your account. You are automatically eligible to purchase shares by phone, upon set-up of ACH electronic funds transfer, unless you indicate otherwise in the account options section of your application. |
|  | To place your purchase, call Madison Funds at 1-800-877-6089, or use our automated touchtone service 24-hours a day. |
| **BY EXCHANGE**<br>**(Available for most accounts and amounts that meet fund minimums.)** | **BY EXCHANGE**<br>**(Available for most accounts and amounts that meet fund minimums.)** |
| Make sure that you have a current prospectus for the Madison Funds, which can be obtained by calling your financial adviser or Madison Funds at 1-800-877-6089. | Make sure that you have a current prospectus for the Madison Funds, which can be obtained by calling your financial adviser or Madison Funds at 1-800-877-6089. |
| Call your financial adviser, Madison Funds at 1-800-877-6089, or use the Internet at www.madisonfunds.com to request an exchange. You can only open up a new fund position in an existing account by exchange. | Call your financial adviser, Madison Funds at 1-800-877-6089, or use the Internet at www.madisonfunds.com to request an exchange. |
| **BY INTERNET**<br>**(Access 24 hours a day at www.madisonfunds.com.)** | **BY INTERNET**<br>**(Access 24 hours a day at www.madisonfunds.com.)** |
| You cannot open a new account on the Internet. | Call Madison Funds at 1-800-877-6089 to verify that these features are in place on your account. You are automatically eligible to purchase shares upon set-up of ACH electronic funds transfer, unless you indicate otherwise in the account options section of your application. Alternatively, you may check your profile on the Internet. The feature will be activated if you are eligible to purchase shares. |

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*Purchase orders received in good order by the Funds after the close of regular trading on the New York Stock Exchange (usually 4:00 p.m., Eastern Time), will be processed using the next day's NAV.*

**Purchasing by Exchange**

Within an account, you may exchange shares of one fund for shares of the same class of another fund subject to the minimum investment requirements of the fund purchased, without paying any additional sales charge. Exchanges of Class C shares will continue to "age" from the date of original purchase of the Class C shares, respectively, and will retain the same CDSC rate as they had before the exchange.

Except as may be approved by the Chief Compliance Officer of the Funds, only five (5) exchanges are allowed per fund in a calendar year. If you establish a systematic exchange or automatic account rebalancing program (see the "Your Account -Additional Investor Services" section), those exchanges are not included in the exchange limit or redemption fee policies. The Funds reserve the right to require that previously exchanged shares (and reinvested dividends) be in a fund for 90 days before an investor is permitted a new exchange. A fund may change its exchange policy at any time upon 60 days' notice to its shareholders.

It is important to note that additional restrictions may apply if you invest through an intermediary. The Trust will work with intermediaries to apply the Funds' exchange limit guidelines, but in some instances, the Funds are limited in their ability to monitor the trade activity or enforce the Funds' exchange limit guidelines in such accounts. In addition, a different exchange limit may apply for accounts held by certain institutional retirement plans to conform to plan exchange limits.

Please refer to the SAI, for additional details regarding exchanges and moving investments in certain share classes to different share classes.

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**Sales Charges and Fees**

The following discussion explains how sales charges on your purchases of a fund are calculated. Before investing in mutual funds, it is important that you understand the sales charges that you will be charged.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | | | | |
| | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | | | | |
| | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | | | | |
| | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | | | | |
| | **Covered Call & Equity Income Fund** | **Covered Call & Equity Income Fund** | **Covered Call & Equity Income Fund** | | | | |
| | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | | | | |
| | **Investors Fund** | **Investors Fund** | **Investors Fund** | | | | |
| | **Mid Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** | | | | |
| | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | | | | |
| | **International Stock Fund** | **International Stock Fund** | **International Stock Fund** | | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| | **Sales Charge as a % of:** | **Sales Charge as a % of:** | **Dealer Commission as a % of Offering Price**<sup>2</sup> | | **Sales Charge as a % of:** | **Sales Charge as a % of:** | **Dealer Commission as a % of Offering Price**<sup>2</sup> |
| **Investment Amount:** | **Offering Price**<sup>1</sup> | **Net Amount Invested** | **Dealer Commission as a % of Offering Price**<sup>2</sup> | **Investment Amount:** | **Offering Price**<sup>1</sup> | **Net Amount Invested** | **Dealer Commission as a % of Offering Price**<sup>2</sup> |
| Under $25,000 | 5.75% | 6.10% | 5.00% | Under $50,000 | 4.50% | 4.71% | 4.00% |
| $25,000 to $49,999 | 5.00% | 5.26% | 4.50% | Under $50,000 | 4.50% | 4.71% | 4.00% |
| $50,000 to $99,999 | 4.50% | 4.71% | 4.00% | $50,000 to $99,999 | 4.00% | 4.17% | 3.50% |
| $100,000 to $249,999 | 3.50% | 3.63% | 3.00% | $100,000 to $249,999 | 3.50% | 3.63% | 3.00% |
| $250,000 to $499,999 | 2.50% | 2.56% | 2.00% | $250,000 to $499,999 | 2.50% | 2.56% | 2.00% |
| $500,000 to $999,999 | 1.50% | 1.52% | 1.20% | $500,000 to $999,999 | 1.50% | 1.52% | 1.20% |
| $1 million or more and certain other investments described below | None<sup>3</sup> |  | See Below<sup>4</sup> | $1 million or more and certain other investments described below | None<sup>3</sup> |  | See Below<sup>4</sup> |

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<sup>1</sup> The term "offering price" includes the front-end sales charge. The sales charge you pay may be higher or lower than what is disclosed due to standard industry practice to round the public offering price to two decimal places when calculating the number of shares purchased, and to round the number of shares purchased to three decimal places. Please refer to the SAI for additional information.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>The portion of the sales charge the Funds' distributor, MFD Distributor, LLC ("MFD"), or its agent pays to broker/dealers for selling the Funds' shares. The broker/dealer passes along a portion of this compensation to your financial adviser. From time to time, MFD, at its discretion, may pass along to the broker/dealers the entire sales charge paid as a percentage of offering price as part of a sales program, although it has not done so as of the date of this prospectus.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>A CDSC may be assessed on certain purchases of Class A shares over $1,000,000 at a rate of 1.00% in the first year and 0.50% in the second year following the purchase.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>MFD may pay a commission up to 0.80% on certain purchases of Class A shares over $1,000,000 on which no initial sales charge was paid, with a maximum commission of 0.50% on purchases over $3,000,000.

Generally, as the amount of purchase increases, the percentage used to determine the sales load decreases. In addition to a single mutual fund purchase, you may be entitled to receive a discount or qualify to purchase Class A shares without a sales charge based on rights of accumulation or by using a letter of intent as described below.

***Class A Sales Charge Discounts and Waivers*.** The availability of certain Class A sales charge discounts and waivers will depend on whether you purchase your shares directly from the Funds or through an intermediary. It is possible that certain intermediaries may not, in accordance with their policies and procedures, be able to offer one or more of these sales charge discounts or waiver privileges. In addition, certain intermediaries may have different policies and procedures regarding the availability of front-end sales charge discounts and waivers (See Appendix - Sales Charge Waivers, which includes information about specific sales charge discounts or waivers applicable to the intermediaries identified therein). In all instances, you will need to notify the Funds or your intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge discounts or waivers. For discounts and waivers not available through a particular intermediary, you will have to purchase fund shares directly from the Funds or through another intermediary to receive these discounts or waivers. Madison Funds may require evidence, and reserves the right to request additional documentation, to verify you are eligible for a discount or waiver of sales charges. Please consult your intermediary for further information.

**The term "immediate family" referenced below, is defined as the investor's spouse or domestic partner as recognized by applicable state law and children under the age of 21.**

***Class A Sales Charge Reductions*.** There are several ways investors and certain qualified pension plans may combine multiple purchases to reduce Class A sales charges as indicated below. For the purpose of calculating the sales charge, reinvestment or cross-reinvestment from another fund having paid a sales charge qualify,

***Rights of Combination.*** Purchases may be combined to reduce Class A sales charges if made by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;you and your immediate family for your own account(s), including individual retirement, custodial and personal trust accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;a trustee or other fiduciary purchasing for a single trust, estate or fiduciary account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;groups which qualify for the Group Investment Program as described in the SAI.

***Rights of Accumulation.*** You may add the current market value of your existing holdings in any fund and class of shares of Madison Funds (including combinations), to the amount of your next purchase of Class A shares to qualify for reduced sales charges. The current value of an existing investment in a variable annuity contract sponsored by CMFG Life Insurance Company may also be taken into account to determine your Class A sales charges.

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***Letter of Intent*.** You may purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once by signing a Letter of Intent ("LOI"). Such an investment must aggregate at least $25,000 if investing in equity funds or at least $50,000 if investing in the Core Bond Fund during the 13-month period from the date of the LOI. The LOI period starts on the date on which your first purchase is made toward satisfying the LOI. Your accumulated holdings (including combination and accumulation as described above) eligible to be aggregated as of the day immediately before the start date of the LOI period may be credited towards satisfying the LOI. For the purposes of calculating if the total investment amount specified in the LOI has been met, the historical cost of the original shares purchased will be used, and reinvested dividends and capital gains and appreciation of your holdings are not included. A small portion of the initial purchase (approximately 5% of the aggregate) will be held in escrow to cover the difference in Class A sales charges that may be due if your total investments over the 13-month period do not qualify for the sales charge reduction you received. The escrowed shares will be released upon completion of the LOI or at the end of the 13-month period, whichever comes first. If you are using historical cost to qualify for a reduced sales charge, you should retain any records to substantiate your historical costs since the Funds, their transfer agent, or your broker-dealer may not maintain this information.

***Class A Sales Charge Waivers*.** Class A shares may be purchased without front-end sales charges by the following individuals and institutions:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Investors in fee-based advisory or managed account programs where the sponsor or a broker-dealer has an agreement with the Funds' distributor authorizing the sale of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;• Clients of financial intermediaries who have entered into an agreement with the Funds' distributor or Madison to offer fund shares through a network, platform or to self-directed investment brokerage accounts.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Registered representatives of broker/dealers and registered investment advisers authorized to sell the Funds when purchasing shares for their own account or for the benefit of their immediate family.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Individuals and their immediate family who, within the past twelve months, were members of the Board of Trustees of the Trust; were trustees, directors, officers or employees of Madison Investment Holdings, Inc., and/or its subsidiaries or affiliated companies including Madison, any subadviser, or service providers of Madison Funds or the Ultra Series Fund; or any trust, pension, profit sharing or other benefit plan which beneficially owns shares for those persons.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Individuals and their immediate family who within the past twelve months were trustees, directors, officers, or employees of CMFG Life Insurance Company or its subsidiaries and affiliates (collectively referred to herein as "CMFG Life"), or any trust, pension, profit sharing or other benefit plan which beneficially owns shares for those persons, provided the purchase is self-directed without the consultation of a registered representative. If the purchase is made through a registered representative, sales charges as described herein may apply.

&nbsp;&nbsp;&nbsp;&nbsp;• Credit union employees and their "immediate family," when purchasing shares for their own personal accounts.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Investors who establish a self-directed investment account maintained by the Funds' transfer agent, where the investment is made without the consultation of registered representative and there is no broker-dealer of record associated with the account.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Retirement Health Care Funding Program accounts (FAS 106) and Employee Option Plan accounts administered by CMFG Life.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Credit union system-affiliated institutional investors, charitable organizations, and other non-profit organizations as described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Credit union employees and employees of non-profit organizations that qualify as tax-exempt under section 501(c) of the Code, when purchasing shares in a 457(b) eligible deferred compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Qualified defined benefit or qualified defined contribution pension plans, including 401(k) plans, with over $250,000 of assets.

In addition, Class A shares may be purchased without front-end sales charges in the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;With proceeds from the liquidation of a CMFG Life-affiliated pension product.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;By exchange from one fund to another.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;From the proceeds of shares of another fund account on which a load was already paid.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends or capital gains from any fund.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Funds' reinstatement or reinvestment privilege (see the SAI for more information).

The Funds may terminate or amend the terms of these sales charge reductions or waivers at any time.

***Class C Shares.*** Class C shares are sold without any initial sales charge. The Funds' distributor pays a commission equal to 1% of the amount invested to broker/dealers who sell Class C shares. For Class C shares, a contingent deferred sales charge (CDSC) of 1% may be applied on shares you sell within one year of purchase. Class C shares do not convert to any other share class.

The CDSC is based on the original purchase cost or the current NAV of the shares being sold, whichever is less. There is no CDSC on shares acquired through reinvestment of dividends or capital gain distributions. Certain withdrawals, including those made through a systematic withdrawal program, may not be subject to a CDSC. For more information, see the "Class C CDSC Waivers" subsection, below.

For purposes of computing the CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month. To minimize your CDSC, each time you place a request to sell shares, we will first sell any shares in your account that are not subject to a CDSC. If there are not enough of these to meet your request, we will sell those shares that you have owned for the longest period of time. Specifically, we will sell shares that represent share price increases (if any) first, then dividends, then the oldest-aged shares.

***Class C CDSC Waivers*.** In order to ensure you receive a waiver of the CDSC on redemptions of your Class C shares, you need to notify your financial adviser or Madison Funds at the time you redeem the shares that you qualify for such a waiver. If notice is not provided, you may not receive the waiver to which you are otherwise entitled. Madison Funds may require evidence, and reserves the right to request additional documentation, to verify you are eligible for a waiver of sales charges.

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The CDSC may be waived on redemptions of Class C shares under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;• If you have established a systematic withdrawal plan, as long as the redemptions do not exceed 12% of the value of an account annually (calculated at the time of the withdrawal).

&nbsp;&nbsp;&nbsp;&nbsp;• Due to death or disability.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;For the following types of transactions in individual retirement accounts (IRAs) or other qualified retirement plans described under section 401(a) of the Code, unless otherwise noted: returns of excess contributions; qualified hardship withdrawals; and required minimum distributions or to effect life expectancy distributions scheduled under the equal periodic payment exception (sometimes referred to as the 72t exception).

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Madison Funds' right to liquidate small accounts (see "Your Account - General Policies - Small Accounts").

**Please refer to the SAI or the Funds' website at www.madisonfunds.com for additional information on sales charge reductions and waivers. The SAI is available free of charge, upon request, by calling 1-800-877-6089. The Funds' website includes hyperlinks to the information provided herein and to the additional information that is referenced in the SAI.**

**Distribution and Service Plans (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.

***Distribution Fees (Class C shares only).*** A distribution plan has been adopted pursuant to Rule 12b-1 under the 1940 Act for Class C shares of each of the funds. Under the terms of each plan, each fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class C shares of that fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling C shares) or the distribution-related expenses of dealers. This fee increases the cost of investing in the Class C shares of a fund and, over time, may cost more than paying the initial sales charge for Class A shares.

***Service Fees (Class A and C shares).*** Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A and C shares of each of the funds. Under the terms of these plans, each fund pays MFD 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.

**Selling Shares**

The following explains how to sell your shares by letter, phone or exchange. You may sell shares at any time. Upon request, your shares will be sold at the next NAV calculated after your order is received in good order by the Fund. "Good order" means that the request includes the fund and account number, amount of transaction, signatures of the owners as noted below and a "medallion guarantee" if required.

In certain circumstances, to protect you and the Funds, you will need to make your request to sell shares in writing, which may require sending additional documents. In addition, you will need to obtain a medallion guarantee if the redemption is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;over $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;made payable to someone other than the registered shareholder(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;mailed to an address other than the address of record, or an address that has been changed within the last 30 days.

You can generally obtain a medallion guarantee from a financial institution, a broker or securities dealer, or a securities exchange or clearing agency. A notary public CANNOT provide a medallion guarantee. The Trust reserves the right to require a medallion guarantee on any redemption.

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| | |
|:---|:---|
| **SELLING SHARES** | **SELLING SHARES** |
| **BY LETTER**<br>**(Available for accounts of any type and sales of any amount.)** | **BY LETTER**<br>**(Available for accounts of any type and sales of any amount.)** |
| Write a letter of instruction indicating your account number, Fund name, the name in which the account is registered and the dollar value or number of shares you wish to sell. Mail your letter, and any other required materials, to Madison Funds. A check will be mailed to the name and address in which the account is registered. | Write a letter of instruction indicating your account number, Fund name, the name in which the account is registered and the dollar value or number of shares you wish to sell. Mail your letter, and any other required materials, to Madison Funds. A check will be mailed to the name and address in which the account is registered. |
| ***If you are:*** | ***A written letter of instruction to sell shares must include:*** |
| An owner of an individual, joint, sole proprietorship, UGMA/UTMA (custodial accounts for minors) or general partner account | • The signatures of all persons authorized to sign for the account, exactly as the account is registered.<br>• Medallion guarantee if applicable. |
| An owner of a corporate or association account, or an owner or trustee of a trust account | • The signature of the person(s)/trustee(s) authorized to sign for the account.<br>• Medallion guarantee required. |
| A joint tenancy shareholder whose co-tenant is deceased | • The signature of the surviving tenant.<br>• Tax waiver (if applicable in your state).<br>• Medallion guarantee required. |
| An executor of a shareholder's estate | • The signature of the executor.<br>• Tax waiver (if applicable in your state).<br>• Medallion guarantee required. |
| For other account types not listed above, please call Madison Funds at 1-800-877-6089 for instructions. | For other account types not listed above, please call Madison Funds at 1-800-877-6089 for instructions. |

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| |
|:---|
| **SELLING SHARES** |
| **BY PHONE**<br>**(Available for most accounts and sales of up to $100,000 per day.)** |
| To place your redemption order, call Madison Funds at 1-800-877-6089, or use our automated touchtone service 24-hours a day. Redemption requests may be placed on all business days (excluding market holidays). Checks are generally mailed the next business day after the redemption request is effective. |
| Redemption proceeds can be sent by electronic funds transfer ("EFT") provided that you have pre-authorized banking information on file with Madison Funds. Redemption proceeds from EFT transactions are generally available by the second business day. The Trust does not charge for EFT; however, your financial institution may charge a fee for this service. |
| Amounts of $1,000 or more can be wired on the next business day, provided that you have pre-authorized the wiring of funds and the needed information is on file with Madison Funds. A $15 fee will be deducted from your account to send the wire; your financial institution may charge an additional fee to accept the wired funds. |
| **BY EXCHANGE**<br>**(Available for most accounts and amounts that meet fund minimums.)** |
| Make sure that you have a current prospectus for the Madison Funds, which can be obtained by calling your financial adviser or Madison Funds at 1-800-877-6089. Call your financial adviser, Madison Funds, or use the Internet at www.madisonfunds.com to execute the exchange. |
| **BY INTERNET** |
| Depending upon the type of account you hold, you may be able to redeem shares online. The feature will be activated if your account is eligible. |

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*Redemption requests received in good order by the Funds after the close of regular trading on the New York Stock Exchange* 

*(usually 4:00 p.m., Eastern Time), will be processed using the next day's NAV.*

The Funds typically expects that each fund will pay redemption proceeds one business day following receipt and acceptance of a redemption order. However, payment may take longer than one business day and make take up to seven days as generally permitted by the 1940 Act. In addition, if you recently purchased shares and subsequently request a redemption of those shares, each fund will pay redemption proceeds once a sufficient period of time has passed to reasonably ensure that checks or drafts, for the shares purchased have cleared (normally seven business days from the purchase date).

Under normal market conditions, the Funds typically expect that each fund will meet shareholder redemptions by monitoring a fund's portfolio and redemption activity and by regularly holding a reserve of highly liquid assets, such as cash or cash equivalents. Each fund may use additional methods to meet redemptions, if they become necessary in stressed market conditions. These methods may include, but are not limited to, the sale of portfolio assets, the use of overdraft protection afforded by the Funds' custodian bank, and making payment with fund securities or other fund assets rather than in cash (as further discussed in the following paragraph).

Although payment of redemptions normally will be in cash, each fund reserves the right to pay the redemption price in whole or in part by a distribution of securities held by each fund (commonly referred to as an in-kind redemption). To the extent that a fund redeems its shares in this manner, the shareholder assumes the risk of a subsequent change in the market value of those securities, the cost of liquidating the securities and the possibility of a lack of a liquid market for those securities. The SAI contains further information about in-kind redemptions.

**General Policies**

***Limitation on Purchases****.* If you purchase shares by check and your check does not clear, your purchase will be canceled and you could be liable for any losses or fees incurred. A charge of $30 will be assessed for each returned check occurrence. We do not accept third-party checks, starter checks, credit cards, credit card checks, or cash to purchase shares. All purchase payments must be denominated in U.S. dollars and drawn on or from U.S. financial institutions. Additionally, we will not normally accept purchase orders of more than $999,999 for Class C shares from a single investor.

***Pricing of Fund Shares.*** The NAV for each fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m. Eastern Time) by dividing the net assets of each fund and class by the number of shares outstanding of that fund and class. Transaction requests received after the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time) will be processed using the next day's NAV. The NAV per share for each fund and class is not determined on days the New York Stock Exchange is closed for trading. The New York Stock Exchange is closed on New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A fund's NAV is equal to the market value of its investments and other assets, less any liabilities, divided by the number of fund shares. Because the assets of the **Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds** (collectively referred to as the "**Target Allocation Funds**") consist primarily of shares of the underlying funds, the NAV of each **Target Allocation** is determined based on the NAVs of the underlying funds.

Because each **Target Allocation Fund** will only invest in underlying funds, government securities and short-term paper, it is not anticipated that Madison will need to "fair" value any of the investments of the **Target Allocation Funds.** However, an underlying fund may need to "fair" value one or more of its investments, which may, in turn, require a **Target Allocation Fund** to do the same because of delays in obtaining the underlying fund's NAV. The following fair valuation policy is followed by Madison with respect to the funds that it advises. It is anticipated that unaffiliated underlying funds will have a fair valuation policy that is similar and such policy will be described in the prospectus of the underlying fund, including an explanation of the circumstances under which fair value pricing will be used and the effects of using fair value pricing.

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If quotations are not readily available for a security or other portfolio investment, or if it is believed that a quotation or other market price for a security or other portfolio investment does not represent its fair value, Madison may value the security or investment using procedures approved by the Board of Trustees of the Trust that are designed to establish its "fair" value. The fair valuation procedures may be used to value any investment of any fund in the appropriate circumstances. Securities and other investments valued at their "fair" value entail significantly greater valuation risk than do securities and other investments valued at an established market value.

Madison relies on its fair value procedures most often in connection with foreign securities whose principal trading market(s) is outside the U.S. and/or are denominated in a foreign currency. From time to time, events occur that affect the issuers of such foreign securities or the securities themselves, or information about the issuer or securities becomes available, after the close of trading in the securities but before the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In these situations, the fair value of the foreign security may be something other than the last available quotation or other market price. With regard to such foreign securities, the fair valuation procedures include consultation with an independent "fair value" pricing service. Nonetheless, Madison separately evaluates each such foreign security and may, in conformity with the fair valuation procedures, establish a different fair value than that reached by the independent pricing service or other financial institutions or investment managers.

Determining the fair value of securities involves consideration of objective factors as well as the application of subjective judgments about their issuers and the markets in which they are traded. A number of methodologies are available for determining the value of securities for which there is no clear market value or for which after-market events make prior market values unreliable. The value established by Madison under the fair valuation procedures for any security or other investment (or underlying fund) may vary from the last quoted sale price or market close price, or from the value given to the same security or investment by: (1) an independent pricing service; (2) other financial institutions or investment managers; or (3) Madison, had it used a different methodology to value the security. The Trust cannot assure that a security or other portfolio investment can be sold at the fair value assigned to it at any time.

To the extent that a fund holds portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares, the NAV of such fund's shares may change on days when shareholders will not be able to purchase or redeem the fund's shares.

***Execution of Requests.*** Each fund is open on those days when the New York Stock Exchange is open, typically Monday through Friday. Purchase and redemption requests are executed at the next NAV calculated after your request is received in good order by the Trust. In unusual circumstances, a fund may temporarily suspend the processing of sell requests, or may postpone payment of proceeds for up to seven days or longer, as allowed by federal securities law.

***Purchases and Redemptions through Authorized Financial Intermediaries.*** You may purchase or redeem shares of the Funds through financial intermediaries who are authorized to sell shares. Certain of these financial intermediaries are authorized to designate other financial intermediaries to receive purchase and redemptions orders on the Funds' behalf. The Funds will be deemed to have received a purchase or redemption order when an authorized financial intermediary, or, if applicable, any such financial intermediaries' authorized designee, receives the order.

***Purchase and Redemption Prices.*** When you purchase shares, you pay the NAV plus any applicable sales charges, as described earlier. When you redeem shares, you receive the NAV minus any applicable contingent deferred sales charge (CDSC). Purchase orders and redemption and exchange requests will be executed at the price next determined after the order or request is received in good order by the Trust, as described in "Your Account - Purchasing Shares" and "Your Account - Selling Shares."

***Redemption in Advance of Purchase Payments.*** When you place a request to redeem shares for which the purchase payment has not yet been collected, the request will be executed in a timely fashion, but the fund will not release the proceeds to you until your purchase payment clears. This may take up to seven business days after the purchase.

***Frequent Purchases and Redemptions of Fund Shares***. The Trust discourages investors from using the funds to frequently trade or otherwise attempt to "time" the market. As a result, the Funds reserve the right to reject a purchase or exchange request for any reason.

*Market Timing*. It is the policy of the Board of Trustees of Madison Funds to block shareholders or potential shareholders from engaging in harmful trading behavior, as described below, in any Madison Fund. To accomplish this, the Funds reserve the right to reject a purchase or exchange request for any reason, without notice. This policy does not affect a shareholder's right to redeem an account. In addition, the Funds have written agreements in place with intermediaries who hold fund shares on behalf of others (e.g., brokers, banks and plan administrators) which give the Funds the authority to identify third parties who invest in the funds through such intermediaries so that the Funds can prevent them from engaging in harmful frequent trading and market-timing activity as described below.

*Identifiable Harmful Frequent Trading and Market-Timing Activity*. The Trust defines harmful trading activity as that activity having a negative effect on portfolio management or fund expenses. For example, a fund subject to frequent trading or "market-timing" must maintain a large cash balance in order to permit the frequent purchases and redemptions caused by market-timing activity. Cash balances must be over and above the "normal" cash requirements the fund keeps to handle redemption requests from long-term shareholders, to buy and sell portfolio securities, etc. By forcing a fund's portfolio manager to keep greater cash balances to accommodate market timing, the fund may be unable to invest its assets in accordance with the fund's investment objective. Alternatively, harmful trading activity may require frequent purchase and sale of portfolio securities to satisfy cash requirements. To the extent market-timing activity of this sort requires the affected fund to continually purchase and sell securities, the fund's transaction costs will increase in the form of brokerage commissions and custody fees. Finally, frequent trading activity results in a greater burden on the affected fund's transfer agent, increasing transfer agent expenses and, if not actually raising fund expenses, at least preventing them from being lowered.

For all of the above reasons, the Funds monitor cash flows and transfer agent activity in order to identify harmful activity. Furthermore, when approached by firms or individuals who request access for market timing activities, the Funds decline such requests; when trades are attempted without such courtesy, the Funds make every effort to block them and prohibit any future investments from the source of such trades. The Funds do

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not define market-timing by the frequency or amount of trades during any particular time period. Rather, the Funds seek to prevent market-timing of any type that harms the funds in the manner described above.

The Funds do not currently impose additional fees on market timing activity although the right to do so is reserved upon notice to shareholders in the future. The Funds do not specifically define the frequency of trading that will be considered "market timing" because the goal is to prevent any harm to long-term investors that is caused by any out-of-the-ordinary trading or account activity. As a result, when the Funds identify any shareholder activity that causes or is expected to cause the negative results described above, the Funds will block the shareholder from making future investments. As a practical matter, the Trust's generally applicable restriction on exchanges per fund to five per year, as described in the "Purchasing By Exchange" section above, limits the occurrence of frequent trading and market-timing activity.

The Funds use their discretion to determine whether transaction activity is harmful based on the criteria described above. Except as described below, the Funds do not distinguish between shareholders that invest directly with a fund or shareholders that invest with the Trust through a broker (either directly or through a financial intermediary account), an investment adviser or other third party as long as the account is engaging in harmful activity as described above.

*Other Risks Associated with Market Timing*. Moving money in and out of funds on short notice is a strategy employed by certain investors who hope to reap profits from short-term market fluctuation. This is not illegal, but is discouraged by many funds since it can complicate fund management and, if successfully employed, have a negative impact on performance. In particular, a successful "market-timer" could, over time, dilute the value of fund shares held by long-term investors by essentially "siphoning off" cash by frequently buying fund shares at an NAV lower than the NAV at which the same shares are redeemed. The Funds will block ALL identifiable harmful frequent trading and market-timing activity described above regardless of whether the market-timer is successful or unsuccessful. In any event, investors in any of the Madison Funds should be aware that dilution caused by successful market timing by some shareholders is a risk borne by the remaining shareholders.

*Exceptions or Other Arrangements*. It is possible that a fund will not detect certain frequent trading or market timing activity in small amounts that, because of the relatively small size of such activity, is subsumed by the normal day-to-day cash flow of the fund (see the section above entitled "Other Risks Associated with Market Timing"). However, the Funds believe their procedures are adequate to identify any market timing activity having the harmful effects identified in the section entitled "Identifiable Harmful Frequent Trading and Market-Timing Activity" regardless of the nature of the shareholder or method of investment in the Trust.

*Delegation to Certain Financial Intermediaries*. The Trust may rely on the short-term trading policies enforced by financial intermediaries if, in the discretion of the Trust's Chief Compliance Officer, such policies are designed to prevent the harm that these policies are designed to address. Financial intermediary policies relied upon in this manner must be adequately identified in written agreements enforceable by the Trust or its distributor on behalf of the Funds.

Because the Funds discourage market timing in general, Madison Funds does not currently, nor does it intend to, have any arrangements or agreements, formal or informal, to permit any shareholders or potential shareholders to directly or indirectly engage in any type of market-timing activities, harmful or otherwise.

Although the Funds believe reasonable efforts are made to block shareholders that engage in or attempt to engage in harmful trading activities, the Funds cannot guarantee that such efforts will successfully identify and block every shareholder that does or attempts to do this.

***Telephone Transactions.*** For your protection, telephone requests are recorded in order to verify their accuracy. In addition, the Trust will take measures to verify the caller's identity, such as asking for name, account number, Social Security or taxpayer ID number and other relevant information. The Trust is not responsible for any losses that may occur due to unauthorized telephone calls. Also for your protection, redemption transactions are not permitted via telephone on accounts for which names or addresses have been changed within the past 30 days unless the account has been pre-authorized for EFT or wire redemption privileges to a financial institution account.

***Internet Transactions.*** For your protection, you will need your Social Security and account number to establish access to your account on the Internet. You will be asked to assign a unique password and you will need to use that password on all future visits to verify your identity. Buy and sell prices and valuation of shares procedures are consistent with the policies noted above. The Trust is not responsible for any losses that may occur due to unauthorized access.

***Special Redemptions.*** Although no fund would normally do so, each fund has the right to pay the redemption price of shares of the fund in whole or in part in portfolio securities held by the fund as prescribed by the Board of Trustees. However, the Trust has elected to be governed by Rule 18f-1 under the Investment Company Act of 1940, as amended. Under that rule, each fund must redeem its shares for cash except to the extent that the redemption payments to any shareholder during any 90-day period would exceed the lesser of $250,000 or 1% of the fund's NAV at the beginning of such period.

***Householding.*** To reduce shareholder service expenses, the Trust intends to send only one copy of its reports per household regardless of the number of investors at the household or the number of accounts held. However, any investor may obtain additional reports upon request to Madison Funds.

***Account Statements.*** In general, you will receive account statements every quarter, as well as after every transaction (except for any dividend reinvestment or systematic transactions) that affects your account balance and after any changes of name or address of the registered owner(s). Every year you should also receive, if applicable, a Form 1099 tax information statement, which will be mailed to you by January 31.

***Research and Other fees.*** Shareholders who need investment records for years prior to the past calendar year may be charged a research fee of $5 per request (with a maximum fee of $25 per request). The Funds reserve the right to impose additional charges, upon 30 days written notice, to cover the costs of unusual transactions. Services for which charges could be imposed include, but are not limited to, processing items sent for special collection, international wire transfers, research and processes for retrieval of documents or copies of documents.

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***Small Accounts.*** Due to the high fixed cost of maintaining mutual fund accounts, the Trust reserves the right to close any non-retirement accounts (excluding accounts set up with a systematic investment program) that have balances below $1,000. We will mail you a notice asking you to bring the account value up to $1,000 or initiate a systematic investment program. If you do not bring the account value up to $1,000 or initiate a systematic investment program within 60 days, the Trust may sell your shares and mail the proceeds to you at your address of record.

***Escheatment.*** Please be advised that certain state escheatment laws may require the Funds to turn over your mutual fund account to the state listed in your account registration as abandoned property unless you contact the Funds. Many states have added "inactivity" or the absence of **customer initiated contact** as a component of their rules and guidelines for the escheatment of unclaimed property. These states consider property to be abandoned when there is no **shareholder initiated activity** on an account for at least three (3) to five (5) years. Depending on the laws in your jurisdiction, customer initiated contact might be achieved by one of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Send a letter to Madison Funds via the United States Post Office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speak to a Shareholder Service Representative on the phone after you go through a security verification process. For residents of certain states, contact cannot be made by phone but must be in writing or through the Funds secure web application,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access your account through the Funds secure web application,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cashing checks that are received and are made payable to the owner of the account.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices will be delivered both to the shareholder and the designated representative. The completed designation form may be mailed to Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083.

The Funds, Madison, and the transfer agent will not be liable to shareholders or their representatives for good faith compliance with escheatment laws. To learn more about the escheatment rules for your particular state, please contact your attorney or State Treasurer's and/or Controller's Offices. If you do not hold your shares directly with the Funds, you should contact your broker-dealer, retirement plan, or other third party, financial intermediary regarding applicable state escheatment laws.

***Disclosure of Portfolio Information.*** Portfolio holdings information is available on the Funds' website at www.madisonfunds.com. In addition, a complete description of the Funds' policies and procedures with respect to the disclosure of portfolio holdings is available in the SAI.

**Additional Investor Services**

Depending on which share class you purchase, you may eligible to establish one or more of the additional account options described below.

***Automatic Investment Plan.*** You may set up regular systematic investments from your financial institution account to purchase shares of Class A, Class C or Class Y shares of Madison Funds. You determine the frequency (no less than quarterly), day of the month, amount of your investments, and you may terminate the plan at any time. The monthly minimum investment is $50 per fund. To enroll in an automatic investment plan, complete the appropriate parts of the new account application or, for an existing account, the account maintenance form. This account option is not available for Class I or Class R6 shares.

***Payroll Deduction Plan.*** If your employer supports a payroll deduction program, you may set up regular investments from your payroll to purchase shares of Class A, Class C or Class Y shares of Madison Funds. You determine the frequency (no less than quarterly), day of the month, amount of your investments, and you may terminate the plan at any time. The monthly minimum investment is $50 per fund. To enroll in a payroll deduction plan, complete the Madison Funds Payroll Deduction Form. A new account application must accompany the form if you are opening a new account. This account option is not available for Class I or Class R6 shares.

***Systematic Withdrawal Plan.*** If your account balance in Class A, Class C or Class Y shares is at least $5,000 you may set up regular systematic withdrawals from your Madison Funds account. You determine the frequency (no less than monthly), day of the month, amount of your withdrawals, and you may terminate the plan at any time. The monthly minimum withdrawal is $50 per fund. For Class C share accounts, no CDSC will be charged on systematic withdrawals of no more than 12% of your account's value annually. To enroll in a systematic withdrawal plan, complete the appropriate sections of the new account application or, for an existing account, the account maintenance form. This account option is not available for Class I or Class R6 shares.

***Systematic Exchange Plan.*** If your account balance in Class A, Class C or Class Y shares is at least $5,000 you may exchange your shares for the same class of shares of another Madison fund. You determine the frequency (no less than monthly), day of the month, amount of your exchanges, and you may terminate the plan at any time. The monthly minimum exchange amount is $50 per fund. For plans investing in Class C shares, for the purposes of computing the CDSC, the length of time you have owned your shares will be measured from the date of original purchase of the Class C shares and will not be affected by any permitted exchange. To enroll in a systematic exchange plan, complete the appropriate sections of the new account application or, for an existing account, the account maintenance form. This account option is not available for Class I or Class R6 shares.

**Distributions and Taxes**

***Schedule of Distributions.*** The Funds generally distribute most or all of their net investment income and capital gains. Capital gain distributions, if any, are typically made in December. Income distributions, if any, are made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly and paid monthly: **Tax-Free Virginia, Tax-Free National, Core Bond,** and **Diversified Income Funds.**

&nbsp;&nbsp;&nbsp;&nbsp;• Declared quarterly and paid quarterly: **Conservative Allocation, High Quality Bond, Covered Call & Equity Income** and **Dividend Income Funds.**

&nbsp;&nbsp;&nbsp;&nbsp;• Declared annually and paid annually: **Moderate Allocation, Aggressive Allocation, Investors, Sustainable Equity, Mid Cap, Small Cap,** and **International Stock Funds.**

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***Distribution Reinvestment.*** Many investors have their distribution payments reinvested in additional shares of the same fund and class. If you choose this option, or if you do not indicate any choice on the account application, your distribution payments will be reinvested on the payment date. Alternatively, you can choose to have a check mailed to you for your distribution payments. However, if, for any reason, the check is not deliverable, or you do not respond to mailings from Madison Funds with regard to uncashed distribution checks, your distribution payments may be reinvested and no interest will be paid on amounts represented by the check. In addition, your distribution options may be automatically converted to having all dividends and other distributions reinvested in additional shares.

***Taxability of Distributions.*** All distributions that you receive from a fund are generally taxable, whether reinvested or received in cash. Distributions from a fund's net investment company taxable income (which includes dividends, taxable interest, net short-term capital gains, and net gains from foreign currency transactions), if any, generally are taxable as ordinary income, unless such distributions are attributable to "qualified dividend" income eligible for the reduced rate of tax on long-term capital gains or unless you are exempt from taxation or entitled to a tax deferral. Distributions paid by each fund from net capital gains (the excess of net long-term capital gains over short-term capital losses) are taxable as long-term capital gains whether reinvested or received in cash and regardless of the length of time you have owned your shares unless you are exempt from taxation or entitled to a tax deferral. Currently, the maximum federal income tax rate applicable to long-term capital gains, and thus to qualified dividend income is 20%. Each fund will inform its shareholders of the portion of its dividends (if any) that constitute qualified dividend income.

Generally, "qualified dividend" income includes dividends received during the taxable year from certain domestic corporations and qualified foreign corporations. The portion of a distribution that the fund pays that is attributable to qualified dividend income received by the fund will qualify for such treatment in the hands of the non-corporate shareholders of the fund. If a fund has income of which more than 95% was qualified dividends, all of the fund's dividends will be eligible for the lower rates on qualified dividends. Certain holding period requirements applicable to both the fund and the shareholder also must be satisfied to obtain qualified dividend treatment.

When a fund makes a distribution, the fund's NAV decreases by the amount of the payment. If you purchase shares shortly before a distribution, you will, nonetheless, be subject to income taxes on the distribution, even though the value of your investment (plus cash received, if any) remains the same.

Fund distributions from the **Moderate Allocation**, **Diversified Income, Covered Call & Equity Income** and **Dividend Income Funds** are expected to be distributions of both net investment company taxable income and net capital gains. Fund distributions from the **Aggressive Allocation,**, **Investors, Sustainable Equity, Mid Cap, Small Cap** and **International Stock Funds** are expected to be primarily distributions of net capital gains, and fund distributions from the **Conservative Allocation, Tax-Free Virginia, Tax-Free National, High Quality Bond** and **Core Bond Funds** are expected to be primarily distributions of net investment company taxable income.

***Taxability of Transactions.*** Your redemption of fund shares may result in a taxable gain or loss to you, depending on whether the redemption proceeds are more or less than what you paid for the redeemed shares. An exchange of fund shares for shares in any other fund of the Trust generally will have similar tax consequences.

***Tax-Free Funds.*** Distributions of tax-exempt interest income from the **Tax-Free Virginia Fund** are generally exempt from federal taxation and will normally be exempt from state income tax for investors in Virginia as well (capital gain distributions from the fund are, however, subject to applicable federal and state taxation, as are redemptions). With regard to the **Tax-Free National Fund**, normally, the tax-exempt income attributable to the shareholder's home state may be exempt from state taxes and all such distributions are generally exempt from federal taxation. However, in most states, the rest of the distributions of income from the fund will be subject to state income tax. Like the **Tax-Free Virginia Fund**, capital gain distributions from the **Tax-Free National Fund** are subject to applicable federal and state taxation, as are redemptions.

***Withholding.*** If you do not furnish the Trust with your correct Social Security Number or Taxpayer Identification Number and/or the Trust receives notification from the Internal Revenue Service requiring back-up withholding, the Trust is required by federal law to withhold federal income tax from your distributions and redemption proceeds, currently at a rate of 24% for U.S. residents.

This section is not intended to be a full discussion of tax laws and the effect of such laws on you. There may be other federal, state, foreign or local tax considerations applicable to a particular investor. You are urged to consult your own tax adviser**.** Please refer to the SAI for more information about taxes.

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**INVESTMENT ADVISER**

The Funds' investment adviser is Madison Asset Management, LLC ("Madison"), a subsidiary of Madison Investment Holdings, Inc. ("MIH"), both located at 550 Science Drive, Madison, Wisconsin 53711. As of December 31, 2022, MIH, which was founded in 1974, and its affiliate organizations, including Madison, managed approximately $21.6 billion in assets, including open-end mutual funds, a closed-end fund, separately managed accounts and wrap accounts. Madison is responsible for the day-to-day administration of the Funds' activities. Investment decisions regarding each of the Funds can be influenced in various manners by a number of individuals. Generally, all management decisions are the ultimate responsibility of Madison's Investment Risk Oversight Committee. This committee is comprised of senior officers and portfolio managers of Madison.

**Investment Advisory Agreement**

For its investment advisory services to the Funds, pursuant to the terms of an Investment Advisory Agreement between Madison and the Trust,

Madison is entitled to receive a management 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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management Fee** | **Fund** | **Management Fee** |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | Covered Call & Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>1</sup> |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>1</sup> |
| Tax-Free Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | Sustainable Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>1</sup> |
| Tax-Free National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>1</sup> |
| High Quality Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>1</sup> |
| Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>1</sup> | International Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>1</sup> |
| Diversified Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>1</sup> |  |  |

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

Madison may from time to time, contractually or voluntarily, agree to waive a portion of its management fee and/or reimburse each fund's operating expenses to ensure that each fund's operating expenses do not exceed certain expense limitations if applicable. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. Voluntary waivers may be amended or discontinued at any time without prior notice. Any fees waived are not typically subject to later recoupment by Madison, except as otherwise noted.

A discussion regarding the basis for approval of the Funds' investment advisory contract by the Board of Trustees is contained in the Funds' annual report to shareholders for the period ended October 31, 2022.

**Administrative Services Agreement**

In addition to the management fee, Madison is entitled to receive an administrative services fee from each fund pursuant to the terms of a separate Administrative Services Agreement. Under this fee agreement, Madison provides or arranges for each fund to have all of the necessary operational and support services it needs for a fee.

Expenses that are not included under this fee agreement are: (i) transaction-related expenses including, but not limited to, brokerage commissions paid in connection with fund transactions, interest or fees in connection with fund indebtedness or taxes paid in connection with portfolio securities held, (ii) Rule 12b-1 distribution and service fees, (iii) acquired fund fees, if any, (iv) the fees of the Independent Trustees, and (v) any extraordinary or nonrecurring expenses (such as fees and expenses relating to any temporary line of credit the Funds maintain for emergency or extraordinary purposes). The administrative services 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 (the same rate applies to all share classes of each fund, except as otherwise noted):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administrative Services Fee** | **Fund** | **Administrative Services Fee** |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | Covered Call & Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15%<sup>1,2</sup> |
| Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2</sup> |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2</sup> |
| Tax-Free Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | Sustainable Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1</sup> |
| Tax-Free National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>1,2,3</sup> |
| High Quality Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19%<sup>1</sup> | Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2</sup> |
| Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2</sup> | International Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Diversified Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |  |  |

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<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%.

Madison may from time to time, contractually or voluntarily, agree to waive a portion of its administrative services fee and/or reimburse each fund's operating expenses to ensure that each fund's operating expenses do not exceed certain expense limitations if applicable. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. Voluntary waivers may be amended or discontinued at any time without prior notice. Any fees waived are not typically subject to later recoupment by Madison, except as otherwise noted.

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**PORTFOLIO MANAGEMENT**

**Madison Asset Management, LLC**

The Funds are generally managed by members of the applicable asset allocation, fixed income or equity management teams at Madison. The individuals primarily responsible for the day-to-day management of each fund are as follows:

***Target Allocation Funds***. The Target Allocation Funds are co-managed by David Hottmann, CPA and CFA, Patrick Ryan, CFA and Stuart Dybdahl, CFA, CAIA. Mr. Hottmann, Vice President and Portfolio Manager of Madison, has co-managed the funds since September 2009, which is when he joined Madison as a senior member of the firm's asset allocation management team. Prior to joining the firm, Mr. Hottmann had been the Chief Investment Officer at ACS Johnson Investment Advisors, his employer since 1999. Mr. Ryan, Head of Multi-Asset Solutions and Portfolio Manager of Madison, has co-managed the funds since January 2008. Prior to joining Madison in July 2009, Mr. Ryan was a Senior Analyst at MEMBERS Capital Advisors, Inc. ("MCA"), the former investment adviser to the funds. While at MCA, Mr. Ryan had been responsible for conducting manager research and due diligence for MCA's managed accounts products since 2004. Mr. Dybdahl, Vice President and Portfolio Manager/Analyst, of Madison, has co-managed the funds since February 2023. Mr. Dybdahl joined Madison in 2015 as an investment specialist and has worked in the financial services industry since 2014.

***Tax-Free Virginia Fund.*** The Tax-Free Virginia Fund is co-managed by Mike Peters, CFA, and Jeffrey Matthias, CFA. Mr. Peters, Vice President and Portfolio Manager of Madison, has co-managed the Fund since February 1997. Prior to joining Madison in 1997, Mr. Peters was Vice President and Fixed Income Portfolio Manager for Wachovia Asset Management since March 1993. Mr. Matthias, Vice President and Portfolio Manager/Strategist of Madison, has co-managed the Fund since February 2016. Prior to joining Madison in 2011, Mr. Matthias developed member society strategy at the CFA Institute and managed fixed income portfolios at American Family Insurance.

***Tax-Free National Fund.*** The Tax-Free National Fund is co-managed by Mike Peters, CFA, and Jeffrey Matthias, CFA. Mr. Peters has served in this capacity since February 1997 and Mr. Matthias has served in this capacity since February 2016. Biographical information for Messrs. Peters and Matthias is provided above.

***High Quality Bond Fund.*** The High Quality Bond Fund is co-managed by Chris Nisbet, CFA and Mike Sanders, CFA. Mr. Nisbet, Vice President and Portfolio Manager, has co-managed the Fund since the Fund's inception in 2000. Mr. Nisbet has been a member of Madison's fixed income team since joining the firm in 1992, and has worked in the financial services industry since 1990. Mr. Sanders, Head of Fixed Income and Portfolio Manager, has co-managed the Fund since February 2019. Mr. Sanders has been a member of the Madison fixed income team since 2013, and has worked in the financial services industry since 2004. Prior to joining Madison in 2013, he was a fixed income portfolio manager and analyst for Ziegler Lotsoff Capital Management focusing mostly on high yield bonds and preferred stocks.

***Core Bond Fund***. The Core Bond Fund is co-managed Mike Sanders, CFA and Allen Olson, CFA. Mr. Sanders, whose biographical information is provided above, has co-managed the Fund since September 2016. Mr. Olson, Vice President and Portfolio Manager/Analyst of Madison has co-managed the Fund since February 2021. Mr. Olson has been a member of Madison's fixed income team since joining the firm in 2002, and has worked in the financial services industry since 1998. Prior to joining Madison, Mr. Olson worked as a fixed income credit analyst and portfolio manager for Clarica Insurance.

***Diversified Income Fund***. The Diversified Income Fund is co-managed by John Brown, CFA, Drew Justman, CFA, Chris Nisbet, CFA, Allen Olson, CFA and Mike Sanders, CFA. Mr. Brown, Vice President and Portfolio Manager/Analyst of Madison, has co-managed the equity portion of the Fund since 1998. Prior to joining Madison in July 2009, Mr. Brown had been a Managing Director and Portfolio Manager-Equities of MCA since 1998. Mr. Justman, Vice President and Portfolio Manager/Analyst of Madison, has co-managed the equity portion of the Fund since February 2015. Mr. Justman joined Madison in July 2005 as a research analyst, specializes in the materials and industrials sectors. Prior to joining Madison, Mr. Justman was with Merrill Lynch. Mr. Nisbet, Mr. Olson and Mr. Sanders, biographical information is provided above. Messrs Nisbet, Olson and Sanders have co-managed the fixed income portion of the Fund since June 2013, February 2021, and February 2022, respectively.

***Covered Call & Equity Income Fund.*** The Covered Call & Equity Income Fund is co-managed by Ray DiBernardo, CFA, and Drew Justman, CFA. Mr. DiBernardo, Vice President and Portfolio Manager/Analyst of Madison, has co-managed the Fund since the Fund's inception in October 2009. Prior to joining Madison in 2003, Mr. DiBernardo was employed at Concord Trust in Chicago, IL, as well as a Toronto-based international equity firm. Mr. Justman, whose biographical information is provided above, has co-managed the Fund since December 2016.

***Dividend Income Fund.*** The Dividend Income Fund is co-managed by John Brown, CFA, and Drew Justman, CFA. Mr. Brown, whose biographical information is provided above, has co-managed the Fund since March 2012. Mr. Justman, whose biographical information is provided above, has co-managed the Fund since April 2013. Prior to March 2012, this Fund was known as the Balanced Fund and was managed utilizing a different investment strategy than that used currently.

***Investors Fund.*** The Investors Fund is co-managed by Richard Eisinger, Haruki Toyama, and Joe Maginot. Mr. Eisinger, Co-Head of Investments and Portfolio Manager/Analyst of Madison, co-managed the Fund from January 2000 until May 2010 and again since June 2019. Mr. Eisinger is responsible for the oversight of the firm's U.S. Equity and International Equity Teams. Since he joined the firm in 1997, Mr. Eisinger's focus has been on the firm's mid cap and large cap portfolios. He has served as portfolio manager on the U.S. Equity Team since 1998. Mr. Toyama, Head of Mid Cap and Large Cap Equity Teams and Portfolio Manager/Analyst of Madison, has co-managed the Fund since February 2022. He has also served as a portfolio manager of the mid cap team since 2014. Prior to re-joining Madison in 2014, Mr. Toyama was co-founder and President of Marcus Asset Management in Milwaukee where he was portfolio manager of a long/short hedge fund. He was previously a member of Madison's equity team from 2002-2004, and prior to that he served in portfolio management and analyst roles at MFS Investment Management and David L. Babson & Company. Mr. Maginot, Vice President and Portfolio Manager/Analyst of Madison, has co-managed the Fund since February 2022. Mr. Maginot has worked in the financial services industry since 2012 and joined Madison in 2019 as an equity analyst. Prior to joining Madison, he was an investment analyst at Zuckerman Investment Group.

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***Sustainable Equity Fund.*** The Sustainable Equity Fund is co-managed by Maya Bittar, CFA and Dave Geisler. Ms. Bittar, Vice President and portfolio Manager/Analyst of Madison, has co-managed the Fund since December 2021. Ms. Bittar has more than 30 years of experience in the financial services industry with over 20 years as a Portfolio Manager. She specializes in personalized portfolio management for Madison's private clients and co-manages the firm's Disciplined Equity strategy. Prior to joining Madison in 2018 as a member of the U.S. equity team, Ms. Bittar previously worked as a multi-sector analyst at Artisan Partners and as a Portfolio Manager at Wellington Management. Ms. Bittar began her career at U.S. Bank, first as a credit analyst and, later, a portfolio manager of a growth and income fund. Mr. Geisler, Vice President and Portfolio Manager/Analyst of Madison, has co-managed the Fund since December 2021. Since joining Madison in 2019, Mr. Geisler has been a member of the U. S. equity team. He specializes in customized portfolio management for Madison's private clients and co-manages the firm's Disciplined Equity strategy. Mr. Geisler has been in the financial services industry since 2004. Prior to joining Madison, Mr. Geisler worked at Lateef Investment Management, Artisan Partners, and Cowen and Company.

***Mid Cap Fund***. The Mid Cap Fund is co-managed by Richard Eisinger, Haruki Toyama and Andy Romanowich, CFA. Mr. Eisinger, whose biographical information is provided above, has co-managed the Fund since January 1998. Mr. Toyama, whose biographical information is provided above, has co-managed the Fund since February 2015. Mr. Romanowich, Vice President and Portfolio Manager/Analyst, has co-managed the Fund since February 2019. Mr. Romanowich has been a member of the Madison equity team since joining the firm in 2009. Prior to joining Madison, he was an equity analyst at MEMBERS Capital Advisors and has worked in the financial services industry since 2004.

***Small Cap Fund***. The Small Cap Fund is co-managed by Faraz Farzam, CFA and Aaron Garcia, CFA. Messrs. Farzam and Garcia have co-managed the Fund since August 2019, and had co-managed the Predecessor Fund, prior to its reorganization into the Small Cap Fund effective August 30, 2019. Prior to joining Madison in 2019, Mr. Farzam, Vice President and Portfolio Manager/Analyst, served on Broadview Advisors, LLC's small cap strategy and all cap strategy as a portfolio manager from 2001 to August 2019. Previously, he worked with Strong Capital Management. Mr. Farzam has worked in the financial services industry since 1999. Prior to joining Madison in 2019, Mr. Garcia, Vice President and Portfolio Manager/Analyst, served on Broadview Advisors, LLC's small cap strategy and all cap strategy as an analyst and later as a portfolio manager from 2003 to August 2019. Previously, he worked with Stifel Nicolaus as an associate analyst. Mr. Garcia has worked in the financial services industry since 2002.

***International Stock Fund***. The International Stock Fund is co-managed by Thomas Tibbles, CFA, Patrick Tan, and Alyssa Rudakas, CFA. Messrs. Tibbles and Tan, and Ms. Rudakas have co-managed the Fund since February 2021. Prior to joining Madison in 2014, Mr. Tibbles, Head of International Equity Team and Portfolio Manager/Analyst of Madison, led the Global Equity Team at Hansberger Global Investors in Toronto, Ontario. Mr. Tibbles was an initial founder of the International Equity Team in 1996 at Indago Capital Management, an affiliate of Canada Life. Mr. Tan, Portfolio Manager/Analyst of Madison, is responsible for multi-sector coverage for the international equity portfolios. Prior to joining Madison in 2014, Mr. Tan was a senior member of the Global Equity Team at Hansberger Global Investors in Toronto. Mr. Tan was an initial founder of the International Equity Team at Indago Capital Management, an affiliate of Canada Life. Ms. Rudakas, Portfolio Manager/Analyst of Madison, is responsible for multi-sector coverage for the international equity portfolios. Prior to joining Madison in 2014, Ms. Rudakas was a research associate on the International Equity Team at Hansberger Global Investors in Toronto beginning in 2011. Ms. Rudakas began her career at Dundee Securities Corporation where she worked as a licensed sales assistant.

Information regarding the portfolio managers' compensation, their ownership of securities in the Funds and the other accounts they manage can be found in the SAI.

**FINANCIAL HIGHLIGHTS**

The financial highlights tables that follow are intended to help you understand the Funds' financial performance for the past five years (or since inception of the fund if less than five years). Certain information reflects financial results for a single fund share outstanding for the period presented. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund, assuming reinvestment of all dividends and distributions.

The financial highlights for each of the periods presented below have been derived from the Funds' financial statements and financial highlights which have been audited by an independent registered public accounting firm, whose reports, along with the Funds' financial statements and financial highlights, are incorporated by reference in the SAI and included in the Funds' annual reports, each of which is available upon request.

Deloitte & Touche LLP ("Deloitte") has audited the financial statements and financial highlights of the Funds for all periods presented, except for the Madison Small Cap Fund. For the Madison Small Cap Fund, Deloitte audited the financial statements and financial highlights for periods ended September 30, 2019, October 31, 2019, October 31, 2020, October 31, 2021 and October 31, 2022; fiscal years ending prior to 2019 were audited by another independent registered public accounting firm.

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $11.12 | $11.15 | $10.96 | $10.39 | $10.97 | $11.30 | $11.32 | $11.11 | $10.48 | $11.06 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.20 | 0.10 | 0.13<sup>1</sup> | 0.36<sup>12</sup> | 0.19 | 0.13 | 0.01 | 0.04<sup>1</sup> | 0.29<sup>12</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | <u>(1.77)</u> | <u>0.63</u> | <u>0.46</u> | <u>0.68</u><sup>2</sup> | <u>(0.26)</u> | <u>(1.81)</u> | <u>0.64</u> | <u>0.48</u> | <u>0.68</u><sup>2</sup> | <u>(0.27)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.57) | 0.73 | 0.59 | 1.04 | (0.07) | (1.68) | 0.65 | 0.52 | 0.97 | (0.16) |
| **Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.18) | (0.19) | (0.18) | (0.24) | (0.11) | (0.09) | (0.10) | (0.05) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.51)</u> | <u>(0.58)</u> | <u>(0.21)</u> | <u>(0.29)</u> | <u>(0.27)</u> | <u>(0.51)</u> | <u>(0.58)</u> | <u>(0.21)</u> | <u>(0.29)</u> | <u>(0.27)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.70) | (0.76) | (0.40) | (0.47) | (0.51) | (0.62) | (0.67) | (0.31) | (0.34) | (0.42) |
| Net increase (decrease) in net asset value | (2.27) | (0.03) | 0.19 | 0.57 | (0.58) | (2.30) | (0.02) | 0.21 | 0.63 | (0.58) |
| **Net Asset Value at end of period** | $8.85 | $11.12 | $11.15 | $10.96 | $10.39 | $9.00 | $11.30 | $11.32 | $11.11 | $10.48 |
| **Total Return (%)**<sup>3</sup> | (15.00) | 6.72 | 5.62 | 10.37 | (0.75) | (15.67) | 5.91 | 4.89 | 9.50 | (1.51) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $35084 | $45932 | $44146 | $42662 | $42247 | $14315 | $20154 | $20137 | $20303 | $20001 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income to average net assets (%) | 1.97 | 0.86 | 1.19 | 3.38<sup>2</sup> | 1.74 | 1.27 | 0.11 | 0.45 | 2.60<sup>2</sup> | 0.99 |
| Portfolio turnover (%)<sup>4</sup> | 84 | 63 | 73 | 57 | 63 | 84 | 63 | 73 | 57 | 63 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares. |
| <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $12.22 | $11.85 | $11.76 | $11.59 | $12.20 | $12.09 | $11.70 | $11.61 | $11.47 | $12.07 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.28 | 0.09 | 0.12<sup>1</sup> | 0.51<sup>12</sup> | 0.17 | 0.19 | (0.01) | 0.02<sup>1</sup> | 0.42<sup>12</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.94)</u> | <u>1.35</u> | <u>0.43</u> | <u>0.60</u><sup>2</sup> | <u>(0.17)</u> | <u>(1.92)</u> | <u>1.34</u> | <u>0.44</u> | <u>0.59</u><sup>2</sup> | <u>(0.16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.66) | 1.44 | 0.55 | 1.11 |  | (1.73) | 1.33 | 0.46 | 1.01 | (0.08) |
| **&nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.13) | (0.17) | (0.17) | (0.17) | (0.19) |  | (0.08) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.68)</u> | <u>(0.94)</u> | <u>(0.29)</u> | <u>(0.77)</u> | <u>(0.44)</u> | <u>(0.68)</u> | <u>(0.94)</u> | <u>(0.29)</u> | <u>(0.77)</u> | <u>(0.44)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.97) | (1.07) | (0.46) | (0.94) | (0.61) | (0.87) | (0.94) | (0.37) | (0.87) | (0.52) |
| Net increase (decrease) in net asset value | (2.63) | 0.37 | 0.09 | 0.17 | (0.61) | (2.60) | 0.39 | 0.09 | 0.14 | (0.60) |
| **Net Asset Value at end of period** | $9.59 | $12.22 | $11.85 | $11.76 | $11.59 | $9.49 | $12.09 | $11.70 | $11.61 | $11.47 |
| **Total Return (%)**<sup>3</sup> | (14.88) | 12.66 | 4.75 | 10.69 | (0.12) | (15.47) | 11.79 | 3.99 | 9.78 | (0.82) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $92669 | $119035 | $111135 | $112916 | $108459 | $6244 | $8849 | $9230 | $9607 | $9338 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income to average net assets (%) | 2.54 | 0.70 | 0.96 | 4.42<sup>2</sup> | 1.39 | 1.83 | (0.03) | 0.22 | 3.68<sup>2</sup> | 0.62 |
| Portfolio turnover (%)<sup>4</sup> | 95 | 71 | 87 | 64 | 75 | 95 | 71 | 87 | 64 | 75 |

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| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.94, and 1.39%, respectively, for the class A Shares, and $0.08, $0.93, and 0.64%, respectively, for the class C shares. |
| <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $12.75 | $11.81 | $12.02 | $12.01 | $12.71 | $12.29 | $11.42 | $11.63 | $11.66 | $12.36 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.33 | 0.08 | 0.10<sup>1</sup> | 0.56<sup>12</sup> | 0.14 | 0.24 | (0.01) | 0.03<sup>1</sup> | 0.48<sup>12</sup> | 0.04 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.07)</u> | <u>1.89</u> | <u>0.33</u> | <u>0.57</u><sup>2</sup> | <u>(0.11)</u> | <u>(2.00)</u> | <u>1.82</u> | <u>0.30</u> | <u>0.54</u><sup>2</sup> | <u>(0.11)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.74) | 1.97 | 0.43 | 1.13 | 0.03 | (1.76) | 1.81 | 0.33 | 1.02 | (0.07) |
| **Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.09) | (0.16) | (0.14) | (0.15) | (0.24) |  | (0.06) | (0.07) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.84)</u> | <u>(0.94)</u> | <u>(0.48)</u> | <u>(0.98)</u> | <u>(0.58)</u> | <u>(0.84)</u> | <u>(0.94)</u> | <u>(0.48)</u> | <u>(0.98)</u> | <u>(0.58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.18) | (1.03) | (0.64) | (1.12) | (0.73) | (1.08) | (0.94) | (0.54) | (1.05) | (0.63) |
| Net increase (decrease) in net asset value | (2.92) | 0.94 | (0.21) | 0.01 | (0.70) | (2.84) | 0.87 | (0.21) | (0.03) | (0.70) |
| **Net Asset Value at end of period** | $9.83 | $12.75 | $11.81 | $12.02 | $12.01 | $9.45 | $12.29 | $11.42 | $11.63 | $11.66 |
| **Total Return (%)**<sup>3</sup> | (15.22) | 17.33 | 3.59 | 10.93 | 0.06 | (15.84) | 16.39 | 2.88 | 10.11 | (0.74) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $48969 | $60837 | $56089 | $54974 | $51274 | $2283 | $3082 | $2655 | $2263 | $2160 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income (loss) to average net assets (%) | 2.89 | 0.62 | 0.78 | 4.77<sup>2</sup> | 1.08 | 2.23 | (0.14) | (0.01) | 4.15<sup>2</sup> | 0.32 |
| Portfolio turnover (%)<sup>4</sup> | 99 | 84 | 105 | 79 | 71 | 99 | 84 | 105 | 79 | 71 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. | <sup>2</sup> In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. |
| <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
|  | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $11.71 | $11.89 | $11.71 | $11.08 | $11.49 | $10.98 | $11.08 | $10.96 | $10.41 | $10.85 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.19 | 0.20<sup>1</sup> | 0.23<sup>1</sup> | 0.24 | 0.18 | 0.18 | 0.21<sup>1</sup> | 0.24<sup>1</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.34)</u> | <u>(0.17)</u> | <u>0.18</u> | <u>0.63</u> | <u>(0.41)</u> | <u>(1.15)</u> | <u>(0.10)</u> | <u>0.15</u> | <u>0.61</u> | <u>(0.41)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.16) | 0.02 | 0.38 | 0.86 | (0.17) | (0.97) | 0.08 | 0.36 | 0.85 | (0.17) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.19) | (0.20) | (0.23) | (0.24) | (0.18) | (0.18) | (0.21) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.04)</u> | <u>(0.01)</u> | <u>—</u> | <u>—</u> | <u>—</u> | <u>(0.10)</u> | <u>—</u> | <u>(0.03)</u> | <u>(0.06)</u> | <u>(0.03)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.20) | (0.20) | (0.23) | (0.24) | (0.28) | (0.18) | (0.24) | (0.30) | (0.27) |
| Net increase (decrease) in net asset value | (1.38) | (0.18) | 0.18 | 0.63 | (0.41) | (1.25) | (0.10) | 0.12 | 0.55 | (0.44) |
| **Net Asset Value at end of period** | $10.33 | $11.71 | $11.89 | $11.71 | $11.08 | $9.73 | $10.98 | $11.08 | $10.96 | $10.41 |
| **Total Return (%)**<sup>2</sup> | (10.01) | 0.10 | 3.24 | 7.78 | (1.52) | (8.98) | 0.75 | 3.36 | 8.20 | (1.56) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $17746 | $20620 | $21572 | $22225 | $20868 | $17621 | $22331 | $23377 | $23807 | $23325 |
| Ratios of expenses to average net assets (%) | 0.86 | 0.86 | 0.85 | 0.85 | 0.85 | 0.76 | 0.76 | 0.75 | 0.75 | 0.75 |
| Ratio of net investment income to average net assets (%) | 1.65 | 1.57 | 1.66 | 1.96 | 2.09 | 1.74 | 1.65 | 1.91 | 2.19 | 2.25 |
| Portfolio turnover (%)<sup>3</sup> | 17 | 10 | 7 | 22 | 26 | 10 | 18 | 13 | 26 | 31 |
| <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** |
| | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $11.15 | $11.42 | $11.11 | $10.64 | $10.93 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.10 | 0.13<sup>1</sup> | 0.21<sup>1</sup> | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.11)</u> | <u>(0.24)</u> | <u>0.32</u> | <u>0.47</u> | <u>(0.30)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.98) | (0.14) | 0.45 | 0.68 | (0.12) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.10) | (0.14) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.06)</u> | <u>(0.03)</u> | <u>—</u> | <u>—</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.13) | (0.14) | (0.21) | (0.17) |
| Net increase (decrease) in net asset value | (1.16) | (0.27) | 0.31 | 0.47 | (0.29) |
| **Net Asset Value at end of period** | $9.99 | $11.15 | $11.42 | $11.11 | $10.64 |
| **Total Return (%)**<sup>2</sup> | (8.88) | (1.21) | 4.08 | 6.43 | (1.09) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $61707 | $115682 | $184881 | $90407 | $89253 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.50 | 0.50 | 0.49 | 0.49 | 0.49 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.46 | 0.40 | 0.46 | 0.49 | 0.49 |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.04 | 0.76 | 1.17 | 1.88 | 1.64 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.07 | 0.86 | 1.20 | 1.88 | 1.64 |
| Portfolio turnover (%)<sup>3</sup> | 23 | 13 | 21 | 20 | 31 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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| | |
|:---|:---|
| | **HIGH QUALITY BOND FUND** |
| | **CLASS I** |
| | Year Ended October 31, |
| | 2022\* |
| **Net Asset Value at beginning of period** | $10.84 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(0.79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.70) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | <u>(0.09)</u> |
| Net increase (decrease) in net asset value | (0.79) |
| **Net Asset Value at end of period** | $10.05 |
| **Total Return (%)**<sup>2</sup> | (6.44)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $15078 |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.41<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.41<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.32<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.32<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | &nbsp;&nbsp;23<sup>3</sup> |
| \* Class I shares commenced operations effective March 1, 2022. | \* Class I shares commenced operations effective March 1, 2022. |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. |
| <sup>4</sup> Annualized. | <sup>4</sup> Annualized. |
| <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $10.45 | $10.78 | $10.28 | $9.55 | $10.03 | $10.39 | $10.71 | $10.25 | $9.52 | $9.99 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | 0.16 | 0.14 | 0.18<sup>1</sup> | 0.24<sup>1</sup> | 0.21 | 0.13 | (0.02) | 0.20<sup>1</sup> | 0.25<sup>1</sup> | 0.24 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.75)</u> | <u>(0.12)</u> | <u>0.53</u> | <u>0.74</u> | <u>(0.46)</u> | <u>(1.69)</u> | <u>0.10</u> | <u>0.52</u> | <u>0.75</u> | <u>(0.45)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.59) | 0.02 | 0.71 | 0.98 | (0.25) | (1.56) | 0.08 | 0.72 | 1.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.14) | (0.19) | (0.25) | (0.23) | (0.17) | (0.19) | (0.24) | (0.27) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.06)</u> | <u>(0.21)</u> | <u>(0.02)</u> | <u>—</u> | <u>(0.00)</u><sup>2</sup> | <u>(0.06)</u> | <u>(0.21)</u> | <u>(0.02)</u> | <u>—</u> | <u>(0.00)</u><sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.35) | (0.21) | (0.25) | (0.23) | (0.23) | (0.40) | (0.26) | (0.27) | (0.26) |
| Net increase (decrease) in net asset value | (1.80) | (0.33) | 0.50 | 0.73 | (0.48) | (1.79) | (0.32) | 0.46 | 0.73 | (0.47) |
| **Net Asset Value at end of period** | $8.65 | $10.45 | $10.78 | $10.28 | $9.55 | $8.60 | $10.39 | $10.71 | $10.25 | $9.52 |
| **Total Return (%)**<sup>3</sup> | (15.47) | 0.21 | 7.00 | 10.37 | (2.45) | (15.25) | 0.73 | 7.13 | 10.67 | (2.12) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $32990 | $43577 | $47304 | $28902 | $29605 | $6954 | $10783 | $102811 | $121000 | $138186 |
| Ratios of expenses to average net assets (%) | 0.85 | 0.87 | 0.90 | 0.90 | 0.90 | 0.60 | 0.65 | 0.65 | 0.65 | 0.65 |
| Ratio of net investment income to average net assets (%) | 1.57 | 1.31 | 1.78 | 2.35 | 2.20 | 1.80 | 1.65 | 2.03 | 2.60 | 2.44 |
| Portfolio turnover (%)<sup>4</sup> | 21 | 30 | 61 | 36 | 26 | 21 | 30 | 61 | 36 | 26 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. | <sup>2</sup> Amounts represent less than $(0.005) per share. |
| <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
| | **CLASS I** | **CLASS I** | **CLASS R6** |
| | Year Ended | Period Ended | Period Ended |
| | <u>October 31,</u> | <u>October 31,</u> | <u>October 31,</u> |
| | <u>2022</u> | <u>2021</u><sup>1</sup> | <u>2022</u> |
| **Net Asset Value at beginning of period** | $10.36 | $10.39 | $9.90 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp; Net investment income | 0.17 | 0.11 | 0.13 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.72)</u> | <u>(0.02)</u> | <u>(1.33)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.55) | 0.09 | (1.20) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.06)</u> | <u>—</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.12) | (0.14) |
| Net increase (decrease) in net asset value | (1.80) | (0.03) | (1.34) |
| **Net Asset Value at end of period** | $8.56 | $10.36 | $8.56 |
| **Total Return (%)**<sup>2</sup> | (15.20) | 0.88<sup>3</sup> | (12.22)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $45963 | $133692 | $93641 |
| Ratios of expenses to average net assets (%) | 0.50 | 0.50<sup>4</sup> | 0.42<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 1.77 | 1.57<sup>4</sup> | 2.20<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 21 | &nbsp;&nbsp;30<sup>3</sup> | 21<sup>3</sup> |
| <sup>1</sup> Class I shares commenced operations effective March 1, 2021. | <sup>1</sup> Class I shares commenced operations effective March 1, 2021. | <sup>1</sup> Class I shares commenced operations effective March 1, 2021. | <sup>1</sup> Class I shares commenced operations effective March 1, 2021. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. |
| <sup>4</sup> Annualized. | <sup>4</sup> Annualized. | <sup>4</sup> Annualized. | <sup>4</sup> Annualized. |
| <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $18.42 | $15.52 | $16.37 | $15.98 | $15.93 | $18.58 | $15.65 | $16.48 | $16.07 | $16.03 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.27 | 0.23 | 0.26<sup>1</sup> | 0.28<sup>1</sup> | 0.28 | 0.14 | 0.09 | 0.15<sup>1</sup> | 0.16<sup>1</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.54)</u> | <u>3.11</u> | <u>(0.04)</u> | <u>1.64</u> | <u>0.30</u> | <u>(1.55)</u> | <u>3.14</u> | <u>(0.03)</u> | <u>1.66</u> | <u>0.29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.27) | 3.34 | 0.22 | 1.92 | 0.58 | (1.41) | 3.23 | 0.12 | 1.82 | 0.45 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.24) | (0.27) | (0.29) | (0.29) | (0.15) | (0.10) | (0.15) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(1.81)</u> | <u>(0.20)</u> | <u>(0.80)</u> | <u>(1.24)</u> | <u>(0.24)</u> | <u>(1.81)</u> | <u>(0.20)</u> | <u>(0.80)</u> | <u>(1.24)</u> | <u>(0.24)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.09) | (0.44) | (1.07) | (1.53) | (0.53) | (1.96) | (0.30) | (0.95) | (1.41) | (0.41) |
| Net increase (decrease) in net asset value | (3.36) | 2.90 | (0.85) | 0.39 | 0.05 | (3.37) | 2.93 | (0.83) | 0.41 | 0.04 |
| **Net Asset Value at end of period** | $15.06 | $18.42 | $15.52 | $16.37 | $15.98 | $15.21 | $18.58 | $15.65 | $16.48 | $16.07 |
| **Total Return (%)**<sup>2</sup> | (7.92) | 21.74 | 1.27 | 13.51 | 3.63 | (8.62) | 20.82 | 0.62 | 12.72 | 2.77 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $136578 | $158336 | $134213 | $139683 | $131127 | $22524 | $20812 | $16888 | $16090 | $14647 |
| Ratios of expenses to average net assets (%) | 1.11 | 1.11 | 1.10 | 1.10 | 1.10 | 1.86 | 1.85 | 1.85 | 1.84 | 1.85 |
| Ratio of net investment income to average net assets (%) | 1.61 | 1.27 | 1.66 | 1.80 | 1.72 | 0.88 | 0.52 | 0.91 | 1.05 | 0.97 |
| Portfolio turnover (%)<sup>3</sup> | 32 | 34 | 31 | 34 | 27 | 32 | 34 | 31 | 34 | 27 |

---

---

| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $9.60 | $7.80 | $7.84 | $8.52 | $8.88 | $8.74 | $7.19 | $7.31 | $8.04 | $8.47 | $9.95 | $8.05 | $8.06 | $8.73 | $9.06 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.05 | 0.02 | (0.09)<sup>1</sup> | 0.03<sup>1</sup> | 0.06 | 0.05 | (0.08) | (0.18)<sup>1</sup> | (0.05)<sup>1</sup> | (0.10) | (0.21) | 0.04 | (0.39)<sup>1</sup> | 0.12<sup>1</sup> | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>0.17</u> | <u>2.37</u> | <u>0.60</u> | <u>0.05</u> | <u>0.30</u> | <u>0.10</u> | <u>2.21</u> | <u>0.60</u> | <u>0.07</u> | <u>0.38</u> | <u>0.46</u> | <u>2.45</u> | <u>0.94</u> | <u>(0.02)</u> | <u>0.29</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.22 | 2.39 | 0.51 | 0.08 | 0.36 | 0.15 | 2.13 | 0.42 | 0.02 | 0.28 | 0.25 | 2.49 | 0.55 | 0.10 | 0.39 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.43) | (0.39) | (0.44) | (0.43) | (0.42) | (0.42) | (0.38) | (0.43) | (0.42) | (0.43) | (0.43) | (0.40) | (0.45) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.20)</u> | <u>(0.16)</u> | <u>(0.16)</u> | <u>(0.32)</u> | <u>(0.29)</u> | <u>0.20</u> | <u>(0.16)</u> | <u>(0.16)</u> | <u>(0.32)</u> | <u>(0.29)</u> | <u>(0.20)</u> | <u>(0.16)</u> | <u>(0.16)</u> | <u>(0.32)</u> | <u>(0.29)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.63) | (0.59) | (0.55) | (0.76) | (0.72) | (0.62) | (0.58) | (0.54) | (0.75) | (0.71) | (0.63) | (0.59) | (0.56) | (0.77) | (0.72) |
| Net increase (decrease) in net asset value | (0.41) | 1.80 | (0.04) | (0.68) | (0.36) | (0.47) | 1.55 | (0.12) | (0.73) | (0.43) | (0.38) | 1.90 | (0.01) | (0.67) | (0.33) |
| **Net Asset Value at end of period** | $9.19 | $9.60 | $7.80 | $7.84 | $8.52 | $8.27 | $8.74 | $7.19 | $7.31 | $8.04 | $9.57 | $9.95 | $8.05 | $8.06 | $8.73 |
| **Total Return (%)**<sup>2</sup> | 2.50 | 31.18 | 7.10 | 1.46 | 3.96 | 1.92 | 30.17 | 6.31 | 0.68 | 3.21 | 2.78 | 31.54 | 7.34 | 1.60 | 4.29 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $14044 | $14811 | $11996 | $13748 | $16035 | $8365 | $8336 | $7156 | $8191 | $9638 | $36964 | $66982 | $59966 | $102018 | $106576 |
| Ratios of expenses to average net assets (%) | 1.26 | 1.26 | 1.25 | 1.25 | 1.25 | 2.01 | 2.01 | 2.01 | 2.00 | 2.00 | 1.01 | 1.01 | 1.01 | 1.00 | 1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 0.57 | 0.09 | 0.70 | 1.05 | 0.47 | (0.18) | (0.66) | (0.05) | 0.29 | (0.28) | 0.84 | 0.34 | 0.98 | 1.28 | 0.73 |
| Portfolio turnover (%)<sup>3</sup> | 99 | 162 | 108 | 116 | 130 | 99 | 162 | 108 | 116 | 130 | 99 | 162 | 108 | 116 | 130 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | |
|:---|:---|
| **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
| **CLASS I**<sup>1</sup> | **CLASS I**<sup>1</sup> |
| Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> |
| **Net Asset Value at beginning of period** | $9.79 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(0.18)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | <u>(0.42)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.42) |
| Net increase (decrease) in net asset value | (0.22) |
| **Net Asset Value at end of period** | $9.57 |
| **Total Return (%)**<sup>2</sup> | 2.22 |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $75060 |
| Ratios of expenses to average net assets (%) | 0.96<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets (%) | 1.06<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 99<sup>3</sup> |

---

---

| |
|:---|
| <sup>1</sup> Class I shares commenced operations effective March 1, 2022. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Not annualized. |
| <sup>4</sup> Annualized |
| <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $10.12 | $8.17 | $8.16 | $8.81 | $9.13 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.17 | (0.45)<sup>1</sup> | 0.18<sup>1</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>0.23</u> | <u>2.37</u> | <u>1.02</u> | <u>(0.06)</u> | <u>0.34</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.27 | 2.54 | 0.57 | 0.12 | 0.40 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.43) | (0.40) | (0.45) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.20)</u> | <u>(0.16)</u> | <u>(0.16)</u> | <u>(0.32)</u> | <u>(0.29)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (0.59) | (0.56) | (0.77) | (0.72) |
| Net increase (decrease) in net asset value | (0.38) | 1.95 | 0.01 | (0.65) | (0.32) |
| **Net Asset Value at end of period** | $9.74 | $10.12 | $8.17 | $8.16 | $8.81 |
| **Total Return (%)**<sup>2</sup> | 2.89 | 31.69 | 7.51 | 1.82 | 4.37 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $765 | $544 | $1439 | $2385 | $2388 |
| Ratios of expenses to average net assets (%) | 0.88 | 0.88 | 0.87 | 0.87 | 0.87 |
| Ratio of net investment income) to average net assets (%) | 0.95 | 0.60 | 1.10 | 1.41 | 0.85 |
| Portfolio turnover (%)<sup>3</sup> | 99 | 162 | 108 | 116 | 130 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
| | **Class A\*** | **Class A\*** | **Class A\*** |
| | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> |
| **Net Asset Value at beginning of period** | $34.13 | $26.10 | $25.17 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.52 | 0.39 | 0.16<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.73)</u> | <u>8.06</u> | <u>0.98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.21) | 8.45 | 1.14 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.42) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.21)</u> | <u>—</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.65) | (0.42) | (0.21) |
| Net increase (decrease) in net asset value | (4.86) | 8.03 | 0.93 |
| **Net Asset Value at end of period** | $29.27 | $34.13 | $26.10 |
| **Total Return (%)**<sup>2</sup> | (4.23) | 32.52 | 4.53<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $55902 | $62716 | $51207 |
| Ratios of expenses to average net assets (%) | 1.16 | 1.16 | 1.17<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets ($) | 1.64 | 1.25 | 1.09<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 33 | 31 | 33<sup>3</sup> |

---

---

| |
|:---|
| <sup>∗</sup> Class A shares commenced operations effective June 1, 2020. |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Not Annualized. |
| <sup>4</sup> Annualized. |
| <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
| | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $34.19 | $26.14 | $27.65 | $27.01 | $26.18 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.60 | 0.50 | 0.51<sup>1</sup> | 0.46<sup>1</sup> | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.73)</u> | <u>8.03</u> | <u>(0.88)</u> | <u>3.12</u> | <u>1.42</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.13) | 8.53 | (0.37) | 3.58 | 1.89 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.48) | (0.45) | (0.43) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.21)</u> | <u>—</u> | <u>(0.69)</u> | <u>(2.51)</u> | <u>(0.59)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.77) | (0.48) | (1.14) | (2.94) | (1.06) |
| Net increase (decrease) in net asset value | (4.90) | 8.05 | (1.51) | 0.64 | 0.83 |
| **Net Asset Value at end of period** | $29.29 | $34.19 | $26.14 | $27.65 | $27.01 |
| **Total Return (%)**<sup>2</sup> | (3.98) | 32.81 | (1.42) | 15.48 | 7.35 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $165998 | $188287 | $171733 | $220725 | $111457 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.91 | 0.91 | 1.02 | 1.10 | 1.10 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.91 | 0.91 | 0.93 | 0.95 | 0.95 |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.89 | 1.50 | 1.72 | 1.64 | 1.60 |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 1.89 | 1.50 | 1.81 | 1.79 | 1.75 |
| Portfolio turnover (%)<sup>3</sup> | 33 | 31 | 33 | 28 | 32 |
| 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income | 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income | 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income | 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income | 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income | 1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
| | **Class I** | **Class I** | **Class I** |
| | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $34.20 | $26.14 | $27.19 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.73)</u> | <u>8.05</u> | <u>(1.02)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.10) | 8.57 | (0.96) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.62) | (0.51) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.21)</u> | <u>—</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.83) | (0.51) | (0.09) |
| Net increase (decrease) in net asset value | (4.93) | 8.06 | (1.05) |
| **Net Asset Value at end of period** | $29.27 | $34.20 | $26.14 |
| **Total Return (%)**<sup>3</sup> | (3.88) | 32.95 | (3.53)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $59812 | $72215 | $51725 |
| Ratios of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.81 | 0.81 | 0.82<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.81 | 0.81 | 0.82<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 2.02 | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.55<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 2.02 | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.55<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 33 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;33<sup>4</sup> |
| <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. |
| <sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. | <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Not Annualized. | <sup>4</sup> Not Annualized. | <sup>4</sup> Not Annualized. | <sup>4</sup> Not Annualized. |
| <sup>5</sup> Annualized. | <sup>5</sup> Annualized. | <sup>5</sup> Annualized. | <sup>5</sup> Annualized. |
| <sup>6</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>6</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>6</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>6</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | |
|:---|:---|
| **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
| | **CLASS R6** |
| | Period Ended |
| | October 31, |
| | <u>2022</u>\* |
| **Net Asset Value at beginning of period** | $31.05 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.72)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.33) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | <u>(0.44)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.44) |
| Net increase (decrease) in net asset value | (1.77) |
| **Net Asset Value at end of period** | $29.28 |
| **Total Return (%)**<sup>1</sup> | &nbsp;&nbsp;(4.25)<sup>2</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $19575 |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.73<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.73<sup>3</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 2.03 |
| Portfolio turnover (%)<sup>4</sup> | 33<sup>2</sup> |
| <sup>\*</sup> Class R6 shares commenced operations effective March 1, 2022. | <sup>\*</sup> Class R6 shares commenced operations effective March 1, 2022. |
| <sup>1</sup> Total return without applicable sales charge. | <sup>1</sup> Total return without applicable sales charge. |
| <sup>2</sup> Not Annualized. | <sup>2</sup> Not Annualized. |
| <sup>3</sup> Annualized. | <sup>3</sup> Annualized. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $28.72 | $23.81 | $23.76 | $23.85 | $23.22 | $28.78 | $23.84 | $23.83 | $23.92 | $23.29 | $29.09 | $24.12 | $24.06 | $24.07 | $23.44 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.01) | (0.01) | 0.04<sup>1</sup> | 0.06<sup>1</sup> | 0.05 | 0.05 | 0.12 | 0.14<sup>1</sup> | 0.12<sup>1</sup> | 0.11 | 0.08 | 0.11 | 0.03<sup>1</sup> | 0.16<sup>1</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.92)</u> | <u>7.29</u> | <u>1.31</u> | <u>3.39</u> | <u>1.87</u> | <u>(2.93)</u> | <u>7.24</u> | <u>1.29</u> | <u>3.39</u> | <u>1.87</u> | <u>(2.93)</u> | <u>7.37</u> | <u>1.45</u> | <u>3.43</u> | <u>1.88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.93) | 7.28 | 1.35 | 3.45 | 1.92 | (2.88) | 7.36 | 1.43 | 3.51 | 1.98 | (2.85) | 7.48 | 1.48 | 3.59 | 2.03 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.10) | (0.03) | (0.04) | (0.05) | (0.12) | (0.16) | (0.09) | (0.15) | (0.14) | (0.12) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(2.14)</u> | <u>(2.37)</u> | <u>(1.30)</u> | <u>(3.44)</u> | <u>(1.26)</u> | <u>(2.14)</u> | <u>(2.37)</u> | <u>(1.30)</u> | <u>(3.44)</u> | <u>(1.26)</u> | <u>(2.14)</u> | <u>(2.37)</u> | <u>(1.30)</u> | <u>(3.44)</u> | <u>(1.26)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.14) | (2.37) | (1.30) | (3.54) | (1.29) | (2.18) | (2.42) | (1.42) | (3.60) | (1.35) | (2.29) | (2.51) | (1.42) | (3.60) | (1.40) |
| Net increase (decrease) in net asset value | (5.07) | 4.91 | 0.05 | (0.09) | 0.63 | (5.06) | 4.94 | 0.01 | (0.09) | 0.63 | (5.14) | 4.97 | 0.06 | (0.01) | 0.63 |
| **Net Asset Value at end of period** | $23.65 | $28.72 | $23.81 | $23.76 | $23.85 | $23.72 | $28.78 | $23.84 | $23.83 | $23.92 | $23.95 | $29.09 | $24.12 | $24.06 | $24.07 |
| **Total Return (%)**<sup>2</sup> | (11.33) | 32.37 | 5.75 | 18.37 | 8.50 | (11.13) | 32.72 | 6.06 | 18.63 | 8.75 | (10.96) | 32.96 | 6.21 | 18.88 | 8.90 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $88286 | $108515 | $88934 | $86476 | $78043 | $89391 | $112166 | $157991 | $244443 | $208942 | $50843 | $84331 | $70490 | $8063 | $6919 |
| Ratios of expenses to average net assets (%) | 1.16 | 1.16 | 1.18 | 1.20 | 1.20 | 0.91 | 0.91 | 0.94 | 0.95 | 0.95 | 0.73 | 0.73 | 0.74 | 0.77 | 0.77 |
| Ratio of net investment income to average net assets (%) | (0.05) | (0.03) | 0.18 | 0.23 | 0.22 | 0.21 | 0.25 | 0.54 | 0.47 | 0.47 | 0.41 | 0.39 | 0.26 | 0.65 | 0.64 |
| Portfolio turnover (%)<sup>3</sup> | 18 | 17 | 41 | 23 | 40 | 18 | 17 | 41 | 23 | 40 | 18 | 17 | 41 | 23 | 40 |

---

---

| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** |
| | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $28.75 | $23.84 | $24.51 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.07 | 0.10 | 0.00<sup>23</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | <u>(2.91)</u> | <u>7.28</u> | <u>(0.67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.84) | 7.38 | (0.67) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(2.14)</u> | <u>(2.37)</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.24) | (2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) in net asset value | (5.08) | 4.91 | (0.67) |
| **Net Asset Value at end of period** | $23.67 | $28.75 | $23.84 |
| **Total Return (%)**<sup>4</sup> | (11.03) | 32.87 | (2.73)<sup>5</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | &nbsp;&nbsp;$71885 | &nbsp;&nbsp;$104617 | &nbsp;&nbsp;$20643 |
| Ratios of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82<sup>6</sup> |
| Ratio of net investment income to average net assets (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41<sup>5</sup> |
| <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. | <sup>1</sup> Class I shares commenced operations effective September 1, 2020. |
| <sup>2</sup> Amounts represent less than $0.005 per share. | <sup>2</sup> Amounts represent less than $0.005 per share. | <sup>2</sup> Amounts represent less than $0.005 per share. | <sup>2</sup> Amounts represent less than $0.005 per share. |
| <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>4</sup> Total return without applicable sales charge. | <sup>4</sup> Total return without applicable sales charge. | <sup>4</sup> Total return without applicable sales charge. | <sup>4</sup> Total return without applicable sales charge. |
| <sup>5</sup> Not annualized. | <sup>5</sup> Not annualized. | <sup>5</sup> Not annualized. | <sup>5</sup> Not annualized. |
| <sup>6</sup> Annualized. | <sup>6</sup> Annualized. | <sup>6</sup> Annualized. | <sup>6</sup> Annualized. |
| <sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | |
|:---|:---|:---|
| | **SUSTAINABLE EQUITY FUND** | **SUSTAINABLE EQUITY FUND** |
| | **CLASS Y** | **CLASS I** |
| | Period Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u><sup>1</sup> | <u>2022</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $10.00 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | <u>(1.82)</u> | <u>(1.81)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.79) | (1.78) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | <u>—</u> | <u>—</u> |
| Net increase (decrease) in net asset value | (1.79) | (1.78) |
| **Net Asset Value at end of period** | $8.21 | $8.22 |
| **Total Return (%)**<sup>2</sup> | (17.90)<sup>3</sup> | (17.80)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net Assets at end of period (in 000's) | $82 | $9198 |
| Ratios of expenses to average net assets: | 0.89<sup>4</sup> | 0.81<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 0.46<sup>4</sup> | 0.60<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 12<sup>3</sup> | 12<sup>3</sup> |
| <sup>1</sup> The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022. | <sup>1</sup> The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022. | <sup>1</sup> The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. | <sup>3</sup> Not annualized. |
| <sup>4</sup> Annualized. | <sup>4</sup> Annualized. | <sup>4</sup> Annualized. |
| <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $13.68 | $10.26 | $11.09 | $9.77 | $9.37 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.09) | (0.07) | (0.08)<sup>1</sup> | (0.07)<sup>1</sup> | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.27)</u> | <u>3.91</u> | <u>(0.32)</u> | <u>2.07</u> | <u>0.81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.36) | 3.84 | (0.40) | 2.00 | 0.75 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.64)</u> | <u>(0.42)</u> | <u>(0.43)</u> | <u>(0.68)</u> | <u>(0.35)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.00) | 3.42 | (0.83) | 1.32 | 0.40 |
| **Net Asset Value at end of period** | $11.68 | $13.68 | $10.26 | $11.09 | $9.77 |
| **Total Return (%)**<sup>2</sup> | (10.62) | 38.24 | (3.81) | 22.65 | 8.15 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $63417 | $76625 | $58782 | $66250 | $59519 |
| Ratios of expenses to average net assets (%) | 1.40 | 1.39 | 1.40 | 1.40 | 1.40 |
| Ratio of net investment income to average net assets (%) | (0.59) | (0.50) | (0.64) | (0.59) | (0.51) |
| Portfolio turnover (%)<sup>3</sup> | 24 | 24 | 24 | 25 | 27 |

---

---

| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
| | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $14.62 | $10.89 | $11.71 | $10.23 | $9.76 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.03) | 0.02 | (0.03)<sup>1</sup> | (0.02)<sup>1</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.37)</u> | <u>4.13</u> | <u>(0.36)</u> | <u>2.18</u> | <u>0.83</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.40) | 4.15 | (0.39) | 2.16 | 0.82 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.00)<sup>2</sup> |  | (0.00)<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.64)</u> | <u>(0.42)</u> | <u>(0.43)</u> | <u>(0.68)</u> | <u>(0.35)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.04) | 3.73 | (0.82) | 1.48 | 0.47 |
| **Net Asset Value at end of period** | $12.58 | $14.62 | $10.89 | $11.71 | $10.23 |
| **Total Return (%)**<sup>3</sup> | (10.17) | 38.89 | (3.52) | 23.27 | 8.55 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $253477 | $263892 | $323841 | $463768 | $351716 |
| Ratios of expenses to average net assets (%) | 0.95 | 0.95 | 0.97 | 0.98 | 0.98 |
| Ratio of net investment income (loss) to average net assets (%) | (0.14) | (0.04) | (0.20) | (0.18) | (0.09) |
| Portfolio turnover (%)<sup>4</sup> | 24 | 24 | 24 | 25 | 27 |

---

---

| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Amounts represent less than $(0.005) per share. |
| <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
| | **CLASS I** | **CLASS I** | **CLASS I** |
| | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $14.64 | $10.90 | $11.21 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | 0.00<sup>2</sup> | (0.03) | (0.01)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.38)</u> | <u>4.19</u> | <u>(0.30)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | 4.16 | (0.31) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.02) | (0.00)<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.64)</u> | <u>(0.42)</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.66) | (0.42) |  |
| Net increase (decrease) in net asset value | (2.04) | 3.74 | (0.31) |
| **Net Asset Value at end of period** | $12.60 | $14.64 | $10.90 |
| **Total Return (%)**<sup>4</sup> | (10.08) | 39.01 | &nbsp;&nbsp;&nbsp;&nbsp; (2.77)<sup>5</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $274918 | $286235 | $61805 |
| Ratios of expenses to average net assets (%) | 0.85 | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets (%) | (0.04) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 24 | 24 | 24<sup>5</sup> |

---

---

| |
|:---|
| <sup>1</sup> Class I shares commenced operations effective September 1, 2020. |
| <sup>2</sup> Amounts represent less than $(0.005) per share. |
| <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>4</sup> Total return without applicable sales charge. |
| <sup>5</sup> Not annualized. |
| <sup>6</sup> Annualized. |
| <sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
| | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $15.04 | $11.19 | $11.99 | $10.44 | $9.94 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment Income (loss) | 0.01 | 0.02 | (0.02)<sup>1</sup> | (0.10)<sup>1</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(1.43)</u> | <u>4.27</u> | <u>(0.35)</u> | <u>2.33</u> | <u>0.84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.42) | 4.29 | (0.37) | 2.23 | 0.85 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.04) | (0.02) | (0.00)<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(0.64)</u> | <u>(0.42)</u> | <u>(0.43)</u> | <u>(0.68)</u> | <u>(0.35)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (0.44) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.10) | 3.85 | (0.80) | 1.55 | 0.50 |
| **Net Asset Value at end of period** | $12.94 | $15.04 | $11.19 | $11.99 | $10.44 |
| **Total Return (%)**<sup>3</sup> | (10.07) | 39.20 | (3.26) | 23.49 | 8.71 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $88723 | $105878 | $91562 | $55417 | $12886 |
| Ratios of expenses to average net assets (%) | 0.77 | 0.77 | 0.77 | 0.76 | 0.77 |
| Ratio of net investment income to average net assets (%) | 0.05 | 0.14 | (0.03) | (0.06) | 0.12 |
| Portfolio turnover (%)<sup>4</sup> | 24 | 24 | 24 | 25 | 27 |

---

---

| |
|:---|
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Amounts represent less than $0.005 per share. |
| <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Period Ended<br>October 31, | Inception to<br>September 30, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u><sup>7</sup> | <u>2019</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $15.55 | $11.04 | $11.14 | $10.82 | $10.53 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.05) | (0.09) | (0.02)<sup>2</sup> | (0.01)<sup>2</sup> | (0.01)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.81)</u> | <u>5.46</u> | <u>0.36</u> | <u>0.33</u> | <u>0.30</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.86) | 5.37 | 0.34 | 0.32 | 0.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.47)</u> | <u>(0.86)</u> | <u>(0.44)</u> | <u>—</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.47) | (0.86) | (0.44) |  |  |
| Net increase (decrease) in net asset value | (6.33) | 4.51 | (0.10) | 0.32 | 0.29 |
| **Net Asset Value at end of period** | $9.22 | $15.55 | $11.04 | $11.14 | $10.82 |
| **Total Return (%)**<sup>3</sup> | (23.74) | 50.17 | 3.02 | 2.96<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3417 | $4847 | $2958 | $3457 | $3420 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.35 | 1.39 | 1.51 | 1.50<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.50<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.35 | 1.38 | 1.47 | 1.46<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<sup>5</sup> |
| Ratios of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.52) | (0.67) | (0.18) | (1.07)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.28)<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.52) | (0.66) | (0.14) | (1.03)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.24)<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 41 | 44 | 47 | 3 | 73 |

---

---

| |
|:---|
| <sup>1</sup> For accounting purposes, the Small Cap Fund Class A is treated as having commenced investment operations on August 31, 2019. |
| <sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Not annualized. |
| <sup>5</sup> Annualized. |
| <sup>6</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year. |
| <sup>7</sup> Disclosure represents the period October 1, 2019 to October 31, 2019. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** |
| | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Period Ended<br>October 31, | Year Ended September 30, | Year Ended September 30, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u><sup>1</sup> | <u>2019</u> | <u>2018</u><sup>2</sup> |
| **Net Asset Value at beginning of period** | $15.69 | $11.11 | $11.19 | $10.87 | $15.56 | $15.03 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 0.02<sup>3</sup> | (0.01)<sup>3</sup> | (0.04)<sup>3</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.84)</u> | <u>5.51</u> | <u>0.35</u> | <u>0.33</u> | <u>(1.39)</u> | <u>2.21</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.87) | 5.44 | 0.37 | 0.32 | (1.43) | 2.13 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.00)<sup>4</sup> |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.47)</u> | <u>(0.86)</u> | <u>(0.44)</u> | <u>—</u> | <u>(3.26)</u> | <u>(1.60)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.47) | (0.86) | (0.45) |  | (3.26) | (1.60) |
| Net increase (decrease) in net asset value | (6.34) | 4.58 | (0.08) | 0.32 | (4.69) | 0.53 |
| **Net Asset Value at end of period** | $9.35 | $15.69 | $11.11 | $11.19 | $10.87 | $15.56 |
| **Total Return (%)**<sup>5</sup> | (23.55) | 50.50 | 3.27 | 2.94<sup>6</sup> | (8.81) | 15.29 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $166238 | $253625 | $215890 | $263527 | $274824 | $543961 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.10 | 1.15 | 1.26 | 1.25<sup>7</sup> | 1.29 | 1.21 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.10 | 1.14 | 1.22 | 1.21<sup>7</sup> | 1.29 | 1.21 |
| Ratios of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.27) | (0.42) | 0.08 | (0.82)<sup>7</sup> | (0.36) | (0.57) |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.27) | (0.40) | 0.12 | (0.78)<sup>7</sup> | (0.36) | (0.57) |
| Portfolio turnover (%)<sup>8</sup> | 41 | 44 | 47 | 3 | 73 | 49 |

---

---

| |
|:---|
| <sup>1</sup> Disclosure represents the period October 1, 2019 to October 31, 2019. |
| <sup>2</sup> The financial highlights prior to August 31, 2019 are those of the Broadview Opportunity Fund, the accounting survivor of the reorganization of the Madison Small Cap Fund and Broadview Opportunity Fund. The net asset values and other per share information of the Broadview Opportunity Fund has been restated by the conversion ratio of 2.469195 for Class Y shares to reflect those of the legal survivor of the reorganization, the Madison Small Cap Fund. |
| <sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>4</sup> Amounts represent less than $(0.005) per share. |
| <sup>5</sup> Total return without applicable sales charge. |
| <sup>6</sup> Not annualized. |
| <sup>7</sup> Annualized. |
| <sup>8</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year. |

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| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

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---

| | | |
|:---|:---|:---|
| | **SMALL CAP FUND** | **SMALL CAP FUND** |
| | **CLASS I** | **CLASS I** |
| | Year Ended<br>October 31, | Period Ended<br>October 31, |
| | <u>2022</u> | <u>2021</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $15.70 | $14.41 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.83)</u> | <u>1.32</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.85) | 1.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.47)</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.49) |  |
| Net increase (decrease) in net asset value | (6.34) | 1.29 |
| **Net Asset Value at end of period** | $9.36 | $15.70 |
| **Total Return (%)**<sup>2</sup> | (23.52) | 8.95<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net Assets at end of period (in 000's) | $13863 | $21868 |
| Ratios of expenses to average net assets: |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.00 | 1.00<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.00 | 1.00<sup>3</sup> |
| Ratios of net investment income to average net assets: |  |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.16) | (0.36)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.16) | (0.36)<sup>3</sup> |
| Portfolio turnover (%) | 41 | 44<sup>4</sup> |

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---

| |
|:---|
| <sup>1</sup> Class I shares commenced operations effective March 1, 2021. |
| <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Annualized. |
| <sup>4</sup> Not annualized. |

---

---

| | |
|:---|:---|
| | **SMALL CAP FUND** |
| | **CLASS R6** |
| | Period Ended<br>October 31, |
| | <u>2022</u><sup>1</sup> |
| **Net Asset Value at beginning of period** | $11.30 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | <u>(1.94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.94) |
| Net increase (decrease) in net asset value | (1.94) |
| **Net Asset Value at end of period** | $9.36 |
| **Total Return (%)**<sup>3</sup> | (17.17)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $161 |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.92<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.92<sup>5</sup> |
| Ratios of net investment income to average net assets: |  |
| &nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.06)<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.06)<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 41<sup>4</sup> |

---

---

| |
|:---|
| <sup>1</sup> Class R6 shares commenced operations effective March 1, 2022. |
| <sup>2</sup> Amounts represent less than $(0.005) per share. |
| <sup>3</sup> Total return without applicable sales charge. |
| <sup>4</sup> Not Annualized. |
| <sup>5</sup> Annualized. |
| <sup>6</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

---

------

---

| |
|:---|
| **Madison Funds \| October 31, 2022** |
| **Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** |
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
| | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> | <u>2022</u> | <u>2021</u> | <u>2020</u> | <u>2019</u> | <u>2018</u> |
| **Net Asset Value at beginning of period** | $13.67 | $11.83 | $13.53 | $12.92 | $14.00 | $13.64 | $11.83 | $13.57 | $12.96 | $14.04 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.08 | 0.07 | 0.06<sup>1</sup> | 0.18<sup>1</sup> | 0.16 | (1.21) | 0.41 | 1.30<sup>1</sup> | 0.62<sup>1</sup> | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | <u>(2.78)</u> | <u>2.35</u> | <u>(0.89)</u> | <u>0.99</u> | <u>(1.12)</u> | <u>(1.46)</u> | <u>2.05</u> | <u>(2.10)</u> | <u>0.58</u> | <u>(3.40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.70) | 2.42 | (0.83) | 1.17 | (0.96) | (2.67) | 2.46 | (0.80) | 1.20 | (0.93) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.06) | (0.19) | (0.19) | (0.12) | (0.13) | (0.13) | (0.26) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | <u>(3.56)</u> | <u>(0.52)</u> | <u>(0.68)</u> | <u>(0.37)</u> | <u>—</u> | <u>(3.56)</u> | <u>(0.52)</u> | <u>(0.68)</u> | <u>(0.37)</u> | <u>—</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.63) | (0.58) | (0.87) | (0.56) | (0.12) | (3.69) | (0.65) | (0.94) | (0.59) | (0.15) |
| Net increase (decrease) in net asset value | (6.33) | 1.84 | (1.70) | 0.61 | (1.08) | (6.36) | 1.81 | (1.74) | 0.61 | (1.08) |
| **Net Asset Value at end of period** | $7.34 | $13.67 | $11.83 | $13.53 | $12.92 | $7.28 | $13.64 | $11.83 | $13.57 | $12.96 |
| **Total Return (%)**<sup>2</sup> | (26.52) | 20.48 | (6.78) | 9.85 | (6.94) | (26.39) | 20.83 | (6.58) | 10.10 | (6.72) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $10896 | $16375 | $14602 | $17209 | $17679 | $666 | $888 | $823 | $1310 | $1434 |
| Ratios of expenses to average net assets (%) | 1.61 | 1.61 | 1.60 | 1.60 | 1.60 | 1.36 | 1.36 | 1.36 | 1.35 | 1.35 |
| Ratio of net investment income to average net assets (%) | 0.30 | 0.53 | 0.50 | 1.42 | 1.14 | 0.55 | 0.79 | 0.73 | 1.67 | 1.12 |
| Portfolio turnover (%)<sup>3</sup> | 31 | 120 | 34 | 37 | 29 | 31 | 120 | 34 | 37 | 29 |
| <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. | <sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
| <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. | <sup>2</sup> Total return without applicable sales charge. |
| <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | <sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |

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------

**APPENDIX** 

**Sales Charge Waivers**

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Funds or through a financial intermediary. Financial intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. Please contact the applicable financial intermediary with any questions regarding how the financial intermediary applies the policies described below and to ensure that you understand what steps you must take to qualify for any available waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase fund shares directly from the Funds or through another financial intermediary to receive these waivers or discounts. If you change financial intermediaries after you purchase fund shares, the policies and procedures of the new service provider (either your new financial intermediary or the Fund's transfer agent) will apply to your account. Those policies may be more or less favorable than those offered by the financial intermediary through which you purchased your fund shares. You should review any policy differences before changing financial intermediaries.

This Appendix details the availability and/or variations in sales load waivers or discounts based on information provided by the financial intermediary. These waivers or discounts, which may differ from and may be more or less limited than those disclosed elsewhere in the Funds' prospectus or SAI, are subject to change.

**Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch")**

Effective April 10, 2017, shareholders purchasing fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the funds' prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Merrill Lynch**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Merrill Lynch affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through the Merrill Edge Self-Directed platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Merrill Lynch or its affiliates and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustees of the Madison Funds, and employees of Madison Asset Management, LLC or any of its affiliates, as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as rights of reinstatement).

**CDSC waivers on Class A shares and Class C shares available at Merrill Lynch**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Merrill Lynch fees but only if the transaction is initialed by Merrill Lynch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A shares and Class C shares only).

**Front-end sales load discounts available at Merrill Lynch: breakpoints, rights of accumulation, and letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).

------

**Morgan Stanley Smith Barney**

Effective July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account which is not held directly at the fund will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the funds' prospectus or SAI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc., & Raymond James affiliates ("Raymond James")** 

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the funds' prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end sales load discounts available at Raymond James: breakpoints and/or rights of accumulation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. ("Baird"):**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased using the proceeds of redemptions from a fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the fund's Class C shares will have their share converted at net asset value to Class A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

------

**CDSC Waivers on Investor A and C shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated .holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund family assets through Baird, over a 13-month period of time.

**Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Effective July 1, 2020, shareholders purchasing Fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver noted below. All other sales charge waivers and reductions described elsewhere in the Fund' Prospectus or SAI still apply.

**Front-end Sales Load Waiver on Class A Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures.

.

------

**MORE INFORMATION ABOUT MADISON FUNDS**

**The following documents contain more information about the Funds and are available free upon request:**

**Statement of Additional Information.** The SAI contains additional information about the Funds. A current SAI has been filed with the SEC and is incorporated herein by reference. This means that the SAI, for legal purposes, is part of this prospectus.

**Annual and Semi-Annual Reports.** The Funds' annual and semi-annual reports provide additional information about a Fund's' investments. The annual report contains a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during the last fiscal year.

**Requesting Documents.** You may request a copy of the SAI and the annual and semi-annual reports, make shareholder inquiries, without charge, or request further information about the Funds by contacting your financial adviser or by contacting the Funds at: Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083; telephone: 1-800-877-6089; Internet: www.madisonfunds.com.

Reports and other information about the Funds also are available on the EDGAR database on the SEC's Internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplications fee, by electronic request at the following email address: publicinfo@sec.gov.

**Madison Funds**<sup>®</sup>

P.O. Box 219083

Kansas City, MO 64121-9083

1-800-877-6089

www.madisonfunds.com

Investment Company

File No. 811-08261

------

**STATEMENT OF ADDITIONAL INFORMATION**

**Madison Funds**<sup>®</sup>

550 Science Drive Madison, Wisconsin 53711

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|:---|:---|:---|:---|:---|:---|
| | **Ticker Symbol** | **Ticker Symbol** | **Ticker Symbol** | **Ticker Symbol** | **Ticker Symbol** |
| **Fund** | **Class A** | **Class C** | **Class Y** | **Class I** | **Class R6** |
| **Madison Conservative Allocation Fund** | MCNAX | MCOCX | N/A | N/A | N/A |
| **Madison Moderate Allocation Fund** | MMDAX | MMDCX | N/A | N/A | N/A |
| **Madison Aggressive Allocation Fund** | MAGSX | MAACX | N/A | N/A | N/A |
| **Madison Tax-Free Virginia Fund** | N/A | N/A | GTVAX | N/A | N/A |
| **Madison Tax-Free National Fund** | N/A | N/A | GTFHX | N/A | N/A |
| **Madison High Quality Bond Fund** | N/A | N/A | MIIBX | MIIRX | N/A |
| **Madison Core Bond Fund** | MBOAX | N/A | MBOYX | MBOIX | MBORX |
| **Madison Diversified Income Fund** | MBLAX | MBLCX | N/A | N/A | N/A |
| **Madison Covered Call & Equity Income Fund** | MENAX | MENCX | MENYX | MENIX | MENRX |
| **Madison Dividend Income Fund** | MADAX | N/A | BHBFX | MDMIX | MADRX |
| **Madison Investors Fund** | MNVAX | N/A | MINVX | MIVIX | MNVRX |
| **Madison Sustainable Equity Fund** | N/A | N/A | MFSYX | MFSIX | N/A |
| **Madison Mid Cap Fund** | MERAX | N/A | GTSGX | MDCIX | MMCRX |
| **Madison Small Cap Fund** | MASMX | N/A | BVAOX | MSCIX | MSCRX |
| **Madison International Stock Fund** | MINAX | N/A | MINYX | N/A | N/A |

---

___________________________________________________________________________

N/A Fund does not offer this share class.

&nbsp;&nbsp;&nbsp;&nbsp;

This is not a prospectus. This statement of additional information ("SAI") should be read in conjunction with the currently effective prospectus (the "prospectus") for Madison Funds (the "Trust"), which is referred to herein. The prospectus concisely sets forth information that a prospective investor should know before investing. For a copy of the Trust's prospectus dated February 28, 2023, please call 1-800-877-6089 or write Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083.

The audited financial statements for the funds are incorporated herein by reference to the funds' most recent annual report, which has been filed with the Securities and Exchange Commission (the "SEC") and provided to all shareholders. For a copy, without charge, of the funds' most recent annual report to shareholders, please call the Trust at 1-800-877-6089 or visit our website at www.madisonfunds.com.

The date of this SAI is February 28, 2023.

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| | |
|:---|:---|
| **<u>**TABLE OF CONTENTS**</u>** | **<u>PAGE</u>** |
| [GENERAL INFORMATION](#iaff07a7c4cf94e8195bd81bc1c651799_7)................................................................................................. | [1](#iaff07a7c4cf94e8195bd81bc1c651799_7) |
| [INVESTMENT PRACTICES](#iaff07a7c4cf94e8195bd81bc1c651799_10)............................................................................................... | [1](#iaff07a7c4cf94e8195bd81bc1c651799_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lending Portfolio Securities](#iaff07a7c4cf94e8195bd81bc1c651799_13)................................................................................ | [1](#iaff07a7c4cf94e8195bd81bc1c651799_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illiquid Securities ................................................................................................ | [1](#iaff07a7c4cf94e8195bd81bc1c651799_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Transactions](#iaff07a7c4cf94e8195bd81bc1c651799_19).......................................................................................... | [1](#iaff07a7c4cf94e8195bd81bc1c651799_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Options on Securities and Securities Indices](#iaff07a7c4cf94e8195bd81bc1c651799_22)..................................................... | [4](#iaff07a7c4cf94e8195bd81bc1c651799_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts and Options on Futures Contracts........................................ | [6](#iaff07a7c4cf94e8195bd81bc1c651799_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Swap Agreements](#iaff07a7c4cf94e8195bd81bc1c651799_28).............................................................................................. | [7](#iaff07a7c4cf94e8195bd81bc1c651799_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Certain Bond Fund Practices](#iaff07a7c4cf94e8195bd81bc1c651799_31).............................................................................. | [8](#iaff07a7c4cf94e8195bd81bc1c651799_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lower-Rated Corporate Debt Securities](#iaff07a7c4cf94e8195bd81bc1c651799_34)............................................................. | [8](#iaff07a7c4cf94e8195bd81bc1c651799_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Foreign Government Debt Securities](#iaff07a7c4cf94e8195bd81bc1c651799_37).................................................................. | [9](#iaff07a7c4cf94e8195bd81bc1c651799_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Convertible Securities](#iaff07a7c4cf94e8195bd81bc1c651799_40)......................................................................................... | [9](#iaff07a7c4cf94e8195bd81bc1c651799_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[U.S. Government Securities](#iaff07a7c4cf94e8195bd81bc1c651799_43)............................................................................... | [9](#iaff07a7c4cf94e8195bd81bc1c651799_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Debt Securities](#iaff07a7c4cf94e8195bd81bc1c651799_46).......................................................................................... | [9](#iaff07a7c4cf94e8195bd81bc1c651799_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage-Backed (Mortgage Pass-Through) Securities](#iaff07a7c4cf94e8195bd81bc1c651799_49)..................................... | [10](#iaff07a7c4cf94e8195bd81bc1c651799_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Securities Related to Mortgages](#iaff07a7c4cf94e8195bd81bc1c651799_52)............................................................... | [11](#iaff07a7c4cf94e8195bd81bc1c651799_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Municipal Securities](#iaff07a7c4cf94e8195bd81bc1c651799_55)............................................................................................ | [12](#iaff07a7c4cf94e8195bd81bc1c651799_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Privately Arranged Loans and Participations](#iaff07a7c4cf94e8195bd81bc1c651799_58)...................................................... | [14](#iaff07a7c4cf94e8195bd81bc1c651799_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Securities........................................................................................... | [15](#iaff07a7c4cf94e8195bd81bc1c651799_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Repurchase Agreements](#iaff07a7c4cf94e8195bd81bc1c651799_64).................................................................................... | [15](#iaff07a7c4cf94e8195bd81bc1c651799_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reverse Repurchase Agreements](#iaff07a7c4cf94e8195bd81bc1c651799_67)...................................................................... | [15](#iaff07a7c4cf94e8195bd81bc1c651799_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Forward Commitment and When-Issued Securities](#iaff07a7c4cf94e8195bd81bc1c651799_70)............................................ | [15](#iaff07a7c4cf94e8195bd81bc1c651799_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Real Estate Investment Trusts](#iaff07a7c4cf94e8195bd81bc1c651799_73)............................................................................ | [15](#iaff07a7c4cf94e8195bd81bc1c651799_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds..................................................................................... | [16](#iaff07a7c4cf94e8195bd81bc1c651799_76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shares of Other Investment Companies](#iaff07a7c4cf94e8195bd81bc1c651799_79)............................................................. | [16](#iaff07a7c4cf94e8195bd81bc1c651799_79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Temporary Defensive Positions](#iaff07a7c4cf94e8195bd81bc1c651799_82).......................................................................... | [16](#iaff07a7c4cf94e8195bd81bc1c651799_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition of Market Capitalization...................................................................... | [17](#iaff07a7c4cf94e8195bd81bc1c651799_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Types of Investment Risk](#iaff07a7c4cf94e8195bd81bc1c651799_88).................................................................................... | [17](#iaff07a7c4cf94e8195bd81bc1c651799_88) |
| [FUND NAMES](#iaff07a7c4cf94e8195bd81bc1c651799_97).................................................................................................................... | [19](#iaff07a7c4cf94e8195bd81bc1c651799_97) |
| [INVESTMENT LIMITATIONS](#iaff07a7c4cf94e8195bd81bc1c651799_100).............................................................................................. | [20](#iaff07a7c4cf94e8195bd81bc1c651799_100) |
| [PORTFOLIO TURNOVER](#iaff07a7c4cf94e8195bd81bc1c651799_103).................................................................................................. | [21](#iaff07a7c4cf94e8195bd81bc1c651799_103) |
| [MANAGEMENT OF THE TRUST](#iaff07a7c4cf94e8195bd81bc1c651799_106)....................................................................................... | [21](#iaff07a7c4cf94e8195bd81bc1c651799_106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trustees and Officers](#iaff07a7c4cf94e8195bd81bc1c651799_109).......................................................................................... | [21](#iaff07a7c4cf94e8195bd81bc1c651799_109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trustee Compensatio](#iaff07a7c4cf94e8195bd81bc1c651799_112)n........................................................................................ | [23](#iaff07a7c4cf94e8195bd81bc1c651799_112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Qualifications](#iaff07a7c4cf94e8195bd81bc1c651799_115)............................................................................................ | [24](#iaff07a7c4cf94e8195bd81bc1c651799_115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Committees](#iaff07a7c4cf94e8195bd81bc1c651799_118).............................................................................................. | [24](#iaff07a7c4cf94e8195bd81bc1c651799_118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Leadership Structure of the Board](#iaff07a7c4cf94e8195bd81bc1c651799_121)...................................................................... | [24](#iaff07a7c4cf94e8195bd81bc1c651799_121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trustees' Holdings](#iaff07a7c4cf94e8195bd81bc1c651799_124)............................................................................................... | [25](#iaff07a7c4cf94e8195bd81bc1c651799_124) |
| [SALES LOAD WAIVERS FOR CERTAIN AFFILIATED PERSONS OF THE TRUST](#iaff07a7c4cf94e8195bd81bc1c651799_127)......... | [25](#iaff07a7c4cf94e8195bd81bc1c651799_127) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF THE TRUST'S SECURITIES](#iaff07a7c4cf94e8195bd81bc1c651799_130)..... | [25](#iaff07a7c4cf94e8195bd81bc1c651799_130) |
| PORTFOLIO MANAGEMENT............................................................................................. | [28](#iaff07a7c4cf94e8195bd81bc1c651799_133) |
| PORTFOLIO MANAGERS.................................................................................................. | [30](#iaff07a7c4cf94e8195bd81bc1c651799_136) |
| [TRANSFER AGENT](#iaff07a7c4cf94e8195bd81bc1c651799_139)............................................................................................................ | [34](#iaff07a7c4cf94e8195bd81bc1c651799_139) |
| [CUSTODIAN](#iaff07a7c4cf94e8195bd81bc1c651799_142)....................................................................................................................... | [34](#iaff07a7c4cf94e8195bd81bc1c651799_142) |
| LENDING PORTFOLIO SECURITIES................................................................................ | [35](#iaff07a7c4cf94e8195bd81bc1c651799_145) |

---

i

------

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| | |
|:---|:---|
| **<u>**TABLE OF CONTENTS**</u>** | **<u>PAGE</u>** |
| [DISTRIBUTION](#iaff07a7c4cf94e8195bd81bc1c651799_148).................................................................................................................. | [35](#iaff07a7c4cf94e8195bd81bc1c651799_148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Distributor and Distribution of Fund Shares](#iaff07a7c4cf94e8195bd81bc1c651799_151)......................................... | [35](#iaff07a7c4cf94e8195bd81bc1c651799_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Distribution and Service Plans](#iaff07a7c4cf94e8195bd81bc1c651799_154)............................................................................ | [36](#iaff07a7c4cf94e8195bd81bc1c651799_154) |
| [BROKERAGE](#iaff07a7c4cf94e8195bd81bc1c651799_157)..................................................................................................................... | [37](#iaff07a7c4cf94e8195bd81bc1c651799_157) |
| [PROXY VOTING POLICIES, PROCEDURES AND RECORDS](#iaff07a7c4cf94e8195bd81bc1c651799_160)........................................ | [39](#iaff07a7c4cf94e8195bd81bc1c651799_160) |
| [SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS](#iaff07a7c4cf94e8195bd81bc1c651799_163)................................................ | [39](#iaff07a7c4cf94e8195bd81bc1c651799_163) |
| [CODE OF ETHICS](#iaff07a7c4cf94e8195bd81bc1c651799_166)............................................................................................................. | [40](#iaff07a7c4cf94e8195bd81bc1c651799_166) |
| [SHARES OF THE TRUST](#iaff07a7c4cf94e8195bd81bc1c651799_169).................................................................................................. | [41](#iaff07a7c4cf94e8195bd81bc1c651799_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shares of Beneficial Interest](#iaff07a7c4cf94e8195bd81bc1c651799_172)............................................................................... | [41](#iaff07a7c4cf94e8195bd81bc1c651799_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Voting Rights](#iaff07a7c4cf94e8195bd81bc1c651799_175)....................................................................................................... | [41](#iaff07a7c4cf94e8195bd81bc1c651799_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Limitation of Shareholder Liability](#iaff07a7c4cf94e8195bd81bc1c651799_178)....................................................................... | [41](#iaff07a7c4cf94e8195bd81bc1c651799_178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Limitation of Trustee and Officer Liability](#iaff07a7c4cf94e8195bd81bc1c651799_181)............................................................ | [41](#iaff07a7c4cf94e8195bd81bc1c651799_181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Limitation of Interseries Liability](#iaff07a7c4cf94e8195bd81bc1c651799_184).......................................................................... | [41](#iaff07a7c4cf94e8195bd81bc1c651799_184) |
| [NET ASSET VALUE OF SHARES](#iaff07a7c4cf94e8195bd81bc1c651799_187)...................................................................................... | [42](#iaff07a7c4cf94e8195bd81bc1c651799_187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Valuation](#iaff07a7c4cf94e8195bd81bc1c651799_190)............................................................................................... | [42](#iaff07a7c4cf94e8195bd81bc1c651799_190) |
| [DISTRIBUTIONS AND TAXES](#iaff07a7c4cf94e8195bd81bc1c651799_193)........................................................................................... | [43](#iaff07a7c4cf94e8195bd81bc1c651799_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Distributions](#iaff07a7c4cf94e8195bd81bc1c651799_196)........................................................................................................ | [43](#iaff07a7c4cf94e8195bd81bc1c651799_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Federal Tax Status of the Funds](#iaff07a7c4cf94e8195bd81bc1c651799_199)......................................................................... | [43](#iaff07a7c4cf94e8195bd81bc1c651799_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Taxation](#iaff07a7c4cf94e8195bd81bc1c651799_202).......................................................................................... | [44](#iaff07a7c4cf94e8195bd81bc1c651799_202) |
| [MORE ABOUT PURCHASING AND SELLING SHARES](#iaff07a7c4cf94e8195bd81bc1c651799_205)................................................... | [46](#iaff07a7c4cf94e8195bd81bc1c651799_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Class Availability........................................................................................ | [46](#iaff07a7c4cf94e8195bd81bc1c651799_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Minimums.......................................................................................... | [46](#iaff07a7c4cf94e8195bd81bc1c651799_211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Offering Price](#iaff07a7c4cf94e8195bd81bc1c651799_214)...................................................................................................... | [46](#iaff07a7c4cf94e8195bd81bc1c651799_214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calculation of the Sales Charge](#iaff07a7c4cf94e8195bd81bc1c651799_217)......................................................................... | [46](#iaff07a7c4cf94e8195bd81bc1c651799_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sales Charge on Class A Shares](#iaff07a7c4cf94e8195bd81bc1c651799_220)........................................................................ | [46](#iaff07a7c4cf94e8195bd81bc1c651799_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sales Charge on](#iaff07a7c4cf94e8195bd81bc1c651799_223)[Class C Shares](#iaff07a7c4cf94e8195bd81bc1c651799_223)....................................................................... | [47](#iaff07a7c4cf94e8195bd81bc1c651799_223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase by Exchange....................................................................................... | [48](#iaff07a7c4cf94e8195bd81bc1c651799_226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling Shares.................................................................................................... | [49](#iaff07a7c4cf94e8195bd81bc1c651799_229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind.......................................................................................... | [49](#iaff07a7c4cf94e8195bd81bc1c651799_232) |
| [ADDITIONAL INVESTOR SERVICES](#iaff07a7c4cf94e8195bd81bc1c651799_235)................................................................................ | [49](#iaff07a7c4cf94e8195bd81bc1c651799_235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Automatic Investment Plan](#iaff07a7c4cf94e8195bd81bc1c651799_238)................................................................................. | [49](#iaff07a7c4cf94e8195bd81bc1c651799_238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systematic Withdrawal Plan............................................................................... | [49](#iaff07a7c4cf94e8195bd81bc1c651799_241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systematic Exchange Plan................................................................................. | [49](#iaff07a7c4cf94e8195bd81bc1c651799_244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reinstatement or Reinvestment Privilege](#iaff07a7c4cf94e8195bd81bc1c651799_247)........................................................... | [49](#iaff07a7c4cf94e8195bd81bc1c651799_247) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#iaff07a7c4cf94e8195bd81bc1c651799_250)......................................... | [50](#iaff07a7c4cf94e8195bd81bc1c651799_250) |
| [FINANCIAL STATEMENTS](#iaff07a7c4cf94e8195bd81bc1c651799_253)................................................................................................. | [50](#iaff07a7c4cf94e8195bd81bc1c651799_253) |
| [APPENDIX A – SUMMARY OF PROXY VOTING POLICIES AND PROCEDURES](#iaff07a7c4cf94e8195bd81bc1c651799_256).......... | [A-](#iaff07a7c4cf94e8195bd81bc1c651799_256)[1](#iaff07a7c4cf94e8195bd81bc1c651799_256) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

ii

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**GENERAL INFORMATION**

Madison Funds (the "Trust"), is a diversified, open-end management investment company consisting of separate investment portfolios or funds (each, a "fund" and collectively, the "funds"), each of which has a different investment objective and policies. Each fund is a diversified, open-end management investment company, commonly known as a mutual fund. The funds described in this SAI are as follows: **Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds (collectively, the "Target Allocation Funds")**;**Tax-Free Virginia and Tax-Free National Funds (collectively, the "Tax-Free Funds")**; **High Quality Bond and Core Bond Funds (collectively, the "Income Funds")**; **Diversified Income, Covered Call & Equity Income, Dividend Income, Investors, Sustainable Equity, Mid Cap,** and **Small Cap Funds (collectively, the "Equity Funds"**) and **International Stock Fund.**

The Trust was organized under the laws of the state of Delaware on May 21, 1997 and is a Delaware statutory trust. As a Delaware statutory trust, the operations of the Trust are governed by its Amended and Restated Declaration of Trust (the "Declaration of Trust") and its Certificate of Trust (the "Certificate"). The Certificate is on file with the Office of the Secretary of State in Delaware. Each shareholder agrees to be bound by the Declaration of Trust, as amended from time to time, upon such shareholder's initial purchase of shares of beneficial interest in any one of the funds. Prior to February 2013, the Trust was known as MEMBERS Mutual Funds.

**INVESTMENT PRACTICES**<br>

The prospectus describes the investment objective and policies of each of the funds. The following information is provided for those investors wishing to have more comprehensive information than that contained in the prospectus.

Since each **Target Allocation Fund** will invest in shares of other investment companies, except as disclosed in the prospectus, to the extent that an investment practice noted below describes specific securities, if a **Target Allocation Fund** invests in those securities, it does so indirectly, through its investment in underlying funds.

**Lending Portfolio Securities**

Each fund may lend portfolio securities. Loans will be made only in accordance with guidelines established by the Board of Trustees of the Trust (the "Board" or the "Board of Trustees") and on the request of broker-dealers or institutional investors deemed qualified, and only when the borrower agrees to maintain cash or U.S. government securities as collateral with a fund equal at all times to at least 102% of the value of domestic securities and 105% of the value of non-domestic securities, based upon the prior days market value for securities loaned. A fund will continue to receive interest or dividends, in the form of substitute payments which may not be as beneficial from a tax perspective to the fund as the actual interest or dividend payment, on the securities loaned and will, at the same time, earn an agreed-upon amount of interest on the collateral which will be invested in readily marketable short-term, high quality government securities. A fund will retain the right to call the loaned securities and may call loaned voting securities if important shareholder meetings are imminent. Such security loans will not be made if, as a result, the aggregate of such loans exceeds 33⅓% of the value of a fund's assets. The fund may terminate such loans at any time.

The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. To mitigate this risk, the funds will invest collateral only in high quality government securities. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. To mitigate the risk, loans will be made only to firms deemed by the funds' Investment Adviser, Madison Asset Management, LLC ("Madison"), to be in good financial standing and will not be made unless, in Madison's judgment, the consideration to be earned from such loans would justify the risk. The fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the funds' agreement with State Street Bank and Trust Company, the fund's securities lending agent, the securities lending agent has provided a limited indemnification in the event of a borrower default. The funds do not have a master netting agreement.

**Illiquid Securities**

Each fund may invest in illiquid securities as a non-principal investment strategy up to the percentage limits described below in the "Higher-Risk Securities and Practices" section. In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), the funds are subject to the guidelines set forth in the Trust's liquidity risk management program. The term "illiquid security" is defined as a security that the Investment Adviser reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

**Foreign Transactions**

*Foreign Securities.* With the exception of the **Tax-Free Funds**, each fund may invest in foreign securities. Investing in foreign securities is a principal investment strategy of the **International Stock Fund** (refer to the prospectus for more information). The percentage limitations on each fund's investment in foreign securities are set forth in the prospectus and below in the "Higher-Risk Securities and Practices" section.

Foreign securities refers to 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/or (iii) quoted or denominated in a foreign currency ("non-dollar securities").

Foreign securities may offer potential benefits that are not available from investments exclusively in securities of domestic issuers or dollar-denominated securities. Such benefits may include the opportunity to invest in foreign issuers that appear to offer better opportunity for long-term capital appreciation, more income or current earnings than investments in domestic issuers, the opportunity to invest in foreign countries with economic policies or business cycles different from those of the U.S. and the opportunity to invest in foreign securities markets that do not necessarily move in a manner parallel to U.S. markets.

Investing in foreign securities involves significant risks that are not typically associated with investing in U.S. dollar-denominated securities or in securities of domestic issuers. Such investments may be affected by changes in currency exchange rates, changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations (e.g., currency blockage). Some foreign stock markets may have substantially less volume than, for example, the New York Stock Exchange and securities of some foreign issuers may be less liquid than securities of comparable domestic issuers. Commissions and dealer mark-ups on transactions in foreign investments may be higher than for similar

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transactions in the U.S. In addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, on certain occasions, such procedures have been unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions.

Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. There may be less publicly available information about a foreign issuer than about a domestic one. In addition, there is generally less government regulation of stock exchanges, brokers, and listed and unlisted issuers in foreign countries than in the U.S. Furthermore, with respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of funds or other assets of the fund making the investment, or political or social instability or diplomatic developments which could affect investments in those countries. Investments in short-term debt obligations issued either by foreign issuers or foreign financial institutions or by foreign branches of U.S. financial institutions (collectively, "foreign money market securities") present many of the same risks as other foreign investments. In addition, foreign money market securities present interest rate risks similar to those attendant to an investment in domestic money market securities.

*Investments in ADRs, EDRs, GDRs and SDRs.* Many securities of foreign issuers are represented by American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Swedish Depositary Receipts ("SDRs"). With the exception of the **Tax-Free Funds**, each fund may invest in ADRs, EDRs, GDRs and SDRs.

ADRs are receipts typically issued by a U.S. financial institution or trust company which represent the right to receive securities of foreign issuers deposited in a domestic bank or a foreign correspondent bank. Prices of ADRs are quoted in U.S. dollars, and ADRs are traded in the U.S. on exchanges or over-the-counter and are sponsored and issued by domestic banks. In general, there is a large, liquid market in the U.S. for ADRs quoted on a national securities exchange or the NASDAQ Global Market. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject.

EDRs, GDRs and SDRs are receipts evidencing an arrangement with a non-U.S. bank similar to that for ADRs and are designed for use in non-U.S. securities markets. EDRs are typically issued in bearer form and are designed for trading in the European markets. GDRs, including SDRs, are issued either in bearer or registered form, are designed for trading on a global basis. EDRs and GDRs are not necessarily quoted in the same currency as the underlying security.

Depositary receipts do not eliminate all the risk inherent in investing in the securities of foreign issuers. To the extent that a fund acquires depositary receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the receipt to issue and service such depositary receipts, there may be an increased possibility that the fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. The market value of depositary receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the receipts and the underlying are quoted. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. However, by investing in depositary receipts rather than directly in the stock of foreign issuers, a fund will avoid currency risks during the settlement period for either purchases or sales.

*Investments in Emerging Markets.* Each fund, except the **Tax-Free Funds**, may invest in securities of issuers located in countries with emerging economies and/or securities markets, often referred to as "emerging markets." For this purpose, emerging markets are those not normally associated with generally recognized developed markets identified by industry observers such as Standard and Poor's ("S&P") or Morgan Stanley Capital International ("MSCI"). Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. Certain of these countries may have in the past failed to recognize private property rights and have at times nationalized or expropriated the assets of private companies. As a result, the risks of foreign investment generally, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the values of a fund's investments in those countries and the availability to the fund of additional investments in those countries.

The small size and inexperience of the securities markets in certain of these countries and the limited volume of trading in securities in those countries may also make investments in such countries illiquid and more volatile than investments in more developed markets, and the funds may be required to establish special custody or other arrangements before making certain investments in those countries. There may be little financial or accounting information available with respect to issuers located in certain of such countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

A fund's purchase or sale of portfolio securities in certain emerging markets may be constrained by limitations as to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors. Such limitations may be computed based on aggregate trading volume by or holdings of a fund, Madison or its affiliates, a subadviser and its affiliates, and each such person's respective clients and other service providers. A fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached.

Foreign investment in certain emerging securities markets is restricted or controlled to varying degrees that may limit investment in such countries or increase the administrative cost of such investments. For example, certain countries may restrict or prohibit investment opportunities in issuers or industries important to national interests. Such restrictions may affect the market price, liquidity and rights of securities that may be purchased by a fund.

Settlement procedures in emerging markets are frequently less developed and reliable than those in the U.S. and may involve a fund's delivery of securities before receipt of payment for their sale. In addition, significant delays are common in certain markets in registering the transfer of securities. Settlement or registration problems may make it more difficult for a fund to value its portfolio assets and could cause a fund to miss attractive investment opportunities, to have its assets uninvested or to incur losses due to the failure of a counterparty to pay for securities that the fund has delivered or due to the fund's inability to complete its contractual obligations.

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Currently, there is no market or only a limited market for many management techniques and instruments with respect to the currencies and securities markets of emerging market countries. Consequently, there can be no assurance that suitable instruments for hedging currency and market related risks will be available at the times when the Investment Adviser of the fund wishes to use them.

*Sovereign Debt.* The **Core Bond Fund** may invest in sovereign debt, which may trade at a substantial discount from face value. The funds may hold and trade sovereign debt of emerging market countries in appropriate circumstances and participate in debt conversion programs. Emerging country sovereign debt involves a high degree of risk, is generally lower-quality debt, and is considered speculative in nature. The issuer or governmental authorities that control sovereign debt repayment ("sovereign debtors") may be unable or unwilling to repay principal or interest when due in accordance with the terms of the debt. A sovereign debtor's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy towards the International Monetary Fund (the "IMF") and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment of these third parties to make such disbursements may be conditioned on the sovereign debtor's implementation of economic reforms or economic performance and the timely service of the debtor's obligations. The sovereign debtor's failure to meet these conditions may cause these third parties to cancel their commitments to provide funds to the sovereign debtor, which may further impair the debtor's ability or willingness to timely service its debts. In certain instances, the **International Stock Fund** may invest in sovereign debt that is in default as to payments of principal or interest. Under these circumstances, the funds may incur additional expenses in connection with any restructuring of the issuer's obligations or in otherwise enforcing its rights thereunder.

*Supranational Entities.* The **Core Bond Fund** may invest in securities issued by supranational entities, such as the International Bank for Reconstruction and Development (commonly called the "World Bank"), the Asian Development Bank and the Inter-American Development Bank. The governmental members of these supranational entities are "stockholders" that typically make capital contributions to support or promote such entities' economic reconstruction or development activities and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supranational entity's lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent governments will be able or willing to honor their commitments to those entities, with the result that the entity may be unable to pay interest or repay principal on its debt securities, and the fund may lose money on such investments. Obligations of a supranational entity that are denominated in foreign currencies will also be subject to the risks associated with investments in foreign currencies, as described in the section "Foreign Currency Transactions."

*Foreign Currency Transactions.* Because investment in foreign issuers will usually involve currencies of foreign countries, and because each fund, except the **Tax-Free Funds**, may have currency exposure independent of their securities positions, the value of the assets of these funds, as measured in U.S. dollars, will be affected by changes in foreign currency exchange rates. An issuer of securities purchased by a fund may be domiciled in a country other than the country in whose currency the instrument is denominated or quoted.

Currency exchange rates may fluctuate significantly over short periods of time causing, along with other factors, a fund's net asset value ("NAV") to fluctuate as well. They generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or anticipated changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. The market in forward foreign currency exchange contracts and other privately negotiated currency instruments offers less protection against defaults by the other party to such instruments than is available for currency instruments traded on an exchange. To the extent that a substantial portion of a fund's total assets, adjusted to reflect the fund's net position after giving effect to currency transactions, is denominated or quoted in the currencies of foreign countries, the fund will be more susceptible to the risk of adverse economic and political developments within those countries.

In addition to investing in securities denominated or quoted in a foreign currency, certain of the funds may engage in a variety of foreign currency management techniques. These funds may hold foreign currency received in connection with investments in foreign securities when, in the judgment of the fund's Investment Adviser, it would be beneficial to convert such currency into U.S. dollars at a later date, based on anticipated changes in the relevant exchange rate. These funds will incur costs in connection with conversions between various currencies.

*Forward Foreign Currency Exchange Contracts.* Each fund, except the **Tax-Free Funds**, may also purchase or sell forward foreign currency exchange contracts for defensive or hedging purposes when the fund's Investment Adviser anticipates that the foreign currency will appreciate or depreciate in value, but securities denominated or quoted in that currency do not present attractive investment opportunities and are not held in the fund's portfolio. In addition, these funds may enter into forward foreign currency exchange contracts in order to protect against anticipated changes in future foreign currency exchange rates and may engage in cross-hedging by using forward contracts in a currency different from that in which the hedged security is denominated or quoted if the fund's Investment Adviser determines that there is a pattern of correlation between the two currencies.

These funds may enter into contracts to purchase foreign currencies to protect against an anticipated rise in the U.S. dollar price of securities it intends to purchase. They may enter into contracts to sell foreign currencies to protect against the decline in value of its foreign currency denominated or quoted portfolio securities, or a decline in the value of anticipated dividends from such securities, due to a decline in the value of foreign currencies against the U.S. dollar. Contracts to sell foreign currency could limit any potential gain which might be realized by a fund if the value of the hedged currency increased.

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 liquid securities 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 placed 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 a fund's commitment with respect to the contract.

Forward contracts are subject to the risk that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearinghouse, a default on the contract would deprive a fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the fund to cover its purchase or sale commitments, if any, at the current market price.

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A fund will not enter into such transactions unless the credit quality of the unsecured senior debt or the claims-paying ability of the counterparty is considered to be investment grade by the fund's Investment Adviser.

Forward foreign currency exchange contract transactions are considered transactions in derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

*Options on Foreign Currencies.* Each fund, except the **Tax-Free Funds**, may also purchase and sell (write) put and call options on foreign currencies for the purpose of protecting against declines in the U.S. dollar value of foreign portfolio securities and anticipated dividends on such securities and against increases in the U.S. dollar cost of foreign securities to be acquired. These funds may use options on currency to cross-hedge, which involves writing or purchasing options on one currency to hedge against changes in exchange rates for a different currency, if there is a pattern of correlation between the two currencies. As with other kinds of option transactions, however, the writing of an option on foreign currency will constitute only a partial hedge, up to the amount of the premium received. A fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on foreign currency may constitute an effective hedge against exchange rate fluctuations; however, in the event of exchange rate movements adverse to a fund's position, the fund may forfeit the entire amount of the premium plus related transaction costs. In addition, these funds may purchase call or put options on currency to seek to increase total return when the fund's Investment Adviser anticipates that the currency will appreciate or depreciate in value, but the securities quoted or denominated in that currency do not present attractive investment opportunities and are not held in the fund's portfolio. When purchased or sold to increase total return, options on currencies are considered speculative. Options on foreign currencies to be written or purchased by these funds will be traded on U.S. and foreign exchanges or over-the-counter. See the "Options on Securities and Securities Indices*–*Risks Associated with Options Transactions" section, below, for a discussion of the liquidity risks associated with options transactions.

Foreign currency options are considered derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

*Special Risks Associated with Options on Currency.* An exchange traded options position may be closed out only on an options exchange which provides a secondary market for an option of the same series. Although a fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time. For some options no secondary market on an exchange may exist. In such event, it might not be possible to effect closing transactions in particular options, with the result that a fund would have to exercise its options in order to realize any profit and would incur transaction costs upon the sale of underlying securities pursuant to the exercise of put options. If a fund as a covered call option writer is unable to effect a closing purchase transaction in a secondary market, it will not be able to identify the underlying currency (or security quoted or denominated in that currency) until the option expires or it delivers the underlying currency upon exercise.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times, render certain of the facilities of the Options Clearing Corporation inadequate, and thereby result in the institution by an exchange of special procedures which may interfere with the timely execution of customers' orders.

Each fund, except the **Tax-Free Funds**, may purchase and write over-the-counter options to the extent consistent with its limitation on investments in restricted securities. See the "Higher-Risk Securities and Practices" section, below, for each fund's limitations on investments in restricted securities. Trading in over-the-counter options is subject to the risk that the other party will be unable or unwilling to close-out options purchased or written by a fund.

The amount of the premiums which a fund may pay or receive may be adversely affected as new or existing institutions, including other investment companies, engage in or increase their option purchasing and writing activities.

**Options on Securities and Securities Indices** 

*Writing Options.* Each fund may write (sell) covered call and put options on any securities in which it may invest. A call option written by a fund obligates such fund to sell specified securities to the holder of the option at a specified price if the option is exercised at any time before the expiration date. All call options written by a fund are covered, which means that such fund will effectively own the securities subject to the option so long as the option is outstanding. It should be noted that a principal investment strategy of the **Covered Call & Equity Income Fund** is to write covered call put options (see the prospectus for more information). A fund's purpose in writing covered call options is to realize greater income than would be realized on portfolio securities transactions alone. However, a fund may forgo the opportunity to profit from an increase in the market price of the underlying security.

A put option written by a fund would obligate such fund to purchase specified securities from the option holder at a specified price if the option is exercised at any time before the expiration date. All put options written by a fund would be covered, which means that such fund would have deposited with its custodian cash or liquid securities with a value at least equal to the exercise price of the put option. The purpose of writing such options is to generate additional income for a fund. However, in return for the option premium, a fund accepts the risk that it will be required to purchase the underlying securities at a price in excess of the securities' market value at the time of purchase.

In addition, in the Investment Adviser's discretion, a written call option or put option may be covered by maintaining cash or liquid securities (either of which may be denominated in any currency) in a segregated account with the fund's custodian, by entering into an offsetting forward contract and/or by purchasing an offsetting option which, by virtue of its exercise price or otherwise, reduces a fund's net exposure on its written option position.

Each fund may also write and sell covered call and put options on any securities index composed of securities in which it may invest. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security. A fund may cover call options on a securities index by owning securities whose price changes are expected to be similar to those of the underlying index, or by having an absolute and immediate right to acquire such securities without additional cash consideration (or for additional cash consideration held in a segregated account by its custodian) upon conversion or exchange of other securities in its portfolio. A fund may cover call and put options on a securities index by maintaining cash or liquid securities with a value equal to the exercise price in a segregated account with its custodian. Writing and selling options on securities indices is

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considered transacting in derivative securities. Except for the **Covered Call & Equity Income Fund**, the Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

A fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting transaction with the counterparty to such option. Such purchases are referred to as "closing purchase" transactions.

*Purchasing Options*. Each fund may purchase put and call options on any securities in which it may invest or options on any securities index based on securities in which it may invest. A fund would also be able to enter into closing sale transactions in order to realize gains or minimize losses on options it had purchased.

A fund would normally purchase call options in anticipation of an increase in the market value of securities of the type in which it may invest. The purchase of a call option would entitle a fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A fund would ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise such a fund would realize a loss on the purchase of the call option.

A fund would normally purchase put options in anticipation of a decline in the market value of securities in its portfolio ("protective puts") or in securities in which it may invest. The purchase of a put option would entitle a fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of a fund's securities. Put options may also be purchased by a fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. A fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs; otherwise such a fund would realize no gain or loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

A fund would purchase put and call options on securities indices for the same purpose as it would purchase options on individual securities.

*Yield Curve Options*. The **Tax-Free Funds**, **Income Funds** and **Diversified Income Fund** may enter into options on the yield "spread," or yield differential between two securities. Such transactions are referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease.

These five (5) funds may purchase or write yield curve options for the same purposes as other options on securities. For example, a fund may purchase a call option on the yield spread between two securities if it owns one of the securities and anticipates purchasing the other security and wants to hedge against an adverse change in the yield between the two securities. A fund may also purchase or write yield curve options in an effort to increase its current income if, in the judgment of the Investment Adviser, the fund will be able to profit from movements in the spread between the yields of the underlying securities. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, however, such options present risk of loss even if the yield of one of the underlying securities remains constant, if the spread moves in a direction or to an extent which was not anticipated.

Yield curve options written by the **Tax-Free Funds, Income Funds** and **Diversified Income Funds** will be "covered." A call (or put) option is covered if a fund holds another call (or put) option on the spread between the same two securities and maintains in a segregated account with its custodian cash or liquid securities sufficient to cover the fund's net liability under the two options. Therefore, a fund's liability for such a covered option is generally limited to the difference between the amount of the fund's liability under the option written by the fund less the value of the option held by the fund. Yield curve options may also be covered in such other manner as may be in accordance with the requirements of the counterparty with which the option is traded and applicable laws and regulations. Yield curve options are traded over-the-counter, and because they have been only recently introduced, established trading markets for these options have not yet developed.

Yield curve options are considered derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

*Risks Associated with Options Transactions.* There is no assurance that a liquid secondary market on an options exchange will exist for any particular exchange-traded option or at any particular time. If a fund is unable to effect a closing purchase transaction with respect to covered options it has written, the fund will not be able to sell the underlying securities or dispose of assets held in a segregated account until the options expire or are exercised. Similarly, if a fund is unable to effect a closing sale transaction with respect to options it has purchased, it will have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities.

Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Each fund may purchase and sell both options that are traded on U.S. and foreign exchanges (however, the **Tax-Free Funds** cannot purchase/sell options traded on foreign exchanges**)** and options traded over-the-counter with broker-dealers who make markets in these options. The ability to terminate over-the-counter options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. Until such time as the staff of the SEC changes its position, the funds will treat purchased over-the counter options and all assets used to cover written over-the-counter options as illiquid securities, except that with respect to options written with

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primary dealers in U.S. Government securities pursuant to an agreement requiring a closing purchase transaction at a formula price, the amount of illiquid securities may be calculated with reference to the formula.

Transactions by a fund in options on securities and stock indices will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert. Thus, the number of options which a fund may write or purchase may be affected by options written or purchased by other investment advisory clients of the Investment Adviser. An exchange, board of trade or other trading facility may order the liquidations of positions found to be in excess of these limits, and it may impose certain other sanctions.

The writing and purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The successful use of protective puts for hedging purposes depends in part on the Investment Adviser's ability to predict future price fluctuations and the degree of correlation between the options and securities markets.

**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. 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 only for bona fide hedging purposes as defined below or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission (the "CFTC"), including applicable registration requirements. All futures contracts entered into by a fund are traded on U.S. exchanges or boards of trade that are licensed and regulated by the CFTC or on foreign exchanges.

*Futures Contracts.* A futures contract may generally be described as an agreement between two parties to buy and sell particular financial instruments for an agreed price during a designated month (or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract).

When interest rates are rising or securities prices are falling, a fund can seek through the sale of futures contracts to offset a decline in the value of its current portfolio securities. When rates are falling or prices are rising, a fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when it effects anticipated purchases. Similarly, a fund can sell futures contracts on a specified currency to protect against a decline in the value of such currency and its portfolio securities which are denominated in such currency. Funds can purchase futures contracts on foreign currency to fix the price in U.S. dollars of a security denominated in such currency that such fund has acquired or expects to acquire.

Positions taken in the futures markets are not normally held to maturity, but are instead liquidated through offsetting transactions which may result in a profit or a loss. While a fund's futures contracts on securities or currency will usually be liquidated in this manner, it may instead make or take delivery of the underlying securities or currency whenever it appears economically advantageous for the fund to do so. A clearing corporation (associated with the exchange on which futures on a security or currency are traded) guarantees that, if still open, the sale or purchase will be performed on the settlement date.

*Hedging Strategies.* Hedging by use of futures contracts seeks to establish more certainty of (than would otherwise be possible) the effective price, rate of return or currency exchange rate on securities that the fund owns or proposes to acquire. The fund may, for example, take a "short" position in the futures market by selling futures contracts in order to hedge against an anticipated rise in interest rates or a decline in market prices or foreign currency rates that would adversely affect the U.S. dollar value of the fund's portfolio securities. Such futures contracts may include contracts for the future delivery of securities held by a fund or securities with characteristics similar to those of the fund's portfolio securities. Similarly, the fund may sell futures contracts on a currency in which its portfolio securities are denominated or in one currency to hedge against fluctuations in the value of securities denominated in a different currency if there is an established historical pattern of correlation between the two currencies.

If, in the opinion of the Investment Adviser, there is a sufficient degree of correlation between price trends for the fund's portfolio securities and futures contracts based on other financial instruments, securities indices or other indices, the fund may also enter into such futures contracts as part of its hedging strategy. Although under some circumstances prices of securities in the fund's portfolio may be more or less volatile than prices of such futures contracts, the Investment Adviser will attempt to estimate the extent of this difference in volatility based on historical patterns and to compensate for it by having the fund enter into a greater or lesser number of futures contracts or by attempting to achieve only a partial hedge against price changes affecting the fund's securities portfolio. When hedging of this character is successful, any depreciation in the value of portfolio securities will substantially be offset by appreciation in the value of the futures position. On the other hand, any unanticipated appreciation in the value of the fund's portfolio securities would be substantially offset by a decline in the value of the futures position.

On other occasions, the fund may take a "long" position by purchasing such futures contracts. This would be done, for example, when the fund anticipates the subsequent purchase of particular securities when it has the necessary cash, but expects the prices or currency exchange rates then available in the applicable market to be less favorable than prices or rates that are currently available.

*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 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. The fund will incur transaction costs in connection with the writing of options on futures.

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The holder or writer of an option on a futures contract may terminate its position by selling or purchasing an offsetting option on the same series. There is no guarantee that such closing transactions can be effected. The fund's ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid market.

*Other Considerations.* Where permitted, the fund will engage in futures transactions and in related options transactions for hedging purposes or to seek to increase total return. The fund will determine that the price fluctuations in the futures contracts and options on futures used for hedging purposes are substantially related to price fluctuations in securities held by the fund or which it expects to purchase. Except as stated below, each fund's futures transactions will be entered into for traditional hedging purposes, that is to say*,* futures contracts will be used to protect against a decline in the price of securities (or the currency in which they are denominated) that the fund owns, or futures contracts will be purchased to protect the fund against an increase in the price of securities (or the currency in which they are denominated) it intends to purchase. As evidence of this hedging intent, the fund expects that on most of the occasions on which it takes a long futures or option position (involving the purchase of a futures contract), the fund will have purchased, or will be in the process of purchasing equivalent amounts of related securities (or assets denominated in the related currency) in the cash market at the time when the futures or option position is closed out. However, in particular cases, when it is economically advantageous for a fund to do so, a long futures position may be terminated or an option may expire without the corresponding purchase of securities or other assets.

The CFTC, a federal agency, regulates trading activity in futures contracts and related options contracts pursuant to the Commodity Exchange Act, as amended (the "CEA"). The CFTC requires the registration of a commodity pool operator ("CPO"), which is defined as any person engaged in a business which is of the nature of an investment trust, syndicate or a similar form of enterprise, and who, in connection therewith, solicits, accepts or receives from others funds, securities or property for the purpose of trading in a commodity for future delivery on or subject to the rules of any contract market. The CFTC has adopted Rule 4.5, which provides an exclusion from the definition of commodity pool operator for any registered investment company which files a notice of eligibility. The investment adviser, on behalf of the **Core Bond Fund**, which may invest in futures transactions and related options transactions, has filed a notice of eligibility claiming exclusion from the status of CPO and, therefore, is not subject to registration or regulation as a CPO under the CEA. Prior to engaging in such transactions, should the eligibility for continuing the claim of exclusion no longer be available, the fund may be subject to registration or regulation as a CPO if no other exclusion from these requirements are then available.

As permitted, the fund will engage in transactions in futures contracts and in related options transactions only to the extent such transactions are consistent with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), for maintaining its qualification as a regulated investment company for federal income tax purposes (see the "Distributions and Taxes" section, below).

Transactions in futures contracts and options on futures involve brokerage costs, require margin deposits and, in the case of contracts and options obligating a fund to purchase securities or currencies, require the fund to segregate with its custodian cash or liquid securities in an amount equal to the underlying value of such contracts and options.

While transactions in futures contracts and options on futures may reduce certain risks, such transactions themselves entail certain other risks. Thus, unanticipated changes in interest rates, securities prices or currency exchange rates 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 only futures contracts available to hedge a fund's portfolio are various futures on U.S. Government securities, securities indices and foreign currencies. In addition, it is not possible for a fund to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in foreign currencies because the value of such securities is likely to fluctuate as a result of independent factors not related to currency fluctuations.

**Swap Agreements** 

The **Core Bond Fund** may enter into interest rate, credit default, index, currency exchange rate and total return swap agreements for hedging purposes in attempts to obtain a particular desired return at a lower cost to the fund than if the fund had invested directly in an instrument that yielded the desired return, and to seek to increase the fund's total return. The funds may also enter into special interest rate swap arrangements such as caps, floors and collars for both hedging purposes and to seek to increase total return. The funds would typically use interest rate swaps to shorten the effective duration of their portfolios.

Swap agreements are contracts entered into by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate), in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. A fund's obligations (or rights) under a swap agreement are equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party (the "net amount"). A fund's obligations under a swap agreement are accrued daily (offset against any amounts owing to the fund) and any accrued but unpaid net amounts owed to a swap counterparty are covered by the maintenance of a segregated assets.

Interest rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. Credit default swaps involve a contract by a fund with another party to transfer the credit exposure of a specific commitment between the parties. Currency swaps involve the exchange by a fund with another party of their respective rights to make or receive payments in specified currencies. A total return swap involves an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. The underlying asset that is used is usually an equities index, loan or a basket of assets. The purchase of an interest rate cap entitles the purchaser to receive from the seller of the cap payments of interest on a notional amount equal to the amount by which a specified index exceeds a stated interest rate. The purchase of an interest rate floor entitles the purchaser to receive from the seller of the floor payments of interest on a notional amount equal to the amount by which a specified index falls below a stated interest rate. An interest rate collar is

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the combination of a cap and a floor that preserves a certain return within a stated range of interest rates. Since interest rate swaps, currency swaps and interest rate caps, floors and collars are individually negotiated, the funds expect to achieve an acceptable degree of correlation between their portfolio investments and their interest rate or currency swap positions entered into for hedging purposes.

The funds may only enter into interest rate swaps on a net basis, which means the two payment streams are netted out, with the fund receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps do not involve the delivery of securities, or underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the fund is contractually obligated to make. If the other party to an interest rate swap defaults, a fund's risk of loss consists of the net amount of interest payments that the fund is contractually entitled to receive. In contrast, currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

To the extent the funds engage in such activity, the Trust would maintain in a segregated account with its custodian, cash or liquid securities equal to the net amount, if any, of the excess of each fund's obligations over its entitlements with respect to swap transactions. The funds will not enter into swap transactions unless the unsecured commercial paper, senior debt or claims paying ability of the other party is considered investment grade by the Investment Adviser. If there is a default by the other party to such a transaction, the funds will have contractual remedies pursuant to the agreement related to the transaction.

The use of interest rate, credit default and currency swaps (including caps, floors and collars) is a highly specialized activity which involves investment techniques and risks different from those associated with traditional portfolio securities activities. If the Investment Adviser is incorrect in its forecasts of market values, interest rates and currency exchange rates, the investment performance of the funds would be less favorable than it would have been if this investment technique were not used.

In as much as swaps are entered into for good faith hedging purposes or are offset by segregated assets, the Investment Adviser does not believe that swaps constitute senior securities as defined in the 1940 Act, and, accordingly, will not treat swaps as being subject to the funds' borrowing restrictions. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid compared with the markets for other similar instruments which are traded in the interbank market. Nevertheless, the staff of the SEC takes the position that currency swaps are illiquid investments subject to a fund's 15% limitation on such investments.

In recent years, the SEC and the CFTC have adopted rules creating a new, comprehensive regulatory framework for swaps transactions. Under the new rules, certain swaps transactions are required to be executed on a regulated trading platform and cleared through a derivatives clearing organization. Additionally, the new rules impose other requirements on the parties entering into swaps transactions, including requirements relating to posting margin, and reporting and documenting swaps transactions. Funds engaging in swaps transactions may incur additional expense as a result of these new regulatory requirements. For these reasons, the Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in swap transactions for the **Core Bond Fund**.

**Certain Bond Fund Practices** 

The **Income Funds** and **Diversified Income Fund** may invest all or a portion of their assets in debt securities. As stated in the prospectus, the funds will emphasize investment grade securities.

These funds may also make use of certain derivatives, such as options, to manage risks and returns, including the risk of fluctuating interest rates. These instruments will be used to control risk and obtain additional income and not with a view toward speculation.The funds will invest only in options which are exchange-traded or sold over-the-counter.

In the debt securities market, purchases of some issues are occasionally made under firm (forward) commitment agreements. The purchase of securities under such agreements can involve risk of loss due to changes in the market rate of interest between the commitment date and the settlement date. As a matter of operating policy, no fund will commit itself to forward commitment agreements in an amount in excess of 25% of total assets and will not engage in such agreements for leveraging purposes.

**Lower-Rated Corporate Debt Securities**

Each fund, except the **Tax-Free Funds** and **High Quality Bond Fund**, may make certain investments in corporate debt obligations that are unrated or rated below investment grade (i.e., ratings of BB or lower by Standard & Poor's or Ba or lower by Moody's). Bonds rated BB or Ba or below by Standard & Poor's or Moody's (or comparable unrated securities) are commonly referred to as "lower-rated" or "high yield" securities, or as "junk bonds," and are considered speculative with regard to principal and interest payments. In some cases, such bonds may be highly speculative with a high probability of default. As a result, investment in such bonds will entail greater speculative risks than those associated with investment in investment-grade bonds (i.e., bonds rated AAA, AA, A or BBB by Standard & Poor's or Aaa, Aa, A or Baa by Moody's).

Factors having an adverse impact on the market value of lower rated securities will have an adverse effect on a fund's NAV to the extent it invests in such securities. In addition, a fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings.

The secondary market for junk bond securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on a fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, the secondary market for junk bond securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, a fund's Investment Adviser could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating a fund's NAV.

Since investors generally perceive that there are greater risks associated with lower-rated debt securities, the yields and prices of such securities may tend to fluctuate more than those of higher rated securities. In the lower quality segments of the fixed-income securities market, changes in

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perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the fixed-income securities market resulting in greater yield and price volatility.

Another factor which causes fluctuations in the prices of fixed-income securities is the supply and demand for similarly rated securities. In addition, the prices of fixed-income securities fluctuate in response to the general level of interest rates. Fluctuations in the prices of portfolio securities subsequent to their acquisition will not affect cash income from such securities but will be reflected in a fund's NAV.

Lower-rated (and comparable non-rated) securities tend to offer higher yields than higher-rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. Since lower rated securities generally involve greater risks of loss of income and principal than higher-rated securities, investors should consider carefully the relative risks associated with investment in securities which carry lower ratings and in comparable non-rated securities. In addition to the risk of default, there are the related costs of recovery on defaulted issues. A fund's Investment Adviser will attempt to reduce these risks through diversification of these funds' portfolios and by analysis of each issuer and its ability to make timely payments of income and principal, as well as broad economic trends in corporate developments.

**Foreign Government Debt Securities**

Each fund, except the **Tax-Free Funds**, may invest in debt obligations of foreign governments and governmental agencies, including those of countries with emerging economies and/or securities markets. Investment in sovereign debt obligations involves special risks not present in debt obligations of corporate issuers. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the funds may have limited recourse in the event of a default. Periods of economic uncertainty or market stress may result in the volatility of market prices of sovereign debt, and in turn the fund's NAV, to a greater extent than the volatility inherent in debt obligations of U.S. issuers. A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which a sovereign debtor may be subject.

**Convertible Securities**

Each fund may invest in convertible securities. Convertible securities may include corporate notes or preferred stock but are ordinarily a long-term debt obligation of the issuer convertible at a stated conversion rate into common stock of the issuer. As with all debt and income-bearing securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the price of the convertible security tends to reflect the value of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis, and thus may not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stocks in an issuer's capital structure and are consequently of higher quality and entail less risk than the issuer's common stock. In evaluating a convertible security, a fund's Investment Adviser gives primary emphasis to the attractiveness of the underlying common stock. The convertible debt securities in which any other fund may invest are subject to the same rating criteria as that fund's investments in non-convertible debt securities. Convertible debt securities, the market yields of which are substantially below prevailing yields on non-convertible debt securities of comparable quality and maturity, are treated as equity securities for the purposes of a fund's investment policies or restrictions.

**U.S. Government Securities**

Each fund may purchase U.S. Government securities (subject to certain restrictions regarding mortgage-backed securities described in the "Mortgage-Backed (Mortgage Pass-Through) Securities" section, below). U.S. Government securities are obligations issued or guaranteed by the U.S. Government, its agencies, authorities or instrumentalities.

Certain U.S. Government securities, including U.S. Treasury bills, notes and bonds, and Government National Mortgage Association ("Ginnie Mae") certificates, are backed by the full faith and credit guarantee of the U.S. Government. Certain other U.S. Government securities, issued or guaranteed by federal agencies or government sponsored enterprises, do not have the full faith and credit guarantee of the U.S. Government, but may be supported by the right of the issuer to borrow from the U.S. Treasury.

Pass-through securities that are issued by Ginnie Mae, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), and the Federal National Mortgage Association ("Fannie Mae") are mortgage-backed securities which provide monthly payments which are, in effect, a "pass-through" of the monthly interest and principal payments (including any prepayments) made by individual borrowers on the pooled mortgage loans.

Collateralized mortgage obligations ("CMOs") in which a fund may invest are securities that are collateralized by a portfolio of mortgages or mortgage-backed securities. Each fund may invest in separately traded principal and interest components of securities guaranteed or issued by the U.S. Treasury if such components are traded independently under the Separate Trading of Registered Interest and Principal of Securities program ("STRIPS").

Each fund may acquire securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities in the form of custody receipts. Such receipts evidence ownership of future interest payments, principal payments or both on certain notes or bonds issued by the U.S. Government, its agencies, authorities or instrumentalities. For certain securities law purposes, custody receipts are not considered obligations of the U.S. Government.

**Other Debt Securities**

*Zero Coupon, Deferred Interest, Pay-in-Kind and Capital Appreciation Bonds*. The **Income Funds** and **Diversified Income Fund** may invest in zero coupon bonds as well as in capital appreciation bonds ("CABs"), deferred interest and pay-in-kind bonds. Zero coupon, deferred interest, pay-in-kind and CABs are debt obligations which are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance.

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Zero coupon bonds are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or provide for a specified cash payment date when the bonds begin paying current interest. As a result, zero coupon bonds are generally issued and traded at a significant discount from their face value. The discount approximates the present value amount of interest the bonds would have accrued and compounded over the period until maturity. CABs are distinct from traditional zero coupon bonds because the investment return is considered to be in the form of compounded interest rather than accreted original issue discount. For this reason, the initial principal amount of a CAB would be counted against a municipal issuer's statutory debt limit, rather than the total par value, as is the case for a traditional zero coupon bond.

Zero coupon bonds benefit the issuer by mitigating its initial need for cash to meet debt service, but generally provide a higher rate of return to compensate investors for the deferment of cash interest or principal payments. Such securities are often issued by companies that may not have the capacity to pay current interest and so may be considered to have more risk than current interest-bearing securities. In addition, the market price of zero coupon bonds generally is more volatile than the market prices of securities that provide for the periodic payment of interest. The market prices of zero coupon bonds are likely to fluctuate more in response to changes in interest rates than those of interest-bearing securities having similar maturities and credit quality.

Zero coupon bonds carry the additional risk that, unlike securities that provide for the periodic payment of interest to maturity, the fund will realize no cash until a specified future payment date unless a portion of such securities is sold. If the issuer of such securities defaults, the fund may obtain no return at all on its investment. In addition, the fund's investment in zero coupon bonds may require it to sell certain of its portfolio securities to generate sufficient cash to satisfy certain income distribution requirements.

While zero coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. Although this period of delay is different for each deferred interest bond, a typical period is approximately one-third of the bond's term to maturity. Pay-in-kind securities are securities that have interest payable by the delivery of additional securities. Such investments benefit the issuer by mitigating its initial need for cash to meet debt service, but some also provide a higher rate of return to attract investors who are willing to defer receipt of such cash. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations which provide for regular payments of interest. A fund will accrue income on such investments for tax and accounting purposes, as required, which is distributable to shareholders and which, because no cash is received at the time of accrual, may require the liquidation of other portfolio securities to satisfy the fund's distribution obligations.

*Structured Securities*. The **Income Funds** and **Diversified Income Fund** may invest in structured securities. The value of the principal of and/or interest on such securities is determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (the "Reference") or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of the fund's investment. Structured securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, changes in interest rates or the value of the security at maturity may be a multiple of changes in the value of the Reference. Consequently, structured securities may entail a greater degree of market risk than other types of fixed-income securities. Structured securities may also be more volatile, less liquid and more difficult to accurately price than less complex fixed-income investments.

Structured securities are considered transactions in derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

**Mortgage-Backed (Mortgage Pass-Through) Securities** 

The **Income Funds** and **Diversified Income Fund** may invest in mortgage-backed, or mortgage pass-through, securities, which are securities representing interests in "pools" of mortgage loans. Monthly payments of interest and principal by the individual borrowers on mortgages are passed through to the holders of the securities (net of fees paid to the issuer or guarantor of the securities) as the mortgages in the underlying mortgage pools are paid off. The average lives of these securities are variable when issued because their average lives depend on interest rates. The average life of these securities is likely to be substantially shorter than their stated final maturity as a result of unscheduled principal prepayments. Prepayments on underlying mortgages result in a loss of anticipated interest, and all or part of a premium if any has been paid, and the actual yield (or total return) to the holder of a pass-through security may be different than the quoted yield on such security. Mortgage prepayments generally increase with falling interest rates and decrease with rising interest rates. Like other fixed income securities, when interest rates rise, the value of a mortgage pass-through security generally will decline; however, when interest rates are declining, the value of mortgage pass-through securities with prepayment features may not increase as much as that of other fixed income securities due to increased principal prepayments.

Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by prepayments of principal resulting from the sale, refinancing or foreclosure of the underlying property, net of fees or costs which may be incurred. Some mortgage pass-through securities (such as securities issued by Ginnie Mae), are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owned on the mortgages in the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether the mortgagor actually makes the payment.

The principal governmental guarantor of mortgage pass-through securities is Ginnie Mae, which is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of Federal Housing Administration-insured or Veteran's Administration (VA)-guaranteed mortgages. These guarantees, however, do not apply to the market value or yield of mortgage pass-through securities. Ginnie Mae securities are often purchased at a premium over the maturity value of the underlying mortgages. This premium is not guaranteed and will be lost if prepayment occurs.

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Government-related guarantors (i.e., whose guarantees are not backed by the full faith and credit of the U.S. Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional residential mortgages (i.e., mortgages not insured or guaranteed by any governmental agency) from a list of approved seller/servicers which include state and federally-chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment by Fannie Mae of principal and interest.

The obligations of Fannie Mae and Freddie Mac are not guaranteed by the U.S. Government. Fannie Mae and Freddie Mac were placed into conservatorship by the Federal Housing Finance Agency ("FHFA"), an independent regulator, in 2008, and the FHFA succeeded to all of their rights, titles, powers, and privileges. Fannie Mae and Freddie Mac remain in conservatorship, and the effect that this conservatorship will have on the companies' debt and equity securities is unclear. The FHFA has the right to transfer or sell any asset or liability of Fannie Mae or Freddie Mac without any approval, assignment or consent, although the FHFA has stated that it has no present intention to do so. In addition, holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac may not enforce certain rights related to such securities against the FHFA, or the enforcement of such rights may be delayed, during the conservatorship.

The U.S. Department of the Treasury has taken steps to capitalize and provide financing to Fannie Mae and Freddie Mac and has agreed to purchase direct obligations and residential mortgage-backed securities issued or guaranteed by them in an effort to ensure their financial stability. However, there can be no assurance that the U.S. Government will continue to provide financial support to Fannie Mae and Freddie Mac and the future roles of Fannie Mae and Freddie Mac could be significantly reduced and the nature of their guarantees could be eliminated or considerably limited relative to historical measurements. Shortly after Fannie Mae and Freddie Mac were placed in federal conservatorship, the Secretary of the U.S. Treasury, noted that the guarantee structure of Fannie Mae and Freddie Mac required examination and that changes in the structures of the entities were necessary to reduce risk to the financial system.

The problems faced by Fannie Mae and Freddie Mac that resulted in their being placed into federal conservatorship have stirred debate among some federal policy makers regarding the continued role of the U.S. Government in providing liquidity for the residential mortgage market. The gradual recovery of the housing market has made Fannie Mae and Freddie Mac profitable again and increased the uncertainty about their futures. Proposals to end the conservatorships have included recapitalization initiatives, the use of loss-absorbing instruments, and regulatory capital and liquidity requirements to ensure that Fannie Mae and Freddie Mac can operate in a safe and sound manner without posing systemic risk to the economy. Furthermore, the existing purchase agreements with the US. Department of Treasury could be amended and further credit enhancements could be provided by guarantors chartered by the FHFA and other sources of first-loss private capital to ensure that payments on mortgage-backed securities remain supported. However, the success of any such reforms, whether accomplished through legislation or administrative rulemaking, depends on a number of political, economic, and other factors, which may or may not materialize. For example, future presidential or congressional elections may result in legal and regulatory changes to government-sponsored enterprises' participation in the mortgage industry being reprioritized, revised, or abandoned altogether, and new guarantors and other sources of capital may not enter the secondary market for residential mortgage loans and mortgage-backed securities if reform efforts fail to reduce Fannie Mae's and Freddie Mac's competitive advantages. Accordingly, no assurances can be given that any existing credit support by the U.S. Government will continue to remain in place or that any proposed new credit enhancement proposals will be implemented.

Under the FHFA's "Single Security Initiative," Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of Uniform Mortgage-Backed Securities ("UMBS"), which would generally align the characteristics of Fannie Mae and Freddie Mac mortgage-backed securities. In June 2019, Fannie Mae and Freddie Mac started to issue UMBS in place of their current offerings of TBA-eligible mortgage-backed securities. The initial effects of the issuance of UMBS on the market for mortgage-related securities have been relatively minimal, however the long-term effects are still uncertain and the issuance of UMBS could have unanticipated or adverse effects

**Other Securities Related to Mortgages**

*CMOs and Multiclass Pass-Through Securities.* The **Income Funds** and **Diversified Income Fund** may invest a portion of their assets in CMOs, which are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The following is a description of CMOs and types of CMOs but is not intended to be an exhaustive or exclusive list of each type of CMO a fund may invest in. Typically, CMOs are collateralized by certificates issued by Ginnie Mae, Fannie Mae or Freddie Mac, but also may be collateralized by whole loans or private mortgage pass-through securities (such collateral collectively hereinafter referred to as "Mortgage Assets"). The funds listed above may also invest a portion of their assets in multiclass pass-through securities which are equity interests in a trust composed of Mortgage Assets. Unless the context indicates otherwise, all references herein to CMOs include multiclass pass-through securities. Payments of principal of and interest on the Mortgage Assets, and any reinvestment income thereon, provide the funds to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the United States government or by private originators of, or investors in, mortgage loans, including credit unions, savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. The issuer of a series of CMOs may elect to be treated as a Real Estate Mortgage Investment Conduit ("REMIC").

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In a CMO, a series of bonds or certificates are usually issued in multiple classes with different maturities. Each class of CMOs, often referred to as a "tranche," is issued at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates, resulting in a loss of all or a part of the premium if any has been paid. Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semiannual basis. The principal of and interest on the Mortgage Assets may be allocated among the several classes of a series of a CMO in innumerable ways. In a common structure, payments of principal, including any principal pre-payments, on the Mortgage Assets are applied to the classes of the series of a CMO in the order of their respective stated maturities or final distribution dates, so that no payment of principal will be made on any class of CMOs until all other classes having an earlier stated maturity or final distribution date have been paid in full. Certain CMOs may be stripped (securities which provide only the principal or interest factor of the underlying security). See the *"–*Stripped Mortgage-Backed Securities*"* subsection, below, for a discussion of the risks of investing in these stripped securities and of investing in classes consisting primarily of interest payments or principal payments.

The funds listed above may also invest in parallel pay CMOs and Planned Amortization Class CMOs ("PAC Bonds"). Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO structures, must be retired by its stated maturity date or final distribution date, but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds are always parallel pay CMOs with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

CMOs and multiclass pass-through securities are considered derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

*Stripped Mortgage-Backed Securities.* The **Income Funds** and **Diversified Income Fund** may invest a portion of their assets in stripped mortgage-backed securities ("SMBS") which are derivative multiclass mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks and investment banks.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions from a pool of Mortgage Assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the Mortgage Assets, while another class receives most of the interest and the remainder of the principal. In the most extreme case, one class will receive an "IO" (the right to receive all of the interest) while the other class will receive a "PO" (the right to receive all of the principal). The yield to maturity on an IO is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying Mortgage Assets, and a rapid rate of principal payments may have a material adverse effect on such security's yield to maturity. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund may fail to fully recoup its initial investment in these securities. The market value of the class consisting primarily or entirely of principal payments generally is unusually volatile in response to changes in interest rates.

Stripped mortgage-backed securities are considered transactions in derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

*Mortgage Dollar Rolls.* The **Income Funds** and **Diversified Income Fund** may enter into mortgage "dollar rolls" in which the fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, a fund loses the right to receive principal and interest paid on the securities sold. However, a fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase as well as from the receipt of any associated fee income plus interest earned on cash proceeds of the securities sold until the settlement date for the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of a fund. Successful use of mortgage dollar rolls depends upon the Investment Adviser's ability to predict correctly interest rates and mortgage prepayments. There is no assurance that mortgage dollar rolls can be successfully employed. A fund will hold and maintain until the settlement date segregated cash or liquid assets in an amount equal to the forward purchase price. For financial reporting and tax purposes, each fund treats mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale. These funds do not currently intend to enter into mortgage dollar rolls that are accounted for as a financing.

Mortgage dollar rolls are considered transactions in derivative securities. The Investment Adviser must obtain the explicit approval of the Board of Trustees prior to engaging in derivative transactions of this type.

**Municipal Securities**

With regard to the **Tax-Free Funds**, Madison's principal investment strategy is to invest in municipal securities. In addition, the **Income Funds** may, from time to time, invest in municipal bonds. However, there are many different kinds of municipal securities and Madison must make various decisions in its efforts to follow this principal investment strategy. The market for municipal securities is diverse and constantly changing. The following is therefore not necessarily a complete description of all types of municipal securities Madison may purchase for these funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Who Issues Municipal Securities in General?* The term "municipal securities" includes a variety of debt obligations that are issued for public purposes by or on behalf of states, territories and possessions of the United States, their political subdivisions, the District of Columbia, Guam, Puerto Rico and other territories. They are also issued by the duly constituted authorities, agencies, public corporations and other instrumentalities of these jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *What are Municipal Securities Used For?* Municipal securities may be used for many public purposes, including constructing public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, water and sewer works and gas and electric utilities. Municipal securities may also be used to refund outstanding obligations, to obtain funds to lend to other public institutions and certain private borrowers or for general operating expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *How are Municipal Securities Classified by Purpose?* Municipal securities are usually classified as either "general obligation," "revenue" or "industrial development."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪.*General Obligation*. General obligation securities are the obligations of an issuer with taxing power and are payable from the issuer's general unrestricted revenues. These securities are backed by the full faith, credit and taxing power of the issuer for the payment of principal and interest. They are not limited to repayment from any particular fund or revenue source. For example, a bond issued directly by the State of Missouri is a general obligation bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪.*Revenue*. Revenue securities are repayable only from revenues derived from a particular facility, local agency, special tax, facility user or other specific revenue source. Certain revenue issues may also be backed by a reserve fund or specific collateral. Ordinary revenue bonds are used to finance income producing projects such as public housing, toll roads and bridges. The investor bears the risk that the project will produce insufficient revenue and have insufficient reserves to cover debt service on the bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪.*Industrial Development.* Industrial development securities are revenue obligations backed only by the agreement of a specific private sector entity to make regular payments to the public authority in whose name they were issued. Collateral may or may not be pledged. States or local authorities generally issue industrial development securities on behalf of private organizations for the purpose of attracting or assisting local industry. These securities usually have no credit backing from any public body. Industrial development securities include pollution and environmental control revenue bonds. Industrial revenue bonds are used to finance privately-operated facilities for business, manufacturing, housing, sports and other purposes and are limited to $10 million per issuer, except when used for certain exempted purposes. Pollution and environmental control revenue bonds are used to finance air and water pollution control facilities required by private users. Repayment of revenue bonds issued to finance privately used or operated facilities is usually dependent entirely on the ability of the private beneficiary to meet its obligations and on the value of any collateral pledged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *How are Municipal Securities Further Classified?* Municipal securities may be classified according to maturity as "notes" if up to about two years in term, or as "bonds" if longer in term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪.*Callable Bonds*. Callable municipal bonds are municipal bonds that contain a provision in the bond indenture permitting the issuer to redeem bonds prior to maturity. A bond indenture is the legal document that contains the important terms of the security. Callable bonds are generally subject to call during periods of declining interest rates. If the proceeds of a called bond under such circumstances are reinvested, the result may be a lower overall yield due to lower interest rates. If, when purchased, Madison paid a premium for the bond, some or all of that premium may not be recovered, depending on the call price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪.*Notes*. Notes are generally used to meet short-term financing needs and include the following specific types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Anticipation Notes</u>. Normally, these are general obligation issues that are issued to meet cash needs prior to collecting taxes and generally are payable from specific future tax revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Bond Anticipation Notes</u>. Like tax anticipation notes, these also are normally general obligation issues. They are issued to provide interim financing in anticipation of sales of long-term bonds and generally are payable from the proceeds of a specific proposed bond issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Revenue Anticipation Notes</u>. These may be general obligation issues and are issued to provide cash prior to receipt of expected non-tax revenues from a specific source, such as scheduled payments due from the federal government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Project Notes</u>. Local authorities issue these notes to finance various local redevelopment and housing projects conducted under sponsorship of the federal government. Project notes are guaranteed and backed by the full faith and credit of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Construction Loan Notes</u>. These notes provide interim financing for construction projects. They are frequently issued in connection with federally insured or guaranteed mortgage financing and may also be insured or guaranteed by the federal government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;<u>Tax-Exempt Commercial Paper</u>. These notes (sometimes called "municipal paper") are similar to conventional commercial paper, but are tax-free. Municipal paper may be either a general obligation or a revenue issue, although the latter is more common. These issues may provide greater flexibility in scheduling maturities than other municipal notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Municipal Lease Obligations*. Municipalities issue municipal lease obligations to finance their obligation to pay rent on buildings or equipment they use. Madison intends to limit its investments in such obligations to those that represent liquid securities for purposes of each fund's limitation on investments in illiquid securities. Madison will make daily determinations of the liquidity and appropriate valuation of each such obligation, basing its decision on all relevant facts including: (1) the frequency of trades and quotes for the obligation; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential buyers; (4) the willingness of dealers to make a market in the security; and (5) the nature of the marketplace. With regard to the nature of the marketplace, Madison will consider the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;A municipal lease obligation will not be considered liquid unless there is reasonable assurance that its marketability will be maintained throughout the time Madison holds the instrument for the funds. Madison must conclude that the obligation is liquid considering: (1) whether the lease can be canceled; (2) what assurance there is that the assets represented by the lease can be sold; (3) the strength of the lessee's general credit; (4) the likelihood that the municipality will discontinue appropriating funding for the leased property because the property is no longer deemed essential to the operations of the municipality; and (5) Madison's legal recourse in the event of failure to appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;• *How Can You Tell the Identity of the Issuer?* From time to time, Madison must make determinations as to the identity of the issuer of a particular municipal security. Madison will make this determination considering its understanding of the assets and revenue principally backing the issue and the most significant source of repayment of principal and interest for the issue. If the specific securities are backed by assets and revenues that are independent or separate from the assets and revenues of the jurisdiction or agency in whose name they were issued, then Madison will normally consider those securities to have a separate issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;• *What are the Risks of Geographic Concentration of Investments?* If the credit standing of a particular state or type of issuer generally declined, then a fund could be more adversely affected than if its investments were more diversified. This risk is greatest in the **Tax-Free Virginia Fund** since it is expected to invest principally in the securities of one state.

&nbsp;&nbsp;&nbsp;&nbsp;• *What are the Risks of Investing in Various 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Summary of the Economy of Virginia (applicable to the* ***Tax-Free Virginia Fund*** *only)*. In fiscal year 2022 and fiscal year 2023 year-to-date general fund revenue collections have outperformed due to robust economic activity highlighted by better-than-expected individual income withholding tax and sales tax collections. In fact, fiscal 2022 general fund revenue grew 16% over fiscal 2021 levels, to $28.9 billion. Higher-than-expected revenue collections and lower-than-expected spending resulted in a $3.2 billion operating surplus in fiscal 2022. As a result, the commonwealth expects to deposit $900 million of the surplus into its "rainy-day" fund as a buffer against unanticipated budget shortfalls due to a slowing economy. Economic assumptions forecast a national GDP of only .2% for 2023 as the Federal Reserve continues to increase interest rates to slow persistent inflation. Virginia is expected to follow that trend although per capita personal income tax collections continue to exceed national levels (103%). The biggest risk factors to those assumptions are a major recession that significantly increases the unemployment rate and severely curtails consumer spending behavior. However, Virginia's proximity to Washington, D.C., and the stable federal employment base should mitigate many of those economic concerns. In addition, Virginia's own economic diversity, a sizable military presence, and the defense industry sector have been important job providers and stabilizing factors for its economy in the past. Federal stimulus money over the last few years will also continue to provide relief to many sectors of the Commonwealth's economy that were hard-hit by the pandemic.

Virginia's labor market recovered rapidly during fiscal 2022, growing at a rate of 3.3% although the national average was 4.5%. The commonwealth's unemployment rate dropped precipitously in fiscal 2022 to 3.1% from 5.6% in fiscal 2021 which is well below the national rate of 4.1%. Employment gains were broad-based throughout the state with pockets of weakness in the southwest and south-central counties. Many employers continue to indicate a desire to hire qualified workers and are having difficulty finding them.

Personal income provides an important gauge of the health of Virginia's economy. It is also a key determinant of consumer spending, which accounts for nearly 70 percent of GDP at the national level. State personal income dropped 2.7% in fiscal 2022 compared to 4.3% increases in fiscal years 2020 and 2021. Personal income fell by a similar relative magnitude (2.8%) at the national level and is primarily due to a sharp decrease in personal current transfer receipts as COVID-19 relief programs expired. Wages and salaries, which make up the majority of total personal income, grew 2.1% in fiscal year 2022 which is in line with an average of 2.1% growth rate during the previous five fiscal years (2017-2021).

Specific to the state's economic outlook, Standard & Poor's believes the commonwealth will likely continue to demonstrate conservative financial management and make timely budget adjustments as necessary for structural balance if projected revenue growth fails to materialize. The commonwealth's practice of fully funding pension payments and directing certain deposits to an additional revenue reserve fund as a continued focus on structural balance should continue to position Virginia for unexpected economic slowdowns or shortfalls. As such, Standard & Poor's has assigned its highest rating of AAA with a stable outlook. However, if revenue significantly misses projections and budget management relies heavily on one-time resources or substantial draws on one-time reserves and liquidity sources with no plan to replenish, the rating could be adjusted lower.

According to S&P, Virginia's general obligation (GO) debt reflects a diverse economy with a solid cash and liquidity position-especially in regard to managing the budget during the pandemic. In addition, the commonwealth maintains strong financial policies and practices throughout its long history of proactive and conservative financial management. Finally, moderate debt levels are expected to remain manageable.

Virginia has a manageable debt burden with low debt service carrying charges due to extraordinarily low interest rates. As of June 30, 2022, the Virginia Comprehensive Annual Financial Report ("CAFR") reported total debt of $53.7 billion, an increase of $1.1 billion, or 2.1 percent from the prior fiscal year. The commonwealth issued new debt in the amount of $6.2 billion which is a significant increase from fiscal 2021 ($4 billion). Of this new debt, $2.1 billion was for the primary government and $3.5 billion for the component units. Tax-supported debt represented roughly 47% of total debt, of which 34% is scheduled to be retired within ten years. Total debt and aggregate tax-supported debt as a percentage of state GDP was 5.91% and 9.72%, respectively. Debt ratios are moderate, with overall tax-supported debt per capital of $1,316 and 1.99% of personal income.

As of the date of this SAI, bonds representing general obligations of the Commonwealth of Virginia carry ratings of AAA with a stable outlook by S&P and Aaa with a stable outlook by Moody's.

**Privately Arranged Loans and Participations** 

Madison may make or acquire participations in privately negotiated loans to municipal borrowers on behalf of the **Tax-Free Funds**. Frequently, such loans have variable interest rates and may be backed by a bank letter of credit. In other cases, they may be unsecured. If Madison engages in this type of investment strategy, Madison will rely on the opinion of tax or bond counsel to the borrower as to the tax status of these loans. Such transactions may provide an opportunity to achieve higher tax-free yields than would be available from municipal securities offered and sold to the general public.

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Privately arranged loans, however, will generally not be rated by a credit rating agency and will normally be illiquid. In most cases, Madison will only be able to sell such loans through a provision requiring repayment following demand by the funds. Such loans made by the funds will normally have a demand provision permitting the funds to require repayment within seven days. Participations in such loans, however, may not have such a demand provision and may not be otherwise marketable. To the extent these securities are illiquid, they will be subject to each fund's limitation on investments in illiquid securities. Recovery of an investment in any private loan that is illiquid and payable on demand may depend on the ability of the municipal borrower to meet an obligation for full repayment of principal and payment of accrued interest within the demand period. The demand period is normally seven days or less (unless Madison determines that a particular loan issue, unlike most such loans, has a readily available market). If appropriate, Madison will establish procedures to monitor the credit standing of each such municipal borrower, including its ability to honor contractual payment obligations.

**Restricted Securities**

Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933, as amended. Where registration is required, a fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell a security and the time a fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities will be priced at fair value as determined in good faith in accordance with methodologies approved by the Board.

**Repurchase Agreements**

Each fund may enter into 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 seller at a fixed time and price plus accrued interest. The funds will enter into repurchase agreements only with member banks of the Federal Reserve System, U.S. Central Credit Union and with "primary dealers" in U.S. Government securities. A fund's Investment Adviser will continuously monitor the creditworthiness of the parties with whom the funds enter into repurchase agreements.

The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Trust's 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 delays in liquidating the underlying securities during the period in which the fund seeks to enforce its rights thereto, possible subnormal 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.

**Reverse Repurchase Agreements**

Each fund may also enter into reverse repurchase agreements which involve the sale of U.S. Government securities held in its portfolio to a bank with an agreement that the fund will buy back the securities at a fixed future date at a fixed price plus an agreed amount of "interest" which may be reflected in the repurchase price. Reverse repurchase agreements are considered to be borrowings by a fund entering into them. Reverse repurchase agreements involve the risk that the market value of securities purchased by a fund with proceeds of the transaction may decline below the repurchase price of the securities sold by the fund which it is obligated to repurchase. A fund that has entered into a reverse repurchase agreement will also continue to be subject to the risk of a decline in the market value of the securities sold under the agreements because it will reacquire those securities upon effecting their repurchase. To minimize various risks associated with reverse repurchase agreements, each fund will establish and maintain with the Trust's custodian a separate account consisting of liquid securities, of any type or maturity, in an amount at least equal to the repurchase prices of the securities (plus any accrued interest thereon) under such agreements. No fund will enter into reverse repurchase agreements and other borrowings (except from banks as a temporary measure for extraordinary emergency purposes) in amounts in excess of 30% of the fund's total assets (including the amount borrowed) taken at market value. No fund will use leverage to attempt to increase income. No fund will purchase securities while outstanding borrowings exceed 5% of the fund's total assets. Each fund will enter into reverse repurchase agreements only with federally insured banks which are approved in advance as being creditworthy by the Board of Trustees. Under procedures established by the Board of Trustees, a fund's Investment Adviser will monitor the creditworthiness of the banks involved.

**Forward Commitment and When-Issued Securities**

Each fund may purchase securities on a when-issued or forward commitment basis. "When-issued" refers to securities whose terms are specified and for which a market exists, but which have not been issued. Each fund will engage in when-issued transactions with respect to securities purchased for its portfolio in order to obtain what is considered to be an advantageous price and yield at the time of the transaction. For when-issued transactions, no payment is made until delivery is due, often a month or more after the purchase. In a forward commitment transaction, a fund contracts to purchase securities for a fixed price at a future date beyond customary settlement time.

When a fund engages in forward commitment and when-issued transactions, it relies on the seller to consummate the transaction. The failure of the issuer or seller to consummate the transaction may result in a fund's losing the opportunity to obtain a price and yield considered to be advantageous. The purchase of securities on a when-issued or forward commitment basis also involves a risk of loss if the value of the security to be purchased declines prior to the settlement date.

On the date a fund enters into an agreement to purchase securities on a when-issued or forward commitment basis, the fund will segregate cash or liquid securities, of any type or maturity, equal in value to the fund's commitment. These assets will be valued daily at market, and additional cash or securities will be segregated to the extent that the total value of the assets in the account declines below the amount of the when-issued commitments. Alternatively, a fund may enter into offsetting contracts for the forward sale of other securities that it owns.

**Real Estate Investment Trusts**

Each fund, except the **Tax-Free Funds**, may invest in shares of real estate investment trusts ("REITs"). REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They also may realize gains or losses from the sale of properties. Equity REITs generally exercise some degree of control over the

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operational aspects of their real estate investments, lease terms and property maintenance and repair. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties and are paid interest by the owners of the financed properties. Hybrid REITs invest both in real property and in mortgages. A REIT generally is not taxed on income distributed to its shareholders if it complies with certain federal income tax requirements relating primarily to its organization, ownership, assets and income and, further, if it distributes at least 90% its taxable income to its shareholders each year. Consequently, REITs tend to focus on income-producing real estate investments.

The funds' investments in REITs may be adversely affected by deteriorations of the real estate rental market, in the case of REITs that primarily own real estate, or by deteriorations in the creditworthiness of property owners and changes in interest rates in the case of REITs that primarily hold mortgages. Equity and mortgage REITs also are dependent upon specialized management skills, may not be diversified in their holdings and are subject to the risks of financing projects. REITs also may be subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Under certain circumstances, a REIT may fail to qualify for the special tax treatment available to REITs, which would subject the REIT to federal income taxes at the REIT level and adversely affect the value of its securities.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction available under Section 199A of the Code. Additionally, a dividend or part of a dividend paid by a regulated investment company and reported as a "Section 199A Dividend" is treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction.

**Exchange-Traded Funds** 

Each fund may invest in exchange-traded funds ("ETFs"), which are shares of publicly-traded unit investment trusts, open-end funds, or depositary receipts that seek to track the performance and dividend yield of specific indexes or companies in related industries. These indexes may be either broad-based, sector or international. ETF shareholders are generally subject to the same risks as holders of the underlying securities they are designed to track.

ETFs are also subject to certain additional risks, including (i) the risk that their prices may not correlate perfectly with changes in the prices of the underlying securities they are designed to track, and (ii) the risk of possible trading halts due to market conditions or other reasons, based on the policies of the exchange upon which an ETF trades. In addition, an exchange-traded sector fund may be adversely affected by the performance of that specific sector or group of industries on which it is based. The fund would bear, along with other shareholders of an ETF, its pro rata portion of the ETF's expenses, including management fees. Accordingly, in addition to bearing their proportionate share of the fund's expenses (i.e., management fees and operating expenses), shareholders of the fund may also indirectly bear similar expenses of an ETF.

**Shares of Other Investment Companies**

Each fund, other than the **Target Allocation Funds**, may invest up to 10% of its assets in shares of other investment companies. Each fund, other than the **Target Allocation Funds**, complies with the general statutory limits for such investments prescribed by the 1940 Act. The statutory limits are that immediately after any investment: (i) not more than 5% of a fund's total assets are invested in the securities of any one investment company; (ii) not more than 10% of a fund's total assets are invested in the aggregate in securities of investment companies as a group; (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by the fund; and (iv) not more than 10% of the outstanding voting stock of any one investment company will be owned in the aggregate by the fund and other investment companies advised by Madison, or any of its affiliates. Notwithstanding the foregoing, each fund may invest in shares of money market funds in excess of the above described statutory limitations, in accordance with the exemption contained in Rule 12d1-1 under the 1940 Act.

Rule 12d1-4 of the 1940 Act provides an exemption from Section 12(d)(1) that allows a fund to invest all of its assets in other registered funds, including ETFs, if the fund satisfies certain conditions specified in the Rule, including, among other conditions, that the fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). However, such control and other conditions under Rule 12d1-4 do not apply if either the acquiring fund is in the same group of investment companies as the acquired fund, or the acquiring fund's subadviser or an affiliate is the acquired fund's adviser.

As a shareholder of another investment company, a fund would bear, along with other shareholders, its pro rata portion of the expenses of such other investment company, including investment management fees, general fund expenses, trading, custodial and interest expenses and distribution/shareholder servicing fees (if any). These expenses would be in addition to the advisory and other expenses that a fund bears directly in connection with its own operations and may represent a duplication of fees to shareholders of the fund.

**Temporary Defensive Positions**

Although each fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, each fund may invest up to 100% in money market securities as a defensive tactic in abnormal market conditions (with regard to the **Tax-Free Funds**, the funds may invest up to 100% in tax-free money market securities for this purpose).

With regard to the **Tax-Free Funds**, under normal market conditions, Madison does not intend to invest in any taxable securities on behalf of the funds. Madison may decide, however, that extraordinary conditions require it to purchase taxable investments. The "taxable investments" that Madison may purchase for the funds are limited to the following U.S. dollar denominated investments: (i) U.S. Government securities; (ii) obligations of banks having total assets of $750 million or more; (iii) commercial paper and other investment grade corporate debt securities; and (iv) repurchase agreements involving any of the foregoing securities or municipal securities. Maturities of taxable investments may exceed one year in extraordinary circumstances when Madison has determined to invest more than 20% of a fund's assets in taxable securities.

To the extent any fund engages in a temporary defensive position in this manner, it would not be invested in accordance with its stated investment objectives.

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**Definition of Market Capitalization**

Market capitalization is the value of a corporation determined by multiplying total outstanding shares by the current market price. Total outstanding shares include common stock, non-restricted exchangeable shares and partnership units/membership interests where applicable. Exchangeable shares are shares which may be exchanged at any time, at the holder's option, on a one-for-one basis for common stock. Membership or partnership units/interests represent an economic interest in a limited liability company or limited partnership. Market capitalization does not include preferred or convertible preferred stock, participating preferred stock, restricted or redeemable shares, warrants, rights or trust receipts.

**Types of Investment Risk**

*Active or Frequent Trading Risk.* The risk of the realization and distribution to shareholders of higher capital gains as compared to a series with less active trading policies. Frequent trading also increases transaction costs, which could detract from the performance.

*Asset Allocation Risk.* The risk that the selection of the underlying funds and 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.

*Call Risk.* The risk that the issuer of a security will retire or redeem ("call") the security with a higher rate of interest before the scheduled maturity date when interest rates have declined.

*Correlation Risk.* The risk that changes in the value of a hedging instrument or hedging technique will not match those of the asset being hedged (hedging is the use of one investment to offset the possible adverse effects of another investment).

*Counterparty Risk*. The risk that the counterparty under an agreement will not live up to its obligations.

*Credit Risk.* The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise not honor a financial obligation.

*Currency Risk.* The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the U.S. dollar value of an investment.

*Cybersecurity Risk.* 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, a subadviser to the funds, 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.

*Default Risk.* It is possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, a fund would have to look to the agency issuing the bond for ultimate repayment.

*Derivatives Risk.* The risk that loss may result from investments in options, forwards, futures, swaps and other derivatives instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations.

*Depository Receipt Risk.* Depository receipts, such as ADRs, and global depository receipts ("GDRs"), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to. fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk.

*Equity Risk*. Equity risk is the risk that securities held will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by a fund participate, and the circumstances and performance of companies whose securities a fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.

*ETF Risks*. The main risks of investing in ETFs are the same as investing in a portfolio of equity securities comprising the index on which the ETF is based, although lack of liquidity in an ETF could result in it being more volatile than the securities comprising the index. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

*Extension Risk.* The risk that an unexpected rise in prevailing interest rates will extend the life of an outstanding mortgage-backed security by reducing the expected number of mortgage prepayments, typically reducing the security's value.

*Foreign Security Risk*. Investments in foreign securities involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies.

*Geopolitical and Economic Risk.* Geopolitical events may cause market disruptions. For example, the United Kingdom (UK) withdrew from the European Union (EU) on January 31, 2020, following a June 2016 referendum referred to as "Brexit." There is significant market uncertainty regarding Brexit's longer term ramifications, and the range of possible political, regulatory, economic and market outcomes are difficult to predict. The uncertainty surrounding the UK's economy may continue to be a source of instability and cause considerable disruption in securities markets,

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including increased volatility and illiquidity, as well as currency fluctuations in the British pound's exchange rate against the U.S. dollar. Russia's assertion of influence in its surrounding region, including its invasion of Ukraine, increases the likelihood of additional sanctions by the U.S. and other countries, which may cause volatility in the markets.

*Growth Investing Risk*. The risk that stocks with growth characteristics can experience sharp price declines as a result of earnings disappointments, even small ones. Investments in stocks with growth characteristics, will typically experience greater volatility over time than stocks with value characteristics.

*Hedging Risk.* When a fund hedges an asset it holds (typically by using a derivative contract or derivative security), any gain or loss generated by the hedge should be substantially offset by losses or gains on the hedged asset. Hedging is a useful way to reduce or eliminate risk of loss, but it will also reduce or eliminate the potential for investment gains.

*Information Risk.* The risk that key information about a security or market is inaccurate or unavailable.

*Interest Rate Risk.* The risk of declines in market value of an income bearing investment due to changes in prevailing interest rates. With fixed-rate securities, a rise in interest rates typically causes a decline in market values, while a fall in interest rates typically causes an increase in market values.

*Interest Rate Policy Risk.* Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund's investments and share price to decline. Until recently, interest rates were historically low, but the Federal Reserve has recently increased interest rates quickly and significantly in an effort to combat inflation. As interest rates rise, the value of fixed-income investments will generally decrease. A fund that invests in derivatives tied to fixed-income markets may be more substantially exposed to these risks than a fund that does not invest in derivatives.

*Large Cap Risk.* Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

*Leverage Risk.* The risks associated with securities or investment practices that enhance return (or loss) without increasing the amount of investment, such as buying securities on margin or using certain derivative contracts or derivative securities. A fund's gain or loss on a leveraged position may be greater than the actual market gain or loss in the underlying security or instrument. A fund may also incur additional costs in taking a leveraged position (such as interest on borrowings) that may not be incurred in taking a non-leveraged position.

*Liquidity Risk.* The risk that certain securities or other investments may be difficult or impossible to sell at the time the fund would like to sell them or at the price the fund values them.

*Litigation Risk.* The funds may be subject to third-party litigation, which could give rise to legal liability. These matters involving the funds may arise from their activities and investments and could have a materially adverse effect on the funds, including the expense of defending against claims and paying any amounts pursuant to settlements or judgments. There can be no guarantee that these matters will not arise in the normal course of business. If the funds were to be found liable in any suit or proceeding, any associated damages and/or penalties could have a materially adverse effect on the funds' finances, in addition to being materially damaging to their reputation.

*Management Risk.* The risk that a strategy used by a fund's Investment Adviser may fail to produce the intended result. This risk is common to all mutual funds.

*Market Risk.* The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably, due to factors that have nothing to do with the issuer. This risk is common to all stocks and bonds and the mutual funds that invest in them.

*Mid Cap Risk*. Investments in midsize companies may entail greater risks than investments in larger, more established companies. Midsize companies tend to have narrower product lines, fewer financial resources. and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some midsize companies may not have established financial histories; may have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy.

*Mortgage-Backed Securities Risk*. The risk that mortgage holders prepay principal during a period of falling interest rates, a fund could be exposed to prepayment risk. In that case, a fund would have to reinvest the proceeds at a lower interest rate. The security itself may not increase in value with the corresponding drop in rates since the prepayment acts to shorten the maturity of the security.

*Natural Event Risk.* The risk of losses attributable to natural disasters, crop failures and similar events.

*Non-Investment Grade Security Risk*. Issuers of non-investment grade securities (i.e., **"**junk" bonds) are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. "Junk" bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

*Opportunity Risk.* The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are committed to less advantageous investments.

*Political Risk.* The risk of losses directly attributable to government actions or political events of any sort, including military actions and/or expropriation of assets.

*Prepayment Risk.* The risk that an unexpected fall in prevailing interest rates will shorten the life of an outstanding mortgage-backed security by increasing the expected number of mortgage prepayments, thereby reducing the security's return.

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*Real Estate Investment Trusts ("REITs") Risk.* REITs pool investors' funds for investment primarily in real estate properties or real estate-related loans. REITs generally derive their income from rents on the underlying properties or interest on the underlying loans, and their value is impacted by changes in the value of the underlying property or changes in interest rates affecting the underlying loans owned by the REITs. REITs are more susceptible to risks associated with the ownership of real estate and the real estate industry in general. These risks can include, but are not limited, fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry. In addition, REITs depend upon specialized management skills, may not be diversified (which may increase the price volatility of REITs), may have less trading volume and liquidity, and may be subject to more abrupt or erratic price movements than the overall securities market. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code of 1986, as amended (the "Code"). REITs are subject to the risk of failing to qualify for favorable tax treatment under the Code.

*Small Cap Risk.* Investments in small capitalization companies may entail greater risks than investments in larger, more established companies. Small companies tend to have narrower product lines, fewer financial resources and a more limited trading market for their securities, as compared to larger companies. The securities of smaller companies also experience greater price volatility than securities of larger capitalization companies. During certain periods, the liquidity of the securities of small cap companies may shrink or disappear suddenly and without warning as a result of adverse economic or market conditions, or adverse investor perceptions. This liquidity risk could translate into losses for a fund if it has to sell illiquid securities at a disadvantageous time. The costs of purchasing or selling securities of small capitalization companies are often greater than those of more widely traded securities. Securities of smaller capitalization companies can also be difficult to value.

*Speculation Risk.* Speculation is the assumption of risk in anticipation of gain but recognizing a higher-than-average possibility of loss. To the extent that a derivative contract or derivative security is used speculatively (i.e., not used as a hedge), a fund is directly exposed to the risks of that derivative contract or security. Gains or losses from speculative positions in a derivative contract or security may be substantially greater than the derivative contract or security's original cost.

*Sustainable Investment Risk*. Sustainable investing involves investing in companies that embed sustainability in their overall strategy and demonstrate adherence to sustainable business practices. In pursuing such a strategy, a fund may be overweight or underweight in certain industries, or sectors relative to its benchmark index, which may cause the fund's performance to be sensitive to developments affecting those sectors. In addition, since sustainable investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for a fund may be limited at times. As such, a fund may forgo opportunities to gain exposure to certain companies, industries or sectors, and it may choose to sell a security when it might otherwise be disadvantageous to do so. Sustainability related information provided by issuers and third parties, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Madison's framework of sustainable investing will vary from other managers. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require a fund to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable practices may fall out of favor, which could potentially limit a fund's investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in a fund selling a security when it might otherwise be disadvantageous to do so.

*Underlying Funds Risk.* The risk that investment performance and its ability to achieve its investment goal are directly related to the performance of the underlying funds in which a fund invests. Each underlying fund's performance, in turn, depends on the particular securities in which that underlying fund invests and the expenses of that underlying fund. Accordingly, the fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

*Valuation Risk.* The risk that a fund could not sell a security or other portfolio investment for the market value or fair value established for it at any time. Similarly, the risk that the fair valuation of securities or other portfolio investments may result in greater fluctuation in their value from one day to the next than would be the case if the market values were available.

*Value Investing Risk*. The risk that "value" stocks are subject to the risk that their perceived intrinsic values may never be realized by the market, and to the risk that, although the stock is believed to be undervalued, it is appropriately priced or overpriced due to unanticipated problems associated with the issuer or industry.

**FUND NAMES**

The **Tax-Free Funds**, **Income Funds, Dividend Income, Sustainable Equity, Mid Cap, Small Cap** and **International Stock Funds** have names that suggest a focus on a particular industry, group of industries or type of investment. In accordance with the provisions of Rule 35d-1 of the 1940 Act, each of these funds will, under normal circumstances, invest at least 80% of its assets in the particular industry, group of industries, or type of investment of the type suggested by its name (the "80% policy"). For this purpose, "assets" means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket if they have economic characteristics similar to the other investments included in the basket. Bonds that are subject to the federal alternative minimum tax are not considered "tax-free" for purposes of the requirement of the **Tax-Free Funds** to invest at least 80% of their assets in securities that generate tax-exempt income.

Except as provided below with regard to the **Tax-Free Funds**, a fund's 80% policy is not a "fundamental" one, which means that it may be changed without the vote of a majority of the fund's outstanding shares as defined in the 1940 Act. Accordingly, the names of these funds may be changed at any time by a vote of the Board of Trustees. As required by Rule 35d-1, shareholders of funds subject to Rule 35d-1 will receive a 60-day written notice of any change to the investment policy describing the type of investment that the name suggests.

With regard to the **Tax-Free Funds**, the funds' 80% policy is, in fact, a "fundamental" one, which means that it may not be changed without the vote of a majority of the respective fund's outstanding shares as defined in the 1940 Act.

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**INVESTMENT LIMITATIONS**

The Trust has adopted the following restrictions and policies relating to the investment of assets and the activities of each fund. The policies listed below are fundamental and may not be changed for a fund without the approval of the holders of a majority of the outstanding votes of that fund (which for this purpose and under the 1940 Act means the lesser of (i) sixty-seven percent (67%) of the outstanding votes attributable to shares represented at a meeting at which more than fifty percent (50%) of the outstanding votes attributable to shares are represented or (ii) more than fifty percent (50%) of the outstanding votes attributable to shares). Except as noted below, none of the funds within the Trust may:

&nbsp;&nbsp;&nbsp;&nbsp;1.with respect to 75% of the fund's total assets, purchase securities of an issuer (other than the U.S. Government, its agencies or instrumentalities), if (i) such purchase would cause more than 5% of the fund's total assets taken at market value to be invested in the securities of such issuer or (ii) such purchase would at the time result in more than 10% of the outstanding voting securities of such issuer being held by the fund;

&nbsp;&nbsp;&nbsp;&nbsp;2.invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities); provided that each **Target Allocation Fund** may invest more than 25% of its assets in any one underlying affiliated fund;

&nbsp;&nbsp;&nbsp;&nbsp;3.borrow money, except that it may (a) borrow from any lender for temporary purposes in amounts not in excess of 5% of its total assets and (b) borrow from banks in any amount for any purpose, provided that immediately after borrowing from a bank the fund's aggregate borrowings from any source do not exceed 33 1/3% of the fund's total assets (including the amount borrowed). If, after borrowing from a bank, a fund's aggregate borrowings later exceed 33 1/3% of the fund's total assets, the fund will, within three days after exceeding such limit (not including Sundays or holidays), reduce the amount of its borrowings to meet the limitation. A fund may make additional investments while it has borrowings outstanding. A fund may make other borrowings to the extent permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;4.make loans, except through (a) the purchase of debt obligations in accordance with the fund's investment objective and policies, (b) repurchase agreements with banks, brokers, dealers and other financial institutions, and (c) loans of securities as permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;5.underwrite securities issued by others, except to the extent that the sale of portfolio securities by the fund may be deemed to be an underwriting;

&nbsp;&nbsp;&nbsp;&nbsp;6.purchase, hold or deal in real estate, although a fund may purchase and sell securities that are secured by real estate or interests therein, securities of real estate investment trusts and mortgage-related securities and may hold and sell real estate acquired by a fund as a result of the ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;7.invest in commodities or commodity contracts, except that the fund may invest in currency, and financial instruments and contracts that are commodities or commodity contracts; or

&nbsp;&nbsp;&nbsp;&nbsp;8.issue senior securities to the extent such issuance would violate applicable law.

With regard to fundamental policy 2 above, as it relates to the **Target Allocation Funds**, Madison looks through to the assets held by affiliated underlying funds for purposes of the industry concentration limit, and for unaffiliated underlying funds, Madison applies the test the same way based on what Madison knows about the underlying fund.

With regard to fundamental policy 8 above, Section 18(f) of the 1940 Act prohibits an investment company from issuing a "senior security" except under certain circumstances. A "senior security" is any security or obligation that creates a priority over any other class to a distribution of assets or payment of a dividend. Permissible "senior securities" include, among other things, a borrowing from a bank where the fund maintains an asset coverage ratio of at least 300% while the borrowing is outstanding.

In addition to the fundamental policies listed above, the investment objective of each fund is a fundamental policy that cannot be changed without the approval of a majority of the fund's outstanding voting securities.

The following restrictions are not fundamental policies and may be changed without the approval of the shareholders in the affected fund:

&nbsp;&nbsp;&nbsp;&nbsp;1.no fund will sell securities short or maintain a short position, except for short sales against the box;

&nbsp;&nbsp;&nbsp;&nbsp;2.no fund will purchase illiquid securities if more than 15% of the total assets of the fund, taken at market value, would be invested in such securities;

&nbsp;&nbsp;&nbsp;&nbsp;3.with regard to the fundamental policy on industry concentration as it relates to the **Tax-Free Funds**, (i) in addition to U.S. Government securities, obligations which provide income exempt from federal income taxes are also excluded for purposes of the 25% limitation; (ii) the general obligations of governmental units are not considered related to any industry;<sup>1</sup> and (iii) industrial revenue obligations are classified by the industry of the private user;

&nbsp;&nbsp;&nbsp;&nbsp;4.with regard to the **Tax-Free Funds** and the **Core Bond,** and **High Quality Bond Funds**, no such fund will invest more than 5% of the value of its total assets (determined as of the date of purchase) in the securities of any one issuer (other than securities issued or guaranteed by the United States Government or any of its agencies or instrumentalities and excluding bank deposits), and Madison will not purchase, on behalf of any such fund, any securities when, as a result, more than 10% of the voting securities of the issuer would be held by the fund. For purposes of these restrictions, the issuer is deemed to be the specific legal entity having ultimate responsibility for payment of the obligations evidenced by the security and whose assets and revenues principally back the security;

&nbsp;&nbsp;&nbsp;&nbsp;5.with regard to the **Tax-Free Funds**, to the extent either of the funds invest in fixed income securities, only investment grade fixed income securities shall be purchased, with the lowest rated securities purchased by the **Tax-Free Virginia Fund** being those rated BBB or Baa;

&nbsp;&nbsp;&nbsp;&nbsp;6.with regard to the **High Quality Bond Fund**, only investment grade securities shall be purchased; and

&nbsp;&nbsp;&nbsp;&nbsp;7.with regard to the **Core Bond Fund**, at least 65% of the fund's assets must be invested in investment grade securities.

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<sup>1</sup>However, revenue obligations backed by particular projects are considered related to the industry classifications of the associated projects.

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Except for the limitations on borrowing from banks, if the above percentage restrictions, or any restrictions elsewhere in this SAI or in the prospectus covering fund shares, are adhered to at the time of investment, a later increase or decrease in such percentage resulting from a change in values of securities or amount of net assets will not be considered a violation of any of the foregoing restrictions.

Notwithstanding the foregoing investment limitations, the underlying funds in which the **Target Allocation Funds** may invest may have adopted certain investment restrictions that may be more or less restrictive than those listed above, thereby permitting a **Target Allocation Fund** to engage indirectly in investment strategies that may be prohibited under the investment limitations listed above. The investment restrictions of each underlying fund are set forth in the prospectus and SAI for that underlying fund.

**PORTFOLIO TURNOVER**

Each fund will trade securities held by it whenever, in the Investment Adviser's view, changes are appropriate to achieve the stated investment objectives. The Investment Adviser does not anticipate that unusual portfolio turnover will be required and intends to keep such turnover to moderate levels consistent with the objectives of each fund. Although the Investment Adviser makes no assurances, it is expected that the annual portfolio turnover rate for each fund will be generally less than 100%. This would mean that normally less than 100% of the securities held by the fund would be replaced in any one year.

For each of the two fiscal years ended October 31, portfolio turnover for each fund was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **2022** | **2021** | **Fund** | **2022** | **2021** |
| Conservative Allocation¹ | 84% | 63% | Covered Call & Equity Income<sup>2</sup> | 99% | 162% |
| Moderate Allocation¹ | 95% | 71% | Dividend Income | 33% | 31% |
| Aggressive Allocation¹ | 99% | 84% | Investors | 18% | 17% |
| Tax-Free Virginia | 17% | 10% | Sustainable Equity Fund<sup>3</sup> | 12 | N/A |
| Tax-Free National | 10% | 18% | Mid Cap | 24% | 24% |
| High Quality Bond | 23% | 13% | Small Cap | 41% | 44% |
| Core Bond | 21% | 30% | International Stock<sup>4</sup> | 31% | 120% |
| Diversified Income | 32% | 34% |  |  |  |

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<sup>1</sup> Turnover for 2022 was higher than 2021 due to a greater amount of asset allocation changes in a volatile market.

<sup>2</sup> Turnover for 2022 was lower than 2021 due to less securities being called away in a declining market.

<sup>3</sup> Portfolio turnover for the previous fiscal year is not provided because the fund commenced investment operations on January 3, 2022.

<sup>4</sup> The fund's turnover was much higher in 2021 than 2022 due to a change in investment manager and a repositioning of the fund in 2021.

**MANAGEMENT OF THE TRUST**

**Trustees and Officers**

The Trust is governed by the Board of Trustees. The Board has the duties and responsibilities set forth under the applicable laws of the State of Delaware, including but not limited to the management and supervision of the funds.

The Board of Trustees, from time to time, may include individuals who may be deemed to be affiliated persons of Madison. At all times, however, a majority of Board members will not be affiliated with Madison or the funds (collectively referred to herein as the "Independent Trustees"). Board members serve until the end of the calendar year in which the first of the following two events occur: (1) he or she attains the age of seventy-six (76), or (2) he or she has served on the Board for a total of fifteen (15) years, subject in the latter case to extension by unanimous vote of the remaining Trustees on an annual basis.

The funds do not hold annual shareholder meetings, but may hold special meetings for such purposes as electing or removing Board members, changing fundamental policies, approving certain management contracts, approving or amending a 12b-1 plan, or as otherwise required by the 1940 Act or the Declaration of Trust.

The address of each Trustee and officer is 550 Science Drive, Madison, Wisconsin 53711.

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***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Name and<br>Age** | **Position(s) Held, First Elected and Term of Office**<sup>1</sup> | **Principal Occupation(s) During Past Five Years** | **Portfolios Overseen in Fund Complex by Trustee**<sup>2</sup> | **Other Directorships <br>Held by Trustee** |
| Scott C. Jones<br>60 | Trustee, <br>2019 – 2034 | Managing Director, Carne Global Financial Services (US) LLC (a provider of independent governance and distribution support for the asset management industry), 2013 - Present <br>Managing Director, Park Agency, Inc., 2020 - Present | 16 | Madison Covered Call & Equity Strategy Fund, 2021 - Present<br>XAI Octagon Floating Rate & Alternative Income Term Trust, 2017 - Present; <br>Manager Directed Portfolios (open-end fund family, 9 portfolios), 2016 - Present and Lead Independent Trustee since 2017; <br>Guestlogix Inc. (a provider of ancillary-focused technology to the travel industry), 2015 - 2016 |
| Steven P. Riege<br>68 | Trustee, <br>2005 – 2028 | Ovation Leadership (management consulting), Milwaukee, WI, Owner/President, 2001 – Present<br>Robert W. Baird & Company (financial services), Milwaukee, WI, Senior Vice President-Marketing and Vice President-Human Resources, 1986 – 2001 | 30 | Ultra Series Fund (14), 2005 – Present; Madison Covered Call & Equity Strategy Fund, 2015 - Present |
| Richard E. Struthers <br>70 | Trustee, <br>2004 – 2028 | Clearwater Capital Management (investment advisory firm), Naples, FL, Chair and Chief Executive Officer, 1998 – Present<br>Park Nicollet Health Services, Minneapolis, MN, Chairman, Finance and Investment Committee, 2006 – 2012 | 30 | Ultra Series Fund (14), 2004 – Present; Madison Covered Call & Equity Strategy Fund, 2017 - Present |

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<sup>1</sup> Board terms end on December 31 of the year noted.

<sup>2</sup> As of the date of this SAI, the "Fund Complex" consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 30 separate portfolios in the Fund Complex. Not every Trustee is a member of the Board of Trustees of every fund in the Fund Complex, as noted above. References to the "Fund Complex" in this SAI have the meaning disclosed in this footnote.

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***Interested Trustees and Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and<br>Age | Position(s) Held, Length of Time Served and Term of Office<sup>2</sup> | Principal Occupation(s) During Past Five Years | Portfolios Overseen in Fund Complex by Trustee<sup>3</sup> | Other Directorships Held by Trustee |
| Paul A. Lefurgey<sup>1</sup><br>57 | Trustee, <br>2020 - Present;<br>Vice President,<br>2009 – Present | Madison Investment Holdings, Inc. ("MIH"), Madison and Madison Investment Advisors, LLC ("MIA"), Co-Head of Investments, 2022 - Present; CEO, 2017 - 2021; Co-Head of Fixed Income, 2019 - 2021; Director of Fixed Income Investments, 2016 - 2019; Executive Director and Head of Fixed Income Investments, 2013 - 2016; Chairman - Executive Committee, 2015 - 2017<br>Ultra Series Fund (14) (mutual funds), Vice President, 2009 - Present; Madison Covered Call & Equity Strategy Fund (closed-end fund), Vice President, 2012 - Present; Madison Strategic Sector Premium Fund (closed-end fund), Vice President, 2010 - 2018 | 30 | Madison Covered Call & Equity Strategy Fund, 2021 – Present<br>Ultra Series Fund (14), 2022 – Present |
| Patrick F. Ryan<br>43 | President, <br>2020 - Present | MIH, MIA and Madison, Head of Multi-Asset Solutions and Portfolio Manager, 2018 – Present; Co-Head of Multi-Asset Solutions and Portfolio Manager, 2016 – 2017<br>Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, President, March 2020 - Present | N/A | N/A |
| Greg D. Hoppe<br>53 | Vice President,<br>2020 – Present;<br>Chief Financial Officer, 2019 - Present;<br>Treasurer, 2009 – 2019 | MIH and MIA, Vice President, 1999 - Present; Madison, Vice President, 2009 - Present<br>Ultra Series Fund (14), Vice President, 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2009 – 2019; Madison Covered Call & Equity Strategy Fund, Vice President, 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2012 - 2019; Madison Strategic Sector Premium Fund, Treasurer, 2009 - 2018 | N/A | N/A |
| Holly S. Baggot<br>61 | Secretary, 1999 - Present; <br>Assistant Treasurer, <br>1999 – 2007 and 2009 – Present | MIH and MIA, Vice President, 2010 - Present; Madison, Vice President, 2009 - Present; MFD Distributor, LLC ("MFD") (an affiliated brokerage firm of Madison), Vice President, 2012 - Present<br>Ultra Series Fund (14), Secretary, 1999 - Present and Assistant Treasurer, 2009 - Present; Madison Covered Call & Equity Strategy Fund, Secretary and Assistant Treasurer, 2012 - Present; Ultra Series Fund and Madison Covered Call & Equity Strategy Fund, Anti-Money Laundering Officer, 2019 - 2020; Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2010 - 2018 | N/A | N/A |
| Steve J. Fredricks<br>52 | Chief Compliance Officer and Assistant Secretary, 2018 – Present | MIH, MIA and Madison, Chief Legal Officer, 2020 - Present and Chief Compliance Officer, 2018 – Present<br>Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, Chief Compliance Officer and Assistant Secretary, 2018 - Present; Madison Strategic Sector Premium Fund, Chief Compliance Officer during 2018.<br>Jackson National Asset Management, LLC, Senior Vice President and Chief Compliance Officer, 2005 - 2018 | N/A | N/A |
| Terri A. Wilhelm<br>53 | Assistant Secretary,<br>November 2022 – Present | MIH, MIA and Madison, Senior Compliance Analyst, <br>September 2022 – Present<br>Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, Assistant Secretary, November 2022 – Present<br>State of Wisconsin Investment Board, Senior Paralegal, 2017 – 2022 | N/A | N/A |

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<sup>1</sup> "Interested person" as defined in the 1940 Act. Considered an interested Trustee because of the position held with Madison.

<sup>2</sup> Board terms are indefinite for Interested Trustees and Officers.

<sup>3</sup> As of the date of this SAI, the "Fund Complex" consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 30 separate portfolios in the Fund Complex. References to the "Fund Complex" in this SAI have the meaning disclosed in this footnote.

**Trustee Compensation**

During the fiscal year ended October 31, 2022, the Trustees were compensated as follows:

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| | | |
|:---|:---|:---|
| **Trustee Name** | **Aggregate Compensation from Trust** | **Total Compensation Fund Complex**<sup>1</sup> |
| Scott C. Jones | $62000 | $74000 |
| Steven P. Riege | $66900 | $108000 |
| Richard E. Struthers | $62000 | $100000 |
| Paul A. Lefurgey<sup>2</sup> |  |  |

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<sup>1</sup> The Trust consists of 15 separate portfolios, and the "Fund Complex" consists of 30 separate portfolios, as described in more detail above. Not every Trustee is a member of the Board of Trustees of every fund in the Fund Complex, as noted above.

<sup>2</sup> Non-compensated interested Trustee.

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The Fund Complex does not have any sort of pension or retirement plans for the benefit of Trustees. However, as an employee of Madison, Mr. Lefurgey participates in a profit sharing plan sponsored by Madison for the benefit of its employees. No part of such plan is secured or funded by the Fund Complex. There have been no arrangements or understandings between any Trustee or officer and any other person(s) pursuant to which (s)he was selected as a Trustee or officer.

**Board Qualifications**

The members of the Board of Trustees each have experience that led fund management to the conclusion that each should serve as a member of the Board, both at the time of the person's appointment and continuing as of the date of this SAI. Mr. Lefurgey, the sole member of the Board who is considered an "interested person" under the 1940 Act, has significant management and leadership experience in the asset management industry and currently serves as Co-Head of Investments for Madison and its affiliated companies, with a focus on the firm's fixed income and multi-asset solutions teams. Regarding the Independent Trustees, all four have substantial experience operating and overseeing a business, whether it be the management consulting business (for Mr. Riege), and the investment management business (for Mr. Struthers and Mr. Jones). As a result of this experience, each has unique perspectives regarding the operation and management of the funds and the Board of Trustees' oversight function. They use this collective experience to oversee the funds for the benefit of fund shareholders. Moreover, each of the Independent Trustees has served as a trustee of one or more mutual funds for many years. They bring substantial and material experience and expertise to their roles as Trustees of the funds.

**Board Committees**

The Board of Trustees has established two standing committees to help manage the funds, an Audit Committee and a Nominating and Governance Committee. Each such Committee is currently comprised of Messrs. Jones, Riege and Struthers, constituting all of the Trust's Independent Trustees. The Chair of the Nominating and Governance Committee is Mr. Riege, and the Chair of the Audit Committee is Mr. Struthers.

*Audit Committee*. The Audit Committee is responsible for reviewing the results of each audit of the funds by the funds' independent registered public accounting firm and for recommending the selection of independent auditors for the coming year. The Audit Committee meets at least quarterly and more often as necessary. The Committee met four times during the funds' last fiscal year.

*Nominating and Governance Committee*. The Nominating and Governance Committee is responsible for nominating trustees and officers to fill vacancies, for evaluating their qualifications. The Nominating and Governance Committee is also responsible for periodically reviewing the effectiveness of the Board of Trustees and its committees. Like the Audit Committee, the Nominating and Governance Committee meets at least quarterly and more often as necessary. The Nominating and Governance Committee met four times during the funds' last fiscal year. The Nominating and Governance Committee may consider candidates for the Board submitted by shareholders if a vacancy were to exist. Shareholders who wish to recommend a nominee may do so by submitting the appropriate information about the candidate to the Secretary of the Trust at the following address: 550 Science Drive, Madison, Wisconsin 53711.

**Leadership Structure of the Board**

The Board of Trustees is relatively small (with four members, as noted in the tables above) and operates in a collegial atmosphere. Although no member is formally charged with acting as Chair, Mr. Ryan, the President of the Trust, generally acts as the Chairperson during meetings. All Board members are expected to provide their input into establishing the Board's meeting agenda. Likewise, each Board of Trustees meeting contains a standing agenda item for any Board member to raise new or additional items he or she believes is important in connection with fund governance. The Board of Trustees has charged Mr. Riege with acting as the Lead Independent Trustee for purposes of communicating with Madison, the Trust's Chief Compliance Officer, counsel to the Independent Trustees and Trust counsel on matters relating to the Board as a whole. The Independent Trustees often meet in executive session without representatives of Madison present (including meetings with counsel, the Chief Compliance Officer and the independent registered public accountant).

As adviser to each series of the Trust, Madison is responsible for the overall risk management for the funds, including supervising their affiliated and third-party service providers and identifying and mitigating possible events that could impact the funds' business, operations or performance. Risks to the funds include investment, legal, compliance and regulatory risks, as well as the risk of operational failure or lack of business continuity. The Board of Trustees oversees risk management of the funds' investment programs through the Audit Committee and through oversight by the Board itself. The Trust's Chief Compliance Officer, who reports to the Independent Trustees, provides the Board of Trustees with quarterly updates and a comprehensive annual report regarding the processes and controls in place to address regulatory, compliance, legal and operational risk. The Board of Trustees exercises its oversight in conjunction with Madison, the Chief Compliance Officer, fund counsel and counsel to the Independent Trustees by requesting reports and presentations at regular intervals throughout the year. Additionally, the Audit Committee receives periodic reports from the funds' independent accountants. The Board's committee structure requires an Independent Trustee to serve as Chair of the Nominating and Governance and the Audit Committees.

Given the small size of the Board of Trustees, its committee structure led by Independent Trustees, the openness of Board meetings to active input by all Board members, its utilization of executive sessions, the role of the Lead Independent Trustee and its quarterly focus on compliance and risk management, the Board of Trustees has determined that its current leadership structure is adequate for the protection of fund investors.

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**Trustees' Holdings**

Trustees' holdings in the Fund Complex as of December 31, 2022, was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Fund** | **Dollar Range of Equity Securities in the Trust**<sup>1,2</sup> | **Aggregate Dollar Range of Equity Securities in Fund Complex**<sup>2</sup> |
| Scott C. Jones |  |  |  |
| Steven P. Riege | Aggressive Allocation<br>Small Cap | $1 - $10000<br>$10001 - $50000 | $10001 - $50000 |
| Richard E. Struthers | International Stock | $50001 - $100000 | $50001 - $100000 |
| Paul A. Lefurgey | Investors <br>Mid Cap<br>Core Bond <br>High Quality Bond | Over $100,000<br>$50,001 - $100,000<br>Over $100,000<br> $50,001 - $100,000 | Over $100,000 |

---

<sup>1</sup> Dollar ranges are as follows: none; $1–$10,000; $10,001-$50,000; $50,001-$100,000; and over $100,000.

<sup>2</sup> The Trust consists of 15 separate portfolios, and the "Fund Complex" consists of 30 separate portfolios, as described in more detail above.

**SALES LOAD WAIVERS FOR CERTAIN AFFILIATED PERSONS OF THE TRUST**

Class A shares may be offered without front-end sales charges to individuals (and their "immediate family," as described in the prospectus) who, within the past twelve months, were (i) trustees, directors, officers, or employees of CMFG Life Insurance Company or its subsidiaries and affiliates (collectively referred to herein as "CMFG Life"); (ii) trustees, directors, officers or employees of MIH and/or its subsidiaries or affiliated companies; (iii) members of the Board of Trustees of the Trust or of the board of trustees of the Ultra Series Fund; and (iv) any trust, pension, profit sharing or other benefit plan which beneficially owns shares for these persons. Board members of the Trust and the Ultra Series Fund are offered Class A shares without front-end sales charges as an incentive for them to invest in the funds for which they serve as Trustees.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF THE TRUST'S SECURITIES**

Based upon their investments, the Target Allocation Funds of the Madison Funds, and the Target Allocation Funds of the Ultra Series Fund, an affiliated investment company which is managed by the same investment adviser as the Trust, own more than 25% of certain fund's Class R6 shares, as indicated in the charts below, and may be deemed to control such funds and or share classes of such funds. In addition, Madison owns 99.88% of the shares (initial seed capital) of the Class Y shares of the Sustainable Equity Fund of the date of this SAI, and is therefore deemed a control person of the respective share class of the fund. Madison is a Wisconsin limited liability company and the investment adviser to the Trust. Until their ownership is diluted by the sale of shares to other shareholders or the redemption of their investments, these shareholders may each be able to significantly influence the outcome of any shareholder vote of such funds and or such share classes of such funds.

The following tables set forth 5% or more beneficial ownership (unless otherwise stated) of shares of each class of each fund, if applicable, as of January 31, 2022.

***Class A shares***

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder** | **Cons Alloc** | **Mod Alloc** | **Agg Alloc** | **Core Bond** | **Diversified<br>Income** | **Cov Call & Eq Inc** | **Dividend Income** | **Investors** | **Mid<br>Cap** | **Small<br>Cap** | **Int'l<br>Stock** |
| LPL Financial, San Diego, CA\* | 44.86% | 27.60% | 17.03% | 35.98% | 34.03% | 55.49% | 28.09% | 29.80% | 26.28% | 26.66% | 27.11% |
| Pershing LLC, Jersey City, NJ\* |  |  |  | 5.23% |  | 9.92% | 6.09% |  |  |  |  |
| First Community Credit Union, Retirement Health Funding Program, Chesterfield, MO |  |  |  | 6.67% |  |  |  |  |  |  |  |
| First South Financial Credit Union, 457(B) Plan, Bartlett, TN |  |  |  |  |  |  |  |  |  | 6.75% |  |
| UMB Bank NA Cust IRA FBO Kenneth L. Dotson, Sterling, VA |  |  |  |  |  |  |  |  |  | 5.10% |  |

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\* Represents ownership of record rather than beneficial ownership.

***Class C shares***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shareholder** | **Con Alloc** | **Mod Alloc** | **Agg Alloc** | **Diversified<br>Income** | **Cov Call & Eq Inc** |
| LPL Financial, San Diego, CA\* | 81.32% | 64.49% | 57.28% | 91.51% | 50.86% |
| Pershing LLC, Jersey City, NJ\* |  |  | 16.20% |  | 8.45% |
| RBC Capital Markets LLC, Mutual Fund Omnibus Processing, Minneapolis, MN\* |  |  |  |  | 10.78% |

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\*Represents ownership of record rather than beneficial ownership.

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***Class Y shares***

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder** | **Tax-Free Nat'l** | **Tax-Free<br>VA** | **Core<br>Bond** | **High Quality<br>Bond** | **Dividend<br>Income** | **Cov Call & Eq Inc** | **Investors** | **Sustainable Equity** | **Mid<br>Cap** | **Small<br>Cap** | **Int'l<br>Stock** |
| Charles Schwab & Co – Special Custodial Account for Benefit of Customers, San Francisco, CA\* |  |  | 13.39% | 7.51% | 14.80% | 24.76% | 15.13% |  | 28.23% | 26.27% |  |
| National Financial Services LLC Exclusive Benefit of our Customers, New York, NY\* |  |  | 7.00% | 6.89% | 33.80% | 36.21% | 5.66% |  | 30.37% | 9.66% |  |
| TD Ameritrade, Inc. FBO Exclusive Benefit of our Customers, Omaha, NE\* |  |  | 13.50% |  | 25.53% | 5.47% |  |  |  | 6.06% | 8.21% |
| Richard E. Struthers, Naples, FL |  |  |  |  |  |  |  |  |  |  | 11.14% |
| Pershing LLC, Jersey City, NJ\* |  |  |  |  | 5.51% | 18.30% |  |  | 10.99% |  |  |
| RBC Capital Markets LLC Mutual Fund Omnibus Processing Accounts, Minneapolis, MN\* |  |  |  |  |  |  |  |  |  | 20.02% |  |
| John H Rys Sr & Virginia M Rys JTWROS POA John H Rys Jr, Kansas City, MO | 12.19% |  |  |  |  |  |  |  |  |  |  |
| Wayne G Johns, Alexandria, VA |  | 28.56% |  |  |  |  |  |  |  |  |  |
| Matrix Trust Company Cust. FBO Monterey CU 457(B) Plan, Denver, CO |  |  |  |  |  |  |  |  |  |  | 10.69% |
| Matrix Trust Company Cust. FBO Tarrant County CU 457(B) Plan, Denver, CO |  |  |  |  |  |  |  |  |  |  | 7.49% |
| Matrix Trust Company Cust. FBO Community First Credit Union 457(B) Plan, Denver, CO |  |  |  |  |  |  |  |  |  |  | 5.46% |
| Dapp Associates LLC, Pensacola, FL |  |  |  |  |  |  |  |  |  |  | 6.22% |
| Ingrid Gunther & Claudia Buchinsky & Nina Hassin JTWROS, Reseda, CA |  |  | 9.82% |  |  |  |  |  |  |  |  |
| LPL Financial Omnibus Customer Account, San Diego, CA\* |  |  |  |  |  | 5.53% |  |  |  |  |  |
| Madison Asset Management, LLC, Madison, WI |  |  |  |  |  |  |  | 99.88% |  |  |  |

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\*Represents ownership of record rather than beneficial ownership.

***Class I shares***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder** | **High Quality** | **Core Bond** | **Dividend Income** | **Cov Call & Eq Inc** | **Investors** | **Sustainable Equity** | **Mid Cap** | **Small Cap** |
| Charles Schwab & Co – Special Custodial Account for Benefit of Customers, San Francisco, CA\* | 21.87% |  | 51.61% | 9.78% |  | 48.49% | 12.50% |  |
| Morgan Stanley Smith Barney, Jersey City, NJ\* | 60.19% |  |  |  | 15.46% |  | 31.34% |  |
| RBC Capital Markets LLC, Mutual Fund Omnibus Processing, Minneapolis, MN\* | 13.35% |  |  | 7.68% | 21.16% |  | 30.94% |  |
| Wells Fargo Clearing Services LLC, Special Custody Acct for the Exclusive Benefit of Customers, St. Louis, MO\* |  |  |  |  | 24.20% |  | 7.01% | 81.37% |
| Pershing LLC, Jersey City, NJ\* |  |  |  | 7.73% |  |  |  |  |
| LPL Financial Omnibus Customer Account, San Diego, CA\* |  | 51.70% | 33.36% | 20.80% | 27.98% |  | 8.12% |  |
| Outrider Foundation, Inc, Madison, WI |  |  |  |  |  | 31.10% |  |  |
| Sarah G Stevens TTEE &, Kathleen Burgess TTEE, Burgess Grandchildrens Irrevocable Education Trust, Waunakee, WI |  |  |  |  |  | 5.80% |  |  |
| Maril & Co FBO, c/o Reliance Trust Company, Milwaukee, WI |  | 5.52% |  |  |  |  |  |  |
| National Financial Services Exclusive Benefit of our Customers, New York, NY |  | 36.76% | 6.49% | 34.07% |  | 10.98% |  |  |
| TD Ameritrade, Inc. FBO Exclusive Benefit of our Customers, Omaha, NE |  |  |  | 17.29% |  |  |  |  |

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\*Represents ownership of record rather than beneficial ownership.

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***Class R6 shares***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder** | **Core Bond** | **Dividend Income** | **Cov Call & Eq Inc** | **Investors** | **Mid Cap** | **Small Cap** |
| Madison Conservative Allocation Fund, Madison, WI | 14.04% |  |  | 5.69% |  |  |
| Madison Moderate Allocation Fund, Madison, WI | 18.39% | 5.44% |  | 19.15% |  |  |
| Madison Aggressive Allocation Fund, Madison, WI |  |  |  | 13.04% |  |  |
| Ultra Series Conservative Allocation Fund, Madison, WI | 33.70% | 21.60% |  | 13.90% |  |  |
| Ultra Series Moderate Allocation Fund, Madison, WI | 23.28% | 36.28% |  | 23.39% |  |  |
| Ultra Series Aggressive Allocation Fund, Madison, WI |  | 17.07% |  | 10.18% |  |  |
| Charles Schwab & Co – Special Custodial Account for Benefit of Customers, San Francisco, CA\* |  | 12.64% | 46.35% | 8.88% | 9.15% | 95.16% |
| Saxon & Co., FBO 40400904099990, Cleveland, OH |  |  |  |  | 31.54% |  |
| Saxon & Co., FBO 40400907499991, Cleveland, OH |  |  |  |  | 6.38% |  |
| Wells Fargo Bank NA FBO Omnibus Cash Account for Benefit of Customers, Minneapolis, MN\* |  |  |  |  | 33.33% |  |
| Matrix Trust Co. FBO NW Priority CU 457(b) Plan, Denver, CO |  |  | 5.10% |  |  |  |
| Matrix Trust Co. Area Educational Credit Union, Denver, CO |  |  | 13.15% |  |  |  |
| Holly S Baggot, Andrew P Baggot JT TEN TOD, Middleton, WI |  |  | 19.95% |  |  |  |

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\*Represents ownership of record rather than beneficial ownership.

As of January 31, 2023, the Trust's trustees and officers, as a group, owned less than one percent of the outstanding voting securities of each fund.

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**PORTFOLIO MANAGEMENT**<br>

The investment adviser to the Trust, Madison Asset Management, LLC ("Madison"), is a registered investment adviser located at 550 Science Drive, Madison, WI 53711. Madison is owned by Madison Investment Holdings, Inc. ("MIH"), 550 Science Drive, Madison, WI 53711. Madison shares investment personnel with Madison Investment Advisors, LLC, a wholly owned subsidiary of Madison. MIH was founded in 1974 and currently operates primarily as a holding company. In addition to Madison, the other firm under the MIH umbrella is Madison Investment Advisors, LLC (a registered investment adviser providing portfolio management services to wrap accounts and separately managed accounts), located in Madison, WI, which includes an insurance asset management division, Madison Scottsdale, located in Scottsdale, AZ, and an international equity team located in Toronto, Canada. Frank E. Burgess, who is the founder of MIH, owns a controlling interest in MIH.

*Investment Advisory Agreement.* Madison has entered into an investment advisory agreement with the Trust that requires Madison to provide continuous professional investment management of the investments of the Trust, including establishing an investment program complying with the investment objectives, policies, and restrictions of each fund. As compensation for its services under the investment advisory agreement, each fund pays Madison on a monthly basis, a management fee computed at an annualized percentage rate of the average daily value of the net assets of each fund.

During each of the three fiscal years ended October 31, the Trust paid the following investment advisory fees to Madison:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management Fee**<sup>1</sup> | **2022** | **2021** | **2020** |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | $119655 | $138570 | $135719 |
| Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | 236874 | 272445 | 264925 |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | 121354 | 135605 | 124868 |
| Tax-Free Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | 96631 | 104663 | 110357 |
| Tax-Free National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | 76041 | 91223 | 94125 |
| High Quality Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%<sup>2</sup> | 279160 | 459325 | &nbsp;&nbsp;&nbsp;&nbsp; 420635 |
| Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>3</sup> | 712367 | 735447 | 636860 |
| Diversified Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | 1144444 | 1151679 | 1041520 |
| Covered Call & Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | 895715 | 747149 | 850221 |
| Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>4</sup> | 2141670 | 2281752 | 1622113 |
| Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>5</sup> | 2477112 | 2726327 | 2346290 |
| Sustainable Equity<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | 42013 | N/A | N/A |
| Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>7</sup> | 5072519 | 4927974 | 4047590 |
| Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>8</sup> | 2001394 | 2610559 | 2242600 |
| International Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | 151479 | 191990 | 181063 |

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<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Except for the Target Allocation Funds, Tax-Free Funds, High Quality Bond Fund, and Covered Call & Equity Income Fund, each fund's investment advisory fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion.

<sup>2</sup> For the period August 7, 2020 to February 27, 2021, Madison voluntary waived 0.10% of its 0.30% annual management fee, and on February 28, 2021, Madison contractually agreed to the 0.10% waiver until at least February 27, 2022. Fees waived in 2021 and 2020 were $153,108 and $43,230, respectively. Madison does not have the right to recoup any waived fees. The fee waiver was discontinued effective February 28, 2022.

<sup>3</sup> Effective February 28, 2021, the annual management fee was reduced from 0.50% to 0.39%.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>Effective June 1, 2020, the annual management fee was reduced from 0.75% to 0.70% and the fee waiver agreement that had previously been in effect was terminated. Fees waived in 2020 were $121,658. Madison does not have the right to recoup any waived fees.

<sup>5</sup> Effective June 1, 2020, the annual management fee was reduced from 0.75% to 0.70%.

<sup>6</sup> Fees paid for the previous two fiscal years are not provided, because the fund commenced investment operations on January 3, 2022.

<sup>7</sup> For the fiscal year ended October 31, 2022 and October 31, 2021, the effective management fee rate was 0.74% due to investment advisory fee breakpoints.

<sup>8</sup> Effective February 28, 2021, the management fee was reduced from 1.00% to 0.89%.

*Administrative Services Agreement*. In addition to the management fee, the Investment Adviser is entitled to receive an administrative services fee from each fund pursuant to the terms of a separate Administrative Services Agreement. Under this agreement, Madison provides or arranges for each fund to have all of the necessary operational and support services it needs for a fee. Such services include:

• Handling bookkeeping and portfolio accounting for the Trust.

• Handling telephone inquiries, cash withdrawals and other customer service functions (including monitoring wire transfers).

• Providing appropriate supplies, equipment and ancillary services necessary to conduct the Trust's affairs.

• Arranging for and paying the custodian, fund transfer agent, fund accountant and fund administrator.

• Arranging for and paying the Trust's independent registered public accountants, legal counsel and outside counsel to the Independent Trustees.

• Registering the Trust and its shares with the SEC and notifying any applicable state securities commissions of the sale of such shares in their jurisdiction.

• Printing and distributing prospectus and periodic financial reports to current shareholders.

• Paying for trade association memberships.

• Preparing shareholder reports, proxy materials and holding shareholder meetings.

• Arranging for the payment of the Independent Trustees' meeting fees (which are direct fund expenses) and out-of-pocket expenses.

Madison provides all these services for a annual fee calculated as a percentage of each fund's average daily net assets. This fee is reviewed and approved at least annually by the Board of Trustees and is compared with the fees paid by other mutual funds of similar size and investment objective to determine if it is reasonable. The Board of Trustees considers the reasonableness of administrative services fees when it considers the

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compensation paid to the Investment Adviser under the investment advisory agreement. As compensation for its services under the Administrative Services Agreement, each fund pays Madison on a monthly basis, an administrative services fee computed at an annualized percentage rate of the average daily value of the net assets of each fund.

During each of the last three fiscal years ended October 31, the Trust paid the following administrative service fees to Madison:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Administrative Services Fee** | **2022** | **2021** | **2020** |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | $149569 | $173213 | $169648 |
| Moderate Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | 296093 | 340557 | 331157 |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | 151693 | 169507 | 156085 |
| Tax-Free Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | 67642 | 73264 | 77250 |
| Tax-Free National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | 66536 | 79821 | 82360 |
| High Quality Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19%<sup>2</sup> | 173431 | 290906 | 266402 |
| Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2,5</sup> | 179576 | 241689 | 189315 |
| Diversified Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | 352137 | 354363 | 320468 |
| Covered Call & Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15%<sup>1,2</sup> | 152836 | 130944 | 147497 |
| Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2,4</sup> | 524049 | 594122 | 620230 |
| Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2</sup> | 501845 | 552995 | 554710 |
| Sustainable Equity Fund<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>2</sup> | 6076 | N/A | N/A |
| Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>1,2,3</sup> | 1080135 | 1080673 | 1117324 |
| Small Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>1,2,6</sup> | 431868 | 595725 | 560650 |
| International Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | 43280 | 54854 | 51732 |

---

<sup>1</sup> The annual administrative services fee for the fund's Class R6 share is 0.02%.

<sup>2</sup> The annual administrative services fee for the fund's Class I shares is 0.10%.

<sup>3</sup> Effective June 1, 2020, the annual administrative services fee for the fund's Class Y share was reduced from 0.23% to 0.20%.

<sup>4</sup> Effective June 1, 2020, the annual administrative services fee for the fund's Class Y share was reduced from 0.35% to 0.20%, and the fee waiver arrangement that had previously been in effect was terminated. Fees waived in fiscal 2020 were $60,829. Madison does not have the right to recoup any waived fees.

<sup>5</sup> Effective February 28, 2021, the annual administrative services fee for the fund's Class A and Y shares was increased from 0.15% to 0.20%.

<sup>6&nbsp;&nbsp;&nbsp;&nbsp;</sup>Effective February 28, 2021, the Board of Trustees approved the termination of Madison's contractual agreement to waive 0.04% of the fund's 0.25% annual administrative services fee which commenced August 31, 2019 and was set to expire on August 31, 2021, and the annual administrative services fee was reduced from 0.25% to 0.20%. Fees waived in 2021 and 2020 were $35,536 and $89,704, respectively. Madison does not have the right to recoup any waived fees.

<sup>7</sup> Fees paid for the previous two fiscal years are not provided, because the fund commenced investment operations on January 3, 2022.

The Trust remains responsible for (i) transaction-related expenses including, but not limited to, brokerage commissions paid in connection with fund transactions, interest or fees in connection with fund indebtedness or taxes paid in connection with portfolio securities held, (ii) Rule 12b-1 distribution and service fees disclosed in the prospectus of the Trust, (iii) acquired fund fees, if any, and (iv) any extraordinary or non-recurring expenses it incurs and (iv) as of August 7, 2020, the Independent Trustee compensation, including Lead Independent Trustee compensation, which prior to August 6, 2020 was paid out of the administrative services fee on behalf of the funds.

**Subadvisers**

Madison may manage the assets of all of the funds using a "manager of managers" approach under which Madison may manage some or all of the funds' assets and may allocate some or all of the funds' assets among one or more specialist subadvisers. Madison selects subadvisers based on a continuing quantitative and qualitative evaluation of their abilities in managing assets pursuant to a particular investment style. While superior performance is the ultimate goal, short-term performance by itself will not be a significant factor in selecting or terminating subadvisers, and Madison does not expect frequent changes in subadvisers. Madison compensates subadvisers out of its own assets.

Madison monitors the performance of each subadviser to the extent it deems appropriate to achieve a fund's investment objective, reallocates fund assets among its own portfolio management team and individual subadvisers or recommends to the Board of Trustees that a fund employ or terminate particular subadvisers.The Trust and Madison received an exemptive order from the SEC that permits the Board to appoint or change unaffiliated subadvisers without shareholder approval. If there is a new appointment or change in unaffiliated subadviser, you will receive an "information statement" within 90 days after the date of the change. The statement will provide you with relevant information about the reason for the change and information about any new subadviser.

With regard to the funds discussed in this SAI, Madison does not currently use a subadviser.

------

**PORTFOLIO MANAGERS**<br>

*Compensation.* Madison believes portfolio managers should receive compensation for the performance of the funds they manage, their individual effort, and the overall profitability of the firm. As members of the investment teams, portfolio managers receive a base salary, are included in the investment team's incentive compensation plan (ICP), and have the potential for equity ownership in the firm. The amount of firm equity any portfolio manager may acquire is at the discretion of the Board of Directors of Madison Investment Holdings, Inc. which considers a variety of factors including, for example, seniority, responsibility, and longevity.

With regard to ICP, portfolio managers receive up to 25% of the annual revenue of their respective investment strategy. Eighty percent (80%) of the ICP pool is paid to the investment team that manages each respective investment strategy and 20% is subjective, based largely on performance against benchmark, with consideration given to team dynamics within each respective investment strategy.

The intention of the 25% revenue model is to focus our portfolio managers on delivering consistent performance which in turn drives long-term assets under management and revenue growth for the firm. Madison believes that taking a long-term approach better aligns the interests of shareholders of the funds, our clients, the investment teams, and our firm.

There is no difference in the way the firm compensates portfolio managers for managing a mutual fund or a private client account (or any other type of account). Instead, compensation is based on the entire employment relationship, not on the performance of any single account or type of account.

*Other Accounts Managed (as of December 31, 2022):*

**David Hottmann – Target Allocation Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 7 | $413986068 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 983 | $1356579778 | 0 | $0 |

---

**Patrick Ryan – Target Allocation Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 7 | $413986068 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1778 | $1809333741 | 0 | $0 |

---

**Stuart Dybdahl – Target Allocation Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

**Michael Peters – Tax-Free Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 639 | $777984140 | 0 | $0 |

---

**Jeffrey Matthias – Tax-Free Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 6 | $195406970 | 0 | $0 |

---

------

**Chris Nisbet – High Quality Bond** and **Diversified Income** (fixed income portion) **Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 2 | $140301415 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1278 | $1039366162 | 0 | $0 |

---

**Allen Olson – Core Bond** and **Diversified Income** (fixed income portion) **Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 4 | $235577831 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 600 | $262023481 | 0 | $0 |

---

**Mike Sanders – High Quality Bond, Core Bond,** and **Diversified Income** (fixed income portion) **Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 4 | $235577831 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 5538 | $7499558633 | 0 | $0 |

---

**John Brown – Diversified Income** (equity portion) and **Dividend Income Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 3 | $398486342 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 103 | $212103914 | 0 | $0 |

---

**Drew Justman – Covered Call & Equity Income, Diversified Income** (equity portion) and **Dividend Income Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 4 | $546536171 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 105 | $505478750 | 0 | $0 |

---

**Ray DiBernardo – Covered Call & Equity Income Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $148049829 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 2 | $293374835 | 0 | $0 |

---

**Joe Maginot – Investors Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $204339212 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 637 | $3385804489 | 0 | $0 |

---

------

**Richard Eisinger – Investors** and **Mid Cap Funds** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 2 | $342859856 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 2476 | $8633002906 | 0 | $0 |

---

**Haruki Toyama - Investors** and **Mid Cap Funds**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 2 | $342859856 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 912 | $2625530067 | 0 | $0 |

---

**Maya Bittar – Sustainable Equity Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 923 | $668409411 | 0 | $0 |

---

**Dave Geisler – Sustainable Equity Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 130 | $180942946 | 0 | $0 |

---

**Andy Romanowich – Mid Cap Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $138520645 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 907 | $2624287384 | 0 | $0 |

---

**Aaron Garcia – Small Cap Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 5 | $201789135 | 0 | $0 |

---

**Faraz Farzam – Small Cap Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 5 | $201789135 | 0 | $0 |

---

------

**Thomas Tibbles – International Stock Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $20728541 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 304 | $397050948 | 0 | $0 |

---

**Patrick Tan – International Stock Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $20728541 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 304 | $397050948 | 0 | $0 |

---

**Alyssa Rudakas – International Stock Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Types of Accounts** | **Number of Other Accounts Managed** | **Total Assets in Accounts** | **Accounts with Performance-Based Advisory Fees** | **Total Assets in Accounts with Performance-Based Advisory Fees** |
| Registered Investment Companies | 1 | $20728541 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 304 | $397050948 | 0 | $0 |

---

*Material Conflicts of Interest:* Potential conflicts of interest may arise because Madison engages in portfolio management activities for clients other than the funds. For example, portfolio managers at Madison and its affiliates typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of wealthy individuals as well as institutions such as pension funds, colleges and universities, insurance companies and foundations), subadvised accounts that we manage for other investment advisers and model accounts for which we only provide recommendations to our clients and do not have discretion to actually trade the accounts.

Our portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Likewise, we may purchase securities for one portfolio and sell the same security from another. To address the potential conflicts that occur as a result, Madison adopted a variety of portfolio security aggregation, brokerage and trade allocation policies which are designed to provide reasonable assurance that buy and sell opportunities are allocated fairly among clients. Likewise, Madison follows the funds' cross-trade (Rule 17a-7) policies and procedures when transacting from one account to another. In this manner, we seek to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the "Portfolio Manager Compensation" section, our portfolio managers' compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager.

In connection with the management of the **Target Allocation Funds**, Trustees and officers of the **Target Allocation Funds** and the underlying affiliated mutual funds in which they invest (the "Underlying Madison Funds") and certain directors and officers of Madison and its affiliates also serve in similar positions with most of the Underlying Madison Funds. Therefore, if the interests of the **Target Allocation Funds** and the Underlying Madison Funds were ever to diverge, it is possible that a conflict of interest could arise and affect how fund Trustees and officers fulfill their fiduciary duties to these funds. Trustees of the **Target Allocation Funds** believe they have structured these funds to avoid these concerns. However, a situation could conceivably occur where proper action for the **Target Allocation Funds** could be adverse to the interests of an Underlying Madison Fund, or the reverse could occur. If such a possibility arises, Trustees and officers of the affected funds and the directors and officers of Madison will carefully analyze the situation and take all steps they believe are reasonable to minimize and, where possible, eliminate the potential conflict.

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*Fund Ownership:* As of December 31, 2022, the portfolio managers' ownership in fund shares was as follows:

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Range**<sup>1</sup> |
| David Hottmann | Conservative Allocation | $100001 - $500000 |
| Patrick Ryan | Moderate Allocation | $100001 - $500000 |
| Stuart Dybdahl | Conservative Allocation | $100001 - $500000 |
| Michael Peters | Dividend Income | $100001 - $500000 |
| Jeffrey Matthias | Tax-Free National<br>Dividend Income<br>Mid Cap | $10001 - $50000<br>$100001 - $500000<br>$100001 - $500000 |
| Chris Nisbet | Moderate Allocation<br>Aggressive Allocation<br>Core Bond<br>High Quality Bond<br>Diversified Income | $100001 - $500000<br>$50001 - $100000<br>$50001 - $100000<br>$50001 - $100000<br>$50001 - $100000 |
| Mike Sanders | Core Bond<br>Dividend Income<br>Mid Cap | $50001 - $100000<br>$50001 - $100000<br>$10001 - $50000 |
| Drew Justman | Covered Call & Equity Income<br>Dividend Income | $100001 - $500000<br>$100001 - $500000 |
| John Brown | Diversified Income<br>Covered Call & Equity Income<br>Dividend Income<br>Investors<br>Mid Cap | $100,001 - $500,000<br>$100,001 - $500,000<br>Over $1 million<br>$100,001 - $500,000<br>$100,001 - $500,000 |
| Ray DiBernardo | Covered Call & Equity Income | $100001 - $500000 |
| Allen Olson | Core Bond | $50001 - $100000 |
| Richard Eisinger | Investors<br>Mid Cap | $500,001 - $1 million<br>Over $1 million |
| Maya Bittar | Sustainable Equity<br>Mid Cap | $500,001 - $1 million<br>$50,001 - $100,000 |
| Dave Geisler | Sustainable Equity | $500,001- $1 million |
| Haruki Toyama | Investors<br>Mid Cap | $100,001 - $500,000<br>$500,001 - $1 million |
| Andy Romanowich | Mid Cap | $100001 - $500000 |
| Joe Maginot | Investors<br>Mid Cap | $100001 - $500000<br>$10001 - $50000 |
| Aaron Garcia | Mid Cap<br>Small Cap | $100,001 - $500,000<br>Over $1 million |
| Faraz Farzam | Small Cap | $500,001 - $1 million |
| Thomas Tibbles |  |  |
| Patrick Tan |  |  |
| Alyssa Rudakas |  |  |

---

<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000;

$50,001 – $100,000; $100,001 – $500,000; $500,001 – $1 million; and Over $1 million.

**TRANSFER AGENT**

SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"), 2000 Crown Colony Drive, Quincy, Massachusetts 02169, is the funds' transfer agent. As transfer agent, SS&C GIDS maintains the funds' shareholder records and reports. Shareholders can reach a fund representative at 1-800-877-6089. Shareholder inquiries and transaction requests should be sent to:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail:**<br>Madison Funds<br>P.O. Box 219083<br>Kansas City, MO 64121-9083 | &nbsp;&nbsp;&nbsp;&nbsp;**Express, Certified or Registered Mail:**<br>Madison Funds<br>420 W 7th Street STE 219083<br>Kansas City, MO 64105-1407 |

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**CUSTODIAN**

State Street Bank and Trust Company ("State Street"), 225 Franklin Street, Boston, Massachusetts 02110, is the custodian for the securities and cash of the funds.

In its capacity as custodian, State Street holds all securities and cash owned by the funds and receives all payments of income, payments of principal or capital distributions with respect to securities owned by the funds. Also, the custodian receives payment for the shares issued by the funds. The custodian releases and delivers securities and cash upon proper instructions from the funds. Pursuant to, and in furtherance of, a custody agreement with State Street, the funds use automated instructions and a cash data entry system to transfer monies to and from the funds' account at the custodian. State Street Bank also serves as sub-administrator to the funds.

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**LENDING PORTFOLIO SECURITIES**

State Street serves as securities lending agent for the funds and in that role administers each fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Trust and State Street (the "Securities Lending Agreement").

As securities lending agent, State Street is responsible for the implementation and administration of each fund's securities lending program. State

Street's responsibilities include: (1) lending available securities to approved borrowers; (2) determining whether a loan shall be made and negotiating

the terms and conditions of the loan with the borrower, provided that such terms and conditions are consistent with the terms and conditions of the

Securities Lending Agreement; (3) receiving and holding, on the fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities; (4) marking loaned securities and collateral to their market value each business day; (5) obtaining additional collateral, as needed, to maintain the value of the collateral relative to the market value of the loaned securities at the levels required by the Securities Lending Agreement; (6) returning the collateral to the borrower, at the termination of the loan, upon the return of the loaned securities; (7) investing cash collateral in permitted investments; and (8) establishing and maintaining records related to the funds securities lending activities.

State Street is compensated for the above-described services from its securities lending revenue split, as provided in the Securities Lending Agreement. The table below shows the income each fund earned and the fees and compensation it paid to State Street as securities lending agent in connection with its securities lending activities during the fiscal year ended October 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **Gross Income from Securities Lending Activities** | **Fees Paid to Securities Lending Agent from a Revenue Split** | **Fees Paid for Cash Collateral Management Services** | **Rebate (paid to borrower)** | **Aggregate Fees/Compensation Paid by the Fund for Securities Lending Activity** | **Net Income from Securities Lending Activities**<sup>1</sup> |
| Conservative Allocation | $68277 | $15377 | $1603 | $15414 | $32394 | $35883 |
| Moderate Allocation | $124665 | $28411 | $2617 | $27336 | $58364 | $66301 |
| Aggressive Allocation | $76947 | $17848 | $1551 | $15899 | $35298 | $41649 |
| Tax-Free Virginia | $0 | $0 | $0 | $0 | $0 | $0 |
| Tax-Free National | $0 | $0 | $0 | $0 | $0 | $0 |
| Core Bond | $21354 | $2207 | $572 | $13419 | $16198 | $5156 |
| High Quality Bond | $37568 | $3023 | $683 | $26802 | $30508 | $7059 |
| Diversified Income | $11660 | $1832 | $307 | $5235 | $7374 | $4286 |
| Dividend Income | $0 | $0 | $0 | $0 | $0 | $0 |
| Covered Call & Equity Income | $1253 | $276 | $28 | $303 | $607 | $646 |
| Investors | $12377 | $3506 | $262 | $426 | $4194 | $8183 |
| Sustainable Equity | $0 | $0 | $0 | $0 | $0 | $0 |
| Mid Cap | $2925 | $461 | $163 | $1225 | $1849 | $1076 |
| Small Cap | $19738 | $4440 | $624 | $4304 | $9368 | $10370 |
| International Stock | $4375 | $996 | $67 | $985 | $2048 | $2327 |

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<sup>1</sup> Net income from securities lending activities may not match the funds' current financial statements, which may reflect certain accrual adjustments.

The funds do not pay separate indemnification fees, administration fees, or other fees not reflected above.

**DISTRIBUTION**

**Principal Distributor and Distribution of Fund Shares**

MFD Distributor, LLC (the "Distributor"), 550 Science Drive, Madison, WI 53711, acts as the Trust's principal distributor pursuant to a Distribution Agreement between the Trust, on behalf of each fund, and the Distributor. The Distributor is a wholly owned subsidiary of MIH. Shares of the funds are offered continuously by the Distributor on behalf of the funds and are purchased and redeemed at NAV, plus the applicable sales charge (if any) on purchases and less the applicable contingent deferred sales charge (if any) on redemptions. The Distribution Agreement provides that the Distributor will use its best efforts to render services to the funds, but in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations, it will not be liable to the funds or any shareholder for any error of judgment or mistake of law or any act or omission or for any losses sustained by the funds or the funds' shareholders.

The aggregate dollar amount of underwriting commission (i.e., front-end sales loads) paid to the Distributor for the fiscal years ended October 31, 2022, 2021, and 2020 was $409,458, $530,443, and 758,298, respectively. Of these amounts, the Distributor retained $50,318, $64,060, and $98,383, respectively. The aggregate dollar amount of compensation on redemptions (i.e., contingent deferred sales charges) paid to the Distributor for the fiscal years ended October 31, 2022, 2021, and 2020, was $4,203, $7,853, and $19,962, respectively. Of these amounts, the Distributor retained $4,203, $7,853, and $19,962, respectively.

The table below shows the commissions and other compensation received by each principal underwriter who is an affiliated person of the Trust or an affiliated person of that affiliated person, directly or indirectly, from the Trust during the fiscal year ended October 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Principal Underwriter** | **Net Underwriting Discounts and Commissions**<sup>1</sup> | **Compensation on Redemptions and Repurchases**<sup>2</sup> | **Brokerage Commissions** | **Other Compensation**<sup>3</sup> |
| MFD Distributor, LLC | $50318 | $4203 | $0 | $2342835 |

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<sup>1</sup> Reflects amount paid from front-end sales loads.

<sup>2</sup> Reflects amount paid from contingent deferred sales charges.

<sup>3</sup> Reflects amount paid under the distribution plans discussed below.

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**Distribution and Service Plans**

Under the Distribution Agreement, the Distributor is obligated to use its best efforts to sell shares of the Trust. Shares of the Trust may be sold by selected broker-dealers (the "Selling Brokers") which have entered into selling agency agreements with the Distributor. The Distributor accepts orders for the purchase of the shares of the Trust at the NAV next determined, plus any applicable sales charge. In connection with the sale of Class A shares of the Trust, the Distributor and Selling Brokers receive compensation from a sales charge imposed at the time of sale. In connection with the sale of Class C shares of the Trust, the Distributor and Selling Brokers receive compensation from a sales charge imposed on a deferred basis.

The Board of Trustees has also adopted distribution and/or service plans with respect to the Trust's Class A and Class C shares (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, the Trust will pay service fees for Class A and Class C shares at an aggregate annual rate of 0.25% of each fund's daily net assets attributable to the respective class of shares. The Trust will also pay distribution fees for Class C shares at an aggregate annual rate of 0.75% of each fund's daily net assets attributable to Class C. The distribution fees will be used to reimburse the Distributor for its distribution expenses with respect to Class C shares, including but not limited to: (i) initial and ongoing sales compensation to Selling Brokers and others engaged in the sale of fund shares, (ii) marketing, promotional and overhead expenses incurred in connection with the distribution of fund shares and (iii) interest expenses on unreimbursed distribution expenses. The service fees will be used to compensate Selling Brokers and others for providing personal and account maintenance services to shareholders. Because Madison is required to reimburse the Distributor for any expenses incurred by the Distributor that exceed the revenue it receives, in the event that the Distributor is not fully reimbursed by the Trust for expenses it incurs under the Class C Plan in any fiscal year, Madison will reimburse the Distributor for such excess expenses.

The Plans are "compensation plans" which means that payments under the Plans are based upon a percentage of daily net assets attributable to the respective class of shares of each fund, regardless of the amounts actually paid or expenses actually incurred by the Distributor; however, in no event may such payments exceed the maximum allowable fee. It is, therefore, possible that the Distributor may realize a profit in a particular year as a result of these payments. In the event that fees payable to the Distributor under a Plan are less than the amount of expenses the Distributor incurs under the Plan in any fiscal year, the Distributor may carry these expenses forward, provided, however, that the Board may terminate the Plan and thus the Trust's obligation to make further payments at any time. Accordingly, the Trust does not treat such expenses as a liability.

A fund may engage in joint distribution activities with other series of the Trust and to the extent the expenses are not allocated to a specific fund, expenses will be allocated based on the fund's net assets.

The Plans must be approved annually by a majority of the Board, including a majority of the Independent Trustees, who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plans, by votes cast in person at meetings called for the purpose of voting on such Plans.

Pursuant to the Plans, at least quarterly, the Distributor provides the Trust with a written report of the amounts expended under the Plans and the purpose for which these expenditures were made. The Board of Trustees reviews these reports on a quarterly basis to determine their continued appropriateness.

The Plans provide that they continue in effect only so long as their continuance is approved at least annually by a majority of both the Board and the Independent Trustees. Each Plan provides that it may be terminated without penalty: (a) by vote of a majority of the Independent Trustees; (b) by a vote of a majority of the votes attributable to a fund's outstanding shares of the applicable class in each case upon 60 days' written notice to the Distributor; and (c) automatically in the event of assignment. Each of the Plans further provides that it may not be amended to increase the maximum amount of the fees for the services described therein without the approval of a majority of the votes attributable to the outstanding shares of the class of the Trust which has voting rights with respect to the Plan. And finally, each of the Plans provides that no material amendment to the Plan will, in any event, be effective unless it is approved by a majority vote of both the Board and the Independent Trustees. The holders of Class A shares and Class C shares have exclusive voting rights with respect to the Plan applicable to their respective class of shares.

In adopting the Plans, the Board of Trustees concluded that, in its judgment, there is a reasonable likelihood that each Plan will benefit the holders of the applicable class of shares of the fund by increasing overall fund assets. The Board of Trustees determined that shareholders will benefit from an increase in fund assets in several ways, including: (i) providing the Investment Adviser greater presence in the marketplace; (ii) reducing the potential adverse impact of redemptions on the Investment Adviser to carry out each fund's investment strategy; (iii) increasing each fund's economies of scale by spreading fixed costs over a larger shareholder base; (iv) simplifying compliance with the diversification rules of the1940 Act and the Code; and (v) improving the image of the funds, making them more marketable.

The table below shows the dollar amounts spent by the Trust under the Plans for the fiscal year ended October 31, 2022 for each of the following items:

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| | | |
|:---|:---|:---|
| | **Class A Shares** | **Class C Shares** |
| Advertising | 0 | 0 |
| Printing and mailing of prospectus to other than current shareholders | 0 | 0 |
| Compensation to underwriters | $35 | 0 |
| Compensation to selling brokers | $1621967 | $584000 |
| Compensation to sales personnel | 0 | 0 |
| Interest, carrying, or other financing charges | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1622022 | $584000 |

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**BROKERAGE**

Madison is responsible for: (1) decisions to buy and sell securities for each of the funds, (2) the selection of brokers and dealers to effect such transactions and (3) the negotiation of brokerage commissions, if any, charged on such transactions.

In general, Madison seeks to obtain prompt and reliable execution of orders at the most favorable prices or yields when purchasing and selling fund securities. In determining the best execution, Madison may take into account a dealer's operational and financial capabilities, the type of transaction involved, the dealer's general relationship with Madison and any statistical, research or other services the dealer provides it, including payment for Madison's use of research services. This may include brokerage and research provided by third parties that is paid for by so-called "soft dollars" earned as a result of fund brokerage transactions (to the extent permitted by law or regulation). Research and statistical information regarding securities may be used by Madison for the benefit of all clients of Madison and its affiliates. Therefore, the funds may not be Madison's only client that benefits from its receipt of research and brokerage from the brokers and dealers the funds use for their trading needs. However, as a policy matter, Madison will not pay higher commissions to any particular broker that provides it soft dollar brokerage or research benefits than Madison would pay to any other full-service institutional broker that did not provide such benefits (although "full service" commission rates are generally higher than "execution only" commission rates). Madison considers brokerage and research benefits earned through soft dollars in determining whether it is obtaining best execution of securities transactions for the funds. In the event that any non-price factors are taken into account and the execution price paid is increased, it would only be in reasonable relation to the benefit of such non-price factors to the Trust as Madison determines in good faith.

What is the "research" that is paid for with soft dollars? Research refers to services and/or products provided by a broker, the primary use of which must directly assist Madison in its "investment decision-making process" and not in the management of Madison. The term "Investment Decision-Making Process" refers to the quantitative and qualitative processes and related tools Madison uses in rendering investment advice to the funds and its other clients, including financial analysis, trading and risk analysis, securities selection, broker selection, asset allocation, and suitability analysis.

Research may be proprietary or third party. Proprietary research is provided directly from a broker (for example, research provided by broker analysts and employees about a specific security or industry or region, etc.). Third party research is provided by the payment by a broker, in full or in part, for research services provided by third parties. Both types of research may involve electronically provided research and electronic portfolio management services and computer software supporting such research and services.

Typical third party research providers may include, but are not limited to, Bloomberg, Factset, Research Direct, Baseline, Bondedge, Tegus, Bank Credit Analysis, S&P CreditWeek, etc. For example, research may include a tool that helps Madison decide what might happen to the price of a particular bond following a specific change in interest rates. This analytical tool may be considered research because it affects Madison's decision making process regarding that bond.

Madison may receive from brokers products or services which are used by Madison both for research and for administrative, marketing or other non-research purposes. In such instances, Madison makes a good faith effort to determine the relative proportion of its use of such product/service that is for research. Only that portion of the research aspect of the cost of obtaining such product/service may be paid for using soft dollars. Madison pays the remaining portion of the cost of obtaining the product or service in cash from its own resources.

Although Madison believes that all its clients and those of its affiliates, including the funds, benefit from the research received by it from brokers, Madison may not necessarily use such research or brokerage services in connection with the accounts that paid commissions to or otherwise traded with the brokers providing such research or services in any given period.

Brokers or dealers who execute portfolio transactions for the funds may also sell fund shares; however, any such sales will not be either a qualifying or disqualifying factor in selecting brokers or dealers. Such activity is not considered when making portfolio brokerage decisions.

In addition to transactions on which Madison pays commissions, Madison may also engage in portfolio transactions directly with a dealer acting as a principal. As a result, the transaction will not involve payment of commissions. However, any purchases from an underwriter or selling group could involve payments of fees and concessions to the underwriting or selling group.

With respect to the **Target Allocation Funds**, shares of underlying funds, except for ETFs, will be purchased in principal transactions directly from the issuer of the underlying fund and brokers will not be used. The **Target Allocation Funds** will not incur any commissions or sales charges when they purchase shares of the underlying funds, except for ETFs, as they are traded on securities exchanges.

Madison's policy and procedures with respect to brokerage is and will be reviewed by the Board of Trustees from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage practices generally, the foregoing policies and practices may be changed, modified or eliminated without prior notice to shareholders.

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For each of the three fiscal years ended October 31, the Trust paid aggregate brokerage commissions as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2022** | **2021** | **2020** |
| Conservative Allocation<sup>1</sup> | $43829 | $28052 | $19490 |
| Moderate Allocation<sup>1</sup> | 98687 | 73072 | 55358 |
| Aggressive Allocation<sup>1</sup> | 54894 | 43900 | 32973 |
| Tax-Free Virginia | 0 | 0 | 0 |
| Tax-Free National | 0 | 0 | 0 |
| Core Bond | 0 | 240 | 240 |
| High Quality Bond | 0 | 0 | 0 |
| Diversified Income | 29498 | 32068 | 23959 |
| Dividend Income | 75302 | 81032 | 69322 |
| Covered Call & Equity Income | 138223 | 151090 | 222569 |
| Investors | 51823 | 53858 | 98044 |
| Sustainable Equity<sup>2</sup> | 2315 | N/A | N/A |
| Mid Cap<sup>3</sup> | 184305 | 230557 | 164916 |
| Small Cap<sup>3</sup> | 279127 | 304725 | 343466 |
| International Stock<sup>4</sup> | 13862 | 28022 | 9714 |

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<sup>1</sup> Commissions were higher in 2022 due to increased trading around asset allocation changes in a volatile market.

<sup>2</sup> Commission fees paid for the previous two fiscal years are not provided because the fund recently commenced investment operations on January 3, 2022.

<sup>3</sup> Commissions were lower in 2022 compared to 2021 due to a reduction in the number of shares traded from declining asset levels in a down market.

<sup>4</sup> Commissions were lower in 2022 compared to an inflated 2021 due to a change in investment manager and trading around repositioning the portfolio.

During the fiscal year ended October 31, 2022, for the funds noted above, the Trust paid $971,867 in brokerage commissions to firms for providing research services involving approximately $2,089,809,419 of transactions. The provision of third party research services was not necessarily a factor in the placement of all of this business with such firms; however, as a general matter, trades may be placed on behalf of the funds with firms that provide research, subject to seeking to achieve best execution and compliance with applicable laws and regulations.

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The following table indicates for each fund, as applicable, the value of such fund's aggregate holdings of the securities of its regular brokers or dealers or their parents that derive more than 15% of gross revenues from securities-related activities for the fiscal year ended October 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Name of Regular Broker or Dealer of Parent (Issuer)** | **Type of Security Owned** | **Value Owned as of<br>October 31, 2022** |
| Aggressive Allocation | State Street Corp. | Debt | $4243726 |
| Conservative Allocation | State Street Corp. | Debt | $2764674 |
| Core Bond | Bank of America Corp. | Debt | $625517 |
| Core Bond | Goldman Sachs Group Inc. | Debt | $1190555 |
| Core Bond | JP Morgan Chase & Co. | Debt | $5244206 |
| Core Bond | Morgan Stanley & Co., Inc. | Debt | $52103585 |
| Core Bond | State Street Corp. | Debt | $2133903 |
| Core Bond | Wells Fargo & Co. | Debt | $849757 |
| Core Bond | Toronto Dominion Bank | Debt | $269351 |
| Covered Call & Equity Income | State Street Corp. | Debt | $31480003 |
| Covered Call & Equity Income | Chase Securities Inc | Equity | $4183004 |
| Covered Call & Equity Income | Morgan Stanley & Co., Inc. | Equity | $2163590 |
| Diversified Income | Bank of America Corp. | Debt | $292747 |
| Diversified Income | JP Morgan Chase & Co. | Debt | $960503 |
| Diversified Income | JP Morgan Chase & Co. | Equity | $3348408 |
| Diversified Income | Goldman Sachs Group Inc. | Debt | $4522421 |
| Diversified Income | Morgan Stanley & Co., Inc. | Debt | $166752 |
| Diversified Income | Morgan Stanley & Co., Inc. | Equity | $1758438 |
| Diversified Income | State Street Corp. | Debt | $2670763 |
| Diversified Income | Wells Fargo & Co. | Debt | $107606 |
| Dividend Income | JP Morgan Chase & Co. | Equity | $8874540 |
| Dividend Income | State Street Corp. | Debt | $8138000 |
| High Quality | Bank of America Corp. | Debt | $1301010 |
| High Quality | JP Morgan Chase & Co. | Debt | $1448704 |
| High Quality | State Street Corp. | Debt | $1884176 |
| High Quality | Wells Fargo & Co. | Debt | $931127 |
| Investors | State Street Corp. | Debt | $8638153 |
| International Stock | State Street Corp. | Debt | $273059 |
| Mid Cap | State Street Corp. | Debt | $33707859 |
| Moderate Allocation | State Street Corp. | Debt | $8279337 |
| Small Cap | State Street Corp. | Debt | $16104214 |

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**PROXY VOTING POLICIES, PROCEDURES AND RECORDS**

The Trust, on behalf of each of the funds, has adopted the proxy voting policies and procedures of Madison, the summary of which may be found in <u>Appendix A</u> hereto. The policies and procedures are used to determine how to vote proxies relating to the funds' portfolio securities. Included in the policies and procedures are procedures that are used on behalf of the funds when a vote presents a conflict of interest between the interests of: (1) the funds' shareholders and (2) Madison and the Distributor.

Form N-PX, which contains the proxy voting records for each of the funds for the most recent twelve-month period ended June 30, is available to shareholders upon request at no cost by calling 1-800-877-6089 or on the SEC's web site at www.sec.gov.

**SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS**

The funds' portfolio holdings must be adequately protected to prevent the misuse of that information by a third party to the potential detriment of the shareholders. Accordingly, the funds have adopted, and the Board of Trustees has approved, policies and procedures designed to ensure that the disclosure of the funds' portfolio holdings is in the best interest of the funds' shareholders in the manner described in the summary of the policies and procedures noted below. Various non-fund advisory clients of Madison may hold portfolio securities substantially similar to those held by the funds. Although Madison has also adopted policies and procedures regarding the selective disclosure of the contents of those other clients' portfolios and representative account portfolios, those policies and procedures may contain different procedures and limitations than the policies and procedures that apply to the disclosure of the funds' portfolio holdings.

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Disclosure of each fund's complete holdings is required to be made in regulatory filings with the SEC within 60 days after the end of each fiscal half-year period in the annual and semi-annual reports to fund shareholders, and within 60 days after the end of each fiscal quarter in the quarterly holdings report on Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov and on the funds' website: www.madisonfunds.com. Each fund's portfolio holdings are disclosed at month-end on the funds' website, generally five (5) business days after month-end, and each fund's top ten holdings are made public on the funds' website on a quarterly basis, typically in fund literature and fact sheets. The Trust may distribute, on a monthly basis, portfolio holdings to mutual fund evaluation services such as Morningstar or Lipper Analytical Services; consultants to retirement plans such as Mercer; due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds before their public disclosure; and broker-dealers that may be used by the Trust, for the purpose of efficient trading and receipt of relevant research.

The funds' portfolio holdings information may be disseminated more frequently, or as of different periods, than as described above only when legitimate business purposes of the funds are served and the potential and actual conflicts of interest between the interests of fund shareholders and those of the funds' affiliates are reviewed and considered. Selective disclosures could be considered to serve the legitimate business purposes of the funds if (1) done to further the interests of the funds and (2) the disclosure is not expected to result in harm to the funds (such harm could occur by permitting third parties to trade ahead of, or front run, the funds or to effect trades in shares of the funds with information about portfolio holdings that other potential investors do not have). For example, the funds may provide portfolio holdings information to certain vendors that provide services that are important to the operations of the funds, or that assist Madison in providing services to the funds or in conducting its investment management business activities in general. Potential and actual conflicts of interest between the funds and their affiliates must also be reviewed and considered. There may be situations where the disclosure facilitates portfolio management activities or the potential growth of the funds, which could legitimately serve the common interests of both the funds and Madison. However, selective disclosures will not be made for the benefit of Madison or its affiliates unless the disclosure would be in the interests of the funds or, at a minimum, result in no harm to the funds. The funds may also disclose any and all portfolio information to their service providers and others who generally need access to such information in the performance of their contractual duties and responsibilities and are subject to duties of confidentiality, including a duty not to trade on non-public information, imposed by law and/or contract. These service providers include the funds' custodians, auditors, investment advisers, administrator, printers, proxy voting services and each of their respective affiliates and advisers. In connection with providing investment advisory services to its clients, Madison may utilize nonproprietary portfolio analytic tools offered by third party service providers to analyze portfolio composition. Madison also provides portfolio information to Morningstar and Lipper (after at least a 30 day lag unless publicly disclosed sooner as described above) for mutual fund analysis.

Neither the Trust, nor Madison or its affiliates, may receive any compensation in connection with an arrangement to make available information about the funds' portfolio holdings. Notwithstanding the above, if, in the discretion of the Trust's Chief Compliance Officer and the applicable portfolio manager(s) for any series of the Trust, more frequent and earlier public dissemination of portfolio holdings (to the Trust's website) would not harm the Trust and would serve to further the interest of its shareholders (by, for example, encouraging additional investments in the applicable series of the Trust), then such holdings may be made public.

Any exceptions to the above disclosure rules must be pre-approved by the Trust's Chief Compliance Officer. There can be no assurance that the funds' policies and procedures on disclosure of portfolio holdings will protect the funds from misuse of such information by individuals or entities that come into possession of the information. The Trust's Chief Compliance Officer monitors compliance with the aforementioned policies and procedures and reports any violations to the Board. The Board will review any disclosure of fund portfolio holdings outside of the permitted disclosure described above on a quarterly basis to ensure the disclosure of information about portfolio holdings is in the best interest of fund shareholders and to address any conflicts between the interests of the fund shareholders and those of Madison or any other fund affiliate.

**CODE OF ETHICS**

The Trust, Madison and the Distributor have adopted a joint code of ethics under Rule 17j-1 of the 1940 Act that covers the conduct (including the personal securities transactions) of each of their respective officers, trustees and employees.

In general, the code of ethics restricts purchases or sales of securities being purchased or sold, or being considered for purchase or sale, on behalf of the Trust by any person subject to the code. In addition, the code restricts such persons in their purchases of securities in an initial public offering and in private offerings of securities. The code of ethics also establishes certain "blackout periods" during which persons subject to the code, or certain classes of persons, may not effect personal securities transactions. Certain specified transactions are exempt from the provisions of the code of ethics.

The code of ethics generally prohibits employees from engaging in personal securities transactions in any security that a Madison client might trade, except certain de minimis transactions may be exempt. Employees must request preclearance to trade any securities that are not otherwise specifically exempted from this preclearance requirement. Securities exempt from preclearance are mutual funds, including affiliated funds, U.S. Treasury securities, and certain other securities identified in the code of ethics. Madison (or its affiliates) may manage accounts of its employees in the same manner as other clients pursuant to a particular model or strategy. When managing employee accounts, in order to address potential conflicts of interest, Madison must trade the employee account at the conclusion of trading of all other clients managed pursuant to the same strategy (including any fund portfolio managed pursuant to a particular strategy) and employee accounts must be managed in the same manner as the applicable strategy model without exceptions. Likewise, employees may establish accounts with independent asset managers and are not required to obtain preclearance for transactions in their accounts as long as Madison's employees are prohibited from exercising any discretion over the account.

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**SHARES OF THE TRUST**

**Shares of Beneficial Interest**

The Declaration of Trust permits the Board of Trustees to issue an unlimited number of full and fractional shares of beneficial interest of the Trust without par value. Under the Declaration of Trust, the Board of Trustees has the authority to create and classify shares of beneficial interest in separate series, without further action by shareholders. As of the date of this SAI, the Board of Trustees has authorized shares of each of the series or funds described in the prospectus. Additional series may be added in the future. The Declaration of Trust also authorizes the Board of Trustees to classify and reclassify the shares of the Trust, or new series of the Trust, into one or more classes. As of the date of this SAI, the Board of Trustees has authorized the issuance of five classes of shares of the funds, designated as Class A, Class C, Class Y, Class I, and Class R6. Additional classes of shares may be offered in the future.

The shares of each class of each fund represent an equal proportionate interest in the aggregate net assets attributable to that class of that fund. Holders of each class of shares have certain exclusive voting rights on matters relating to their respective class of shares. The different classes of a fund may bear different expenses relating to the cost of holding shareholder meetings necessitated by the exclusive voting rights of any class of shares.

Dividends paid by each fund, if any, with respect to each class of shares will be calculated in the same manner, at the same time and on the same day and will be in the same amount, except for differences resulting from the fact that: (i) the distribution and service fees relating to Class A and Class C shares will be borne exclusively by that class; (ii) Class C shares will pay higher distribution and service fees than Class A shares; and (iii) each of the share classes will bear any other class expenses properly allocable to such class of shares, subject to the requirements imposed by the IRS on funds having a multiple-class structure. Similarly, the NAV per share may vary depending on which share class is purchased.

In the event of liquidation, shareholders of each class of each fund are entitled to share pro rata in the net assets of the class of the fund available for distribution to these shareholders. Shares entitle their holders to one vote per dollar value of shares, are freely transferable and have no preemptive, subscription or conversion rights. When issued, shares are fully paid and non-assessable.

Share certificates will not be issued.

**Voting Rights**

Each shareholder is entitled to one vote for each dollar of net asset value standing in such shareholder's names on the books of the funds. Unless otherwise required by the 1940 Act or the Declaration of Trust, the Trust has no intention of holding annual meetings of shareholders. Fund shareholders may remove a trustee by the affirmative vote of at least two-thirds of the Trust's votes attributable to the outstanding shares and the Board of Trustees shall promptly call a meeting for such purpose when requested to do so in writing by the record holders of not less than 10% of the votes attributable to the outstanding shares of the Trust. Shareholders may, under certain circumstances, communicate with other shareholders in connection with requesting a special meeting of shareholders. However, at any time that less than a majority of Trustees holding office were elected by the shareholders, the Board will call a special meeting of shareholders for the purpose of electing Trustees.

**Limitation of Shareholder Liability**

Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act ("DSTA") provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit corporations. The Declaration of Trust expressly provides that the Trust has been organized under the DSTA and that the Declaration of Trust is to be governed by and interpreted in accordance with Delaware law. It is nevertheless possible that a Delaware statutory trust, such as the Trust, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case the Trust's shareholders could possibly be subject to personal liability.

To guard against this risk, the Declaration of Trust: (1) contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by the Trust or its trustees; (2) provides for the indemnification out of fund property of any shareholders held personally liable for any obligations of the Trust or any fund; and (3) provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (1) a court refuses to apply Delaware law; (2) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (3) the Trust itself would be unable to meet its obligations. In the light of DSTA, the nature of the Trust's business, and the nature of its assets, the risk of personal liability to a shareholder is remote.

**Limitation of Trustee and Officer Liability**

The Declaration of Trust further provides that the Trust shall indemnify each of its trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding, threatened against or otherwise involving such trustee or officer, directly or indirectly, by reason of being or having been a trustee or officer of the Trust. The Declaration of Trust does not authorize the Trust to indemnify any trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

**Limitation of Interseries Liability**

All persons dealing with a fund must look solely to the property of that particular fund for the enforcement of any claims against that fund, as neither Trustees, officers, agents nor shareholders assume any personal liability for obligations entered into on behalf of a fund or the Trust. No fund is liable for the obligations of any other fund. Since the funds use one combined statutory prospectus, however, it is possible that one fund might become liable for a misstatement or omission in the prospectus regarding another fund with which its disclosure is combined.

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**NET ASSET VALUE OF SHARES**

The NAV per share for all classes of shares is calculated as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m., Eastern Time) on each day on which the New York Stock Exchange is open for trading. 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. Total net assets are determined by adding the total current value of portfolio securities (including shares of other investment companies), cash, receivables, and other assets and subtracting liabilities. Since the assets of each **Target Allocation Fund** consist primarily of shares of underlying funds, the NAV of each **Target Allocation Fund** is determined based on the NAVs of the underlying funds. Shares will be sold and redeemed at the NAV per share next determined after receipt in good order of the purchase order or request for redemption.

**Portfolio Valuation** 

Equity securities, including closed-end investment companies, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and 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 among dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds are valued at their daily 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 the Target Allocation Funds consist primarily of shares of underlying funds, the NAV of each of these funds is determined based on the NAVs of the underlying funds. Total net assets are determined by adding the current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. The Trust's Pricing Committee (the "Committee") shall estimate the fair value of futures positions affected by the daily limit by using its valuation procedures for determining fair value, when necessary. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors are valued at the average of the closing bids obtained daily from at least one dealer.

The value of all assets and liabilities expressed in foreign currencies will be 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 opinion of the Investment Adviser, do not reflect the current fair value, are appraised at their fair values as determined in good faith by 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 Target Allocation Funds primarily invest in underlying funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these funds. However, an underlying fund may need to "fair value" one or more of its investments, which may, in turn, require a Target Allocation Funds to do the same because of delays in obtaining the underlying fund's NAV.

A fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's primary market or exchange (for example, a foreign exchange or market) and the time the fund's share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. Fixed income securities either newly issued or not being priced for various reasons by one of our approved pricing sources may also be fair valued. 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.

The Committee is comprised of the following employees of Madison: Greg Hoppe (CFO of the funds), Mike Sanders (Head of Fixed Income and Portfolio Manager), Drew Justman (Portfolio Manager), Patrick Tan (Portfolio Manager), Brian Milligan (Equity Analyst), Joe Maginot (Equity Analyst), Michael Massel (Fixed Income Analyst) and Alan Shepard (Fixed Income Analyst).

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**DISTRIBUTIONS AND TAXES**

**Distributions**

It is the intention of the Trust to distribute substantially all of the net income and net capital gains, if any, of each fund thereby avoiding the imposition of any fund-level income or excise tax, as described below. Distributions shall be made in the following manner:

(i)Distributions of net investment company taxable income, if any, with respect to the **Tax-Free Virginia, Tax-Free National, Core Bond,** and **Diversified Income Funds** will be declared and reinvested monthly in additional full and fractional shares of the respective fund, unless otherwise directed; and

(ii)Distributions of net investment company taxable income, if any, with respect to the **Conservative Allocation, High Quality Bond, Dividend Income** and **Covered Call & Equity Income Funds** will be declared and reinvested quarterly in additional full and fractional shares of the fund, unless otherwise directed; and

(iv)&nbsp;&nbsp;&nbsp;&nbsp;Distributions of net investment company taxable income, if any, with respect to the **Moderate Allocation**, **Aggressive Allocation, Investors, Sustainable Equity, Mid Cap, Small Cap,** and **International Stock Funds** will be declared and reinvested annually in additional full and fractional shares of the respective fund, unless otherwise directed; and

(v)&nbsp;&nbsp;&nbsp;&nbsp;All net realized short-term and long-term capital gains of each fund, if any, will be declared and distributed at least annually, but in any event, no more frequently than allowed under SEC rules, to the shareholders of each fund to which such gains are attributable.

**Federal Tax Status of the Funds** 

*Qualification as Regulated Investment Company.* Each fund will be treated as a single, separate entity for federal income tax purposes so that income earned and capital gains and losses realized by the Trust's other portfolios will be separate from those realized by each fund.

Each fund intends to meet the requirements of Subchapter M of the Code applicable to regulated investment companies. In the event a fund fails to qualify as a "regulated investment company" under Subchapter M (and is ineligible for, or chooses not to take advantage of, available remediation provisions), it will be treated as a regular corporation for federal income tax purposes. Accordingly, such fund would be subject to federal income taxes on the full amount of its taxable income and gains, and any distributions that such fund makes would not qualify for the dividends paid deduction. This would increase the cost of investing in such fund for shareholders and would make it more economical for shareholders to invest directly in securities held by such fund instead of investing indirectly in securities through such fund. Given these risks, compliance with the above requirements is carefully monitored by Madison and each fund intends to comply with these requirements as they exist or as they may be modified from time to time.

A fund must meet several requirements to maintain its status as a regulated investment company*.* These requirements include the following: (1) at least 90% of its gross income for each taxable year must be derived from (a) dividends, interest, payments with respect to loaned securities, gains from the sale or disposition of securities (including gains from related investments in foreign currencies), and other income (including gains from options or forward contracts) derived with respect to its business of investing in such securities or currencies, and (b) net income derived from an interest in a "qualified publicly traded partnership;" and (2) at the close of each quarter of the fund's taxable year, (a) at least 50% of the value of the fund's total assets must consist of cash, cash items, securities of other regulated investment companies*,* U.S. Government securities and other securities (provided that no more than 5% of the value of the fund may consist of such other securities of any one issuer, and the fund may not hold more than 10% of the outstanding voting securities of any issuer), and (b) the fund must not invest more than 25% of its total assets in the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), the securities of two or more issuers that are controlled by the fund and that are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more "qualified publicly traded partnerships."

A regulated investment company generally must distribute in each calendar year an amount equal to at least the sum of: (1) 98% of its ordinary taxable income for the year, (2) 98.2% of its capital gain net income for the 12-month period ended on October 31 of that calendar year and (3) any ordinary income or net capital gain income not distributed in prior years. To the extent that a regulated investment company fails to do this, it is subject to a 4% nondeductible federal excise tax on undistributed earnings. Therefore, in order to avoid the federal excise tax, each fund must make (and the Trust intends that each will make) the foregoing distributions.

Each fund generally will endeavor to distribute (or be deemed to distribute) to its respective shareholders all of such fund's net investment company taxable income and net capital gain, if any, for each taxable year so that such fund will not incur federal income or excise taxes on its earnings. However, no assurances can be given that these anticipated distributions will be sufficient to eliminate all taxes.

*Capital Loss Carryforward.* As of October 31, 2022, the following funds had capital loss "carryforwards" as indicated below. To the extent provided in the Code and regulations thereunder, a fund may carry forward such capital losses to offset realized capital gains in future years. To the extent that these losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. For the Core Bond and the Dividend Income Funds, the inherited losses from mergers are subject to an annual limitation.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **No Expiration Date** | **No Expiration Date** | | **No Expiration Date** | **No Expiration Date** |
| **Fund** | **Short-Term** | **Long-Term** | **Fund** | **Short-Term** | **Long-Term** |
| Conservative Allocation | $1869369 | $130421 | Core Bond | $848181 | $2609785 |
| Moderate Allocation | 1365206 |  | Dividend Income | 1091372 |  |
| Aggressive Allocation | 943165 |  | Sustainable Equity | 198405 |  |
| Tax-Free Virginia | 62710 | 54506 | International Stock | 35220 | 534487 |
| High Quality Bond | 185195 | 990837 |  |  |  |

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*Investments in Foreign Securities.* If a fund purchases foreign securities, interest and dividends received by the fund may be subject to income withholding or other taxes imposed by foreign countries and U.S. possessions that could reduce the return on these securities. Tax treaties and conventions between the United States and certain foreign countries, however, may reduce or eliminate the amount of foreign taxes to which a fund would be subject. Also, many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. The effective rate of foreign tax cannot be predicted since the amount of fund assets to be invested within various countries is uncertain. However, the Trust intends to operate so as to qualify for treaty-reduced tax rates when applicable.

A fund may invest in the stock of certain foreign companies that constitute passive foreign investment companies ("PFICs"). There are several elections available under federal law to determine how the fund's shareholders will be taxed on PFIC investments. Depending upon the election the fund selects, the fund's shareholders may be subject to federal income taxes (either capital or ordinary) with respect to a taxable year attributable to a PFIC investment, even though the fund receives no distribution from the PFIC and does not dispose of the PFIC investment during such year, and/or the fund's shareholders may be subject to federal income taxes upon the disposition of the PFIC investments. Any fund that acquires stock in foreign corporations may limit and/or manage its holdings in PFICs to minimize its tax liability.

If more than 50% of the value of a fund's total assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an election with the IRS that would enable its shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and U.S. possessions income taxes paid by it. Pursuant to the election, a fund would treat those taxes as dividends paid to its shareholders and each shareholder would be required to (1) include in gross income, and treat as paid by him, his proportionate share of those taxes, (2) treat his share of those taxes and of any dividend paid by the fund that represents income from foreign or U.S. possessions sources as his own income from those sources, and (3) either deduct the taxes deemed paid by him in computing his taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit against his federal income tax. Each fund will report to its shareholders shortly after each taxable year their respective share of its income from sources within, and taxes paid to, foreign countries and U.S. possessions if it makes this election. The Code may limit a shareholder's ability to claim a foreign tax credit. Shareholders who elect to deduct their portion of the fund's foreign taxes rather than take the foreign tax credit must itemize deductions on their income tax returns. The **International Funds** anticipate that they may qualify for and make this election in most, but not necessarily all, of their taxable years.

*Investments with Original Issue Discount.* Each fund that invests in certain payment-in-kind instruments, zero coupon securities or certain deferred interest securities (and, in general, any other securities with original issue discount or with market discount if the fund elects to include market discount in current income) must accrue income on such investments prior to the receipt of the corresponding cash. However, because each fund must meet the 90% distribution requirement to qualify as a regulated investment company and each fund seeks to avoid any imposition of the excise tax, a fund may have to dispose of its portfolio investments under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.

*Federal Tax Treatment of Options and Foreign Currency Transactions.* Certain option transactions have special tax results for the funds. Expiration of a call option written by a fund will result in short-term capital gain. If the call option is exercised, the fund will realize a gain or loss from the sale of the security covering the call option and, in determining such gain or loss, the option premium will be included in the proceeds of the sale.

If a fund writes options other than "qualified covered call options," as defined in Section 1092 of the Code, or purchases puts, any losses on such options transactions, to the extent they do not exceed the unrealized gains on the securities covering the options, may be subject to deferral until the securities covering the options have been sold.

A fund's investment in Section 1256 contracts, such as most foreign currency forward contracts traded in the interbank market and options on most stock indices, are subject to special tax rules. All Section 1256 contracts held by a fund at the end of its taxable year are required to be marked to their market value, and any unrealized gain or loss on those positions will be included in the fund's income as if each position had been sold for its fair market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by a fund from positions in Section 1256 contracts closed during the taxable year. Provided such positions were held as capital assets and were not part of a "hedging transaction" nor part of a "straddle," 60% of the resulting net gain or loss will be treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term capital gain or loss, regardless of the period of time the positions were actually held by a fund.

The preceding rules regarding options and foreign currency transactions may cause a fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement and the excise tax avoidance requirements described above. To mitigate the effect of these rules and prevent disqualification of a fund as a regulated investment company, the Trust seeks to monitor transactions of each fund, seeks to make the appropriate tax elections on behalf of each fund and seeks to make the appropriate entries in each fund's books and records when the fund acquires any option, futures contract or hedged investment.

The federal income tax rules applicable to interest rate swaps, caps and floors are unclear in certain respects, and a fund may be required to account for these transactions in a manner that, in certain circumstances, may limit the degree to which it may utilize these transactions.

**Shareholder Taxation**

The following discussion applies to all funds, except the **Tax-Free Funds**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distributions.* Distributions from a fund's net investment company taxable income (which includes dividends, interest, net short-term capital gains, and net gains from foreign currency transactions), if any, generally are taxable as ordinary income whether reinvested or received in cash, unless such distributions are attributable to "qualified dividend" income eligible for reduced federal income tax rates applicable to long-term capital gains or unless you are exempt from taxation or entitled to a tax deferral.

Generally, "qualified dividend" income includes dividends received during the taxable year from certain domestic corporations and "qualified foreign corporations." PFICs and corporations incorporated in a country that does not have an income tax treaty and an exchange of information program with the U.S. are not qualified foreign corporations. The portion of a distribution that the fund pays that is attributable to qualified dividend income received by the fund will qualify for such treatment in the hands of the non-corporate shareholders of the fund. If a fund has income of which more than 95% was qualified dividends, all of the fund's dividends will be eligible for the lower rates on qualified dividends. Certain holding period requirements applicable to both the fund and the shareholder also must be satisfied to obtain qualified dividend treatment.

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Distributions of non-qualified dividend income, interest income, other types of ordinary income, and short-term capital gains will be taxed at the ordinary income tax rate applicable to the taxpayer whether reinvested or received in cash. Distributions paid by each fund from net capital gains (the excess of net long-term capital gains over short-term capital losses) are taxable as long-term capital gains whether reinvested or received in cash and regardless of the length of time you have owned your shares.

In general, qualified REIT dividends that an investor receives directly from a REIT are automatically eligible for the 20% qualified business income deduction available under Section 199A of the Code. The IRS has issued proposed Treasury Regulations that, if finalized as proposed, would permit a dividend or part of a dividend paid by a regulated investment company and reported as a "Section 199A Dividend" to be treated by the recipient as a qualified REIT dividend for purposes of the 20% qualified business income deduction. Although taxpayers, including the funds, are entitled to rely on these proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change.

Any dividend declared by a fund in October, November, or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, is treated as if it had been received by the shareholders on December 31 of the year in which the dividend was declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividends Received Deduction.* Assuming a fund qualifies as regulated investment company, the dividends received deduction for shareholders of such fund who are corporations will apply to ordinary income distributions to the extent the distribution represents amounts that would qualify for the dividends received deduction to the fund if such fund were a regular corporation, and to the extent designated by the fund as so qualifying.

The following discussion applies to the **Tax-Free Funds** only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distributions.* Shareholders of a fund will be subject to federal income tax on any ordinary net income and net short- or long-term capital gains realized by the fund and distributed to them as regular or capital gains dividends. It does not matter whether the dividend is distributed in cash or in the form of additional shares. Generally, dividends declared by the funds during October, November or December of any calendar year and paid to shareholders before February 1 of the following year will be treated for tax purposes as received in the year the dividend was declared. Exemption from federal income tax of dividends derived from municipal securities does not necessarily result in an exemption under the tax laws of any state or local taxing authority. A shareholder may be exempt from state and local taxes on dividends derived from municipal securities issued by entities located within the shareholder's state of residence, but the shareholder may be subject to state or local tax on dividends derived from other obligations. Shareholders will receive a breakdown of dividends by state on an annual basis for the **Tax-Free National Fund**. Shareholders should consult with their own tax advisors about the status of distributions from the funds in their tax jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pass Through of Tax-Exempt Dividends.* The Code permits mutual funds with at least 50% of the value of their assets invested in tax-exempt securities as of the close of each fiscal quarter to "flow through" to shareholders the tax-exempt character of the interest paid. The funds intend to qualify under this provision so that dividends paid to shareholders will be treated as "exempt-interest dividends" in the same proportion as each fund's annual net investment income is derived from tax-exempt sources. This means that, to the extent a fund's dividends are exempt-interest dividends, shareholders may treat them for federal income tax purposes as if they were interest excluded from gross income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividends Received Deduction.* No portion of the dividends paid by the funds to shareholders is expected to be eligible for the dividends received deduction for corporation shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Alternative Minimum Tax Considerations.* Madison may purchase bonds for a fund on which the interest received may be subject to the federal "alternative minimum tax" ("AMT") for non-corporate shareholders. Under the Code, interest received on certain otherwise tax-exempt securities is subject to AMT. AMT will apply to interest received on "private activity" bonds issued after August 7, 1986 that are used to finance activities other than those generally performed by governmental units (for example, bonds issued to finance commercial enterprises or reduced interest rate home mortgage loans). Interest income received on AMT bonds will be a "tax preference item" that may make non-corporate shareholders liable for payment of AMT. Deductions and preference items such as state and local taxes, excess depletion and excess intangible drilling costs (in addition to interest on AMT bonds) are among the items that are added to taxable income to determine whether AMT is due in place of ordinary income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Distribution of Market Discount.* If Madison buys a security for a fund at a "market discount", the amount of gain earned by the fund when Madison sells it may be considered ordinary taxable income. Such income earned as a result of "market discount" will be distributed to shareholders and may not qualify as tax-exempt.

The following discussion applies to all funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gains and Losses on Redemption and Sales.* A redemption or sale of fund shares may result in a taxable gain or loss to a shareholder, depending on whether the proceeds are more or less than the shareholder's basis in the redeemed shares. An exchange of fund shares for shares in any fund of the Trust will have similar tax consequences. Any gain or loss arising from the sale or redemption of shares generally is a capital gain or loss. This capital gain or loss normally is treated as a long-term capital gain or loss if the shareholder has held his, her or its shares for more than one year at the time of such sale or redemption; otherwise, it generally will be classified as short-term capital gain or loss. If, however, a shareholder receives a capital gain distribution with respect to any share of a fund, and if the share is sold before it has been held by the shareholder for at least six months, then any loss on the sale or exchange of the share, to the extent of the capital gain distribution, is treated as a long-term capital loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Deduction of Capital Losses.* Non-corporate shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Buying a Dividend.* Purchasing shares shortly before a distribution may not be advantageous. Since such shares are unlikely to substantially appreciate in value in the short period before the distribution, if the distribution is taxable, it will essentially result in a taxable return of a portion of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reports to Shareholders.* The Trust sends to each of its shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per share and per distribution basis, the amounts to be included in such shareholder's taxable income for such year as ordinary income (including any portion eligible to be treated as qualified dividend income or to be deducted pursuant to the dividends-received deduction) and as long-term capital gain. In addition, the federal tax status of each year's distributions generally is reported to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Backup Withholding.* If a shareholder does not furnish the Trust with a correct social security number or taxpayer identification number and/or the Trust receives notification from the IRS requiring back-up withholding, the Trust is required by federal law to withhold federal income tax from the shareholder's distributions and redemption proceeds, currently at a rate of 24% for U.S. citizens and residents. The backup withholding is not an additional tax and may be returned or credited against a taxpayer's regular federal income tax liability if appropriate information is provided to the IRS.

**This section is not intended to be a full discussion of tax laws and the effect of such laws on a fund or an investor. There may be other federal, state, local or foreign tax considerations applicable to a particular fund or investor. Investors are urged to consult their own tax advisors.**

**MORE ABOUT PURCHASING AND SELLING SHARES**

The following discussion expands upon the section entitled "Your Account" in the prospectus.

**Share Class Availability - Class I and Class R6 Shares**

In regard to Class I and Class R6 shares, members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison, and individuals and their immediate family members who are employees, directors, or officers of Madison or its affiliates may purchase Class I shares and Class R6 shares in any accounts that are held directly with the funds' transfer agent, including non-retirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPS, SARSEPs, SIMPLE IRAs or individual 403(b) plans.

**Investment Minimums - Class I and Class R6 Shares**

Class I shares and Class R6 shares are available for purchase directly from the funds' transfer agent with no investment minimums to members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison, and individuals and their immediate family members who are employees, directors, or officers of Madison or its affiliates. The term "immediate family" is defined as the investor's spouse or domestic partner as recognized by applicable state law and children under the age of 21.

The Trust reserves the right to change or waive the funds' minimum investment requirements and to reject any order to purchase shares (including any purchase by exchange) when in the judgment of Madison, such rejection is in the funds' best interest.

**Offering Price&nbsp;&nbsp;&nbsp;&nbsp;**

Shares of each fund are offered at a price equal to their NAV next determined after receipt in good order of the purchase order for such shares (see the "Net Asset Value of Shares" section, above) plus a sales charge which, depending upon the class of shares purchased, may be imposed either at the time of purchase (Class A shares) or on a contingent deferred basis (Class C shares). Class Y, Class I and Class R6 shares are sold without the imposition of a sales charge.

**Calculation of the Sales Charge**

The sales charge percentage that you pay may be higher or lower than what is disclosed in the prospectus due to standard industry practice to round the public offering price to two decimal places (i.e.*,* to the nearest penny) and rounding the number of shares purchased to three decimal places.

For example, assume that you purchased $10,000 of the Class A shares of the **Core Bond Fund**.

**Prospectus Sales Charge: 4.50%**

NAV: $10.04

Offering Price: $10.51 [calculated as $10.04/(1-0.0450) = $10.513089 which rounds to $10.51]

Shares Purchased: 951.475 ($10,000/$10.51 = 951.47478 which rounds to 951.475)

Account Balance: 951.475 x $10.04 (NAV) = $9,552.80

**Statement and Confirm Sales Charge:**

$10,000 - $9,552.80 = $447.20

$447.20/$10,000 = 4.472%, which rounds to **4.47%**

**Sales Charge on Class A Shares**

*Initial Sales Charge*. Class A shares are offered at a price that includes an initial "front-end" sales charge that is deducted from your investment at the time you purchase shares. Depending upon the amount you invest, the sales charge may be reduced and/or eliminated for larger purchases. The sales charges applicable to purchases of Class A shares of the funds are described in the prospectus.

Class A shares may be offered without front-end sales charges to various individuals and institutions, or issued or purchased in specific transactions as described in the prospectus. Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at net asset value for the life of the account.

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*Sales Charge Reductions*. There are several ways investors may combine multiple purchases to reduce Class A sales charges as disclosed in the prospectus and further described below.

*Rights of Combination.* Purchases may be combined to reduce Class A sales charges if made by:

• &nbsp;&nbsp;&nbsp;&nbsp;you and your immediate family for your own account(s), including individual retirement, custodial and personal trust accounts;

• &nbsp;&nbsp;&nbsp;&nbsp;a trustee or other fiduciary purchasing for a single trust, estate or fiduciary account; and

• &nbsp;&nbsp;&nbsp;&nbsp;groups which qualify for the "Group Investment Program," described below.

*Group Investment Program.* Certain qualified pension plans or non-qualified group investment plan participants may be eligible for rights of combination. This would include a 401(k) plan with less than $250,000 in assets and 457(f) plans.

*Rights of Accumulation.* For the purpose of calculating the sales charge on Class A shares, you may add the current market value of your existing holdings in any fund and class of shares of the Trust (including combinations), to the amount of your next purchase of Class A shares to qualify for reduced sales charges. The current value of existing individual holdings, as of the week prior to your investment, in your variable annuity contract sponsored by CMFG Life Insurance Company may also be taken into account to determine your Class A sales charges.

*Letter of Intent*. The reduced sales charges are also applicable to investments made pursuant to a Letter of Intent ("LOI"), which should be read carefully prior to its execution by an investor, pursuant to which investors make their investment over a period of thirteen (13) months. Such an investment must aggregate at least $25,000 if investing in equity funds or at least $50,000 if investing in bond funds during the 13-month period from the date of the LOI. The LOI period starts on the date on which your first purchase is made toward satisfying the LOI. Your accumulated holdings (including combination and accumulation as described above) eligible to be aggregated as of the day immediately before the start date of the LOI period may be credited towards satisfying the LOI. The sales charge applicable to all amounts invested under the LOI is computed as if the aggregate amount intended to be invested had been invested immediately. If such aggregate amount is not actually invested, excluding reinvested dividends and capital gains, the difference in the sales charge actually paid and the sales charge payable had the LOI not been in effect is due from the investor. However, for the purchases actually made within the 13-month period, the sales charge applicable will not be higher than that which would have applied (including accumulations and combinations) had the LOI been for the amount actually invested.

The LOI authorizes the Trust to hold in escrow sufficient Class A shares (approximately 5% of the purchase) to make up any difference in sales charges on the amount intended to be invested and the amount actually invested, until such investment is completed within the specified period, at which time the escrow shares will be released. If the total investment specified in the LOI is not completed, the Class A shares held in escrow may be redeemed and the proceeds used as required to pay such sales charge as may be due. By signing the LOI, the investor authorizes the Trust to act as the investor's attorney-in-fact to redeem any escrowed shares and adjust the sales charge, if necessary. A LOI does not constitute a binding commitment by an investor to purchase, or by the Trust to sell, any additional shares and may be terminated at any time.

In order to ensure that you receive a reduction or waiver of your Class A sales charge, you need to inform your financial representative or the Trust at the time you purchase shares that you qualify for such a reduction or waiver. If notification is not provided, you may not receive the sales charge discount or waiver to which you are otherwise entitled. The Trust may require evidence, including account statements of all relevant accounts invested in the Trust and reserves the right to request additional documentation, to verify you are eligible for a reduction or waiver of sales charges.

It is possible that a financial intermediary may not, in accordance with its policies and procedures, be able to offer one or more of these reduction or waiver categories. Please consult your financial adviser for further information.

The Funds may terminate or amend the terms of these sales charge reductions or waivers at any time.

**Sales Charge on Class C Shares**

*Deferred Sales Charge*. Investments in Class C shares are purchased at their NAV per share without the imposition of an initial sales charge so the fund will receive the full amount of the purchase payment. The funds' distributor pays a commission equal to 1% of the amount invested to broker/dealers who sell Class C shares.

Class C shares that are redeemed within one year of purchase will be subject to a CDSC at the rates set forth in the prospectus. The amount of the CDSC, if any, will vary depending on the number of years from time of purchase until the time of redemption, and will be calculated using the methodology described in the prospectus. Unless otherwise requested, redemption requests will be "grossed up" by the amount of any applicable CDSC charge and/or transaction charges such that the investor will receive the net amount requested.

Proceeds from the CDSC are paid to the Distributor and are used in whole or in part by the Distributor to defray its expenses related to providing distribution-related services to the Trust in connection with the sale of the Class C shares, such as the payment of the 1% commission to broker/dealers who sell Class C shares. The combination of the CDSC and distribution and service fees facilitates the ability of the Trust to sell Class C shares without a sales charge being deducted at the time of the purchase.

*Waiver of Deferred Sales Charge.* The CDSC may be waived on redemptions of Class C shares. The chart that follows is a restatement of the waivers found in the prospectus.

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***Class C CDSC Waiver Chart***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **ERISA Plans** | **Non-ERISA Plans** | **Non-ERISA Plans** | **Non-ERISA Plans** | **Non-ERISA Plans** |
| **Type of Distribution** | **401(a) Plan,**<br>**401(k) Plan or**<br>**403(b) Plan** | **Supplemental**<br>**403(b) Plan** | **457 Plan** | **IRA or**<br>**IRA Rollover** | **Non-Retirement Plan** |
| Death or Disability | Waived | Waived | Waived | Waived | Waived |
| 72 and Over | Waived | Waived | Waived | Waived for mandatory distributions or up to 12% of account value annually in periodic payments | Waived for up to 12% of account value annually in periodic payments |
| Between<br>59½ and 72 | Waived | Waived | Waived | Waived for Life Expectancy or up to 12% of account value annually in periodic payments | Waived for up to 12% of account value annually in periodic payments |
| Under 59½ | Waived | Waived for annuity payments (72t) or up to 12% of account value annually in periodic payments | Waived for annuity payments (72t) or up to 12% of account value annually in periodic payments | Waived for annuity payments (72t) or up to 12% of account value annually in periodic payments | Waived for up to 12% of account value annually in periodic payments |
| Termination of Plan | Not Waived | Not Waived | Not Waived | Not Waived | N/A |
| Hardships | Waived | Waived | Waived | N/A | N/A |
| Return of Excess | Waived | Waived | Waived | Waived | N/A |
| Small Balance Accounts | N/A | N/A | N/A | N/A | Waived |

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In order to ensure you receive a waiver of the CDSC on redemption of your Class C shares, you need to notify your financial representative or the Trust that you qualify for such a waiver at the time you redeem the shares. If notice is not provided, you may not receive the waiver to which you are otherwise entitled. The Trust may require evidence, and reserves the right to request additional documentation, to verify you are eligible for a waiver of sales charges.

**Purchase by Exchange**

As explained in the prospectus, within an account, you may exchange shares of one fund for shares **of the same class** of another fund, subject to the minimum investment requirements of the fund purchased, without paying any additional sales charge, if applicable.

Exchanges of Class C shares will continue to "age" from the date of original purchase of the Class C shares and will retain the same CDSC rate as they had before the exchange.

If you wish to "move" your investment **between share classes** (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios.

Exchange Class A shares for Class Y shares - Provided it is eligible to invest in Class Y shares, accounts currently invested in Class A shares may exchange its shares for Class Y shares. Any Class A sales charges eligible accounts previously paid will not be credited back to the accounts.

Exchanging Class A shares or Class Y shares for Class I shares or Class R6 shares - Provided it is eligible to invest in Class I shares or Class R6 shares, a retirement plan or other eligible accounts currently invested in Class A shares or Class Y shares may exchange its shares for Class I shares or Class R6 shares. Any Class A sales charges that the retirement plan or eligible accounts previously paid will not be credited back to the accounts. No contingent deferred sales charge, if applicable, will be assessed as part of any share class conversion. In addition, members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison, and individuals and their immediate family members who are employees, directors, or officers of Madison or its affiliates invested in Class A shares or Class Y shares may exchange into Class I shares or Class R6 shares in any accounts that are held directly with the funds, including non-retirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPS, SARSEPs, SIMPLE IRAs or individual 403(b) plans.

Exchanging Class C shares for Class A shares - If you exchange Class C shares for Class A shares, you are still responsible for paying any Class C contingent deferred sales charges and applicable Class A sales charges.

Exchanging Class I shares for Class R6 shares - Provided it is eligible to invest in Class I shares, a retirement plan or other eligible accounts currently invested in Class I shares may exchange its shares for Class R6 shares.

Moving between other share classes - If you desire to move your investment between share classes and the particular scenario is not described in this SAI, please contact Madison Funds at 1-800-877-6089 for more information.

Non-reportable transactions - Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will typically be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by Madison Funds and processed as a single transaction.

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**Selling Shares**

The methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting Madison Funds directly, any such request must be signed by the registered shareholders. To contact Madison Funds via overnight mail or courier service, see "How to Contact Us" in the prospectus.

A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or a member of the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any redemptions. Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts.

If you sell Class A or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable CDSC, equals the dollar amount requested.

Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier's checks) for shares purchased have cleared (which may take up to seven business days from the purchase date). Except for delays relating to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), redemption proceeds typically will be paid one business day following receipt and acceptance of a redemption order. However, payment may take longer than one business day and may take up to seven days as generally permitted by the 1940 Act. Interest will not accrue or be paid on amounts that represent uncashed distribution or redemption checks.

**Redemptions in Kind**

Although no fund would normally do so, each fund has the right to pay the redemption price of shares of the fund in whole or in part in portfolio securities held by the fund. Any such securities would be valued for the purposes of making such payment at the same value as used in determining NAV. If the shareholder were to sell portfolio securities received in this fashion, the disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. The Trust has, however, elected to be governed by Rule 18f-1 under the 1940 Act. Under that rule, each fund must redeem its shares for cash except to the extent that the redemption payments to any shareholder during any 90-day period would exceed the lesser of $250,000 or 1% of the fund's NAV at the beginning of such period.

**ADDITIONAL INVESTOR SERVICES**

The following discussion expands upon the section entitled "Additional Investor Services" in the prospectus.

**Automatic Investment Plan**

As explained in the prospectus, the Trust makes available to shareholders a systematic investment program. The investments under the program will be drawn on or about the day of the month indicated by the shareholder. Any shareholder's privilege of making investments through the systematic investment program may be revoked by the Trust without prior notice if any investment by the shareholder is not honored by the shareholder's financial institution. The program may be discontinued by the shareholder either by calling the Trust or upon written notice to the Trust which is received at least five (5) business days prior to the due date of any investment.

**Systematic Withdrawal Plan**

As explained in the prospectus, the Trust makes available to shareholders a systematic withdrawal plan. Payments under this plan represent proceeds arising from the redemption of fund shares. The maintenance of a systematic withdrawal plan concurrently with purchases of additional shares of the fund could be disadvantageous to a shareholder because of the sales charges that may be imposed on new purchases. Therefore, a shareholder should not purchase shares of a fund at the same time as a systematic withdrawal plan is in effect for such shareholder with respect to that fund. The Trust reserves the right to modify or discontinue the systematic withdrawal plan for any shareholder on 30 days' prior written notice to such shareholder, or to discontinue the availability of such plan to all shareholders in the future. Any shareholder may terminate the plan at any time by giving proper notice to the Trust.

**Systematic Exchange Plan**

As explained in the prospectus, the Trust makes available to shareholders a systematic exchange plan. The Trust reserves the right to modify or discontinue the systematic exchange program for any shareholder on 30 days' prior written notice to such shareholder, or to discontinue the availability of such plan to all shareholders in the future. Any shareholder may terminate the program at any time by giving proper notice to the Trust.

**Reinstatement or Reinvestment Privilege**

After fund shares have been redeemed, a shareholder has a one-time right to reinvest any part of the proceeds, subject to the minimum investment of the fund, within 90 days of the redemption, at the current NAV. This privilege must be requested in writing when the proceeds are sent to the Trust.

For shareholders who exercise this privilege after redeeming Class A shares, the proceeds may be reinvested in Class A shares without a sales charge in the same fund and account from which the redemption was made.

For shareholders who exercise this privilege after redeeming Class C shares and paying a CDSC on the redemption, the proceeds may be reinvested in Class A shares without a sales charge in the same fund and account from which the redemption was made. The account will not be credited with the CDSC paid. If Class C shares were redeemed and no CDSC was paid, the proceeds may be reinvested in Class C shares in the same fund and account, respectively, from which the redemption was made. The holding period of the shares purchased will be "aged" back to the original purchase date.

To protect the interests of other investors in the funds, the Trust may cancel the reinvestment privilege of any parties that, in the opinion of the Trust, are using market timing strategies or making more than five exchanges per owner or controlling party per calendar year above and beyond any

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systematic or automated exchanges. Also, the Trust may refuse any reinvestment request. The Trust may change or cancel its reinstatement or reinvestment policies at any time.

A redemption or exchange of fund shares is a taxable transaction for federal income tax purposes even if the reinvestment privilege is exercised, and any gain or loss realized by a shareholder on the redemption or other disposition of fund shares will be treated for tax purposes as described under the "Distributions and Taxes" section, above.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Board of Trustees has appointed Deloitte & Touche LLP, independent registered public accounting firm, located at 111 South Wacker Drive, Chicago, Illinois 60606, to perform the annual audits of the funds.

**FINANCIAL STATEMENTS**

The funds' audited financial statements, including the schedules of investments, statements of assets and liabilities, statements of operations, statements of changes in net assets, and financial highlights included in the funds' 2022 annual report to shareholders, are incorporated herein by reference. Copies of the annual report may be obtained free of charge by writing to Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083, or by calling 1-800-877-6089.

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**APPENDIX A - SUMMARY OF PROXY VOTING POLICIES AND PROCEDURES**

Each of the funds has adopted the proxy voting policies and procedures of its investment adviser, Madison Asset Management, LLC ("Madison").

A summary of the proxy voting policies and procedures or the proxy voting policies and procedures for Madison are found below, and constitute the proxy voting policies and procedures of Madison Funds (the "Trust").

**MADISON ASSET MANAGEMENT, LLC**

**<u>PROXY VOTING POLICIES AND PROCEDURES</u>**

I.**INTRODUCTION**

In accordance with Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended, Madison Investment Holdings, Inc. and affiliates ("Madison" or the "Firm") has adopted the following proxy voting policies and procedures (the "Policy"). This Policy applies to Madison and anyone acting on its behalf and at its designation, in connection with the voting of proxies. This Policy consists of the policies, procedures and requirements set forth below and will be periodically reviewed and amended as needed. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in Madison's Compliance Manual.

II.**DEFINITIONS** 

**Proxy** or **Proxies** as used in this Policy includes the submission of a security holder vote by Proxy instrument, in person at a meeting of security holders or by written consent.

III.**POLICY**

This Policy applies to Madison and each of its officers and anyone acting on its behalf and at its designation, in connection with the voting of proxies. This Policy consists of the policies, procedures and requirements set forth below and will be periodically reviewed and amended as needed. It is Madison's general policy to vote Proxies in the best interest of its clients. Accordingly, Madison will vote all Proxies in a manner intended to promote the client's investment objectives and to maximize investment returns, while following the investment restrictions and policies of each client, generally, as set forth in the governing documents of the relevant client. Madison will typically vote a security's proxy in accordance with the recommendations of that security's Board of Directors' recommendations, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in corporate structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appointment of auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social responsibility programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation plans for executives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers and acquisitions, as applicable.

Madison will typically vote against shareholder proposals, however, Madison seeks the best of interests of its clients, and is not bound by the recommendations of a security's Board of Directors or the recommendations of any third-party proxy research and voting service.

Madison will use the services of an independent third party (e.g. Glass Lewis or Broadridge) for research, recommendations, and voting services. In the use of such services, Madison will typically vote the actual proxies on behalf of its clients. As discussed herein, where there is a material conflict of interest with a client or material conflict of interest with a client's portfolio holdings, Madison will typically defer to the voting recommendations of the third party proxy research provider, and vote that proxy in accordance with the instructions of the third party proxy voting service provider.

In the event Madison has proxies to vote, there may be instances when the Firm refrains from voting a Proxy, such as when Madison determines that the cost of voting the Proxy exceeds the expected benefit to the client and would not be in the client's best interest. For example, the cost of voting certain foreign proxies may exceed the benefit to clients. Madison cannot anticipate every situation, and certain issues are better handled on a case-by-case basis. Proxy voting decisions are generally made by the relevant Madison Portfolio Management teams with knowledge of the security and coordinated by Madison operations personnel.

In cases where a proxy will not be voted or, as described below, voted against the Board of Directors' recommendation, Madison's policy is to make a notation to the file containing the records for such security explaining the Firm's action or inaction, as the case may be. The majority of clients have elected that Madison vote the proxies on their behalf. The Firm votes client proxies in one of two ways. Proxy votes are either cast through Proxy Edge, a service which provides notification of proxy meetings and establishes voting through their electronic platform, or votes are made through proxyvote.com for those accounts which have not yet been set up on Proxy Edge.

**IV.**&nbsp;&nbsp;&nbsp;&nbsp;**ADMINISTRATION** 

The CCO will be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Overall compliance with this Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reviewing and updating the Policy, as appropriate.

**IV.MATERIAL CONFLICTS OF INTEREST** 

In the event Madison determines there is or may be a material conflict of interest between Madison and a client or client's portfolio holdings when voting Proxies, Madison will seek to resolve the issue in the best interest of its client. Madison will address such actual or potential material conflicts of interest using one of the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Madison may vote the Proxy using the established objective policies described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Madison may engage a third party to recommend a vote with respect to the Proxy based on application of the policies set forth herein or Madison may bring the Proxy to senior management of the Firm to make a determination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Madison may employ such other method as is deemed appropriate under the circumstances, given the nature of the conflict.

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Although it is not likely, in the event there is a conflict of interest between Madison and a client in connection with a material proxy vote, Madison will typically employ the services of an independent third party proxy services firm to make the proxy voting decision in accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended.

In the absence of any conflict, if any member of the relevant Portfolio Management team determines that it would be in the clients' best interests to vote against management recommendations (or, for Madison Scottsdale, any particular portfolio manager makes such determination), then the decision should be brought to the attention of the management team, or any subcommittee appointed by the management team from among its members, to ratify the decision to stray from the general policy of voting with management. Such ratification need not be in writing.

**VI.**&nbsp;&nbsp;&nbsp;&nbsp;**DISCLOSURES** 

Madison will make the following disclosures to clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Upon request by a client, a copy of the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Upon request by a client, the Proxy voting record for Proxies voted on behalf of the client.

**VII.**&nbsp;&nbsp;&nbsp;&nbsp;**RECORDKEEPING** 

Madison will keep the following records, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A copy of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A copy of each Proxy statement received with respect to client portfolio securities, except when a Proxy statement is available on the SEC's EDGAR public filing system, Madison may rely on that filing in lieu of keeping its own copy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A record of each Proxy vote cast by Madison on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A record of each Proxy vote Madison refrained from voting on behalf of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.A copy of any document prepared by Madison that was material to a Proxy voting decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.A copy of each written client request for information regarding how Madison voted Proxies on behalf of clients and any written response by Madison to any client requests shall be maintained in such client's file.

Madison has retained the services of Proxy Edge to maintain the records of the proxy votes cast on behalf of clients. To the extent the Firm votes any proxies outside of this service, then copies of the voted proxy must be maintained in the applicable client or research file, as the case may be.

**VIII.**&nbsp;&nbsp;&nbsp;&nbsp;**AMENDMENTS** 

This Policy may be amended from time to time by the CCO.

December 2022

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**PART C OTHER INFORMATION**

**Madison Funds**

**Item 28. Exhibits**

See "Exhibit Index."

**Item 29. Persons Controlled by or Under Common Control With Registrant**

None.

**Item 30. Indemnification**

As a Delaware statutory trust, Registrant's operations are governed by its Amended and Restated Declaration of Trust dated February 9, 2023 (the "Declaration of Trust"). Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act (the "DSTA") provides that a shareholder of a trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit Delaware corporations. Registrant's Declaration of Trust expressly provides that it has been organized under the DSTA and that the Declaration of Trust is to be governed by Delaware law. It is nevertheless possible that a Delaware statutory trust, such as Registrant, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case Registrant's shareholders could be subject to personal liability.

To protect Registrant's shareholders against the risk of personal liability, the Declaration of Trust: (i) contains an express disclaimer of shareholder liability for acts or obligations of Registrant and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by Registrant or its Trustees; (ii) provides for the indemnification out of Trust property of any shareholders held personally liable for any obligations of Registrant or any series of Registrant; and (iii) provides that Registrant shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of Registrant and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (i) a court refuses to apply Delaware law; (ii) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (iii) Registrant itself would be unable to meet its obligations. In the light of Delaware law, the nature of Registrant's business and the nature of its assets, the risk of personal liability to a shareholder is remote.

The Declaration of Trust further provides that Registrant shall indemnify each of its Trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding, threatened against or otherwise involving such Trustee or officer, directly or indirectly, by reason of being or having been a Trustee or officer of Registrant. The Declaration of Trust does not authorize Registrant to indemnify any Trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

Registrant also maintains directors' and officers' liability insurance for the benefit of Registrant's trustees and as well as the officers and directors of the Registrant's investment adviser and its affiliates (referred to as an "Insured" or the "Insureds"). The policy does not protect against any liability resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of an Insured's office.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933 Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to any provision of the Registrant's Declaration of Trust, the Registrant and its officers and Trustees have been advised that in the opinion of the Securities and Exchange Commission (the "SEC"), such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by an Insured in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been

------

&nbsp;&nbsp;&nbsp;&nbsp;

settled by controlling precedent, subject to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

The investment adviser for Registrant is Madison Asset Management, LLC ("MAM"). See the section in Part A entitled "Investment Adviser" for a more complete description.

To the best of Registrant's knowledge, none of the officers and directors of MAM is or has been engaged in any other business, profession, vocation or employment of a substantial nature for the past two fiscal years (other than their association with MAM and its affiliates, including Madison Investment Holdings, Inc. ("MIH")). See the section in Part B entitled "Management of the Trust – Trustees and Officers" for more information regarding the officers and directors of MAM. Also refer to Part IA of MAM's Uniform Application for Investment Advisor Registration on Form ADV, as filed with the SEC.

**Item 32. Principal Underwriter**

a.&nbsp;&nbsp;&nbsp;&nbsp;MFD Distributor, LLC ("MFD"), a registered broker-dealer, is the principal distributor of Registrant's shares. MFD does not act as principal underwriter, distributor, depositor or investment adviser for any investment company other than Registrant and the Ultra Series Fund. The principal business address for MFD is 550 Science Drive, Madison, WI 53711. MFD is a wholly owned subsidiary of MIH.

b.&nbsp;&nbsp;&nbsp;&nbsp;The officers and directors of MFD are as follows:

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| | | |
|:---|:---|:---|
| **Name and Principal<u><br>Business Address</u>** | **Positions and Officers <u>with the Underwriter</u>** | **Positions and Officers <u>with Registrant</u>** |
| Steven A. Carl | Chief Executive Officer & Chief Business Development Officer | None |
| Timothy S. McDowell | Chief Compliance Officer, Principal Operations Officer, Principal Financial Officer/ General Securities Principal | None |
| Holly S. Baggot | Vice President | Secretary and Assistant Treasurer |

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c.&nbsp;&nbsp;&nbsp;&nbsp;There have been no commissions or other compensation paid by Registrant to unaffiliated principal underwriters.

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&nbsp;&nbsp;&nbsp;&nbsp;

**Item 33. Location of Accounts and Records**

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Madison Asset Management, LLC

550 Science Drive

Madison, WI 53711

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.MFD Distributor, LLC

&nbsp;&nbsp;&nbsp;&nbsp;550 Science Drive

&nbsp;&nbsp;&nbsp;&nbsp;Madison, WI 53711

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS")

2000 Crown Colony Drive

Quincy, MA 02169

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.State Street Bank & Trust Company

801 Pennsylvania

Kansas City, MO 64105

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

Not applicable.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all requirements for effectiveness of the Registrations Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Madison, State of Wisconsin, on this 24th day of February, 2023.

**Madison Funds** 

By: <u>/s/ Patrick F. Ryan</u>

Patrick F. Ryan

President

Pursuant to the requirements of the Securities Act, this Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the date(s) indicated.

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| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| <u>/s/ Patrick F. Ryan</u> | President (Principal Executive Officer) | February 24, 2023 |
| Patrick F. Ryan |  |  |
| <u>/s/ Greg D. Hoppe</u> | Chief Financial Officer (Principal Financial | February 24, 2023 |
| Greg D. Hoppe | Officer & Principal Accounting Officer) |  |
| <u>/s/ Paul A. Lefurgey</u> | Interested Trustee | February 24, 2023 |
| Paul A. Lefurgey |  |  |
| <u>\*</u> | Trustee | February 24, 2023 |
| Steven P. Riege |  |  |
| <u>\*</u> | Trustee | February 24, 2023 |
| Richard E. Struthers |  |  |
| <u>\*</u> | Trustee | February 24, 2023 |
| Scott C. Jones |  |  |

---

<u>\*By: /s/ Steven J. Fredricks</u>

Steven J. Fredricks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Pursuant to Power of Attorney (see Exhibit (q) to this Registration Statement)

------

**EXHIBIT INDEX** 

---

| | | | |
|:---|:---|:---|:---|
| | **<u>Exhibit</u>** | **<u>Incorporated by Reference to</u>** | **Filed <u>Herewith</u>** |
| (a.1) | <u>[Amended and Restated Declaration of Trust dated February 9, 2023](a1amendedandrestatedmfdecl.htm)</u> |  | X |
| (a.2) | <u>[Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1040612/000095013707019016/c22552apexv99wxayx2y.txt)</u> | PEA No. 23 to this Form N-1A Registration Statement filed on December 26, 2007 |  |
| (a.3) | <u>[Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1040612/000104061220000122/a3amendmenttocertificateof.htm)</u> | PEA No. 78 to this Form N-1A Registration Statement filed on June 15, 2020 |  |
| (b) | Not Applicable |  |  |
| (c) | Incorporated by reference to the Declaration of Trust |  |  |
| (d.1) | <u>[Amended and Restated Investment Advisory Agreement with Madison Asset Management, LLC ("MAM") dated February 16, 2022](d1madisonfundsadvisoryagre.htm)</u> |  | X |
| (e.1) | <u>[Amended and Restated Distribution Agreement with MFD Distributor, LLC dated November 10, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000069/amendedandrestateddistribu.htm)</u> | PEA No. 83 to this Form N-1A Registration Statement filed on December 13, 2021 |  |
| (e.2) | <u>[Form of Dealer Agreement and 22c-2 Addendum (as revised effective June 15, 2022)](e2formofdealeragreementand.htm)</u> |  | X |
| (f) | Not Applicable |  |  |
| (g.1.a) | <u>[Custodian Agreement with State Street Bank and Trust Company dated January 1, 2013](http://www.sec.gov/Archives/edgar/data/1040612/000120928613000069/e91499_exg.htm)</u> | PEA No. 38 to this Form N-1A Registration Statement filed on February 28, 2013 |  |
| (g.1.b) | <u>[Amendment to Custodian Agreement with State Street Bank and Trust Company dated March 1, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000069/g1bssbamendedagrmt202131.htm)</u> | PEA No. 83 to this Form N-1A Registration Statement filed on December 13, 2021 |  |
| (h.1.a) | <u>[Transfer Agency and Service Agreement with Boston Financial Data Services, Inc. dated January 1, 2013](http://www.sec.gov/Archives/edgar/data/1040612/000120928613000069/e91499_exh1.htm)</u> | PEA No. 38 to this Form N-1A Registration Statement filed on February 28, 2013 |  |
| (h.1.b) | <u>[Amendment to TA and Service Agreement dated November 2, 2016](http://www.sec.gov/Archives/edgar/data/1040612/000104061217000006/h1bamendedtaagreementwithb.htm)</u> | PEA No. 54 to this Form N-1A Registration Statement filed on February 14, 2017 |  |
| (h.1.c) | <u>[Amendment to TA and Service Agreement dated November 3, 2016](http://www.sec.gov/Archives/edgar/data/1040612/000104061217000006/h1cbfdstacontract11316.htm)</u> | PEA No. 54 to this Form N-1A Registration Statement filed on February 14, 2017 |  |
| (h.1.d) | <u>[Amendment to TA and Service Agreement dated April 9, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000069/madisondstamendtermandfees.htm)</u> | PEA No. 83 to this Form N-1A Registration Statement filed on December 13, 2021 |  |
| (h.2) | <u>[Amended and Restated Services Agreement with MAM dated February 9, 2023](h2amendedrestatedmfservice.htm)</u> |  | X |
| (h.3) | <u>[Securities Lending Agreement with State Street Bank and Trust Company dated January 2018](http://www.sec.gov/Archives/edgar/data/1040612/000104061218000016/h3securitieslendingagreeme.htm)</u> | PEA No. 70 to this Form N-1A Registration Statement filed on February 28, 2018 |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **<u>Exhibit</u>** | **<u>Incorporated by Reference to</u>** | **Filed <u>Herewith</u>** |
| (i.1) | <u>[Opinion and Consent of Sutherland, Asbill & Brennan LLP dated November 12, 1997](http://www.sec.gov/Archives/edgar/data/1040612/0001040612-97-000017.txt)</u> | Pre-Effective Amendment No. 2 to this Form N-1A Registration Statement filed on November 12, 1997 *(Exhibit 10)* |  |
| (i.2) | <u>[Opinion and Consent of Sutherland, Asbill & Brennan LLP dated February 17, 2000](http://www.sec.gov/Archives/edgar/data/1040612/000102542100000017/0001025421-00-000017.txt)</u> | PEA No. 5 to this Form N-1A Registration Statement filed on February 23, 2000 (Exhibit i) |  |
| (i.3) | <u>[Opinion and Consent of Sutherland, Asbill & Brennan LLP dated February 22, 2001](http://www.sec.gov/Archives/edgar/data/1040612/000104061201000008/0001040612-01-000008-0001.txt)</u> | PEA No. 7 to this Form N-1A Registration Statement filed on February 23, 2001 (Exhibit i) |  |
| (i.4) | <u>[Opinion and Consent of Steven R. Suleski dated February 28, 2008](http://www.sec.gov/Archives/edgar/data/1040612/000095013708002945/c22552bpexv99wxi1dy.txt)</u> | PEA No. 24 to this Form N-1A Registration Statement filed on February 28, 2008 |  |
| (i.5) | <u>[Opinion and Consent of Godfrey & Kahn S.C. dated December 13, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000069/legalopinionletter-madison.htm)</u> | PEA No. 83 to this Form N-1A Registration Statement filed on December 13, 2021 |  |
| (j) | <u>[Consent of Deloitte & Touche LLP](jconsent-madison1031nx1a.htm)</u> |  | X |
| (k) | Not Applicable |  |  |
| (l.1) | <u>[Subscription Agreement with CUNA Mutual Insurance Society dated November 7, 1997](http://www.sec.gov/Archives/edgar/data/1040612/0001040612-97-000017.txt)</u> | Pre-Effective Amendment No. 2 to this Form N-1A Registration Statement filed on November 12, 1997 *(Exhibit 13a)* |  |
| (l.2) | <u>[Subscription Agreement with CUNA Mutual Life Insurance Company dated November 7, 1997](http://www.sec.gov/Archives/edgar/data/1040612/0001040612-97-000017.txt)</u> | Pre-Effective Amendment No. 2 to this Form N-1A Registration Statement filed on November 12, 1997 *(Exhibit 13b)* |  |
| (l.3) | <u>[Subscription Agreement with CUNA Mutual Life Insurance Company dated February 19, 2001](http://www.sec.gov/Archives/edgar/data/1040612/000104061201000008/0001040612-01-000008-0001.txt)</u> | PEA No. 7 to this Form N-1A Registration Statement filed on February 23, 2001 (Exhibit l.5) |  |
| (l.4) | <u>[Subscription Agreement with CUNA Mutual Life Insurance Company dated June 16, 2006](http://www.sec.gov/Archives/edgar/data/1040612/000095013706013381/c10552apexv99wxlyx6y.txt)</u> | PEA No. 17 to this Form N-1A Registration Statement filed on December 8, 2006 |  |
| (l.5) | <u>[Subscription Agreement with CUNA Mutual Life Insurance Company dated November 30, 2006](http://www.sec.gov/Archives/edgar/data/1040612/000095013706013381/c10552apexv99wxlyx7y.txt)</u> | PEA No. 17 to this Form N-1A Registration Statement filed on December 8, 2006 |  |
| (l.6) | <u>[Subscription Agreement with CUMIS Insurance Society, Inc. dated November 7, 1997](http://www.sec.gov/Archives/edgar/data/1040612/0001040612-99-000005.txt)</u> | PEA No. 2 to this Form N-1A Registration Statement filed on February 10, 1999 *(Exhibit l.3)* |  |
| (l.7) | <u>[Subscription Agreement with CUMIS Insurance Society, Inc. dated February 17, 2007](http://www.sec.gov/Archives/edgar/data/1040612/000102542100000017/0001025421-00-000017.txt)</u> | PEA No. 5 to this Form N-1A Registration Statement filed on February 23, 2000 *(Exhibit l.4)* |  |
| (l.8) | <u>[Subscription Agreement with MEMBERS Capital Advisors, Inc. dated December 17, 2007](http://www.sec.gov/Archives/edgar/data/1040612/000095013707019016/c22552apexv99wxlyx4y.txt)</u> | PEA No. 23 to this Form N-1A Registration Statement filed on December 26, 2007 |  |
| (l.9) | <u>[Subscription Agreement with Frank Burgess dated October 30, 2009](http://www.sec.gov/Archives/edgar/data/1040612/000031040709000186/subscriptionexl.htm)</u> | PEA No. 28 to this Form N-1A Registration Statement filed on December 22, 2009 |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **<u>Exhibit</u>** | **<u>Incorporated by Reference to</u>** | **Filed <u>Herewith</u>** |
| (l.10) | <u>[Subscription Agreement with MAM effective April 19, 2013](http://www.sec.gov/Archives/edgar/data/1040612/000031040713000003/exhibitl10.htm)</u> | PEA No. 37 to this Form N-1A Registration Statement filed on January 2, 2013 |  |
| (l.11) | <u>[Subscription Agreement with MAM effective September 23, 2013](http://www.sec.gov/Archives/edgar/data/1040612/000031040713000191/exhibitl11.htm)</u> | PEA No. 43 to this Form N-1A Registration Statement filed on July 8, 2013 |  |
| (l.12) | <u>[Subscription Agreement with MAM effective May 27, 2020](http://www.sec.gov/Archives/edgar/data/1040612/000104061220000072/l12subscriptionagmtformadi.htm)</u> | PEA No. 76 to this Form N-1A Registration Statement filed on May 29, 2020 |  |
| (I.13) | <u>[Subscription Agreement with MAM effective August 6, 2020](http://www.sec.gov/Archives/edgar/data/1040612/000104061220000145/i13subscriptionagmtformadi.htm)</u> | PEA No. 79 to this Form N-1A Registration Statement filed on August 6, 2020 |  |
| (I.14) | <u>[Subscription Agreements with MAM effective February 22, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000010/i14subscriptionagmtsforcla.htm)</u> | PEA No. 81 to this Form N-1A Registration Statement filed on February 25, 2021 |  |
| (I.15) | <u>[Subscription Agreements with MAM effective December 14, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000069/subscriptionagmtfornewmadi.htm)</u> | PEA No. 83 to this Form N-1A Registration Statement filed on December 13, 2021 |  |
| (I.16) | <u>[Subscription Agreements with MAM effective February 24, 2022](https://www.sec.gov/Archives/edgar/data/1040612/000104061222000014/l15subscriptionagmtformadi.htm)</u> | PEA No. 84 to this Form N-1A Registration Statement filed on February 24, 2022 |  |
| (m.1) | <u>[Amended and Restated Distribution and Service Plan for Class A Shares dated June 1, 2020](http://www.sec.gov/Archives/edgar/data/1040612/000104061220000072/m1classaserviceplan6-1x2020.htm)</u> | PEA No. 76 to this Form N-1A Registration Statement filed on May 29, 2020 |  |
| (m.2) | <u>[Amended and Restated Distribution and Service Plan for Class C Shares dated February 10, 2017](http://www.sec.gov/Archives/edgar/data/1040612/000104061217000006/m3mmfclasscdistributionand.htm)</u> | PEA No. 54 to this Form N-1A Registration Statement filed on February 14, 2017 |  |
| (n) | <u>[Amended and Restated Plan for Multiple Classes of Shares (Pursuant to Rule 18f-3) dated February 9, 2023](namendedandrestatedmfrule1.htm)</u> |  | X |
| (o) | Reserved |  |  |
| (p.1) | <u>[Madison Investment Holdings, Inc., Madison Investment Advisors, LLC, Madison Asset Management, LLC, MFD Distributor, LLC and Madison Funds Code of Ethics effective January 1, 2021](https://www.sec.gov/Archives/edgar/data/1040612/000104061221000010/p1codeofethics-202111.htm)</u> | PEA No. 81 to this Form N-1A Registration Statement filed on February 25, 2021 |  |
| (q) | <u>[Powers of Attorney for each Trustee of Madison Funds](qpowerofattorney-madisonfu.htm)</u> |  | X |

---

____________________

X&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

## Ex-99.A1

**MADISON FUNDS®**

**a Delaware Business Trust**

**(formerly known as MEMBERS® Mutual Funds)**

**Amended and Restated**

**DECLARATION OF TRUST**

**Dated As of February 9, 2023**

------

**Amended and Restated**

**Declaration of Trust**

**of**

**Madison Funds**

&nbsp;&nbsp;&nbsp;&nbsp;This DECLARATION OF TRUST is amended and restated as of this 9th day of February, 2023, by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trustees desire to establish a trust for the purpose of carrying on the business of an open-end management investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in furtherance of such purpose, the Trustees and any successor Trustees elected in accordance with Article 5 hereof are acquiring and may hereafter acquire assets which they will hold and manage as trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Trust is authorized to issue its shares of beneficial interest in one or more separate series and classes of series, all in accordance with the provisions set forth in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the Trustees hereby declare that they and any successor Trustees elected in accordance with Article 5 hereof will hold in trust all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees hereunder, and that they will manage and dispose of the same upon the following terms and conditions for the benefit of the holders of shares of beneficial interest in this Trust as hereinafter set forth.

**ARTICLE 1**

**Name and Definitions**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1. Name.** This Trust shall be known as the "Madison Funds" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2. Definitions.** Whenever used herein, unless otherwise required by the context or specifically provided below:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The "1940 Act" refers to the Investment Company Act of 1940 (and any successor statute) and the rules and regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The "Code" refers to the Internal Revenue Code of 1986 (and any successor statute) and the rules and regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"Commission" shall mean the United States Securities and Exchange Commission (or any successor agency thereto);

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The "DSTA" refers to the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code (and any successor statute), as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"Declaration of Trust" or "Declaration" shall mean this Declaration of Trust as amended or restated from time to time;

------

&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;"Person," "Interested Person," and "Principal Underwriter" shall have the meanings given them in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The "Trust" shall mean the Delaware statutory trust established by this Declaration of Trust, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"Trustee" and "Trustees" shall mean the signatories to this amended and restated Declaration of Trust so long as such signatories shall continue in office in accordance with the terms hereof, and all other individuals who at the time in question have been duly elected or appointed and qualified in accordance with Article 5 hereof and are then in office;

&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;"Series" shall mean any of the separate series of Shares established and designated under or in accordance with the provisions of Article 4 and to which the Trustees have allocated assets and liabilities of the Trust in accordance with Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"Shareholder" shall mean a beneficial owner of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) &nbsp;&nbsp;&nbsp;&nbsp;"Shares" shall mean the shares of beneficial interest in the Trust described in Article 4 hereof and shall include fractional and whole Shares.

**ARTICLE 2**

**Nature and Purpose of Trust**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1. Nature of Trust.** The Trust is a statutory trust of the type referred to in the DSTA. The Trustees shall file a certificate of trust in accordance with Section 3810 of the DSTA. The Trust is not intended to be, shall not be deemed to be, and shall not be treated as, a general or a limited partnership, joint venture, corporation or joint stock company, nor shall the Trustees or Shareholders or any of them for any purpose be deemed to be, or be treated in any way whatsoever as though they were, liable or responsible hereunder as partners or joint venturers.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2. Purpose of Trust.** The purpose of the Trust is to engage in, operate and carry on the business of an open-end management investment company and to do any and all acts or things as are necessary, convenient, appropriate, incidental or customary in connection therewith.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3. Interpretation of Declaration of Trust.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3.1. Governing Instrument.** This Declaration of Trust shall be the governing instrument of the Trust and shall be governed by and construed according to the laws of the State of Delaware.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3.2. No Waiver of Compliance with Applicable Law.** No provision of this Declaration shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3.3. Power of the Trustees Generally.** Except as otherwise set forth herein, the Trustees may exercise all powers of trustees under the DSTA on behalf of the Trust.

------

**ARTICLE 3**

**Registered Agent; Offices**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1. Registered Agent.** The name of the registered agent of the Trust is Corporation Service Company and the registered agent's business address in Delaware is 1013 Centre Road, Wilmington, Delaware 19805.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2. Offices.** The Trust shall maintain an office within the State of Delaware which shall be identical to the business office of the Registered Agent of the Trust as set forth in Section 3.1. The Trustees may, at any time, establish branch or subordinate offices at any place or places where the Trust intends to do business.

**ARTICLE 4**

**Shares of Beneficial Interest**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1. Shares of Beneficial Interest.** The beneficial interests in the Trust shall be divided into Shares, all without par value. The Trustees shall have the authority from time to time to divide the Shares into two (2) or more separate and distinct series of Shares ("Series") and to divide each such Series of Shares into two (2) or more classes of Shares ("Classes"), all as provided in Section 4.9 of this Article 4.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2. Number of Authorized Shares.** The Trustees are authorized to issue an unlimited number of Shares. The Trustees may issue Shares for such consideration and on such terms as they may determine (or for no consideration if pursuant to a Share dividend or split), all without action or approval of the Shareholders.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3. Ownership and Certification of Shares.** The Secretary of the Trust, or the Trust's transfer or similar agent, shall record the ownership and transfer of Shares of each Series

and Class separately on the record books of the Trust. The record books of the Trust, as kept by the Secretary of the Trust or any transfer or similar agent, shall contain the name and address of and the number of Shares held by each Shareholder, and such record books shall be conclusive as to who are the holders of Shares and as to the number of Shares held from time to time by such Shareholders. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of share certificates, transfer of Shares, and similar matters for the Trust or any Series or Class.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4. Status of Shares.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.1. Fully Paid and Non-assessable.** All Shares when issued on the terms determined by the Trustees shall be fully paid and non-assessable.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.2. Personal Property.** Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.3. Party to Declaration of Trust.** Every Person by virtue of having become registered as a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and to have become a party thereto.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.4. Death of Shareholder.** The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of

------

any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees. The representative shall be entitled to the same rights as the decedent under this Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.5. Title to Trust; Right to Accounting.** Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5. Determination of Shareholders.** The Trustees may from time to time close the transfer books or establish record dates and times for the purposes of determining the Shareholders entitled to be treated as such, to the extent provided or referred to in Section 9.3.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6. Shares Held by Trust.** The Trustees may hold as treasury shares, reissue for such consideration and on such terms as they may determine, or cancel, at their discretion from time to time, any Shares of any Series or Class reacquired by the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7. Shares Held by Persons Related to Trust.** Any Trustee, officer or other agent of the Trust, and any organization in which any such person is interested may acquire, own, hold and dispose of Shares to the same extent as if such person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may purchase Shares from any such person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of such Shares generally.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8. Preemptive and Appraisal Rights.** Shareholders shall not, as Shareholders, have any right to acquire, purchase or subscribe for any Shares or other securities of the Trust which it may hereafter issue or sell, other than such right, if any, as the Trustees in their discretion may determine. Shareholders shall have no appraisal rights with respect to their Shares and, except as otherwise determined by resolution of the Trustees in their sole discretion, shall have no exchange or conversion rights with respect to their Shares. No action may be brought by a Shareholder on behalf of the Trust unless Shareholders owning no less than a majority of the then outstanding Shares, or Series or Class thereof, join in the bringing of such action. A Shareholder shall not be entitled to participate in a derivative or class action lawsuit on behalf of any other Series or any other Class or on behalf of the Shareholders in any other Series or any other Class of the Trust than the Series or Class of Shares owned by such Shareholder.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9. Series and Classes of Shares.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.91. Generally.** In addition to the Series and Classes established and designated in Section 4.9.2, the Shares of the Trust shall be divided into one or more separate and distinct Series or Classes of a Series as the Trustees shall from time to time establish and designate.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.2. Establishment and Designation.** The Trustees shall have exclusive power without the requirement of Shareholder approval to establish and designate separate and distinct Series of Shares and with respect to any Series of Shares, to establish and designate separate and distinct Classes of Shares. The establishment and designation of any Series (in addition to those established and designated in this Section below) or Class shall be effective upon the execution by a majority of the Trustees of an instrument setting forth such establishment and designation and the relative rights and preferences of the Shares of such Series

------

or Class, or as otherwise provided in such instrument. Each such instrument shall have the status of an amendment to this Declaration of Trust. Without limiting the authority of the Trustees to establish and designate any further Series or Classes, the Trustees hereby establish and designate the following Series and Classes of Shares:

---

| | |
|:---|:---|
| <u>Series Name</u> | <u>Authorized Class</u> |
| Conservative Allocation Fund | Class A, Class C, |
| Moderate Allocation Fund | Class A, Class C |
| Aggressive Allocation Fund | Class A, Class C |
| Tax-Free Virginia Fund | Class Y |
| Tax-Free National Fund | Class Y |
| Core Bond Fund | Class A, Class Y, Class R6, Class I |
| High Quality Bond Fund | Class Y, Class I |
| Diversified Income Fund | Class A, Class C |
| Dividend Income Fund | Class A, Class Y, Class R6, Class I |
| Covered Call & Equity Income Fund | Class A, Class C, Class Y, Class R6, Class I |
| Investors Fund | Class A, Class Y, Class R6, Class I |
| Sustainable Equity Fund | Class Y, Class I |
| Mid Cap Fund | Class A, Class Y, Class R6, Class I |
| Small Cap Fund | Class A, Class Y, Class R6, Class I |
| International Stock Fund | Class A, Class Y |

---

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.3. Conversion Rights.** Subject to compliance with the requirements of the 1940 Act, the Trustees shall have the authority to provide that holders of Shares of any Series or Class within a Series shall have the right to convert such Shares into Shares of one or more other Series or Classes in accordance with such requirements and procedures as may be established by the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.4. Separate and Distinct Nature.** Each Series and Class, including without limitation Series and Classes specifically established in Section 4.9.2, shall be separate and distinct from any other Series and Class and shall maintain separate and distinct records on the books of the Trust, and the assets belonging to any such Series and Class shall be held and accounted for separately from the assets of the Trust or any other Series and Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 4.9.5. Rights and Preferences of Series.** The Trustees shall have exclusive power without the requirement of Shareholder approval to fix and determine the relative rights and preferences as between the Shares of the separate Series. The initial Series and any further Series that may from time to time be established and designated by the Trustees shall (unless the Trustees otherwise determine with respect to some further Series at the time of establishing and designating the same) have relative rights and preferences as set forth in this Section 4.9.5, subject to the relative rights and preferences of Classes within each such Series as set forth in Section 4.9.6.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.1. Assets and Liabilities "Belonging" to a Series.** All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits,

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and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall be held and accounted for separately from the other assets of the Trust and of every other Series and may be referred to herein as "assets belonging to" that Series. The assets belonging to a particular Series shall belong to that Series for all purposes, and to no other Series, subject only to the rights of creditors of that Series. Such consideration, assets, income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments which are not readily identifiable as belonging to any particular Series (collectively "General Items"), the Trustees shall allocate to and among any one or more of the Series in such manner and on such basis as they, in their sole discretion, deem fair and equitable. Any General Items so allocated to a particular Series shall belong to that Series. Each such allocation by the Trustees shall be conclusive and binding upon all Shareholders for all purposes. The assets belonging to each particular Series shall be charged with the liabilities in respect of that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Series shall be allocated and charged by the Trustees to and among any one or more of the Series established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon all Shareholders for all purposes.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.2. Treatment of Particular Items.** The Trustees shall have full discretion, to the extent consistent with the 1940 Act and consistent with generally accepted accounting principles, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.3. Limitation on Interseries Liabilities.** Subject to the right of the Trustees in their discretion to allocate general liabilities, expenses, costs, charges or reserves as provided in Section 4.9.5.1, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of any other Series. Notice of this limitation on liabilities between and among Series shall be set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the DSTA relating to limitations on liabilities between and among series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.4. Dividends.** Dividends and capital gains distributions on Shares of a particular Series may be paid with such frequency, in such form, and in such amount as the Trustees may determine by resolution adopted from time to time, or pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine. All dividends and distributions on Shares of a particular Series shall be distributed *pro rata* to the holders of Shares of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. Such dividends and distributions may be paid in cash, property or additional Shares of that Series, or a combination thereof, as determined by the Trustees or

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pursuant to any program that the Trustees may have in effect at the time for the election by each Shareholder of the form in which dividends or distributions are to be paid to that Shareholder. Any such dividend or distribution paid in Shares shall be paid at the net asset value thereof as determined in accordance with Section 4.9.5.8.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.5. Redemption by Shareholder.** Each Shareholder shall have the right at such times as may be permitted by the Trust and as otherwise required by the 1940 Act to require the Trust to redeem all or any part of such Shareholder's Shares of a Series at a redemption price per Share equal to the net asset value per Share of such Series next determined in accordance with Section 4.9.5.8 after the Shares are properly tendered for redemption, less such redemption fee, if any, as may be established by the Trustees in its sole discretion. Payment of the redemption price shall be in cash; *provided, however,* that the Trust may, subject to the requirements of the 1940 Act, make payment wholly or partly in securities or other assets belonging to the Series of which the Shares being redeemed are part at the value of such securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series to require the Trust to redeem Shares of that Series during any period or at any time when and to the extent permissible under any applicable provision of the 1940 Act.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.6. Redemption by Trust.** The Trustees may cause the Trust to redeem at net asset value the Shares of any Series held by a Shareholder upon such conditions as may from time to time be determined by the Trustees. Upon redemption of Shares pursuant to this Section 4.9.5.6, the Trust shall promptly cause payment of the full redemption price to be made to such Shareholder for Shares so redeemed.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.7. Prevention of Personal Holding Company Status.** The Trust may reject any purchase order, refuse to transfer any Shares, and compel the redemption of Shares if, in its opinion, any such rejection, refusal, or redemption would prevent the Trust from becoming a personal holding company as defined by the Code.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.8. Net Asset Value.** The net asset value per Share of any Series shall be determined in accordance with the methods and procedures established by the Trustees from time to time and, to the extent required by applicable law, as disclosed in the then current prospectus or statement of additional information for the Series.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.9. Maintenance of Stable Net Asset Value.** The Trustees may determine to maintain the net asset value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series. Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the capital of the Trust attributable to that Series his or her *pro rata* portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss. The Trustees may delegate any of their powers and duties under this Section 4.9.5.9 with respect to appraisal of assets and liabilities in the determination of net asset

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value or with respect to a suspension of the determination of net asset value to an officer or officers or agent or agents of the Trust designated from time to time by the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.10. Transfer of Shares.** Except to the extent that transferability is limited by applicable law or such procedures as may be developed from time to time by the Trustees or the appropriate officers of the Trust, Shares shall be transferable on the records of the Trust only by the record holder thereof or by his agent thereunto duly authorized in writing, upon delivery to the Trustees or the Trust's transfer agent of a duly executed instrument of transfer, together with a Share certificate, if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Trustees. Upon such delivery the transfer shall be recorded on the register of the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.11. Equality of Shares.** All Shares of each particular Series shall represent an equal proportionate interest in the assets belonging to that Series (subject to the liabilities belonging to that Series), and each Share of any particular Series shall be equal in this respect to each other Share of that Series. This Section 4.9.5.11 shall not restrict any distinctions otherwise permissible under this Declaration of Trust with respect to any Classes within a Series.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.5.12. Fractional Shares.** Any fractional Share of any Series, if any such fractional Share is outstanding, shall carry proportionately all the rights and obligations of a whole Share of that Series, including rights and obligations with respect to voting, receipt of dividends and distributions, redemption of Shares, and liquidation of the Trust or any Series.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.6. Rights and Preferences of Classes.** The Trustees shall have exclusive power without the requirement of Shareholder approval to fix and determine the relative rights and preferences as between the separate Classes within any Series. The current Classes and any further Classes that may from time to time be established and designated by the Trustees shall (unless the Trustees otherwise determine with respect to some further Class at the time of establishing and designating the same) have relative rights and preferences as set forth in this Section 4.9.6. If a Series is divided into multiple Classes, the Classes may be invested with one or more other Classes in the common investment portfolio comprising the Series. Notwithstanding the provisions of Section 4.9.5, if two or more Classes are invested in a common investment portfolio, the shares of each such Class shall be subject to the following preferences, conversion and other rights, voting powers, restrictions, conditions of redemption, and, if there are other Classes invested in a different investment portfolio comprising a different Series, shall also be subject to the provisions of Section 4.9.5 at the Series level as if the Classes invested in the common investment portfolio were one Class:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The income and expenses of the Series shall be allocated among the Classes comprising the Series in such manner as may be determined by the Trustees in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;As more fully set forth in this Section 4.9.6, the liabilities and expenses of the Classes comprising the Series shall be determined separately from those of each other and, accordingly, the net asset values, the dividends and distributions payable to Shareholders, and the amounts distributable in the event of liquidation of the Trust or termination of a Series to Shareholders may vary within the Classes comprising the Series. Except for these differences

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and certain other differences set forth in this Section 4.9.6 or elsewhere in this Declaration of Trust, the Classes comprising a Series shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The dividends and distributions of investment income and capital gains with respect to the Classes comprising a Series shall be in such amounts as may be declared from time to time by the Trustees, and such dividends and distributions may vary among the Classes comprising the Series to reflect differing allocations of the expenses and liabilities of the Trust among the Classes and any resultant differences between the net asset values per Share of the Classes, to such extent and for such purposes as the Trustees may deem appropriate. The allocation of investment income, capital gains, expenses, and liabilities of the Trust among the Classes comprising a Series shall be determined by the Trustees in a manner that is consistent with applicable law.

**ARTICLE 5**

**Trustees**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1. Management of the Trust.** The business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility, including those specifically set forth in Sections 5.10 and 5.11 herein.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2. Qualification.** Each Trustee shall be a natural person. A Trustee need not be a Shareholder, a citizen of the United States, or a resident of the State of Delaware.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3. Number.** The number of Trustees shall be fixed from time to time by resolution of a majority of the Trustees then in office, provided, however, that the number of Trustees shall in no event be less than three or more than fifteen. No decrease in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term, but the number of Trustees may be decreased in conjunction with the removal of a Trustee pursuant to Section 5.7.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4. Term and Election.** Each Trustee shall hold office until the next meeting of Shareholders called for the purpose of considering the election or re-election of such Trustee or of a successor to such Trustee, and until his or her successor is elected and qualified, and any Trustee who is appointed by the Trustees in the interim to fill a vacancy as provided hereunder shall have the same remaining term as that of his or her predecessor, if any, or such term as the Trustees may determine. The Trustees may, in their discretion, approve a policy requiring mandatory retirement of Trustees, whether based on age, term limits or other factors. If any such policy is adopted by the Trustees, it shall be set forth in the Trust's Nominating and Governance Committee charter and require unanimous approval of the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5. Composition of the Board of Trustees.** No election or appointment of any Trustee shall take effect if such election or appointment would cause the number of Trustees who are Interested Persons to exceed the number permitted by Section 10 of the 1940 Act.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6. Resignation and Retirement.** Any Trustee may resign or retire as a Trustee (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Chairperson, if any, the President, or the Secretary of the Trust. Such resignation or retirement shall be effective upon such delivery, or at a later date

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according to the terms of the instrument.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7. Removal.** Any Trustee may be removed with or without cause at any time: (1) by written instrument signed by two-thirds (2/3) of the number of Trustees in office prior to such removal, specifying the date upon which such removal shall become effective, or (2) by the affirmative vote of Shareholders holding not less than two-thirds (2/3) of Shares outstanding, cast in person or by proxy at any meeting called for that purpose.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8. Vacancies.** Any vacancy or anticipated vacancy resulting for any reason, including without limitation the death, resignation, retirement, removal, or incapacity of any of the Trustees, or resulting from an increase in the number of Trustees may (but need not unless required by the 1940 Act) be filled by a majority of the Trustees then in office, subject to the provisions of Section 16 of the 1940 Act, through the appointment in writing of such other person as such remaining Trustees in their discretion shall determine. The appointment shall be effective upon the acceptance of the person named therein to serve as a trustee and agreement by such person to be bound by the provisions of this Declaration of Trust, except that any such appointment in anticipation of a vacancy occurring by reason of the resignation, retirement, or increase in number of Trustees to be effective at a later date shall become effective only at or after the effective date of such resignation, retirement, or increase in number of Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9. Ownership of Assets of the Trust.** The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to all the Trust property shall be vested in the Trust as a separate legal entity under the DSTA, except that the Trustees shall have the power to cause legal title to any Trust property to be held by or in the name of one or more of the Trustees or in the name of any other Person on behalf of the Trust on such terms as the Trustees may determine. In the event that title to any part of the Trust property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust property shall vest automatically in each person who may hereafter become a Trustee upon his or her due election and qualification. Upon the resignation, removal or death of a Trustee he or she shall automatically cease to have any right, title or interest in any of the Trust property, and the right, title and interest of such Trustee in the Trust property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10. Powers.** Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility and the purpose of the Trust including, but not limited to, those enumerated in this Section 5.10.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.1. Bylaws.** The Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business and affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders. Nothing in this Declaration shall be construed to require the adoption of Bylaws by the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.2. Officers, Agents, and Employees.** The Trustees may, as they consider appropriate, elect and remove officers and appoint and terminate agents and consultants

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and hire and terminate employees, any one or more of the foregoing of whom may be a Trustee, and may provide for the compensation of all of the foregoing.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.3. Committees.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.3.1. Generally.** The Trustees, by vote of a majority of the Trustees then in office, may elect from their number an Audit Committee, Executive Committee, Nominating Committee, or any other committee, and may delegate thereto some or all of their powers except those which by law, by this Declaration of Trust, or by the Bylaws (if any) may not be delegated. Except as the Trustees may otherwise determine, any such committee may make rules for the conduct of its business, but unless otherwise provided by the Trustees or in such rules, its business shall be conducted so far as possible in the same manner as is provided by this Declaration of Trust or the Bylaws (if any) of the Trust for the Trustees themselves. All members of such committees shall hold such offices at the pleasure of the Trustees. The Trustees may abolish any committee at any time. Any committee to which the Trustees delegate any of their powers or duties shall keep records of its meetings and shall report its actions to the Trustees. The Trustees shall have power to rescind any action of any committee, but no such rescission shall have retroactive effect.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.3.2. Executive Committee.** The Executive Committee, if there shall be one, shall have all of the powers and authority of the Trustees that may lawfully be exercised by an executive committee, except the power to: (i) declare dividends or distributions on Shares; (ii) issue Shares; (iii) recommend to the Shareholders any action which requires the Shareholders' approval; or (iv) approve any merger, reorganization, or share exchange which does not require Shareholder approval. Notwithstanding the foregoing, the Trustees may limit the powers and authority of the Executive Committee at any time.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.4. Advisers, Administrators, Depositories, and Custodians.** The Trustees may, in accordance with Article 8, employ one or more advisers, administrators, depositories, custodians, and other persons and may authorize any depository or custodian to employ subcustodians or agents and to deposit all or any part of such assets in a system or systems for the central handling of securities and debt instruments, retain transfer, dividend, accounting or Shareholder servicing agents or any of the foregoing, provide for the distribution of Shares by the Trust through one or more distributors, principal underwriters or otherwise, and set record dates or times for the determination of Shareholders.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.5. Compensation.** The Trustees may compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants and employees of the Trust or the Trustees on such terms as they deem appropriate.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.6. Delegation of Authority.** In general, the Trustees may delegate to any officer of the Trust, to any committee of the Trustees and to any employee, adviser, administrator, distributor, depository, custodian, transfer and dividend disbursing agent, or any other agent or consultant of the Trust such authority, powers, functions and duties as they consider desirable or appropriate for the conduct of the business and affairs of the Trust, including without implied limitation, the power and authority to act in the name of the Trust and of the Trustees, to sign documents and to act as attorney-in-fact for the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10.7. Suspension of Sales.** The Trustees shall have the authority to suspend or terminate the sales of Shares of any Series or Class at any time or for such periods as

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the Trustees may from time to time decide.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11. Certain Additional Powers.** Without limiting the foregoing and to the extent not inconsistent with the 1940 Act, other applicable law, and the fundamental policies and limitations of the applicable Series or Class, the Trustees shall have power and authority for and on behalf of the Trust and each separate Series or Class as enumerated in this Section 5.11.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.1. Investments.** The Trustees shall have the power to invest and reinvest cash and other property, and to hold cash or other property uninvested without in any event being bound or limited by any present or future law or custom in regard to investments by trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.2. Disposition of Assets.** The Trustees shall have the power to sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.3. Ownership.** The Trustees shall have the power to vote, give assent, or exercise any rights of ownership with respect to securities or other property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or other property as the Trustees shall deem proper.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.4. Subscription.** The Trustees shall have the power to exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.5. Payment of Expenses.** The Trustees shall have the power to pay or cause to be paid all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or any Series or Class thereof, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the Trust's officers, employees, investment advisers, administrator, distributor, principal underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.6. Form of Holding.** The Trustees shall have the power to hold any securities or other property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or of any Series or in the name of a custodian, subcustodian or other depository or a nominee or nominees or otherwise.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.7. Reorganization, Consolidation, or Merger.** The Trustees shall have the power to consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security of which is or was held in the Trust, and to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect to any security held in the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.8. Compromise.** The Trustees shall have the power to arbitrate or otherwise adjust claims in favor of or against the Trust, any Series, or Class on any matter in controversy, including but not limited to claims for taxes.

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.9. Partnerships.** The Trustees shall have the power to enter into joint ventures, general or limited partnerships and any other combinations or associations.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.10. Borrowing.** The Trustees shall have the power to borrow funds and to mortgage and pledge the assets of the Trust or any Series or any part thereof to secure obligations arising in connection with such borrowing, consistent with the provisions of the 1940 Act.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.11. Guarantees.** The Trustees shall have the power to endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property (or Series property) or any part thereof to secure any of or all such obligations.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.12. Insurance.** The Trustees shall have the power to purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, consultants, investment advisers, managers, administrators, distributors, principal underwriters, or independent contractors, or any thereof (or any person connected therewith), of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person in any such capacity, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11.13. Pensions.** The Trustees shall have the power to pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12. Meetings and Vote of Trustees.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.1. Regular Meetings.** The Trustees from time to time may provide for the holding of regular meetings of the Trustees and fix their time and place.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.2. Special Meetings.** Special meetings of the Trustees may be called by the President or the Chairperson of the Trust on twenty-four (24) hours notice to each Trustee, either personally, by mail, by telegram, by facsimile transmission or by any electronic communication method (e.g., email). Special meetings shall be called by the President, Secretary or Chairperson in like manner and on like notice on the written request of a majority of the Trustees then in office or a majority of the members of any executive (or comparable) committee of the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.3. Telephonic Meetings.** Trustees may participate in a meeting of the Trustees by means of a conference telephone or similar communications equipment by means

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of which all persons participating in the meeting can hear each other at the same time. Except to the extent that the 1940 Act has been interpreted otherwise, participation by such means shall constitute presence in person at the meeting.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.4. Quorum.** A majority of the Trustees then in office being present in person or by proxy shall constitute a quorum.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.5. Required Vote.** Except as otherwise provided by the 1940 Act or other applicable law, this Declaration of Trust, or the Bylaws (if any), any action to be taken by the Trustees on behalf of the Trust or any Series or Class may be taken by a majority of the Trustees present at a meeting of Trustees at which a quorum is present.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12.6. Consent in Lieu of a Meeting.** Except as otherwise provided by the 1940 Act or other applicable law, the Trustees may, by unanimous written consent of the Trustees then in office, take any action which may have been taken at a meeting of the Trustees or any committee thereof.

**ARTICLE 6**

**Officers**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1. Enumeration.** The officers of the Trust shall be a President, one or more Vice Presidents, a Treasurer, and a Secretary. The Trustees may also appoint such other officers, including a Chairperson of the Board, Assistant Treasurers, and/or Assistant Secretaries. The Trust may also have such agents as the Trustees from time to time may in their discretion appoint. Any two or more offices may be held by the same person except that the same person may not be both President and Vice President, and that a person who holds more than one office may not act in more than one capacity to execute, acknowledge, or verify an instrument required by law to be executed, acknowledged, or verified by more than one officer.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2. Qualification.** The Chairperson of the Board, if there shall be one, shall be a Trustee and may, but need not be, a shareholder. Any other officer may, but need not be, a Trustee or shareholder.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3. Election.** The President, Treasurer, and Secretary shall be elected by the Trustees at the first meeting of the Trustees. Other officers, if any, may be elected or appointed by the Trustees at any meeting of the Trustees or at any other time.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4. Term of Office.** The Chairperson of the Board, the President, the Treasurer, and the Secretary shall hold office until their respective successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed, or becomes disqualified. Each other officer shall hold office and each agent shall retain authority at the pleasure of the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5. Powers.** Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers set forth herein and in the Declaration of Trust, such duties and powers as are commonly incident to the office occupied by such officer as if the Trust were organized as a Delaware business corporation and such other duties and powers as the Trustees may from time to time designate.

**&nbsp;&nbsp;&nbsp;&nbsp;**

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**Section 6.6. Titles and Duties.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.1. Chairperson of the Board; President.** Unless the Trustees otherwise provide, the Chairperson of the Board, or, if there is no Chairperson or in the absence of the Chairperson, the President, shall preside at all meetings of the shareholders and of the Trustees. Unless the Trustees otherwise provide, the President shall be the Chief Executive Officer of the Trust. The Chairperson of the Board and the President shall each also perform such other duties and have such other powers as the Board of Trustees may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.2. Vice President.** In the absence of the President or in the event of his or her inability or refusal to act, the Vice President, or if there is more than one Vice President, the Vice Presidents in their order of election or in such other order as determined by the Trustees, shall perform the duties of the President, and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents shall also perform such other duties and have such other powers as the Board of Trustees or the President may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.3. Treasurer.** The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser or manager, or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust. The Treasurer shall also perform such other duties and have such other powers as the Board of Trustees or the President may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.4. Assistant Treasurer.** In the absence of the Treasurer or in the event of his or her inability or refusal to act, the Assistant Treasurer, or if there is more than one, the Assistant Treasurers in their order of election or in such other order as determined by the Trustees, shall perform the duties of the Treasurer, and when so acting shall have all the powers of and be subject to all the restrictions upon the Treasurer. The Assistant Treasurers shall also perform such other duties and have such other powers as the Board of Trustees or the President may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.5. Secretary.** The Secretary shall record all proceedings of the shareholders and the Trustees in books to be kept for such purposes, which books or a copy thereof shall be kept at the principal office of the Trust or at such other place as designated by the Trustees. The Secretary shall also perform such other duties and have such other powers as the Board of Trustees or the President may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.6. Assistant Secretary.** In the absence of the Secretary or in the event of his or her inability or refusal to act, the Assistant Secretary, or if there is more than one, the Assistant Secretaries in their order of election or in such other order as determined by the Trustees, shall perform the duties of the Secretary, and when so acting shall have all the powers of and be subject to all the restrictions upon the Secretary. The Assistant Secretaries shall also perform such other duties and have such other powers as the Board of Trustees or the President may from time to time prescribe.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.7. Temporary Secretary.** In the absence of the Secretary and all Assistant Secretaries from any meeting of the shareholders or Trustees, the Trustees may appoint

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a temporary secretary at such meeting, who shall perform the duties of the Secretary for the purposes of such meeting.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7. Resignation, Retirement, and Removal.** Any officer may resign at any time by written instrument signed by him or her delivered to the Chairperson of the Board, President, or Secretary or delivered to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees may remove any officer elected by them with or without cause by the vote or written consent of a majority of the Trustees then in office. To the extent that any officer or Trustee of the Trust receives compensation from the Trust and except as may otherwise be expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8. Vacancies.** Any vacancy or anticipated vacancy resulting for any reason, including without limitation the death, resignation, retirement, removal, or incapacity of the Chairperson of the Board, the President, the Treasurer, or the Secretary may be filled by a majority of the Trustees then in office through the appointment in writing of such other person as such remaining Trustees in their discretion shall determine. The appointment shall be effective upon the written acceptance of the person named therein to serve as in the capacity named therein. Other vacancies may be filled, if at all, by the Trustees at a meeting of the Trustees or at any other time.

**ARTICLE 7**

**Transactions with Officers and Trustees**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1. Purchase and Redemption of Shares of the Trust.** Any Trustee, officer or other agent of the Trust may acquire, own and dispose of Shares to the same extent as if he were not a Trustee, officer or agent, and the Trustees may accept subscriptions to purchase Shares or orders to redeem Shares from any firm or company in which any Trustee, officer or other agent of the Trust may have an interest.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2. Purchase and Sale of Other Securities.** The Trust shall not purchase any securities (other than Shares) from, or sell any securities (other than Shares) to, any Trustee or officer of the Trust, or any director, trustee, officer, or partner of any firm which acts as investment adviser or principal underwriter for the Trust acting as principal, except to the extent permitted by the 1940 Act or the rules or regulations thereunder or by appropriate order or written advice of the Commission.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3. Concentration in Any One Issuer.** The Trust shall not purchase or retain securities of a company if all of the Trustees and officers of the Trust and the directors, trustees, officers, or partners of its investment adviser who individually own beneficially more than ½% of the securities of the company collectively own more than 5% of such securities.

**ARTICLE 8**

**Service Providers**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1. Investment Adviser.** The Trust may enter into written contracts with one or more persons to act as investment adviser or investment subadviser to each of the Series, and as such, to perform such functions as the Trustees may deem reasonable and proper, including,

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without limitation, investment advisory, management, research, valuation of assets, clerical and administrative functions, under such terms and conditions, and for such compensation, as the Trustees may in their discretion deem advisable.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2. Underwriter and Transfer Agent.** The Trust may enter into written contracts with one or more persons to act as principal underwriter or underwriter or distributor whereby the Trust may either agree to sell Shares to the other party or parties to the contract or appoint such other party or parties its sales agent or agents for such Shares and with such other provisions as the Trustees may deem reasonable and proper, and the Trustees may in their discretion from time to time enter into transfer agency, dividend disbursement, and/or shareholder service contract(s), in each case with such terms and conditions, and providing for such compensation, as the Trustees may in their discretion deem advisable.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3. Custodians.** The Trust may enter into written contracts with one or more persons to act as custodian to perform such functions as the Trustees may deem reasonable and proper, under such terms and conditions, and for such compensation, as the Trustees may in their discretion deem advisable. Each such custodian shall be a bank or trust company having an aggregate capital, surplus, and undivided profits of at least one million dollars ($1,000,000).

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4. Administrator.** The Trust may enter into written contracts with one or more persons to act as an administrator to perform such functions, including accounting functions, as the Trustees may deem reasonable and proper, under such terms and conditions, and for such compensation, as the Trustees may in their discretion deem advisable.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5. Other Contracts.** The Trust may enter into such other written contracts as the Trustees deem necessary and desirable, including contracts with one or more persons for the coordination or supervision of persons providing services to the Trust under one or more of the contracts described in Sections 8.1, 8.2, 8.3, and 8.4.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6. Parties to Contracts.** Any contract of the character described in Sections 8.1, 8.2, 8.3, and 8.4 or in Article 10 hereof may be entered into with any corporation, firm, partnership, trust or association, including, without limitation, the investment adviser, any investment subadviser, or any affiliated person of the investment adviser or investment subadviser, although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, or may otherwise be interested in such contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or be accountable for any profit realized directly or indirectly therefrom; *provided, however,* that the contract when entered into was not inconsistent with the provisions of this Article 8, Article 10, or the Bylaws (if any). The same person (including a firm, corporation, partnership, trust or association) may provide more than one of the services identified in this Article 8.

**ARTICLE 9**

**Shareholders' Voting Powers and Meetings**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1. Voting Powers.** The Shareholders shall have power to vote only with respect to matters expressly enumerated in Section 9.1.1 or with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust, the

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Bylaws (if any), any registration of the Trust with the Commission or any state, or as the Trustees may otherwise deem necessary or desirable.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.1. Matters Requiring Shareholders Action.** Action by the Shareholders shall be required as to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The election or removal of Trustees as provided in Sections 5.4 and 5.7;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The approval of a contract with a third party provider of services as to which Shareholder approval is required by the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination or reorganization of the Trust to the extent and as provided in Sections 11.1 and 11.2;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The amendment of this Declaration of Trust to the extent and as provided in Section 10.5; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) Any court action, proceeding or claim brought or maintained derivatively or as a class action on behalf of the Trust, any Series or Class thereof or the Shareholders of the Trust; *provided, however,* that a shareholder of a particular Series or Class shall not be entitled to vote upon a derivative or class action on behalf of any other Series or Class or shareholder of any other Series or Class.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.2. Separate Voting by Series and Class.** On any matter submitted to a vote of the Shareholders, all Shares shall be voted separately by individual Series, except: (i) when required by the 1940 Act, Shares shall be voted in the aggregate and not by individual Series; and (ii) when the Trustees have determined that the matter affects the interests of more than one Series, then the Shareholders of all such Series shall be entitled to vote thereon. The Trustees may also determine that a matter affects only the interests of one or more Classes within a Series, in which case any such matter shall only be voted on by such Class or Classes.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.3. Number of Votes.** On any matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to one vote for each dollar of net asset value standing in such Shareholder's name on the books of each Series and Class in which such Shareholder owns Shares which are entitled to vote on the matter.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.4. Cumulative Voting.** There shall be no cumulative voting in the election of Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.5. Voting of Shares; Proxies.** Votes may be cast in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving the invalidity of a proxy shall rest on the challenger. No proxy shall be valid more than eleven months after its date, unless it provides for a longer period.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.6. Actions Prior to the Issuance of Shares.** Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the Bylaws (if any) to be taken by Shareholders.

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**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2. Meetings of Shareholders.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2.1. Annual or Regular Meetings.** No annual or regular meetings of Shareholders are required to be held.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2.2. Special Meetings.** Special meetings of Shareholders may be called by the President of the Trust or the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matter upon which Shareholder approval is deemed by the Trustees to be necessary or desirable. A special meeting shall be called by the Secretary of the Trust upon (i) the request of a majority of the Trustees then in office, or (ii) the written request of Shareholders entitled to cast at least ten percent (10%) of all the votes entitled to be cast at such meeting, provided that (a) such request shall state the purpose or purposes of the meeting and the matters proposed to be acted upon at such meeting, and (b) the Shareholders requesting such meeting shall have paid to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and specify to such Shareholders. Upon payment of these costs to the Trust, the Secretary shall notify each Shareholder entitled to notice of the meeting. Unless requested by Shareholders entitled to cast at least a majority of all the votes entitled to be cast at such meeting, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any special meeting of Shareholders held during the preceding twelve (12) months.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2.3. Notice of Meetings.** Written notice of any meeting of Shareholders shall be given or caused to be given by the Trustees by mailing or transmitting such notice not less than ten (10) nor more than ninety (90) days before such meeting, postage prepaid, stating the time, place and purpose of the meeting, to each Shareholder at the Shareholder's address as it appears on the records of the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2.4. Call of Meetings.** The Trustees shall promptly call and give notice of a meeting of Shareholders for the purpose of voting upon removal of any Trustee of the Trust when requested to do so in accordance with Section 9.2.2. For all other matters, the Trustees shall call or give notice of a meeting within thirty (30) days after written application by Shareholders entitled to cast at least ten percent (10%) of all the votes entitled to be cast on the matter requesting a meeting be called.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3. Record Dates.** For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to participate in any dividend or distribution, or for the purpose of any other action, the Trustees may from time to time fix a date and time not more than ninety (90) days nor less than ten (10) days prior to any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders entitled to vote at such meeting or any adjournment thereof or to be treated as Shareholders of record for purposes of such other action. Any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment thereof or to be treated as a Shareholder of record for purposes of such other action, even though such Shareholder has since that date and time disposed of its Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment thereof or to be treated as a Shareholder of record for purposes of such other action.

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**Section 9.4. Quorum.** Except as otherwise required by the 1940 Act or other applicable law, this Declaration of Trust, or the Bylaws (if any), the presence in person or by proxy of Shareholders entitled to cast at least twenty percent (20%) of the votes entitled to be cast on any particular matter shall be a quorum as to such matter; *provided, however,* that any lesser number shall be sufficient for matters upon which the Shareholders vote at adjournments.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5. Required Vote.** Notwithstanding any provision of law requiring the authorization of any matter by a greater proportion, any matter upon which the Shareholders vote shall be approved by the affirmative vote of a majority of the votes cast on such matter at a meeting of the Shareholders at which a quorum is present, except that Trustees shall be elected by the affirmative vote of a plurality of the votes cast at such a meeting.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6. Adjournments.** Adjourned meetings may be held within a reasonable time after the date set for the original meeting without the necessity of further notice.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.7. Actions by Written Consent.** Except as otherwise required by the 1940 Act or other applicable law, this Declaration of Trust, or the Bylaws (if any), any action taken by Shareholders may be taken without a meeting if Shareholders entitled to cast at least a majority of all the votes entitled to be cast on the matter (or such larger proportion thereof as shall be required by the 1940 Act or by any express provision of this Declaration of Trust or the Bylaws (if any)) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.8. Inspection of Records.** The records of the Trust shall be open to inspection by Shareholders to the same extent as is required for stockholders of a Delaware business corporation under the Delaware General Corporation Law.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 9.9. Additional Provisions.** The Bylaws (if any) may include further provisions for Shareholders' votes and meetings and related matters not inconsistent with the provisions hereof.

**ARTICLE 10**

**Limitation of Liability and Indemnification**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1. General Provisions.** 

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1.1. General Limitation of Liability.** No personal liability for any debt or obligation of the Trust shall attach to any Trustee of the Trust. Without limiting the foregoing, a Trustee shall not be responsible for or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser, subadviser, principal underwriter or custodian of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any other Trustee. Every note, bond, contract, instrument, certificate, Share or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any Trustee in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee and neither such Trustees or Trustee nor the Shareholders shall be personally liable thereon.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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**Section 10.1.2. Notice of Limited Liability.** Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer may recite that the same was executed or made by or on behalf of the Trust by them as Trustees or Trustee or as officers or officer and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust or belonging to a Series thereof, and may contain such further recitals as they or he may deem appropriate, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or officer or Shareholders or Shareholder individually.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1.3. Liability Limited to Assets of the Trust.** All persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust or belonging to a Series thereof, as appropriate, for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2. Liability of Trustees.** The exercise by the Trustees of their powers and discretion hereunder shall be binding upon the Trust, the Shareholders, and any other person dealing with the Trust. The liability of the Trustees, however, shall be limited by this Section 10.2.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.1. Liability for Own Actions.** A Trustee shall be liable to the Trust or the Shareholders only for his own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.2. Liability for Actions of Others.** The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant, adviser, administrative agent, distributor, principal underwriter, custodian, transfer agent, dividend disbursing agent, Shareholder servicing agent, or accounting agent of the Trust, nor shall any Trustee be responsible for any act or omission of any other Trustee.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.3. Advice of Experts and Reports of Others.** The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees hereunder, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. In discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of any other party to any contract entered into hereunder.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.4. Bond.** The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.5. Declaration of Trust Governs Issues of Liability.** The provisions of this Declaration of Trust, to the extent that they restrict the duties and liabilities of the Trustees otherwise existing at law or in equity, are agreed by the Shareholders and all other Persons bound by this Declaration of Trust to replace such other duties and liabilities of the Trustees.

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**&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3. Liability of Third Persons Dealing with Trustees.** No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4. Liability of Shareholders.** Without limiting the provisions of this Section 10.4 or the DSTA, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit under the General Corporation Law of the State of Delaware.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4.1. Limitation of Liability.** No personal liability for any debt or obligation of the Trust shall attach to any Shareholder or former Shareholder of the Trust, and neither the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay by way of subscription for any Shares or otherwise.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4.2. Indemnification of Shareholders.** In case any Shareholder or former Shareholder of the Trust shall be held to be personally liable solely by reason of being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, the Shareholder or former Shareholder (or, in the case of a natural person, his or her heirs, executors, administrators or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the Trust to be held harmless from and indemnified against all loss and expense arising from such liability; *provided, however,* there shall be no liability or obligation of the Trust arising hereunder to reimburse any Shareholder for taxes paid by reason of such Shareholder's ownership of any Shares or for losses suffered by reason of any changes in value of any Trust assets. The Trust shall, upon request by the Shareholder or former Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Trust and satisfy any judgment thereon.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5. Indemnification.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.1. Indemnification of Covered Persons.** Subject to the exceptions and limitations contained in Section 10.5.2, every person who is, or has been, a Trustee, officer, employee or agent of the Trust, including persons who serve at the request of the Trust as directors, trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person"), shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee, director, officer, employee or agent and against amounts paid or incurred by him in settlement thereof.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.2. Exceptions.** No indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For any liability to the Trust or its Shareholders arising out of a final adjudication by the court or other body before which the proceeding was brought that the Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties

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involved in the conduct of his office;

&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any matter as to which the Covered Person shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a settlement or other disposition not involving a final adjudication (as provided in paragraph (a) or (b) of this Section 10.5.2) and resulting in a payment by a Covered Person, unless there has been either a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office by the court or other body approving the settlement or other disposition, or a reasonable determination, based on a review of readily available facts (as opposed to a full trial-type inquiry), that he or she did not engage in such conduct, such determination being made by: (i) a vote of a majority of the Disinterested Trustees (as such term is defined in Section 10.5.5) acting on the matter (provided that a majority of Disinterested Trustees then in office act on the matter); or (ii) a written opinion of independent legal counsel.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.3. Rights of Indemnification.** The rights of indemnification herein provided may be insured against by policies maintained by the Trust, and shall be severable, shall not affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person, and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under law.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.4. Expenses of Indemnification.** Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under this Section 10.5 shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he or she is not entitled to indemnification under this Section 10.5, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Such undertaking is secured by a surety bond or some other appropriate security or the Trust shall be insured against losses arising out of any such advances; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) A majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter) or independent legal counsel in a written opinion shall determine, based upon a review of the readily available facts (as opposed to the facts available upon a full trial), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.5. Certain Defined Terms Relating to Indemnification.** As used in this Section 10.5, the following words shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;(a) A "Disinterested Trustee" is one (i) who is not an Interested Person of the Trust (including anyone, as such Disinterested Trustee, who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (ii) against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending;

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&nbsp;&nbsp;&nbsp;&nbsp;(b) "Claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits, proceedings (civil, criminal, administrative or other, including appeals), actual or threatened; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) "Liability" and "expenses" shall include without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

**ARTICLE 11**

**Termination or Reorganization**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1. Termination of Trust or Series or Class.** Unless terminated as provided herein, the Trust and each Series and Class designated and established pursuant to this Declaration of Trust shall continue without limitation of time.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1.1. Termination.** Subject to approval by the affected Shareholders, the Trust, any Series, or any Class (and the establishment and designation thereof) may be terminated by an instrument executed by a majority of the Trustees then in office; *provided, however,* that no approval of affected Shareholders is necessary if a majority of the trustees then in office determines that the continuation of the Trust, Series, or Class is not in the best interests of the Trust, such Series, such Class, or the affected Shareholders as a result of factors or events adversely affecting the ability of the Trust, Series, or Class to conduct its business and operations in an economically viable manner.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1.2. Distribution of Assets.** Upon termination of the Trust or any Series or Class, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets of the Trust to distributable form in cash or other securities, or any combination thereof, and distribute the proceeds to the affected Shareholders in the manner set forth by resolution of the Trustees. To the extent permitted by the 1940 Act or other applicable law, the Trustees may require affected Shareholders to receive Shares of any remaining Series or Class in lieu of such proceeds.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1.3. Certificate of Cancellation.** Upon termination of the Trust, the Trustees shall file a certificate of cancellation in accordance with Section 3810 of the DSTA.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2. Sale of Assets.** The Trustees may sell, convey, or transfer the assets of the Trust, or the assets belonging to any one or more Series, to another trust, partnership, association or corporation organized under the laws of any state of the United States, or to the Trust to be held as assets belonging to another Series of the Trust, in exchange for cash, shares or other securities (including, in the case of a transfer to another Series of the Trust, Shares corresponding to such other Series) with such transfer either (i) being made subject to, or with the assumption by the transferee of, the liabilities belonging to each Series the assets of which are so transferred, or (ii) not being made subject to, or not with the assumption of, such liabilities. Following such transfer, the Trustees shall distribute such cash, Shares or other securities (giving due effect to the assets and liabilities belonging to and any other differences among the various Series the assets belonging to which have so been transferred) among the Shareholders of the Series corresponding to the Series the assets belonging to which have been so transferred. If all of the assets of the Trust have been so transferred, the Trust shall be terminated pursuant to Section 11.1.

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**&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3. Merger or Consolidation.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3.1. Authority to Merge or Consolidate.** The Trust, or any one or more Series, may, either as the successor, survivor, or non-survivor, (i) consolidate with one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, to form a new consolidated trust, partnership, association or corporation under the laws under which any one of the constituent entities is organized, or (ii) merge into one or more other trusts, partnerships, associations or corporations organized under the laws of the State of Delaware or any other state of the United States, or have one or more such trusts, partnerships, associations or corporations merged into it, any such consolidation or merger to be upon such terms and conditions as are specified in an agreement and plan of reorganization entered into by the Trust, or one or more Series as the case may be, in connection therewith. The terms "merge" or "merger" as used herein shall also include the purchase or acquisition of any assets of any other trust, partnership, association or corporation which is an investment company organized under the laws of the State of Delaware or any other state of the United States.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3.2. No Shareholder Approval Required.** Any such consolidation or merger shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act or other applicable laws, or unless such merger or consolidation would result in an amendment of this Declaration of Trust which would otherwise require the approval of such Shareholders.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3.3. Subsequent Amendments.** In accordance with Section 3815(f) of DSTA, an agreement of merger or consolidation may effect any amendment to this Declaration of Trust or the Bylaws (if any) or effect the adoption of a new declaration of trust or Bylaws (if any) of the Trust if the Trust is the surviving or resulting business trust.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3.4. Certificate of Merger or Consolidation.** Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the DSTA.

**ARTICLE 12**

**Amendments**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1. Generally.** Except as otherwise specifically provided herein or as required by the 1940 Act or other applicable law, this Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the Trustees then in office.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2. Certificate of Amendment.** In the event of any amendment to this Declaration of Trust which affects the certificate of trust filed by the Trust in accordance with Section 2.1, the Trustees shall file a certificate of amendment in accordance with Section 3810 of the DSTA.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3. Prohibited Retrospective Amendments.** No amendment of this Declaration of Trust or repeal of any of its provisions shall limit or eliminate the limitation of liability provided to Trustees and officers hereunder with respect to any act or omission occurring prior to such amendment or repeal.

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**ARTICLE 13**

**Miscellaneous Provisions**

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1. Certain Internal References.** In this Declaration of Trust or in any such amendment, references to this Declaration of Trust, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this Declaration of Trust as a whole and as amended or affected by any such amendment.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2. Certified Copies.** The original or a copy of this Declaration of Trust and of each amendment hereto shall be kept in the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer or Trustee of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder, and with the same effect as if it were the original, may rely on a copy certified by an officer or Trustee of the Trust to be a copy of this Declaration of Trust or of any such amendments.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3. Execution of Papers.** Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, notes and other obligations made by the Trustees shall be signed by the President, any Vice President, Treasurer, any Assistant Treasurer, Secretary, or any Assistant Secretary, or any officer authorized to do so by the Trustees or any of the foregoing.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4. Fiscal Year.** The fiscal year of the Trust shall end on September 30, or such other date as fixed by resolution of the Trustees.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5. Governing Law.** This Declaration of Trust is executed and delivered with reference to DSTA and the laws of the State of Delaware by all of the Trustees whose signatures appear below, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to DSTA and the laws of the State of Delaware (unless and to the extent otherwise provided for and/or preempted by the 1940 Act or other applicable federal securities laws); *provided, however,* that there shall not be applicable to the Trust, the Trustees, or this Declaration of Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the DSTA) pertaining to trusts which are inconsistent with the rights, duties, powers, limitations or liabilities of the Trustees set forth or referenced in this Declaration of Trust. All references to sections of the DSTA or the 1940 Act, or any rules or regulations thereunder, refer to such sections, rules, or regulations in effect as of the date of this Declaration of Trust, or any successor sections, rules, or regulations thereto.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6. Headings.** Headings are placed herein for convenience of reference only, and in case of any conflict, the text of this instrument, rather than the headings, shall control. This instrument may be executed in any number of counterparts, each of which shall be deemed an original.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.7. Resolution of Ambiguities.** The Trustees may construe any of the provisions of this Declaration insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Trustees in good faith shall be conclusive as to the meaning to be given to such provisions. In construing this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

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**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.8. Seal.** No official seal of the Trust shall be required to execute any instruments on behalf of the Trust in accordance with Section 13.3.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.9. Severability.** The provisions of this Declaration of Trust are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provision is in conflict with the 1940 Act, the DSTA, or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; *provided, however,* that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 13.10. Signatures.** To the extent permitted by applicable law, any instrument signed pursuant to a validly executed power of attorney shall be deemed to have been signed by the Trustee or officer executing the power of attorney.

IN WITNESS WHEREOF, the undersigned, being the Trustees of the Trust, have executed this Amended and Restated Declaration of Trust as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| */s/ Richard E. Struthers* |
| Richard E. Struthers |
| */s/ Steve P. Riege* |
| Steven P. Riege |
| <br>*/s/ Scott C. Jones* |
| Scott C. Jones |
| */s/ Paul A. Lefurgey* |
| Paul A. Lefurgey |

---

## Ex-99.D1

**AMENDED AND RESTATED**

**INVESTMENT ADVISORY AGREEMENT**

This Agreement is made as of this 16th day of February 16, 2022, by and between ***MADISON ASSET MANAGEMENT, LLC***, a Wisconsin limited liability company having its principal place of business in Madison, Wisconsin (the "Adviser"), and ***MADISON FUNDS***, a Delaware business trust created pursuant to a Declaration of Trust (the "Trust").

The parties hereto, intending so to be legally bound, agree with each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp;**<u>Appointment and Acceptance</u>**. The Trust hereby appoints the Adviser to manage the investment of the assets of each existing series of the Trust listed on <u>Exhibit A</u> hereto and any additional series that the Trust may establish from time to time (each, a "Fund" and collectively, the "Funds"), and to administer the affairs of the Trust. The Adviser hereby accepts such appointment and agrees to employ its best efforts to supervise the investment management of the Funds. Subject to the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Adviser may retain any affiliated or unaffiliated parties including, but not limited to, investment adviser(s) and/or investment sub-adviser(s) and administrator(s) to perform any or all of the services set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. &nbsp;&nbsp;&nbsp;&nbsp;<u>Discretion of the Adviser</u>**. In the performance of its duties hereunder, the Adviser shall have full authority to act as it deems advisable, except that it shall be bound by (i) the terms of the Declaration of Trust of the Trust, (ii) any written direction given by the Board of Trustees of the Trust (the "Board") not inconsistent with this Agreement, and (iii) the investment policies of the Trust from time to time in effect. Subject only to the foregoing, the Adviser shall have full authority to purchase and sell securities for each Fund, and the Adviser may determine the persons with whom such securities transactions are to be made and the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Activities of the Adviser</u>.** The Adviser and any of its affiliates shall be free to engage in any other lawful activity, including the rendering to others of services similar to those rendered to the Trust hereunder; and the Adviser or any interested person thereof shall be free to invest in the Trust as a shareholder, to become an officer or trustee of the Trust if properly elected, or to enter into any other relationship with the Trust approved by the Board and in accordance with applicable law. The Adviser agrees that it will not deal with itself or with any affiliated person or promoter or principal underwriter of the Trust (or any affiliated person of the foregoing) acting as a principal, in effecting securities transactions for the account of the Trust. It is further agreed that in effecting any such transaction with such a person acting as a broker or agent, compensation to such person shall be permitted, provided that the transaction is in the ordinary course of such person's business and the amount of such compensation does not exceed 1% of the purchase or sale price of the securities involved. If the Adviser or any affiliate thereof provides any other goods or services which otherwise would be paid for by the Trust pursuant to this Agreement, then the Trust shall pay the Adviser or such affiliate the cost reasonably allocated by the Adviser or affiliate to such goods or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Investment by Adviser</u>**. The Adviser shall not take, and shall not permit any of its shareholders, officers, directors or employees to take long or short positions in the shares of the Trust, except for the purchase of shares of the Trust for investment purposes at the same price as is available to the public at the time of purchase, or in connection with the original capitalization of the Trust. In connection with purchases or sales of portfolio securities for the account of the Trust, neither the Adviser nor any officer, director or employee of the Adviser shall act as a principal or receive any commission therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. &nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses of the Trust</u>**. The Trust shall pay all of its expenses not expressly assumed by the Adviser herein. Without limitation, the expenses of the Trust assumed by the Trust hereby shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to the continued existence of the Trust;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Fees and expenses of the Board (except those affiliated with the Adviser) and the officers and the administrative employees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Fees paid to the Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Fees and expenses of preparing, printing and distributing official filings, reports, prospectuses and documents required pursuant to applicable state and federal securities laws, and expenses of reports to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Fees and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents, registrars, and similar agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Expenses related to the issuance, registration, repurchase, exchange and redemption of shares and certificates representing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Auditing, accounting, legal, insurance, portfolio administration, association membership, printing, postage, and other administrative expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Expenses relating to qualification or licensing of the Trust, shares in the Trust, or officers, employees and agents of the Trust under applicable state and federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Expenses related to shareholder meetings and proxy solicitations and materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, taxes and franchise fees, and all brokerage commissions and other costs related to purchase and sales of portfolio securities.

In addition to the foregoing, the Trust shall assume all losses and liabilities incurred in the administration to the Trust and of its investment portfolio, and it shall pay such non-recurring expenses as may arise through litigation, administrative proceedings, claims against the Trust, the indemnification of members of the Board, officers, employees, shareholders and agents, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. &nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation to the Adviser</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;For its services hereunder, the Trust shall pay to the Adviser, at the end of each calendar month, a management fee calculated as a percentage of the average value of the net assets each day for each Fund during that month at the annual rates set forth in <u>Exhibit A</u> hereto. The Adviser's fee shall be accrued daily at 1/365th of the applicable annual rate (or 1/366<sup>th</sup> of the applicable annual rate in leap years). For the purpose of accruing compensation, the net assets of each Fund shall be determined in the manner and on the dates set forth in the Declaration of Trust or the current registration statement of the Trust and, on days on which the net assets are not so determined, the net asset value computation to be used shall be as determined on the immediately preceding day on which the net assets were determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event of termination of this Agreement, all compensation due through the date of termination will be calculated on a pro-rated basis through the date of termination and paid within 15 business days of the date of termination. During any period when the determination of net asset value is suspended, the net asset value of a Fund as of the last business day prior to such suspension shall for this purpose be deemed to be the net asset value at the close of each succeeding business day until it is again determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall have the right to waive any portion of its management fee during any period, and it may permanently reduce the amount of the fee under such terms as it may determine by written notice thereof to the Trust. The Adviser shall have the right to make payments out of its management fee or other resources to others, as it solely determines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. &nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Expenses of the Trust</u>**. In addition to investment management expenses related to the Trust, the Adviser shall pay the fees and expenses of any Board members and officers of the Trust affiliated with the Adviser, all promotional expenses of the Trust to the extent not paid for by the Trust pursuant to a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, the rent expense of the Trust's principal executive offices, and the expenses of formation of the Trust and any series thereof. In addition, the Adviser shall reimburse the Trust for all of its expenses, excluding securities transaction commissions and expenses, taxes, interest, share distribution expenses, and extra-ordinary and non-recurring expenses, which exceed during any fiscal year the applicable expense limitation in any State or other jurisdiction in which the Trust, during the fiscal year, becomes subject to regulation by qualification or sale of its shares. Any such required reimbursement shall be made within a reasonable period following the close of the fiscal year to which it relates, and the Adviser may elect to pay all or a portion of any such reimbursement it anticipates will be required at any time or from time to time during the fiscal year to which the reimbursement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. &nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Adviser's Liability</u>**. The Adviser shall not be liable for any loss incurred in connection with its duties hereunder, nor for any action taken, suffered or omitted and believed by it to be advisable or within the scope of its authority or discretion, except for acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties assumed by it under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation of Trust's Liability</u>**. The Adviser acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Declaration of Trust. The Adviser agrees that the Trust's obligations hereunder in any case shall be limited to the Trust and to its assets and that the Adviser shall not seek satisfaction of any such obligation from the shareholders of the Trust nor from any member of the Board, or any officer, employee or agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. &nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Agreement</u>**. This Agreement, as amended and restated, shall not become effective unless and until it is approved by the Board, including a majority of trustees who are not parties to this Agreement or interested persons of any such party. Once approved, this Agreement shall come into full force and effect on the date set forth above and shall have an initial term of one year; provided that this Agreement shall not become effective as to any subsequently created Funds until it has again been approved by the Board, including a majority of trustees who are not parties to this Agreement or interested persons of any such party, and by the initial shareholder of each such Fund. As to each Fund, this Agreement shall continue in effect for one year successive terms so long as such continuance is approved at least annually by (i) the Board, or by the vote of a majority of the outstanding voting securities of each Fund, and (ii) a majority of the trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of this Agreement, it may be terminated at any time, without penalty, by the Board or, with respect to any Fund, by the vote of a majority of the outstanding voting securities of such Fund, or by the Adviser, upon 60 days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be assigned by the Adviser and shall automatically terminate immediately upon any assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Name of the Trust</u>**. The Trust shall have the exclusive right to the use of the name "Madison Funds" as long as this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. &nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Terms</u>**. The terms "affiliated person," "interested person," "assignment," "broker," and "majority of the outstanding voting securities" as used herein, shall have the same meanings as in the 1940 Act and any applicable regulations thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. &nbsp;&nbsp;&nbsp;&nbsp;<u>Control of Adviser</u>**. The Adviser is controlled by Madison Investment Holdings, Inc. ("MIH") located in Madison, Wisconsin. Because of this relationship, the Adviser shares personnel and resources with MIH and its other affiliates, including Madison Investment Advisors, LLC ("MIA"), a registered investment adviser located in Madison, Wisconsin. As such, individuals performing services for and resources utilized by the Adviser may also perform services for and be utilized by MIH and its other affiliates, including MIA.

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be signed on their behalf by their respective officers duly authorized and their respective seals to be affixed hereto, as of the date first above written.

**MADISON ASSET MANAGEMENT, LLC**

By: *<u>/s/ Steve J. Fredricks</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;_______&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;

Steve J. Fredricks, its Chief Legal Officer

**MADISON FUNDS** 

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>*<u>/s/ Patrick F. Ryan</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Patrick F. Ryan, its President

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**<u>Exhibit A</u>**

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| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Management Fee</u>**<sup>1</sup> |
| Conservative Allocation | 0.20% |
| Moderate Allocation | 0.20% |
| Aggressive Allocation | 0.20% |
| Tax-Free Virginia | 0.50% |
| Tax-Free National | 0.40% |
| Core Bond | 0.39% |
| High Quality Bond | 0.30% |
| Diversified Income | 0.65% |
| Dividend Income | 0.70% |
| Covered Call & Equity Income | 0.85% |
| Investors | 0.70% |
| Sustainable Equity | 0.70% |
| Mid Cap | 0.75% |
| Small Cap | 0.89% |
| International Stock | 1.05% |

---

<sup>1</sup>Except for the following Funds, each 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: Conservative Allocation, Moderate Allocation, Aggressive Allocation, Tax-Free Virginia, Tax-Free National, High Quality Bond and Covered Call & Equity Income.

The Adviser does not have the right to recoup any previously waived fees.

## Ex-99.E1

**MUTUAL FUND DEALER SELLING AND SERVICING AGREEMENT**

THIS MUTUAL FUND DEALER SELLING AND SERVICE AGREEMENT (this "Agreement") is entered into as of _____________________, 20____ (the "Effective Date") by and between (a) MFD Distributor, LLC ("MFD"), f/b/o Madison Funds, with a business address of c/o Madison Asset Management, LLC, 550 Science Drive, Madison, WI 53711, and (b)_____________________________________________, a ______________________, with a business address of ___________________________________________________________ ("Dealer").

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, MFD, a registered broker-dealer with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), is the principal underwriter and distributor of Madison Funds (the "Funds");

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, MFD hereby appoints Dealer as a dealer authorized to offer, sell and service shares issued by the Funds (the "Shares"), subject to any limitations imposed by any of the Funds and to confirmation of the sales by MFD or its designated agent;

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, Dealer has the requisite authority to offer, sell and service the Funds contemplated under this Agreement and is a registered broker-dealer with the SEC under the 1934 Act and a member of the FINRA; and

**WHEREAS**, MFD desires to have Dealer offer, sell and service the Shares and to provide certain administrative services to its customers who own Shares as described in this Agreement; and Dealer desires to engage in such activities and provide such services pursuant to this Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises made herein, the parties hereto agree as follows:

1.**<u>Purpose of Agreement</u>.** The principal purpose of this Agreement is to set forth the terms and conditions pursuant to which Dealer, through its registered representatives ("Representatives"), will offer, sell and service the Shares hereunder. Further, Dealer will provide certain administrative services to its customers who own Shares described below.

2.**<u>Roles and Responsibilities of MFD</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;**<u>Offering, Selling and Purchasing Shares</u>.**

**&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1&nbsp;&nbsp;&nbsp;&nbsp;**Prospectus and Other Materials.** References herein to the "Prospectus" shall mean the various prospectuses (including supplements thereto) and the statement of additional information of the Funds as from time to time is in effect. MFD will deliver to Dealer a copy of the current Prospectus and will provide to Dealer, as Dealer may reasonably request, copies of the Prospectus, statement of additional information, shareholder reports and supplementary sales materials prepared by MFD for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2&nbsp;&nbsp;&nbsp;&nbsp;**Compensation in Connection With Front-End and Deferred Sales Charges.&nbsp;&nbsp;&nbsp;&nbsp;** As compensation for each sale of the Shares made by Dealer (excluding Shares sold as a reinvestment of dividends or other distributions from a Fund), Dealer will be allowed the concessions and sales charges, if any, on the Shares disclosed in the Prospectus for the appropriate class of Shares of the Funds (the "Dealer Commissions"). MFD will pay, or direct the Funds to make payment directly to, Dealer Commissions to Dealer according to the procedures established by MFD. MFD reserves the right to revise Dealer Commissions upon written notice to Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3&nbsp;&nbsp;&nbsp;&nbsp;**Asset-Based Sales Compensation.** Pursuant to a distribution plan adopted by the Funds' board of trustees for certain classes of Shares pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), MFD is authorized to pay Dealer distribution fees it receives from the Funds at the rates shown in Schedule D hereto ("Distribution Fees") or to direct the Funds to make such payments directly to Dealer. Subject to Subsection 3.2.4 below, for all periods during which Dealer (a) meets the qualification requirements in Subsection 3.2.1 below, and (b) performs the distribution services listed in Subsection 3.2.3 below, MFD shall pay or otherwise arrange for Dealer to be paid the Distribution Fees shown in Schedule D based on the Shares for which it is the dealer of record (excluding Shares held by Dealer's own retirement plans).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4&nbsp;&nbsp;&nbsp;&nbsp;**Other Compensation.**&nbsp;&nbsp;&nbsp;&nbsp;In addition to any Dealer Commissions allowed pursuant to Subsection 2.1.2 and any Distribution Fees paid pursuant to Subsection 2.1.3, MFD and/or its affiliated persons may pay additional compensation to Dealer for various purposes out of their own resources ("Other Compensation"). Other Compensation payable to Dealer under this Agreement is shown in Schedule E. The Dealer Commissions, Distribution Fees and any Other Compensation paid by MFD to Dealer will be in accordance with FINRA rules and guidelines and other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5&nbsp;&nbsp;&nbsp;&nbsp;**Offering and Redemption Prices.** Subject to confirmation by the Funds, the Funds shall execute all orders they accept from Dealer for the purchase of Shares at the public offering price per share next determined after they receive the order, and shall execute all orders they accepts from Dealer for the redemption of Shares at the net asset value per share, less any deferred sales charge and/or redemption fee, next determined after they receive the order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6&nbsp;&nbsp;&nbsp;&nbsp;**Procedures for Handling Orders.** Procedures relating to the pricing and handling of purchase and redemption orders for Shares are subject to instructions provided by MFD or its designated agent to Dealer from time to time. The instructions will be effective on the earlier of the date specified in the instructions or the date received by the Dealer. The Funds reserve the right, at their discretion and without notice, to suspend or cease the offer and sale of one or more classes of Shares of any and all of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;**<u>Servicing the Shares</u>.**

**&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1&nbsp;&nbsp;&nbsp;&nbsp;**Service Fees.&nbsp;&nbsp;&nbsp;&nbsp;**Pursuant to a shareholder service plan adopted by the Funds' board of trustees for certain classes of Shares, MFD is authorized to pay Dealer or arrange for Dealer to be paid by the Funds service fees from the Funds at the rates shown in Schedule C hereto ("Service Fees"). Subject to Subsection 3.2.4 below, for all periods during which Dealer (a) meets the qualification requirements in Subsection 3.2.1 below, and (b) performs the shareholder services listed in Subsection 3.2.2 below, MFD shall pay to Dealer or arrange for payment to Dealer the Service Fees shown in Schedule C based on the Shares for which it is the dealer of record (excluding Shares held by Dealer's own retirement plans). The Service Fees paid to Dealer will be in accordance with FINRA rules and guidelines and other applicable law.

3.**&nbsp;&nbsp;&nbsp;&nbsp;<u>Roles and Responsibilities of Dealer</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;**<u>Offering, Selling and Purchasing Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 &nbsp;&nbsp;&nbsp;&nbsp;**Offering the Shares.** Dealer agrees to exercise its best efforts to find purchasers for the Shares. Dealer understands and agrees that it is solely responsible for recommendations by its Representatives to a customer to purchase or redeem Shares and shall ensure that such recommendations are based on reasonable grounds for believing that the recommendation is suitable. In particular, Dealer understands that the Funds offer multiple classes of Shares and represents that it has established compliance procedures to ensure that: (a) customers are made aware of the terms of each available class of Shares, (b) each customer is offered only Shares (and Share classes) that are suitable investments for the customer, (c) each customer is provided the opportunity to obtain sales charge break-points, and (d) recommendations by Representatives are properly supervised. Schedule A shows the Share classes and Funds available to Dealer for offer and sale under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2&nbsp;&nbsp;&nbsp;&nbsp;**Purchase and Redemption of Shares.**&nbsp;&nbsp;&nbsp;&nbsp; Dealer will transmit to MFD, or its designated agent, promptly upon receipt, any orders it receives from customers to purchase or redeem Shares. Dealer agrees to promptly issue confirmation statements for all accepted purchase and redemption orders for accounts registered in Dealer's name. Dealer shall make all sales subject to MFD's or its designated agent's confirmation. All orders are subject to acceptance or rejection by MFD or its designated agent, in its sole discretion, and by the Funds in their sole discretion. Dealer agrees to follow the procedures and instructions MFD or its designated agent may forward from time to time relating to the pricing and handling of orders. In particular, Dealer agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In submitting orders to MFD or its designated agent to purchase or redeem Shares, Dealer acts as agent for its customers and acts as agent for MFD and the Funds solely for the limited purpose of receiving orders from its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All orders it submits to MFD or its designated agent to purchase or redeem Shares shall reflect orders received from its customers or are orders for its own account for its own bona fide investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;It shall time and date stamp all orders it receives from its customers to purchase or redeem Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;As agent for its customers, Dealer shall not delay placing customers' orders to purchase or redeem Shares in order to profit from such delays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;It is responsible for the accuracy, timeliness and completeness of any orders it transmits to purchase or redeem Shares, whether by wire, telephone, electronic mail, or facsimile. In this regard, Dealer agrees to guarantee the signature of its customers when such a guarantee is required by the Funds or MFD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If Dealer tenders any Shares for redemption within seven days of their having been sold, Dealer shall promptly refund any Dealer Commissions it received on the sale of such Shares and shall not charge a deferred sales charge in connection with such redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;It has in place policies and procedures reasonably designed to detect and deter purchase or redemption orders by its customers in violation of Rule 22c-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3&nbsp;&nbsp;&nbsp;&nbsp;**Public Offering Price of Shares.** Dealer will offer and sell the Shares only at the public offering price disclosed in the Prospectuses of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4&nbsp;&nbsp;&nbsp;&nbsp;**Prospectus of the Funds.** At the time of sale, Dealer will furnish to each purchaser a copy of the then-current Prospectus for the applicable Share class and Funds. Dealer will offer and sell the Shares only in accordance with the terms and conditions of the Prospectus of the Funds. Dealer understands that no person, including itself, is authorized to give any information or to make any representations other than those contained in the Prospectus and any additional information, in shareholder reports or in such supplementary sales materials. Dealer agrees to not use any other offering materials for the Funds without the prior written consent of MFD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5&nbsp;&nbsp;&nbsp;&nbsp;**Payment.** Dealer will pay MFD, or its designated agent, which agent may be the Funds, the offering price, less any Dealer Commission to which Dealer is entitled, within three (3) business days of confirmation of Dealer's order, or such shorter time as may be required by law. If such payment is not received within said time period, the Funds reserve the right, without prior notice, to cancel the sale or cause it to be cancelled by its designated agent, or, at their option, to return the Shares, or cause the Shares to be returned by its designated agent, to the issuer for redemption or repurchase. In the latter case, the Funds shall have the right to hold Dealer responsible for any loss. Should payment be made by check on Dealer's local bank, liquidation of the Shares may be delayed pending clearance of Dealer's check.

3.2**&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributing and Servicing Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;3.2.1&nbsp;&nbsp;&nbsp;&nbsp;**<u>Qualification Requirements</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of the payment of Distribution and Services Fees hereunder, Dealer is the Dealer of record for Shares having an aggregate value of at least the minimum amount set forth in Schedule B ("Dealer Firm Requirements") throughout the period for which the Distribution and/or Service Fees are paid. The Funds' accounts are accounts in any Funds, but excluding any accounts for Dealer's own retirement plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) One or more of Dealer's current employees must be designated as a Representative on accounts having Shares of an aggregate value of at least the minimum amount set forth in Schedule B under Registered Representative Requirements throughout the period for which the Distribution and/or Service Fees are paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dealer will provide the following information and agrees that MFD or its designated agent will be entitled to rely on the accuracy of such information in updating records for determining the levels of the Distribution and/or Service Fees payable to Dealer under the terms of this Agreement. Dealer understands that such payments will be based solely on the Funds' records.

&nbsp;&nbsp;&nbsp;&nbsp;(i) For each of the Funds' accounts registered in the name of one of Dealer's customers, Dealer will advise MFD or its designated agent of the Funds' account number and Representative's name, identification number, and branch number, preferably by electronic means before the end of the second month in each calendar quarter, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) For each of the Funds' accounts designated as a "street name account" of the Dealer, Dealer will use its best efforts to advise MFD or its designated agent of the Funds' account number, net asset value of the account, date of valuation, and, for each Representative assigned to assets in the

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account: Representative's name, identification number, branch number, and the net asset value of assigned assets in the account, preferably by electronic means before the end of the second month in each calendar quarter, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2&nbsp;&nbsp;&nbsp;&nbsp;**<u>Required Shareholder Services</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer will assign one of its Representatives to each of the Funds' accounts on Dealer's records and reassign the Funds' accounts should any Representative terminate his/her relationship with Dealer. Dealer agrees to notify MFD or its designated agent within five (5) business days of such termination by any Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dealer and its Representatives will assist MFD, its designated agent and its affiliates in providing the following services to shareholders of the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Maintain regular contact with shareholders in assigned accounts and assist in answering inquiries concerning the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assist in distributing sales and service literature provided by MFD, particularly to the beneficial owners of accounts registered as street name accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assist MFD, its designated agent and its affiliates in the establishment and maintenance of shareholder accounts and records.

&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Assist shareholders in effecting administrative changes, such as changing dividend options, account designations, address, automatic investment programs or systematic investment plans.

&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;Assist in processing purchase and redemption transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Provide any other information or services as the customer, MFD or the Funds may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dealer will support MFD's marketing efforts by granting reasonable requests for visits to Dealer's offices by MFD and/or the Funds' representatives and by including all of the Funds on Dealer's "approved" list.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Dealer's compliance with the services set forth in this Subsection may be evaluated by MFD or its affiliates from time to time by surveying shareholder satisfaction with service, by monitoring redemption levels of shareholder accounts assigned to Dealer or by such other methods, as MFD or its affiliates deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Subsection 3.2.2 may be amended by MFD from time to time upon written notice to Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3&nbsp;&nbsp;&nbsp;&nbsp;**<u>Required Distribution Services</u>.** Dealer and its Representatives will provide the following distribution services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promote the Funds and offer and sell the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Compensate Representatives who shall offer and sell the Shares of the Funds, and provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) supervision and oversight of Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) office support and general management of Representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sales literature about the Funds and other sales and promotion materials to Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prepare sales literature about the Funds and other sales and promotion materials, but only in cooperation with MFD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distribute the Prospectus for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distribute copies of shareholder reports for the Funds as sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold seminars and other promotional events for prospective investors of the Funds, but only in cooperation with MFD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Where appropriate, advertise and generally promote the Funds, but only in cooperation with MFD.

&nbsp;&nbsp;&nbsp;&nbsp;3.2.4&nbsp;&nbsp;&nbsp;&nbsp;**<u>Eligibility for Distribution and Service Fees</u>.** Dealer understands and agrees that the payment of any Distribution and/or Service Fees is subject to the limitations contained in the applicable

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distribution and/or service plan for each class of each Fund's Shares, which may be changed or discontinued at any time. Dealer understands that it has no right to receive payment of Distribution Fees or Service Fees unless the applicable Fund pays such a fee to MFD or to Dealer at MFD's direction pursuant to the applicable distribution and/or service plan. Dealer's failure to provide the shareholder services described in Section 3.2.2 above, or the distribution services described in Section 3.2.3 above, as either may be amended by MFD from time to time, or otherwise comply with the terms of this Agreement, will render Dealer ineligible to receive Distribution and/or Service Fees. The failure of any Representative to provide services required by this Agreement will render that Representative's accounts ineligible as accounts on which the Distribution and/or Service Fees are paid.

&nbsp;&nbsp;&nbsp;&nbsp;3.2.5&nbsp;&nbsp;&nbsp;&nbsp;**<u>Payments and Communications to Representatives</u>.** Dealer will assist MFD or its designated agent in distributing to Dealer's Representatives periodic statements which MFD or its designated agent will have prepared showing the aggregate value of the Shares in the Funds which they are credited on MFD or its designated agents' records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;**Training and Supervision of Representatives.** Dealer will be responsible for the proper instruction and training of all Representatives in order for the Shares to be offered in accordance with the terms and conditions of this Agreement, and with all applicable state and federal laws, rules, and regulations. Further, Dealer has established rules, procedures, supervisory and inspection techniques necessary to train and to supervise diligently the activities of Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;**Records.** In accordance with the requirements of federal and state laws and rules of applicable self-regulatory organizations, as defined in the 1934 Act, including but not limited to the Rules of Fair Practice of FINRA, Dealer shall maintain complete records concerning the sale of the Shares, information regarding customers relating to the sale and/or servicing of the Shares, including the manner and extent of distribution of any sales and marketing or other solicitation material. Dealer shall make such records and files available to MFD at such times as MFD may reasonably request and shall make such material available to personnel of FINRA, SEC or other regulatory agency that has regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;**Fidelity Bond.** Dealer represents and covenants that all of its directors, officers, employees and Representatives who have access to customer funds, including the Shares, are and will continue to be covered by a blanket fidelity bond including coverage for larceny, embezzlement and other defalcation, issued by a bonding company rate A- or better from A.M. Best or equivalent rating from another nationally recognized statistical rating organization. This bond shall be maintained at Dealer's expense. Such bond shall be at least equivalent to the minimal coverage required under FINRA Rules. Dealer acknowledges that MFD may require evidence that such coverage is in force, and Dealer shall promptly give notice to MFD of any notice of cancellation or change of coverage. Dealer will assign any proceeds received from the fidelity bond company, error and omissions or other liability to MFD due to activities covered by the bond that resulted in a loss to MFD or the Funds. If there is any deficiency, Dealer will promptly pay MFD the amount of such deficiency on demand. Dealer shall indemnify and hold harmless MFD from any such deficiency and from the cost of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;**Regulatory Compliance.** Dealer hereby represents that it is registered as a broker-dealer with the SEC under the 1934 Act and is licensed and qualified as a broker-dealer or otherwise authorized to offer, sell and service, either directly or indirectly, the Shares under all applicable laws, rules and regulations of each jurisdiction in which the Shares will be offered, sold or serviced by Dealer. Dealer agrees to comply with all applicable state and federal laws, rules and regulations relating to the Shares and the Funds hereunder. Dealer further confirms that it is a member in good standing of FINRA and agrees to maintain such membership in good standing or, in the alternative, Dealer is a foreign dealer not eligible for membership in FINRA. Dealer agrees to abide by all the applicable rules and regulations of FINRA to which dealers in shares of open-end management investment companies are subject in connection with offering, selling and servicing the Shares, including without limitation the Rules of Conduct now in effect or hereafter adopted. Dealer further agrees that in offering, selling and servicing Shares, Dealer will comply with all applicable provisions of the Securities Act of 1933, as amended (the "1933 Act"). Dealer agrees not to offer or sell the Shares in any jurisdiction in which the Shares are not qualified for sale or in which Dealer is not qualified as a broker-dealer. Each party hereto agrees to notify the other immediately should it cease to be a member of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;**Representations Regarding the Funds.** Dealer and its Representatives are not authorized to make any representations concerning the Shares or the Funds except those contained in the Prospectus and in printed information provided by MFD or its designated agent as information supplemental to the Prospectus. In the event Dealer develops and creates advertising or sales materials

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with respect to the Shares or the Funds, all such materials must be approved by MFD or its designated agent prior to its use. Dealer shall be responsible for compliance and any required filing of such advertising or sales materials with FINRA or any other applicable regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;**Proprietary Information.** Dealer acknowledges and agrees that information provided by MFD under this Agreement, disclosed verbally or in writing, is proprietary in nature and belongs exclusively to MFD. Dealer will use such proprietary information in accordance with and during the term of this Agreement and for no other purpose. Dealer will ensure that its officers, directors and Representatives will abide by the provisions hereof. Dealer agrees that it will not disclose any such information to any person, for consideration or otherwise, unless (a) MFD has authorized such disclosure in writing or (b) if such disclosure is expressly required by state or federal regulatory authorities or self-regulatory organizations, and MFD has received notice, in writing, of such disclosure. Upon request or termination of this Agreement, Dealer agrees to immediately return or destroy the proprietary information described in this Subsection according to the instructions given by MFD or its designated agent to Dealer.

4. **&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Money Laundering</u>.** Each party hereto represents and warrants that they are, and will remain, in compliance with any and all applicable requirements of the Bank Secrecy Act ("BSA"), as amended by the USA Patriot Act of 2001 ("the Patriot Act"), any regulations thereunder, the regulations of the U.S. Department of the Treasury and any Executive Orders relating to the Office of Foreign Assets Control ("OFAC"), FINRA Rule 3011, and any other applicable requirements. Information and/or reports, in a form not prohibited by law, regarding suspicious activity involving the purchase of the Shares should be reported to MFD or its designated agent at the address specified above or at an address later specified in writing to Dealer. Furthermore, as applicable to each party, each party agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Maintain and enforce an anti-money laundering ("AML") program that includes written policies, procedures, and controls reasonably designed to ensure the respective party's compliance with its responsibilities under any applicable laws, regulations, rules or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Maintain and enforce Section 326 of the Patriot Act, "Know Your Customer," identification and verification policies, procedures and controls reasonably designed to ensure the respective party's compliance with its responsibilities under any applicable laws, regulations, rules or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Perform periodic audits to verify compliance with the AML program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Appoint an AML Compliance Officer ("AMLCO") responsible for administering its AML Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Conduct periodic AML training programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Monitor transactions to identify potentially suspicious activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;File Suspicious Activity Reports with the Financial Crimes Enforcement Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Cooperate and share information with one another pursuant to Sections 312, 313, and 314 of the Patriot Act as to enable each party to conduct due diligence in monitoring of customer activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Allow examiners from the SEC the ability to obtain information and records related to the Funds' account holders and the ability to inspect for the purpose of examining compliance with the Patriot Act, BSA and any applicable laws, regulations, rules or requirements, as such compliance pertains to the distribution and sale of the Shares under the Agreement.

5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Independent Contractors</u>.** In offering, selling and servicing the Shares under this Agreement, Dealer is acting as an independent contractor and nothing herein shall be construed to constitute Dealer or any of Dealer's agents, employees or Representatives as an agent or employee of MFD, or as an agent or employee of the Funds. As distributor of the Funds, MFD shall have full authority to take such action as it may deem advisable in respect of all matters pertaining to the distribution of the Shares. MFD shall not be under any obligation to Dealer, except for its obligations under this Agreement.

6. **&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;**Term.** This Agreement will commence on the Effective Date, and unless terminated as provided herein, will continue in force indefinitely or so long as the parties desire such continuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;**Termination.** Either party hereto may terminate this Agreement, without cause, upon thirty (30) days' written notice to the other party. MFD may terminate this Agreement for cause upon the violation by Dealer of any of the provisions hereof, such termination to become effective on the date of mailing such notice of termination to Dealer. This Agreement shall terminate effective immediately in

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the event: (a) either party ceases to be a member of FINRA; (b) the Distribution Agreement between MFD and the Funds is terminated; or (c) in the event of its assignment (except as provided in Section 12).

&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;**Effect of Termination.** Upon termination of this Agreement, any obligation by MFD to pay Dealer Commissions, Distribution Fees and Service Fees will cease. Nevertheless, termination of this Agreement shall not end Dealer's obligation to pay for Shares it has sold. Dealer will immediately return or destroy, according to MFD's or its designated agent's instructions, any and all proprietary information and any copies thereof as described in Subsection 3.8 hereof. Dealer agrees to retain all customer files and records pursuant to Subsection 3.4 hereof.

7. **&nbsp;&nbsp;&nbsp;&nbsp;<u>Mutual Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;**MFD Indemnification.** MFD will indemnify Dealer and hold Dealer harmless from any claim, demand, loss, expense or cause of action, including reasonable attorneys' fees, resulting from the misconduct or gross negligence, as measured by industry standards, of MFD, its designated agents and employees, in carrying out its obligations under this Agreement; or the material breach of any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;**Dealer Indemnification.** Dealer will indemnify MFD and hold MFD harmless from any claim, demand, loss, expense or cause of action, including reasonable attorneys' fees, resulting from the misconduct or gross negligence, as measured by industry standards, of Dealer, Dealer's agents, Representatives and employees, in carrying out Dealer's obligations under this Agreement; or the material breach of any term of this Agreement, including, but not limited to, making of misleading or untrue statement to a customer relating to the Shares or the Funds, or failing to be registered as a broker-dealer under the 1934 Act or licensed in accordance with applicable federal or state laws, rules or regulations.

8. **&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.** All notices or other communications required or permitted to be given under this Agreement shall be given in writing and shall be: (a) delivered by personal delivery; (b) sent by United States certified or registered mail, postage prepaid, return receipt requested; (c) sent by telecopier, facsimile machine or other electronic transmission; or (d) sent by private overnight service. All notices or communications to MFD and Dealer shall be given or sent to the addresses specified above. Each party may change the address to which notices or communications shall be sent by giving notice to the other party in accordance with this Section 8. Such notices or communications shall be effective upon receipt or on the date of mailing.

9.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Sharing of Customer Information</u>.** The parties hereto acknowledge and agree that it may be necessary for MFD to share its customer information ("Customer Information") with Dealer in order for Dealer to meet its obligations under this Agreement. With respect to the sharing, use and protection of Customer Information, Dealer agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;9.1**&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality and Restrictions on Disclosure of Customer Information**. Dealer agrees to hold in strict confidence Customer Information obtained from MFD during this Agreement. Dealer agrees not to disclose Customer Information, in any form or medium, to any affiliated or nonaffiliated person, firm or corporation except as necessary to perform sales and services under this Agreement or as may be required by law. The parties acknowledge and agree that disclosing Customer Information to effectuate, service or administer a customer transaction shall not be considered a breach of the confidentiality obligations created hereunder. To the extent that Dealer contracts with a third party that obtains Customer Information in order to provide services under this Agreement, Dealer agrees to obtain contractual confidentiality protections to require the third party to hold Customer Information in strict confidence and not disclose it to any person unless required by law. Dealer agrees to comply with applicable privacy laws and regulations including, but not limited to, the Gramm-Leach-Bliley Act, Public Law 106-102 (1999) as set forth in 15 U.S.C.A. §6801, as amended and to comply with applicable changes in such laws and regulations as these occur and become effective.

&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;**Use of Customer Information.** Dealer agrees to use Customer Information only to provide sales and services hereunder and not to use such information for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;**Obligation to Maintain Security over Customer Information.** Dealer agrees to implement and maintain reasonable and customary security measures to safeguard Customer Information. Such measures shall include, but not be limited to, requiring employees who will have access to such information to agree to the confidentiality requirements of this Section 9.

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10.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Complaints and Investigations</u>.** The parties to this Agreement agree to cooperate fully in any securities regulatory investigation or proceeding or judicial or administrative proceeding with respect to each such party and any of their directors, officers, employees, designated agents or Representatives or their affiliates to the extent that such investigation or proceeding is in connection with any of the activities pursuant to this Agreement. Without limiting the generality of the foregoing: (a) Dealer shall promptly notify MFD of any complaint or comment regarding the sale of shares of the Funds or any allegations that Dealer or its directors, officers, employees, agents or Representatives violated any law, regulation or rule in connection with the activities governed by this Agreement; (b) Dealer shall promptly investigate any such complaints or allegations, take appropriate remedial measures and notify MFD of the same; and (c) Dealer shall cooperate fully with MFD in any regulatory, judicial and administrative proceeding involving Dealer's activities under this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Waiver</u>.** A waiver by any party of any terms and conditions of this Agreement in any one instance shall not be deemed or construed to be a waiver of any such term or condition for the future, or of any subsequent breach thereof, nor shall it be deemed a waiver of performance of any obligations hereunder.

12. &nbsp;&nbsp;&nbsp;&nbsp;**<u>Assignment</u>.** This Agreement shall not be assigned or transferred, except that MFD may assign or transfer this Agreement to any successor which becomes the principal underwriter and distributor of the Funds.

13. &nbsp;&nbsp;&nbsp;&nbsp;**<u>Governing Law</u>.** This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed under the laws of the State of Wisconsin, without regard to conflict of laws principles; provided nothing herein shall be construed as being inconsistent with the 1933 Act, the 1934 Act, or the 1940 Act.

14.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Amendment</u>.** This Agreement, including the Schedules hereto, shall be deemed amended as provided in any written notice delivered by MFD to Dealer.

15.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Headings</u>.** The headings in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Severability</u>.** If any portion or provision of this Agreement is held to be invalid or unenforceable, the remainder of this Agreement shall continue in full force and effect.

17. **&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>.** The provisions of Sections or Subsections 3.4, 3.8, 7, 9 and 16 shall survive the termination of this Agreement.

18.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Entire Agreement</u>.** Except for the Rule 22c-2 Addendum which accompanies this Agreement, this Agreement, along with the Schedules attached hereto signed this same date, embody the entire agreement and understanding relating to the sale of Shares and service of the Funds and any other subject covered by this Agreement, and supersedes all prior agreements and understandings relating to such subject matter.

19.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Counterparts</u>.** This Agreement may be executed in counterparts and all documents so executed shall constitute one agreement binding on the parties hereto.**WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the Effective Date set forth above.

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**MFD Distributor, LLC**

By: __________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signature

&nbsp;&nbsp;&nbsp;&nbsp; __________________________________

&nbsp;&nbsp;&nbsp;&nbsp; Title

**Dealer: [ ]**

By: ______________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Name (please print)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title

**NOTE: &nbsp;&nbsp;&nbsp;&nbsp;Please return two signed copies of this Agreement to:** 

&nbsp;&nbsp;&nbsp;&nbsp;MFD Distributor, LLC

&nbsp;&nbsp;&nbsp;&nbsp;c/o Madison Asset Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;Attn: Holly S. Baggot

&nbsp;&nbsp;&nbsp;&nbsp;550 Science Drive

&nbsp;&nbsp;&nbsp;&nbsp;Madison, WI 53711

Upon acceptance, one countersigned copy will be returned to Dealer for its files.

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**MUTUAL FUND DEALER SELLING AND SERVICE AGREEMENT**

**<u>Schedule A -&nbsp;&nbsp;&nbsp;&nbsp;The Funds and Share Classes</u>**

**CATEGORY A:&nbsp;&nbsp;&nbsp;&nbsp;CLASS**

Madison Core Bond Fund&nbsp;&nbsp;&nbsp;&nbsp;A

Madison Diversified Income Fund&nbsp;&nbsp;&nbsp;&nbsp;A, C

Madison Covered Call & Equity Income Fund&nbsp;&nbsp;&nbsp;&nbsp;A, C

Madison International Stock Fund&nbsp;&nbsp;&nbsp;&nbsp;A

Madison Mid Cap Fund&nbsp;&nbsp;&nbsp;&nbsp;A

Madison Small Cap Fund&nbsp;&nbsp;&nbsp;&nbsp;A

Madison Aggressive Allocation Fund&nbsp;&nbsp;&nbsp;&nbsp;A, C

Madison Moderate Allocation Fund&nbsp;&nbsp;&nbsp;&nbsp;A, C

Madison Conservative Allocation Fund&nbsp;&nbsp;&nbsp;&nbsp;A, C

Madison Investors Fund&nbsp;&nbsp;&nbsp;&nbsp;A

Madison Dividend Income Fund&nbsp;&nbsp;&nbsp;&nbsp;A

**CATEGORY B**<sup>1</sup>**:**

Madison Core Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison Covered Call & Equity Income Fund &nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison International Stock Fund &nbsp;&nbsp;&nbsp;&nbsp;Y

Madison Mid Cap Fund&nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison Small Cap Fund &nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison High Quality Bond Fund&nbsp;&nbsp;&nbsp;&nbsp;Y, I

Madison Investors Fund&nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison Dividend Income Fund&nbsp;&nbsp;&nbsp;&nbsp;Y, I, R6

Madison Sustainable Equity Fund&nbsp;&nbsp;&nbsp;&nbsp;Y, I

Madison Tax-Free Virginia Fund&nbsp;&nbsp;&nbsp;&nbsp;Y

Madison Tax-Free National Fund&nbsp;&nbsp;&nbsp;&nbsp;Y

**<u>Schedule B - Minimum Assets</u>**

<u>Dealer Firm Requirements.</u> The minimum aggregate average net asset value of all accounts in the Funds specified by Subsection 3.2.1 is $250,000.

<u>Registered Representative Requirements.</u> With respect to Subsection 3.2.1(b), there will be no minimum asset qualification requirement in the Madison Funds applicable to Representatives. MFD will review this requirement prior to the start of each year and inform Dealer of any changes.

_____________________

<sup>1</sup>Drafting Note: remove references to Class Y, Class R6 and/or class I shares if none will be offered by Dealer.

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**<u>Schedule C -&nbsp;&nbsp;&nbsp;&nbsp;Annual Service Fee Rates</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**CATEGORY A:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% of average daily net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% of average daily net assets

&nbsp;&nbsp;&nbsp;&nbsp;

**&nbsp;&nbsp;&nbsp;&nbsp;CATEGORY B:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**None

All payments are made quarterly for purchases settling prior to the last business day of the quarter. Minimum check to be paid to Dealer is $100.00 (if total is less than $100.00, payment will be withheld until the next quarterly cycle). For **Class A and B shares**, the first payment to Dealer begins accruing the first day following a sale of Shares by the Dealer. For **Class C Shares**, the first payment to Dealer begins accruing the thirteenth month following a sale of Shares by Dealer. MFD will review this prior to the start of each year and inform Dealer of any changes.

**<u>Schedule D -&nbsp;&nbsp;&nbsp;&nbsp;Annual Distribution Fee Rates</u>**

**CATEGORY A and B:**

Class A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of average daily net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

&nbsp;&nbsp;&nbsp;&nbsp;

All payments are made quarterly for purchases settling prior to the last business day of the quarter. Minimum check to be paid to Dealer is $100.00 (if total is less than $100.00, payment will be withheld until the next quarterly cycle). For **Class C shares**, the first payment to Dealer begins accruing the thirteenth month following a sale of Shares by Dealer. MFD will review this prior to the start of each year and inform Dealer of any changes.

**<u>Schedule E - Other Compensation -- Annual Rates</u>**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**None.

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**RULE 22C-2 ADDENDUM to**

**MUTUAL FUND DEALER SELLING AND SERVICE AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Addendum is made as of ________________________, 20_____ , by and between the distributor of Madison Funds, MFD Distributor, LLC ("Fund Agent"), a Wisconsin limited liability company, and _________________________ ("Dealer"), a _____________________.

For purposes of this Addendum:

The term "Fund" includes the fund's principal underwriter. The term does not include

any money market fund.

The term "Shares" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund that are held by the Dealer.

The term "Shareholder" means the beneficial owner of Shares, whether the Shares

are held directly or by the Dealer in nominee name.

The term "written" includes electronic writing and facsimile transmissions.

1. **Agreement to Provide Shareholder Information.** Dealer agrees to provide the Fund Agent, upon written request, the taxpayer identification number ("TIN"), if known, of any or all Shareholder(s) of the account and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Dealer during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Period Covered by Request.** Requests must set forth a specific period, not to exceed 180 days from the date of the request, for which transaction information is sought. The Fund Agent may request transaction information older than 180 days from the date of the request as is deemed necessary to investigate compliance with policies established by the Fund Agent for the purposes of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Form and Timing of Response.** Dealer agrees to transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five (5) business days or such other time as agreed to by the Fund, after receipt of a request. If the requested information is not on the Dealer's books and records, Dealer agrees to promptly obtain and transmit the requested information. Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in Rule 22c-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purposes without the prior written consent of the Dealer.

2. **Agreement to Assess Redemption Fees.** Dealer agrees to assess redemption fees on Shareholder transactions in accordance with the terms and conditions of the then-current Prospectus of the Fund(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Timing of Response**. Dealer agrees to will remit to the Fund Agent, the redemption fee to which the Fund(s) are entitled, within thirty (30) business days of confirmation of order which resulted in a redemption fee to be charged, or such shorter time as may be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Format of Response.** Dealer agrees to provide the Fund Agent the following information when remitting redemption fees: fund name, including share class; trade date; transaction type; amount of the trade; amount of fee collected; transaction type; and taxpayer identification number ("TIN") of the account or the account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Form of Payment**. Dealer agrees to remit payment to the Fund Agent either by (i) check or (ii) by wire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purposes without the prior written consent of the Dealer.

3. **Agreement to Restrict Trading.** Dealer agrees to execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares or take such other action as requested by the Fund for a Shareholder that has been identified by the Fund as having engaged in transactions of the Fund's Shares (directly or indirectly through the Dealer's account) that violate policies established by the Fund for the purposes of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Form of Instructions.** Instructions much include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Timing of Response.** Dealer agrees to execute instructions as soon as reasonably practicable, but not later than five (5) business days after receipt of the instructions by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Confirmation by Dealer.** Dealer must provide written confirmation to the Fund that instructions have been executed. Dealer agrees to provide confirmation as soon as reasonably practicable, but not later than ten (10) business days after the instructions have been executed.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first written above.

**MFD Distributor, LLC**

_________________________________________

(Signature)

By: ______________________________________

Title: _____________________________________

**[insert name of Dealer]**

_________________________________________

(Signature)

By: ______________________________________

Title: _____________________________________

## Ex-99.H2

**AMENDED AND RESTATED SERVICES AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is made as of this 9th day of February, 2023, by and between ***MADISON ASSET MANAGEMENT, LLC***, a Wisconsin limited liability company having its principal place of business in Madison, Wisconsin ("MAM"), and ***MADISON FUNDS****,* a Delaware business trust (the "Trust"), on behalf of each existing series thereof listed in <u>Exhibit A</u> hereto and any additional series that the Trust may establish from time to time (each, a "Fund" and collectively, the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto, intending so to be legally bound, agree with each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1. &nbsp;&nbsp;&nbsp;&nbsp;<u>Provision of Services</u>**. MAM hereby undertakes to provide, or arrange to have a third party provide, the Trust with such services as it may require in the ordinary conduct of its business, to the extent that MAM (or any other person), acting as the Trust's investment adviser, has not undertaken to provide such services. In this regard, MAM shall provide, or arrange to have a third party provide, the following services to the Trust: transfer agent services; custodial services; fund administration services; and fund accounting services; and shall arrange and pay for independent public accounting services for audit and tax purposes, legal services, the reasonable out-of-pocket expenses of the Trust's independent trustees associated with their services to the Trust , a fidelity bond, and directors and officers/errors and omissions insurance; and such other services necessary to the conduct of the Trust's business (collectively, the "Services"). The Trust hereby engages MAM to provide it with such Services.

&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Scope of Authority</u>**. MAM shall be at all times, in the performance of its functions hereunder, subject to any direction and control of the Board of Trustees of the Trust (the "Board") and of its officers, and to the terms of its Declaration of Trust. In the performance of its duties hereunder, MAM shall be authorized to take such action not inconsistent with the express provisions hereof as it deems advisable. Subject to the approval of the Board as necessary, MAM may contract with other persons to provide to the Trust with any of the Services contemplated herein under such terms as it deems reasonable and shall have the authority to direct the activities of such other persons in the manner it deems appropriate, with the following exceptions: (a) the independent public accounting services for audit and tax purposes shall be subject to the oversight of the Audit Committee of the Trust; and (b) legal counsel to the independent trustees shall be subject to the direction of the independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;**3. &nbsp;&nbsp;&nbsp;&nbsp;<u>Other Activities of MAM</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;MAM and any of its affiliates shall be free to engage in any other lawful activity, including the rendering to others of services similar to those to be rendered to the Trust hereunder; and MAM or any interested person thereof shall be free to invest in the Trust as a shareholder, to become an officer or trustee thereof if properly elected, or to enter into any other relationship with the Trust approved by the Board and in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;MAM agrees that it will not deal with the Trust in any transaction in which MAM acts as a principal, except to the extent as may be permitted by the terms of this Agreement. The records MAM maintains on behalf of the Trust are the sole property of the Trust and will be surrendered promptly to the Trust upon its request pursuant to Rule 31a-3 of the Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;**4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation to MAM</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;MAM agrees to provide or arrange for the provision of the Services in exchange for a services fee (the "Services Fee"). The Services Fee, which shall be paid at the end of each month, is calculated as a percentage of the average value of the net assets each day for each Fund during the month at the annual rates set forth in <u>Exhibit A</u> hereto. The Services Fee shall be accrued daily at 1/365th of the applicable annual

------

rate (or 1/366<sup>th</sup> of the applicable annual rate in leap years). For the purpose of accruing compensation, the net assets of each Fund shall be determined in the manner and on the dates set forth in the Declaration of Trust or the current registration statement of the Trust and, on days on which the net assets are not so determined, the net asset value computation to be used shall be as determined on the immediately preceding day on which the net assets were determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Services Fee shall not include (i) any fees and expenses relating to portfolio holdings (e.g., brokerage commissions, interest on loans, etc.); (ii) extraordinary and non-recurring fees and expenses (e.g., costs relating to any line of credit the Trust maintains with its custodian or another entity for investment purposes); (iii) the costs associated with investment by the Trust in other investment companies (i.e., acquired fund fees); (iv) any fees paid pursuant to any Rule 12b-1 plan adopted by the Trust; or (v) the compensation of Trust's independent trustees, including lead independent trustee compensation (clauses (i)-(v) are collectively referred to herein as the "Excluded Expenses"). Therefore, Excluded Expenses are the responsibility of the Trust, not MAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;In the event of termination of this Agreement, all compensation due through the date of termination will be calculated on a pro-rated basis through the date of termination and paid within 15 business days of the date of termination. During any period when the determination of net asset value is suspended, the net asset value of a Fund as of the last business day prior to such suspension shall for this purpose be deemed to be the net asset value at the close of each succeeding business day until it is again determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Services Fee for each Fund may not be raised without approval by the Board. MAM may, however, lower its fees at any time, which lower fees must be ratified by the Board. Once lowered, MAM may not raise the fees without approval by the Board. Nothing herein prevents MAM from waiving any or all of its fees hereunder at any time.

&nbsp;&nbsp;&nbsp;&nbsp;**5. &nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship to Investment Advisory Agreement</u>**. It is understood by the parties hereto that in connection with the execution of this Agreement, the Trust has entered into an Investment Advisory Agreement with MAM in its separate capacity as the investment adviser to the Trust pursuant to which MAM will provide investment management services to the Trust. If, at any time, MAM ceases to act as investment adviser to the Trust under terms substantially similar to those of the Investment Advisory Agreement, then this Agreement shall immediately terminate as of a date 30 days from the date of such event, unless within such 30-day period MAM gives written notice to the Trust that it waives such termination. The Trust specifically acknowledges the separate capacities in which MAM is to provide services hereunder and under the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**6. &nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of MAM's Liability</u>**. Except as required by applicable federal securities law and regulation, MAM shall not be liable for any loss incurred in connection with any of its services hereunder, nor for any action taken, suffered or omitted and believed by it to be advisable or within the scope of its authority or discretion, except for acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties assumed by it under this Agreement. In addition, the Trust shall assume all losses and liabilities incurred in the administration to the Trust to the extent consistent with the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;**7. &nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>**. It is specifically agreed by the parties that if MAM is delayed in the performance of any of the services to be performed by it hereunder or prevented entirely or in part from performing such services due to causes or events beyond its control, then such delay or non-performance may either be excused and the reasonable time for performance thereby extended as necessary, or if such delay or non-performance continues for 30 days, then the Trust

------

may cancel this Agreement immediately thereafter or at any time prior to the cessation of delay or resumption of performance by MAM; but MAM shall not otherwise be liable for and the Trust shall otherwise hold it harmless from any such delay or non-performance. "Causes or events beyond its control" shall include, without limitation, the following: Acts of God; interruption of power or other utility, transportation or communications services; malfunction of computer equipment; acts of civil or military authority; sabotage, national emergencies, war, explosion, flood, accident, earthquake, fire, or other catastrophe; strike or other labor problem; shortage of suitable parts, material, labor or transportation; or present or future law, governmental order, rule, regulation or official policy.

&nbsp;&nbsp;&nbsp;&nbsp;**8. &nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Trust's Liability</u>**. MAM acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Declaration of Trust. MAM agrees that the Trust's obligations hereunder in any case shall be limited to the Trust and to its assets and that MAM shall not seek satisfaction of any such obligation from the shareholders of the Trust nor from any trustee, officer, employee or agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. &nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Agreement</u>**. This Agreement, as amended and restated, shall not become effective unless and until it is approved by the Board, including a majority of trustees who are not parties to this Agreement or interested persons of any such party. Once approved, this Agreement shall come into full force and effect on the date set forth above and shall have an initial term of one year; provided that this Agreement shall not become effective as to any subsequently created Funds until it has again been approved by the Board, including a majority of trustees who are not parties to this Agreement or interested persons of any such party, and by the initial shareholder of each such Fund. As to each Fund, this Agreement shall continue in effect for one year successive terms so long as such continuance is approved at least annually by (i) the Board, or by the vote of a majority of the outstanding voting securities of each Fund, and (ii) a majority of the trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision herein, this Agreement may be terminated at any

&nbsp;&nbsp;&nbsp;&nbsp;time without penalty, by the Board or, with respect to any Fund, by the vote of the

&nbsp;&nbsp;&nbsp;&nbsp;majority of the outstanding voting securities of such Fund, or by MAM, upon 30 days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be assigned by MAM and shall automatically terminate upon any such assignment; except that MAM may assign or transfer its interest herein to a wholly-owned subsidiary of MAM, or to another entity operated substantially under common control with MAM, provided MAM represents to the Trust that substantial continuity of management, personnel and services previously available to the Trust will be maintained following such assignment or transfer and that the Board (including a majority of the trustees who are not interested persons of the Trust) accept such representation. Nothing herein shall limit the right of MAM to obtain goods and services from other persons as described in Section 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;**11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Terms</u>**. The terms "affiliated person," "interested persons," "assignment," and "majority of the outstanding voting securities," as used herein, shall have the same meanings as in the 1940 Act and any applicable regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Assumption of Existing Services Agreements</u>**. MAM and the Trust acknowledge that, to the extent any agreement(s) between the Trust and third parties for services of the type to be provided or arranged to be provided by MAM hereunder remain outstanding as of the date of this Agreement, MAM shall assume responsibility for continuing applicable payments under such agreements. In providing the services hereunder, MAM may recommend

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that the Trust continue, terminate or modify such agreements, including recommending that the Trust assign its obligations under such agreements to MAM for future disposition in MAM's discretion, subject to any applicable legal or regulatory requirements.

**&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF**, the parties have caused this Agreement to be signed on their behalf by their respective officers duly authorized as of the date set forth above.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MADISON FUNDS**

By: *<u>/s/ Patrick F. Ryan</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick F. Ryan, President<br>

**MADISON ASSET MANAGEMENT, LLC**

By: *<u>/s/ Steve J. Fredricks</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve J. Fredricks, Chief Legal Officer<br>

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**<u>Exhibit A</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series** | **Class A**<br>**Shares** | **Class C Shares** | **Class Y Shares** | **Class R6 Shares** | **Class I Shares** |
| Conservative Allocation Fund | 0.25% | 0.25% | N/A | N/A | N/A |
| Moderate Allocation Fund | 0.25% | 0.25% | N/A | N/A | N/A |
| Aggressive Allocation Fund | 0.25% | 0.25% | N/A | N/A | N/A |
| Tax-Free Virginia Fund | N/A | N/A | 0.35% | N/A | N/A |
| Tax-Free National Fund | N/A | N/A | 0.35% | N/A | N/A |
| Core Bond Fund | 0.20% | N/A | 0.20% | 0.02% | 0.10% |
| High Quality Bond Fund | N/A | N/A | 0.19% | N/A | 0.10% |
| Diversified Income Fund | 0.20% | 0.20% | N/A | N/A | N/A |
| Dividend Income Fund | 0.20% | N/A | 0.20% | 0.02% | 0.10% |
| Covered Call & Equity Income Fund | 0.15% | 0.15% | 0.15% | 0.02% | 0.10% |
| Investors Fund | 0.20% | N/A | 0.20% | 0.02% | 0.10% |
| Sustainable Equity Fund | N/A | N/A | 0.20% | N/A | 0.10% |
| Mid Cap Fund | 0.40% | N/A | 0.20% | 0.02% | 0.10% |
| Small Cap Fund | 0.20% | N/A | 0.20% | 0.02% | 0.10% |
| International Fund | 0.30% | N/A | 0.30% | N/A | N/A |

---

MAM does not have the right to recoup any previously waived fees.

## Ex-99.N

**Madison Funds**

**Amended and Restated**

***Plan for Multiple Classes of Shares MMF - Rule 18f-3 Plan***

**Effective as of February 9, 2023**

**&nbsp;&nbsp;&nbsp;&nbsp;**

**A.**&nbsp;&nbsp;&nbsp;&nbsp;Madison Funds (the **"Trust"**) is a diversified, open-end management investment company registered with the U.S. Securities and Exchange Commission (the **"SEC"**) under the Investment Company Act of 1940, as amended (the **"Act"**). The Trust is organized as a statutory trust pursuant to the laws of the state of Delaware.

**B.**&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust of the Trust (the **"Declaration of Trust"**) authorizes the Trust to issue multiple series of shares of beneficial interest, each of which represents a fractional undivided interest in a separate investment portfolio (a **"Fund"**). The Declaration of Trust also authorizes the Trust to divide each series of shares into multiple classes. The Trust hereby establishes six classes of shares: Class A, Class C, Class Y, Class I and Class R6. As described in more detail below: Class A shares are subject to a front-end sales charge (except for the money market fund), an asset-based shareholder service fee (except for the money market fund), and on purchases of over $1,000,000, a contingent deferred sales charge (**"CDSC"**); Class C shares are subject to an asset-based distribution fee, an asset-based shareholder service fee, and a CDSC; Class Y shares are not subject to any of the above mentioned fees and are generally only available to select investors; Class I shares are not subject to any of the above mentioned fees and are generally only available to investors making an initial minimum investment of $250,000; and Class R6 shares are not subject to any of the above mentioned fees and are intended primarily for the institutional and retirement plan marketplace with an initial minimum investment of $500,000.

**C.**&nbsp;&nbsp;&nbsp;&nbsp;This Amended and Restated Plan for Multiple Classes of Shares (the **"Plan"**) is a plan as contemplated by Rule l8f-3(d) under the Act.

**D.**&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees of the Trust (the **"Board"**), including a majority of the trustees who are not interested persons of the Trust (as defined in Section 2(a)(19) of the Act), have approved and adopted the Plan for each Fund and determined that the Plan is or will be: (i) in the best interests of the holders of Class A, Class C, Class Y, Class I and Class R6 shares of each series; and (ii) in the best interests of the Trust as a whole.

**E.**&nbsp;&nbsp;&nbsp;&nbsp;The Plan will remain in effect until such time as the Board terminates the Plan or makes a material change to the Plan. Any material change to the Plan must be approved by the Board, including a majority of the trustees who are not interested persons of the Trust, as being in the best interests of each series and class of shares to which such change would apply and the Trust as a whole.

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**SECTION I<br>Classes, Sales Loads, Distribution Fees and Shareholder Services Fees**

**1.1&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares.** Class A shares are sold or otherwise offered through MFD Distributor, LLC ("**MFD**"), or other registered broker-dealers authorized by MFD, and other than the Government Money Market Fund, charge a front-end sales charge or load calculated as a percentage of the offering price at the time of purchase, as set forth in the Trust's currently effective prospectus (the "**Prospectus**").

Class A shares also support an asset-based shareholder service fee equal to 0.25% of the average daily net assets of each Fund, other than the Government Money Market Fund, attributable to Class A shares on an annual basis (this charge is more fully described in the service plan adopted by the Board pursuant to Rule 12b-l under the Act).<br>

As described in the Prospectus, Class A shares may be purchased without front-end sales charges by certain specified individuals and institutions, and in certain specified transactions. Class A shares may also be purchased pursuant to the Trust's Rights of Combination, Rights of Accumulation or Letter of Intent programs, as described in the Prospectus.

**1.3&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares.** Class C shares are sold or otherwise offered through MFD, or other registered broker-dealers authorized by MFD, at their net asset value without the imposition of a sales charge at the time of purchase, but may be subject to a CDSC at the time of redemption (as explained in more detail below). Class C shares also support: (1) an asset-based distribution fee (as provided for by a distribution plan adopted by the Board pursuant to Rule l2b-l under the Act) equal to 0.75% of the average daily net assets of each Fund attributable to Class C shares on an annual basis and (2) an asset-based shareholder service fee equal to 0.25% of the average daily net assets of each Fund attributable to Class C shares on an annual basis.<br>

**&nbsp;&nbsp;&nbsp;&nbsp;**For Class C shares, a CDSC of 1% may be charged on shares sold within one year of purchase. The amount of the CDSC is calculated as described in the Prospectus.<br>

&nbsp;&nbsp;&nbsp;&nbsp;In determining whether a CDSC is payable, the Trust will comply with the provisions of Rule 6c-10 under the Act as currently adopted. Under Rule 6c-l0, no CDSC is imposed with respect to: (1) the portion of redemption proceeds attributable to the increase in the value of an account above the net cost of the investment due to increases in the net asset value per share of Class C shares; (2) Class C shares acquired through reinvestment of income dividends or capital gain distributions; or (3) Class C shares held for more than one year after purchase.

**1.4&nbsp;&nbsp;&nbsp;&nbsp;Class Y Shares.** Class Y shares are sold without the imposition of a sales charge and do not support an asset-based shareholder service or distribution fee. Class Y shares are only available for purchase as follows: (i) directly from the Fund, with a minimum initial investment of $25,000, and a minimum subsequent investment of $1,000; and (ii) with a $1,000 minimum initial investment for non-retirement accounts and $500 for retirement accounts, and a minimum subsequent investment of $50 for all account types, by (1) financial intermediaries that have entered into arrangements with MFD to accept orders on behalf of their clients, (2) the fund-of-funds and managed account programs managed by the Trust's investment adviser, Madison Asset Management, LLC (**"Madison"**), (3) investment advisory clients of Madison and its affiliates, (4) members of the Board of Trustees of the Trust and any other board of trustees affiliated with Madison, (5) individuals and their immediate family members who are employees, directors or officers of Madison, any subadviser or any service provider of the Trust, (6) any investor who

------

owned Class Y shares of any Madison Mosaic Fund as of April 19, 2013, and (7) any investor who owned shares of the Broadview Opportunity Fund as of August 30, 2019; provided that in all cases, the Trust reserves the right to accept purchase amounts below the stated minimums for certain accounts. <br>

**1.5&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares.** Class I shares are sold without the imposition of a sales charge and do not support an asset-based shareholder service or distribution fee. The minimum initial investment for Class I shares is $250,000, with no subsequent minimum investment; provided that these minimums may be waived in certain situations. Class I shares are generally available for purchase through participating employee benefit plans, and through certain other accounts registered to trust companies and bank trust departments, and certain eligible qualifying investment product platforms offered by financial intermediaries who have entered into an agreement with the Funds' distributor or Madison. Class I shares offered through such plans, accounts and platforms are generally maintained on the books of the funds at an omnibus level. Investment minimums for any such plans, accounts, and platforms are set by the policies of those offering such shares. Class I shares are also available for purchase by individuals, trusts, affiliated and unaffiliated investment companies, estates, charitable organizations, corporations, endowments, foundations and other investors who purchase shares directly from the Funds with a minimum initial investment amount of $250,000, and a minimum subsequent investment of $50,000, provided that these minimums may be waived in certain situations. The Trust reserves the right to lower the minimum initial investment amount on a case-by-case basis. Class I shares are also available for purchase directly from the funds with no investment minimums to members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison, and individuals and their immediate family members who are employees, directors, or officers of Madison or its affiliates.

**1.6&nbsp;&nbsp;&nbsp;&nbsp;Class R6 Shares.** Class R6 shares are sold without the imposition of a sales charge and do not support an asset-based shareholder service or distribution fee. Class R6 shares may be purchased through participating retirement plans and through certain other accounts registered to trust companies and bank trust departments and certain eligible qualifying investment product platforms offered by financial intermediaries under a signed contract with MFD. Class R6 shares offered through such plans, accounts and platforms are generally maintained on the books of the Funds at an omnibus level. Investment minimums for any such plans, accounts, and platforms are set by the policies of those offering such shares. In addition, corporations, including affiliated and unaffiliated investment companies, and other institutional investors such as trusts, endowments and foundations, can purchase Class R6 shares with a minimum investment of $500,000, no minimum subsequent investment. Class R6 shares are also available for purchase directly from the Funds with no investment minimums to members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison, and individuals and their immediate family members who are employees, directors, or officers of Madison or its affiliates. The Trust reserves the right to lower the minimum initial investment amount on a case-by-case basis. Class R6 shares are not available to retail non-retirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPS, SARSEPs, SIMPLE IRAs or individual 403(b) plans. Class R6 shares are also not available for purchase under circumstances where the Trust's distributor or investment adviser (and/or an affiliate thereof) is contractually required to pay any commissions, account servicing fees, record keeping fees, sub-transfer agent fees or other asset-based or sales-based fees to a financial intermediary.

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**1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall Limits.** Notwithstanding the foregoing, the aggregate amounts of any front-end sales charge, any asset-based distribution plan fee and any CDSC imposed by the Trust must comply with the requirements of Section 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"), as amended from time to time, and any other rules or regulations promulgated by FINRA applicable to mutual fund distribution and service fees.

**SECTION II<br>Allocation of Expenses**

**2.1&nbsp;&nbsp;&nbsp;&nbsp;Class Distinctions.** Class A, Class C, Class Y, Class I and Class R6 shares each represent interests in the same series of the Trust. All classes of shares are identical in all respects except that: (1) each class may be subject to a distinct distribution and/or service fee (as described above); (2) each class will bear different Class Expenses (as defined below); (3) each class will have exclusive voting rights with respect to matters that exclusively affect that class (such as approval of any Rule 12b-1 plan for such class); and (4) each class will bear a different name or designation.

**2.2&nbsp;&nbsp;&nbsp;&nbsp;Class Expenses.** The Board, acting in its sole discretion, has determined that those expenses attributable to the shares of a particular class ("**Class Expenses**") will be borne solely by the class to which they are attributable. Class Expenses also include the following as they each relate to a particular class of shares: (1) transfer agency fees; (2) expenses related to preparing, printing, mailing and distributing materials such as shareholder reports, prospectuses and proxy statements to current shareholders; (3) state and federal registration fees; (4) extraordinary expenses such as litigation expenses; (5) trustees' fees and expenses incurred as a result of issues relating solely to a particular class; (6) accounting, audit and tax expenses; (7) the expenses of administrative personnel and services required to support the shareholders; and (8) fees and other payments made to entities performing services, including account maintenance, dividend, disbursing or sub-accounting services or administration of a dividend reinvestment or systematic investment or withdrawal plan. However, to the extent that allocation of expenses to a particular share class is not practical or would not significantly differ from a pro-rata allocation, such expenses will be allocated as provided in Section 3.1.

**SECTION III<br>Allocation of Trust Income and Expenses**

**3.1&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Income and Expenses.** All income earned and expenses incurred by the Trust and not allocable to a particular share class are borne on a pro-rata basis by each outstanding share of each class based on the value of the net assets of the Trust attributable to that class as represented by the daily net asset value of shares of that class. On a daily basis, the total interest, dividends or other income accrued and common expenses incurred are multiplied by the ratio of the Fund's net assets attributable to each class to determine the income and expenses attributable to that class for the day. Expenses properly attributable to each class are recorded separately and charged to that class; net income for each class is then determined for the day and segregated on the Fund's general ledger. Because of the distribution fee and other Class Expenses borne by Class C shares, the net income attributable to and the dividends payable on Class C shares are anticipated to be lower (although it may be higher) than that of the other share classes. Dividends, however, are declared and paid on all classes of shares on the same days and at the same times.

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**SECTION IV<br>Conversions**

**4.1&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].** 

**SECTION V<br>Redemptions**

**5.1&nbsp;&nbsp;&nbsp;&nbsp;Redemptions.** Redemption requests placed by investors holding shares of Class C as well as either Class A, Class Y, Class I or Class R6, are satisfied first by redeeming the holder's Class A, Class Y, Class I or Class R6 shares, unless the holder has made a specific election to redeem Class C shares. Class C shares will be redeemed with the most aged shares being redeemed first.

**SECTION VI<br>Amendments**

**6.1&nbsp;&nbsp;&nbsp;&nbsp;Amendments.** This Plan may not be amended to change any material provision unless such amendment is approved by the vote of the majority of the Board, including a majority of the trustees who are not interested persons of the Trust, based on their finding that the amendment is in the best interests of each class individually and the Trust as a whole.

**SECTION VII<br>Recordkeeping**

**7.1&nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping.** The Trust shall preserve copies of this Plan and any related agreements for a period of not less than six years from the date of this Plan or agreement, the first two years in an easily accessible place.

## Ex-99.Q

**LIMITED POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a trustee of MADISON FUNDS, a Delaware statutory trust, does hereby constitute and appoint STEVEN J. FREDRICKS, as the undersigned's true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable: (1) to enable the said Trust to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof ("Securities Act"), in connection with the registration under said Securities Act of the shares of beneficial interest of said Trust ("Securities"), including, specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or to any amendment thereto filed with the SEC in respect of said Securities and to any instrument or document filed as part of, an exhibit to or in connection with said Registration Statement or amendment; (2) to enable said Trust to comply with the Investment Company Act of 1940, as amended, and any rules, regulations and requirements of the SEC in respect thereof ("1940 Act"), in connection with the registration under said 1940 Act of the Trust, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or of any amendment thereto filed with the SEC in respect of said Trust and to any instrument or document filed as part of, as an exhibit to or in connection with said Registration Statement or amendment; and/or (3) to register or qualify said Securities for sale and to register or license said Trust as a broker or dealer in said Securities under the securities or "Blue Sky" laws of all such states as may be necessary or appropriate to permit therein the offering and sale of said Securities as contemplated by said Registration Statement, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to any application, statement, petition, prospectus, notice or other instrument or document, or to any amendment thereto, or to any exhibit filed as a part thereof or in connection therewith, which is required to be signed by the undersigned and to be filed with the public authority or authorities administering said securities or Blue Sky laws for the purpose of so registering or qualifying said Securities or registering or licensing said Trust, and the undersigned does hereby ratify and confirm as her own act and deed all that said attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents this 4th day of March, 2020.

_<u>/s/ Scott C. Jones</u>___________________________

Scott C. Jones

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**LIMITED POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a trustee of MADISON FUNDS, a Delaware statutory trust, does hereby constitute and appoint STEVEN J. FREDRICKS, as the undersigned's true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable: (1) to enable the said Trust to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof ("Securities Act"), in connection with the registration under said Securities Act of the shares of beneficial interest of said Trust ("Securities"), including, specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or to any amendment thereto filed with the SEC in respect of said Securities and to any instrument or document filed as part of, an exhibit to or in connection with said Registration Statement or amendment; (2) to enable said Trust to comply with the Investment Company Act of 1940, as amended, and any rules, regulations and requirements of the SEC in respect thereof ("1940 Act"), in connection with the registration under said 1940 Act of the Trust, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or of any amendment thereto filed with the SEC in respect of said Trust and to any instrument or document filed as part of, as an exhibit to or in connection with said Registration Statement or amendment; and/or (3) to register or qualify said Securities for sale and to register or license said Trust as a broker or dealer in said Securities under the securities or "Blue Sky" laws of all such states as may be necessary or appropriate to permit therein the offering and sale of said Securities as contemplated by said Registration Statement, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to any application, statement, petition, prospectus, notice or other instrument or document, or to any amendment thereto, or to any exhibit filed as a part thereof or in connection therewith, which is required to be signed by the undersigned and to be filed with the public authority or authorities administering said securities or Blue Sky laws for the purpose of so registering or qualifying said Securities or registering or licensing said Trust, and the undersigned does hereby ratify and confirm as her own act and deed all that said attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents this 4th day of March, 2020.

_<u>/s/ Richard E. Struthers</u>______________________

Richard E. Struthers

------

**LIMITED POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a trustee of MADISON FUNDS, a Delaware statutory trust, does hereby constitute and appoint STEVEN J. FREDRICKS, as the undersigned's true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable: (1) to enable the said Trust to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof ("Securities Act"), in connection with the registration under said Securities Act of the shares of beneficial interest of said Trust ("Securities"), including, specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or to any amendment thereto filed with the SEC in respect of said Securities and to any instrument or document filed as part of, an exhibit to or in connection with said Registration Statement or amendment; (2) to enable said Trust to comply with the Investment Company Act of 1940, as amended, and any rules, regulations and requirements of the SEC in respect thereof ("1940 Act"), in connection with the registration under said 1940 Act of the Trust, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or of any amendment thereto filed with the SEC in respect of said Trust and to any instrument or document filed as part of, as an exhibit to or in connection with said Registration Statement or amendment; and/or (3) to register or qualify said Securities for sale and to register or license said Trust as a broker or dealer in said Securities under the securities or "Blue Sky" laws of all such states as may be necessary or appropriate to permit therein the offering and sale of said Securities as contemplated by said Registration Statement, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to any application, statement, petition, prospectus, notice or other instrument or document, or to any amendment thereto, or to any exhibit filed as a part thereof or in connection therewith, which is required to be signed by the undersigned and to be filed with the public authority or authorities administering said securities or Blue Sky laws for the purpose of so registering or qualifying said Securities or registering or licensing said Trust, and the undersigned does hereby ratify and confirm as her own act and deed all that said attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents this 4th day of March, 2020.

_<u>/s/ Steven P. Riege</u>______________________

Steven P. Riege

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**LIMITED POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, a trustee of MADISON FUNDS, a Delaware statutory trust, does hereby constitute and appoint STEVEN J. FREDRICKS, as the undersigned's true and lawful attorney and agent to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable: (1) to enable the said Trust to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof ("Securities Act"), in connection with the registration under said Securities Act of the shares of beneficial interest of said Trust ("Securities"), including, specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or to any amendment thereto filed with the SEC in respect of said Securities and to any instrument or document filed as part of, an exhibit to or in connection with said Registration Statement or amendment; (2) to enable said Trust to comply with the Investment Company Act of 1940, as amended, and any rules, regulations and requirements of the SEC in respect thereof ("1940 Act"), in connection with the registration under said 1940 Act of the Trust, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to a Registration Statement or of any amendment thereto filed with the SEC in respect of said Trust and to any instrument or document filed as part of, as an exhibit to or in connection with said Registration Statement or amendment; and/or (3) to register or qualify said Securities for sale and to register or license said Trust as a broker or dealer in said Securities under the securities or "Blue Sky" laws of all such states as may be necessary or appropriate to permit therein the offering and sale of said Securities as contemplated by said Registration Statement, including specifically, but without limiting the generality of the foregoing, the power and authority to sign for and on behalf of the undersigned the name of the undersigned as Trustee of said Trust to any application, statement, petition, prospectus, notice or other instrument or document, or to any amendment thereto, or to any exhibit filed as a part thereof or in connection therewith, which is required to be signed by the undersigned and to be filed with the public authority or authorities administering said securities or Blue Sky laws for the purpose of so registering or qualifying said Securities or registering or licensing said Trust, and the undersigned does hereby ratify and confirm as her own act and deed all that said attorney and agent shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has subscribed these presents this 9th day of February, 2023.

_<u>/s/ Paul Lefurgey</u>______________________

Paul Lefurgey

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 333-29511 on Form N-1A of our report dated December 22, 2022, relating to the financial statements and financial highlights of the Madison Conservative Allocation Fund, Madison Moderate Allocation Fund, Madison Aggressive Allocation Fund, Madison Tax-Free Virginia Fund, Madison Tax-Free National Fund, Madison High Quality Bond Fund, Madison Core Bond Fund, Madison Diversified Income Fund, Madison Covered Call & Equity Income Fund, Madison Dividend Income Fund, Madison Investors Fund, Madison Sustainable Equity Fund, Madison Mid Cap Fund, Madison Small Cap Fund and Madison International Stock Fund, each a series of Madison Funds, appearing in the Annual Report on Form N-CSR of Madison Funds for the year ended October 31, 2022, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Chicago, Illinois

February 23, 2023

<br>