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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08261
Madison Funds
(Exact name of registrant as specified in charter)
550 Science Drive, Madison, WI 53711
(Address of principal executive offices)(Zip code)
Steve J. Fredricks
Chief Legal Officer & Chief Compliance Officer
550 Science Drive
Madison, WI 53711
(Name and address of agent for service)
Registrant’s telephone number, including area code: 608-274-0300
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders
Semi-annual Report
(unaudited)
April 30, 2021
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 Mid Cap Fund |
Madison Small Cap Fund |
Madison International Stock Fund |
MADISON FUNDS | April 30, 2021
Table of Contents |
Although each fund’s name begins with the word “Madison,” the word “Madison” may be omitted in this report for simplicity when referring to any particular fund, group of funds or list of funds.
Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.
For more complete information about Madison Funds, including charges and expenses, request a prospectus from your financial advisor or from Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the funds.
For more current performance information, please call 1-800-877-6089 or visit our website at www.madisonfunds.com. Current performance may be lower or higher than the performance data quoted within. Performance data shown represents past performance, past performance does not guarantee future results.
Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.
1
MADISON FUNDS | April 30, 2021
Supported by unprecedented levels of fiscal stimulus, ongoing global central bank accommodation, quickly recovering corporate profits, and encouraging news on the COVID-19 vaccine front, risk assets continued their steady and impressive ascent since putting in their pandemic-related panic lows during March of 2020. For the six-months ended April 30, 2021, U.S. equities represented by the Russell 3000® Index, rose 31.1% while foreign equities represented by the MSCI ACWI-ex U.S. Index, climbed 27.4%. U.S. bonds as represented by the Barclays U.S. Aggregate Bond Index, returned -1.5% as interest rates rose over the period. The largest U.S. companies as represented by the S&P 500® Index increased 28.9%.
The biggest market driver over the period was the surprisingly positive news about three different COVID-19 vaccines, all testing at an efficacy rate which surpassed expectations. The prospect of immunization, first to front-line health care workers, then to high risk populations, and eventually to the full community kept the forward-looking optimism of the stock market at its optimum. At the same time, the initially contested results of the presidential election seemed to be gravitating to more normality, which fit into the overall mood of the market. One specific announcement, regarding Biden’s nomination of Janet Yellen to head Treasury, seemed to be especially well received by the market as it harkened back to her consistently dovish governance during her tenure as Federal Reserve (Fed) Chair.
In late 2020 to early 2021, one of the leading S&P 500® sectors was Energy, which only composed 2% of the Index. Yet it had been more than 13% of the Index as recently as the end of 2008. It is important to realize that a big move in an index forty years ago, or even a dozen years ago involved different companies, different sector weightings, and continuous material changes to economic environments. When sector returns vary as much as they have lately, the composition of an index, as well as the composition of an actively managed portfolio, can have a major influence on real as well as relative returns.
The Energy sector rally reflected the overall rotation of the market to more economically sensitive components which had lagged the broader market recovery since the steep drop March of 2020. This signaled a market looking down the road to what appears to be better times ahead.
In terms of industry specific variance, over the past few months we have been seeing a shift in market leadership from the most aggressive growth companies, mostly in the technology sector, to more cyclically oriented value stocks, while smaller stocks made up ground after having trailed large-cap stocks through much of the past year’s COVID-19 driven market. This trend generally continued over the first four months of 2021. The strongest sectors were in economically sensitive, cyclical areas including Energy, Financials, and Industrials. The traditionally defensive Health Care and Consumer Staples sectors were weaker. Much of this has been powered by a growing confidence in economic recovery, largely based on encouraging COVID-19 developments, particularly the expanding vaccination effort.
On February 23, Fed Chairman Powell held his semiannual testimony before Congress and reaffirmed the Fed’s commitment to holding rates at their current lows for some time while maintaining its current level of asset purchasing in support of price stabilization and full employment. While this kind of commitment is typically bullish for stocks, it was overwhelmed by concerns that the Fed would be hampered in its normal reactions to any substantial increase in inflation. Over the next few days, the growing confidence in economic expansion and loose money fueled inflationary concerns which in turn put selling pressure on the relatively low-yielding 5-year and 10-year Treasury Bonds. Concerns over the economy over-heating, or perhaps inflation, also appeared to be behind the late-February dip in the stock market. Central banks around the world are of similar mindset to our Fed, and the prospect of $1.9 trillion in U.S. fiscal stimulus is being seconded internationally. Much of the impetus for fiscal stimulus comes from the consensus that the recovery from the financial crisis of 2008 was hampered by an insufficient fiscal response. While the boom in housing pricing is not directly folded into the Consumer Price Index (CPI) measurement, the cascading effect into rental rates could be coming down the road. Oil prices have been rising steadily along with other essential commodities and food prices were up around 4% in 2020.
After more than a decade of subdued inflation, memories of the complications of investing in inflationary times have faded. It is possible that as the economy reopens, we may see some transient bursts of inflation as supply chains normalize but at this point, we do not anticipate a sustained rise in inflation. We also prefer to look at the potential impact of inflation on our holdings company by company. Can the company absorb higher input costs by passing along these increased costs to customers? What will higher borrowing rates mean? The prospect of rising interest rates, for instance, can be a plus for many financials. Over longer periods of inflation, owning stocks has been one of best means of staying ahead of the potential erosion of purchasing power. While recognizing the power investing in stocks can have in fending off inflation it should be noted that not all stocks and sectors react the same in this type of economic environment, supporting the continual oversight of active management.
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MADISON FUNDS | REVIEW OF PERIOD (unaudited) - continued | April 30, 2021
The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds invest primarily in shares of registered investment companies (the “Underlying Funds”). The funds are diversified among a number of asset classes and their allocation among Underlying Funds are based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the funds’ investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:
• | Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the funds’ aim to achieve a favorable overall risk profile for any targeted portfolio return. |
• | Scenario analysis– historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the funds under different economic and market conditions. |
• | Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. In addition, Madison has a flexible mandate which permits the funds, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action. |
MADISON CONSERVATIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Conservative Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 35% equity investments and 65% fixed income investments. Underlying Funds in which the fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the “Affiliated Underlying Funds”). Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Conservative Allocation Fund (Class A at NAV) returned 4.93% for the period, underperforming the Conservative Allocation Fund Custom Index return of 8.76%. The Fund underperformed its peers as measured by the Morningstar U.S. Fund Allocation 30%-50% Equity category, which returned 13.15%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Alternative Funds | 2.2% |
Bond Funds | 62.9% |
Foreign Stock Funds | 10.8% |
Short-Term Investments | 13.7% |
Stock Funds | 20.5% |
Net Other Assets and Liabilities | (10.1)% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Madison Core Bond Fund Class I | 21.3% |
iShares MBS ETF | 12.5% |
Vanguard Short-Term Corporate Bond ETF | 12.5% |
Baird Aggregate Bond Fund Institutional Shares | 8.6% |
iShares 20+ Year Treasury Bond ETF | 8.0% |
Madison Investors Fund Class R6 | 7.9% |
Vanguard FTSE All-World ex-U.S. ETF | 4.5% |
Madison Dividend Income Fund Class I | 3.7% |
Schwab U.S. Dividend Equity ETF | 2.5% |
SPDR S&P Emerging Asia Pacific ETF | 2.4% |
MADISON MODERATE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Moderate Allocation Fund (Class A at NAV) returned 10.17% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned 16.58%. The Fund underperformed its Morningstar peer group as the U.S. Fund Allocation 50%-70% Equity category, which averaged a 20.03% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Alternative Funds | 3.6% |
Bond Funds | 37.6% |
Foreign Stock Funds | 20.1% |
Short-Term Investments | 7.5% |
Stock Funds | 34.1% |
Net Other Assets and Liabilities | (2.9)% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Madison Investors Fund Class R6 | 12.1% |
Madison Core Bond Fund Class I | 11.8% |
Vanguard Short-Term Corporate Bond ETF | 8.0% |
iShares MBS ETF | 7.4% |
Madison Dividend Income Fund Class I | 7.1% |
Vanguard FTSE All-World ex-U.S. ETF | 6.7% |
iShares 20+ Year Treasury Bond ETF | 5.4% |
Baird Aggregate Bond Fund Institutional Shares | 4.9% |
VanEck Vectors Gold Miners ETF | 4.0% |
SPDR S&P Emerging Asia Pacific ETF | 3.8% |
MADISON AGGRESSIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 80% equity investments and 20% fixed income investments. Underlying Funds in which the fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.
PERFORMANCE DISCUSSION
The Madison Aggressive Allocation Fund (Class A at NAV) returned 14.48% for the period, trailing its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 23.14%. The Fund underperformed its Morningstar U.S. Fund Allocation 70%-85% Equity category peer group, which averaged a 24.69% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2021
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Alternative Funds | 4.8% |
Bond Funds | 18.0% |
Foreign Stock Funds | 29.5% |
Short-Term Investments | 15.7% |
Stock Funds | 42.5% |
Net Other Assets and Liabilities | (10.5)% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Madison Investors Fund Class R6 | 14.2% |
Madison Dividend Income Fund Class I | 9.6% |
Vanguard FTSE All-World ex-U.S. ETF | 7.7% |
Madison Core Bond Fund Class I | 6.0% |
Vanguard FTSE All World ex-U.S. Small-Cap ETF | 5.4% |
VanEck Vectors Gold Miners ETF | 5.3% |
SPDR S&P Emerging Asia Pacific ETF | 5.3% |
Vanguard Information Technology ETF | 5.0% |
Invesco Optimum Yield Diversified Commodity Strategy | 4.8% |
Vanguard Short-Term Corporate Bond ETF | 4.4% |
MADISON TAX-FREE VIRGINIA FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free Virginia Fund seeks to achieve its investment objectives by investing at least 80% of its net assets in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years.
PERFORMANCE DISCUSSION
The Madison Tax-Free Virginia Fund (Class Y) had a total return of 0.61% for the period. The ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index returned 2.20%, while the Fund’s Morningstar peer group, the Municipal Single State Intermediate Category returned 1.46%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Airport | 3.4% |
Development | 5.8% |
Education | 9.3% |
Facilities | 7.1% |
General | 16.0% |
General Obligation | 24.6% |
Medical | 5.5% |
Power | 1.6% |
Transportation | 10.2% |
Utilities | 1.6% |
Water | 12.9% |
Net Other Assets and Liabilities | 2.0% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Northern Virginia Transportation Authority, 5.0%, 6/1/30 | 4.3% |
County of Arlington VA, 5.0%, 8/15/30 | 3.6% |
James City County Economic Development Authority, 5.0%, 6/15/30 | 3.1% |
Metropolitan Washington Airports Authority Revenue, 5.0%, 10/1/43 | 2.9% |
County of Henrico VA Water & Sewer Revenue, 4.0%, 5/1/32 | 2.9% |
City of Norfolk VA, 5.0%, 8/1/47 | 2.9% |
Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42 | 2.8% |
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25 | 2.8% |
Commonwealth of Virginia, 5.0%, 6/1/23 | 2.7% |
Virginia College Building Authority, 5.0%, 2/1/23 | 2.6% |
MADISON TAX-FREE NATIONAL FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Tax-Free National Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal income taxes. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this fund will invest in bonds that are exempt from federal income tax.
PERFORMANCE DISCUSSION
The Madison Tax-Free National Fund (Class Y) had a total return of 0.95% for the period, underperforming its benchmark ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index which returned 2.20%, while the Fund’s Morningstar peer group, the Municipal National Intermediate, returned 2.78%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Alabama | 2.9% | New Mexico | 1.0% | |
Arkansas | 0.9% | New York | 5.1% | |
California | 0.7% | North Carolina | 3.8% | |
Colorado | 2.2% | Ohio | 2.5% | |
Florida | 6.2% | Oklahoma | 4.1% | |
Georgia | 4.0% | Pennsylvania | 3.1% | |
Hawaii | 2.3% | South Carolina | 1.1% | |
Idaho | 2.4% | Tennessee | 2.4% | |
Illinois | 6.1% | Texas | 9.7% | |
Indiana | 5.4% | Utah | 1.7% | |
Kansas | 3.7% | Virginia | 6.9% | |
Kentucky | 2.3% | Washington | 1.0% | |
Michigan | 1.7% | West Virginia | 2.4% | |
Mississippi | 2.6% | Wisconsin | 2.0% | |
Missouri | 2.1% | Net Other Assets and Liabilities | 2.0% | |
New Jersey | 5.7% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Cook County School District No. 111, General Obligation, 5.0%, 12/1/35 | 3.0% |
City of Austin TX, General Obligation, 5.0%, 9/1/26 | 2.9% |
Hampton Roads Sanitation District, 5.0%, 10/1/36 | 2.8% |
Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26 | 2.6% |
City of Wichita KS, General Obligation, 5.0%, 12/1/24 | 2.6% |
City of Fort Worth TX, General Obligation, 4.0%, 3/1/29 | 2.6% |
Medical Center Educational Building Corp., 5.0%, 6/1/30 | 2.6% |
North Carolina Medical Care Commission, 5.0%, 6/1/40 | 2.5% |
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24 | 2.5% |
Orlando Utilities Commission, 5.0%, 10/1/22 | 2.5% |
MADISON HIGH QUALITY BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison High Quality Bond Fund seeks to achieve its investment objective through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the fund’s goals, the fund’s management will (1) shorten or lengthen the dollar weighted average maturity of the fund based on its anticipation of the movement of interest rates (the dollar weighted average maturity is expected to be ten years or less), and (2) monitor the yields of the
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2021
various bonds that satisfy the fund’s investment guidelines to determine the best combination of yield, credit risk and diversification for the fund. Under normal market conditions, the fund will invest at least 80% of its net assets in higher quality bond issues and, therefore, intends to maintain an overall portfolio quality rating of A by Standard & Poor’s and/or A2 by Moody’s.
PERFORMANCE DISCUSSION
The Madison High Quality Bond Fund (Class Y) returned -0.88% for the period, outperforming the Fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government Credit A+ Bond Index, which returned -1.01%. The Morningstar Short-Term Bond peer group returned 1.17% for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Communication Services | 2.2% |
Consumer Discretionary | 6.6% |
Consumer Staples | 4.9% |
Fannie Mae | 10.4% |
Financials | 18.5% |
Freddie Mac | 6.9% |
Health Care | 1.0% |
Industrials | 1.2% |
Information Technology | 4.1% |
Short-Term Investments | 0.1% |
U.S. Treasury Notes | 42.6% |
Utilities | 0.3% |
Net Other Assets and Liabilities | 1.2% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Fannie Mae, 1.875%, 4/5/22 | 3.3% |
U.S. Treasury Notes, 2.375%, 8/15/24 | 3.1% |
U.S. Treasury Notes, 2.125%, 5/15/25 | 3.1% |
U.S. Treasury Notes, 2.500%, 8/15/23 | 3.0% |
U.S. Treasury Notes, 2.125%, 2/29/24 | 3.0% |
U.S. Treasury Notes, 1.625%, 5/31/23 | 3.0% |
Freddie Mac, 0.375%, 4/20/23 | 2.9% |
U.S. Treasury Notes, 2.750%, 11/15/23 | 2.7% |
U.S. Treasury Notes, 2.250%, 11/15/24 | 2.7% |
Fannie Mae, 2.125%, 4/24/26 | 2.7% |
INVESTMENT STRATEGY HIGHLIGHTS
Under normal market conditions, the Madison Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The fund strives to add incremental return in the portfolio by making strategic decisions related to credit risk, sector exposure and yield curve positioning. The fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.
PERFORMANCE DISCUSSION
The Madison Core Bond Fund (Class Y) returned -0.24% for the period, outperforming the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index®, which returned -1.52%. The Fund outpaced its Morningstar Intermediate-Term Core Bond peer group which fell -0.87% for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Asset Backed Securities | 8.2% |
Collateralized Mortgage Obligations | 6.6% |
Commercial Mortgage-Backed Securities | 3.4% |
Corporate Notes and Bonds | 39.3% |
Foreign Corporate Bonds | 0.2% |
Mortgage Backed Securities | 13.8% |
Short-Term Investments | 5.5% |
U.S. Government and Agency Obligations | 23.6% |
Net Other Assets and Liabilities | (0.6)% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
U.S. Treasury Notes, 1.500%, 8/15/26 | 3.3% |
U.S. Treasury Notes, 0.375%, 1/31/26 | 3.3% |
U.S. Treasury Notes, 2.250%, 11/15/25 | 3.3% |
U.S. Treasury Notes, 2.375%, 5/15/27 | 2.7% |
U.S. Treasury Notes, 2.750%, 2/15/24 | 1.7% |
U.S. Treasury Bonds, 6.625%, 2/15/27 | 1.6% |
U.S. Treasury Bonds, 4.500%, 5/15/38 | 1.3% |
U.S. Treasury Bonds, 5.375%, 2/15/31 | 1.0% |
U.S. Treasury Bonds, 3.0%, 5/15/45 | 0.9% |
U.S. Treasury Notes, 2.875%, 5/15/28 | 0.9% |
MADISON DIVERSIFIED INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds may constitute up to 80% of the fund’s assets, stocks will constitute up to 70% of the fund’s assets, real estate securities will constitute up to 25% of the fund’s assets, foreign stocks and bonds will constitute up to 25% of the fund’s assets and money market instruments may constitute up to 25% of the fund’s assets. Although the fund is permitted in invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the fund intends to limit the investment in lower credit quality bonds to less than 50% of the fund’s assets.
PERFORMANCE DISCUSSION
The Madison Diversified Income Fund (Class A at NAV) returned 16.26% for the period, outperforming its blended index (50% ICE Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500®) which returned 12.75%. The Fund’s comparative Morningstar peer group, the U.S. Funds Allocation 50%-70% Equity category, averaged a 20.03% return for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Asset Backed Securities | 1.4% |
Collateralized Mortgage Obligations | 1.5% |
Commercial Mortgage-Backed Securities | 1.1% |
Common Stocks | 68.1% |
Corporate Notes and Bonds | 11.8% |
Long Term Municipal Bonds | 0.7% |
Mortgage Backed Securities | 4.5% |
Short-Term Investments | 2.4% |
U.S. Government and Agency Obligations | 7.2% |
Net Other Assets and Liabilities | 1.3% |
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Madison Funds | Review of Period (unaudited) - continued | April 30, 2021
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Home Depot Inc./The | 3.0% |
Nucor Corp. | 2.9% |
Comcast Corp. | 2.8% |
BlackRock Inc. | 2.7% |
Johnson & Johnson | 2.5% |
Cisco Systems Inc. | 2.4% |
Northern Trust Corp. | 2.3% |
Travelers Cos. Inc./The | 2.3% |
Verizon Communications Inc. | 2.3% |
Emerson Electric Co. | 2.2% |
MADISON COVERED CALL & EQUITY INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Covered Call & Equity Income Fund invests, under normal market conditions, primarily in common stocks of large-and mid-capitalization companies that are, in the view of the fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the fund’s assets among stocks in sectors of the economy based upon their views on forward earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.
The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The extent of option writing activity will depend upon market conditions and the portfolio manager’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.
PERFORMANCE DISCUSSION
The Madison Covered Call & Equity Income Fund (Class Y) returned 26.91% for the period, outperforming its covered call benchmark, the CBOE S&P 500 Buy/Write® Index (BXM), which returned 18.97%. The Fund outperformed the Morningstar Derivative Income category’s return of 19.16%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/21 | |
Communication Services | 8.9% |
Consumer Discretionary | 2.2% |
Consumer Staples | 4.5% |
Energy | 11.1% |
Exchange Traded Funds | 2.3% |
Financials | 1.6% |
Health Care | 8.5% |
Industrials | 2.6% |
Information Technology | 12.5% |
Materials | 6.9% |
Money Market Funds | 36.2% |
Utilities | 2.7% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
CVS Health Corp. | 4.2% |
T-Mobile U.S. Inc. | 3.3% |
PayPal Holdings Inc. | 3.3% |
Visa Inc. | 3.2% |
Barrick Gold Corp. | 3.2% |
Comcast Corp. | 2.9% |
Microsoft Corp. | 2.9% |
JM Smucker Co./The | 2.8% |
Lumen Technologies Inc. | 2.8% |
Honeywell International Inc. | 2.6% |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Dividend Income Fund invests in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the fund’s net assets will be invested in dividend paying equity securities. The fund typically owns 30-60 securities which generally have a dividend yield of at least the S&P 500’s average yield, a strong balance sheet, a dividend that has been maintained and likely to increase and trades at a high relative dividend yield due to issues viewed by the adviser as temporary, among other characteristics.
PERFORMANCE DISCUSSION
The Madison Dividend Income Fund (Class Y) returned 24.54% for the period, underperforming its benchmark indices, the S&P 500® Index, which returned 28.85% and the Lipper Equity Income Funds Index®, which returned 29.49%. This performance trailed its peer group, as the Morningstar Large Value category returned 35.85%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Communication Services | 7.3% |
Consumer Discretionary | 9.1% |
Consumer Staples | 10.0% |
Energy | 1.2% |
Financials | 18.9% |
Health Care | 14.2% |
Industrials | 14.9% |
Information Technology | 13.7% |
Materials | 5.9% |
Real Estate | 1.4% |
Short-Term Investments | 0.9% |
Utilities | 2.1% |
Net Other Assets and Liabilities | 0.4% |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | |
Home Depot Inc./The | 4.3 |
Nucor Corp. | 4.2 |
Comcast Corp. | 4.0 |
BlackRock Inc. | 3.9 |
Johnson & Johnson | 3.5 |
Cisco Systems Inc. | 3.4 |
Travelers Cos. Inc./The | 3.4 |
Northern Trust Corp. | 3.3 |
Verizon Communications Inc. | 3.3 |
Emerson Electric Co. | 3.2 |
6
Madison Funds | Review of Period (unaudited) - continued | April 30, 2021
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Investors Fund invests primarily in the common stocks of established, high-quality companies selected via bottom-up fundamental analysis. The fund typically owns 25-40 securities which have demonstrated stable revenue and earnings growth patterns, have high profitability metrics, and have maintained proportionately low levels of debt. A rigorous analytical process is followed when evaluating companies. The business model, the management team and the valuation of each potential investment are considered. Management strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows. Management corroborates this valuation work with additional valuation methodologies. The fund typically sells a stock when the valuation target the portfolio managers have set for the stock has been exceeded, the fundamental business prospects for the company have materially changed, or the portfolio managers find a more attractive alternative.
PERFORMANCE DISCUSSION
The Madison Investors Fund (Class Y) returned 25.21% for the period, underperforming its benchmark, the S&P 500® Index, which returned 28.85%. This performance trailed its peer group, as the Morningstar Large Blend category returned 28.97%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Communication Services | 12.7 | % | ||
Consumer Discretionary | 12.0 | % | ||
Financials | 22.7 | % | ||
Health Care | 12.9 | % | ||
Industrials | 9.5 | % | ||
Information Technology | 19.1 | % | ||
Materials | 6.2 | % | ||
Real Estate | 2.4 | % | ||
Short-Term Investments | 2.5 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Alphabet Inc. | 5.2 | % | ||
Lowe’s Cos. Inc. | 4.9 | % | ||
Liberty Broadband Corp. | 4.7 | % | ||
US Bancorp | 4.5 | % | ||
Becton Dickinson and Co. | 4.4 | % | ||
Berkshire Hathaway Inc. | 4.2 | % | ||
Progressive Corp./The | 4.2 | % | ||
Fiserv Inc. | 4.1 | % | ||
Jacobs Engineering Group Inc. | 4.0 | % | ||
Dollar Tree Inc. | 3.7 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such midcap securities. The fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The fund’s portfolio managers believe in selecting stocks for the fund that show steady, sustainable growth and reasonable valuation. The fund generally holds 25-40 individual securities in its portfolio at any given time. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.
PERFORMANCE DISCUSSION
The Madison Mid Cap Fund (Class Y) returned 29.01% for the period, underperforming its benchmark Russell Midcap® Index’s 35.42% return. The Fund also trailed its peer group, the Morningstar Mid-Cap Blend category, which returned 38.93%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Communication Services | 6.1 | % | ||
Consumer Discretionary | 12.3 | % | ||
Consumer Staples | 1.1 | % | ||
Financials | 29.7 | % | ||
Health Care | 4.2 | % | ||
Industrials | 21.5 | % | ||
Information Technology | 17.6 | % | ||
Materials | 0.7 | % | ||
Real Estate | 0.2 | % | ||
Short-Term Investments | 6.4 | % | ||
Net Other Assets and Liabilities | 0.2 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Liberty Broadband Corp. | 6.1 | % | ||
Gartner Inc. | 5.0 | % | ||
Dollar Tree Inc. | 4.8 | % | ||
Arch Capital Group Ltd. | 4.7 | % | ||
Markel Corp. | 4.5 | % | ||
Carlisle Cos. Inc. | 4.2 | % | ||
CarMax Inc. | 4.2 | % | ||
Laboratory Corp. of America Holdings | 4.2 | % | ||
Brown & Brown Inc. | 3.9 | % | ||
Progressive Corp./The | 3.9 | % |
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small-cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in small-cap securities.
Madison focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be monitored by Madison. Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.
PERFORMANCE DISCUSSION
The Madison Small Cap Fund (Class Y) returned 47.43% for the period, underperforming the Russell 2000® Index’s return of 48.06% and outperforming the Russell 2500TM Index’s return of 44.37%. The Fund also lagged its peer group average, as the Morningstar Small Blend category return of 48.61%. For more up-to-
7
Madison Funds | Review of Period (unaudited) - continued | April 30, 2021
date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Communication Services | 3.3 | % | ||
Consumer Discretionary | 7.4 | % | ||
Consumer Staples | 10.8 | % | ||
Financials | 12.0 | % | ||
Health Care | 15.2 | % | ||
Industrials | 23.6 | % | ||
Information Technology | 16.0 | % | ||
Materials | 7.9 | % | ||
Short-Term Investments | 2.7 | % | ||
Net Other Assets and Liabilities | 1.1 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
CommVault Systems Inc. | 3.7 | % | ||
Hain Celestial Group Inc./The | 3.5 | % | ||
Globus Medical Inc. | 2.6 | % | ||
WillScot Mobile Mini Holdings Corp. | 2.5 | % | ||
Covetrus Inc. | 2.3 | % | ||
MGIC Investment Corp. | 2.3 | % | ||
Western Alliance Bancorp | 2.3 | % | ||
Edgewell Personal Care Co. | 2.2 | % | ||
PacWest Bancorp | 2.2 | % | ||
Owens & Minor Inc. | 2.2 | % |
MADISON INTERNATIONAL STOCK FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the fund’s assets are invested in relatively large capitalization stocks of companies located or operating in developed countries. The fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. Madison typically maintain this segment of the fund’s portfolio in such stocks which they believe have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The fund may also invest in foreign debt and other income bearing securities at times when the portfolio managers believe that income bearing securities have greater capital appreciation potential than equity securities. The fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 50-70 individual securities in its portfolio at any given time.
PERFORMANCE DISCUSSION
The Madison International Stock Fund (Class A at NAV) returned 19.42% for the period, lagging its benchmark indices, the MSCI ACWI ex-USA Index (net) 27.40% return and the EAFE Index (net) 28.84% return. The Fund trailed its peer group, with the Morningstar Foreign Large Blend Category averaging a 27.60% return. Performance and management of the Fund prior to March 1, 2021 reflects that of a previous subadviser of the Fund. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Japan | 12.9 | % | ||
United Kingdom | 9.6 | % | ||
China | 9.2 | % | ||
Germany | 8.4 | % | ||
France | 6.9 | % | ||
Netherlands | 6.6 | % | ||
Switzerland | 6.1 | % | ||
India | 5.8 | % | ||
Canada | 5.5 | % | ||
Australia | 4.6 | % | ||
Mexico | 4.1 | % | ||
Brazil | 2.6 | % | ||
Ireland | 2.5 | % | ||
Sweden | 2.5 | % | ||
Denmark | 2.1 | % | ||
United States | 2.1 | % | ||
Taiwan | 1.8 | % | ||
Hong Kong | 1.6 | % | ||
Singapore | 1.3 | % | ||
Spain | 1.2 | % | ||
Israel | 1.1 | % | ||
South Korea | 1.1 | % | ||
Other Net Assets | 0.4 | % |
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Communication Services | 2.9 | % | ||
Consumer Discretionary | 12.1 | % | ||
Consumer Staples | 11.4 | % | ||
Energy | 3.2 | % | ||
Financials | 20.0 | % | ||
Health Care | 8.8 | % | ||
Industrials | 12.1 | % | ||
Information Technology | 19.9 | % | ||
Investment Companies | 0.7 | % | ||
Materials | 7.1 | % | ||
Short-Term Investments | 1.4 | % | ||
Net Other Assets and Liabilities | 0.4 | % |
TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/21 | ||||
Tencent Holdings Ltd. | 3.1 | % | ||
Prudential PLC | 3.0 | % | ||
ASML Holding N.V. | 2.7 | % | ||
Alibaba Group Holding Ltd. | 2.6 | % | ||
AstraZeneca PLC | 2.5 | % | ||
Larsen & Toubro Ltd. | 2.5 | % | ||
Telefonaktiebolaget LM Ericsson | 2.5 | % | ||
Manulife Financial Corp. | 2.4 | % | ||
Ping An Insurance Group Co. of China Ltd. | 2.3 | % | ||
Grupo Mexico S.A.B. de C.V. | 2.2 | % |
8
Madison Funds | Review of Period (unaudited) - concluded | April 30, 2021
BENCHMARK DESCRIPTIONS
Allocation Fund Indexes*
The Conservative Allocation Fund Custom Index consists of 65% Bloomberg Barclays US Aggregate Bond Index, 24.5% Russell 3000® Index and 10.5% MSCI ACWI ex-US Index. See market index descriptions below.
The Moderate Allocation Fund Custom Index consists of 42% Russell 3000® Index, 40% Bloomberg Barclays US Aggregate Bond Index and 18% MSCI ACWI ex-US Index. See market index descriptions below.
The Aggressive Allocation Fund Custom Index consists of 56% Russell 3000® Index, 24% MSCI ACWI ex-US Index and 20% Bloomberg Barclays US Aggregate Bond Index. See market index descriptions below.
Hybrid Fund Indexes*
The Custom Blended Index consists of 50% S&P 500® Index and 50% ICE Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index. See market index descriptions below.
Market Indexes
The CBOE S&P 500 BuyWrite® IndexSM (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy (i.e. holding a long position in and selling covered call options on that position) on the S&P 500® Index.
The ICE Bank of America Merrill Lynch 1-22 Year U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, their political subdivisions, in the U.S. domestic market, with a remaining term to final maturity less than 22 years.
The ICE Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed-securities, asset-backed securities and corporate securities, with maturities greater than one year.
The Bloomberg Barclays U.S. Intermediate Government Credit A+ Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with quality ratings of A3/A-or better and maturities between one and 10 years.
The Lipper Equity Income Funds Index tracks the performance of funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio weight in dividend-paying equity securities. The Index is composed of the 30 largest funds by asset size in the Lipper investment objective category.
THE MSCI ACWI ex-U.S. Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The Index includes both developed and emerging markets.
The MSCI EAFE (Europe, Australasia & Far East) Index is a free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.
The Russell 1000® Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000® Index.
The Russell 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the U.S. equity universe.
The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.
The Russell Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.
The S&P 500® Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.
*The Custom Indexes are calculated using a monthly re-balancing frequency (i.e., rebalanced back to original constituent weight every calendar month-end).
© 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.
9
Madison Funds | April 30, 2021
Madison Conservative Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 96.4% | ||||||||
Alternative Funds - 2.2% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy | 80,630 | $ | 1,502,137 | |||||
Bond Funds - 62.9% | ||||||||
Baird Aggregate Bond Fund Institutional Shares | 521,388 | 5,943,820 | ||||||
iShares 20+ Year Treasury Bond ETF (A) | 39,663 | 5,498,878 | ||||||
iShares MBS ETF | 79,435 | 8,647,294 | ||||||
Madison Core Bond Fund Class I (B) | 1,420,238 | 14,685,256 | ||||||
Vanguard Short-Term Corporate Bond ETF | 104,196 | 8,620,136 | ||||||
43,395,384 | ||||||||
Foreign Stock Funds - 10.8% | ||||||||
iShares MSCI China ETF (A) | 4,230 | 346,775 | ||||||
iShares MSCI Emerging Markets Asia ETF | 6,381 | 581,883 | ||||||
iShares MSCI United Kingdom ETF (A) | 21,892 | 712,147 | ||||||
JPMorgan BetaBuilders Japan ETF | 6,127 | 343,112 | ||||||
SPDR S&P Emerging Asia Pacific ETF | 12,213 | 1,623,352 | ||||||
Vanguard FTSE All World ex-U.S. Small-Cap ETF | 5,603 | 749,961 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 49,694 | 3,092,955 | ||||||
7,450,185 | ||||||||
Stock Funds – 20.5% | ||||||||
Madison Dividend Income Fund Class I (B) | 79,690 | 2,575,596 | ||||||
Madison Investors Fund Class R6 (B) | 199,720 | 5,476,329 | ||||||
Schwab U.S. Dividend Equity ETF (A) | 23,015 | 1,715,308 | ||||||
VanEck Vectors Gold Miners ETF | 46,397 | 1,594,201 | ||||||
Vanguard Information Technology ETF | 3,766 | 1,419,556 | ||||||
Vanguard S&P Mid-Cap 400 Growth ETF | 6,642 | 1,343,411 | ||||||
14,124,401 | ||||||||
Total Investment Companies | ||||||||
(Cost $61,865,721) | 66,472,107 | |||||||
SHORT-TERM INVESTMENTS - 13.7% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.03%, Premier Class (C) | 2,472,277 | 2,472,277 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (C) (D) | 6,989,383 | 6,989,383 | ||||||
Total Short-Term Investments | ||||||||
(Cost $9,461,660) | 9,461,660 |
TOTAL INVESTMENTS - 110.1% (Cost $71,327,381**) | 75,933,767 | |||
NET OTHER ASSETS AND LIABILITIES - (10.1%) | (6,984,762 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 68,949,005 |
** | Aggregate cost for Federal tax purposes was $71,427,429. |
(A) | All or a portion of these securities, with an aggregate fair value of $7,329,452, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
(B) | Affiliated Company (see Note 14). |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
ETF | Exchange Traded Fund. |
Madison Moderate Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 95.4% | ||||||||
Alternative Funds - 3.6% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy | 267,591 | $ | 4,985,220 | |||||
Bond Funds - 37.6% | ||||||||
Baird Aggregate Bond Fund Institutional | ||||||||
Shares | 588,612 | 6,710,181 | ||||||
iShares 20+ Year Treasury Bond ETF (A) | 53,195 | 7,374,955 | ||||||
iShares MBS ETF | 93,457 | 10,173,729 | ||||||
Madison Core Bond Fund Class I (B) | 1,556,562 | 16,094,850 | ||||||
Vanguard Short-Term Corporate Bond ETF | 132,182 | 10,935,417 | ||||||
51,289,132 | ||||||||
Foreign Stock Funds - 20.1% | ||||||||
iShares MSCI China ETF (A) | 16,668 | 1,366,443 | ||||||
iShares MSCI Emerging Markets Asia ETF | 37,413 | 3,411,691 | ||||||
iShares MSCI United Kingdom ETF (A) | 74,928 | 2,437,408 | ||||||
JPMorgan BetaBuilders Japan ETF | 30,437 | 1,704,472 | ||||||
SPDR S&P Emerging Asia Pacific ETF | 38,907 | 5,171,518 | ||||||
Vanguard FTSE All World ex-U.S. Small-Cap ETF | 30,609 | 4,097,015 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 148,079 | 9,216,437 | ||||||
27,404,984 | ||||||||
Stock Funds - 34.1% | ||||||||
iShares Core S&P Mid-Cap ETF | 5,128 | 1,393,585 | ||||||
Madison Dividend Income Fund Class I (B) | 298,968 | 9,662,650 | ||||||
Madison Investors Fund Class R6 (B) | 601,199 | 16,484,874 | ||||||
Schwab U.S. Dividend Equity ETF | 63,288 | 4,716,855 | ||||||
VanEck Vectors Gold Miners ETF | 157,776 | 5,421,184 | ||||||
Vanguard Information Technology ETF | 13,240 | 4,990,686 | ||||||
Vanguard S&P Mid-Cap 400 Growth ETF | 19,441 | 3,932,137 | ||||||
46,601,971 | ||||||||
Total Investment Companies | ||||||||
(Cost $113,479,939) | 130,281,307 | |||||||
SHORT-TERM INVESTMENTS - 7.5% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund, 0.03%, Premier Class (C) | 6,405,915 | 6,405,915 | ||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, 0.02% (C) (D) | 3,892,753 | 3,892,753 | ||||||
Total Short-Term Investments | ||||||||
(Cost $10,298,668) | 10,298,668 |
TOTAL INVESTMENTS - 102.9% (Cost | ||||
$123,778,607**) | 140,579,975 | |||
NET OTHER ASSETS AND LIABILITIES - (2.9%) | (4,004,434 | ) | ||
TOTAL NET ASSETS - 100.0% | $ | 136,575,541 |
** | Aggregate cost for Federal tax purposes was $123,856,898. | |
(A) | All or a portion of these securities, with an aggregate fair value of $10,968,372, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. | |
(B) | Affiliated Company (see Note 14). | |
(C) | 7-day yield. | |
(D) | Represents investments of cash collateral received in connection with securities lending. | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
10
Madison Funds | April 30, 2021
Madison Aggressive Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
INVESTMENT COMPANIES - 94.8% | ||||||||
Alternative Funds - 4.8% | ||||||||
Invesco Optimum Yield Diversified | ||||||||
Commodity Strategy (A) | 176,643 | $ | 3,290,859 | |||||
Bond Funds - 18.0% | ||||||||
Baird Aggregate Bond Fund Institutional Shares | 14,777 | 168,460 | ||||||
iShares 20+ Year Treasury Bond ETF (A) | 17,801 | 2,467,931 | ||||||
iShares MBS ETF | 23,315 | 2,538,071 | ||||||
Madison Core Bond Fund Class I (B) | 396,829 | 4,103,207 | ||||||
Vanguard Short-Term Corporate Bond ETF | 36,817 | 3,045,870 | ||||||
12,323,539 | ||||||||
Foreign Stock Funds - 29.5% | ||||||||
iShares MSCI China ETF (A) | 16,690 | 1,368,246 | ||||||
iShares MSCI Emerging Markets Asia ETF | 29,970 | 2,732,964 | ||||||
iShares MSCI United Kingdom ETF (A) | 64,276 | 2,090,898 | ||||||
JPMorgan BetaBuilders Japan ETF | 24,496 | 1,371,776 | ||||||
SPDR S&P Emerging Asia Pacific ETF (A) | 27,271 | 3,624,862 | ||||||
Vanguard FTSE All World ex-U.S. Small-Cap ETF | 27,746 | 3,713,802 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 85,173 | 5,301,168 | ||||||
20,203,716 | ||||||||
Stock Funds - 42.5% | ||||||||
iShares Core S&P Mid-Cap ETF | 3,848 | 1,045,732 | ||||||
Madison Dividend Income Fund Class I (B) | 203,928 | 6,590,963 | ||||||
Madison Investors Fund Class R6 (B) | 355,439 | 9,746,135 | ||||||
Schwab U.S. Dividend Equity ETF (A) | 31,994 | 2,384,513 | ||||||
VanEck Vectors Gold Miners ETF | 106,216 | 3,649,582 | ||||||
Vanguard Information Technology ETF | 9,014 | 3,397,737 | ||||||
Vanguard S&P Mid-Cap 400 Growth ETF | 11,706 | 2,367,656 | ||||||
29,182,318 | ||||||||
Total Investment Companies | ||||||||
(Cost $54,142,668 | 65,000,432 | |||||||
SHORT-TERM INVESTMENTS - 15.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C) | 3,682,320 | 3,682,320 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (C) (D) | 7,103,986 | 7,103,986 | ||||||
Total Short-Term Investments | ||||||||
(Cost $10,786,306) | 10,786,306 | |||||||
TOTAL INVESTMENTS - 110.5% (Cost $64,928,974**) | 75,786,738 | |||||||
NET OTHER ASSETS AND LIABILITIES - (10.5%) | (7,181,371 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 68,605,367 |
** | Aggregate cost for Federal tax purposes was $64,936,675. | |
(A) | All or a portion of these securities, with an aggregate fair value of $7,543,228, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. | |
(B) | Affiliated Company (see Note 14). | |
(C) | 7-day yield. | |
(D) | Represents investments of cash collateral received in connection with securities lending. | |
ETF | Exchange Traded Fund. |
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2,3) | |||||||
MUNICIPAL BONDS - 98.0% | ||||||||
Airport - 3.4% | ||||||||
Metropolitan Washington Airports | ||||||||
Authority Revenue, Series B, 5%, 10/1/21 | $ | 100,000 | $ | 101,987 | ||||
Metropolitan Washington Airports | ||||||||
Authority Revenue, Series A, AMT, 5%, 10/1/43 | 500,000 | 609,738 | ||||||
711,725 | ||||||||
Development - 5.8% | ||||||||
Fairfax County Economic Development Authority, Series A, 5%, 10/1/26 | 150,000 | 174,001 | ||||||
Loudoun County Economic Development Authority, 5%, 12/1/25 | 125,000 | 150,749 | ||||||
Manassas Park Economic Development Authority Revenue, 3%, 12/15/44 | 345,000 | 366,098 | ||||||
Norfolk Economic Development Authority, (Prerefunded 11/1/22 @ $100), 5%, 11/1/29 | 480,000 | 514,599 | ||||||
1,205,447 | ||||||||
Education - 9.3% | ||||||||
Campbell County Industrial Development Authority, 3%, 6/1/48 | 415,000 | 443,601 | ||||||
Henrico County Economic Development Authority, 4%, 4/15/42 | 220,000 | 228,014 | ||||||
Virginia College Building Authority, Series E, 5%, 2/1/23 | 500,000 | 542,439 | ||||||
Virginia Commonwealth University, Series A, 5%, 5/1/26 | 385,000 | 418,758 | ||||||
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | 250,000 | 294,108 | ||||||
1,926,920 | ||||||||
Facilities - 7.1% | ||||||||
Henry County Virginia Industrial | ||||||||
Development Authority, 4.125%, 11/1/50 | 250,000 | 279,854 | ||||||
New River Valley Regional Jail Authority, 5%, 10/1/25 | 100,000 | 118,884 | ||||||
Prince Edward County Industrial | ||||||||
Development Authority, 5%, 9/1/32 | 405,000 | 492,893 | ||||||
Stafford County & Staunton Industrial Development Authority, Series B, (NATL-RE), 4.5%, 8/1/25 | 20,000 | 20,025 | ||||||
Western Regional Jail Authority, | ||||||||
(Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29 | 245,000 | 273,699 | ||||||
Western Regional Jail Authority, 3.125%, 12/1/29 | 255,000 | 277,985 | ||||||
1,463,340 | ||||||||
General - 16.0% | ||||||||
Chesterfield County Economic | ||||||||
Development Authority Revenue, Series B, 3%, 4/1/38 | 285,000 | 313,555 | ||||||
James City County Economic Development Authority, 5%, 6/15/30 | 500,000 | 640,286 | ||||||
Northern Virginia Transportation Authority, 5%, 6/1/30 | 780,000 | 887,521 | ||||||
Virginia Beach Development Authority, 5%, 9/1/28 | 100,000 | 117,199 | ||||||
Virginia Beach Development Authority, 5%, 9/1/29 | 125,000 | 145,729 | ||||||
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | 250,000 | 268,082 | ||||||
Virginia Public Building Authority, Series B, 5%, 8/1/25 | 235,000 | 280,538 | ||||||
Virginia Resources Authority, Series C, 5%, 11/1/30 | 250,000 | 317,338 | ||||||
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34 | 125,000 | 145,258 | ||||||
Wise County Industrial Development Authority Revenue, 5%, 11/1/21 | 100,000 | 102,317 | ||||||
Wise County Industrial Development Authority Revenue, 5%, 11/1/22 | 100,000 | 106,959 | ||||||
3,324,782 | ||||||||
General Obligation - 24.6% | ||||||||
City of Alexandria VA, Series A (ST AID WITHHLDG), 5%, 7/15/27 | 150,000 | 185,294 | ||||||
City of Alexandria VA, Series A, (ST AID WITHHLDG), 5%, 7/15/28 | 100,000 | 126,654 | ||||||
City of Danville VA, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | 190,000 | 210,266 | ||||||
City of Norfolk VA, (Prerefunded 8/1/28 @ $100), (ST AID WTHHLDG), 5%, 8/1/47 | 455,000 | 591,420 | ||||||
City of Poquoson VA, (ST AID WITHHLDG), 4%, 2/15/29 | 425,000 | 513,502 | ||||||
City of Portsmouth VA, Series A, (ST AID WITHHLDG), 5%, 2/1/31 | 75,000 | 81,068 | ||||||
City of Richmond VA, Series A, (ST AID WITHHLDG), 3%, 7/15/34 | 435,000 | 491,760 | ||||||
City of Virginia Beach VA, Series A, 4%, 8/1/22 | 300,000 | 314,437 | ||||||
Commonwealth of Virginia, Series A, 5%, 6/1/23 | 500,000 | 550,737 | ||||||
County of Arlington VA, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27 | 175,000 | 202,203 | ||||||
County of Arlington VA, Series A, (Prerefunded 8/15/26 @ $100), 5%, 8/15/30 | 600,000 | 741,237 | ||||||
County of Fairfax VA, Series B, (ST AID WITHHLDG), 4%, 10/1/22 | 250,000 | 263,754 | ||||||
County of Fairfax VA, Series A, (ST AID WITHHLDG), 5%, 10/1/26 | 410,000 | 509,694 | ||||||
County of Spotsylvania VA, (ST AID WITHHLDG), 5%, 1/15/24 | 200,000 | 225,901 | ||||||
Town of Leesburg VA, (ST AID WITHHLDG), 5%, 1/15/25 | 90,000 | 105,522 | ||||||
5,113,449 | ||||||||
Medical - 5.5% | ||||||||
Norfolk Economic Development Authority, Series B, 5%, 11/1/36 | 480,000 | 512,001 | ||||||
Prince William County Industrial Development Authority, Series B, 4%, 11/1/22 | 300,000 | 316,971 | ||||||
Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | 260,000 | 305,892 | ||||||
1,134,864 |
See accompanying Notes to Financial Statements.
11
Madison Funds | April 30, 2021
Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2,3) | |||||||
MUNICIPAL BONDS - continued | ||||||||
Power - 1.6% | ||||||||
Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | $ | 290,000 | $ | 325,627 | ||||
Transportation - 10.2% | ||||||||
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | 470,000 | 576,080 | ||||||
Hampton Roads Transportation Accountability Commission Revenue, Series A, 5%, 7/1/37 | 170,000 | 222,653 | ||||||
Richmond Metropolitan Authority, (NATL-RE), 5.25%, 7/15/22 | 55,000 | 56,707 | ||||||
Virginia Commonwealth Transportation Board, 5%, 5/15/22 | 100,000 | 105,046 | ||||||
Virginia Commonwealth Transportation Board, Series A, (Prerefunded 3/15/22 @ $100), 5%, 9/15/24 | 225,000 | 234,538 | ||||||
Virginia Commonwealth Transportation Board, Series B, (Prerefunded 9/15/22 @ $100), 5%, 3/15/25 | 535,000 | 570,644 | ||||||
Virginia Commonwealth Transportation Board, 5%, 9/15/27 | 200,000 | 254,217 | ||||||
Virginia Port Authority Revenue, Series B, AMT, 5%, 7/1/21 | 100,000 | 100,745 | ||||||
2,120,630 | ||||||||
Utilities - 1.6% | ||||||||
City of Richmond VA Public Utility Revenue, Series A, (Prerefunded 1/15/23 @ $100), 5%, 1/15/38 | 300,000 | 324,868 | ||||||
Water - 12.9% | ||||||||
County of Henrico VA Water & Sewer Revenue, 4%, 5/1/32 | 500,000 | 596,402 | ||||||
County of Henrico VA Water & Sewer Revenue, 5%, 5/1/27 | 150,000 | 183,713 | ||||||
Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | 180,000 | 197,669 | ||||||
Fairfax County Water Authority, (Prerefunded 4/1/22 @ $100), 5%, 4/1/27 | 150,000 | 156,671 | ||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | 410,000 | 521,470 | ||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 250,000 | 317,969 | ||||||
Prince William County Service Authority, 5%, 7/1/22 | 250,000 | 264,177 | ||||||
Upper Occoquan Sewage Authority, 3%, 7/1/49 | 380,000 | 412,712 | ||||||
Virginia Resources Authority, Series B, (Prerefunded 11/1/21@ $100), (MORAL OBLG), 5%, 11/1/23 | 15,000 | 15,362 | ||||||
Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | 20,000 | 20,476 | ||||||
2,686,621 |
TOTAL INVESTMENTS - 98.0% | ||||
(Cost $19,045,727**) | 20,338,273 | |||
NET OTHER ASSETS AND LIABILITIES - 2.0% | 408,200 | |||
TOTAL NET ASSETS - 100.0% | $ | 20,746,473 |
** Aggregate cost for Federal tax purposes was $19,045,727.
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
FGIC | Financial Guaranty Insurance Co. | |
MBIA | MBIA Insurance Corp. | |
MORAL OBLG | Moral Obligation. | |
NATL-RE | National Public Finance Guarantee Corp. | |
ST AID WITHHLDG | State Aid Withholding. |
See accompanying Notes to Financial Statements.
12
Madison Funds | April 30, 2021
Madison Tax-Free National Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2,3) | |||||||
MUNICIPAL BONDS - 98.0% | ||||||||
Alabama - 2.9% | ||||||||
Butler County Board of Education, (AGM), 5%, 7/1/37 | $ | 235,000 | $ | 273,939 | ||||
Town of Pike Road Authority Revenue, 4%, 9/1/31 | 170,000 | 189,617 | ||||||
UAB Medicine Finance Authority Revenue, 5%, 9/1/27 | 150,000 | 189,202 | ||||||
652,758 | ||||||||
Arkansas - 0.9% | ||||||||
Arkansas Development Finance Authority, 5%, 2/1/26 | 175,000 | 208,188 | ||||||
California - 0.7% | ||||||||
Los Angeles County Metropolitan Transportation Authority, 5%, 7/1/40 | 120,000 | 148,736 | ||||||
Colorado - 2.2% | ||||||||
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27 | 400,000 | 503,261 | ||||||
Florida - 6.2% | ||||||||
Northern Palm Beach County Improvement District, (AGM), 5%, 8/1/21 | 250,000 | 252,718 | ||||||
Orlando Utilities Commission, 5%, 10/1/22 | 525,000 | 561,194 | ||||||
Palm Beach County Solid Waste Authority, 5%, 10/1/24 | 300,000 | 305,900 | ||||||
Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26 | 250,000 | 298,226 | ||||||
1,418,038 | ||||||||
Georgia - 4.0% | ||||||||
Americus-Sumter Payroll Development Authority, 3.25%, 6/1/33 | 150,000 | 164,298 | ||||||
City of Atlanta GA Water & Wastewater Revenue, (AGM), 5.75%, 11/1/30 | 300,000 | 426,321 | ||||||
City of Atlanta GA Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43 | 275,000 | 325,765 | ||||||
916,384 | ||||||||
Hawaii - 2.3% | ||||||||
State of Hawaii, General Obligation, Series EY, 5%, 10/1/25 | 435,000 | 521,765 | ||||||
Idaho - 2.4% | ||||||||
Idaho Health Facilities Authority, Series A, 5%, 3/1/34 | 500,000 | 550,488 | ||||||
Illinois - 6.1% | ||||||||
Cook County School District No. 111, General Obligation, (BAM), 5%, 12/1/35 | 545,000 | 680,616 | ||||||
Du Page County School District No. 45, General Obligation, 4%, 1/1/26 | 460,000 | 528,414 | ||||||
Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | 140,000 | 170,507 | ||||||
1,379,537 | ||||||||
Indiana - 5.4% | ||||||||
Indianapolis Local Public Improvement Bond Bank Revenue, 5%, 2/1/24 | 275,000 | 310,362 | ||||||
Lincoln Center Building Corp., 4%, 8/1/28 | 285,000 | 333,588 | ||||||
Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26 | 500,000 | 597,648 | ||||||
1,241,598 | ||||||||
Kansas - 3.7% | ||||||||
City of Wichita KS, General Obligation, Series 816, 5%, 12/1/24 | 510,000 | 594,970 | ||||||
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | 220,000 | 246,215 | ||||||
841,185 | ||||||||
Kentucky - 2.3% | ||||||||
Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33 | 445,000 | 513,046 | ||||||
Michigan - 1.7% | ||||||||
Central Michigan University, 5%, 10/1/21 | 150,000 | 152,881 | ||||||
Redford Unified School District No. 1, General Obligation, (Q-SBLF), 5%, 5/1/22 | 220,000 | 225,328 | ||||||
378,209 | ||||||||
Mississippi - 2.6% | ||||||||
Medical Center Educational Building Corp., 5%, 6/1/30 | 475,000 | 582,818 | ||||||
Missouri - 2.1% | ||||||||
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25 | 400,000 | 471,095 | ||||||
New Jersey - 5.7% | ||||||||
New Jersey Economic Development Authority Revenue, (ST APPROP), 5%, 3/1/26 | 450,000 | 487,947 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28 | 250,000 | 321,018 | ||||||
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29 | 250,000 | 328,389 | ||||||
Union County Improvement Authority, Series A, 4%, 2/1/25 | 150,000 | 164,923 | ||||||
1,302,277 | ||||||||
New Mexico - 1.0% | ||||||||
County of Otero NM, (BAM), 4%, 12/1/28 | 195,000 | 231,811 | ||||||
New York - 5.1% | ||||||||
Brookhaven Local Development Corp., 5%, 11/1/24 | 110,000 | 124,858 | ||||||
New York State Dormitory Authority, Series C, (NATL), 5.25%, 7/1/21 | 225,000 | 226,746 | ||||||
New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31 | 250,000 | 326,837 | ||||||
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28 | 415,000 | 489,685 | ||||||
1,168,126 | ||||||||
North Carolina - 3.8% | ||||||||
North Carolina Medical Care Commission, 5%, 6/1/40 | 500,000 | 568,483 | ||||||
Town of Cary NC Combined Utility Systems Revenue, (Prerefunded 12/1/22 @ $100), 5%, 12/1/23 | 285,000 | 306,925 | ||||||
875,408 | ||||||||
Ohio - 2.5% | ||||||||
Cleveland-Cuyahoga County Port Authority (A), 5%, 7/1/24 | 500,000 | 568,236 | ||||||
Oklahoma - 4.1% | ||||||||
Elk City Industrial Authority, 4%, 5/1/30 | 435,000 | 504,593 | ||||||
Tulsa County Industrial Authority, 3%, 2/1/31 | 400,000 | 433,351 | ||||||
937,944 | ||||||||
Pennsylvania - 3.1% | ||||||||
Commonwealth Financing Authority Revenue, Series A, 5%, 6/1/35 | 370,000 | 431,684 | ||||||
Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26 | 250,000 | 281,559 | ||||||
713,243 | ||||||||
South Carolina - 1.1% | ||||||||
City of Newberry SC Revenue, (AGM), 4%, 4/1/22 | 240,000 | 248,116 | ||||||
Tennessee - 2.4% | ||||||||
City of Newport Tennessee Electric System Revenue, (AGM), 4%, 5/1/32 | 370,000 | 424,994 | ||||||
Town of Decatur TN Water & Sewer Revenue, General Obligation, 3%, 6/1/24 | 120,000 | 129,646 | ||||||
554,640 | ||||||||
Texas - 9.7% | ||||||||
City of Austin TX, General Obligation, 5%, 9/1/26 | 550,000 | 658,937 | ||||||
City of Center TX, General Obligation, 3%, 8/15/34 | 410,000 | 456,030 | ||||||
City of Fort Worth TX, General Obligation, 4%, 3/1/29 | 500,000 | 587,160 | ||||||
Red River Education Finance Corp., REF-ST Edwards University Project., 5%, 6/1/21 | 300,000 | 300,897 | ||||||
San Jacinto River Authority, (BAM), 4%, 10/1/23 | 200,000 | 216,683 | ||||||
2,219,707 | ||||||||
Utah - 1.7% | ||||||||
Utah Transit Authority, (BHAC-CR, MBIA), 5%, 6/15/35 | 280,000 | 389,189 | ||||||
Virginia - 6.9% | ||||||||
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 500,000 | 635,938 | ||||||
Manassas Park Economic Development Authority Revenue, 3%, 12/15/44 | 300,000 | 318,346 | ||||||
Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34 | 250,000 | 310,221 | ||||||
Western Regional Jail Authority, 5%, 12/1/34 | 250,000 | 306,594 | ||||||
1,571,099 | ||||||||
Washington - 1.0% | ||||||||
State of Washington, General Obligation, Series E, 5%, 2/1/29 | 205,000 | 230,939 | ||||||
West Virginia - 2.4% | ||||||||
West Virginia Economic Development Authority, Series A, Series A, 5%, 7/1/37 | 450,000 | 553,406 | ||||||
Wisconsin - 2.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Series A, Series A, 4%, 11/15/35 | 400,000 | 450,996 | ||||||
TOTAL INVESTMENTS - 98.0% (Cost $20,747,785**) | 22,342,243 | |||||||
NET OTHER ASSETS AND LIABILITIES - 2.0% | 466,849 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 22,809,092 |
** | Aggregate cost for Federal tax purposes was $20,747,785. |
(A) | Restricted. The aggregate cost of such securities is $535,150. The aggregate value is $568,236, representing 2.5% of net assets. |
AGM | Assured Guaranty Municipal Corp. | |
BAM | Build America Mutual Assurance Co. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. | |
GO of AUTH | General Obligation of the Authority. | |
MBIA | MBIA Insurance Corp. | |
NATL | National Interstate Corporation. | |
NATL-RE | National Public Finance Guarantee Corp. | |
Q-SBLF | Qualified School Board Loan Fund. | |
ST AID DIR DEP | State Aid Direct Deposit. | |
ST AID WITHHLDG | State Aid Withholding. | |
ST APPROP | State Appropriations. | |
ST INTERCEPT | State Intercept. |
See accompanying Notes to Financial Statements.
13
Madison Funds | April 30, 2021
Madison High Quality Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - 38.8% | ||||||||
Communication Services - 2.2% | ||||||||
Comcast Corp., 3.15%, 3/1/26 | $ | 1,000,000 | $ | 1,090,972 | ||||
Walt Disney Co./The, 3.8%, 3/22/30 | 2,125,000 | 2,375,832 | ||||||
3,466,804 | ||||||||
Consumer Discretionary - 6.6% | ||||||||
Costco Wholesale Corp., 1.375%, 6/20/27 | 2,125,000 | 2,132,321 | ||||||
Cummins Inc., 1.5%, 9/1/30 | 1,500,000 | 1,417,538 | ||||||
Home Depot Inc./The, 2.7%, 4/15/30 | 2,125,000 | 2,230,731 | ||||||
NIKE Inc., 2.75%, 3/27/27 | 2,125,000 | 2,290,763 | ||||||
Target Corp., 2.9%, 1/15/22 | 1,750,000 | 1,782,183 | ||||||
Target Corp., 3.5%, 7/1/24 | 305,000 | 333,970 | ||||||
10,187,506 | ||||||||
Consumer Staples - 4.9% | ||||||||
Coca-Cola Co./The, 1%, 3/15/28 | 1,500,000 | 1,437,720 | ||||||
Hershey Co./The, 1.7%, 6/1/30 | 2,000,000 | 1,944,193 | ||||||
Kimberly-Clark Corp., 1.05%, 9/15/27 | 2,000,000 | 1,953,851 | ||||||
PepsiCo Inc., 2.75%, 3/19/30 | 2,125,000 | 2,237,743 | ||||||
7,573,507 | ||||||||
Financials - 18.5% | ||||||||
American Express Credit Corp., MTN, | ||||||||
2.7%, 3/3/22 | 1,500,000 | 1,527,883 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 0.930%) (A), 2.816%, 7/21/23 | 625,000 | 642,724 | ||||||
Bank of America Corp., MTN, (SOFR + 1.010%) (A), 1.197%, 10/24/26 | 2,000,000 | 1,985,544 | ||||||
Bank of New York Mellon Corp./The, MTN, 2.2%, 8/16/23 | 1,500,000 | 1,560,470 | ||||||
BlackRock Inc., 3.5%, 3/18/24 | 1,750,000 | 1,903,935 | ||||||
Charles Schwab Corp./The, 0.9%, 3/11/26 | 2,000,000 | 1,977,705 | ||||||
Huntington National Bank/The, 3.55%, 10/6/23 | 1,500,000 | 1,609,119 | ||||||
JPMorgan Chase & Co., 2.972%, 1/15/23 | 1,500,000 | 1,527,749 | ||||||
JPMorgan Chase & Co., (3M USD LIBOR + 1.155%) (A), 3.22%, 3/1/25 | 2,125,000 | 2,268,146 | ||||||
Mastercard Inc., 3.3%, 3/26/27 | 2,259,000 | 2,491,871 | ||||||
PNC Financial Services Group Inc./The, 3.3%, 3/8/22 | 1,500,000 | 1,534,696 | ||||||
State Street Corp., (SOFR + 0.940%) (A), 2.354%, 11/1/25 | 2,125,000 | 2,235,504 | ||||||
Truist Financial Corp., MTN, 2.85%, 10/26/24 | 2,000,000 | 2,144,551 | ||||||
Truist Financial Corp., MTN (B), 1.95%, 6/5/30 | 1,500,000 | 1,471,347 | ||||||
U.S. Bancorp, MTN, 2.625%, 1/24/22 | 1,750,000 | 1,777,184 | ||||||
Wells Fargo & Co., MTN, (SOFR + 1.087%) (A), 2.406%, 10/30/25 | 2,000,000 | 2,091,405 | ||||||
28,749,833 | ||||||||
Health Care - 1.0% | ||||||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 1,500,000 | 1,570,709 | ||||||
Industrials - 1.2% | ||||||||
John Deere Capital Corp., MTN, 2.65%, 1/6/22 | 1,750,000 | 1,778,419 | ||||||
Information Technology - 4.1% | ||||||||
Apple Inc., 2.4%, 5/3/23 | 1,500,000 | 1,563,162 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 750,000 | 798,274 | ||||||
salesforce.com Inc., 3.25%, 4/11/23 | 1,750,000 | 1,845,657 | ||||||
Texas Instruments Inc., 1.375%, 3/12/25 | 2,125,000 | 2,176,796 | ||||||
6,383,889 | ||||||||
Utilities - 0.3% | ||||||||
National Rural Utilities Cooperative Finance Corp., 1%, 6/15/26 | 500,000 | 489,897 | ||||||
Total Corporate Notes and Bonds (Cost $59,420,717 | 60,200,564 | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS - 59.9% | ||||||||
Fannie Mae - 10.4% | ||||||||
1.375%, 10/7/21 | 1,000,000 | 1,005,725 | ||||||
1.875%, 4/5/22 | 5,000,000 | 5,083,018 | ||||||
0.500%, 11/7/25 | 2,500,000 | 2,470,775 | ||||||
2.125%, 4/24/26 | 4,000,000 | 4,243,822 | ||||||
0.750%, 10/8/27 | 3,500,000 | 3,390,900 | ||||||
16,194,240 | ||||||||
Freddie Mac - 6.9% | ||||||||
2.375%, 1/13/22 | 2,000,000 | 2,032,336 | ||||||
0.375%, 4/20/23 | 4,500,000 | 4,516,836 | ||||||
0.375%, 7/21/25 | 4,250,000 | 4,193,453 | ||||||
10,742,625 | ||||||||
U.S. Treasury Notes - 42.6% | ||||||||
2.000%, 2/15/22 | 2,000,000 | 2,030,625 | ||||||
1.125%, 2/28/22 | 3,000,000 | 3,026,484 | ||||||
1.875%, 7/31/22 | 3,000,000 | 3,066,797 | ||||||
0.125%, 11/30/22 | 1,500,000 | 1,500,000 | ||||||
1.750%, 5/15/23 | 4,000,000 | 4,127,031 | ||||||
1.625%, 5/31/23 | 4,500,000 | 4,634,121 | ||||||
2.500%, 8/15/23 | 4,500,000 | 4,733,613 | ||||||
2.750%, 11/15/23 | 4,000,000 | 4,252,344 | ||||||
2.125%, 2/29/24 | 4,500,000 | 4,730,449 | ||||||
2.375%, 8/15/24 | 4,500,000 | 4,788,281 | ||||||
2.250%, 11/15/24 | 4,000,000 | 4,247,656 | ||||||
2.125%, 5/15/25 | 4,500,000 | 4,771,231 | ||||||
0.375%, 1/31/26 | 4,000,000 | 3,919,063 | ||||||
1.625%, 5/15/26 | 3,500,000 | 3,630,020 | ||||||
1.500%, 8/15/26 | 3,500,000 | 3,600,898 | ||||||
0.625%, 3/31/27 | 3,000,000 | 2,920,313 | ||||||
2.375%, 5/15/27 | 3,000,000 | 3,222,656 | ||||||
2.250%, 11/15/27 | 2,750,000 | 2,927,676 | ||||||
66,129,258 | ||||||||
Total U.S. Government and Agency Obligations (Cost $92,374,537) | 93,066,123 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (C) (D) | 202,000 | 202,000 | ||||||
Total Short-Term Investments (Cost $202,000) | 202,000 | |||||||
TOTAL INVESTMENTS - 98.8% (Cost $151,997,254**) | 153,468,687 | |||||||
NET OTHER ASSETS AND LIABILITIES - 1.2% | 1,899,881 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 155,368,568 |
** | Aggregate cost for Federal tax purposes was $151,997,254. |
(A) | Floating rate or variable rate note. Rate shown is as of April 30, 2021. |
(B) | All or a portion of these securities, with an aggregate fair value of $197,751, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program. |
(C) | 7-day yield. |
(D) | Represents investments of cash collateral received in connection with securities lending. |
LIBOR | London Interbank Offered Rate. | |
MTN | Medium Term Note. | |
SOFR | Secured Overnight Financing Rate. |
See accompanying Notes to Financial Statements.
14
Madison Funds | April 30, 2021
Madison Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2,3) | |||||||
ASSET BACKED SECURITIES - 8.2% | ||||||||
BMW Floorplan Master Owner Trust, Series 2018-1, Class A2, (1M USD LIBOR + 0.320%) (A) (B), 0.435%, 5/15/23 | $ | 325,000 | $ | 325,041 | ||||
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | 724,246 | 725,812 | ||||||
Chase Auto Credit Linked Notes, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 1,000,000 | 1,000,060 | ||||||
Chesapeake Funding II LLC, Series 2018- 3A, Class B (A), 3.62%, 1/15/31 | 100,000 | 103,373 | ||||||
Chesapeake Funding II LLC, Series 2018- 1A, Class A1 (A), 3.04%, 4/15/30 | 159,837 | 160,663 | ||||||
Chesapeake Funding II LLC, Series 2018- 2A, Class A1 (A), 3.23%, 8/15/30 | 137,708 | 139,297 | ||||||
Chesapeake Funding II LLC, Series 2018- 2A, Class B (A), 3.52%, 8/15/30 | 350,000 | 355,861 | ||||||
Chesapeake Funding II LLC, Series 2020- 1A, Class A1 (A), 0.87%, 8/16/32 | 165,793 | 166,712 | ||||||
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 385,000 | 403,158 | ||||||
Dell Equipment Finance Trust, Series 2020-2, Class A2 (A), 0.47%, 10/24/22 | 500,000 | 500,764 | ||||||
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24 | 550,000 | 556,238 | ||||||
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 700,000 | 699,930 | ||||||
Enterprise Fleet Financing LLC, Series 2017-3, Class A3 (A), 2.36%, 5/20/23 | 497,216 | 498,958 | ||||||
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 337,392 | 342,119 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | 500,000 | 517,285 | ||||||
GM Financial Consumer Automobile Receivables Trust 2020-2, Series 2020-2, Class B, 2.54%, 8/18/25 | 1,000,000 | 1,044,992 | ||||||
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22 | 174,931 | 175,763 | ||||||
JPMorgan Chase Bank NA, Series 2020-1, Class B (A), 0.991%, 1/25/28 | 966,659 | 969,319 | ||||||
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 1,131,741 | 1,133,046 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24 | 1,000,000 | 1,001,146 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 500,000 | 528,290 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 850,000 | 903,759 | ||||||
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23 | 355,220 | 358,493 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 350,000 | 359,814 | ||||||
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28 | 300,000 | 307,241 | ||||||
Total Asset Backed Securities (Cost $13,214,977) | 13,277,134 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.6% | ||||||||
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (C), 2.879%, 7/25/49 | 352,093 | 360,033 | ||||||
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1, CMO (A) (B) (D), 1.724%, 2/25/55 | 383,536 | 389,110 | ||||||
Fannie Mae REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 934,232 | 90,331 | ||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 507,282 | 549,023 | ||||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 627,234 | 689,469 | ||||||
Fannie Mae REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 139,166 | 158,033 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 113,881 | 132,775 | ||||||
Fannie Mae REMICS, Series 2020-44, Class TI, CMO, IO, 5.5%, 12/25/35 | 3,758,084 | 688,754 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 217,470 | 221,669 | ||||||
Freddie Mac REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 1,154,522 | 65,845 | ||||||
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, CMO, (SOFR + 0.750%) (A) (B) (D), 0.76%, 10/25/33 | 1,000,000 | 1,000,977 | ||||||
Government National Mortgage Association, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 307,582 | 6,517 | ||||||
JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (D), 4%, 11/25/49 | 127,206 | 130,544 | ||||||
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (D), 3.5%, 2/25/50 | 265,894 | 271,037 | ||||||
JPMorgan Mortgage Trust, Series 2021-1, Class A3, CMO (A) (B) (D), 2.5%, 6/25/51 | 960,634 | 980,410 | ||||||
JPMorgan Mortgage Trust, Series 2021-3, Class A3, CMO (A) (B) (D), 2.5%, 7/1/51 | 736,455 | 751,394 | ||||||
JPMorgan Mortgage Trust, Series 2021-6, Class A4, CMO (A) (B) (D), 2.5%, 10/25/51 | 1,000,000 | 1,027,656 | ||||||
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (D), 3%, 2/25/50 | 289,515 | 298,969 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (B) (D), 3%, 11/25/45 | 208,400 | 216,090 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (B) (D), 3.5%, 10/25/49 | 111,557 | 112,604 | ||||||
PSMC Trust, Series 2020-2, Class A2, CMO (A) (B) (D), 3%, 5/25/50 | 449,622 | 455,989 | ||||||
PSMC Trust, Series 2021-1, Class A11, CMO (A) (B) (D), 2.5%, 3/25/51 | 1,000,000 | 1,028,150 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (D), 3%, 6/25/43 | 483,730 | 489,635 | ||||||
Towd Point HE Trust, Series 2021-HE1, Class A1, CMO (A) (B) (D), 0.918%, 2/25/63 | 451,080 | 450,939 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (D), 4%, 4/25/49 | 69,691 | 70,391 | ||||||
Total Collateralized Mortgage Obligations (Cost $10,811,697) | 10,636,344 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.4% | ||||||||
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (B) (D), 3.196%, 11/25/27 | 900,000 | 957,659 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K718, Class X1, IO (B) (D), 0.689%, 1/25/22 | 20,467,693 | 37,126 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 387,661 | 416,286 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | 1,000,000 | 1,075,955 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, IO (B) (D), 0.43%, 9/25/26 | 15,542,323 | 231,111 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 1,000,000 | 1,102,940 | ||||||
FREMF Mortgage Trust, Series 2013-K33, Class B (A) (B) (D), 3.612%, 8/25/46 | 900,000 | 952,831 | ||||||
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (D), 3.673%, 11/25/47 | 750,000 | 777,020 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $5,290,193) | 5,550,928 | |||||||
CORPORATE NOTES AND BONDS - 39.3% | ||||||||
Communication Services - 4.5% | ||||||||
Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | 500,000 | 481,772 | ||||||
AT&T Inc., 2.25%, 2/1/32 | 500,000 | 473,714 | ||||||
AT&T Inc., 4.75%, 5/15/46 | 500,000 | 573,144 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22 | 500,000 | 520,553 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 3.85%, 4/1/61 | 400,000 | 366,576 | ||||||
Comcast Corp., 4.7%, 10/15/48 | 250,000 | 312,699 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co. (A), 5.375%, 8/15/26 | 100,000 | 73,000 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 500,000 | 591,460 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 525,000 | 525,656 | ||||||
eBay Inc., 1.9%, 3/11/25 | 325,000 | 335,611 | ||||||
Expedia Group Inc., 3.25%, 2/15/30 | 500,000 | 507,300 | ||||||
Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 200,000 | 220,200 | ||||||
Lumen Technologies Inc. (A), 4.5%, 1/15/29 | 125,000 | 123,125 | ||||||
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (A), 3.36%, 3/20/23 | 93,750 | 94,336 | ||||||
T-Mobile USA Inc., 2.625%, 4/15/26 | 250,000 | 254,300 | ||||||
Verizon Communications Inc., 4.4%, 11/1/34 | 500,000 | 581,950 | ||||||
Verizon Communications Inc., 3.4%, 3/22/41 | 500,000 | 511,487 | ||||||
Vodafone Group PLC (E), 5%, 5/30/38 | 250,000 | 305,106 | ||||||
Walt Disney Co./The, 3.8%, 3/22/30 | 300,000 | 335,411 | ||||||
7,187,400 | ||||||||
Consumer Discretionary - 3.7% | ||||||||
7-Eleven Inc. (A), 1.8%, 2/10/31 | 400,000 | 378,147 | ||||||
7-Eleven Inc. (A), 2.5%, 2/10/41 | 250,000 | 227,389 | ||||||
Advance Auto Parts Inc., 1.75%, 10/1/27 | 250,000 | 247,432 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. (A) (E), 5.5%, 4/20/26 | 300,000 | 315,000 | ||||||
Delta Air Lines Inc., 7.375%, 1/15/26 | 200,000 | 234,833 | ||||||
Diamond Resorts International Inc. (A), 7.75%, 9/1/23 | 250,000 | 260,313 | ||||||
Hilton Domestic Operating Co. Inc. (A), 5.375%, 5/1/25 | 250,000 | 263,288 | ||||||
Home Depot Inc./The, 3.35%, 4/15/50 | 250,000 | 263,502 | ||||||
Lowe’s Cos. Inc., 3%, 10/15/50 | 500,000 | 471,126 | ||||||
McDonald’s Corp., MTN, 2.125%, 3/1/30 | 250,000 | 247,471 | ||||||
McDonald’s Corp., MTN, 4.2%, 4/1/50 | 250,000 | 287,921 | ||||||
Performance Food Group Inc. (A), 5.5%, 10/15/27 | 150,000 | 158,076 | ||||||
Picasso Finance Sub Inc. (A), 6.125%, 6/15/25 | 250,000 | 265,937 | ||||||
QVC Inc., 4.75%, 2/15/27 | 250,000 | 263,750 | ||||||
Scientific Games International Inc. (A), 5%, 10/15/25 | 275,000 | 283,937 |
See accompanying Notes to Financial Statements.
15
Madison Funds | April 30, 2021
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Consumer Discretionary - continued | ||||||||
Southwest Airlines Co., 5.25%, 5/4/25 | $ | 350,000 | $ | 400,755 | ||||
Southwest Airlines Co., 5.125%, 6/15/27 | 500,000 | 584,525 | ||||||
Tractor Supply Co., 1.75%, 11/1/30 | 550,000 | 513,971 | ||||||
Vail Resorts Inc. (A), 6.25%, 5/15/25 | 250,000 | 265,313 | ||||||
5,932,686 | ||||||||
Consumer Staples - 2.2% | ||||||||
Avis Budget Car Rental LLC / Avis Budget Finance Inc. (A), 5.25%, 3/15/25 | 157,000 | 159,355 | ||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 500,000 | 505,738 | ||||||
Estee Lauder Cos. Inc./The, 2.6%, 4/15/30 | 200,000 | 207,606 | ||||||
General Mills Inc., 2.875%, 4/15/30 | 200,000 | 207,580 | ||||||
Hormel Foods Corp., 1.8%, 6/11/30 | 200,000 | 194,013 | ||||||
Keurig Dr Pepper Inc., 3.8%, 5/1/50 | 300,000 | 319,687 | ||||||
Kimberly-Clark Corp., 3.1%, 3/26/30 | 325,000 | 351,846 | ||||||
Mars Inc. (A), 3.875%, 4/1/39 | 400,000 | 452,069 | ||||||
Mars Inc. (A), 2.375%, 7/16/40 | 350,000 | 323,650 | ||||||
STERIS Irish FinCo UnLtd Co. (E), 3.75%, 3/15/51 | 500,000 | 505,313 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 300,000 | 378,108 | ||||||
3,604,965 | ||||||||
Energy - 4.4% | ||||||||
Berry Petroleum Co. LLC (A), 7%, 2/15/26 | 150,000 | 150,156 | ||||||
Boardwalk Pipelines L.P., 4.45%, 7/15/27 | 400,000 | 449,880 | ||||||
Energy Transfer L.P., 5.25%, 4/15/29 | 375,000 | 429,908 | ||||||
EnLink Midstream Partners L.P., 5.45%, 6/1/47 | 400,000 | 337,000 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 500,000 | 546,792 | ||||||
Kinder Morgan Inc., 5.55%, 6/1/45 | 400,000 | 486,877 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 275,000 | 309,929 | ||||||
Marathon Petroleum Corp., 3.8%, 4/1/28 | 600,000 | 656,018 | ||||||
MPLX L.P., 4.8%, 2/15/29 | 250,000 | 288,006 | ||||||
MPLX L.P., 2.65%, 8/15/30 | 350,000 | 345,400 | ||||||
Occidental Petroleum Corp., 3.5%, 8/15/29 | 500,000 | 477,500 | ||||||
Occidental Petroleum Corp., 4.4%, 8/15/49 | 250,000 | 216,250 | ||||||
ONEOK Inc., 5.85%, 1/15/26 | 150,000 | 176,628 | ||||||
Phillips 66, 0.9%, 2/15/24 | 500,000 | 500,595 | ||||||
Phillips 66, 2.15%, 12/15/30 | 500,000 | 476,068 | ||||||
Pioneer Natural Resources Co., 2.15%, 1/15/31 | 375,000 | 354,365 | ||||||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30 | 250,000 | 281,423 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 500,000 | 653,240 | ||||||
7,136,035 | ||||||||
Financials - 13.0% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (E), 4.5%, 9/15/23 | 150,000 | 161,490 | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (E), 1.75%, 1/30/26 | 500,000 | 490,022 | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (E), 4.625%, 10/15/27 | 250,000 | 278,256 | ||||||
Air Lease Corp., 3.75%, 2/1/22 | 300,000 | 305,525 | ||||||
Air Lease Corp., MTN, 2.875%, 1/15/26 | 500,000 | 520,605 | ||||||
Alliance Data Systems Corp. (A) (F), 4.75%, 12/15/24 | 500,000 | 513,275 | ||||||
Ally Financial Inc., Series B, (5 year CMT + 3.868%) (B), 4.7%, 5/15/26 | �� | 250,000 | 253,425 | |||||
American International Group Inc., 4.75%, 4/1/48 | 500,000 | 603,026 | ||||||
Athene Global Funding (A), 1.45%, 1/8/26 | 500,000 | 494,578 | ||||||
Avolon Holdings Funding Ltd. (A) (E), 2.125%, 2/21/26 | 500,000 | 488,621 | ||||||
Bank of America Corp., Series N, (SOFR + 0.910%) (B), 1.658%, 3/11/27 | 400,000 | 403,256 | ||||||
Bank of America Corp., MTN, (SOFR + 1.370%) (B), 1.922%, 10/24/31 | 250,000 | 237,402 | ||||||
Belrose Funding Trust (A), 2.33%, 8/15/30 | 350,000 | 337,912 | ||||||
Capital One Financial Corp., 3.3%, 10/30/24 | 350,000 | 378,639 | ||||||
Cboe Global Markets Inc., 3.65%, 1/12/27 | 445,000 | 492,415 | ||||||
Charles Schwab Corp./The, Series H, (10 year CMT + 3.079%) (B), 4%, 12/1/30 | 550,000 | 557,122 | ||||||
Credit Acceptance Corp. (A), 5.125%, 12/31/24 | 155,000 | 159,844 | ||||||
Credit Suisse Group AG, (5 year CMT + 3.554%) (A) (B) (E) (G), 4.5%, 9/3/30 | 175,000 | 167,125 | ||||||
Empower Finance L.P. (A), 3.075%, 9/17/51 | 350,000 | 335,520 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 350,000 | 367,195 | ||||||
Five Corners Funding Trust II (A), 2.85%, 5/15/30 | 250,000 | 259,719 | ||||||
Genworth Mortgage Holdings Inc. (A), 6.5%, 8/15/25 | 250,000 | 271,478 | ||||||
Goldman Sachs BDC Inc., 2.875%, 1/15/26 | 400,000 | 413,778 | ||||||
Goldman Sachs Group Inc./The, (3M USD LIBOR + 1.201%) (B), 3.272%, 9/29/25 | 500,000 | 536,918 | ||||||
Host Hotels & Resorts L.P., Series I, 3.5%, 9/15/30 | 350,000 | 360,009 | ||||||
Huntington Bancshares Inc., Series G, (7 year CMT + 4.045%) (B), 4.45%, 10/15/27 | 125,000 | 133,656 | ||||||
Huntington Bancshares Inc., 2.55%, 2/4/30 | 300,000 | 304,350 | ||||||
Huntington National Bank/The, 3.55%, 10/6/23 | 500,000 | 536,373 | ||||||
Intercontinental Exchange Inc., 3.75%, 9/21/28 | 250,000 | 277,499 | ||||||
Iron Mountain Inc. (A), 4.5%, 2/15/31 | 250,000 | 249,320 | ||||||
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (B), 4%, 4/1/25 | 600,000 | 602,805 | ||||||
JPMorgan Chase & Co., (SOFR + 0.695%) (B), 1.04%, 2/4/27 | 650,000 | 638,106 | ||||||
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250,000 | 252,498 | ||||||
Liberty Mutual Group Inc. (A), 3.95%, 5/15/60 | 150,000 | 154,193 | ||||||
M&T Bank Corp., 3.55%, 7/26/23 | 250,000 | 267,088 | ||||||
MetLife Inc., Series G, (5 year CMT + 3.576%) (B), 3.85%, 9/15/25 | 350,000 | 368,375 | ||||||
Morgan Stanley, (SOFR + 1.990%) (B), 2.188%, 4/28/26 | 175,000 | 181,896 | ||||||
Morgan Stanley, (SOFR + 0.879%) (B), 1.593%, 5/4/27 | 250,000 | 250,942 | ||||||
Morgan Stanley, MTN, (SOFR + 1.020%) (B), 1.928%, 4/28/32 | 500,000 | 473,314 | ||||||
MPT Operating Partnership L.P. / MPT Finance Corp., 5%, 10/15/27 | 250,000 | 263,125 | ||||||
Nasdaq Inc., 1.65%, 1/15/31 | 750,000 | 694,304 | ||||||
Omega Healthcare Investors Inc., 3.375%, 2/1/31 | 250,000 | 252,589 | ||||||
PNC Bank NA, 2.7%, 10/22/29 | 250,000 | 258,031 | ||||||
Prudential Financial Inc., (5 year CMT + 3.035%) (B), 3.7%, 10/1/50 | 250,000 | 258,125 | ||||||
Regions Financial Corp., 2.25%, 5/18/25 | 500,000 | 521,101 | ||||||
Royal Bank of Canada, MTN (E), 1.15%, 6/10/25 | 500,000 | 502,994 | ||||||
Standard Chartered PLC, (5 year CMT + 3.805%) (A) (B) (E) (G), 4.75%, 1/14/31 | 750,000 | 761,400 | ||||||
State Street Corp., (SOFR + 1.490%) (B), 3.031%, 11/1/34 | 250,000 | 260,209 | ||||||
STORE Capital Corp., 4.5%, 3/15/28 | 500,000 | 557,041 | ||||||
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 300,000 | 297,978 | ||||||
Truist Bank, 2.25%, 3/11/30 | 325,000 | 320,622 | ||||||
Truist Financial Corp., MTN, (SOFR + 0.609%) (B), 1.267%, 3/2/27 | 500,000 | 497,492 | ||||||
UBS Group AG, (5 year CMT + 3.313%) (A) (B) (E), 4.375%, 2/10/31 | 400,000 | 398,504 | ||||||
USAA Capital Corp. (A), 2.125%, 5/1/30 | 175,000 | 173,070 | ||||||
Wells Fargo & Co., (5 year CMT + 3.453%) (B), 3.9%, 3/15/26 | 250,000 | 255,600 | ||||||
Wells Fargo & Co., (SOFR + 2.000%) (B), 2.188%, 4/30/26 | 350,000 | 362,502 | ||||||
Wells Fargo & Co., MTN, (SOFR + 2.100%) (B), 2.393%, 6/2/28 | 250,000 | 257,211 | ||||||
20,969,468 | ||||||||
Health Care - 2.7% | ||||||||
AbbVie Inc., 5%, 12/15/21 | 200,000 | 203,571 | ||||||
AbbVie Inc., 3.75%, 11/14/23 | 400,000 | 431,822 | ||||||
Becton, Dickinson and Co., 2.894%, 6/6/22 | 341,000 | 349,713 | ||||||
Cigna Corp., 4.9%, 12/15/48 | 500,000 | 616,372 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 500,000 | 622,687 | ||||||
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 250,000 | 246,723 | ||||||
Royalty Pharma PLC (A) (E), 2.2%, 9/2/30 | 500,000 | 477,396 | ||||||
Royalty Pharma PLC (A) (E), 3.55%, 9/2/50 | 500,000 | 472,761 | ||||||
UnitedHealth Group Inc., 3.7%, 8/15/49 | 250,000 | 273,486 | ||||||
Viatris Inc. (A), 2.7%, 6/22/30 | 400,000 | 394,989 | ||||||
Zoetis Inc., 3%, 5/15/50 | 250,000 | 241,557 | ||||||
4,331,077 | ||||||||
Industrials - 4.7% | ||||||||
Berry Global Inc. (G), 5.125%, 7/15/23 | 117,000 | 118,024 | ||||||
Boeing Co./The, 2.196%, 2/4/26 | 400,000 | 400,408 | ||||||
Boeing Co./The, 3.625%, 2/1/31 | 350,000 | 367,810 | ||||||
Boeing Co./The, 5.805%, 5/1/50 | 350,000 | 448,843 | ||||||
Carlisle Cos. Inc., 3.5%, 12/1/24 | 500,000 | 542,001 | ||||||
Carrier Global Corp., 3.577%, 4/5/50 | 200,000 | 200,879 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 500,000 | 506,875 | ||||||
DAE Funding LLC (A), 5%, 8/1/24 | 250,000 | 256,562 | ||||||
General Electric Co., 3.45%, 5/1/27 | 250,000 | 273,026 | ||||||
Howmet Aerospace Inc., 5.125%, 10/1/24 | 200,000 | 219,250 | ||||||
Otis Worldwide Corp., 2.565%, 2/15/30 | 350,000 | 355,969 | ||||||
Quanta Services Inc., 2.9%, 10/1/30 | 500,000 | 513,244 | ||||||
Tennant Co., 5.625%, 5/1/25 | 275,000 | 282,736 | ||||||
Textron Inc., 2.45%, 3/15/31 | 250,000 | 246,795 | ||||||
TransDigm Inc. (A), 6.25%, 3/15/26 | 475,000 | 502,906 | ||||||
Vontier Corp. (A), 1.8%, 4/1/26 | 300,000 | 299,211 | ||||||
Vulcan Materials Co. (G), 3.5%, 6/1/30 | 500,000 | 543,868 | ||||||
WRKCo Inc., 3.9%, 6/1/28 | 700,000 | 779,199 | ||||||
WRKCo Inc., 3%, 6/15/33 | 300,000 | 309,356 | ||||||
Xylem Inc., 2.25%, 1/30/31 | 350,000 | 342,187 | ||||||
7,509,149 | ||||||||
Information Technology - 2.1% | ||||||||
Broadcom Inc., 4.15%, 11/15/30 | 250,000 | 273,130 | ||||||
Dell International LLC / EMC Corp. (A), 8.35%, 7/15/46 | 350,000 | 547,994 | ||||||
Donnelley Financial Solutions Inc., 8.25%, 10/15/24 | 275,000 | 288,062 | ||||||
Intuit Inc., 1.65%, 7/15/30 | 250,000 | 240,479 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 350,000 | 342,579 | ||||||
Marvell Technology Group Ltd. (E), 4.2%, 6/22/23 | 500,000 | 530,795 | ||||||
Micron Technology Inc., 2.497%, 4/24/23 | 250,000 | 259,001 | ||||||
NXP BV / NXP Funding LLC / NXP USA Inc. (A) (E), 3.15%, 5/1/27 | 200,000 | 214,235 | ||||||
Oracle Corp., 3.95%, 3/25/51 | 750,000 | 778,279 | ||||||
3,474,554 |
See accompanying Notes to Financial Statements.
16
Madison Funds | April 30, 2021
Madison Core Bond Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Materials - 0.6% | ||||||||
EI du Pont de Nemours and Co., 1.7%, 7/15/25 | $ | 150,000 | $ | 154,135 | ||||
LYB International Finance III LLC, 3.625%, 4/1/51 | 400,000 | 400,180 | ||||||
Nutrition & Biosciences Inc. (A), 3.468%, 12/1/50 | 500,000 | 493,781 | ||||||
1,048,096 | ||||||||
Utilities - 1.4% | ||||||||
AES Corp./The (A), 1.375%, 1/15/26 | 750,000 | 737,323 | ||||||
Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 350,000 | 330,204 | ||||||
Duke Energy Corp., 3.75%, 9/1/46 | 500,000 | 515,790 | ||||||
Eastern Energy Gas Holdings LLC, Series B, 3%, 11/15/29 | 350,000 | 366,541 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 250,000 | 259,513 | ||||||
2,209,371 | ||||||||
Total Corporate Notes and Bonds (Cost $60,812,697) | 63,402,801 | |||||||
FOREIGN CORPORATE BONDS - 0.2% | ||||||||
Industrials - 0.2% | ||||||||
Delta Air Lines Inc. / SkyMiles IP Ltd. (A) (E), 4.75%, 10/20/28 | 250,000 | 274,427 | ||||||
Total Foreign Corporate Bonds (Cost $250,000) | 274,427 | |||||||
MORTGAGE BACKED SECURITIES - 13.8% | ||||||||
Fannie Mae - 7.6% | ||||||||
3%, 9/1/30 Pool # 890696 | 505,146 | 535,535 | ||||||
3%, 12/1/30 Pool # AL8924 | 262,011 | 276,421 | ||||||
7%, 11/1/31 Pool # 607515 | 5,262 | 5,994 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 171,220 | 184,514 | ||||||
6.5%, 3/1/32 Pool # 631377 | 18,285 | 20,541 | ||||||
6.5%, 5/1/32 Pool # 636758 | 1,012 | 1,137 | ||||||
7%, 5/1/32 Pool # 644591 | 457 | 476 | ||||||
6.5%, 6/1/32 Pool # 545691 | 35,929 | 40,977 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 259,173 | 279,277 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 180,281 | 194,557 | ||||||
5.5%, 11/1/33 Pool # 555880 | 42,890 | 49,258 | ||||||
5%, 5/1/34 Pool # 780890 | 19,420 | 22,446 | ||||||
7%, 7/1/34 Pool # 792636 | 6,838 | 7,135 | ||||||
4%, 2/1/35 Pool # MA2177 | 402,186 | 440,308 | ||||||
5%, 8/1/35 Pool # 829670 | 44,458 | 51,341 | ||||||
5%, 9/1/35 Pool # 835699 | 49,878 | 56,520 | ||||||
5%, 9/1/35 Pool # 820347 | 60,995 | 70,522 | ||||||
3.5%, 12/1/35 Pool # MA2473 | 423,413 | 458,731 | ||||||
4.5%, 12/1/35 Pool # 745147 | 6,498 | 7,239 | ||||||
5%, 12/1/35 Pool # 850561 | 15,197 | 17,574 | ||||||
6%, 11/1/36 Pool # 902510 | 43,921 | 52,255 | ||||||
6%, 10/1/37 Pool # 947563 | 49,129 | 58,462 | ||||||
6.5%, 12/1/37 Pool # 889072 | 37,708 | 44,338 | ||||||
6.5%, 8/1/38 Pool # 987711 | 108,559 | 132,112 | ||||||
3%, 11/1/39 Pool # MA3831 | 220,028 | 230,559 | ||||||
4%, 9/1/40 Pool # AE3039 | 436,156 | 483,598 | ||||||
4%, 1/1/41 Pool # AB2080 | 323,403 | 356,915 | ||||||
2.5%, 5/1/41 Pool # MA4334 | 1,000,000 | 1,043,398 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 298,010 | 346,246 | ||||||
4%, 9/1/41 Pool # AJ1406 | 167,469 | 183,889 | ||||||
4%, 10/1/41 Pool # AJ4046 | 427,159 | 477,743 | ||||||
3.5%, 11/1/41 Pool # AB3867 | 159,798 | 174,513 | ||||||
4%, 3/1/42 Pool # AL1998 | 600,829 | 662,767 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 660,066 | 722,890 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 339,346 | 369,559 | ||||||
3%, 9/1/42 Pool # AP6568 | 68,587 | 73,316 | ||||||
3.5%, 9/1/42 Pool # AB6228 | 220,410 | 240,033 | ||||||
4%, 10/1/42 Pool # AP7363 | 448,723 | 497,291 | ||||||
3.5%, 1/1/43 Pool # AQ9326 | 371,757 | 407,729 | ||||||
3%, 2/1/43 Pool # AL3072 | 636,481 | 680,426 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 317,791 | 347,019 | ||||||
3.5%, 4/1/43 Pool # AT2887 | 281,652 | 308,403 | ||||||
4%, 1/1/45 Pool # AS4257 | 106,553 | 117,529 | ||||||
4.5%, 10/1/46 Pool # MA2783 | 75,960 | 83,695 | ||||||
3%, 1/1/47 Pool # BE0108 | 448,250 | 476,689 | ||||||
2.5%, 12/1/47 Pool # FM3165 | 986,288 | 1,030,533 | ||||||
12,322,410 | ||||||||
Freddie Mac - 6.2% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 48,114 | 51,169 | ||||||
4.5%, 5/1/25 Pool # J12247 | 96,964 | 102,757 | ||||||
8%, 6/1/30 Pool # C01005 | 359 | 426 | ||||||
6.5%, 1/1/32 Pool # C62333 | 17,783 | 20,115 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 360,064 | 376,214 | ||||||
3.5%, 8/1/32 Pool # C91485 | 201,118 | 219,031 | ||||||
4%, 5/1/33 Pool # G18693 | 436,574 | 467,782 | ||||||
4.5%, 6/1/34 Pool # C01856 | 239,047 | 266,421 | ||||||
2.5%, 6/1/35 Pool # RC1421 | 542,860 | 567,050 | ||||||
6.5%, 11/1/36 Pool # C02660 | 5,034 | 5,928 | ||||||
5.5%, 1/1/37 Pool # G04593 | 147,638 | 171,746 | ||||||
5.5%, 11/1/37 Pool # A68787 | 98,824 | 115,544 | ||||||
5.5%, 12/1/38 Pool # G05267 | 245,996 | 287,400 | ||||||
4.5%, 8/1/39 Pool # G08361 | 269,796 | 303,132 | ||||||
3.5%, 11/1/40 Pool # G06168 | 245,670 | 267,451 | ||||||
2%, 3/1/41 Pool # RB5105 | 1,239,925 | 1,265,941 | ||||||
4%, 10/1/41 Pool # Q04092 | 481,115 | 533,662 | ||||||
4.5%, 3/1/42 Pool # G07491 | 297,368 | 333,556 | ||||||
3%, 9/1/42 Pool # C04233 | 382,204 | 408,759 | ||||||
3%, 2/1/43 Pool # Q15767 | 296,147 | 316,735 | ||||||
3%, 4/1/43 Pool # V80026 | 266,193 | 284,693 | ||||||
3%, 4/1/43 Pool # V80025 | 276,872 | 296,125 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 320,504 | 348,997 | ||||||
3%, 7/1/45 Pool # G08653 | 499,384 | 529,102 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 366,261 | 397,213 | ||||||
3%, 11/1/45 Pool # G08675 | 409,461 | 433,408 | ||||||
3%, 1/1/46 Pool # G08686 | 530,426 | 561,481 | ||||||
3%, 10/1/46 Pool # G60722 | 504,422 | 536,120 | ||||||
3.5%, 11/1/47 Pool # Q52079 | 461,130 | 493,650 | ||||||
9,961,608 | ||||||||
Ginnie Mae - 0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 5,537 | 6,372 | ||||||
6.5%, 4/20/31 Pool # 3068 | 2,670 | 3,123 | ||||||
4%, 4/15/39 Pool # 698089 | 19,583 | 21,529 | ||||||
31,024 | ||||||||
Total Mortgage Backed Securities (Cost $21,322,494) | 22,315,042 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 23.6% | ||||||||
U.S. Treasury Bonds - 7.0% | ||||||||
6.625%, 2/15/27 | $ | 2,000,000 | $ | 2,630,859 | ||||
5.375%, 2/15/31 | 1,250,000 | 1,682,471 | ||||||
4.500%, 5/15/38 | 1,500,000 | 2,039,883 | ||||||
3.750%, 8/15/41 | 1,000,000 | 1,266,133 | ||||||
3.000%, 5/15/45 | 1,250,000 | 1,421,338 | ||||||
3.000%, 5/15/47 | 750,000 | 856,260 | ||||||
3.375%, 11/15/48 | 500,000 | 612,695 | ||||||
1.250%, 5/15/50 | 1,000,000 | 774,531 | ||||||
11,284,170 | ||||||||
U.S. Treasury Notes - 16.6% | ||||||||
2.750%, 2/15/24 | 2,500,000 | 2,670,312 | ||||||
2.250%, 11/15/25 | 5,000,000 | 5,336,719 | ||||||
0.375%, 1/31/26 | 5,500,000 | 5,388,711 | ||||||
1.500%, 8/15/26 | 5,250,000 | 5,401,348 | ||||||
2.375%, 5/15/27 | 4,000,000 | 4,296,875 | ||||||
2.875%, 5/15/28 | 1,250,000 | 1,381,689 | ||||||
2.625%, 2/15/29 | 1,000,000 | 1,088,906 | ||||||
0.625%, 8/15/30 | 1,250,000 | 1,144,727 | ||||||
26,709,287 | ||||||||
Total U.S. Government and Agency Obligations (Cost $36,698,120) | 37,993,457 |
Shares | ||||||||
SHORT-TERM INVESTMENTS - 5.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (H) | 7,213,408 | 7,213,408 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (H) (I) | 1,576,363 | 1,576,363 | ||||||
Total Short-Term Investments (Cost $8,789,771) | 8,789,771 | |||||||
TOTAL INVESTMENTS - 100.6% (Cost $157,189,949**) | 162,239,904 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.6%) | (970,450 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 161,269,454 |
** | Aggregate cost for Federal tax purposes was $157,297,922. | |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” | |
(B) | Floating rate or variable rate note. Rate shown is as of April 30, 2021. | |
(C) | Stepped rate security. Rate shown is as of April 30, 2021. | |
(D) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. | |
(E) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 4.2% of total net assets. | |
(F) | Restricted. The aggregate cost of such securities is $5,00,000. The aggregate value is $5,13,275, representing 0.3% of net assets. | |
(G) | All or a portion of these securities, with an aggregate fair value of $1,541,746, are on loan as part of a securities lending program. See footnote (I) and Note 11 for details on the securities lending program. | |
(H) | 7-day yield. | |
(I) | Represents investments of cash collateral received in connection with securities lending. | |
CMT | Constant Maturity Treasury. | |
DAC | Designated Activity Company. | |
FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. | |
FREMF | Freddie Mac Multifamily. | |
IO | Interest Only. | |
LIBOR | London Interbank Offered Rate. | |
LLC | Limited Liability Company. | |
MTN | Medium Term Note. | |
PLC | Public Limited Company. | |
REMIC | Real Estate Mortgage Investment Conduit. | |
SOFR | Secured Overnight Financing Rate. | |
STACR | Structured Agency Credit Risk. | |
USD | United States Dollar. |
See accompanying Notes to Financial Statements.
17
MADISON FUNDS | April 30, 2021
Madison Diversified Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 68.1% | ||||||||
Communication Services - 5.1% | ||||||||
Comcast Corp., Class A | 88,550 | $ | 4,972,083 | |||||
Verizon Communications Inc. | 70,300 | 4,062,637 | ||||||
9,034,720 | ||||||||
Consumer Discretionary - 6.3% | ||||||||
Home Depot Inc./The | 16,400 | 5,308,188 | ||||||
McDonald’s Corp. | 14,750 | 3,482,180 | ||||||
Starbucks Corp. | 21,300 | 2,438,637 | ||||||
11,229,005 | ||||||||
Consumer Staples - 6.9% | ||||||||
Archer-Daniels-Midland Co. | 31,000 | 1,957,030 | ||||||
Coca-Cola Co./The | 36,150 | 1,951,377 | ||||||
Colgate-Palmolive Co. | 16,300 | 1,315,410 | ||||||
Hershey Co./The | 8,400 | 1,380,120 | ||||||
PepsiCo Inc. | 22,450 | 3,236,392 | ||||||
Procter & Gamble Co./The | 18,800 | 2,508,296 | ||||||
12,348,625 | ||||||||
Energy - 0.8% | ||||||||
Baker Hughes Co. | 73,100 | 1,467,848 | ||||||
Financials - 13.3% | ||||||||
Aflac Inc. | 45,700 | 2,455,461 | ||||||
BlackRock Inc. | 6,000 | 4,915,800 | ||||||
CME Group Inc. | 12,200 | 2,464,278 | ||||||
JPMorgan Chase & Co. | 23,975 | 3,687,595 | ||||||
Northern Trust Corp. | 35,700 | 4,062,660 | ||||||
Travelers Cos. Inc./The | 26,925 | 4,164,220 | ||||||
US Bancorp | 35,650 | 2,115,828 | ||||||
23,865,842 | ||||||||
Health Care - 9.7% | ||||||||
AmerisourceBergen Corp. | 11,100 | 1,340,880 | ||||||
Amgen Inc. | 8,250 | 1,977,030 | ||||||
Bristol-Myers Squibb Co. | 55,200 | 3,445,584 | ||||||
Johnson & Johnson | 27,100 | 4,409,983 | ||||||
Medtronic PLC | 16,200 | 2,120,904 | ||||||
Merck & Co. Inc. | 31,025 | 2,311,362 | ||||||
Pfizer Inc. | 47,100 | 1,820,415 | ||||||
17,426,158 | ||||||||
Industrials - 10.2% | ||||||||
3M Co. | 15,100 | 2,976,814 | ||||||
Caterpillar Inc. | 15,750 | 3,592,732 | ||||||
Emerson Electric Co. | 44,000 | 3,981,560 | ||||||
Fastenal Co. | 50,500 | 2,640,140 | ||||||
Honeywell International Inc. | 6,150 | 1,371,696 | ||||||
Lockheed Martin Corp. | 3,750 | 1,427,100 | ||||||
Union Pacific Corp. | 10,175 | 2,259,766 | ||||||
18,249,808 | ||||||||
Information Technology - 9.3% | ||||||||
Analog Devices Inc. | 15,975 | 2,446,731 | ||||||
Automatic Data Processing Inc. | 7,800 | 1,458,522 | ||||||
Cisco Systems Inc. | 83,000 | 4,225,530 | ||||||
Oracle Corp. | 16,750 | 1,269,483 | ||||||
Paychex Inc. | 23,825 | 2,322,699 | ||||||
TE Connectivity Ltd. | 9,325 | 1,253,933 | ||||||
Texas Instruments Inc. | 20,800 | 3,754,608 | ||||||
16,731,506 | ||||||||
Materials - 4.1% | ||||||||
Linde PLC | 7,300 | 2,086,632 | ||||||
Nucor Corp. | 62,900 | 5,174,154 | ||||||
7,260,786 | ||||||||
Real Estate - 0.9% | ||||||||
American Tower Corp., REIT | 6,500 | 1,656,005 | ||||||
Utilities - 1.5% | ||||||||
Dominion Energy Inc. | 32,450 | 2,592,755 | ||||||
Total Common Stocks | ||||||||
(Cost $80,510,803) | 121,863,058 |
Par Value | ||||||||
ASSET BACKED SECURITIES - 1.4% | ||||||||
BMW Floorplan Master Owner Trust, Series 2018-1, Class A2, (1M USD LIBOR + 0.320%) (A) (B), 0.435%, 5/15/23 | $ | 175,000 | 175,022 | |||||
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | 337,982 | 338,712 | ||||||
Chesapeake Funding II LLC, Series 2018- 3A, Class B (A), 3.62%, 1/15/31 | 100,000 | 103,373 | ||||||
Chesapeake Funding II LLC, Series 2018- 1A, Class A1 (A), 3.04%, 4/15/30 | 122,952 | 123,587 | ||||||
Chesapeake Funding II LLC, Series 2018- 2A, Class A1 (A), 3.23%, 8/15/30 | 51,640 | 52,236 | ||||||
Chesapeake Funding II LLC, Series 2020- 1A, Class A1 (A), 0.87%, 8/16/32 | 82,897 | 83,356 | ||||||
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 130,000 | 136,131 | ||||||
Dell Equipment Finance Trust, Series 2019- 2, Class A3 (A), 1.91%, 10/22/24 | 250,000 | 252,836 | ||||||
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 150,000 | 149,985 | ||||||
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 202,435 | 205,272 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | 150,000 | 155,186 | ||||||
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22 | 58,310 | 58,588 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24 | 250,000 | 250,286 | ||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 150,000 | 158,487 | ||||||
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23 | 106,994 | 107,980 | ||||||
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 100,000 | 102,804 | ||||||
Wheels SPV LLC, Series 2019-1A, Class A2 (A), 2.3%, 5/22/28 | 41,973 | 42,303 | ||||||
Total Asset Backed Securities (Cost $2,474,594) | 2,496,144 |
Par Value | Value (Note 2,3) | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.5% | ||||||||
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | $ | 115,950 | $ | 125,491 | ||||
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 156,809 | 172,367 | ||||||
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 53,382 | 62,238 | ||||||
Fannie Mae REMICS, Series 2020-44, Class TI, CMO, IO, 5.5%, 12/25/35 | 1,282,170 | 234,987 | ||||||
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 86,988 | 88,668 | ||||||
Freddie Mac REMICS, Series 3187, Class Z, 5%, 7/15/36 | 141,689 | 160,527 | ||||||
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, CMO, (SOFR + 0.750%) (A) (B) (C), 0.76%, 10/25/33 | 225,000 | 225,220 | ||||||
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | 81,699 | 83,280 | ||||||
JPMorgan Mortgage Trust, Series 2021-1, Class A3, CMO (A) (B) (C), 2.5%, 6/25/51 | 288,190 | 294,123 | ||||||
JPMorgan Mortgage Trust, Series 2021-6, Class A4, CMO (A) (B) (C), 2.5%, 10/25/51 | 350,000 | 359,680 | ||||||
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50 | 115,806 | 119,588 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (B) (C), 3%, 11/25/45 | 89,314 | 92,610 | ||||||
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | 22,311 | 22,521 | ||||||
PSMC Trust, Series 2021-1, Class A11, CMO (A) (B) (C), 2.5%, 3/25/51 | 100,000 | 102,815 | ||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43 | 231,993 | 234,825 | ||||||
Towd Point HE Trust, Series 2021-HE1, Class A1, CMO (A) (B) (C), 0.918%, 2/25/63 | 225,540 | 225,469 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49 | 115,570 | 116,731 | ||||||
Total Collateralized Mortgage Obligations (Cost $2,683,318) | 2,721,140 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% | ||||||||
Fannie Mae-Aces, Series 2013-M12, Class APT (B) (C), 2.495%, 3/25/23 | 243,858 | 250,537 | ||||||
Fannie Mae-Aces, Series 2017-M15, Class A1, VRN (B) (C), 3.058%, 9/25/27 | 362,660 | 389,883 | ||||||
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.196%, 11/25/27 | 250,000 | 266,016 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 242,288 | 260,179 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 600,000 | 661,764 | ||||||
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (C), 3.673%, 11/25/47 | 200,000 | 207,205 | ||||||
Total Commercial Mortgage-Backed Securities (Cost $1,904,676) | 2,035,584 |
See accompanying Notes to Financial Statements.
18
MADISON FUNDS | April 30, 2021
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Communication Services - 1.4% | ||||||||
AT&T Inc., 2.25%, 2/1/32 | $ | 150,000 | $ | 142,114 | ||||
AT&T Inc., 4.75%, 5/15/46 | 200,000 | 229,258 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22 | 200,000 | 208,221 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 3.85%, 4/1/61 | 100,000 | 91,644 | ||||||
Comcast Corp., 4.15%, 10/15/28 | 275,000 | 316,205 | ||||||
Discovery Communications LLC, 5%, 9/20/37 | 250,000 | 295,730 | ||||||
DISH DBS Corp., 6.75%, 6/1/21 | 100,000 | 100,125 | ||||||
eBay Inc., 1.9%, 3/11/25 | 50,000 | 51,632 | ||||||
Expedia Group Inc., 3.25%, 2/15/30 | 200,000 | 202,920 | ||||||
T-Mobile USA Inc., 2.625%, 4/15/26 | 100,000 | 101,720 | ||||||
Verizon Communications Inc., 4.329%, 9/21/28 | 331,000 | 381,426 | ||||||
Verizon Communications Inc., 3.875%, 2/8/29 | 100,000 | 112,524 | ||||||
Verizon Communications Inc., 3.7%, 3/22/61 | 200,000 | 202,002 | ||||||
Walt Disney Co./The, 3.8%, 3/22/30 | 50,000 | 55,902 | ||||||
2,491,423 | ||||||||
Consumer Discretionary - 0.9% | ||||||||
7-Eleven Inc. (A), 1.8%, 2/10/31 | 100,000 | 94,537 | ||||||
Hilton Domestic Operating Co. Inc. (A), 5.375%, 5/1/25 | 100,000 | 105,315 | ||||||
Home Depot Inc./The, 3.35%, 4/15/50 | 100,000 | 105,401 | ||||||
Lowe’s Cos. Inc., 3%, 10/15/50 | 250,000 | 235,563 | ||||||
McDonald’s Corp., MTN, 2.125%, 3/1/30 | 50,000 | 49,494 | ||||||
McDonald’s Corp., MTN, 4.875%, 12/9/45 | 300,000 | 370,090 | ||||||
Performance Food Group Inc. (A), 5.5%, 10/15/27 | 50,000 | 52,692 | ||||||
Picasso Finance Sub Inc. (A), 6.125%, 6/15/25 | 100,000 | 106,375 | ||||||
Southwest Airlines Co., 5.25%, 5/4/25 | 50,000 | 57,251 | ||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 200,000 | 233,810 | ||||||
Tractor Supply Co., 1.75%, 11/1/30 | 125,000 | 116,812 | ||||||
Vail Resorts Inc. (A), 6.25%, 5/15/25 | 100,000 | 106,125 | ||||||
1,633,465 | ||||||||
Consumer Staples - 0.6% | ||||||||
Hormel Foods Corp., 1.8%, 6/11/30 | 100,000 | 97,007 | ||||||
Keurig Dr Pepper Inc., 3.8%, 5/1/50 | 75,000 | 79,922 | ||||||
Kimberly-Clark Corp., 3.1%, 3/26/30 | 100,000 | 108,260 | ||||||
Mars Inc. (A), 2.375%, 7/16/40 | 250,000 | 231,178 | ||||||
Mars Inc. (A), 3.95%, 4/1/49 | 200,000 | 228,479 | ||||||
STERIS Irish FinCo UnLtd Co. (D), 3.75%, 3/15/51 | 150,000 | 151,594 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 100,000 | 126,036 | ||||||
1,022,476 | ||||||||
Energy - 2.0% | ||||||||
BP Capital Markets America Inc., 3.119%, 5/4/26 | 200,000 | 215,776 | ||||||
ConocoPhillips Co., 4.15%, 11/15/34 | 129,000 | 143,718 | ||||||
Energy Transfer L.P., 5.25%, 4/15/29 | 75,000 | 85,982 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 300,000 | 328,075 | ||||||
Exxon Mobil Corp., 4.114%, 3/1/46 | 225,000 | 252,697 | ||||||
Kinder Morgan Inc., 5.55%, 6/1/45 | 200,000 | 243,438 | ||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 100,000 | 112,701 | ||||||
MPLX L.P., 4.8%, 2/15/29 | 150,000 | 172,804 | ||||||
MPLX L.P., 2.65%, 8/15/30 | 100,000 | 98,686 | ||||||
Occidental Petroleum Corp., 3.5%, 8/15/29 | 100,000 | 95,500 | ||||||
Phillips 66, 2.15%, 12/15/30 | 200,000 | 190,427 | ||||||
Phillips 66, 4.65%, 11/15/34 | 250,000 | 291,869 | ||||||
Pioneer Natural Resources Co., 2.15%, 1/15/31 | 75,000 | 70,873 | ||||||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30 | 200,000 | 225,138 | ||||||
Schlumberger Holdings Corp. (A), 4%, 12/21/25 | 20,000 | 22,261 | ||||||
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | 292,000 | 320,387 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 250,000 | 326,620 | ||||||
Valero Energy Partners L.P., 4.5%, 3/15/28 | 300,000 | 334,444 | ||||||
3,531,396 | ||||||||
Financials - 3.7% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (D), 1.75%, 1/30/26 | 150,000 | 147,006 | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (D), 4.625%, 10/15/27 | 150,000 | 166,953 | ||||||
Avolon Holdings Funding Ltd. (A) (D), 2.125%, 2/21/26 | 150,000 | 146,586 | ||||||
Bank of America Corp., MTN, (3M USD LIBOR + 1.090%) (B), 3.093%, 10/1/25 | 400,000 | 427,762 | ||||||
Bank of America Corp., Series N, (SOFR + 0.910%) (B), 1.658%, 3/11/27 | 200,000 | 201,628 | ||||||
Bank of America Corp., MTN, (SOFR + 1.370%) (B), 1.922%, 10/24/31 | 150,000 | 142,441 | ||||||
Bank of Montreal, MTN (D), 3.3%, 2/5/24 | 110,000 | 118,305 | ||||||
Belrose Funding Trust (A), 2.33%, 8/15/30 | 100,000 | 96,546 | ||||||
Capital One Financial Corp., 3.3%, 10/30/24 | 200,000 | 216,365 | ||||||
Cboe Global Markets Inc., 3.65%, 1/12/27 | 130,000 | 143,852 | ||||||
Charles Schwab Corp./The, Series H, (10 year CMT + 3.079%) (B), 4%, 12/1/30 | 175,000 | 177,266 | ||||||
Credit Suisse Group AG, (5 year CMT + 3.554%) (A) (B) (D) (E), 4.5%, 9/3/30 | 100,000 | 95,500 | ||||||
Empower Finance L.P. (A), 3.075%, 9/17/51 | 100,000 | 95,863 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 125,000 | 131,141 | ||||||
Goldman Sachs BDC Inc., 2.875%, 1/15/26 | 100,000 | 103,445 | ||||||
Goldman Sachs Group Inc./The, (3M USD LIBOR + 1.201%) (B), 3.272%, 9/29/25 | 350,000 | 375,843 | ||||||
Healthpeak Properties Inc., 3.25%, 7/15/26 | 100,000 | 108,673 | ||||||
Host Hotels & Resorts L.P., Series I, 3.5%, 9/15/30 | 100,000 | 102,860 | ||||||
Huntington Bancshares Inc., 2.55%, 2/4/30 | 100,000 | 101,450 | ||||||
Iron Mountain Inc. (A), 4.5%, 2/15/31 | 50,000 | 49,864 | ||||||
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (B), 4%, 4/1/25 | 250,000 | 251,169 | ||||||
JPMorgan Chase & Co., (SOFR + 0.695%) (B), 1.04%, 2/4/27 | 200,000 | 196,340 | ||||||
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 125,000 | 126,249 | ||||||
Liberty Mutual Group Inc. (A), 3.95%, 5/15/60 | 25,000 | 25,699 | ||||||
Markel Corp., (5 year CMT + 5.662%) (B), 6%, 6/1/25 | 100,000 | 109,000 | ||||||
Morgan Stanley, MTN, 3.875%, 1/27/26 | 100,000 | 111,428 | ||||||
Morgan Stanley, (SOFR + 0.879%) (B), 1.593%, 5/4/27 | 100,000 | 100,377 | ||||||
Morgan Stanley, MTN, (SOFR + 1.020%) (B), 1.928%, 4/28/32 | 250,000 | 236,657 | ||||||
Nasdaq Inc., 1.65%, 1/15/31 | 250,000 | 231,435 | ||||||
Omega Healthcare Investors Inc., 3.375%, 2/1/31 | 100,000 | 101,036 | ||||||
PNC Financial Services Group Inc./The, 3.45%, 4/23/29 | 300,000 | 330,904 | ||||||
Prudential Financial Inc., (5 year CMT + 3.035%) (B), 3.7%, 10/1/50 | 125,000 | 129,063 | ||||||
Regions Financial Corp., 2.25%, 5/18/25 | 100,000 | 104,220 | ||||||
Standard Chartered PLC, (5 year CMT + 3.805%) (A) (B) (D), 4.75%, 1/14/31 | 250,000 | 253,800 | ||||||
STORE Capital Corp., 4.5%, 3/15/28 | 100,000 | 111,408 | ||||||
Synchrony Financial, 3.7%, 8/4/26 | 150,000 | 162,912 | ||||||
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 100,000 | 99,326 | ||||||
Truist Bank, 2.25%, 3/11/30 | 50,000 | 49,327 | ||||||
Truist Financial Corp., MTN, 2.85%, 10/26/24 | 200,000 | 214,455 | ||||||
Truist Financial Corp., MTN, (SOFR + 0.609%) (B), 1.267%, 3/2/27 | 200,000 | 198,997 | ||||||
UBS Group AG, (5 year CMT + 3.313%) (A) (B) (D), 4.375%, 2/10/31 | 200,000 | 199,252 | ||||||
Wells Fargo & Co., (5 year CMT + 3.453%) (B), 3.9%, 3/15/26 | 100,000 | 102,240 | ||||||
Wells Fargo & Co., MTN, (SOFR + 2.100%) (B), 2.393%, 6/2/28 | 100,000 | 102,884 | ||||||
6,697,527 | ||||||||
Health Care - 0.9% | ||||||||
Anthem Inc., 2.375%, 1/15/25 | 50,000 | 52,444 | ||||||
Cigna Corp., 4.375%, 10/15/28 | 50,000 | 57,163 | ||||||
CVS Health Corp., 5.125%, 7/20/45 | 250,000 | 311,344 | ||||||
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 50,000 | 49,345 | ||||||
Royalty Pharma PLC (A) (D), 2.2%, 9/2/30 | 250,000 | 238,698 | ||||||
Royalty Pharma PLC (A) (D), 3.55%, 9/2/50 | 250,000 | 236,380 | ||||||
UnitedHealth Group Inc., 3.7%, 8/15/49 | 50,000 | 54,697 | ||||||
Viatris Inc. (A), 2.7%, 6/22/30 | 125,000 | 123,434 | ||||||
Zoetis Inc., 3%, 9/12/27 | 350,000 | 376,908 | ||||||
Zoetis Inc., 3%, 5/15/50 | 100,000 | 96,623 | ||||||
1,597,036 | ||||||||
Industrials - 0.9% | ||||||||
Boeing Co./The, 2.196%, 2/4/26 | 100,000 | 100,102 | ||||||
Boeing Co./The, 3.625%, 2/1/31 | 125,000 | 131,361 | ||||||
Boeing Co./The, 5.805%, 5/1/50 | 50,000 | 64,121 | ||||||
DAE Funding LLC (A), 5.25%, 11/15/21 | 100,000 | 101,375 | ||||||
General Electric Co., 3.45%, 5/1/27 | 100,000 | 109,210 | ||||||
Otis Worldwide Corp., 2.565%, 2/15/30 | 125,000 | 127,132 | ||||||
Quanta Services Inc., 2.9%, 10/1/30 | 150,000 | 153,973 | ||||||
Textron Inc., 2.45%, 3/15/31 | 100,000 | 98,718 | ||||||
TransDigm Inc. (A), 6.25%, 3/15/26 | 75,000 | 79,406 | ||||||
Vulcan Materials Co. (E), 3.5%, 6/1/30 | 200,000 | 217,547 | ||||||
WRKCo Inc., 3.9%, 6/1/28 | 250,000 | 278,285 | ||||||
Xylem Inc., 2.25%, 1/30/31 | 150,000 | 146,652 | ||||||
1,607,882 | ||||||||
Information Technology - 0.8% | ||||||||
Broadcom Inc., 4.15%, 11/15/30 | 200,000 | 218,504 | ||||||
Broadridge Financial Solutions Inc., 2.9%, 12/1/29 | 150,000 | 154,261 | ||||||
Citrix Systems Inc., 4.5%, 12/1/27 | 55,000 | 63,063 | ||||||
Dell International LLC / EMC Corp. (A), 8.35%, 7/15/46 | 75,000 | 117,427 | ||||||
Intel Corp., 3.734%, 12/8/47 | 272,000 | 295,777 | ||||||
Intuit Inc., 1.65%, 7/15/30 | 125,000 | 120,240 | ||||||
Lam Research Corp., 1.9%, 6/15/30 | 50,000 | 48,940 | ||||||
Micron Technology Inc., 2.497%, 4/24/23 | 100,000 | 103,600 | ||||||
Oracle Corp., 4%, 7/15/46 | 200,000 | 208,014 | ||||||
Oracle Corp., 3.95%, 3/25/51 | 150,000 | 155,656 | ||||||
1,485,482 |
See accompanying Notes to Financial Statements.
19
MADISON FUNDS | April 30, 2021
Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued |
Par Value | Value (Note 2,3) | |||||||
CORPORATE NOTES AND BONDS - continued | ||||||||
Materials - 0.3% | ||||||||
DuPont de Nemours Inc., 4.725%, 11/15/28 | $ | 180,000 | $ | 210,909 | ||||
EI du Pont de Nemours and Co., 1.7%, 7/15/25 | 50,000 | 51,378 | ||||||
Nutrition & Biosciences Inc. (A), 1.832%, 10/15/27 | 250,000 | 246,838 | ||||||
509,125 | ||||||||
Utilities - 0.3% | ||||||||
AES Corp./The (A), 1.375%, 1/15/26 | 250,000 | 245,775 | ||||||
Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 125,000 | 117,930 | ||||||
Eastern Energy Gas Holdings LLC, Series B, 3%, 11/15/29 | 150,000 | 157,089 | ||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 100,000 | 103,805 | ||||||
624,599 | ||||||||
Total Corporate Notes and Bonds (Cost $19,995,738) | 21,200,411 | |||||||
LONG TERM MUNICIPAL BONDS - 0.7% | ||||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325,000 | 410,659 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 6.267%, 8/1/39 | 500,000 | 500,253 | ||||||
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39 | 35,000 | 35,114 | ||||||
Washington County Hillsboro School District #1J, General Obligation, 4.355%, 6/30/34 | 200,000 | 218,965 | ||||||
Total Long Term Municipal Bonds (Cost $1,142,648) | 1,164,991 | |||||||
MORTGAGE BACKED SECURITIES - 4.5% | ||||||||
Fannie Mae - 2.7% | ||||||||
3%, 9/1/30 Pool # 890696 | 105,918 | 112,290 | ||||||
3%, 12/1/30 Pool # AL8924 | 174,674 | 184,281 | ||||||
7%, 11/1/31 Pool # 607515 | 5,262 | 5,994 | ||||||
3.5%, 12/1/31 Pool # MA0919 | 272,775 | 293,953 | ||||||
7%, 5/1/32 Pool # 644591 | 732 | 762 | ||||||
3.5%, 8/1/32 Pool # MA3098 | 86,391 | 93,092 | ||||||
3.5%, 9/1/32 Pool # MA3126 | 73,349 | 79,157 | ||||||
5.5%, 10/1/33 Pool # 254904 | 29,101 | 33,741 | ||||||
7%, 7/1/34 Pool # 792636 | 4,298 | 4,485 | ||||||
4%, 2/1/35 Pool # MA2177 | 174,281 | 190,800 | ||||||
5%, 8/1/35 Pool # 829670 | 25,848 | 29,849 | ||||||
5%, 9/1/35 Pool # 820347 | 36,383 | 42,066 | ||||||
5%, 9/1/35 Pool # 835699 | 31,047 | 35,181 | ||||||
3%, 12/1/35 Pool # AS6267 | 128,746 | 135,478 | ||||||
5%, 12/1/35 Pool # 850561 | 9,250 | 10,697 | ||||||
4%, 6/1/36 Pool # AL8618 | 131,661 | 144,337 | ||||||
5.5%, 9/1/36 Pool # 831820 | 50,067 | 58,241 | ||||||
5.5%, 10/1/36 Pool # 901723 | 16,504 | 19,150 | ||||||
5.5%, 12/1/36 Pool # 903059 | 37,494 | 42,527 | ||||||
3%, 11/1/39 Pool # MA3831 | 110,014 | 115,279 | ||||||
2.5%, 5/1/41 Pool # MA4334 | 250,000 | 260,849 | ||||||
4.5%, 7/1/41 Pool # AB3274 | 91,208 | 102,947 | ||||||
5.5%, 7/1/41 Pool # AL6588 | 89,403 | 103,874 | ||||||
3.5%, 6/1/42 Pool # AO4134 | 154,703 | 169,427 | ||||||
4%, 6/1/42 Pool # MA1087 | 107,262 | 118,935 | ||||||
3.5%, 8/1/42 Pool # AP2133 | 101,804 | 110,868 | ||||||
3.5%, 8/1/42 Pool # AO8100 | 55,644 | 60,311 | ||||||
4%, 10/1/42 Pool # AP7363 | 192,310 | 213,125 | ||||||
3%, 2/1/43 Pool # AB8486 | 169,860 | 180,836 | ||||||
3%, 2/1/43 Pool # AB8563 | 98,161 | 104,507 | ||||||
3%, 2/1/43 Pool # AL3072 | 194,314 | 207,730 | ||||||
3%, 3/1/43 Pool # AB8818 | 159,993 | 171,017 | ||||||
3.5%, 3/1/43 Pool # AT0310 | 90,797 | 99,148 | ||||||
4%, 1/1/45 Pool # AS4257 | 56,080 | 61,857 | ||||||
4%, 1/1/45 Pool # MA2145 | 174,403 | 192,396 | ||||||
4.5%, 2/1/45 Pool # MA2193 | 104,782 | 115,605 | ||||||
3.5%, 12/1/45 Pool # AS6309 | 81,519 | 88,481 | ||||||
3%, 1/1/47 Pool # BE0108 | 149,417 | 158,896 | ||||||
2.5%, 12/1/47 Pool # FM3165 | 328,763 | 343,511 | ||||||
3.5%, 12/1/47 Pool # MA3210 | 209,574 | 223,995 | ||||||
4%, 7/1/48 Pool # MA3415 | 61,975 | 66,614 | ||||||
4,786,289 | ||||||||
Freddie Mac - 1.8% | ||||||||
4.5%, 2/1/25 Pool # J11722 | 12,029 | 12,792 | ||||||
4.5%, 5/1/25 Pool # J12247 | 10,389 | 11,010 | ||||||
8%, 6/1/30 Pool # C01005 | 664 | 788 | ||||||
6.5%, 1/1/32 Pool # C62333 | 26,674 | 30,173 | ||||||
2.5%, 2/1/32 Pool # ZS8641 | 240,042 | 250,809 | ||||||
2.5%, 6/1/35 Pool # RC1421 | 180,953 | 189,017 | ||||||
4.5%, 8/1/39 Pool # G08361 | 134,898 | 151,566 | ||||||
3.5%, 11/1/40 Pool # G06168 | 130,316 | 141,870 | ||||||
2%, 3/1/41 Pool # RB5105 | 495,970 | 506,376 | ||||||
4.5%, 9/1/41 Pool # Q03516 | 80,046 | 90,412 | ||||||
4%, 10/1/41 Pool # Q04092 | 113,718 | 126,138 | ||||||
3%, 8/1/42 Pool # G08502 | 111,488 | 118,031 | ||||||
3%, 9/1/42 Pool # C04233 | 70,367 | 75,256 | ||||||
3%, 4/1/43 Pool # V80025 | 184,582 | 197,417 | ||||||
3%, 4/1/43 Pool # V80026 | 177,462 | 189,795 | ||||||
3.5%, 8/1/44 Pool # Q27927 | 248,390 | 270,473 | ||||||
3%, 7/1/45 Pool # G08653 | 166,461 | 176,367 | ||||||
3.5%, 8/1/45 Pool # Q35614 | 183,131 | 198,607 | ||||||
3%, 10/1/46 Pool # G60722 | 163,937 | 174,239 | ||||||
4%, 3/1/47 Pool # Q46801 | 99,740 | 108,013 | ||||||
3.5%, 12/1/47 Pool # Q52955 | 222,624 | 238,028 | ||||||
3,257,177 | ||||||||
Ginnie Mae - 0.0% | ||||||||
6.5%, 2/20/29 Pool # 2714 | 7,752 | 8,921 | ||||||
6.5%, 4/20/31 Pool # 3068 | 4,450 | 5,204 | ||||||
14,125 | ||||||||
Total Mortgage Backed Securities (Cost $7,730,949) | 8,057,591 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 7.2% | ||||||||
U.S. Treasury Bonds - 1.7% | ||||||||
6.625%, 2/15/27 | 700,000 | 920,801 | ||||||
3.750%, 8/15/41 | 400,000 | 506,453 | ||||||
3.000%, 5/15/42 | 550,000 | 626,570 | ||||||
2.500%, 2/15/45 | 500,000 | 521,231 | ||||||
2.500%, 5/15/46 | 200,000 | 208,164 | ||||||
3.000%, 2/15/48 | 250,000 | 285,928 | ||||||
1.250%, 5/15/50 | 85,000 | 65,835 | ||||||
3,134,982 | ||||||||
U.S. Treasury Notes - 5.5% | ||||||||
2.000%, 8/15/25 | 2,000,000 | 2,111,875 | ||||||
2.250%, 11/15/25 | 2,500,000 | 2,668,359 | ||||||
0.375%, 1/31/26 | 1,000,000 | 979,766 | ||||||
1.500%, 8/15/26 | 2,000,000 | 2,057,656 | ||||||
0.375%, 9/30/27 | 500,000 | 474,121 | ||||||
2.875%, 5/15/28 | 750,000 | 829,014 | ||||||
0.625%, 8/15/30 | 750,000 | 686,836 | ||||||
9,807,627 | ||||||||
Total U.S. Government and Agency Obligations (Cost $12,626,400) | 12,942,609 |
Shares | ||||||||
SHORT-TERM INVESTMENTS - 2.4% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market Fund, 0.03%, | ||||||||
Premier Class (F) | 4,015,517 | 4,015,517 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (F) (G) | 317,275 | 317,275 | ||||||
Total Short-Term Investments (Cost $4,332,792) | 4,332,792 | |||||||
TOTAL INVESTMENTS - 98.7% (Cost $133,401,918**) | 176,814,320 | |||||||
NET OTHER ASSETS AND LIABILITIES - 1.3% | �� | 2,260,027 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 179,074,347 |
** | Aggregate cost for Federal tax purposes was $133,580,573. | |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” | |
(B) | Floating rate or variable rate note. Rate shown is as of April 30, 2021. | |
(C) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. | |
(D) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.0% of total net assets. | |
(E) | All or a portion of these securities, with an aggregate fair value of $310,325, are on loan as part of a securities lending program. See footnote (G) and Note 11 for details on the securities lending program. | |
(F) | 7-day yield. | |
(G) | Represents investments of cash collateral received in connection with securities lending. |
CMT | Constant Maturity Treasury. |
DAC | Designated Activity Company. |
FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. |
FREMF | Freddie Mac Multifamily. |
IO | Interest Only. |
LIBOR | London Interbank Offered Rate. |
LLC | Limited Liability Company. |
MTN | Medium Term Note. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
STACR | Structured Agency Credit Risk. |
USD | United States Dollar. |
See accompanying Notes to Financial Statements.
20
Madison Funds | April 30, 2021
Madison Covered Call & Equity Income Fund Portfolio of Investments |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 61.9% | ||||||||
Communication Services - 9.0% | ||||||||
Comcast Corp., Class A (A) | 46,000 | $ | 2,582,900 | |||||
Lumen Technologies Inc. | 189,000 | 2,424,870 | ||||||
T-Mobile U.S. Inc. * (A) | 22,000 | 2,906,860 | ||||||
7,914,630 | ||||||||
Consumer Discretionary - 2.2% | ||||||||
Amazon.com Inc. * | 150 | 520,113 | ||||||
Nordstrom Inc. * (A) | 39,800 | 1,459,864 | ||||||
1,979,977 | ||||||||
Consumer Staples - 4.5% | ||||||||
Archer-Daniels-Midland Co. (A) | 23,700 | 1,496,181 | ||||||
JM Smucker Co./The (A) | 18,700 | 2,449,513 | ||||||
3,945,694 | ||||||||
Energy - 11.2% | ||||||||
APA Corp. | 52,600 | 1,052,000 | ||||||
Baker Hughes Co. | 96,300 | 1,933,704 | ||||||
Canadian Natural Resources Ltd. (A) | 63,000 | 1,913,940 | ||||||
EOG Resources Inc. (A) | 27,000 | 1,988,280 | ||||||
Range Resources Corp. * (A) | 202,200 | 1,985,604 | ||||||
Transocean Ltd. * | 295,000 | 949,900 | ||||||
9,823,428 | ||||||||
Financials - 1.6% | ||||||||
Aflac Inc. (A) | 26,000 | 1,396,980 | ||||||
Health Care - 8.6% | ||||||||
Baxter International Inc. (A) | 21,000 | 1,799,490 | ||||||
CVS Health Corp. (A) | 48,200 | 3,682,480 | ||||||
Gilead Sciences Inc. (A) | 32,500 | 2,062,775 | ||||||
7,544,745 | ||||||||
Industrials - 2.6% | ||||||||
Honeywell International Inc. (A) | 10,300 | 2,297,312 | ||||||
Information Technology - 12.6% | ||||||||
Fiserv Inc. * (A) | 15,000 | 1,801,800 | ||||||
Microsoft Corp. (A) | 10,000 | 2,521,800 | ||||||
PayPal Holdings Inc. * (A) | 11,000 | 2,885,190 | ||||||
Texas Instruments Inc. (A) | 6,000 | 1,083,060 | ||||||
Visa Inc., Class A (A) | 12,000 | 2,802,720 | ||||||
11,094,570 | ||||||||
Materials - 6.9% | ||||||||
Barrick Gold Corp. | 131,000 | 2,783,750 | ||||||
Freeport-McMoRan Inc. (A) | 30,000 | 1,131,300 | ||||||
Newmont Corp. (A) | 35,000 | 2,184,350 | ||||||
6,099,400 | ||||||||
Utilities - 2.7% | ||||||||
Entergy Corp. (A) | 12,800 | 1,398,912 | ||||||
NextEra Energy Inc. (A) | 12,500 | 968,875 | ||||||
2,367,787 | ||||||||
Total Common Stocks (Cost $66,511,315) | 54,464,523 | |||||||
EXCHANGE TRADED FUNDS - 2.3% | ||||||||
Stock Funds - 2.3% | ||||||||
VanEck Vectors Gold Miners ETF (A) | 60,000 | 2,061,600 | ||||||
Total Exchange Traded Funds (Cost $2,344,195) | 2,061,600 | |||||||
SHORT-TERM INVESTMENTS - 36.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (B) | 32,100,919 | 32,100,919 | ||||||
Total Short-Term Investments (Cost $32,100,919) | 32,100,919 | |||||||
TOTAL INVESTMENTS - 100.7% | ||||||||
(Cost $100,956,429**) | 88,627,042 | |||||||
TOTAL CALL OPTIONS WRITTEN - (1.4%) | (1,189,385 | ) | ||||||
NET OTHER ASSETS AND LIABILITIES - 0.7% | 563,914 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 88,001,571 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $102,040,749. |
(A) | All or a portion of these securities’ positions, with a value of $46,861,786, represent covers (directly or through conversion rights) for outstanding options written. |
(B) | 7-day yield. |
ETF | Exchange Traded Fund. |
Written Option Contracts Outstanding at April 30, 2021
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Fair Value | Premiums (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Call Options Written | ||||||||||||||||||||||||||
Aflac Inc. | $ | 55.00 | 8/20/21 | (130 | ) | $ | (715,000 | ) | $ | (20,475 | ) | $ | (15,465 | ) | $ | (5,010 | ) | |||||||||
Aflac Inc. | 52.50 | 5/21/21 | (130 | ) | (682,500 | ) | (20,475 | ) | (13,515 | ) | (6,960 | ) | ||||||||||||||
Archer-Daniels-Midland Co. | 60.00 | 6/18/21 | (237 | ) | (1,422,000 | ) | (87,690 | ) | (31,785 | ) | (55,905 | ) | ||||||||||||||
Baxter International Inc. | 85.00 | 5/21/21 | (210 | ) | (1,785,000 | ) | (40,950 | ) | (56,481 | ) | 15,531 | |||||||||||||||
Canadian Natural Resources Ltd. | 30.00 | 6/18/21 | (315 | ) | (945,000 | ) | (60,638 | ) | (31,845 | ) | (28,793 | ) | ||||||||||||||
Canadian Natural Resources Ltd. | 35.00 | 6/18/21 | (315 | ) | (1,102,500 | ) | (15,750 | ) | (36,248 | ) | 20,498 | |||||||||||||||
Comcast Corp. | 57.50 | 6/18/21 | (230 | ) | (1,322,500 | ) | (25,760 | ) | (31,575 | ) | 5,815 | |||||||||||||||
Comcast Corp. | 60.00 | 6/18/21 | (230 | ) | (1,380,000 | ) | (10,350 | ) | (32,126 | ) | 21,776 | |||||||||||||||
CVS Health Corp. | 75.00 | 5/21/21 | (241 | ) | (1,807,500 | ) | (63,142 | ) | (52,644 | ) | (10,498 | ) | ||||||||||||||
CVS Health Corp. | 80.00 | 5/21/21 | (241 | ) | (1,928,000 | ) | (14,219 | ) | (35,093 | ) | 20,874 | |||||||||||||||
Entergy Corp. | 105.00 | 5/21/21 | (128 | ) | (1,344,000 | ) | (56,320 | ) | (15,782 | ) | (40,538 | ) | ||||||||||||||
EOG Resources Inc. | 80.00 | 5/21/21 | (135 | ) | (1,080,000 | ) | (14,850 | ) | (35,744 | ) | 20,894 | |||||||||||||||
EOG Resources Inc. | 85.00 | 7/16/21 | (135 | ) | (1,147,500 | ) | (27,608 | ) | (33,819 | ) | 6,211 | |||||||||||||||
Fiserv Inc. | 130.00 | 6/18/21 | (150 | ) | (1,950,000 | ) | (13,650 | ) | (22,871 | ) | 9,221 | |||||||||||||||
Freeport-McMoRan Inc. | 35.00 | 5/21/21 | (300 | ) | (1,050,000 | ) | (100,500 | ) | (39,181 | ) | (61,319 | ) | ||||||||||||||
Gilead Sciences Inc. | 70.00 | 5/21/21 | (325 | ) | (2,275,000 | ) | (5,362 | ) | (43,768 | ) | 38,406 | |||||||||||||||
Honeywell International Inc. | 230.00 | 5/21/21 | (63 | ) | �� | (1,449,000 | ) | (6,961 | ) | (17,683 | ) | 10,722 | ||||||||||||||
JM Smucker Co./The | 135.00 | 7/16/21 | (75 | ) | (1,012,500 | ) | (26,250 | ) | (23,172 | ) | (3,078 | ) | ||||||||||||||
JM Smucker Co./The | 135.00 | 5/21/21 | (112 | ) | (1,512,000 | ) | (9,240 | ) | (29,724 | ) | 20,484 | |||||||||||||||
Microsoft Corp. | 245.00 | 6/18/21 | (60 | ) | (1,470,000 | ) | (69,900 | ) | (35,126 | ) | (34,774 | ) | ||||||||||||||
Microsoft Corp. | 265.00 | 6/18/21 | (40 | ) | (1,060,000 | ) | (11,300 | ) | (15,159 | ) | 3,859 | |||||||||||||||
Newmont Corp. | 65.00 | 5/21/21 | (350 | ) | (2,275,000 | ) | (23,100 | ) | (80,984 | ) | 57,884 | |||||||||||||||
NextEra Energy Inc. | 75.00 | 6/18/21 | (125 | ) | (937,500 | ) | (45,625 | ) | (28,624 | ) | (17,001 | ) | ||||||||||||||
Nordstrom Inc. | 50.00 | 6/18/21 | (398 | ) | (1,990,000 | ) | (16,119 | ) | (97,659 | ) | 81,540 | |||||||||||||||
PayPal Holdings Inc. | 260.00 | 5/21/21 | (110 | ) | (2,860,000 | ) | (127,875 | ) | (65,496 | ) | (62,379 | ) | ||||||||||||||
Range Resources Corp. | 15.00 | 6/18/21 | (328 | ) | (492,000 | ) | (1,968 | ) | (21,656 | ) | 19,688 | |||||||||||||||
T-Mobile U.S. Inc. | 130.00 | 5/21/21 | (120 | ) | (1,560,000 | ) | (55,500 | ) | (36,564 | ) | (18,936 | ) | ||||||||||||||
T-Mobile U.S. Inc. | 140.00 | 6/18/21 | (100 | ) | (1,400,000 | ) | (19,100 | ) | (20,963 | ) | 1,863 | |||||||||||||||
Texas Instruments Inc. | 190.00 | 6/18/21 | (60 | ) | (1,140,000 | ) | (16,560 | ) | (19,138 | ) | 2,578 | |||||||||||||||
VanEck Vectors Gold Miners ETF | 35.00 | 5/21/21 | (102 | ) | (357,000 | ) | (7,548 | ) | (8,054 | ) | 506 | |||||||||||||||
Visa Inc., Class A | 220.00 | 5/21/21 | (120 | ) | (2,640,000 | ) | (174,600 | ) | (47,449 | ) | (127,151 | ) | ||||||||||||||
Total Options Written, at Value | $ | (1,189,385 | ) | $ | (1,075,393 | ) | $ | (113,992 | ) |
See accompanying Notes to Financial Statements.
21
Madison Funds | April 30, 2021
Madison Dividend Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 98.7% | ||||||||
Communication Services - 7.3% | ||||||||
Comcast Corp., Class A | 234,500 | $ | 13,167,175 | |||||
Verizon Communications Inc. | 186,000 | 10,748,940 | ||||||
23,916,115 | ||||||||
Consumer Discretionary - 9.1% | ||||||||
Home Depot Inc./The | 43,400 | 14,047,278 | ||||||
McDonald’s Corp. | 39,000 | 9,207,120 | ||||||
Starbucks Corp. | 56,000 | 6,411,440 | ||||||
29,665,838 | ||||||||
Consumer Staples - 10.0% | ||||||||
Archer-Daniels-Midland Co. | 82,000 | 5,176,660 | ||||||
Coca-Cola Co./The | 95,000 | 5,128,100 | ||||||
Colgate-Palmolive Co. | 43,700 | 3,526,590 | ||||||
Hershey Co./The | 22,000 | 3,614,600 | ||||||
PepsiCo Inc. | 59,000 | 8,505,440 | ||||||
Procter & Gamble Co./The | 50,500 | 6,737,710 | ||||||
32,689,100 | ||||||||
Energy - 1.2% | ||||||||
Baker Hughes Co. | 196,000 | 3,935,680 | ||||||
Financials - 18.9% | ||||||||
Aflac Inc. | 100,000 | 5,373,000 | ||||||
BlackRock Inc. | 15,700 | 12,863,010 | ||||||
CME Group Inc. | 32,000 | 6,463,680 | ||||||
JPMorgan Chase & Co. | 63,000 | 9,690,030 | ||||||
Northern Trust Corp. | 95,000 | 10,811,000 | ||||||
Travelers Cos. Inc./The | 71,500 | 11,058,190 | ||||||
US Bancorp | 95,000 | 5,638,250 | ||||||
61,897,160 | ||||||||
Health Care - 14.2% | ||||||||
AmerisourceBergen Corp. | 30,000 | 3,624,000 | ||||||
Amgen Inc. | 22,100 | 5,296,044 | ||||||
Bristol-Myers Squibb Co. | 147,000 | 9,175,740 | ||||||
Johnson & Johnson | 71,000 | 11,553,830 | ||||||
Medtronic PLC | 43,500 | 5,695,020 | ||||||
Merck & Co. Inc. | 82,000 | 6,109,000 | ||||||
Pfizer Inc. | 125,000 | 4,831,250 | ||||||
46,284,884 | ||||||||
Industrials - 14.9% | ||||||||
3M Co. | 40,000 | 7,885,600 | ||||||
Caterpillar Inc. | 42,000 | 9,580,620 | ||||||
Emerson Electric Co. | 117,000 | 10,587,330 | ||||||
Fastenal Co. | 135,000 | 7,057,800 | ||||||
Honeywell International Inc. | 17,000 | 3,791,680 | ||||||
Lockheed Martin Corp. | 10,300 | 3,919,768 | ||||||
Union Pacific Corp. | 27,000 | 5,996,430 | ||||||
48,819,228 | ||||||||
Information Technology - 13.7% | ||||||||
Analog Devices Inc. | 42,700 | 6,539,932 | ||||||
Automatic Data Processing Inc. | 21,300 | 3,982,887 | ||||||
Cisco Systems Inc. | 220,000 | 11,200,200 | ||||||
Oracle Corp. | 45,000 | 3,410,550 | ||||||
Paychex Inc. | 64,000 | 6,239,360 | ||||||
TE Connectivity Ltd. | 24,500 | 3,294,515 | ||||||
Texas Instruments Inc. | 55,000 | 9,928,050 | ||||||
44,595,494 | ||||||||
Materials - 5.9% | ||||||||
Linde PLC | 19,600 | 5,602,464 | ||||||
Nucor Corp. | 167,000 | 13,737,420 | ||||||
19,339,884 | ||||||||
Real Estate - 1.4% | ||||||||
American Tower Corp., REIT | 18,000 | 4,585,860 | ||||||
Utilities - 2.1% | ||||||||
Dominion Energy Inc. | 85,500 | 6,831,450 | ||||||
Total Common Stocks (Cost $240,313,973) | 322,560,693 | |||||||
SHORT-TERM INVESTMENTS - 0.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A) | 2,902,820 | 2,902,820 | ||||||
Total Short-Term Investments (Cost $2,902,820) | 2,902,820 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $243,216,793**) | 325,463,513 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.4% | 1,237,400 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 326,700,913 |
** | Aggregate cost for Federal tax purposes was $243,541,261. |
(A) | 7-day yield. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
Madison Investors Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 97.5% | ||||||||
Communication Services - 12.7% | ||||||||
Alphabet Inc., Class C * | 8,854 | $ | 21,339,203 | |||||
Facebook Inc., Class A * | 35,591 | 11,569,922 | ||||||
Liberty Broadband Corp., Class C * | 117,610 | 19,137,499 | ||||||
52,046,624 | ||||||||
Consumer Discretionary - 12.0% | ||||||||
Dollar Tree Inc. * | 129,924 | 14,928,267 | ||||||
Lowe’s Cos. Inc. | 101,351 | 19,890,134 | ||||||
TJX Cos. Inc./The | 200,945 | 14,267,095 | ||||||
49,085,496 | ||||||||
Financials - 22.7% | ||||||||
Arch Capital Group Ltd. * | 280,216 | 11,127,378 | ||||||
Berkshire Hathaway Inc., Class B * | 62,525 | 17,191,249 | ||||||
Brookfield Asset Management Inc., Class A | 313,393 | 14,284,453 | ||||||
Marsh & McLennan Cos. Inc. | 107,023 | 14,523,021 | ||||||
Progressive Corp./The | 171,515 | 17,278,421 | ||||||
US Bancorp | 311,241 | 18,472,153 | ||||||
92,876,675 | ||||||||
Health Care - 12.9% | ||||||||
Alcon Inc. * | 168,006 | 12,672,693 | ||||||
Becton Dickinson and Co. | 71,908 | 17,891,429 | ||||||
Danaher Corp. | 39,333 | 9,988,222 | ||||||
Novartis AG, ADR | 143,668 | 12,246,260 | ||||||
52,798,604 | ||||||||
Industrials - 9.5% | ||||||||
Copart Inc. * | 88,575 | 11,028,473 | ||||||
Jacobs Engineering Group Inc. | 122,321 | 16,343,309 | ||||||
PACCAR Inc. | 127,010 | 11,415,659 | ||||||
38,787,441 | ||||||||
Information Technology - 19.1% | ||||||||
Accenture PLC, Class A | 43,123 | 12,504,376 | ||||||
Adobe Inc. * | 16,364 | 8,318,476 | ||||||
Analog Devices Inc. | 87,367 | 13,381,130 | ||||||
Fiserv Inc. * | 139,684 | 16,778,842 | ||||||
TE Connectivity Ltd. | 90,007 | 12,103,241 | ||||||
Visa Inc., Class A | 64,854 | 15,147,300 | ||||||
78,233,365 | ||||||||
Materials - 6.2% | ||||||||
Linde PLC | 36,925 | 10,554,642 | ||||||
PPG Industries Inc. | 86,514 | 14,814,657 | ||||||
25,369,299 | ||||||||
Real Estate - 2.4% | ||||||||
American Tower Corp., REIT | 37,623 | 9,585,212 | ||||||
Total Common Stocks (Cost $239,533,814) | 398,782,716 | |||||||
SHORT-TERM INVESTMENTS - 2.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A) | 10,000,146 | 10,000,146 | ||||||
Total Short-Term Investments (Cost $10,000,146) | 10,000,146 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $249,533,960**) | 408,782,862 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.0% | 80,084 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 408,862,946 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $250,544,851. |
(A) | 7-day yield. |
ADR | American Depositary Receipt. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
22
Madison Funds | April 30, 2021
Madison Mid Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 93.4% | ||||||||
Communication Service - 6.1% | ||||||||
Liberty Broadband Corp., Class C * | 255,569 | $ | 41,586,188 | |||||
Consumer Discretionary - 12.3% | ||||||||
CarMax Inc. * | 214,535 | 28,584,644 | ||||||
Dollar Tree Inc. * | 282,459 | 32,454,539 | ||||||
Ross Stores Inc. | 169,831 | 22,237,671 | ||||||
83,276,854 | ||||||||
Consumer Staples - 1.1% | ||||||||
Brown-Forman Corp., Class B | 102,624 | 7,828,159 | ||||||
Financials - 29.7% | ||||||||
Capital Markets - 4.4% | ||||||||
Brookfield Asset Management Inc., Class A | 402,729 | 18,356,388 | ||||||
Moelis & Co., Class A | 217,703 | 11,816,919 | ||||||
30,173,307 | ||||||||
Commercial Banks - 2.1% | ||||||||
Glacier Bancorp Inc. | 239,337 | 14,108,916 | ||||||
Diversified Financial Services - 1.9% | ||||||||
Cannae Holdings Inc. * | 331,175 | 13,147,647 | ||||||
Insurance - 21.3% | ||||||||
Arch Capital Group Ltd. * | 807,780 | 32,076,944 | ||||||
Brown & Brown Inc. | 495,349 | 26,342,660 | ||||||
Kemper Corp. | 151,804 | 11,849,820 | ||||||
Markel Corp. * | 25,773 | 30,319,873 | ||||||
Progressive Corp./The | 263,949 | 26,590,222 | ||||||
WR Berkley Corp. | 218,716 | 17,436,039 | ||||||
144,615,558 | ||||||||
202,045,428 | ||||||||
Health Care - 4.2% | ||||||||
Laboratory Corp. of America Holdings * | 108,175 | 28,760,487 | ||||||
Industrials - 21.5% | ||||||||
Armstrong World Industries Inc. | 151,171 | 15,668,874 | ||||||
Carlisle Cos. Inc. | 150,158 | 28,777,781 | ||||||
Clarivate PLC * | 664,103 | 18,548,397 | ||||||
Copart Inc. * | 189,185 | 23,555,424 | ||||||
Dun & Bradstreet Holdings Inc. * | 679,362 | 16,141,641 | ||||||
Expeditors International of Washington Inc. | 124,618 | 13,690,534 | ||||||
Fastenal Co. | 225,744 | 11,801,896 | ||||||
IHS Markit Ltd. | 163,561 | 17,595,892 | ||||||
145,780,439 | ||||||||
Information Technology - 17.6% | ||||||||
Amphenol Corp., Class A | 283,303 | 19,077,624 | ||||||
Arista Networks Inc. * | 73,348 | 23,117,089 | ||||||
CDW Corp. | 136,248 | 24,297,106 | ||||||
Gartner Inc. * | 172,701 | 33,828,672 | ||||||
Vontier Corp. * | 615,071 | 19,276,325 | ||||||
119,596,816 | ||||||||
Materials - 0.7% | ||||||||
NewMarket Corp. | 13,259 | 4,595,437 | ||||||
Real Estate - 0.2% | ||||||||
Equity Commonwealth, REIT | 37,755 | 1,087,344 | ||||||
Total Common Stocks (Cost $340,810,652) | 634,557,152 | |||||||
SHORT-TERM INVESTMENTS - 6.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A) | 43,169,859 | 43,169,859 | ||||||
Total Short-Term Investments (Cost $43,169,859) | 43,169,859 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $383,980,511**) | 677,727,011 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.2% | 1,361,955 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 679,088,966 |
* | Non-income producing. |
** | Aggregate cost for Federal tax purposes was $385,027,596. |
(A) | 7-day yield. |
PLC | Public Limited Company. |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
23
Madison Funds | April 30, 2021
Madison Small Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 96.2% | ||||||||
Communication Services - 3.3% | ||||||||
Cogent Communications Holdings Inc. | 61,724 | $ | 4,660,779 | |||||
Magnite Inc. * | 108,040 | 4,327,002 | ||||||
Radius Global Infrastructure Inc., Class A * | 55,027 | 814,950 | ||||||
9,802,731 | ||||||||
Consumer Discretionary - 7.4% | ||||||||
Bed Bath & Beyond Inc. * | 142,641 | 3,611,670 | ||||||
Brunswick Corp. | 30,425 | 3,259,430 | ||||||
Casper Sleep Inc. * | 337,794 | 2,888,139 | ||||||
Hibbett Sports Inc. * | 48,649 | 3,865,163 | ||||||
OneSpaWorld Holdings Ltd. * | 14,710 | 156,735 | ||||||
Revolve Group Inc. * | 105,268 | 5,104,445 | ||||||
Shake Shack Inc., Class A * | 29,204 | 3,175,935 | ||||||
22,061,517 | ||||||||
Consumer Staples - 10.8% | ||||||||
Boston Beer Co. Inc./The, Class A * | 3,234 | 3,934,129 | ||||||
Edgewell Personal Care Co. | 173,489 | 6,627,280 | ||||||
Hain Celestial Group Inc./The * | 252,421 | 10,351,785 | ||||||
Primo Water Corp. | 310,564 | 5,198,841 | ||||||
Simply Good Foods Co./The * | 172,212 | 5,949,925 | ||||||
32,061,960 | ||||||||
Financials - 12.0% | ||||||||
Arch Capital Group Ltd. * | 111,870 | 4,442,358 | ||||||
Axis Capital Holdings Ltd. | 87,459 | 4,880,212 | ||||||
MGIC Investment Corp. | 449,613 | 6,852,102 | ||||||
PacWest Bancorp | 152,391 | 6,615,293 | ||||||
PRA Group Inc. * | 20,725 | 780,918 | ||||||
Veritex Holdings Inc. | 153,929 | 5,199,722 | ||||||
Western Alliance Bancorp | 64,299 | 6,755,896 | ||||||
35,526,501 | ||||||||
Health Care - 15.2% | ||||||||
Castle Biosciences Inc. * | 50,162 | 3,462,683 | ||||||
Covetrus Inc. * | 242,772 | 6,955,418 | ||||||
Encompass Health Corp. | 70,351 | 5,969,986 | ||||||
Flexion Therapeutics Inc. * | 284,937 | 2,211,111 | ||||||
Glaukos Corp. * | 37,156 | 3,498,609 | ||||||
Globus Medical Inc., Class A * | 108,073 | 7,756,399 | ||||||
Owens & Minor Inc. | 181,605 | 6,554,124 | ||||||
PetIQ Inc. * (A) | 100,136 | 4,265,794 | ||||||
Sientra Inc. * | 189,719 | 1,301,472 | ||||||
Supernus Pharmaceuticals Inc. * | 105,156 | 3,202,000 | ||||||
45,177,596 | ||||||||
Industrials - 23.6% | ||||||||
Armstrong World Industries Inc. | 50,287 | 5,212,248 | ||||||
Beacon Roofing Supply Inc. * | 93,886 | 5,288,598 | ||||||
Carlisle Cos. Inc. | 25,317 | 4,852,003 | ||||||
Crane Co. | 46,572 | 4,380,562 | ||||||
EnerSys | 57,059 | 5,225,463 | ||||||
Healthcare Services Group Inc. | 97,615 | 2,923,569 | ||||||
Hydrofarm Holdings Group Inc. * | 84,025 | 5,520,443 | ||||||
Insperity Inc. | 49,150 | 4,302,591 | ||||||
Kennametal Inc. | 87,895 | 3,529,863 | ||||||
Knight-Swift Transportation Holdings Inc. | 74,262 | 3,499,226 | ||||||
Masco Corp. | 49,690 | 3,174,197 | ||||||
Rexnord Corp. | 86,047 | 4,296,327 | ||||||
Robert Half International Inc. | 55,423 | 4,855,609 | ||||||
Stericycle Inc. * | 52,254 | 3,985,935 | ||||||
WillScot Mobile Mini Holdings Corp. * | 255,348 | 7,474,036 | ||||||
XPO Logistics Inc. * | 11,033 | 1,534,911 | ||||||
70,055,581 | ||||||||
Information Technology - 16.0% | ||||||||
Box Inc., Class A * | 249,964 | 5,324,233 | ||||||
Ciena Corp. * | 67,065 | 3,384,770 | ||||||
CommVault Systems Inc. * | 158,592 | 11,023,730 | ||||||
Entegris Inc. | 56,829 | 6,397,809 | ||||||
LiveRamp Holdings Inc. * | 118,046 | 5,781,893 | ||||||
National Instruments Corp. | 93,256 | 3,861,731 | ||||||
New Relic Inc. * | 48,773 | 3,136,104 | ||||||
PTC Inc. * | 45,372 | 5,941,010 | ||||||
Varonis Systems Inc. * | 46,749 | 2,475,360 | ||||||
47,326,640 | ||||||||
Materials - 7.9% | ||||||||
Ferro Corp. * | 358,149 | 5,966,763 | ||||||
Huntsman Corp. | 176,618 | 5,063,638 | ||||||
Olin Corp. | 110,739 | 4,765,099 | ||||||
Scotts Miracle-Gro Co./The | 20,420 | 4,720,287 | ||||||
Summit Materials Inc., Class A * | 103,724 | 2,986,214 | ||||||
23,502,001 | ||||||||
Total Common Stocks | ||||||||
(Cost $177,249,060) | 285,514,527 | |||||||
SHORT-TERM INVESTMENTS - 2.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (B) | 7,997,170 | 7,997,170 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (B) (C) | 18,920 | 18,920 | ||||||
Total Short-Term Investments | ||||||||
(Cost $8,016,090) | 8,016,090 | |||||||
TOTAL INVESTMENTS - 98.9% (Cost $185,265,150**) | 293,530,617 | |||||||
NET OTHER ASSETS AND LIABILITIES - 1.1% | 3,324,644 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 296,855,261 | ||||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $185,755,191. | |
(A) | All or a portion of these securities, with an aggregate fair value of $3,800,130, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program. | |
(B) | 7-day yield. | |
(C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Financial Statements.
24
Madison Funds | April 30, 2021
Madison International Stock Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2,3) | |||||||
COMMON STOCKS - 97.5% | ||||||||
Australia - 4.6% | ||||||||
CSL Ltd. | 1,014 | $ | 211,812 | |||||
Macquarie Group Ltd. | 2,232 | 275,950 | ||||||
Treasury Wine Estates Ltd. | 44,087 | 340,983 | ||||||
828,745 | ||||||||
Brazil - 2.6% | ||||||||
Itau Unibanco Holding S.A., ADR | 38,840 | 194,200 | ||||||
Pagseguro Digital Ltd., Class A * | 5,915 | 270,552 | ||||||
464,752 | ||||||||
Canada - 5.5% | ||||||||
Cameco Corp. | 16,577 | 278,659 | ||||||
Canadian Pacific Railway Ltd. | 724 | 270,146 | ||||||
Manulife Financial Corp. | 20,068 | 438,486 | ||||||
987,291 | ||||||||
China - 9.2% | ||||||||
Alibaba Group Holding Ltd., ADR * | 2,055 | 474,602 | ||||||
Ping An Insurance Group Co. of China Ltd., | ||||||||
Class H | 37,670 | 411,968 | ||||||
TAL Education Group, ADR * | 3,736 | 212,765 | ||||||
Tencent Holdings Ltd. | 6,973 | 559,259 | ||||||
1,658,594 | ||||||||
Denmark - 2.1% | ||||||||
Chr Hansen Holding A/S * (A) | 1,909 | 175,410 | ||||||
Genmab A/S * (A) | 554 | 204,386 | ||||||
379,796 | ||||||||
France - 6.9% | ||||||||
Air Liquide S.A. | 1,531 | 257,911 | ||||||
EssilorLuxottica S.A. | 1,167 | 194,179 | ||||||
Hermes International | 165 | 207,099 | ||||||
Iliad S.A. | 1,680 | 304,987 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 364 | 274,037 | ||||||
1,238,213 | ||||||||
Germany - 8.4% | ||||||||
adidas AG * | 771 | 238,083 | ||||||
Bayer AG | 3,412 | 220,774 | ||||||
KION Group AG | 2,756 | 274,813 | ||||||
SAP SE, ADR | 1,397 | 195,496 | ||||||
Siemens AG | 2,335 | 389,703 | ||||||
Symrise AG | 1,455 | 187,872 | ||||||
1,506,741 | ||||||||
Hong Kong - 1.6% | ||||||||
AIA Group Ltd. | 22,844 | 290,853 | ||||||
India - 5.8% | ||||||||
HDFC Bank Ltd., ADR * | 5,671 | 398,558 | ||||||
Infosys Ltd., ADR | 10,771 | 194,740 | ||||||
Larsen & Toubro Ltd., GDR | 24,925 | 447,154 | ||||||
1,040,452 | ||||||||
Ireland - 2.5% | ||||||||
Kerry Group PLC, Class A | 1,586 | 205,550 | ||||||
Ryanair Holdings PLC, ADR * | 2,118 | 247,488 | ||||||
453,038 | ||||||||
Israel - 1.1% | ||||||||
CyberArk Software Ltd. * | 1,445 | 203,023 | ||||||
Japan - 12.9% | ||||||||
CyberAgent Inc. | 10,400 | 213,919 | ||||||
Disco Corp. | 600 | 194,345 | ||||||
Keyence Corp. | 400 | 192,223 | ||||||
Murata Manufacturing Co. Ltd. | 2,200 | 175,191 | ||||||
Nidec Corp. | 1,500 | 173,689 | ||||||
Seven & I Holdings Co. Ltd. | 7,400 | 318,168 | ||||||
Shiseido Co. Ltd. | 2,900 | 210,369 | ||||||
Sony Group Corp. | 3,200 | 319,151 | ||||||
Toray Industries Inc. | 42,100 | 261,637 | ||||||
Toyota Motor Corp. | 3,500 | 260,266 | ||||||
2,318,958 | ||||||||
Mexico - 4.1% | ||||||||
Grupo Mexico S.A.B. de C.V., Series B | 89,166 | 404,432 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., ADR (B) | 10,417 | 341,677 | ||||||
746,109 | ||||||||
Netherlands - 6.6% | ||||||||
Airbus SE * | 3,112 | 373,916 | ||||||
ASML Holding N.V. | 743 | 481,538 | ||||||
NXP Semiconductors N.V. | 1,768 | 340,358 | ||||||
1,195,812 | ||||||||
Singapore - 1.3% | ||||||||
DBS Group Holdings Ltd. | 10,000 | 224,761 | ||||||
South Korea - 1.1% | ||||||||
LG Household & Health Care Ltd. | 138 | 190,931 | ||||||
Spain - 1.2% | ||||||||
Grifols S.A. | 8,019 | 217,401 | ||||||
Sweden - 2.5% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 33,034 | 452,417 | ||||||
Switzerland - 6.1% | ||||||||
Credit Suisse Group AG | 36,528 | 381,819 | ||||||
Nestle S.A. | 1,626 | 193,856 | ||||||
Novartis AG | 3,493 | 298,182 | ||||||
Partners Group Holding AG | 163 | 232,028 | ||||||
1,105,885 | ||||||||
Taiwan - 1.8% | ||||||||
Taiwan Semiconductor Manufacturing Co. | ||||||||
Ltd., ADR | 2,785 | 325,121 | ||||||
United Kingdom - 9.6% | ||||||||
AstraZeneca PLC | 4,270 | 454,960 | ||||||
Diageo PLC | 5,350 | 240,204 | ||||||
London Stock Exchange Group PLC | 2,024 | 206,848 | ||||||
Prudential PLC | 25,272 | 535,569 | ||||||
Royal Dutch Shell PLC, Class B | 16,062 | 288,150 | ||||||
1,725,731 | ||||||||
Total Common Stocks | ||||||||
(Cost $17,336,313) | 17,554,624 | |||||||
RIGHTS - 0.0% | ||||||||
Switzerland - 0.0% | ||||||||
Credit Suisse Group AG, Expires 5/6/21* | 36,528 | – | ||||||
Total Rights (Cost $–) | – | |||||||
EXCHANGE TRADED FUNDS - 0.7% | ||||||||
United States - 0.7% | ||||||||
iShares MSCI ACWI ex U.S. ETF | 2,404 | 136,042 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $136,760) | 136,042 | |||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||
United States - 1.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C) | 244,315 | 244,315 | ||||||
Total Short-Term Investments | ||||||||
(Cost $244,315) | 244,315 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $17,717,388**) | 17,934,981 | |||||||
NET OTHER ASSETS AND LIABILITIES - 0.4% | 70,096 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 18,005,077 | ||||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $17,762,997. | |
(A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 3). | |
(B) | All or a portion of these securities, with an aggregate fair value of $52,768, are on loan as part of a securities lending program. See Note 11 for details on the securities lending program. | |
(C) | 7-day yield. | |
ADR | American Depositary Receipt. | |
ETF | Exchange Traded Fund. | |
GDR | Global Depositary Receipt. | |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
25
Madison Funds | April 30, 2021
Statements of Assets and Liabilities as of April 30, 2021 (unaudited) |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair value† § | $ | 53,196,586 | $ | 98,337,601 | $ | 55,346,433 | $ | 20,338,273 | $ | 22,342,243 | $ | 153,468,687 | $ | 162,239,904 | ||||||||||||||
Investments in affiliated securities, at fair value1 ‡ | 22,737,181 | 42,242,374 | 20,440,305 | – | – | – | – | |||||||||||||||||||||
Cash | – | – | – | 185,024 | 279,040 | – | 423,768 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Investments sold | – | – | – | – | – | 1,594,482 | – | |||||||||||||||||||||
Fund shares sold | 49,646 | 61,770 | 9,285 | 50 | – | 242,975 | 7,678 | |||||||||||||||||||||
Dividends and interest | 24,699 | 27,271 | 7,057 | 239,603 | 260,473 | 682,759 | 973,018 | |||||||||||||||||||||
Due from Adviser | – | – | – | – | – | 13,540 | – | |||||||||||||||||||||
Other assets | – | – | – | – | – | – | 11 | |||||||||||||||||||||
Total assets | 76,008,112 | 140,669,016 | 75,803,080 | 20,762,950 | 22,881,756 | 156,002,443 | 163,644,379 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Investments purchased | – | – | – | – | – | – | 528,302 | |||||||||||||||||||||
Fund shares repurchased | 13,865 | 108,616 | 48,428 | 446 | 54,453 | 143,309 | 12,620 | |||||||||||||||||||||
Upon return of securities loaned | 6,989,383 | 3,892,753 | 7,103,986 | – | – | 202,000 | 1,576,363 | |||||||||||||||||||||
Advisory agreement fees | 11,348 | 22,436 | 11,254 | 8,528 | 7,516 | 40,620 | 52,118 | |||||||||||||||||||||
Administrative services agreement fees | 14,186 | 28,045 | 14,068 | 5,970 | 6,576 | 25,725 | 18,327 | |||||||||||||||||||||
Distribution fees - Class B | 2,058 | 4,936 | 2,544 | – | – | – | 444 | |||||||||||||||||||||
Distribution fees - Class C | 12,460 | 5,634 | 1,863 | – | – | – | – | |||||||||||||||||||||
Shareholder service fees | 14,153 | 27,835 | 13,989 | – | – | – | 9,670 | |||||||||||||||||||||
Trustee fees | 1,654 | 3,220 | 1,581 | 511 | 555 | 4,398 | 3,693 | |||||||||||||||||||||
Due to Custodian | – | – | – | – | – | 217,823 | – | |||||||||||||||||||||
Dividends | – | – | – | 1,022 | 3,564 | – | 173,388 | |||||||||||||||||||||
Total liabilities | 7,059,107 | 4,093,475 | 7,197,713 | 16,477 | 72,664 | 633,875 | 2,374,925 | |||||||||||||||||||||
Net Assets | $ | 68,949,005 | $ | 136,575,541 | $ | 68,605,367 | $ | 20,746,473 | $ | 22,809,092 | $ | 155,368,568 | $ | 161,269,454 | ||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||
Common Stock/Shares: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 63,058,698 | $ | 116,385,631 | $ | 56,050,130 | $ | 19,411,413 | $ | 21,205,840 | $ | 153,532,186 | $ | 157,787,174 | ||||||||||||||
Accumulated distributable earnings (loss) | 5,890,307 | 20,189,910 | 12,555,237 | 1,335,060 | 1,603,252 | 1,836,382 | 3,482,280 | |||||||||||||||||||||
Net Assets | $ | 68,949,005 | $ | 136,575,541 | $ | 68,605,367 | $ | 20,746,473 | $ | 22,809,092 | $ | 155,368,568 | $ | 161,269,454 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 45,406,964 | $ | 119,496,608 | $ | 61,473,738 | $ | 45,374,895 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 4,136,853 | 10,003,623 | 4,943,203 | 4,351,109 | ||||||||||||||||||||||||
Net Asset Value and redemption price per share | $ | 10.98 | $ | 11.95 | $ | 12.44 | $ | 10.43 | ||||||||||||||||||||
Sales charge of offering price2 | 0.67 | 0.73 | 0.76 | 0.49 | ||||||||||||||||||||||||
Maximum offering price per share | $ | 11.65 | $ | 12.68 | $ | 13.20 | $ | 10.92 | ||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 3,256,505 | $ | 7,892,250 | $ | 4,075,070 | 696,310 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 292,225 | 665,897 | 338,998 | 66,768 | ||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 11.14 | $ | 11.85 | $ | 12.02 | $ | 10.43 | ||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 20,285,536 | $ | 9,186,683 | $ | 3,056,559 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,818,963 | 774,185 | 254,012 | |||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 11.15 | $ | 11.87 | $ | 12.03 | ||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 20,746,473 | $ | 22,809,092 | $ | 155,368,568 | $ | 13,043,364 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 1,749,942 | 2,057,045 | 13,827,652 | 1,257,538 | ||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 11.86 | $ | 11.09 | $ | 11.24 | $ | 10.37 | ||||||||||||||||||||
Class I Shares:4 | ||||||||||||||||||||||||||||
Net Assets | $ | 102,154,885 | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 9,878,437 | |||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.34 | ||||||||||||||||||||||||||
† Cost of Investments in unaffiliated securities | $ | 50,889,672 | $ | 90,485,572 | $ | 49,999,476 | $ | 19,045,727 | $ | 20,747,785 | $ | 151,997,254 | $ | 157,189,949 | ||||||||||||||
‡ Cost of investments in affiliated securities1 | $ | 20,437,709 | $ | 33,293,035 | $ | 14,929,498 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
§ Fair Value of securities on loan | $ | 7,329,452 | $ | 10,968,372 | $ | 7,543,228 | $ | – | $ | – | $ | 197,751 | $ | 1,541,746 |
1 | See Note 14 for information on affiliated issuers. |
2 | Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation, Aggressive Allocation, Diversified Income, Covered Call & Equity Income, Dividend Income, Investors, Mid Cap, Small Cap and International Stock Funds and 4.50% for the Core Bond Fund.. |
3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
4 | The Core Bond Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021. |
See accompanying Notes to Financial Statements.
26
Madison Funds | April 30, 2021
Statements of Assets and Liabilities as of April 30, 2021 (unaudited) |
Diversified Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Investors Fund | Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at fair value† § | $ | 176,814,320 | $ | 88,627,042 | $ | 325,463,513 | $ | 408,782,862 | $ | 677,727,011 | $ | 293,530,617 | $ | 17,934,981 | ||||||||||||||
Investments in affiliated securities, at fair value1 ‡ | – | – | – | – | – | – | – | |||||||||||||||||||||
Foreign currency (cost of 12,784) (Note 2) | – | – | – | – | – | – | 12,708 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Investments sold | 3,414,372 | 809,750 | – | 2,031,317 | 2,743,265 | 3,792,791 | – | |||||||||||||||||||||
Fund shares sold | 42,995 | 181,075 | 1,161,351 | 391,746 | 576,306 | 97,265 | 1,193 | |||||||||||||||||||||
Dividends and interest | 495,642 | 34,201 | 562,750 | 482,978 | 99,078 | 4,895 | 82,783 | |||||||||||||||||||||
Other assets | – | – | 382 | – | 51 | – | – | |||||||||||||||||||||
Total assets | 180,767,329 | 89,652,068 | 327,187,996 | 411,688,903 | 681,145,711 | 297,425,568 | 18,031,665 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Investments purchased | 1,179,105 | – | – | 1,927,616 | 1,088,231 | 153,009 | – | |||||||||||||||||||||
Fund shares repurchased | 11,670 | 377,142 | 230,972 | 590,828 | 432,911 | 127,506 | 2,205 | |||||||||||||||||||||
Upon return of securities loaned | 317,275 | – | – | – | – | 18,920 | – | |||||||||||||||||||||
Advisory agreement fees | 95,111 | 61,370 | 187,674 | 231,546 | 414,657 | 216,995 | 15,733 | |||||||||||||||||||||
Administrative services agreement fees | 29,265 | 10,825 | 49,284 | 46,059 | 91,341 | 47,022 | 4,496 | |||||||||||||||||||||
Distribution fees - Class B | 3,840 | – | – | – | 819 | – | 299 | |||||||||||||||||||||
Distribution fees - Class C | 12,334 | 5,140 | – | – | – | – | – | |||||||||||||||||||||
Shareholder service fees | 39,558 | 4,630 | 12,081 | 21,248 | 14,908 | 963 | 3,435 | |||||||||||||||||||||
Trustee fees | 3,955 | 2,005 | 7,072 | 8,660 | 13,878 | 5,892 | 420 | |||||||||||||||||||||
Dividends | 869 | – | – | – | – | – | – | |||||||||||||||||||||
Options written, at value (premium received $1,075,393) (Note 8) | – | 1,189,385 | – | – | – | – | – | |||||||||||||||||||||
Total liabilities | 1,692,982 | 1,650,497 | 487,083 | 2,825,957 | 2,056,745 | 570,307 | 26,588 | |||||||||||||||||||||
Net Assets | $ | 179,074,347 | $ | 88,001,571 | $ | 326,700,913 | $ | 408,862,946 | $ | 679,088,966 | $ | 296,855,261 | $ | 18,005,077 | ||||||||||||||
Net Assets consist of: | ||||||||||||||||||||||||||||
Common Stock/Shares: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 124,620,332 | $ | 100,932,273 | $ | 233,787,845 | $ | 240,667,943 | $ | 364,621,850 | $ | 156,899,138 | $ | 13,080,103 | ||||||||||||||
Accumulated distributable earnings (loss) | 54,454,015 | (12,930,702 | ) | 92,913,068 | 168,195,003 | 314,467,116 | 139,956,123 | 4,924,974 | ||||||||||||||||||||
Net Assets | $ | 179,074,347 | $ | 88,001,571 | $ | 326,700,913 | $ | 408,862,946 | $ | 679,088,966 | $ | 296,855,261 | $ | 18,005,077 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 152,828,095 | $ | 14,398,941 | $ | 61,103,963 | $ | 107,081,431 | $ | 72,925,700 | $ | 4,751,146 | $ | 16,591,617 | ||||||||||||||
Shares of beneficial interest outstanding | 8,633,892 | 1,509,563 | 1,894,956 | 3,946,109 | 5,730,926 | 311,495 | 1,224,213 | |||||||||||||||||||||
Net Asset Value and redemption price per share | $ | 17.70 | $ | 9.54 | $ | 32.25 | $ | 27.14 | $ | 12.72 | $ | 15.25 | $ | 13.55 | ||||||||||||||
Sales charge of offering price2 | 1.08 | 0.58 | 1.97 | 1.66 | 0.78 | 0.93 | 0.83 | |||||||||||||||||||||
Maximum offering price per share | $ | 18.78 | $ | 10.12 | $ | 34.22 | $ | 28.80 | $ | 13.50 | $ | 16.18 | $ | 14.38 | ||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 6,181,877 | $ | 1,346,457 | $ | 472,714 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 346,368 | 137,069 | 35,992 | |||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 17.85 | $ | 9.82 | $ | 13.13 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 20,064,375 | $ | 8,038,877 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,124,042 | 919,472 | ||||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 17.85 | $ | 8.74 | ||||||||||||||||||||||||
Class Y Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 65,093,946 | $ | 212,114,061 | $ | 108,893,671 | $ | 263,925,184 | $ | 270,670,371 | $ | 940,746 | ||||||||||||||||
Shares of beneficial interest outstanding | 6,596,795 | 6,566,588 | 4,010,276 | 19,440,575 | 17,612,862 | 69,675 | ||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 9.87 | $ | 32.30 | $ | 27.15 | $ | 13.58 | $ | 15.37 | $ | 13.50 | ||||||||||||||||
Class R6 Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 469,807 | $ | 81,833,237 | $ | 98,520,206 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 46,854 | 2,984,077 | 7,065,342 | |||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 10.03 | $ | 27.42 | $ | 13.94 | ||||||||||||||||||||||
Class I Shares:4 | ||||||||||||||||||||||||||||
Net Assets | $ | 53,482,889 | $ | 111,054,607 | $ | 242,371,419 | $ | 21,433,744 | ||||||||||||||||||||
Shares of beneficial interest outstanding | 1,654,817 | 4,096,013 | 17,844,763 | 1,394,343 | ||||||||||||||||||||||||
Net Asset Value and redemption price per share3 | $ | 32.32 | $ | 27.11 | $ | 13.58 | $ | 15.37 | ||||||||||||||||||||
† Cost of Investments in unaffiliated securities | $ | 133,401,918 | $ | 100,956,429 | $ | 243,216,793 | $ | 249,533,960 | $ | 383,980,511 | $ | 185,265,150 | $ | 17,717,388 | ||||||||||||||
‡ Cost of investments in affiliated securities1 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
§ Fair Value of securities on loan | $ | 310,325 | $ | – | $ | – | $ | – | $ | – | $ | 3,800,130 | $ | 52,768 |
1 | See Note 14 for information on affiliated issuers. |
2 | Sales charge of offering price is 5.75% for the Diversified Income, Covered Call & Equity Income, Dividend Income, Investors, Mid Cap, Small Cap and International Stock Funds. |
3 | If applicable, redemption price per share may be reduced by a contingent deferred sales charge. |
4 | The Small Cap Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021. |
See accompanying Notes to Financial Statements.
27
Madison Funds | April 30, 2021
Statements of Operations for the Six Months Ended April 30, 2021 (unaudited) |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Tax-Free Virginia Fund | Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | ||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||
Interest | $ | 357 | $ | 1,015 | $ | 639 | $ | 257,863 | $ | 284,338 | $ | 1,101,502 | $ | 1,862,957 | ||||||||||||||
Dividends | ||||||||||||||||||||||||||||
Unaffiliated issuers | 371,415 | 708,018 | 345,321 | – | – | – | – | |||||||||||||||||||||
Affiliated issuers1 | 209,840 | 337,879 | 143,324 | – | – | – | – | |||||||||||||||||||||
Income from securities lending | 7,909 | 15,542 | 13,480 | – | – | 427 | 503 | |||||||||||||||||||||
Total investment income | 589,521 | 1,062,454 | 502,764 | 257,863 | 284,338 | 1,101,929 | 1,863,460 | |||||||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||
Advisory agreement fees | 68,991 | 134,737 | 67,084 | 52,264 | 45,839 | 263,964 | 367,690 | |||||||||||||||||||||
Administrative services agreement fees | 86,238 | 168,422 | 83,855 | 36,585 | 40,109 | 167,177 | 118,469 | |||||||||||||||||||||
Distribution fees - Class B | 14,463 | 33,341 | 16,127 | – | – | – | 3,428 | |||||||||||||||||||||
Distribution fees - Class C | 75,987 | 35,262 | 10,828 | – | – | – | – | |||||||||||||||||||||
Shareholder service fees - Class A | 56,026 | 145,145 | 74,743 | – | – | – | 58,292 | |||||||||||||||||||||
Shareholder service fees - Class B | 4,821 | 11,103 | 5,350 | – | – | – | 1,143 | |||||||||||||||||||||
Shareholder service fees - Class C | 25,329 | 11,754 | 3,609 | – | – | – | – | |||||||||||||||||||||
Trustee fees | 3,394 | 6,649 | 3,295 | 1,039 | 1,130 | 8,936 | 7,762 | |||||||||||||||||||||
Other expenses | 76 | 148 | 73 | 23 | 24 | 188 | 175 | |||||||||||||||||||||
Total expenses before reimbursement/waiver | 335,325 | 546,561 | 264,964 | 89,911 | 87,102 | 440,265 | 556,959 | |||||||||||||||||||||
Less reimbursement/waiver | – | – | – | – | – | (87,988 | ) | – | ||||||||||||||||||||
Total expenses net of reimbursement/waiver | 335,325 | 546,561 | 264,964 | 89,911 | 87,102 | 352,277 | 556,959 | |||||||||||||||||||||
Net Investment Income (Loss) | 254,196 | 515,893 | 237,800 | 167,952 | 197,236 | 749,652 | 1,306,501 | |||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||||||||||||||
Options purchased | – | – | – | – | – | – | – | |||||||||||||||||||||
Options written | – | – | – | – | – | – | – | |||||||||||||||||||||
Unaffiliated issuers | 791,981 | 3,430,856 | 2,294,839 | 41,020 | 29,545 | 234,719 | 732,696 | |||||||||||||||||||||
Affiliated issuers1 | 127,852 | (1,606,045 | ) | (1,338,546 | ) | – | – | – | – | |||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||
Unaffiliated issuers | 86,883 | 119,776 | 14,801 | – | – | – | – | |||||||||||||||||||||
Affiliated issuers1 | 766,391 | 1,679,745 | 849,723 | – | – | – | – | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||
Options written | – | – | – | – | – | – | – | |||||||||||||||||||||
Unaffiliated issuers | 325,388 | 2,875,194 | 2,717,452 | (81,302 | ) | (19,007 | ) | (2,515,103 | ) | (3,024,404 | ) | |||||||||||||||||
Affiliated issuers1 | 890,963 | 5,847,683 | 4,142,099 | – | – | – | – | |||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2,989,458 | 12,347,209 | 8,680,368 | (40,282 | ) | 10,538 | (2,280,384 | ) | (2,291,708 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from Operations | $ | 3,243,654 | $ | 12,863,102 | $ | 8,918,168 | $ | 127,670 | $ | 207,774 | $ | (1,530,732 | ) | $ | (985,207 | ) |
1 | See Note 14 for information on affiliated issuers. |
2 | See Note 5 for information on expense, including any waivers. |
See accompanying Notes to Financial Statements.
28
Madison Funds | April 30, 2021
Statements of Operations for the Six Months Ended April 30, 2021 (unaudited) |
Diversified Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Investors Fund | Mid Cap Fund | Small Cap Fund | International Stock Fund | ||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||
Interest | $ | 618,908 | $ | 2,737 | $ | 573 | $ | 1,517 | $ | 7,598 | $ | 1,986 | $ | 38 | ||||||||||||||
Dividends | ||||||||||||||||||||||||||||
Unaffiliated issuers | 1,481,138 | 612,916 | 3,824,878 | 2,871,834 | 3,712,616 | 974,676 | 221,904 | |||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | |||||||||||||||||||||
Less: Foreign taxes withheld/reclaimed | – | (9,141 | ) | – | (79,248 | ) | (14,333 | ) | (4,584 | ) | (15,106 | ) | ||||||||||||||||
Income from securities lending | 237 | 1,824 | – | – | – | 5,321 | 914 | |||||||||||||||||||||
Total investment income | 2,100,283 | 608,336 | 3,825,451 | 2,794,103 | 3,705,881 | 977,399 | 207,750 | |||||||||||||||||||||
Expenses:2 | ||||||||||||||||||||||||||||
Advisory agreement fees | 551,970 | 353,372 | 1,083,143 | 1,312,405 | 2,327,495 | 1,311,172 | 95,820 | |||||||||||||||||||||
Administrative services agreement fees | 169,837 | 61,793 | 284,110 | 273,592 | 519,701 | 314,525 | 27,377 | |||||||||||||||||||||
Distribution fees - Class B | 24,761 | – | – | – | 4,932 | – | 2,006 | |||||||||||||||||||||
Distribution fees - Class C | 70,184 | 29,868 | – | – | – | – | – | |||||||||||||||||||||
Shareholder service fees - Class A | 180,208 | 16,538 | 70,480 | 122,434 | 83,876 | 5,075 | 20,736 | |||||||||||||||||||||
Shareholder service fees - Class B | 8,242 | – | – | – | 1,644 | – | 669 | |||||||||||||||||||||
Shareholder service fees - Class C | 23,138 | 9,956 | – | – | – | – | – | |||||||||||||||||||||
Trustee fees | 8,198 | 4,037 | 14,813 | 18,145 | 29,481 | 12,942 | 898 | |||||||||||||||||||||
Other expenses | 183 | 89 | 337 | 408 | 687 | 311 | 21 | |||||||||||||||||||||
Total expenses before reimbursement/waiver | 1,036,721 | 475,653 | 1,452,883 | 1,726,984 | 2,967,816 | 1,644,025 | 147,527 | |||||||||||||||||||||
Less reimbursement/waiver | – | – | – | – | – | (35,536 | ) | – | ||||||||||||||||||||
Total expenses net of reimbursement | 1,036,721 | 475,653 | 1,452,883 | 1,726,984 | 2,967,816 | 1,608,489 | 147,527 | |||||||||||||||||||||
Net Investment Income (Loss) | 1,063,562 | 132,683 | 2,372,568 | 1,067,119 | 738,065 | (631,090 | ) | 60,223 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||||||||||||||
Options purchased | – | (992,419 | ) | – | – | – | – | – | ||||||||||||||||||||
Options written | – | (1,906,320 | ) | – | – | – | – | – | ||||||||||||||||||||
Unaffiliated issuers | 11,247,125 | 5,369,415 | 15,165,893 | 9,168,016 | 21,923,653 | 33,722,274 | 4,791,581 | |||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | |||||||||||||||||||||
Capital gain distributions received from underlying funds | ||||||||||||||||||||||||||||
Unaffiliated issuers | – | – | – | – | – | – | – | |||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||||||||||||||
Options written | – | 9,788 | – | – | – | – | – | |||||||||||||||||||||
Unaffiliated issuers | 12,971,799 | 16,975,614 | 49,201,157 | 73,960,346 | 133,745,838 | 68,176,844 | (1,769,178 | ) | ||||||||||||||||||||
Affiliated issuers1 | – | – | – | – | – | – | – | |||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 24,218,924 | 19,456,078 | 64,367,050 | 83,128,362 | 155,669,491 | 101,899,118 | 3,022,403 | |||||||||||||||||||||
Net Increase in Net Assets from Operations | $ | 25,282,486 | $ | 19,588,761 | $ | 66,739,618 | $ | 84,195,481 | $ | 156,407,556 | $ | 101,268,028 | $ | 3,082,626 |
1 | See Note 14 for information on affiliated issuers. |
2 | See Note 5 for information on expenses, including any waivers. |
See accompanying Notes to Financial Statements.
29
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Tax-Free Virginia Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 68,546,140 | $ | 68,422,301 | $ | 129,932,373 | $ | 136,276,491 | $ | 63,118,605 | $ | 63,324,971 | $ | 21,572,312 | $ | 22,225,339 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 254,196 | 622,814 | 515,893 | 1,125,055 | 237,800 | 431,570 | 167,952 | 366,206 | ||||||||||||||||||||||||
Net realized gain | 1,773,107 | 3,781,024 | 3,624,332 | 10,276,139 | 1,820,817 | 4,976,485 | 41,020 | 32,787 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,216,351 | (937,234 | ) | 8,722,877 | (5,491,060 | ) | 6,859,551 | (3,096,627 | ) | (81,302 | ) | 320,970 | ||||||||||||||||||||
Net increase in net assets from operations | 3,243,654 | 3,466,604 | 12,863,102 | 5,910,134 | 8,918,168 | 2,311,428 | 127,670 | 719,963 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (2,801,105 | ) | (1,563,853 | ) | (9,947,295 | ) | (4,358,239 | ) | (4,829,669 | ) | (2,900,149 | ) | – | – | ||||||||||||||||||
Class B | (240,207 | ) | (150,862 | ) | (713,542 | ) | (416,490 | ) | (335,113 | ) | (274,537 | ) | – | – | ||||||||||||||||||
Class C | (1,182,567 | ) | (580,804 | ) | (747,499 | ) | (302,208 | ) | (218,193 | ) | (104,938 | ) | – | – | ||||||||||||||||||
Class Y | – | – | – | – | – | – | (181,513 | ) | (365,497 | ) | ||||||||||||||||||||||
Total distributions | (4,223,879 | ) | (2,295,519 | ) | (11,408,336 | ) | (5,076,937 | ) | (5,382,975 | ) | (3,279,624 | ) | (181,513 | ) | (365,497 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,883,133 | 7,093,918 | 4,829,253 | 8,499,497 | 2,438,505 | 5,210,236 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,795,670 | 1,561,932 | 9,924,011 | 4,354,000 | 4,828,116 | 2,899,065 | ||||||||||||||||||||||||||
Shares redeemed | (3,773,783 | ) | (7,905,177 | ) | (7,573,590 | ) | (15,420,297 | ) | (5,024,237 | ) | (6,160,758 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 1,905,020 | 750,673 | 7,179,674 | (2,566,800 | ) | 2,242,384 | 1,948,543 | |||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 23,089 | 129,043 | 25,081 | 38,539 | 35,880 | 21,981 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 240,082 | 150,862 | 713,105 | 416,321 | 335,113 | 274,537 | ||||||||||||||||||||||||||
Shares redeemed | (1,212,904 | ) | (1,558,772 | ) | (2,559,276 | ) | (4,631,541 | ) | (910,995 | ) | (1,839,039 | ) | ||||||||||||||||||||
Net decrease from capital stock transactions | (949,733 | ) | (1,278,867 | ) | (1,821,090 | ) | (4,176,681 | ) | (540,002 | ) | (1,542,521 | ) | ||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 626,393 | 1,038,152 | 223,752 | 337,161 | 96,350 | 513,887 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,182,271 | 580,696 | 747,499 | 302,208 | 197,304 | 92,786 | ||||||||||||||||||||||||||
Shares redeemed | (1,380,861 | ) | (2,137,900 | ) | (1,141,433 | ) | (1,073,203 | ) | (44,467 | ) | (250,865 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | 427,803 | (519,052 | ) | (170,182 | ) | (433,834 | ) | 249,187 | 355,808 | |||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 312,023 | 404,399 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 175,372 | 354,363 | ||||||||||||||||||||||||||||||
Shares redeemed | (1,259,391 | ) | (1,766,255 | ) | ||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (771,996 | ) | (1,007,493 | ) | ||||||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | 1,383,090 | (1,047,246 | ) | 5,188,402 | (7,177,315 | ) | 1,951,569 | 761,830 | (771,996 | ) | (1,007,493 | ) | ||||||||||||||||||||
Total increase (decrease) in net assets | 402,865 | 123,839 | 6,643,168 | (6,344,118 | ) | 5,486,762 | (206,366 | ) | (825,839 | ) | (653,027 | ) | ||||||||||||||||||||
Net Assets at end of period | $ | 68,949,005 | $ | 68,546,140 | $ | 136,575,541 | $ | 129,932,373 | $ | 68,605,367 | $ | 63,118,605 | $ | 20,746,473 | $ | 21,572,312 | ||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 261,422 | 645,247 | 405,744 | 735,411 | 198,276 | 457,537 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 255,891 | 146,128 | 856,996 | 376,970 | 408,125 | 247,150 | ||||||||||||||||||||||||||
Shares redeemed | (339,898 | ) | (725,523 | ) | (634,488 | ) | (1,339,052 | ) | (410,601 | ) | (530,897 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 177,415 | 65,852 | 628,252 | (226,671 | ) | 195,800 | 173,790 | |||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,994 | 11,294 | 2,108 | 3,356 | 2,983 | 2,043 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 21,611 | 13,893 | 61,901 | 36,328 | 29,217 | 24,082 | ||||||||||||||||||||||||||
Shares redeemed | (108,336 | ) | (139,752 | ) | (216,568 | ) | (406,737 | ) | (76,696 | ) | (166,506 | ) | ||||||||||||||||||||
Net decrease from capital stock transactions | (84,731 | ) | (114,565 | ) | (152,559 | ) | (367,053 | ) | (44,496 | ) | (140,381 | ) | ||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 55,871 | 93,732 | 18,707 | 29,740 | 8,061 | 52,011 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 106,325 | 53,455 | 64,831 | 26,348 | 17,187 | 8,132 | ||||||||||||||||||||||||||
Shares redeemed | (122,641 | ) | (195,177 | ) | (98,022 | ) | (94,703 | ) | (3,762 | ) | (22,199 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 39,555 | (47,990 | ) | (14,484 | ) | (38,615 | ) | 21,486 | 37,944 | |||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 26,087 | 34,374 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 14,740 | 29,921 | ||||||||||||||||||||||||||||||
Shares redeemed | (105,352 | ) | (148,543 | ) | ||||||||||||||||||||||||||||
Net decrease in shares outstanding | (64,525 | ) | (84,248 | ) |
See accompanying Notes to Financial Statements.
30
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | Diversified Income Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 23,376,610 | $ | 23,806,625 | $ | 184,881,456 | $ | 90,406,594 | $ | 151,203,152 | $ | 153,141,020 | $ | 157,691,661 | $ | 165,384,844 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income | 197,236 | 449,163 | 749,652 | 1,680,974 | 1,306,501 | 2,497,838 | 1,063,562 | 2,478,215 | ||||||||||||||||||||||||
Net realized gain (loss) | 29,545 | (23,679 | ) | 234,719 | 712,867 | 732,696 | 3,385,783 | 11,247,125 | 2,097,867 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (19,007 | ) | 332,210 | (2,515,103 | ) | 2,324,163 | (3,024,404 | ) | 2,068,235 | 12,971,799 | (3,196,299 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 207,774 | 757,694 | (1,530,732 | ) | 4,718,004 | (985,207 | ) | 7,951,856 | 25,282,486 | 1,379,783 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (1,262,424 | ) | (645,424 | ) | (2,763,360 | ) | (9,163,171 | ) | ||||||||||||||||||||||||
Class B | (23,742 | ) | (13,418 | ) | (101,940 | ) | (523,581 | ) | ||||||||||||||||||||||||
Class C | (277,498 | ) | (933,947 | ) | ||||||||||||||||||||||||||||
Class Y | (197,202 | ) | (522,689 | ) | (1,267,456 | ) | (1,687,806 | ) | (2,917,726 | ) | (2,325,907 | ) | ||||||||||||||||||||
Class R6 | – | (27,756 | ) | |||||||||||||||||||||||||||||
Class I | (353,924 | ) | – | |||||||||||||||||||||||||||||
Total distributions | (197,202 | ) | (522,689 | ) | (1,267,456 | ) | (1,687,806 | ) | (4,557,816 | ) | (3,012,505 | ) | (3,142,798 | ) | (10,620,699 | ) | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,973,090 | 4,643,482 | 4,033,240 | 11,099,530 | ||||||||||||||||||||||||||||
Shares issued due to reorganization | – | 15,724,357 | – | – | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,248,712 | 639,632 | 2,749,491 | 9,113,768 | ||||||||||||||||||||||||||||
Shares redeemed | (4,604,988 | ) | (3,830,454 | ) | (6,994,887 | ) | (17,881,962 | ) | ||||||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (383,186 | ) | 17,177,017 | (212,156 | ) | 2,331,336 | ||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 34,633 | 34,679 | – | 69,932 | ||||||||||||||||||||||||||||
Shares issued due to reorganization | – | 338,012 | – | – | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 23,742 | 13,400 | 101,912 | 523,581 | ||||||||||||||||||||||||||||
Shares redeemed | (420,463 | ) | (615,559 | ) | (1,385,297 | ) | (3,072,106 | ) | ||||||||||||||||||||||||
Net decrease from capital stock transactions | (362,088 | ) | (229,468 | ) | (1,283,385 | ) | (2,478,593 | ) | ||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,070,451 | 2,780,751 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 277,498 | 933,947 | ||||||||||||||||||||||||||||||
Shares redeemed | (609,410 | ) | (2,019,708 | ) | ||||||||||||||||||||||||||||
Net increase from capital stock transactions | 738,539 | 1,694,990 | ||||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 162,421 | 554,843 | 22,034,165 | 126,840,088 | 18,528,435 | 16,579,786 | ||||||||||||||||||||||||||
Shares issued due to reorganization | – | – | – | – | – | 788,452 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 144,793 | 463,353 | 1,219,207 | 1,602,692 | 297,442 | 155,659 | ||||||||||||||||||||||||||
Shares redeemed | (885,304 | ) | (1,683,216 | ) | (49,968,072 | ) | (36,998,116 | ) | (104,512,835 | ) | (39,308,599 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (578,090 | ) | (665,020 | ) | (26,714,700 | ) | 91,444,664 | (85,686,958 | ) | (21,784,702 | ) | |||||||||||||||||||||
Class R6 Shares1 | ||||||||||||||||||||||||||||||||
Shares sold | – | 516,746 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | – | 27,756 | ||||||||||||||||||||||||||||||
Shares redeemed | – | (2,584,568 | ) | |||||||||||||||||||||||||||||
Net decrease from capital stock transactions | – | (2,040,066 | ) | |||||||||||||||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||||||||||
Shares sold | 102,041,262 | – | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,306 | – | ||||||||||||||||||||||||||||||
Shares redeemed | (1,011 | ) | – | |||||||||||||||||||||||||||||
Net increase from capital stock transactions | 102,041,557 | – | ||||||||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | (578,090 | ) | (665,020 | ) | (26,714,700 | ) | 91,444,664 | 15,609,325 | (6,877,219 | ) | (757,002 | ) | 1,547,733 | |||||||||||||||||||
Total increase (decrease) in net assets | (567,518 | ) | (430,015 | ) | (29,512,888 | ) | 94,474,862 | 10,066,302 | (1,937,868 | ) | 21,382,686 | (7,693,183 | ) | |||||||||||||||||||
Net Assets at end of period | $ | 22,809,092 | $ | 23,376,610 | $ | 155,368,568 | $ | 184,881,456 | $ | 161,269,454 | $ | 151,203,152 | $ | 179,074,347 | $ | 157,691,661 |
1 The Core Bond converted Class R6 Shares to Class Y Shares effective May 28, 2020.
2 The Core Bond Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021.
See accompanying Notes to Financial Statements.
31
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Tax-Free National Fund | High Quality Bond Fund | Core Bond Fund | Diversified Income Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 281,469 | 435,951 | 236,584 | 708,750 | ||||||||||||||||||||||||||||
Shares issued due to reorganization | – | 1,444,073 | – | – | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 117,064 | 60,353 | 164,861 | 574,898 | ||||||||||||||||||||||||||||
Shares redeemed | (435,760 | ) | (362,611 | ) | (414,060 | ) | (1,172,189 | ) | ||||||||||||||||||||||||
Net increase (decrease) in shares outstanding | (37,227 | ) | 1,577,766 | (12,615 | ) | 111,459 | ||||||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,189 | 3,323 | – | 4,840 | ||||||||||||||||||||||||||||
Shares issued due to reorganization | – | 31,046 | – | – | ||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,222 | 1,271 | 6,081 | 32,643 | ||||||||||||||||||||||||||||
Shares redeemed | (39,606 | ) | (58,337 | ) | (81,003 | ) | (199,335 | ) | ||||||||||||||||||||||||
Net decrease in shares outstanding | (34,195 | ) | (22,697 | ) | (74,922 | ) | (161,852 | ) | ||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 63,621 | 174,601 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 16,549 | 58,291 | ||||||||||||||||||||||||||||||
Shares redeemed | (35,543 | ) | (130,056 | ) | ||||||||||||||||||||||||||||
Net increase in shares outstanding | 44,627 | 102,836 | ||||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 14,562 | 50,123 | 1,941,591 | 11,179,070 | 1,742,939 | 1,532,928 | ||||||||||||||||||||||||||
Shares issued due to reorganization | – | – | – | – | – | 72,851 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 13,041 | 41,998 | 107,621 | 141,816 | 28,132 | 14,786 | ||||||||||||||||||||||||||
Shares redeemed | (79,491 | ) | (155,120 | ) | (4,416,632 | ) | (3,261,956 | ) | (10,110,314 | ) | (3,833,415 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (51,888 | ) | (62,999 | ) | (2,367,420 | ) | 8,058,930 | (8,339,243 | ) | (2,212,850 | ) | |||||||||||||||||||||
Class R6 Shares1 | ||||||||||||||||||||||||||||||||
Shares sold | – | 49,148 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | – | 2,673 | ||||||||||||||||||||||||||||||
Shares redeemed | – | (242,254 | ) | |||||||||||||||||||||||||||||
Net decrease in shares outstanding | – | (190,433 | ) | |||||||||||||||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||||||||||
Shares sold | 9,878,408 | – | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 127 | – | ||||||||||||||||||||||||||||||
Shares redeemed | (98 | ) | – | |||||||||||||||||||||||||||||
Net increase in shares outstanding | 9,878,437 | – |
See accompanying Notes to Financial Statements.
32
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Covered Call & Equity Income Fund | Dividend Income Fund | Investors Fund | Mid Cap Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||||||||
Net Assets at beginning of period | $ | 80,557,303 | $ | 126,342,782 | $ | 274,664,958 | $ | 220,725,320 | $ | 338,058,006 | $ | 338,982,611 | $ | 537,181,623 | $ | 587,164,499 | ||||||||||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 132,683 | 870,687 | 2,372,568 | 3,966,281 | 1,067,119 | 1,276,376 | 738,065 | (1,237,677 | ) | |||||||||||||||||||||||
Net realized gain (loss) | 2,470,676 | 5,645,629 | 15,165,893 | (2,465,979 | ) | 9,168,016 | 32,158,396 | 21,923,653 | 19,875,039 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 16,985,402 | (4,251,373 | ) | 49,201,157 | (4,718,618 | ) | 73,960,346 | (16,306,090 | ) | 133,745,838 | (41,477,178 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 19,588,761 | 2,264,943 | 66,739,618 | (3,218,316 | ) | 84,195,481 | 17,128,682 | 156,407,556 | (22,839,816 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||||||||||||||||||
Class A | (470,304 | ) | (897,441 | ) | (417,780 | ) | (184,150 | ) | (8,787,439 | ) | (4,711,599 | ) | (2,391,040 | ) | (2,562,189 | ) | ||||||||||||||||
Class B | – | – | – | – | – | – | (61,728 | ) | (82,316 | ) | ||||||||||||||||||||||
Class C | (295,673 | ) | (561,426 | ) | – | – | – | – | – | – | ||||||||||||||||||||||
Class Y | (2,131,000 | ) | (5,466,775 | ) | (1,617,919 | ) | (8,813,746 | ) | (11,918,197 | ) | (13,142,531 | ) | (9,146,175 | ) | (16,177,313 | ) | ||||||||||||||||
Class R6 | (33,116 | ) | (136,433 | ) | – | – | (6,777,217 | ) | (456,764 | ) | (3,415,023 | ) | (2,869,745 | ) | ||||||||||||||||||
Class I | – | – | (409,606 | ) | (194,116 | ) | (6,435,009 | ) | – | (6,327,888 | ) | – | ||||||||||||||||||||
Total distributions | (2,930,093 | ) | (7,062,075 | ) | (2,445,305 | ) | (9,192,012 | ) | (33,917,862 | ) | (18,310,894 | ) | (21,341,854 | ) | �� | (21,691,563 | ) | |||||||||||||||
Capital Stock transactions: | ||||||||||||||||||||||||||||||||
Class A Shares1 | ||||||||||||||||||||||||||||||||
Shares sold | 315,205 | 531,031 | 862,545 | 162,725 | 1,917,441 | 7,494,266 | 1,832,822 | 3,687,693 | ||||||||||||||||||||||||
Shares issued due to reorganization | – | 53,099,374 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 456,414 | 864,024 | 415,739 | 183,613 | 8,750,372 | 4,679,379 | 2,379,913 | 2,548,026 | ||||||||||||||||||||||||
Shares redeemed | (1,027,551 | ) | (3,049,373 | ) | (3,268,527 | ) | (1,031,272 | ) | (5,704,951 | ) | (9,962,407 | ) | (4,268,180 | ) | (8,422,960 | ) | ||||||||||||||||
Net increase (decrease) from capital stock transactions | (255,932 | ) | (1,654,318 | ) | (1,990,243 | ) | 52,414,440 | 4,962,862 | 2,211,238 | (55,445 | ) | (2,187,241 | ) | |||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 15,000 | 9,912 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 61,728 | 82,316 | ||||||||||||||||||||||||||||||
Shares redeemed | (180,344 | ) | (447,429 | ) | ||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (103,616 | ) | (355,201 | ) | ||||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 194,759 | 193,176 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 281,250 | 486,959 | ||||||||||||||||||||||||||||||
Shares redeemed | (1,125,670 | ) | (1,595,458 | ) | ||||||||||||||||||||||||||||
Net decrease from capital stock transactions | (649,661 | ) | (915,323 | ) | ||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 13,657,087 | 24,764,980 | 42,423,437 | 116,254,071 | 10,856,958 | 91,655,191 | 41,418,850 | 126,498,351 | ||||||||||||||||||||||||
Shares issued due to reorganization | – | 1,571,749 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 2,129,796 | 5,380,457 | 1,595,397 | 8,694,762 | 11,152,740 | 12,775,182 | 8,893,537 | 13,304,045 | ||||||||||||||||||||||||
Shares redeemed | (22,899,858 | ) | (67,683,070 | ) | (44,894,160 | ) | (166,053,975 | ) | (91,268,199 | ) | (179,734,212 | ) | (177,846,378 | ) | (246,093,510 | ) | ||||||||||||||||
Net decrease from capital stock transactions | (7,112,975 | ) | (37,537,633 | ) | (875,326 | ) | (39,533,393 | ) | (69,258,501 | ) | (75,303,839 | ) | (127,533,991 | ) | (106,291,114 | ) | ||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 20,593 | 196,722 | 1,138,629 | 70,970,800 | 5,369,012 | 72,734,675 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 33,116 | 136,433 | 6,777,217 | 456,764 | 1,103,541 | 823,094 | ||||||||||||||||||||||||||
Shares redeemed | (1,249,541 | ) | (1,214,228 | ) | (6,807,031 | ) | (18,869,977 | ) | (20,609,512 | ) | (32,262,113 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (1,195,832 | ) | (881,073 | ) | 1,108,815 | 52,557,587 | (14,136,959 | ) | 41,295,656 | |||||||||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||||||||||
Shares sold | 3,910,135 | 58,779,537 | 91,604,629 | 21,129,423 | 160,172,669 | 64,014,783 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 409,606 | 194,116 | 6,429,197 | – | 6,327,888 | – | ||||||||||||||||||||||||||
Shares redeemed | (13,712,530 | ) | (5,504,734 | ) | (14,319,681 | ) | (336,802 | ) | (17,828,905 | ) | (1,928,380 | ) | ||||||||||||||||||||
Net decrease from capital stock transactions | (9,392,789 | ) | 53,468,919 | 83,714,145 | 20,792,621 | 148,671,652 | 62,086,403 | |||||||||||||||||||||||||
Total net increase (decrease) from capital stock transactions | (9,214,400 | ) | (40,988,347 | ) | (12,258,358 | ) | 66,349,966 | 20,527,321 | 257,607 | 6,841,641 | (5,451,497 | ) | ||||||||||||||||||||
Total increase (decrease) in net assets | 7,444,268 | (45,785,479 | ) | 52,035,955 | 53,939,638 | 70,804,940 | (924,605 | ) | 141,907,343 | (49,982,876 | ) | |||||||||||||||||||||
Net Assets at end of period | $ | 88,001,571 | $ | 80,557,303 | $ | 326,700,913 | $ | 274,664,958 | $ | 408,862,946 | $ | 338,058,006 | $ | 679,088,966 | $ | 537,181,623 |
1 The Dividend Income Fund launched Class A shares on May 29, 2020 and the share class commenced operations effective June 1, 2020.
2 The Dividend Income Fund, Investors Fund and Mid Cap Fund launched Class I shares on August 31, 2020 and the share class commenced operations effective September 1, 2020.
See accompanying Notes to Financial Statements.
33
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Covered Call & Equity Income Fund | Dividend Income Fund | Investors Fund | Mid Cap Fund | |||||||||||||||||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||||||||
Capital Share transactions: | ||||||||||||||||||||||||||||||||
Class A Shares1 | ||||||||||||||||||||||||||||||||
Shares sold | 34,991 | 68,252 | 28,418 | 6,198 | 75,950 | 332,104 | 157,011 | 358,565 | ||||||||||||||||||||||||
Shares issued due to reorganization | – | 1,986,832 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 51,680 | 117,113 | 13,808 | 6,895 | 359,506 | 198,111 | 208,764 | 233,764 | ||||||||||||||||||||||||
Shares redeemed | (115,445 | ) | (401,456 | ) | (108,888 | ) | (38,307 | ) | (225,015 | ) | (434,697 | ) | (365,581 | ) | (833,683 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (28,774 | ) | (216,091 | ) | (66,662 | ) | 1,961,618 | 210,441 | 95,518 | 194 | (241,354 | ) | ||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,645 | 1,430 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 6,999 | 9,583 | ||||||||||||||||||||||||||||||
Shares redeemed | (19,889 | ) | (58,359 | ) | ||||||||||||||||||||||||||||
Net decrease in shares outstanding | (11,245 | ) | (47,346 | ) | ||||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 23,599 | 26,974 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 34,658 | 71,118 | ||||||||||||||||||||||||||||||
Shares redeemed | (134,179 | ) | (223,580 | ) | ||||||||||||||||||||||||||||
Net decrease in shares outstanding | (75,922 | ) | (125,488 | ) | ||||||||||||||||||||||||||||
Class Y Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,452,151 | 3,193,353 | 1,423,005 | 4,487,585 | 426,190 | 4,008,921 | 3,348,281 | 11,871,976 | ||||||||||||||||||||||||
Shares issued due to reorganization | – | 58,769 | ||||||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 233,011 | 703,392 | 52,713 | 323,368 | 458,395 | 541,321 | 732,581 | 1,152,864 | ||||||||||||||||||||||||
Shares redeemed | (2,533,927 | ) | (9,103,025 | ) | (1,480,059 | ) | (6,282,108 | ) | (3,502,497 | ) | (8,178,001 | ) | (14,366,651 | ) | (22,912,098 | ) | ||||||||||||||||
Net decrease in shares outstanding | (848,765 | ) | (5,206,280 | ) | (4,341 | ) | (1,412,386 | ) | (2,617,912 | ) | (3,627,759 | ) | (10,285,789 | ) | (9,887,258 | ) | ||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||||||
Shares sold | 2,197 | 24,288 | 44,592 | 3,462,149 | 412,904 | 6,590,295 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 3,652 | 17,687 | 275,945 | 19,152 | 88,567 | 69,577 | ||||||||||||||||||||||||||
Shares redeemed | (135,087 | ) | (158,222 | ) | (259,163 | ) | (893,715 | ) | (1,616,580 | ) | (3,100,308 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (129,238 | ) | (116,247 | ) | 61,374 | 2,587,586 | (1,115,109 | ) | 3,559,564 | |||||||||||||||||||||||
Class I Shares2 | ||||||||||||||||||||||||||||||||
Shares sold | 126,146 | 2,179,685 | 3,529,099 | 879,497 | 13,080,759 | 5,843,622 | ||||||||||||||||||||||||||
Issued to shareholders in reinvestment of distributions | 13,505 | 7,281 | 264,685 | – | 521,243 | – | ||||||||||||||||||||||||||
Shares redeemed | (463,312 | ) | (208,488 | ) | (563,558 | ) | (13,710 | ) | (1,428,144 | ) | (172,717 | ) | ||||||||||||||||||||
Net increase (decrease) from capital stock transactions | (323,661 | ) | 1,978,478 | 3,230,226 | 865,787 | 12,173,858 | 5,670,905 |
See accompanying Notes to Financial Statements.
34
Madison Funds | April 30, 2021
Statements of Changes in Net Assets |
Small Cap Fund | International Stock Fund | |||||||||||||||
Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | Six-Months Ended April 30, 2021 (unaudited) | Year Ended October 31, 2020 | |||||||||||||
Net Assets at beginning of period | $ | 218,848,130 | $ | 266,983,694 | $ | 15,919,225 | $ | 19,233,863 | ||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||
Net investment income (loss) | (631,090 | ) | 263,504 | 60,223 | 84,089 | |||||||||||
Net realized gain | 33,722,274 | 17,193,611 | 4,791,581 | 741,444 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 68,176,844 | (11,965,785 | ) | (1,769,178 | ) | (2,099,550 | ) | |||||||||
Net increase (decrease) in net assets from operations | 101,268,028 | 5,491,330 | 3,082,626 | (1,274,017 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Accumulated earnings (combined net investment income and net realized gains): | ||||||||||||||||
Class A | (236,905 | ) | (135,732 | ) | (705,083 | ) | (1,103,915 | ) | ||||||||
Class B | – | – | (21,551 | ) | (40,537 | ) | ||||||||||
Class Y | (16,540,430 | ) | (10,012,090 | ) | (43,074 | ) | (72,055 | ) | ||||||||
Class I | – | – | – | – | ||||||||||||
Total distributions | (16,777,335 | ) | (10,147,822 | ) | (769,708 | ) | (1,216,507 | ) | ||||||||
Capital Stock transactions: | ||||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 519,963 | 248,047 | 397,568 | 510,507 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 236,219 | 135,376 | 703,445 | 1,100,645 | ||||||||||||
Shares redeemed | (169,259 | ) | (814,557 | ) | (1,241,576 | ) | (1,971,303 | ) | ||||||||
Net increase (decrease) from capital stock transactions | 586,923 | (431,134 | ) | (140,563 | ) | (360,151 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | – | – | ||||||||||||||
Issued to shareholders in reinvestment of distributions | 21,551 | 40,537 | ||||||||||||||
Shares redeemed | (113,530 | ) | (167,513 | ) | ||||||||||||
Net decrease from capital stock transactions | (91,979 | ) | (126,976 | ) | ||||||||||||
Class Y Shares | ||||||||||||||||
Shares sold | 9,796,366 | 13,667,468 | 173,645 | 181,689 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 16,073,049 | 9,797,935 | 43,074 | 72,055 | ||||||||||||
Shares redeemed | (53,268,860 | ) | (66,513,341 | ) | (211,243 | ) | (590,731 | ) | ||||||||
Net increase (decrease) from capital stock transactions | (27,399,445 | ) | (43,047,938 | ) | 5,476 | (336,987 | ) | |||||||||
Class I Shares1 | ||||||||||||||||
Shares sold | 20,652,771 | – | ||||||||||||||
Issued to shareholders in reinvestment of distributions | – | – | ||||||||||||||
Shares redeemed | (323,811 | ) | – | |||||||||||||
Net increase from capital stock transactions | 20,328,960 | – | ||||||||||||||
Total net decrease from capital stock transactions | (6,483,562 | ) | (43,479,072 | ) | (227,066 | ) | (824,114 | ) | ||||||||
Total increase (decrease) in net assets | 78,007,131 | (48,135,564 | ) | 2,085,852 | (3,314,638 | ) | ||||||||||
Net Assets at end of period | $ | 296,855,261 | $ | 218,848,130 | $ | 18,005,077 | $ | 15,919,225 | ||||||||
Capital Share transactions: | ||||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 37,558 | 23,712 | 29,105 | 42,202 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 18,073 | 12,066 | 51,686 | 83,068 | ||||||||||||
Shares redeemed | (11,983 | ) | (78,362 | ) | (91,009 | ) | (162,615 | ) | ||||||||
Net increase (decrease) in shares outstanding | 43,648 | (42,584 | ) | (10,218 | ) | (37,345 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | – | – | ||||||||||||||
Issued to shareholders in reinvestment of distributions | 1,630 | 3,135 | ||||||||||||||
Shares redeemed | (8,689 | ) | (14,483 | ) | ||||||||||||
Net decrease in shares outstanding | (7,059 | ) | (11,348 | ) | ||||||||||||
Class Y Shares | ||||||||||||||||
Shares sold | 708,334 | 1,323,704 | 12,741 | 14,756 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 1,221,356 | 868,611 | 3,179 | 5,446 | ||||||||||||
Shares redeemed | (3,753,564 | ) | (6,300,930 | ) | (15,840 | ) | (47,161 | ) | ||||||||
Net increase (decrease) in shares outstanding | (1,823,874 | ) | (4,108,615 | ) | 80 | (26,959 | ) | |||||||||
Class I Shares1 | ||||||||||||||||
Shares sold | 1,415,757 | |||||||||||||||
Issued to shareholders in reinvestment of distributions | – | |||||||||||||||
Shares redeemed | (21,414 | ) | ||||||||||||||
Net increase in shares outstanding | 1,394,343 |
1 The Small Cap Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021.
See accompanying Notes to Financial Statements.
35
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.15 | $ | 10.96 | $ | 10.39 | $ | 10.97 | $ | 10.46 | $ | 10.63 | $ | 11.31 | $ | 11.10 | $ | 10.47 | $ | 11.05 | $ | 10.52 | $ | 10.69 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.06 | 0.13 | 1 | 0.36 | 1,2 | 0.19 | 0.15 | 1 | 0.14 | 1 | 0.04 | 0.06 | 1 | 0.31 | 1,2 | 0.12 | 0.08 | 1 | 0.07 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.48 | 0.46 | 0.68 | 2 | (0.26 | ) | 0.69 | 0.17 | 0.46 | 0.46 | 0.66 | 2 | (0.28 | ) | 0.69 | 0.16 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.54 | 0.59 | 1.04 | (0.07 | ) | 0.84 | 0.31 | 0.50 | 0.52 | 0.97 | (0.16 | ) | 0.77 | 0.23 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.19 | ) | (0.18 | ) | (0.24 | ) | (0.18 | ) | (0.16 | ) | (0.09 | ) | (0.10 | ) | (0.05 | ) | (0.15 | ) | (0.09 | ) | (0.08 | ) | ||||||||||||||||||||||||
Capital gains | (0.58 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | (0.58 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | ||||||||||||||||||||||||
Total distributions | (0.71 | ) | (0.40 | ) | (0.47 | ) | (0.51 | ) | (0.33 | ) | (0.48 | ) | (0.67 | ) | (0.31 | ) | (0.34 | ) | (0.42 | ) | (0.24 | ) | (0.40 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.17 | ) | 0.19 | 0.57 | (0.58 | ) | 0.51 | (0.17 | ) | (0.17 | ) | 0.21 | 0.63 | (0.58 | ) | 0.53 | (0.17 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.98 | $ | 11.15 | $ | 10.96 | $ | 10.39 | $ | 10.97 | $ | 10.46 | $ | 11.14 | $ | 11.31 | $ | 11.10 | $ | 10.47 | $ | 11.05 | $ | 10.52 | ||||||||||||||||||||||||
Total Return (%)3 | 4.93 | 4 | 5.62 | 10.37 | (0.75 | ) | 8.25 | 3.10 | 4.46 | 4 | 4.89 | 9.51 | (1.51 | ) | 7.47 | 2.27 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 45,407 | $ | 44,146 | $ | 42,662 | $ | 42,247 | $ | 45,005 | $ | 43,752 | $ | 3,257 | $ | 4,263 | $ | 5,457 | $ | 6,049 | $ | 8,119 | $ | 9,175 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.70 | 0.70 | 0.70 | 0.70 | 0.71 | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.00 | 5 | 1.19 | 3.38 | 2 | 1.74 | 1.46 | 1.36 | 0.29 | 5 | 0.48 | 2.68 | 2 | 1.04 | 0.74 | 0.60 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 26 | 4 | 73 | 57 | 63 | 48 | 82 | 26 | 4 | 73 | 57 | 63 | 48 | 82 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.32 | $ | 11.11 | $ | 10.48 | $ | 11.06 | $ | 10.53 | $ | 10.69 | ||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.02 | 0.04 | 1 | 0.29 | 1,2 | 0.11 | 0.08 | 1 | 0.06 | 1 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.48 | 0.48 | 0.68 | 2 | (0.27 | ) | 0.69 | 0.18 | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.50 | 0.52 | 0.97 | (0.16 | ) | 0.77 | 0.24 | |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.10 | ) | (0.05 | ) | (0.15 | ) | (0.09 | ) | (0.08 | ) | ||||||||||||||||||||||||||||||||||||
Capital gains | (0.58 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.15 | ) | (0.32 | ) | ||||||||||||||||||||||||||||||||||||
Total distributions | (0.67 | ) | (0.31 | ) | (0.34 | ) | (0.42 | ) | (0.24 | ) | (0.40 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.17 | ) | 0.21 | 0.63 | (0.58 | ) | 0.53 | (0.16 | ) | |||||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.15 | $ | 11.32 | $ | 11.11 | $ | 10.48 | $ | 11.06 | $ | 10.53 | ||||||||||||||||||||||||||||||||||||
Total Return (%)3 | 4.46 | 4 | 4.89 | 9.50 | (1.51 | ) | 7.46 | 2.37 | ||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 20,286 | $ | 20,137 | $ | 20,303 | $ | 20,001 | $ | 20,960 | $ | 20,225 | ||||||||||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | |||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.25 | 5 | 0.45 | 2.602 | 0.99 | 0.71 | 0.54 | |||||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 26 | 4 | 73 | 57 | 63 | 48 | 82 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, $0.11, $0.86, and 0.90%, respectively, for the class B shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares.
3 Total return without applicable sales charge.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
36
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.85 | $ | 11.76 | $ | 11.59 | $ | 12.20 | $ | 11.18 | $ | 11.62 | $ | 11.69 | $ | 11.60 | $ | 11.46 | $ | 12.06 | $ | 11.05 | $ | 11.52 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.06 | 0.12 | 1 | 0.51 | 1,2 | 0.17 | 0.14 | 1 | 0.13 | 1 | 0.03 | 0.05 | 1 | 0.53 | 1,2 | 0.10 | 0.07 | 1 | 0.06 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.11 | 0.43 | 0.60 | 2 | (0.17 | ) | 1.35 | 0.18 | 1.07 | 0.41 | 0.48 | 2 | (0.18 | ) | 1.33 | 0.16 | ||||||||||||||||||||||||||||||||
Total from investment operations | 1.17 | 0.55 | 1.11 | – | 1.49 | 0.31 | 1.10 | 0.46 | 1.01 | (0.08 | ) | 1.40 | 0.22 | |||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.12 | ) | – | (0.08 | ) | (0.10 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | |||||||||||||||||||||||||
Capital gains | (0.94 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | (0.94 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | ||||||||||||||||||||||||
Total distributions | (1.07 | ) | (0.46 | ) | (0.94 | ) | (0.61 | ) | (0.47 | ) | (0.75 | ) | (0.94 | ) | (0.37 | ) | (0.87 | ) | (0.52 | ) | (0.39 | ) | (0.69 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.10 | 0.09 | 0.17 | (0.61 | ) | 1.02 | (0.44 | ) | 0.16 | 0.09 | 0.14 | (0.60 | ) | 1.01 | (0.47 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.95 | $ | 11.85 | $ | 11.76 | $ | 11.59 | $ | 12.20 | $ | 11.18 | $ | 11.85 | $ | 11.69 | $ | 11.60 | $ | 11.46 | $ | 12.06 | $ | 11.05 | ||||||||||||||||||||||||
Total Return (%)3 | 10.17 | 4 | 4.75 | 10.69 | (0.12 | ) | 13.88 | 2.95 | 9.67 | 4 | 4.00 | 9.79 | (0.82 | ) | 13.07 | 2.15 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 119,497 | $ | 111,135 | $ | 112,916 | $ | 108,459 | $ | 115,586 | $ | 104,276 | $ | 7,892 | $ | 9,568 | $ | 13,754 | $ | 17,481 | $ | 23,101 | $ | 25,440 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.70 | 0.70 | 0.70 | 0.70 | 0.71 | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.86 | 5 | 0.96 | 4.42 | 2 | 1.39 | 1.23 | 1.13 | 0.15 | 5 | 0.27 | 4.01 | 2 | 0.73 | 0.56 | 0.58 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 34 | 4 | 87 | 64 | 75 | 50 | 97 | 34 | 4 | 87 | 64 | 75 | 50 | 97 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.70 | $ | 11.61 | $ | 11.47 | $ | 12.07 | $ | 11.06 | $ | 11.53 | ||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.01 | 0.02 | 1 | 0.42 | 1,2 | 0.08 | 0.06 | 1 | 0.05 | 1 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.10 | 0.44 | 0.59 | 2 | (0.16 | ) | 1.34 | 0.17 | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 1.11 | 0.46 | 1.01 | (0.08 | ) | 1.40 | 0.22 | |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.08 | ) | (0.10 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | |||||||||||||||||||||||||||||||||||||
Capital gains | (0.94 | ) | (0.29 | ) | (0.77 | ) | (0.44 | ) | (0.32 | ) | (0.63 | ) | ||||||||||||||||||||||||||||||||||||
Total distributions | (0.94 | ) | (0.37 | ) | (0.87 | ) | (0.52 | ) | (0.39 | ) | (0.69 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.17 | 0.09 | 0.14 | (0.60 | ) | 1.01 | (0.47 | ) | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.87 | $ | 11.70 | $ | 11.61 | $ | 11.47 | $ | 12.07 | $ | 11.06 | ||||||||||||||||||||||||||||||||||||
Total Return (%)3 | 9.75 | 4 | 3.99 | 9.78 | (0.82 | ) | 13.06 | 2.15 | ||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 9,187 | $ | 9,230 | $ | 9,607 | $ | 9,338 | $ | 9,625 | $ | 9,100 | ||||||||||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | |||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.13 | 5 | 0.22 | 3.68 | 2 | 0.62 | 0.52 | 0.47 | ||||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 34 | 4 | 87 | 64 | 75 | 50 | 97 |
1 Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
2 In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.94, and 1.39%, respectively, for the class A Shares, $0.09, $0.92, and 0.67%, respectively, for the class B shares, and $0.08, $0.93, and 0.64%, respectively, for the class C shares.
3 Total return without applicable sales charge.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
See accompanying Notes to Financial Statements.
37
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.81 | $ | 12.02 | $ | 12.01 | $ | 12.71 | $ | 11.12 | $ | 11.87 | $ | 11.41 | $ | 11.62 | $ | 11.65 | $ | 12.35 | $ | 10.83 | $ | 11.65 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.05 | 0.10 | 1 | 0.56 | 1,2 | 0.14 | 0.13 | 1 | 0.12 | 1 | (0.02 | ) | (0.06 | )1 | 0.55 | 1,2 | 0.03 | 0.02 | 1 | 0.06 | 1 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.61 | 0.33 | 0.57 | 2 | (0.11 | ) | 1.88 | 0.15 | 1.57 | 0.39 | 0.47 | 2 | (0.10 | ) | 1.85 | 0.12 | ||||||||||||||||||||||||||||||||
Total from investment operations | 1.66 | 0.43 | 1.13 | 0.03 | 2.01 | 0.27 | 1.55 | 0.33 | 1.02 | (0.07 | ) | 1.87 | 0.18 | |||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | – | (0.06 | ) | (0.07 | ) | (0.05 | ) | (0.06 | ) | (0.08 | ) | |||||||||||||||||||||||||
Capital gains | (0.94 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | (0.94 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | ||||||||||||||||||||||||
Total distributions | (1.03 | ) | (0.64 | ) | (1.12 | ) | (0.73 | ) | (0.42 | ) | (1.02 | ) | (0.94 | ) | (0.54 | ) | (1.05 | ) | (0.63 | ) | (0.35 | ) | (1.00 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.63 | (0.21 | ) | 0.01 | (0.70 | ) | 1.59 | (0.75 | ) | 0.61 | (0.21 | ) | (0.03 | ) | (0.70 | ) | 1.52 | (0.82 | ) | |||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.44 | $ | 11.81 | $ | 12.02 | $ | 12.01 | $ | 12.71 | $ | 11.12 | $ | 12.02 | $ | 11.41 | $ | 11.62 | $ | 11.65 | $ | 12.35 | $ | 10.83 | ||||||||||||||||||||||||
Total Return (%)3 | 14.48 | 4 | 3.59 | 10.93 | 0.06 | 18.66 | 2.65 | 13.94 | 4 | 2.88 | 10.12 | (0.74 | ) | 17.83 | 1.88 | |||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 61,474 | $ | 56,089 | $ | 54,974 | $ | 51,274 | $ | 52,811 | $ | 45,317 | $ | 4,075 | $ | 4,375 | $ | 6,088 | $ | 7,938 | $ | 10,442 | $ | 11,089 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.70 | 0.70 | 0.70 | 0.70 | 0.71 | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.79 | 5 | 0.78 | 4.77 | 2 | 1.08 | 1.02 | 1.04 | 0.06 | 5 | 0.11 | 4.50 | 2 | 0.45 | 0.35 | 0.56 | ||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 38 | 4 | 105 | 79 | 71 | 45 | 98 | 38 | 4 | 105 | 79 | 71 | 45 | 98 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 4/30/21 | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.42 | $ | 11.63 | $ | 11.66 | $ | 12.36 | $ | 10.84 | $ | 11.66 | ||||||||||||||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.01 | 0.03 | 1 | 0.48 | 1,2 | 0.04 | 0.02 | 1 | 0.05 | 1 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.54 | 0.30 | 0.54 | 2 | (0.11 | ) | 1.85 | 0.13 | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 1.55 | 0.33 | 1.02 | (0.07 | ) | 1.87 | 0.18 | |||||||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.06 | ) | (0.07 | ) | (0.05 | ) | (0.06 | ) | (0.08 | ) | |||||||||||||||||||||||||||||||||||||
Capital gains | (0.94 | ) | (0.48 | ) | (0.98 | ) | (0.58 | ) | (0.29 | ) | (0.92 | ) | ||||||||||||||||||||||||||||||||||||
Total distributions | (0.94 | ) | (0.54 | ) | (1.05 | ) | (0.63 | ) | (0.35 | ) | (1.00 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net asset value | 0.61 | (0.21 | ) | (0.03 | ) | (0.70 | ) | 1.52 | (0.82 | ) | ||||||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.03 | $ | 11.42 | $ | 11.63 | $ | 11.66 | $ | 12.36 | $ | 10.84 | ||||||||||||||||||||||||||||||||||||
Total Return (%)3 | 13.92 | 4 | 2.88 | 10.11 | (0.74 | ) | 17.81 | 1.87 | ||||||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 3,057 | $ | 2,655 | $ | 2,263 | $ | 2,160 | $ | 2,300 | $ | 2,411 | ||||||||||||||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.46 | 5 | 1.45 | 1.45 | 1.45 | 1.45 | 1.46 | |||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.03 | 5 | (0.01 | ) | 4.15 | 2 | 0.32 | 0.45 | 0.42 | |||||||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 38 | 4 | 105 | 79 | 71 | 45 | 98 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain(loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, $0.03, $0.99, and 0.52%, respectively, for the class B shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares. |
3 | Total return without applicable sales charge. |
4 | Not annualized. |
5 | Annualized. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
38
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
TAX-FREE VIRGINIA FUND | TAX-FREE NATIONAL FUND | |||||||||||||||||||||||||||||||||||||||||||||||
CLASS Y | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Period Ended October 31, | Six Months | Period Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.89 | $ | 11.71 | $ | 11.08 | $ | 11.49 | $ | 11.67 | $ | 11.61 | $ | 11.08 | $ | 10.96 | $ | 10.41 | $ | 10.85 | $ | 11.10 | $ | 11.01 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.10 | 0.20 | 1 | 0.23 | 1 | 0.24 | 0.24 | 1 | 0.25 | 1 | 0.10 | 0.21 | 1 | 0.24 | 1 | 0.24 | 0.25 | 1 | 0.26 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.02 | ) | 0.18 | 0.63 | (0.41 | ) | (0.16 | ) | 0.10 | 0.01 | 0.15 | 0.61 | (0.41 | ) | (0.18 | ) | 0.15 | |||||||||||||||||||||||||||||||
Total from investment operations | 0.08 | 0.38 | 0.86 | (0.17 | ) | 0.08 | 0.35 | 0.11 | 0.36 | 0.85 | (0.17 | ) | 0.07 | 0.41 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.20 | ) | (0.23 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.10 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||||||||||
Capital gains | (0.01 | ) | – | – | – | (0.02 | ) | (0.04 | ) | – | (0.03 | ) | (0.06 | ) | (0.03 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||||||||||||||||||
Total distributions | (0.11 | ) | (0.20 | ) | (0.23 | ) | (0.24 | ) | (0.26 | ) | (0.29 | ) | (0.10 | ) | (0.24 | ) | (0.30 | ) | (0.27 | ) | (0.32 | ) | (0.32 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.03 | ) | 0.18 | 0.63 | (0.41 | ) | (0.18 | ) | 0.06 | 0.01 | 0.12 | 0.55 | (0.44 | ) | (0.25 | ) | 0.09 | |||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 11.86 | $ | 11.89 | $ | 11.71 | $ | 11.08 | $ | 11.49 | $ | 11.67 | $ | 11.09 | $ | 11.08 | $ | 10.96 | $ | 10.41 | $ | 10.85 | $ | 11.10 | ||||||||||||||||||||||||
Total Return (%)2 | 0.61 | 3 | 3.24 | 7.78 | (1.52 | ) | 0.68 | 3.01 | 0.953 | 3.36 | 8.20 | (1.56 | ) | 0.72 | 3.75 | |||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 20,746 | $ | 21,572 | $ | 22,225 | $ | 20,868 | $ | 21,866 | $ | 22,350 | $ | 22,809 | $ | 23,377 | $ | 23,807 | $ | 23,325 | $ | 25,294 | $ | 27,333 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.86 | 4 | 0.85 | 0.85 | 0.85 | 0.86 | 0.85 | 0.76 | 4 | 0.75 | 0.75 | 0.75 | 0.75 | 0.79 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.61 | 4 | 1.66 | 1.96 | 2.09 | 2.06 | 2.12 | 1.724 | 1.91 | 2.19 | 2.25 | 2.30 | 2.27 | |||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 4 | 3 | 7 | 22 | 26 | 8 | 12 | 6 | 3 | 13 | 26 | 31 | 6 | 9 |
HIGH QUALITY BOND FUND | ||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||
Six Months | Period Ended October 31, | |||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.42 | $ | 11.11 | $ | 10.64 | $ | 10.93 | $ | 11.06 | $ | 11.04 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.05 | 0.13 | 1 | 0.21 | 1 | 0.18 | 0.14 | 1 | 0.12 | 1 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.15 | ) | 0.32 | 0.47 | (0.30 | ) | (0.12 | ) | 0.06 | |||||||||||||||
Total from investment operations | (0.10 | ) | 0.45 | 0.68 | (0.12 | ) | 0.02 | 0.18 | ||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.14 | ) | (0.21 | ) | (0.17 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||
Capital gains | (0.03 | ) | – | – | – | (0.01 | ) | (0.04 | ) | |||||||||||||||
Total distributions | (0.08 | ) | (0.14 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | (0.16 | ) | ||||||||||||
Net increase (decrease) in net asset value | (0.18 | ) | 0.31 | 0.47 | (0.29 | ) | (0.13 | ) | 0.02 | |||||||||||||||
Net Asset Value at end of period | $ | 11.24 | $ | 11.42 | $ | 11.11 | $ | 10.64 | $ | 10.93 | $ | 11.06 | ||||||||||||
Total Return (%)2 | (0.88 | )3 | 4.08 | 6.43 | (1.09 | ) | 0.25 | 1.62 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 155,369 | $ | 184,881 | $ | 90,407 | $ | 89,253 | $ | 100,536 | $ | 105,807 | ||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.50 | 4 | 0.49 | – | – | – | – | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.40 | 4 | 0.46 | 0.49 | 0.49 | 0.49 | 0.50 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.75 | 4 | 1.17 | 1.88 | 1.64 | 1.32 | 1.10 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | 0.85 | 4 | 1.20 | – | – | – | – | |||||||||||||||||
Portfolio turnover (%)5 | 10 | 3 | 21 | 20 | 31 | 26 | 25 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
39
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
CORE BOND FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.78 | $ | 10.28 | $ | 9.55 | $ | 10.03 | $ | 10.20 | $ | 10.09 | $ | 10.78 | $ | 10.29 | $ | 9.55 | $ | 10.03 | $ | 10.21 | $ | 10.10 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.08 | 0.18 | 1 | 0.24 | 1 | 0.21 | 0.20 | 1 | 0.20 | 1 | 0.09 | 0.12 | 1 | 0.16 | 1 | 0.15 | 0.14 | 1 | 0.13 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.14 | ) | 0.53 | 0.74 | (0.46 | ) | (0.10 | ) | 0.21 | (0.19 | ) | 0.51 | 0.75 | (0.47 | ) | (0.12 | ) | 0.21 | ||||||||||||||||||||||||||||||
Total from investment operations | (0.06 | ) | 0.71 | 0.98 | (0.25 | ) | 0.10 | 0.41 | (0.10 | ) | 0.63 | 0.91 | (0.32 | ) | 0.02 | 0.34 | ||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.19 | ) | (0.25 | ) | (0.23 | ) | (0.22 | ) | (0.22 | ) | (0.04 | ) | (0.12 | ) | (0.17 | ) | (0.16 | ) | (0.15 | ) | (0.15 | ) | ||||||||||||||||||||||||
Capital gains | (0.21 | ) | (0.02 | ) | – | (0.00 | )5 | (0.05 | ) | (0.08 | ) | (0.21 | ) | (0.02 | ) | – | (0.00 | )5 | (0.05 | ) | (0.08 | ) | ||||||||||||||||||||||||||
Total distributions | (0.29 | ) | (0.21 | ) | (0.25 | ) | (0.23 | ) | (0.27 | ) | (0.30 | ) | (0.25 | ) | (0.14 | ) | (0.17 | ) | (0.16 | ) | (0.20 | ) | (0.23 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | (0.35 | ) | 0.50 | 0.73 | (0.48 | ) | (0.17 | ) | 0.11 | (0.35 | ) | 0.49 | 0.74 | (0.48 | ) | (0.18 | ) | 0.11 | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 10.43 | $ | 10.78 | $ | 10.28 | $ | 9.55 | $ | 10.03 | $ | 10.20 | $ | 10.43 | $ | 10.78 | $ | 10.29 | $ | 9.55 | $ | 10.03 | $ | 10.21 | ||||||||||||||||||||||||
Total Return (%)2 | (0.62 | )3 | 7.00 | 10.37 | (2.45 | ) | 1.05 | 4.21 | (0.98 | )3 | 6.10 | 9.65 | (3.18 | ) | 0.20 | 3.43 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 45,375 | $ | 47,304 | $ | 28,902 | $ | 29,605 | $ | 33,738 | $ | 34,325 | $ | 696 | $ | 1,088 | $ | 1,272 | $ | 1,466 | $ | 2,004 | $ | 2,575 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.89 | 4 | 0.90 | 0.90 | 0.90 | 0.90 | 0.91 | 1.65 | 4 | 1.66 | 1.65 | 1.65 | 1.65 | 1.66 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.45 | 4 | 1.78 | 2.35 | 2.20 | 2.00 | 2.00 | 0.70 | 4 | 1.05 | 1.60 | 1.44 | 1.25 | 1.25 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)6 | 28 | 3 | 61 | 36 | 26 | 27 | 39 | 28 | 3 | 61 | 36 | 26 | 27 | 39 |
CLASS Y | CLASS I* | |||||||||||||||||||||||||||
Six Months Ended | Year Ended October 31, | Period Ended | ||||||||||||||||||||||||||
4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 4/30/21 (unaudited) | ||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.71 | $ | 10.25 | $ | 9.52 | $ | 9.99 | $ | 10.17 | $ | 10.07 | $ | 10.39 | ||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||
Net investment income | (0.06 | ) | 0.20 | 1 | 0.25 | 1 | 0.24 | 0.23 | 1 | 0.23 | 1 | 0.03 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.04 | 0.52 | 0.75 | (0.45 | ) | (0.11 | ) | 0.20 | (0.04 | ) | ||||||||||||||||||
Total from investment operations | (0.02 | ) | 0.72 | 1.00 | (0.21 | ) | 0.12 | 0.43 | (0.01 | ) | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.24 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | (0.25 | ) | (0.04 | ) | ||||||||||||||
Capital gains | (0.21 | ) | (0.02 | ) | – | (0.00 | )5 | (0.05 | ) | (0.08 | ) | – | ||||||||||||||||
Total distributions | (0.32 | ) | (0.26 | ) | (0.27 | ) | (0.26 | ) | (0.30 | ) | (0.33 | ) | (0.04 | ) | ||||||||||||||
Net increase (decrease) in net asset value | (0.34 | ) | 0.46 | 0.73 | (0.47 | ) | (0.18 | ) | 0.10 | (0.05 | ) | |||||||||||||||||
Net Asset Value at end of period | $ | 10.37 | $ | 10.71 | $ | 10.25 | $ | 9.52 | $ | 9.99 | $ | 10.17 | $ | 10.34 | ||||||||||||||
Total Return (%)2 | (0.24 | )3 | 7.13 | 10.67 | (2.12 | ) | 1.22 | 4.40 | (0.13 | )3 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 13,043 | $ | 102,811 | $ | 121,000 | $ | 138,186 | $ | 170,169 | $ | 178,046 | $ | 102,155 | ||||||||||||||
Ratios of expenses to average net assets (%) | 0.65 | 4 | 0.65 | 0.65 | 0.65 | 0.65 | 0.66 | 0.50 | 4 | |||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.68 | 4 | 2.03 | 2.60 | 2.44 | 2.25 | 2.25 | 1.86 | 4 | |||||||||||||||||||
Portfolio turnover (%)6 | 28 | 3 | 61 | 36 | 26 | 27 | 39 | 28 | 3 |
* | Class I shares commenced operations effective March 1, 2021. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Amounts represent less than $0.005 per share. |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
40
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
DIVERSIFIED INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 15.52 | $ | 16.37 | $ | 15.98 | $ | 15.93 | $ | 14.92 | $ | 14.75 | $ | 15.64 | $ | 16.48 | $ | 16.08 | $ | 16.04 | $ | 15.01 | $ | 14.83 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.11 | 0.26 | 1 | 0.28 | 1 | 0.28 | 0.26 | 1 | 0.25 | 1 | 0.06 | 0.14 | 1 | 0.16 | 1 | 0.16 | 0.14 | 1 | 0.14 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.39 | (0.04 | ) | 1.64 | 0.30 | 1.56 | 0.52 | 2.41 | (0.03 | ) | 1.65 | 0.29 | 1.58 | 0.53 | ||||||||||||||||||||||||||||||||||
Total from investment operations | 2.50 | 0.22 | 1.92 | 0.58 | 1.82 | 0.77 | 2.47 | 0.11 | 1.81 | 0.45 | 1.72 | 0.67 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.27 | ) | (0.29 | ) | (0.29 | ) | (0.27 | ) | (0.26 | ) | (0.06 | ) | (0.15 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | ||||||||||||||||||||||||
Capital gains | (0.20 | ) | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | (0.20 | ) | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | ||||||||||||||||||||||||
Total distributions | (0.32 | ) | (1.07 | ) | (1.53 | ) | (0.53 | ) | (0.81 | ) | (0.60 | ) | (0.26 | ) | (0.95 | ) | (1.41 | ) | (0.41 | ) | (0.69 | ) | (0.49 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 2.18 | (0.85 | ) | 0.39 | 0.05 | 1.01 | 0.17 | 2.21 | (0.84 | ) | 0.40 | 0.04 | 1.03 | 0.18 | ||||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 17.70 | $ | 15.52 | $ | 16.37 | $ | 15.98 | $ | 15.93 | $ | 14.92 | $ | 17.85 | $ | 15.64 | $ | 16.48 | $ | 16.08 | $ | 16.04 | $ | 15.01 | ||||||||||||||||||||||||
Total Return (%)2 | 16.26 | 3 | 1.27 | 13.51 | 3.63 | 12.57 | 5.38 | 15.863 | 0.56 | 12.64 | 2.77 | 11.79 | 4.63 | |||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 152,828 | $ | 134,213 | $ | 139,683 | $ | 131,127 | $ | 137,863 | $ | 128,208 | $ | 6,182 | $ | 6,591 | $ | 9,612 | $ | 10,832 | $ | 12,702 | $ | 13,293 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.11 | 4 | 1.10 | 1.10 | 1.10 | 1.10 | 1.11 | 1.86 | 4 | 1.85 | 1.85 | 1.85 | 1.85 | 1.86 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.36 | 4 | 1.66 | 1.80 | 1.72 | 1.65 | 1.68 | 0.62 | 4 | 0.92 | 1.06 | 0.97 | 0.91 | 0.94 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 20 | 3 | 31 | 34 | 27 | 21 | 35 | 20 | 3 | 31 | 34 | 27 | 21 | 35 |
CLASS C | ||||||||||||||||||||||||
Six Months | Year Ended October 31, | |||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 15.65 | $ | 16.48 | $ | 16.07 | $ | 16.03 | $ | 15.01 | $ | 14.83 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | 0.15 | 1 | 0.16 | 1 | 0.16 | 0.14 | 1 | 0.14 | 1 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.40 | (0.03 | ) | 1.66 | 0.29 | 1.57 | 0.53 | |||||||||||||||||
Total from investment operations | 2.46 | 0.12 | 1.82 | 0.45 | 1.71 | 0.67 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.15 | ) | (0.17 | ) | (0.17 | ) | (0.15 | ) | (0.15 | ) | ||||||||||||
Capital gains | (0.20 | ) | (0.80 | ) | (1.24 | ) | (0.24 | ) | (0.54 | ) | (0.34 | ) | ||||||||||||
Total distributions | (0.26 | ) | (0.95 | ) | (1.41 | ) | (0.41 | ) | (0.69 | ) | (0.49 | ) | ||||||||||||
Net increase (decrease) in net asset value | 2.20 | (0.83 | ) | 0.41 | 0.04 | 1.02 | 0.18 | |||||||||||||||||
Net Asset Value at end of period | $ | 17.85 | $ | 15.65 | $ | 16.48 | $ | 16.07 | $ | 16.03 | $ | 15.01 | ||||||||||||
Total Return (%)2 | 15.793 | 0.62 | 12.72 | 2.77 | 11.72 | 4.63 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 20,064 | $ | 16,888 | $ | 16,090 | $ | 14,647 | $ | 15,103 | $ | 13,498 | ||||||||||||
Ratios of expenses to average net assets (%) | 1.85 | 4 | 1.85 | 1.84 | 1.85 | 1.85 | 1.86 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.62 | 4 | 0.91 | 1.05 | 0.97 | 0.89 | 0.93 | |||||||||||||||||
Portfolio turnover (%)5 | 20 | 3 | 31 | 34 | 27 | 21 | 35 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
41
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
COVERED CALL & EQUITY INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 7.80 | $ | 7.84 | $ | 8.52 | $ | 8.88 | $ | 8.95 | $ | 9.14 | $ | 7.19 | $ | 7.31 | $ | 8.04 | $ | 8.47 | $ | 8.63 | $ | 8.89 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.01 | (0.09 | )1 | 0.03 | 1 | 0.06 | 0.07 | 0.05 | (0.09 | ) | (0.18 | )1 | (0.05 | )1 | (0.10 | ) | 0.02 | 0.06 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.04 | 0.60 | 0.05 | 0.30 | 0.46 | 0.33 | 1.94 | 0.60 | 0.07 | 0.38 | 0.42 | 0.24 | ||||||||||||||||||||||||||||||||||||
Total from investment operations | 2.05 | 0.51 | 0.08 | 0.36 | 0.53 | 0.38 | 1.85 | 0.42 | 0.02 | 0.28 | 0.44 | 0.30 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.39 | ) | (0.44 | ) | (0.43 | ) | (0.39 | ) | (0.41 | ) | (0.14 | ) | (0.38 | ) | (0.43 | ) | (0.42 | ) | (0.39 | ) | (0.40 | ) | ||||||||||||||||||||||||
Capital gains | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | ||||||||||||||||||||||||
Total distributions | (0.31 | ) | (0.55 | ) | (0.76 | ) | (0.72 | ) | (0.60 | ) | (0.57 | ) | (0.30 | ) | (0.54 | ) | (0.75 | ) | (0.71 | ) | (0.60 | ) | (0.56 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 1.74 | (0.04 | ) | (0.68 | ) | (0.36 | ) | (0.07 | ) | (0.19 | ) | 1.55 | (0.12 | ) | (0.73 | ) | (0.43 | ) | (0.16 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.54 | $ | 7.80 | $ | 7.84 | $ | 8.52 | $ | 8.88 | $ | 8.95 | $ | 8.74 | $ | 7.19 | $ | 7.31 | $ | 8.04 | $ | 8.47 | $ | 8.63 | ||||||||||||||||||||||||
Total Return (%)2 | 26.68 | 3 | 7.10 | 1.46 | 3.96 | 5.97 | 4.29 | 26.15 | 3 | 6.31 | 0.68 | 3.21 | 5.09 | 3.53 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 14,399 | $ | 11,996 | $ | 13,748 | $ | 16,035 | $ | 16,773 | $ | 18,252 | $ | 8,039 | $ | 7,156 | $ | 8,191 | $ | 9,638 | $ | 13,299 | $ | 13,519 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.25 | 4 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 2.01 | 4 | 2.01 | 2.00 | 2.00 | 2.00 | 2.00 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.21 | 4 | 0.70 | 1.05 | 0.47 | 1.03 | 0.17 | (0.54 | )4 | (0.05 | ) | 0.29 | (0.28 | ) | 0.28 | (0.58 | ) | |||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 63 | 3 | 108 | 116 | 130 | 166 | 135 | 63 | 3 | 108 | 116 | 130 | 166 | 135 |
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | Ended 4/30/21 (unaudited) | 2019 | 2020 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 8.05 | $ | 8.06 | $ | 8.73 | $ | 9.06 | $ | 9.11 | $ | 9.27 | $ | 8.17 | $ | 8.16 | $ | 8.81 | $ | 9.13 | $ | 9.16 | $ | 9.31 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.03 | (0.39 | )1 | 0.12 | 1 | 0.10 | 0.14 | 0.08 | 0.14 | (0.45 | )1 | 0.18 | 1 | 0.06 | 0.14 | 0.07 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.10 | 0.94 | (0.02 | ) | 0.29 | 0.42 | 0.33 | 2.03 | 1.02 | (0.06 | ) | 0.34 | 0.44 | 0.35 | ||||||||||||||||||||||||||||||||||
Total from investment operations | 2.13 | 0.55 | 0.10 | 0.39 | 0.56 | 0.41 | 2.17 | 0.57 | 0.12 | 0.40 | 0.58 | 0.42 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.40 | ) | (0.45 | ) | (0.43 | ) | (0.40 | ) | (0.41 | ) | (0.15 | ) | (0.40 | ) | (0.45 | ) | (0.43 | ) | (0.40 | ) | (0.41 | ) | ||||||||||||||||||||||||
Capital gains | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.16 | ) | (0.32 | ) | (0.29 | ) | (0.21 | ) | (0.16 | ) | ||||||||||||||||||||||||
Total distributions | (0.31 | ) | (0.56 | ) | (0.77 | ) | (0.72 | ) | (0.61 | ) | (0.57 | ) | (0.31 | ) | (0.56 | ) | (0.77 | ) | (0.72 | ) | (0.61 | ) | (0.57 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 1.82 | (0.01 | ) | (0.67 | ) | (0.33 | ) | (0.05 | ) | (0.16 | ) | 1.86 | 0.01 | (0.65 | ) | (0.32 | ) | (0.03 | ) | (0.15 | ) | |||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 9.87 | $ | 8.05 | $ | 8.06 | $ | 8.73 | $ | 9.06 | $ | 9.11 | $ | 10.03 | $ | 8.17 | $ | 8.16 | $ | 8.81 | $ | 9.13 | $ | 9.16 | ||||||||||||||||||||||||
Total Return (%)2 | 26.91 | 3 | 7.34 | 1.60 | 4.29 | 6.15 | 4.63 | 27.01 | 3 | 7.51 | 1.82 | 4.37 | 6.34 | 4.72 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 65,094 | $ | 59,966 | $ | 102,018 | $ | 106,576 | $ | 95,640 | $ | 71,241 | $ | 470 | $ | 1,439 | $ | 2,385 | $ | 2,388 | $ | 2,531 | $ | 3,110 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.01 | 4 | 1.01 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 4 | 0.87 | 0.87 | 0.87 | 0.87 | 0.88 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.45 | 4 | 0.98 | 1.28 | 0.73 | 1.26 | 0.42 | 0.74 | 4 | 1.10 | 1.41 | 0.85 | 1.26 | 0.55 | ||||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 63 | 3 | 108 | 116 | 130 | 166 | 135 | 63 | 3 | 108 | 116 | 130 | 166 | 135 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
42
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
DIVIDEND INCOME FUND | ||||||||||||||||||||||||||||||||||||||||
CLASS A* | CLASS Y | CLASS I** | ||||||||||||||||||||||||||||||||||||||
Six Months | Period Ended | Six Months | Year Ended October 31, | Six Months | Period Ended | |||||||||||||||||||||||||||||||||||
Ended 4/30/21 | October 31, | Ended 4/30/21 | Ended 4/30/21 | October 31, | ||||||||||||||||||||||||||||||||||||
(unaudited | 2020 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | |||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 26.10 | $ | 25.17 | $ | 26.14 | $ | 27.65 | $ | 27.01 | $ | 26.18 | $ | 22.38 | $ | 22.28 | $ | 26.14 | $ | 27.19 | ||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.20 | 0.16 | 1 | 0.23 | 0.51 | 1 | 0.46 | 1 | 0.47 | 0.44 | 1 | 0.33 | 1 | 0.25 | 0.06 | 1 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.17 | 0.98 | 6.17 | (0.88 | ) | 3.12 | 1.42 | 4.34 | 0.99 | 6.18 | (1.02 | ) | ||||||||||||||||||||||||||||
Total from investment operations | 6.37 | 1.14 | 6.40 | (0.37 | ) | 3.58 | 1.89 | 4.78 | 1.32 | 6.43 | (0.96 | ) | ||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.24 | ) | (0.45 | ) | (0.43 | ) | (0.47 | ) | (0.44 | ) | (0.32 | ) | – | – | ||||||||||||||||||||||||
Capital gains | (0.22 | ) | (0.21 | ) | – | (0.69 | ) | (2.51 | ) | (0.59 | ) | (0.54 | ) | (0.90 | ) | (0.25 | ) | (0.09 | ) | |||||||||||||||||||||
Total distributions | (0.22 | ) | (0.21 | ) | (0.24 | ) | (1.14 | ) | (2.94 | ) | (1.06 | ) | (0.98 | ) | (1.22 | ) | (0.25 | ) | (0.09 | ) | ||||||||||||||||||||
Net increase (decrease) in net asset value | 6.15 | 0.93 | 6.16 | (1.51 | ) | 0.64 | 0.83 | 3.80 | 0.10 | 6.18 | (1.05 | ) | ||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 32.25 | $ | 26.10 | $ | 32.30 | $ | 26.14 | $ | 27.65 | $ | 27.01 | $ | 26.18 | $ | 22.38 | $ | 32.32 | $ | 26.14 | ||||||||||||||||||||
Total Return (%)2 | 24.46 | 3 | 4.53 | 3 | 24.54 | 3 | (1.42 | ) | 15.48 | 7.35 | 21.85 | 6.16 | 24.65 | 3 | (3.53 | )3 | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 61,104 | $ | 51,207 | $ | 212,114 | $ | 171,733 | $ | 220,725 | $ | 111,457 | $ | 107,411 | $ | 102,402 | $ | 53,483 | $ | 51,725 | ||||||||||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.15 | 4 | 1.17 | 4 | 0.91 | 4 | 1.02 | 1.10 | 1.10 | 1.10 | 1.10 | 0.81 | 4 | 0.82 | 4 | |||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.15 | 4 | 1.17 | 4 | 0.91 | 4 | 0.93 | 0.95 | 0.95 | 0.95 | 0.95 | 0.81 | 4 | 0.82 | 4 | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.31 | 4 | 1.09 | 4 | 1.56 | 4 | 1.72 | 1.64 | 1.60 | 1.66 | 1.46 | 1.65 | 3 | 1.55 | 4 | |||||||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.31 | 4 | 1.09 | 4 | 1.56 | 4 | 1.81 | 1.79 | 1.75 | 1.81 | 1.61 | 1.65 | 3 | 1.55 | 4 | |||||||||||||||||||||||||
Portfolio turnover (%)5 | 14 | 3 | 33 | 3 | 14 | 3 | 33 | 28 | 32 | 19 | 33 | 14 | 3 | 33 | 3 |
* | Class A shares commenced operations effective June 1, 2020. |
** | Class I shares commenced operations effective September 1, 2020. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
43
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
INVESTORS FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Period Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 | Ended 4/30/21 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 23.81 | $ | 23.76 | $ | 23.85 | $ | 23.22 | $ | 19.57 | $ | 21.30 | $ | 23.84 | $ | 23.83 | $ | 23.92 | $ | 23.29 | $ | 19.62 | $ | 21.36 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.04 | 0.04 | 1 | 0.06 | 1 | 0.05 | 0.03 | 1 | (0.00 | )1,2,3 | 0.13 | 0.14 | 1 | 0.12 | 1 | 0.11 | 0.09 | 1 | 0.06 | 1,3 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.66 | 1.31 | 3.39 | 1.87 | 4.23 | 1.18 | 5.60 | 1.29 | 3.39 | 1.87 | 4.24 | 1.17 | ||||||||||||||||||||||||||||||||||||
Total from investment operations | 5.70 | 1.35 | 3.45 | 1.92 | 4.26 | 1.18 | 5.73 | 1.43 | 3.51 | 1.98 | 4.33 | 1.23 | ||||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.10 | ) | (0.03 | ) | – | (0.12 | ) | (0.05 | ) | (0.12 | ) | (0.16 | ) | (0.09 | ) | (0.05 | ) | (0.18 | ) | |||||||||||||||||||||||||||
Capital gains | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | ||||||||||||||||||||||||
Total distributions | (2.37 | ) | (1.30 | ) | (3.54 | ) | (1.29 | ) | (0.61 | ) | (2.91 | ) | (2.42 | ) | (1.42 | ) | (3.60 | ) | (1.35 | ) | (0.66 | ) | (2.97 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 3.33 | 0.05 | (0.09 | ) | 0.63 | 3.65 | (1.73 | ) | 3.31 | 0.01 | (0.09 | ) | 0.63 | 3.67 | (1.74 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 27.14 | $ | 23.81 | $ | 23.76 | $ | 23.85 | $ | 23.22 | $ | 19.57 | $ | 27.15 | $ | 23.84 | $ | 23.83 | $ | 23.92 | $ | 23.29 | $ | 19.62 | ||||||||||||||||||||||||
Total Return (%)4 | 25.04 | 5 | 5.75 | 18.37 | 8.50 | 22.30 | 6.46 | 25.21 | 5 | 6.06 | 18.63 | 8.75 | 22.62 | 6.69 | ||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 107,081 | $ | 88,934 | $ | 86,476 | $ | 78,043 | $ | 77,891 | $ | 67,479 | $ | 108,894 | $ | 157,991 | $ | 244,443 | $ | 208,942 | $ | 222,363 | $ | 204,962 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.16 | 6 | 1.18 | 1.20 | 1.20 | 1.20 | 1.20 | 0.91 | 6 | 0.94 | 0.95 | 0.95 | 0.95 | 0.98 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.33 | 6 | 0.18 | 0.23 | 0.22 | 0.14 | (0.01 | ) | 0.56 | 6 | 0.54 | 0.47 | 0.47 | 0.39 | 0.33 | |||||||||||||||||||||||||||||||||
Portfolio turnover (%)7 | 10 | 5 | 41 | 23 | 40 | 33 | 27 | 10 | 5 | 41 | 23 | 40 | 33 | 27 |
CLASS R6 | CLASS I* | |||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Period Ended | |||||||||||||||||||||||||||||
Ended 4/30/21 | Ended 4/30/21 | October 31, | ||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudixted) | 2020 | |||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 24.12 | $ | 24.06 | $ | 24.07 | $ | 23.44 | $ | 19.74 | $ | 21.47 | $ | 23.84 | $ | 24.51 | ||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||
Net investment income | 0.10 | 0.03 | 1 | 0.16 | 1 | 0.15 | 0.13 | 1 | 0.11 | 1,3 | 0.10 | 0.00 | 1,2 | |||||||||||||||||||
Net realized and unrealized gain on investments | 5.71 | 1.45 | 3.43 | 1.88 | 4.26 | 1.17 | 5.64 | (0.67 | ) | |||||||||||||||||||||||
Total from investment operations | 5.81 | 1.48 | 3.59 | 2.03 | 4.39 | 1.28 | 5.74 | (0.67 | ) | |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.12 | ) | (0.16 | ) | (0.14 | ) | (0.08 | ) | (0.22 | ) | (0.10 | ) | – | |||||||||||||||||
Capital gains | (2.37 | ) | (1.30 | ) | (3.44 | ) | (1.26 | ) | (0.61 | ) | (2.79 | ) | (2.37 | ) | – | |||||||||||||||||
Total distributions | (2.51 | ) | (1.42 | ) | (3.60 | ) | (1.40 | ) | (0.69 | ) | (3.01 | ) | (2.47 | ) | – | |||||||||||||||||
Net increase (decrease) in net asset value | 3.30 | 0.06 | (0.01 | ) | 0.63 | 3.70 | (1.73 | ) | 3.27 | (0.67 | ) | |||||||||||||||||||||
Net Asset Value at end of period | $ | 27.42 | $ | 24.12 | $ | 24.06 | $ | 24.07 | $ | 23.44 | $ | 19.74 | $ | 27.11 | $ | 23.84 | ||||||||||||||||
Total Return (%)4 | 25.33 | 5 | 6.21 | 18.88 | 8.90 | 22.87 | 6.92 | 25.29 | 5 | (2.73 | )5 | |||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 81,833 | $ | 70,490 | $ | 8,063 | $ | 6,919 | $ | 6,898 | $ | 6,198 | $ | 111,055 | $ | 20,643 | ||||||||||||||||
Ratios of expenses to average net assets (%) | 0.73 | 6 | 0.74 | 0.77 | 0.77 | 0.77 | 0.77 | 0.81 | 6 | 0.82 | 6 | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.75 | 6 | 0.26 | 0.65 | 0.64 | 0.56 | 0.57 | 0.74 | 6 | 0.02 | 6 | |||||||||||||||||||||
Portfolio turnover (%)7 | 10 | 5 | 41 | 23 | 40 | 33 | 27 | 10 | 5 | 41 | 5 |
* | Class I shares commenced operations effective September 1, 2020. |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Amounts represent less than $0.005 per share. |
3 | Per share net investment income has been calculated using the average shares outstanding during the period. |
4 | Total return without applicable sales charge. |
5 | Not annualized. |
6 | Annualized. |
7 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
44
Madison Funds | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
MID CAP FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 | Ended 4/30/21 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.26 | $ | 11.09 | $ | 9.77 | $ | 9.37 | $ | 8.34 | $ | 8.59 | $ | 8.03 | $ | 8.84 | $ | 7.98 | $ | 7.78 | $ | 7.04 | $ | 7.38 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.08 | )1 | (0.07 | )1 | (0.06 | ) | (0.05 | )1 | (0.04 | )1 | (0.18 | ) | (0.53 | )1 | (0.32 | )1 | (0.35 | ) | (0.20 | )1 | (0.14 | )1 | ||||||||||||||||||||||||
Net realized and unrealized gain on investments | 2.89 | (0.32 | ) | 2.07 | 0.81 | 1.46 | 0.29 | 2.39 | 0.15 | 1.86 | 0.90 | 1.32 | 0.30 | |||||||||||||||||||||||||||||||||||
Total from investment operations | 2.88 | (0.40 | ) | 2.00 | 0.75 | 1.41 | 0.25 | 2.21 | (0.38 | ) | 1.54 | 0.55 | 1.12 | 0.16 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital gains | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | ||||||||||||||||||||||||
Total distributions | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 2.46 | (0.83 | ) | 1.32 | 0.40 | 1.03 | (0.25 | ) | 1.79 | (0.81 | ) | 0.86 | 0.20 | 0.74 | (0.34 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 12.72 | $ | 10.26 | $ | 11.09 | $ | 9.77 | $ | 9.37 | $ | 8.34 | $ | 9.82 | $ | 8.03 | $ | 8.84 | $ | 7.98 | $ | 7.78 | $ | 7.04 | ||||||||||||||||||||||||
Total Return (%)2 | 28.54 | 3 | (3.81 | ) | 22.65 | 8.15 | 17.40 | 3.12 | 28.11 | 3 | (4.59 | ) | 21.91 | 7.21 | 16.46 | 2.38 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 72,926 | $ | 58,782 | $ | 66,250 | $ | 59,519 | $ | 59,175 | $ | 52,482 | $ | 1,346 | $ | 1,191 | $ | 1,730 | $ | 1,891 | $ | 2,550 | $ | 2,832 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.40 | 4 | 1.40 | 1.40 | 1.40 | 1.40 | 1.41 | 2.15 | 4 | 2.15 | 2.15 | 2.15 | 2.15 | 2.16 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | (0.21 | )4 | (0.64 | ) | (0.59 | ) | (0.51 | ) | (0.53 | ) | (0.47 | ) | (0.95 | )4 | (1.37 | ) | (1.33 | ) | (1.26 | ) | (1.28 | ) | (1.23 | ) | ||||||||||||||||||||||||
Portfolio turnover (%)5 | 13 | 3 | 24 | 25 | 27 | 22 | 27 | 13 | 3 | 24 | 25 | 27 | 22 | 27 |
CLASS Y | CLASS R6 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 | Ended 4/30/21 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.89 | $ | 11.71 | $ | 10.23 | $ | 9.76 | $ | 8.64 | $ | 8.85 | $ | 11.19 | $ | 11.99 | $ | 10.44 | $ | 9.94 | $ | 8.77 | $ | 8.95 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 0.03 | (0.03 | )1 | (0.02 | )1 | (0.01 | ) | (0.01 | )1 | 0.001,6 | 0.03 | (0.02 | )1 | (0.10 | )1 | 0.01 | 0.01 | 1 | 0.02 | 1 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.08 | (0.36 | ) | 2.18 | 0.83 | 1.51 | 0.29 | 3.16 | (0.35 | ) | 2.33 | 0.84 | 1.54 | 0.30 | ||||||||||||||||||||||||||||||||||
Total from investment operations | 3.11 | (0.39 | ) | 2.16 | 0.82 | 1.50 | 0.29 | 3.19 | (0.37 | ) | 2.23 | 0.85 | 1.55 | 0.32 | ||||||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.00 | )6 | – | – | – | – | (0.02 | ) | (0.00 | )6 | – | – | – | – | |||||||||||||||||||||||||||||||||
Capital gains | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | ||||||||||||||||||||||||
Total distributions | (0.42 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | (0.44 | ) | (0.43 | ) | (0.68 | ) | (0.35 | ) | (0.38 | ) | (0.50 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 2.69 | (0.82 | ) | 1.48 | 0.47 | 1.12 | (0.21 | ) | 2.75 | (0.80 | ) | 1.55 | 0.50 | 1.17 | (0.18 | ) | ||||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 13.58 | $ | 10.89 | $ | 11.71 | $ | 10.23 | $ | 9.76 | $ | 8.64 | $ | 13.94 | $ | 11.19 | $ | 11.99 | $ | 10.44 | $ | 9.94 | $ | 8.77 | ||||||||||||||||||||||||
Total Return (%)2 | 29.01 | 3 | (3.52 | ) | 23.27 | 8.55 | 17.85 | 3.50 | 29.02 | 3 | (3.26 | ) | 23.49 | 8.71 | 18.17 | 3.81 | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 263,925 | $ | 323,841 | $ | 463,768 | $ | 351,716 | $ | 270,989 | $ | 242,308 | $ | 98,520 | $ | 91,562 | $ | 55,417 | $ | 12,886 | $ | 11,713 | $ | 8,792 | ||||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.95 | 4 | 0.97 | 0.98 | 0.98 | 0.98 | 1.08 | 0.77 | 4 | 0.77 | 0.76 | 0.77 | 0.77 | 0.78 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 0.24 | 4 | (0.20 | ) | (0.18 | ) | (0.09 | ) | (0.11 | ) | (0.14 | ) | 0.44 | 4 | (0.03 | ) | (0.06 | ) | 0.12 | 0.10 | 0.16 | |||||||||||||||||||||||||||
Portfolio turnover (%)5 | 13 | 3 | 24 | 25 | 27 | 22 | 27 | 13 | 3 | 24 | 25 | 27 | 22 | 27 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
45
MADISON FUNDS | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
MID CAP FUND - continued | SMALL CAP FUND | |||||||||||||||||||||||
CLASS I** | CLASS A | |||||||||||||||||||||||
Six Months | Period Ended | Six Months | Year Ended October 31, | Inception to | ||||||||||||||||||||
Ended 4/30/21 | October 31, | Ended 4/30/21 | September 30, | |||||||||||||||||||||
(unaudited) | 2020 | (unaudited) | 2020 | 2019 | 20198 | |||||||||||||||||||
Net Asset Value at beginning of period | $ | 10.90 | $ | 11.21 | $ | 11.04 | $ | 11.14 | $ | 10.82 | $ | 10.53 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.01 | ) | (0.01 | )1 | (0.04 | ) | (0.02 | )1 | (0.01 | )1 | (0.01 | )1 | ||||||||||||
Net realized and unrealized gain on investments | 3.11 | (0.30 | ) | 5.11 | 0.36 | 0.33 | 0.30 | |||||||||||||||||
Total from investment operations | 3.10 | (0.31 | ) | 5.07 | 0.34 | 0.32 | 0.29 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | 0.00 | 6 | – | – | – | – | – | |||||||||||||||||
Capital gains | (0.42 | ) | – | (0.86 | ) | (0.44 | ) | – | – | |||||||||||||||
Total distributions | (0.42 | ) | – | (0.86 | ) | (0.44 | ) | – | – | |||||||||||||||
Net increase (decrease) in net asset value | 2.68 | (0.31 | ) | 4.21 | (0.10 | ) | 0.32 | 0.29 | ||||||||||||||||
Net Asset Value at end of period | $ | 13.58 | $ | 10.90 | $ | 15.25 | $ | 11.04 | $ | 11.14 | $ | 10.82 | ||||||||||||
Total Return (%)2 | 28.94 | 3 | (2.77 | )3 | 47.27 | 3 | 3.02 | 2.96 | 3 | 2.75 | 3 | |||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 242,371 | $ | 61,805 | $ | 4,751 | $ | 2,958 | $ | 3,457 | $ | 3,420 | ||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.85 | 4 | 0.86 | 4 | 1.44 | 4 | 1.51 | 1.50 | 4 | 1.50 | 4 | |||||||||||||
After reimbursement of expenses by Adviser (%) | 0.85 | 4 | 0.86 | 4 | 1.42 | 4 | 1.47 | 1.46 | 4 | 1.46 | 4 | |||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 0.304 | (0.43 | )4 | (0.73 | )4 | (0.18 | ) | (1.07 | )4 | (1.28 | )4 | |||||||||||||
After reimbursement of expenses by Adviser (%) | 0.304 | (0.43 | )4 | (0.71 | )4 | (0.14 | ) | (1.03 | )4 | (1.24 | )4 | |||||||||||||
Portfolio turnover (%)5 | 13 | 3 | 24 | 3 | 26 | 3 | 47 | 3 | 73 |
CLASS Y* | CLASS I*** | |||||||||||||||||||||||||||||||
Six Months | Year Ended | Period Ended | Year Ended September 30, | Period Ended | ||||||||||||||||||||||||||||
Ended 4/30/21 | October 31, | October 31, | 4/30/21 | |||||||||||||||||||||||||||||
(unaudited) | 2020 | 20197 | 2019 | 20189 | 20179 | 20169 | (unaudited) | |||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.11 | $ | 11.19 | $ | 10.87 | $ | 15.56 | $ | 15.03 | $ | 14.09 | $ | 13.71 | $ | 14.41 | ||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.04 | ) | 0.02 | 1 | (0.01 | )1 | (0.04 | )1 | (0.08 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||||
Net realized and unrealized gain on investments | 5.16 | 0.35 | 0.33 | (1.39 | ) | 2.21 | 1.70 | 1.60 | 0.97 | |||||||||||||||||||||||
Total from investment operations | 5.12 | 0.37 | 0.32 | (1.43 | ) | 2.13 | 1.61 | 1.54 | 0.96 | |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
Capital gains | (0.86 | ) | (0.44 | ) | – | (3.26 | ) | (1.60 | ) | (0.67 | ) | (1.16 | ) | – | ||||||||||||||||||
Total distributions | (0.86 | ) | (0.45 | ) | – | (3.26 | ) | (1.60 | ) | (0.67 | ) | (1.16 | ) | – | ||||||||||||||||||
Net increase (decrease) in net asset value | 4.26 | (0.08 | ) | 0.32 | (4.69 | ) | 0.53 | 0.94 | 0.38 | 0.96 | ||||||||||||||||||||||
Net Asset Value at end of period | $ | 15.37 | $ | 11.11 | $ | 11.19 | $ | 10.87 | $ | 15.56 | $ | 15.03 | $ | 14.09 | $ | 15.37 | ||||||||||||||||
Total Return (%)2 | 47.43 | 3 | 3.27 | 2.94 | 3 | (8.81 | ) | 15.29 | 11.58 | 12.17 | 6.66 | 3 | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 270,670 | $ | 215,890 | $ | 263,527 | $ | 274,824 | $ | 543,961 | $ | 611,730 | $ | 653,838 | $ | 21,434 | ||||||||||||||||
Ratios of expenses to average net assets (%) | ||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | 1.20 | 4 | 1.26 | 1.25 | 4 | 1.29 | 1.21 | 1.23 | 1.25 | 1.02 | 4 | |||||||||||||||||||||
After reimbursement of expenses by Adviser (%) | 1.17 | 4 | 1.22 | 1.21 | 4 | 1.29 | 1.21 | 1.23 | 1.25 | 1.02 | 4 | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | ||||||||||||||||||||||||||||||||
Before reimbursement of expenses by Adviser (%) | (0.48 | )4 | 0.08 | (0.82 | )4 | (0.36 | ) | (0.57 | ) | (0.64 | ) | (0.42 | ) | (0.82 | )4 | |||||||||||||||||
After reimbursement of expenses by Adviser (%) | (0.45 | )4 | 0.12 | (0.78 | )4 | (0.36 | ) | (0.57 | ) | (0.64 | ) | (0.42 | ) | (0.82 | )4 | |||||||||||||||||
Portfolio turnover (%)5 | 26 | 3 | 47 | 3 | 73 | 49 | 53 | 40 | 26 | 3 |
* The Financial Highlights presented herein reflect the adjusted historical operating results of the Broadview Opportunity Fund through August 30, 2019. Effective after market close on this date, the Broadview Opportunity Fund reorganized into the Madison Small Cap Fund.
** Class I shares commenced operations effective September 1, 2020.
*** Class I shares commenced operations effective March 1, 2021.
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
7 | Disclosure represents the period October 1, 2019 to October 31, 2019. |
8 | For accounting purposes, the Small Cap Fund Class A is treated as having commenced investment operations on August 31, 2019. |
9 | The financial highlights prior to August 31, 2019 are those of the Broadview Opportunity Fund, the accounting survivor of the reorganization of the Madison Small Cap Fund and Broadview Opportunity Fund. The net asset values and other per share information of the Broadview Opportunity Fund have been restated by the conversion ratio of 2.469195 for Class Y shares to reflect those of the legal survivor of the reorganization, the Madison Small Cap Fund. |
See accompanying Notes to Financial Statements.
46
MADISON FUNDS | April 30, 2021
Financial Highlights for a Share of Beneficial Interest Outstanding |
INTERNATIONAL STOCK FUND | ||||||||||||||||||||||||||||||||||||||||||||||||
CLASS A | CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months | Year Ended October 31, | Six Months | Year Ended October 31, | |||||||||||||||||||||||||||||||||||||||||||||
Ended 4/30/21 | Ended 4/30/21 | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.83 | $ | 13.53 | $ | 12.92 | $ | 14.00 | $ | 12.03 | $ | 12.99 | $ | 11.47 | $ | 13.14 | $ | 12.56 | $ | 13.63 | $ | 11.73 | $ | 12.68 | ||||||||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 0.05 | 0.06 | 1 | 0.18 | 1 | 0.16 | 0.10 | 1 | 0.12 | 1 | (0.06 | ) | (0.08 | )1 | 0.06 | 1 | 0.03 | 0.00 | 1,6 | 0.03 | 1 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.25 | (0.89 | ) | 0.99 | (1.12 | ) | 2.01 | (0.97 | ) | 2.24 | (0.82 | ) | 0.99 | (1.07 | ) | 1.97 | (0.95 | ) | ||||||||||||||||||||||||||||||
Total from investment operations | 2.30 | (0.83 | ) | 1.17 | (0.96 | ) | 2.11 | (0.85 | ) | 2.18 | (0.90 | ) | 1.05 | (1.04 | ) | 1.97 | (0.92 | ) | ||||||||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.19 | ) | (0.19 | ) | (0.12 | ) | (0.14 | ) | (0.11 | ) | – | (0.09 | ) | (0.10 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | |||||||||||||||||||||||||
Capital gains | (0.52 | ) | (0.68 | ) | (0.37 | ) | – | – | – | (0.52 | ) | (0.68 | ) | (0.37 | ) | – | – | – | ||||||||||||||||||||||||||||||
Total distributions | (0.58 | ) | (0.87 | ) | (0.56 | ) | (0.12 | ) | (0.14 | ) | (0.11 | ) | (0.52 | ) | (0.77 | ) | (0.47 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net asset value | 1.72 | (1.70 | ) | 0.61 | (1.08 | ) | 1.97 | (0.96 | ) | 1.66 | (1.67 | ) | 0.58 | (1.07 | ) | 1.90 | (0.95 | ) | ||||||||||||||||||||||||||||||
Net Asset Value at end of period | $ | 13.55 | $ | 11.83 | $ | 13.53 | $ | 12.92 | $ | 14.00 | $ | 12.03 | $ | 13.13 | $ | 11.47 | $ | 13.14 | $ | 12.56 | $ | 13.63 | $ | 11.73 | ||||||||||||||||||||||||
Total Return (%)2 | 19.423 | (6.78 | ) | 9.85 | (6.94 | ) | 17.79 | (6.60 | ) | 18.98 | 3 | (7.49 | ) | 9.04 | (7.65 | ) | 16.89 | (7.27 | ) | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 16,592 | $ | 14,602 | $ | 17,209 | �� | $ | 17,679 | $ | 20,520 | $ | 18,573 | $ | 473 | $ | 494 | $ | 715 | $ | 840 | $ | 1,195 | $ | 1,288 | |||||||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.61 | 4 | 1.60 | 1.60 | 1.60 | 1.60 | 1.61 | 2.36 | 4 | 2.36 | 2.35 | 2.35 | 2.35 | 2.36 | ||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.67 | 4 | 0.50 | 1.42 | 1.14 | 0.82 | 1.00 | (0.08 | )4 | (0.26 | ) | 0.65 | 0.36 | 0.05 | 0.21 | |||||||||||||||||||||||||||||||||
Portfolio turnover (%)5 | 108 | 3 | 34 | 37 | 29 | 32 | 34 | 108 | 3 | 34 | 37 | 29 | 32 | 34 |
CLASS Y | |||||||||||||||||||||||||
Six Months | Year Ended October 31, | ||||||||||||||||||||||||
Ended 4/30/21 | |||||||||||||||||||||||||
(unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Net Asset Value at beginning of period | $ | 11.83 | $ | 13.57 | $ | 12.96 | $ | 14.04 | $ | 12.05 | $ | 13.00 | |||||||||||||
Income from Investment Operations: | |||||||||||||||||||||||||
Net investment income | 0.07 | 1.30 | 1 | 0.62 | 1 | 2.47 | 0.34 | 1 | 0.14 | 1 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.25 | (2.10 | ) | 0.58 | (3.40 | ) | 1.82 | (0.95 | ) | ||||||||||||||||
Total from investment operations | 2.32 | (0.80 | ) | 1.20 | (0.93 | ) | 2.16 | (0.81 | ) | ||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.26 | ) | (0.22 | ) | (0.15 | ) | (0.17 | ) | (0.14 | ) | |||||||||||||
Capital gains | (0.52 | ) | (0.68 | ) | (0.37 | ) | – | – | – | ||||||||||||||||
Total distributions | (0.65 | ) | (0.94 | ) | (0.59 | ) | (0.15 | ) | (0.17 | ) | (0.14 | ) | |||||||||||||
Net increase (decrease) in net asset value | 1.67 | (1.74 | ) | 0.61 | (1.08 | ) | 1.99 | (0.95 | ) | ||||||||||||||||
Net Asset Value at end of period | $ | 13.50 | $ | 11.83 | $ | 13.57 | $ | 12.96 | $ | 14.04 | $ | 12.05 | |||||||||||||
Total Return (%)2 | 19.59 | 3 | (6.58 | ) | 10.10 | (6.72 | ) | 18.18 | (6.40 | ) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $ | 941 | $ | 823 | $ | 1,310 | $ | 1,434 | $ | 10,098 | $ | 15,398 | |||||||||||||
Ratios of expenses to average net assets (%) | 1.36 | 4 | 1.36 | 1.35 | 1.35 | 1.35 | 1.36 | ||||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.94 | 4 | 0.73 | 1.67 | 1.12 | 1.06 | 1.21 | ||||||||||||||||||
Portfolio turnover (%)5 | 108 | 3 | 34 | 37 | 29 | 32 | 34 |
1 | Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. |
2 | Total return without applicable sales charge. |
3 | Not annualized. |
4 | Annualized. |
5 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
6 | Amounts represent less than $0.005 per share. |
See accompanying Notes to Financial Statements.
47
MADISON FUNDS | April 30, 2021
Notes to the Financial Statements (unaudited)
1. ORGANIZATION
Madison Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. As of the date of this report, the Trust offers the following funds (individually, a “fund,” collectively, the “funds”), with the share classes listed:
Fund | Share Class(es) Offered | |
Conservative Allocation* | Class A, Class B, Class C | |
Moderate Allocation* | Class A, Class B, Class C | |
Aggressive Allocation* | Class A, Class B, Class C | |
Tax-Free Virginia | Class Y | |
Tax-Free National | Class Y | |
High Quality Bond | Class Y | |
Core Bond** | Class A, Class B, Class Y, Class I | |
Diversified Income | Class A, Class B, Class C | |
Covered Call & Equity Income | Class A, Class C, Class Y, Class R6 | |
Dividend Income | Class A, Class Y, Class I | |
Investors | Class A, Class Y, Class I, Class R6 | |
Mid Cap | Class A, Class B, Class Y, Class I, Class R6 | |
Small Cap1 | Class A, Class Y, Class I | |
International Stock | Class A, Class B, Class Y |
*The Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds are collectively referred to herein as the “Allocation Funds.”
**The Core Bond, and Small Cap Funds launched Class I shares on February 26, 2021, and the share class commenced operations effective March 1, 2021.
Each Class of shares represents an interest in the assets of the respective fund and has identical voting, dividend, liquidation and other rights, except that each Class of shares bears its own distribution fees and servicing fees, if any, and its proportional share of fund level expenses; is subject to its own sales charge, if any; and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that Class or other Class-specific matters.
The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest of the Trust without par value. The Trust has entered into an Investment Advisory Agreement with Madison Asset Management, LLC (the “Investment Adviser” or “Madison”).
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.
The following is a summary of significant accounting policies consistently followed by each fund in the preparation of its financial statements.
Portfolio Valuation: Equity securities, including American Depositary Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price (“NOCP”)). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.
Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.
Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time, on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.
Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.
Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.
All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser’s opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee ( the “Committee”) and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these funds. However, an Underlying Fund may need to “fair value” one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.
48
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
A fund’s investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the fund’s share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. 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.
Recently Issued Accounting Pronouncements: In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The adoption of the ASU is elective. At this time, management is evaluating the implications of these changes on the financial statements.
In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a fund will use derivatives, may adversely affect a fund’s performance and may increase costs related to a fund’s use of derivatives.
Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the fund’s ex-distribution date. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the funds are informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.
Expenses: Expenses that are directly related to one fund are charged directly to that fund. Other operating expenses are prorated to the funds on the basis of relative net assets. Class-specific expenses are borne by that class.
Share Classes: Income and realized and unrealized gains/losses are allocated to the respective share classes on the basis of relative net assets.
Repurchase Agreements: Each fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The funds will enter into repurchase agreements only with members of the Federal Reserve System and with “primary dealers” in U.S. Government securities. As of April 30, 2021, none of the funds held open repurchase agreements.
The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the funds’ custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a fund could experience one of the following: delays in liquidating the underlying securities during the period in which the fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.
Foreign Currency Transactions: The fund’s books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., fair value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the funds at the spot rate at settlement.
Each fund, except the Tax-Free Virginia and Tax-Free National Funds, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading “Net realized gain (loss) on investments. The Covered Call & Equity Fund had net realized losses of $16, and The International Stock Fund had net realized gains of $3,406 related to foreign currency transactions.
The funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.
Forward Foreign Currency Exchange Contracts: Each fund, except the Tax-Free Virginia and Tax-Free National Funds, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. During the period ended April 30, 2021, none of the funds had open forward foreign currency exchange contracts.
If a fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the fund will be required to place cash or other liquid assets in a segregated account with the fund’s custodian in an amount equal to the value of the fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the fund’s commitment with respect to the contract.
49
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
Cash Concentration: At times, the funds maintain cash balances at financial institutions in excess of federally insured limits. The funds monitor this credit risk and have not experienced any losses related to this risk.
Illiquid Securities: Each fund currently limits investments in illiquid investments as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Based upon the determination of the Board of Trustees, at April 30, 2021, there were no illiquid securities held in the funds.
Delayed Delivery Securities: Each fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the fund segregates cash or other liquid securities, of any type or maturity, equal in value to the fund’s commitment. Losses may arise due to changes in the fair value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of April 30, 2021, none of the funds had entered into such transactions.
Indemnifications: Under the funds’ organizational documents, the funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In the normal course of business, the funds enter into contracts that contain a variety of representations and provide general indemnifications. The funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the funds. However, based on experience, management expects the risk of loss to be remote.
3. FAIR VALUE MEASUREMENTS
Each fund has adopted FASB guidance on fair value measurements. Fair value is defined as the price that each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)
Level 3 - significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments)
The valuation techniques used by the funds to measure fair value for the period ended April 30, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of April 30, 2021, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.
The following is a summary of the inputs used as of April 30, 2021, in valuing the funds’ investments carried at fair value (please see the Portfolio of Investments for each fund for a listing of all securities within each category):
Fund1 | Quoted Prices In Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Value at 4/30/21 | |||||||||
Conservative Allocation | |||||||||||||
Investment Companies | $ | 66,472,107 | $ | – | $ | – | $ | 66,472,107 | |||||
Short-Term Investments | 9,461,660 | – | – | 9,461,660 | |||||||||
75,933,767 | – | – | 75,933,767 | ||||||||||
Moderate Allocation | |||||||||||||
Investment Companies | 130,281,307 | – | – | 130,281,307 | |||||||||
Short-Term Investments | 10,298,668 | – | – | 10,298,668 | |||||||||
140,579,975 | – | – | 140,579,975 | ||||||||||
Aggressive Allocation | |||||||||||||
Investment Companies | 65,000,432 | – | – | 65,000,432 | |||||||||
Short-Term Investments | 10,786,306 | – | – | 10,786,306 | |||||||||
75,786,738 | – | – | 75,786,738 | ||||||||||
Tax-Free Virginia | |||||||||||||
Municipal Bonds | – | 20,338,273 | – | 20,338,273 | |||||||||
Tax-Free National | |||||||||||||
Municipal Bonds | – | 22,342,243 | – | 22,342,243 | |||||||||
High Quality Bond | |||||||||||||
Corporate Notes and Bonds | – | 60,200,564 | – | 60,200,564 | |||||||||
U.S. Government and Agency | |||||||||||||
Obligations | – | 93,066,123 | – | 93,066,123 | |||||||||
Short-Term Investments | 202,000 | – | – | 202,000 | |||||||||
202,000 | 153,266,687 | – | 153,468,687 | ||||||||||
Core Bond | |||||||||||||
Asset Backed Securities | – | 13,277,134 | – | 13,277,134 | |||||||||
Collateralized Mortgage | |||||||||||||
Obligations | – | 10,636,344 | – | 10,636,344 | |||||||||
Commercial Mortgage-Backed | |||||||||||||
Securities | – | 5,550,928 | – | 5,550,928 | |||||||||
Corporate Notes and Bonds | – | 63,402,801 | – | 63,402,801 | |||||||||
Foreign Corporate Bonds | – | 274,427 | – | 274,427 | |||||||||
Mortgage Backed Securities | – | 22,315,042 | – | 22,315,042 | |||||||||
U.S. Government and Agency | |||||||||||||
Obligations | – | 37,993,457 | – | 37,993,457 | |||||||||
Short-Term Investments | 8,789,771 | – | – | 8,789,771 | |||||||||
8,789,771 | 153,450,133 | – | 162,239,904 |
50
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
Quoted Prices In | Significant | |||||||||||||||
Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||
Investments | Inputs | Inputs | Value at | |||||||||||||
Fund1 | (Level 1) | (Level 2) | (Level 3) | 4/30/21 | ||||||||||||
Diversified Income | ||||||||||||||||
Common Stocks | $ | 121,863,058 | $ | – | $ | – | $ | 121,863,058 | ||||||||
Asset Backed Securities | – | 2,496,144 | – | 2,496,144 | ||||||||||||
Collateralized Mortgage | ||||||||||||||||
Obligations | – | 2,721,140 | – | 2,721,140 | ||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||
Securities | – | 2,035,584 | – | 2,035,584 | ||||||||||||
Corporate Notes and Bonds | – | 21,200,411 | – | 21,200,411 | ||||||||||||
Long Term Municipal Bonds | – | 1,164,991 | – | 1,164,991 | ||||||||||||
Mortgage Backed Securities | – | 8,057,591 | – | 8,057,591 | ||||||||||||
U.S. Government and Agency | ||||||||||||||||
Obligations | – | 12,942,609 | – | 12,942,609 | ||||||||||||
Short-Term Investments | 4,332,792 | – | – | 4,332,792 | ||||||||||||
126,195,850 | 50,618,470 | – | 176,814,320 | |||||||||||||
Covered Call & Equity Income | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 54,464,523 | – | – | 54,464,523 | ||||||||||||
Exchange Traded Funds | 2,061,600 | – | – | 2,061,600 | ||||||||||||
Short-Term Investments | 32,100,919 | – | – | 32,100,919 | ||||||||||||
88,627,042 | – | – | 88,627,042 | |||||||||||||
Liabilities: | ||||||||||||||||
Call Options Written | (1,189,385 | ) | – | – | (1,189,385 | ) | ||||||||||
Dividend Income | ||||||||||||||||
Common Stocks | 322,560,693 | – | – | 322,560,693 | ||||||||||||
Short-Term Investments | 2,902,820 | – | – | 2,902,820 | ||||||||||||
325,463,513 | – | – | 325,463,513 | |||||||||||||
Investors | ||||||||||||||||
Common Stocks | 398,782,716 | – | – | 398,782,716 | ||||||||||||
Short-Term Investments | 10,000,146 | – | – | 10,000,146 | ||||||||||||
408,782,862 | – | – | 408,782,862 | |||||||||||||
Mid Cap | ||||||||||||||||
Common Stocks | 634,557,152 | – | – | 634,557,152 | ||||||||||||
Short-Term Investments | 43,169,859 | – | – | 43,169,859 | ||||||||||||
677,727,011 | – | – | 677,727,011 | |||||||||||||
Small Cap | ||||||||||||||||
Common Stocks | 285,514,527 | – | – | 285,514,527 | ||||||||||||
Short-Term Investments | 8,016,090 | – | – | 8,016,090 | ||||||||||||
293,530,617 | – | – | 293,530,617 | |||||||||||||
International Stock | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | – | 828,745 | – | 828,745 | ||||||||||||
Brazil | 464,752 | – | – | 464,752 | ||||||||||||
Canada | 987,291 | – | – | 987,291 | ||||||||||||
China | 687,367 | 971,227 | – | 1,658,594 | ||||||||||||
Denmark | – | 379,796 | – | 379,796 | ||||||||||||
France | – | 1,238,213 | – | 1,238,213 | ||||||||||||
Germany | 195,496 | 1,311,245 | – | 1,506,741 | ||||||||||||
Hong Kong | – | 290,853 | – | 290,853 | ||||||||||||
India | 1,040,452 | – | – | 1,040,452 | ||||||||||||
Ireland | 247,488 | 205,550 | – | 453,038 | ||||||||||||
Israel | 203,023 | – | – | 203,023 | ||||||||||||
Japan | – | 2,318,958 | – | 2,318,958 | ||||||||||||
Mexico | 341,677 | 404,432 | – | 746,109 | ||||||||||||
Netherlands | 821,896 | 373,916 | – | 1,195,812 | ||||||||||||
Singapore | – | 224,761 | – | 224,761 | ||||||||||||
South Korea | – | 190,931 | – | 190,931 | ||||||||||||
Spain | – | 217,401 | – | 217,401 | ||||||||||||
Sweden | – | 452,417 | – | 452,417 | ||||||||||||
Switzerland | – | 1,105,885 | – | 1,105,885 | ||||||||||||
Taiwan | 325,121 | – | – | 325,121 | ||||||||||||
United Kingdom | – | 1,725,731 | – | 1,725,731 | ||||||||||||
Exchange Traded Funds | 136,042 | – | – | 136,042 | ||||||||||||
Short-Term Investments | 244,315 | – | – | 244,315 | ||||||||||||
5,694,920 | 12,240,061 | – | 17,934,981 |
1See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying funds held in the Allocation funds, including shareholder prospectuses and financial reports, please visit each Underlying Fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov.
4. DERIVATIVES
The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a fund’s financial position, and results of operations.
The following table presents the types of derivatives in the fund by location and as presented on the Statement of Assets and Liabilities as of April 30, 2021.
Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments | ||||||||||
Asset Derivatives | Liability Derivatives | |||||||||
Statements of Assets | Statements of Assets | |||||||||
Underlying | and Liabilities | and Liabilities | ||||||||
Fund | Risk | Location | Fair Value | Location | Fair Value | |||||
Covered Call & Equity Income | Equity | Options purchased | $– | Options written | $1,189,385 |
The following table presents the effect of derivative instruments on the Statement of Operations for the period ended April 30, 2021.
Change in Unrealized | ||||||||||||
Realized Gain | Appreciation | |||||||||||
(Loss) on | (Depreciation) | |||||||||||
Fund | Underlying Risk | Statement of Operations | Derivatives: | on Derivatives | ||||||||
Covered Call & | Equity | Options Purchased | $ | (992,419 | ) | $ | – | |||||
Equity Income | Equity | Options Written | (1,906,320 | ) | 9,788 | |||||||
Total | $ | (2,898,739 | ) | $ | 9,788 |
The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2021.
Options Purchased Contracts(1) | Options Written Contracts(1) | ||
Covered Call & Equity Income | 250 | 4,081 |
(1) Number of Contracts
There is no impact on the financial statement of the other funds as they did not hold derivative investments during the period ended April 30, 2021.
5. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS
Advisory Agreement. For its investment advisory services to the funds, pursuant to the terms of an Investment Advisory Agreement between Madison and the Trust, Madison is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows as of April 30, 2020:
Fund | Management Fee | Fund | Management Fee | |||
Conservative Allocation | 0.20% | Diversified Income2 | 0.65% | |||
Moderate Allocation | 0.20% | Covered Call & Equity Income | 0.85% | |||
Aggressive Allocation | 0.20% | Dividend Income2 | 0.70% | |||
Tax-Free Virginia | 0.50% | Investors2 | 0.70% | |||
Tax-Free National | 0.40% | Mid Cap2 | 0.75% | |||
High Quality Bond1 | 0.30% | Small Cap2,4 | 0.89% | |||
Core Bond2,3 | 0.39% | International Stock2 | 1.05% |
1 | For the period August 7, 2020 to February 27, 2021, Madison voluntary waived 0.10% of its 0.30% annual management fee. Effective February 28, 2021, Madison contractually agreed to waive 0.10% of its 0.30% annual management fee until at least February 27, 2022. The fee waiver agreement may be terminated at any time or for any reason, but only with fund Board approval. Any fees waived will not be subject to later recoupment by Madison. |
2 | The fund’s management fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. |
3 | Effective February 28, 2021, the annual management fee was reduced from 0.50% to 0.39%. |
4 | Effective February 28, 2021, the annual management fee was reduced from 1.00% to 0.89%. |
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MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of its management fees and/or reimburse each fund’s operating expenses to ensure that each fund’s operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval.
During the period ended April 30, 2021, the Investment Adviser agreed to waive management fees for the following fund:
Management | Amount | |||||
Fund | Arrangement | Fee Waiver | Waived | |||
High Quality Bond | Voluntary (ended February 27, 2021) | 0.10% | $59,886 | |||
High Quality Bond | Contractual (until at least February 27, 2022) | 0.10% | $28,102 |
The amounts waived for the period ended April 30, 2021, are reflected as fees waived in the accompanying Statements of Operations. The Investment Adviser does not have the right to recoup waived fees.
Administrative Services Agreement. In addition to the management fee, the Investment Adviser is entitled to receive an administrative services fee from each fund pursuant to the terms of a separate Administrative Services Agreement. Under this fee agreement, the Investment Adviser provides or arranges for each fund to have all of the necessary operational and support services it needs for a fee. These fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as noted below.
Expenses that are not included under this fee agreement and are paid by the funds 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) any extraordinary or nonrecurring expenses (such as fees and expenses relating to any temporary line of credit the funds maintain for emergency or extraordinary purposes), and (v) Independent Trustee compensation, including Lead Independent Trustee compensation.
During the period ended April 30, 2021, the funds and their respective share classes were charged the following fees under the Administrative Services Agreement:
Fund | Class A | Class B | Class C | Class Y | Class R6 | Class I | ||||||
Conservative Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | N/A | ||||||
Moderate Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | N/A | ||||||
Aggressive Allocation | 0.25% | 0.25% | 0.25% | N/A | N/A | N/A | ||||||
Tax-Free Virginia | N/A | N/A | N/A | 0.35% | N/A | N/A | ||||||
Tax-Free National | N/A | N/A | N/A | 0.35% | N/A | N/A | ||||||
High Quality Bond | N/A | N/A | N/A | 0.19% | N/A | N/A | ||||||
Core Bond | 0.20%1 | 0.20%1 | N/A | 0.20%1 | N/A | 0.10%2 | ||||||
Diversified Income | 0.20% | 0.20% | 0.20% | N/A | N/A | N/A | ||||||
Covered Call & Equity Income | 0.15% | N/A | 0.15% | 0.15% | 0.02% | N/A | ||||||
Dividend Income | 0.20% | N/A | N/A | 0.20% | N/A | 0.10% | ||||||
Investors | 0.20% | N/A | N/A | 0.20% | 0.02% | 0.10% | ||||||
Mid Cap | 0.40% | 0.40% | N/A | 0.20% | 0.02% | 0.10% | ||||||
Small Cap | 0.20%3 | N/A | N/A | 0.20%3 | N/A | 0.10%2 | ||||||
International Stock | 0.30% | 0.30% | N/A | 0.30% | N/A | N/A |
1 | Effective February 28, 2021, the annual administrative services fee was increased from 0.15% to 0.20%. |
2 | The Core Bond Fund and Small Cap Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021. |
3 | 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%. Madison does not have the right to recoup any waived fees. |
The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of it’s the administrative services fees and/or reimburse each fund’s operating expenses to ensure that each fund’s operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval.
During the period ended April 30, 2021, the Investment Adviser agreed to waive Administrative Services fees for the following fund:
Fund | Arrangement | Administrative Services Fee Waiver | Amount Waived | |||
Small Cap | Contractual | 0.04% | $35,536 | |||
(ended February 27, 2021) |
Shareholder Service and Distribution Plans (Rule 12b-1). The Trust has adopted, on behalf of certain funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the 1940 Act. These plans permit the applicable share classes to pay for distribution of their shares and servicing of their shareholders out of fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected funds and share classes. These plans are described below:
Shareholder Service Fees (Class A, B and C shares). Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A, B and C shares of each of the funds. Under the terms of these plans, each fund pays MFD Distributor, LLC (“MFD”) a service fee equal to 0.25% of the average daily net assets attributable to each class of shares of that fund. The service fee is used by MFD to offset costs of servicing shareholder accounts or to compensate other qualified broker/dealers who sell shares of the funds pursuant to agreements with MFD for their costs of servicing shareholder accounts. MFD may retain any portion of the service fee for which there is no broker/dealer of record as partial consideration for its services with respect to shareholder accounts.
Distribution Fees (Class B and C shares only). Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class B and C shares of each of the funds. Under the terms of each plan, each fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class B and C shares of that fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling Class B and C shares) or distribution-related expenses of dealers. This fee increases the cost of investment in the Class B and C shares of a fund and, over time, may cost more than paying the initial sales charge for Class A shares.
The Shareholder Servicing & Distribution Fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows:
Total Shareholder Servicing | ||||||||||||||||
and Distribution Fees | ||||||||||||||||
Shareholder Servicing Fee | Distribution Fee | (Rule 12b-1) | ||||||||||||||
Fund | Class A | Class B | Class C | Class B | Class C | Class A | Class B | Class C | ||||||||
Conservative Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Moderate Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Aggressive Allocation | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Tax-Free Virginia | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Tax-Free National | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
High Quality Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Core Bond | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Diversified Income | 0.25% | 0.25% | 0.25% | 0.75% | 0.75% | 0.25% | 1.00% | 1.00% | ||||||||
Covered Call & Equity | ||||||||||||||||
Income | 0.25% | N/A | 0.25% | N/A | 0.75% | 0.25% | N/A | 1.00% | ||||||||
Dividend Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Investors | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A | N/A | ||||||||
Mid Cap | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A | ||||||||
Small Cap | 0.25% | N/A | N/A | N/A | N/A | 0.25% | N/A | N/A | ||||||||
International Stock | 0.25% | 0.25% | N/A | 0.75% | N/A | 0.25% | 1.00% | N/A |
MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the funds. For the period April 30, 2021, no fees were waived. MFD does not have the right to recoup these waived fees.
Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the funds. Rather, they are deducted from the proceeds of sales of fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A, B, and C shares), as applicable. MFD, in turn, uses a
52
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
portion of these fees to pay financial advisors who sell fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the period April 30, 2021, were as follows:
Amount Collected | Amount Retained | |||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||
Conservative Allocation | $ | 20,174 | $ | 50 | $ | 147 | $ | 2,593 | $ | 50 | $ | 147 | ||||||||||||
Moderate Allocation | 65,056 | 2,695 | 331 | 7,660 | 2,695 | 331 | ||||||||||||||||||
Aggressive Allocation | 30,595 | 452 | – | 3,400 | 452 | – | ||||||||||||||||||
Core Bond | 32,983 | 140 | N/A | 4,460 | 140 | N/A | ||||||||||||||||||
Diversified Income | 56,823 | 501 | 27 | 7,521 | 501 | 27 | ||||||||||||||||||
Dividend Income | 12,799 | N/A | N/A | 1,555 | N/A | N/A | ||||||||||||||||||
Covered Call & Equity Income | 8,686 | N/A | – | 946 | N/A | – | ||||||||||||||||||
Investors | 33,270 | N/A | N/A | 3,898 | N/A | N/A | ||||||||||||||||||
Mid Cap | 18,468 | 64 | N/A | 2,318 | 64 | N/A | ||||||||||||||||||
Small Cap | 2,482 | N/A | N/A | 314 | N/A | N/A | ||||||||||||||||||
International Stock | 6,599 | 73 | N/A | 813 | 73 | N/A |
Other Expenses: In addition to the fees described above, the funds are responsible for brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, overdrafts and any potential taxes owed and extraordinary expenses as approved by a majority of independent trustees.
Officers and Trustees: Certain officers and trustees of the funds are also officers of the Investment Adviser. The funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated from the Funds.
6. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
With respect to dividends from net investment income, Tax-Free Virginia, Tax-Free National, Core Bond and Diversified Income Funds declare and reinvest dividends, if any, monthly. The Conservative Allocation, High Quality Bond, Dividend Income and Covered Call & Equity Income Funds declare and reinvest dividends, if any, quarterly. The Moderate Allocation, Aggressive Allocation, Investors, Mid Cap, Small Cap and International Stock Funds declare and reinvest dividends, if any, annually. The funds distribute net realized gains from investment transactions, if any, to shareholders annually.
Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains in the funds differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income. Dividends from net investment income are determined on a class level. Capital gains are determined on a fund level.
7. SECURITIES TRANSACTIONS
For the period ended April 30, 2021, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:
U.S. Government Securities | Other Investment Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Conservative Allocation | $ | – | $ | – | $ | 16,933,490 | $ | 17,417,235 | ||||||||
Moderate Allocation | – | – | 43,513,496 | 42,973,306 | ||||||||||||
Aggressive Allocation | – | – | 24,928,965 | 23,761,285 | ||||||||||||
Tax-Free Virginia | – | – | 748,453 | 1,112,978 | ||||||||||||
Tax-Free National | – | – | 1,319,387 | 1,553,198 | ||||||||||||
High Quality Bond | 11,053,469 | 31,263,630 | 5,727,734 | 10,177,974 | ||||||||||||
Core Bond | 30,359,224 | 22,218,834 | 26,686,297 | 20,511,957 | ||||||||||||
Diversified Income | 10,588,341 | 7,182,430 | 23,089,682 | 34,533,579 | ||||||||||||
Covered Call & Equity Income | – | – | 39,623,686 | 66,380,617 | ||||||||||||
Dividend Income | – | – | 43,799,077 | 55,536,083 | ||||||||||||
Investors | – | – | 36,032,929 | 37,571,555 | ||||||||||||
Mid Cap | – | – | 71,976,098 | 72,923,454 | ||||||||||||
Small Cap | – | – | 66,206,585 | 80,578,895 | ||||||||||||
International Stock | – | – | 18,997,960 | 19,935,395 |
8. COVERED CALL AND PUT OPTIONS
An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or pay the exercise price upon delivery of the underlying security (in the case of a put).
The Covered Call & Equity Income Fund pursues its primary objective by employing an option strategy of writing (selling) covered call options on common stocks. The number of call options the fund can write (sell) is limited by the amount of equity securities the fund holds in its portfolio. The fund will not write (sell) “naked” or uncovered call options. The fund seeks to produce a high level of current income and gains generated from option writing premiums and, to a lesser extent, from dividends. Covered call writing also helps to reduce volatility (and risk profile) of the fund by providing protection from declining stock prices.
When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current fair value of the option written. These liabilities are reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. See Note 2 for information on derivatives.
9. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS
The Core Bond Fund may purchase and sell futures contracts and purchase and write options on futures contracts on a limited basis. The Fund may purchase and sell futures contracts based on various securities (such as U.S. Government securities), securities indices, foreign currencies and other financial instruments and indices. The Fund will engage in futures or related options transactions on a limited basis only for bona fide hedging purposes or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission.
Futures Contracts. The Core Bond Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. government and agency obligations, or other liquid assets, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“variation margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. During the period ended April 30, 2021, none of the funds held futures contracts.
Options on Futures Contracts. The acquisition of put and call options on futures contracts will give the Core Bond Fund and Covered Call & Equity Fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of
53
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
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.
At the period end April 30, 2021, none of the funds held options of futures contracts.
10. FOREIGN SECURITIES
Each fund, other than the Tax-Free Virginia and Tax-Free National Funds may invest in foreign securities. Foreign securities are defined as securities that are: (i) issued by companies organized outside the U.S. or whose principal operations are outside the U.S., or issued by foreign governments or their agencies or instrumentalities (“foreign issuers”); (ii) principally traded outside of the U.S.; and (iii) quoted or denominated in a foreign currency (“non-dollar securities”). Foreign securities include ADRs, European Depositary Receipts (“EDRs”), GDRs, Swedish Depositary Receipts (“SDRs”) and foreign money market securities.
Certain of the funds have reclaims receivable balances, in which the funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the funds and are reflected in Other Assets on the Statements of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.
11. SECURITIES LENDING
The Board of Trustees has authorized the funds to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the “Agreement”) and subject to certain securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S.government securities, initially equal to at least 102% of the value of domestic securities and 105% of non-domestic securities. The loaned securities and collateral are marked to market daily to maintain collateral at 102% of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The funds do not have a master netting agreement.
As of April 30, 2021, the aggregate fair value of securities on loan for the Madison fund family was $31,743,772. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S.treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund’s portfolio of investments for individual securities identified on loan.
Fund | Market Value | Cash Collateral* | Non-Cash Collateral* | |||||||||
Conservative Allocation | $ | 7,329,452 | $ | 6,989,383 | $ | 496,529 | ||||||
Moderate Allocation | 10,968,372 | 3,892,753 | 7,462,549 | |||||||||
Aggressive Allocation | 7,543,228 | 7,103,986 | 665,359 | |||||||||
Core Bond | 197,751 | 202,000 | – | |||||||||
Diversified Income | 1,541,746 | 1,576,363 | – | |||||||||
Covered Call & Equity Income | 310,325 | 317,275 | – | |||||||||
Small Cap | 3,800,130 | 18,920 | 3,961,954 | |||||||||
International Stock | 52,768 | – | 54,189 |
*Represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned. Cash Collateral is maintained in a Government Money Market account and Non-Cash Collateral is in U.S. Government Securities.
The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the funds cannot repledge or resell this collateral.
Remaining Contractual Maturity of the Agreements As of April 30, 2021 | ||||||||||||||||||||
Overnight and | Between | |||||||||||||||||||
Securities Lending Transactions(1) | Continuous | <30 days | 30 & 90 days | >90 days | Total | |||||||||||||||
Conservative Allocation | ||||||||||||||||||||
Government Money Market | $ | 6,989,383 | $ | – | $ | – | $ | – | $ | 6,989,383 | ||||||||||
Total Borrowings | $ | 6,989,383 | $ | – | $ | – | $ | – | $ | 6,989,383 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 6,989,383 | ||||||||||||||||||
Moderate Allocation | ||||||||||||||||||||
Government Money Market | $ | 3,892,753 | $ | – | $ | – | $ | – | $ | 3,892,753 | ||||||||||
Total Borrowings | $ | 3,892,753 | $ | – | $ | – | $ | – | $ | 3,892,753 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,892,753 | ||||||||||||||||||
Aggressive Allocation | ||||||||||||||||||||
Government Money Market | $ | 7,103,986 | $ | – | $ | – | $ | – | $ | 7,103,986 | ||||||||||
Total Borrowings | $ | 7,103,986 | $ | – | $ | – | $ | – | $ | 7,103,986 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 7,103,986 | ||||||||||||||||||
Core Bond | ||||||||||||||||||||
Government Money Market | $ | 202,000 | $ | – | $ | – | $ | – | $ | 202,000 | ||||||||||
Total Borrowings | $ | 202,000 | $ | – | $ | – | $ | – | $ | 202,000 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 202,000 | ||||||||||||||||||
Diversified Income | ||||||||||||||||||||
Government Money Market | $ | 1,576,363 | $ | – | $ | – | $ | – | $ | 1,576,363 | ||||||||||
Total Borrowings | $ | 1,576,363 | $ | – | $ | – | $ | – | $ | 1,576,363 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,576,363 | ||||||||||||||||||
Covered Call & Equity Income | ||||||||||||||||||||
Government Money Market | $ | 317,275 | $ | – | $ | – | $ | – | $ | 317,275 | ||||||||||
Total Borrowings | $ | 317,275 | $ | – | $ | – | $ | – | $ | 317,275 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 317,275 | ||||||||||||||||||
Small Cap | ||||||||||||||||||||
Government Money Market | $ | 18,920 | $ | – | $ | – | $ | – | $ | 18,920 | ||||||||||
Total Borrowings | $ | 18,920 | $ | – | $ | – | $ | – | $ | 18,920 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 18,920 |
(1) Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the “Overnight and Continuous” column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.
12. FEDERAL AND FOREIGN INCOME TAX INFORMATION
It is each fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.
54
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - continued | April 30, 2021
The funds have not recorded any liabilities for material unrecognized tax benefits as of April 30, 2021. It is each fund’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended October 31, 2017 through October 31, 2020.
For federal income tax purposes, the funds listed below have capital loss carryovers as of October 31, 2020, which are available to offset future capital gains, if any, realized through the fiscal year listed:
No Expiration Date | ||||||||
Fund | Short-Term | Long-Term | ||||||
Tax-Free National | $ | – | $ | 23,679 | ||||
Core Bond | 348,969 | 1,794,440 | ||||||
Dividend Income | 4,377,763 | – |
At April 30, 2021, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each fund were as follows:
Fund | Appreciation | Depreciation | Net | |||||||||
Conservative Allocation | $ | 5,195,757 | $ | 689,419 | $ | 4,506,338 | ||||||
Moderate Allocation | 17,646,914 | 923,837 | 16,723,077 | |||||||||
Aggressive Allocation | 11,164,306 | 314,243 | 10,850,063 | |||||||||
Tax-Free Virginia | 1,293,217 | 671 | 1,292,546 | |||||||||
Tax-Free National | 1,598,277 | 3,819 | 1,594,458 | |||||||||
High Quality Bond | 2,322,785 | 851,352 | 1,471,433 | |||||||||
Core Bond | 6,238,075 | 1,296,093 | 4,941,982 | |||||||||
Diversified Income | 43,987,878 | 754,131 | 43,233,747 | |||||||||
Covered Call & Equity Income | 1,794,555 | 15,208,262 | (13,413,707 | ) | ||||||||
Dividend Income | 82,907,031 | 984,779 | 81,922,252 | |||||||||
Investors | 159,199,674 | 961,663 | 158,238,011 | |||||||||
Small Cap | 109,212,410 | 1,436,984 | 107,775,426 | |||||||||
Mid Cap | 294,098,751 | 1,399,336 | 292,699,415 | |||||||||
International Stock | 1,195,240 | 1,023,256 | 171,984 |
The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of wash sales.
13. CERTAIN RISKS
Investing in certain financial instruments, including forward foreign currency contracts, involves certain risks. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and financial statements’ volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged. The International Stock Fund may enter into these contracts primarily to protect the fund from adverse currency movements.
Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.
The funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond’s maturity, the more sensitive it is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund’s investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.
The Tax-Free Funds invest in municipal securities. Municipal securities generally are subject to possible default, bankruptcy or insolvency of the issuer. Principal and interest repayment may be affected by federal, state and local legislation, referendums, judicial decisions and executive acts. The tax-exempt status of municipal securities may be affected by future changes in the tax laws, litigation involving the tax status of the securities and errors and omissions by issuers and their counsel. Madison will not attempt to make an independent determination of the present or future tax-exempt status of municipal securities acquired for the funds. While most municipal securities have a readily available market, a variety of factors, including the scarcity of issues and the fact that tax-free investments are inappropriate for significant numbers of investors, limit the depth of the market for these securities. Accordingly, it may be more difficult for the funds to sell large blocks of municipal securities advantageously than would be the case with comparable taxable securities.
The Core Bond Fund may invest in futures contracts or options on futures contracts. Investing in futures contracts and options on futures entail certain other risks such as: unanticipated changes in interest rates, securities prices or currency exchange rates, and may result in a poorer overall performance for the fund than if it had not entered into any futures contracts or options transactions. In the event of an imperfect correlation between a futures position and portfolio position which is intended to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. Perfect correlation between the fund’s futures positions and portfolio positions may be difficult to achieve.
The Covered Call & Equity Income Fund invests in options on securities. As the writer of a covered call option, the fund forgoes, during the option’s life, the opportunity to profit from increases in the fair value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. A writer of a put option is exposed to the risk of loss if fair value of the underlying securities declines, but profits only to the extent of the premium received if the underlying security increases in value. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
The Allocation Funds are fund of funds, meaning that each invests primarily in Underlying Funds, including ETFs. Thus, each fund’s investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund’s performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that fund. Accordingly, the Allocation Funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds.
Additionally, the Allocation Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the Underlying Fund(s) selected to fulfill a particular asset class underperforms their peers. Asset allocation risk is the risk that the allocation of the fund’s assets among the various asset classes and market segments will cause the fund to underperform other funds with a similar investment objective.
The funds are also subject to cybersecurity risk, which include the risks associated with computer systems, networks and devices to carry out routine business operations. These systems, networks and devices employ a variety of protections that are designed to prevent cyberattacks. Despite the various cyber protections
55
MADISON FUNDS | NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) - concluded | April 30, 2021
utilized by the funds, the Investment Adviser, and other service providers, their systems, networks, or devices could potentially be breached. The funds, their shareholders, and the Investment Adviser could be negatively impacted as a result of a cybersecurity breach. The funds cannot control the cybersecurity plans and systems put in place by service providers or any other third parties whose operations may affect the funds. The funds do monitor this risk closely.
In addition to the other risks described above and in the Prospectus, you should understand what we refer to as “unknown market risks”. While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Investment Adviser seeks to appropriately address and manage the risks identified and disclosed to you in connection with the management of the securities in the funds, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the funds.
14. CAPITAL SHARES AND AFFILIATED OWNERSHIP
The Allocation Funds invest in Underlying Funds, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Issuers”). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2021 follows:
Change in | ||||||||||||||||||||||||||||||||||||
Beginning | Unrealized | |||||||||||||||||||||||||||||||||||
Value as of | Gross | Gross | Realized | Appreciation | Value at | Dividend | Distributions | |||||||||||||||||||||||||||||
Fund/Underlying Fund | 10/31/2020 | Additions | Sales | Gain (Loss) | (Depreciation) | 4/30/2021 | Shares | Income | Received1 | |||||||||||||||||||||||||||
Conservative Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y2 | $ | 15,767,502 | $ | – | $ | (15,027,452 | ) | $ | 22,724 | $ | (762,774 | ) | $ | – | – | $ | 105,388 | $ | 312,878 | |||||||||||||||||
Madison Core Bond Fund Class I | – | 14,476,932 | – | – | 208,324 | 14,685,256 | 1,420,238 | 50,884 | – | |||||||||||||||||||||||||||
Madison Dividend Income Fund Class I3 | 3,979,989 | 25,948 | (2,207,128 | ) | (190,025 | ) | 966,812 | 2,575,596 | 79,690 | 25,949 | – | |||||||||||||||||||||||||
Madison Investors Fund Class R64 | 4,691,920 | 455,715 | (349,829 | ) | 138,007 | 540,516 | 5,476,329 | 199,720 | 26,202 | 429,514 | ||||||||||||||||||||||||||
Madison Mid Cap Fund Class R64 | 729,280 | 25,416 | (849,927 | ) | 157,146 | (61,915 | ) | – | – | 1,417 | 23,999 | |||||||||||||||||||||||||
Totals | $ | 25,168,691 | $ | 14,984,011 | $ | (18,434,336 | ) | $ | 127,852 | $ | 890,963 | $ | 22,737,181 | $ | 209,840 | $ | 766,391 | |||||||||||||||||||
Moderate Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y2 | $ | 16,075,227 | $ | 600,000 | $ | (15,634,981 | ) | $ | – | $ | (1,040,246 | ) | $ | – | – | $ | 113,074 | $ | 330,803 | |||||||||||||||||
Madison Core Bond Fund Class I | – | 15,634,981 | – | – | 459,869 | 16,094,850 | 1,556,562 | 55,769 | – | |||||||||||||||||||||||||||
Madison Dividend Income Fund Class I3 | 11,483,821 | 86,860 | (4,336,468 | ) | (1,181,438 | ) | 3,609,875 | 9,662,650 | 298,968 | 86,859 | – | |||||||||||||||||||||||||
Madison Investors Fund Class R64 | 14,792,518 | 1,371,797 | (1,777,650 | ) | (907,022 | ) | 3,005,231 | 16,484,874 | 601,199 | 78,871 | 1,292,926 | |||||||||||||||||||||||||
Madison Mid Cap Fund Class R64 | 2,203,193 | 59,323 | (2,557,885 | ) | 482,415 | (187,046 | ) | – | – | 3,306 | 56,016 | |||||||||||||||||||||||||
Totals | $ | 44,554,759 | $ | 17,752,961 | $ | (24,306,984 | ) | $ | (1,606,045 | ) | $ | 5,847,683 | $ | 42,242,374 | $ | 337,879 | $ | 1,679,745 | ||||||||||||||||||
Aggressive Allocation Fund | ||||||||||||||||||||||||||||||||||||
Madison Core Bond Fund Class Y2 | $ | 3,564,656 | $ | 375,000 | $ | (3,721,531 | ) | $ | – | $ | (218,125 | ) | $ | – | – | $ | 26,703 | $ | 78,121 | |||||||||||||||||
Madison Core Bond Fund Class I | – | 4,021,531 | – | – | 81,676 | 4,103,207 | 396,829 | 14,218 | – | |||||||||||||||||||||||||||
Madison Dividend Income Fund Class I3 | 7,003,254 | 55,398 | (1,972,945 | ) | (943,339 | ) | 2,448,595 | 6,590,963 | 203,928 | 55,397 | – | |||||||||||||||||||||||||
Madison Investors Fund Class R64 | 7,973,078 | 1,083,668 | (493,533 | ) | (813,133 | ) | 1,996,055 | 9,746,135 | 355,439 | 45,058 | 738,612 | |||||||||||||||||||||||||
Madison Mid Cap Fund Class R64 | 1,956,503 | 34,939 | (2,243,266 | ) | 417,926 | (166,102 | ) | – | – | 1,948 | 32,990 | |||||||||||||||||||||||||
Totals | $ | 20,497,491 | $ | 5,570,536 | $ | (8,431,275 | ) | $ | (1,338,546 | ) | $ | 4,142,099 | $ | 20,440,305 | $ | 143,324 | $ | 849,723 |
1 | Distributions received include distributions from net investment income and from capital gains from the underlying funds. |
2 | During the six month period ended April 30, 2021, all Class Y shares were exchanged tax-free into Class I shares. |
3 | During the year ended October 31, 2020, all Class Y shares were exchanged tax-free into Class I shares. |
4 | During the year ended October 31, 2020, all Class Y shares were exchanged tax-free into Class R6 shares. |
15. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the funds through the date the financial statements were available for issue. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.
56
Madison Funds | April 30, 2021
FUND EXPENSES PAID BY SHAREHOLDERS
As shareholders of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended April 30, 2021. Expenses paid during the period in the tables below are equal to the fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half fiscal year period).
Actual Expenses
The table below provides information about actual account values using actual expenses and actual returns for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
CLASS A | CLASS B | ||||||||||||||||||||||||||||
Beginning | Ending | Annual | Expenses Paid | Ending | Annual | Expenses Paid | |||||||||||||||||||||||
Fund | Account Value | Account Value | Expense Ratio | During Period | Account Value | Expense Ratio | During Period | ||||||||||||||||||||||
Conservative Allocation* | $ | 1,000 | $ | 1,049.30 | 0.71 | % | $ | 3.61 | $ | 1,044.60 | 1.46 | % | $ | 7.40 | |||||||||||||||
Moderate Allocation* | 1,000 | 1,101.70 | 0.71 | % | 3.70 | 1,096.70 | 1.46 | % | 7.59 | ||||||||||||||||||||
Aggressive Allocation* | 1,000 | 1,144.80 | 0.71 | % | 3.78 | 1,139.40 | 1.46 | % | 7.74 | ||||||||||||||||||||
Core Bond | 1,000 | 993.80 | 0.89 | % | 4.40 | 990.20 | 1.65 | % | 8.14 | ||||||||||||||||||||
Diversified Income | 1,000 | 1,162.60 | 1.11 | % | 5.95 | 1,158.60 | 1.86 | % | 9.95 | ||||||||||||||||||||
Covered Call & Equity Income | 1,000 | 1,266.80 | 1.25 | % | 7.03 | N/A | N/A | N/A | |||||||||||||||||||||
Dividend Income | 1,000 | 1,244.60 | 1.15 | % | 6.40 | N/A | N/A | N/A | |||||||||||||||||||||
Investors | 1,000 | 1,250.40 | 1.16 | % | 6.47 | N/A | N/A | N/A | |||||||||||||||||||||
Mid Cap | 1,000 | 1,285.40 | 1.40 | % | 7.93 | 1,281.10 | 2.15 | % | 12.16 | ||||||||||||||||||||
Small Cap | 1,000 | 1,472.70 | 1.42 | % | 8.71 | N/A | N/A | N/A | |||||||||||||||||||||
International Stock | 1,000 | 1,194.20 | 1.61 | % | 8.76 | 1,189.80 | 2.36 | % | 12.81 |
CLASS C | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Conservative Allocation | $ | 1,000 | $ | 1,044.60 | 1.46 | % | $ | 7.40 | ||||||||
Moderate Allocation | 1,000 | 1,097.50 | 1.46 | % | 7.59 | |||||||||||
Aggressive Allocation | 1,000 | 1,139.20 | 1.46 | % | 7.74 | |||||||||||
Diversified Income | 1,000 | 1,157.90 | 1.85 | % | 9.90 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,261.50 | 2.01 | % | 11.27 |
CLASS Y | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Tax-Free Virginia | $ | 1,000 | $ | 1,006.10 | 0.86 | % | $ | 4.28 | ||||||||
Tax-Free National | 1,000 | 1,009.50 | 0.76 | % | 3.79 | |||||||||||
High Quality Bond | 1,000 | 991.20 | 0.40 | % | 1.97 | |||||||||||
Core Bond | 1,000 | 997.60 | 0.65 | % | 3.22 | |||||||||||
Covered Call & Equity Income | 1,000 | 1,269.10 | 1.01 | % | 5.68 | |||||||||||
Dividend Income | 1,000 | 1,245.40 | 0.91 | % | 5.07 | |||||||||||
Investors | 1,000 | 1,252.10 | 0.91 | % | 5.08 | |||||||||||
Mid Cap | 1,000 | 1,290.10 | 0.95 | % | 5.39 | |||||||||||
Small Cap | 1,000 | 1,474.30 | 1.17 | % | 7.18 | |||||||||||
International Stock | 1,000 | 1,195.90 | 1.36 | % | 7.40 |
CLASS R6 | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Covered Call & Equity Income | $ | 1,000 | $ | 1,270.10 | 0.88 | % | $ | 4.95 | ||||||||
Investors | 1,000 | 1,253.30 | 0.73 | % | 4.08 | |||||||||||
Mid Cap | 1,000 | 1,290.20 | 0.77 | % | 4.37 |
CLASS I | ||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Core Bond** | $ | 1,000 | $ | 998.70 | 0.50 | % | $ | 0.84 | ||||||||
Dividend Income | 1,000 | 1,246.50 | 0.81 | % | 4.51 | |||||||||||
Investors | 1,000 | 1,252.90 | 0.81 | % | 4.52 | |||||||||||
Mid Cap | 1,000 | 1,289.40 | 0.85 | % | 4.82 | |||||||||||
Small Cap** | 1,000 | 1,066.60 | 1.02 | % | 1.76 |
*The annual expense ratio does not include the expenses of the underlying funds.
**Commenced investment operations on March 1, 2021. Expenses represent the 61 days period ending April 30, 2021.
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MADISON FUNDS | OTHER INFORMATION (UNAUDITED) - continued | April 30, 2021
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
CLASS A | CLASS B | ||||||||||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||
Conservative Allocation* | $1,000 | $1,021.27 | 0.71% | $3.56 | $1,017.55 | 1.46% | $ 7.30 | ||||||||||||
Moderate Allocation* | 1,000 | 1,021.27 | 0.71% | 3.56 | 1,017.55 | 1.46% | 7.30 | ||||||||||||
Aggressive Allocation* | 1,000 | 1,021.27 | 0.71% | 3.56 | 1,017.55 | 1.46% | 7.30 | ||||||||||||
Core Bond | 1,000 | 1,020.38 | 0.89% | 4.46 | 1,016.61 | 1.65% | 8.25 | ||||||||||||
Diversified Income | 1,000 | 1,019.29 | 1.11% | 5.56 | 1,015.57 | 1.86% | 9.30 | ||||||||||||
Dividend Income | 1,000 | 1,019.09 | 1.15% | 5.76 | N/A | N/A | N/A | ||||||||||||
Covered Call & Equity Income | 1,000 | 1,018.60 | 1.25% | 6.26 | N/A | N/A | N/A | ||||||||||||
Investors | 1,000 | 1,019.04 | 1.16% | 5.81 | N/A | N/A | N/A | ||||||||||||
Mid Cap | 1,000 | 1,017.85 | 1.40% | 7.00 | 1,014.13 | 2.15% | 10.74 | ||||||||||||
Small Cap | 1,000 | 1,017.75 | 1.42% | 7.10 | N/A | N/A | N/A | ||||||||||||
International Stock | 1,000 | 1,016.81 | 1.61% | 8.05 | 1,013.09 | 2.36% | 11.78 |
CLASS C | |||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||
Conservative Allocation* | $1,000 | $1,017.55 | 1.46% | $ 7.30 | |||||||
Moderate Allocation* | 1,000 | 1,017.55 | 1.46% | 7.30 | |||||||
Aggressive Allocation* | 1,000 | 1,017.55 | 1.46% | 7.30 | |||||||
Diversified Income | 1,000 | 1,015.62 | 1.85% | 9.25 | |||||||
Covered Call & Equity Income | 1,000 | 1,014.83 | 2.01% | 10.04 |
CLASS Y | |||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||
Tax-Free Virginia | $1,000 | $1,020.53 | 0.86% | $4.31 | |||||||
Tax-Free National | 1,000 | 1,021.03 | 0.76% | 3.81 | |||||||
High Quality Bond | 1,000 | 1,022.81 | 0.40% | 2.01 | |||||||
Core Bond | 1,000 | 1,021.57 | 0.65% | 3.26 | |||||||
Covered Call & Equity Income | 1,000 | 1,019.79 | 1.01% | 5.06 | |||||||
Dividend Income | 1,000 | 1,020.28 | 0.91% | 4.56 | |||||||
Investors | 1,000 | 1,020.28 | 0.91% | 4.56 | |||||||
Mid Cap | 1,000 | 1,020.08 | 0.95% | 4.76 | |||||||
Small Cap | 1,000 | 1,018.99 | 1.17% | 5.86 | |||||||
International Stock | 1,000 | 1,018.05 | 1.36% | 6.81 |
CLASS R6 | |||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||
Covered Call & Equity Income | $1,000 | $1,020.43 | 0.88% | $4.41 | |||||||
Investors | 1,000 | 1,021.17 | 0.73% | 3.66 | |||||||
Mid Cap | 1,000 | 1,020.98 | 0.77% | 3.86 |
CLASS I | |||||||||||
Fund | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||
Core Bond** | $1,000 | $1,022.32 | 0.50% | $2.51 | |||||||
Dividend Income | 1,000 | 1,020.78 | 0.81% | 4.06 | |||||||
Investors | 1,000 | 1,020.78 | 0.81% | 4.06 | |||||||
Mid Cap | 1,000 | 1,020.58 | 0.85% | 4.26 | |||||||
Small Cap** | 1,000 | 1,019.74 | 1.02% | 5.11 |
*The annual expense ratio does not include the expenses of the underlying funds.
**Commenced investment operations on March 1, 2021. Expenses represent the 61 days period ending April 30, 2021.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. The information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
58
MADISON FUNDS | OTHER INFORMATION (UNAUDITED) - concluded | April 30, 2021
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-EX. Form NPORT-EX is available to shareholders at no cost by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. Form NPORT-EX may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
PROXY VOTING POLICIES, PROCEDURES AND RECORDS
A description of the policies and procedures used by the funds to vote proxies related to portfolio securities is available to shareholders at no cost on the funds’ website at www.madisonfunds.com or upon request by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. The proxy voting records for the Funds for the most recent twelve-month period ended June 30 are available to shareholders at no cost upon request 1-800-SEC-0330 on the SEC’s website at www.sec.gov.
FORWARD-LOOKING STATEMENT DISCLOSURE
One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in the “Management’s Discussion of Fund Performance” are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as estimate, may, will, expect, believe, plan and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.
59
MADISON FUNDS | April 30, 2021
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60
4460-P1060
Rev. 0421
Item 2. Code of Ethics.
Not applicable to Semi-Annual Report.
Item 3. Audit Committee Financial Expert.
Not applicable to Semi-Annual Report.
Item 4. Principal Accountant Fees and Services.
Not applicable to Semi-Annual Report.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Schedule included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Trust does not normally hold shareholder meetings. There have been no changes to the Trust’s procedures during the period covered by this report.
Item 11. Controls and Procedures.
(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.
(b) There were no changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) (1) Code of ethics - See Item 2.
(3) Not applicable.
(4) There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Madison Funds
/s/ Steven J. Fredricks | |
Steven J. Fredricks, Chief Legal Officer & Chief Compliance Officer |
Date: July 1, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
/s/ Patrick F. Ryan | |
Patrick F. Ryan, Principal Executive Officer |
Date: July 1, 2021
/s/ Greg Hoppe | |
Greg Hoppe, Principal Financial Officer |
Date: July 1, 2021