Investment Strategy

The Fund pursues its objective of long-term capital appreciation by investing in common stocks of established, high-quality companies selected via bottom-up fundamental analysis. The Fund’s portfolio managers define “high-quality” companies as those businesses that have demonstrated stable revenue and earnings growth patterns and high profitability metrics and that maintain proportionately low levels of debt. The Fund’s portfolio managers follow a rigorous three-step process when evaluating companies, which considers: (1) the business model, (2) the management team, and (3) the valuation of each potential investment.

Why Madison Investors Fund

  • High-quality, concentrated portfolio of 25-40 stocks with high active share.
  • All-weather portfolio that focuses on risk management and downside protection.
  • Long-tenured management.
  • Embraces the Participate & Protect® investment philosophy

Key Highlights (As of Friday June 14, 2024)

Class A

Class Y

Class I

Class R6

NAV

28.46

28.53

28.38

28.71

Change($)

-0.14

-0.15

-0.15

-0.15

YTD(%)

7.60%

7.74%

7.79%

7.81%

Ticker

MNVAX

MINVX

MIVIX

MNVRX

Inception Date

09/23/13

11/01/78

08/31/20

09/23/13

Expense Ratio

1.16

0.91

0.81

0.73

Morningstar Overall
Rating™ as of 05/31/24

Among 1289 Large Blend funds

View ratings for 3, 5 and 10-year periods

87%

active share1,2

22%

portfolio turnover1,3

29

holdings1

$424M

net assets1

Commentary

In their quarterly investment strategy letter, portfolio managers Rich Eisinger, Haruki Toyama, and Joe Maginot discuss the themes impacting the portfolio, top and bottom contributors to performance, and portfolio activity for the quarter.

Performance

Average annual returns, %

Portfolio Highlights

Top Ten Fund Holdings (As of 05/31/24)

ALPHABET INC CL C

8.15%

BERKSHIRE HATHAWAY INC CL B

3.98%

ARCH CAPITAL GROUP LTD

6.32%

ANALOG DEVICES INC

3.89%

PACCAR INC

4.66%

ACCENTURE PLC CL A

3.83%

FISERV INC

4.58%

LOWE S COS INC

3.78%

AMAZON.COM INC

4.40%

PARKER HANNIFIN CORP

3.75%

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.

1 Data as of March 31, 2024.

2 Portfolio turnover is calculated at the fund level and is reflected as of the Fund’s most recent fiscal year end. It is a measure of the trading activity in the portfolio—how often securities are bought and sold by the Fund.

3 Active share compares the Fund’s portfolio holdings against those of its benchmark. When the two diverge, the difference is credited to active share. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index.

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.

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. Benchmark index returns assume all distributions are reinvested. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.

Investment returns reflect fee waivers without which they would have been lower and net expenses higher.  For the period 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.

Madison’s expectation is that investors in the Fund will participate in market appreciation during bull markets and be protected during bear markets compared with investors in portfolios holding more speculative and volatile securities. There is no assurance that Madison’s expectations will be realized.

An investment in the Fund is subject to risk and there can be no assurance the Fund will achieve its investment objective.  The risks associated with an investment in the Fund can increase during times of significant market volatility. The principal risks of investing in the Fund include equity risk, growth and value risks, capital gains realization risks to taxpaying shareholders, foreign security and emerging market risk, depository receipt risk, and market risk.  More detailed information regarding these risks can be found in the Fund’s prospectus.

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.

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