Funds

Performance quoted represents past performance. Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than that shown. 

The Morningstar Rating™ for funds, or “star rating”, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics, and may not indicate positive performance. Ratings may vary by share class.

Net Asset Value (NAV) is the amount per share you would receive if you sold shares that day. Change refers to the amount (in dollar terms) that the value of the share price changed from the previous day’s close of trading. The Year-to-date (YTD) return is the net change in the value of the fund’s share price (in percentage terms) at NAV from January 1 to the current date shown above. Expense ratios are as of each fund’s most recent prospectus. For more detailed information on performance, including returns for the most recent month-end or quarter-end, view Performance.

Investment returns assume all distributions are reinvested and reflect all applicable fees and expenses. Returns with sales charge reflect deduction of the maximum sales charge. Class A shares reflect deduction of 5.75% for the Allocation, Diversified Income, Covered Call & Equity Income, Dividend Income, Large Cap, Mid Cap, and Small Cap Funds, and 4.5% for the Core Bond Fund. Class Y, Class I, and Class R6 shares do not impose a sales charge. Returns at NAV do not include any applicable sales charge and would be lower if included. Benchmark index returns assume all distributions are reinvested. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.

When applicable, investment returns reflect fee waivers without which they would have been lower and net expenses higher. For the High Quality Bond Fund, the investment adviser waived 0.10% of its annual management fee from August 7, 2020 through February 27, 2022. For the Dividend Income Fund, the investment adviser waived 0.10% of its annual management fee and 0.05% of its services fee for Class Y shares from June 29, 2012 through May 31, 2020. For the Large Cap Fund, from February 6, 2009 through February 28, 2016 the investment adviser waived between 0.11% to 0.15% of its annual management and/or services fees for Class Y shares, 0.15% for Class A shares from September 23, 2013 to February 28, 2016; and 0.10% for Class R6 from September 23, 2013 until May 1, 2014. For the Small Cap Fund, the investment adviser waived 0.04% of its annual services fee from August 31, 2019 until February 27, 2021.

Performance data presented for periods prior to April 19, 2013, for the Tax-Free National Fund, High Quality Bond Fund (formerly Institutional Bond Fund), Large Cap Fund and Dividend Income Fund represents the performance of the former Madison Mosaic Funds prior to reorganization into a new series of the Madison Funds. Prior to March 1, 2012, the Dividend Income Fund was known as the Balanced Fund and pursued different strategies for achieving its investment objective.

Effective February 28, 2025, the Madison Investors Fund changed its name to Madison Large Cap Fund. The investment strategy and objective remain unchanged.

Performance data presented for the Mid Cap Fund represents the performance of the Madison Mosaic Mid-Cap Fund which was the accounting survivor of its reorganization into an existing series of Madison Funds with the same name.

Performance data presented for all periods prior to August 31, 2019, for the Class Y shares of Small Cap Fund (the “Fund”) represents the performance of the Broadview Opportunity Fund (the “Predecessor Fund”) which was the accounting survivor of its reorganization into the Class Y shares of the Fund. The performance presented for periods prior to November 29, 2013, represents the performance of the FMI Focus Fund (the “FMI Fund”) which merged into the Predecessor Fund on November 29, 2013. Prior to November 29, 2013, the adviser of the Predecessor Fund served as sub-adviser of the FMI Fund which had the same investment objective and substantially similar investment strategies as the Predecessor Fund.

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