Average annual total returns assume all distributions are reinvested and reflect applicable fees and expenses. Returns at NAV would be lower if sales charge were included. Returns at Offering Price, reflect the deduction of the maximum applicable sales charge. Maximum sales charge for Class A shares is 5.75% for the Allocation funds, Diversified Income, Covered Call & Equity Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock Funds and 4.5% for the Core Bond and High Income Funds. The Government Money Market (formerly Cash Reserves Fund) has no sales charge. Class A sales charges are lower for larger accounts. Class B shares have no up-front sales charge. If redeemed within six years, however, B shares are subject to a maximum contingent deferred sales charge (“CDSC”) of 4.5%. Class B shares may not be purchased or acquired, except for exchange from Class B shares of another Madison fund, please see the most recent prospectus for details. Class C shares do not have an up-front sales charge, however, C shares are subject to a 1% CDSC on shares redeemed within 12 months of purchase. ​ Class Y shares and Class R6 shares do not impose an up-front sales charge or a CDSC.

*Expense ratios are based on the fund’s most recent prospectus. The expense ratios shown reflect fee waivers of 0.15% for the Dividend Income Fund and 0.04% for the Small Cap Fund. The Allocation Funds include the weighted average expenses of the underlying funds which they invest in.  Fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval.  Please see each fund's most recent prospectus for details.

For the Dividend Income Fund the investment adviser has contractually agreed to waive 0.10% of its management fee and 0.05% of its services fee until at least February 27, 2021. These fee waivers commenced June 29, 2012. For the Government Money Market Fund the investment adviser and the distributor have contractually agreed to waive fees and expenses to the extent necessary to prevent a negative fund yield until at least February 27, 2021. These fee waivers commenced November 12, 2008.  For the Investors Fund, from February 6, 2009 through February 28, 2016 the investment adviser waived between 0.11% to 0.15% of its management and/or services fees annually 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 has contractually agreed to waive 0.04% of its service fees until at least August 31, 2021. Investment returns reflect these fee waivers, without which returns would have been lower.  Fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. 

The performance data presented above for all periods prior to April 19, 2013 for the Tax-Free Virginia Fund, Tax-Free National Fund, High Quality Bond Fund (formerly Institutional Bond Fund), Corporate Bond Fund (formerly Investment Grade Corporate Bond Fund), Investors 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 objectives. 

The performance data presented above for all periods prior to January 1, 2016, for the Madison High Income Fund represents the performance of the previous subadviser.
 
The performance data presented above 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.

The performance shown for the Small Cap Fund (the "Fund") for periods prior to August 31, 2019, for the Class Y shares are based on the performance of the Broadview Opportunity Fund (the “Predecessor Fund”) which was the accounting survivor and reorganized into the Class Y shares of the Fund after market close on August 30, 2019 (the “Reorganization”). Periods prior to November 29, 2013 represents the performance of the FMI Focus Fund (the ‘FMI Fund’) which merged with and into the Predecessor Fund on November 29, 2013. Prior to November 29, 2013, the Adviser of the Predecessor Fund served as sub-adviser to the FMI Fund. The FMI Fund had the same investment objective and substantially similar investment strategies as the Predecessor Fund.  Performance for Class A shares of the Fund is deemed to be new effective August 31, 2019 as a result of the Reorganization.

Madison lists the performance of the Predecessor Fund and accounting survivor of the Reorganization for the following reasons:

• Continuity of Fund portfolio managers through the Reorganization
• Substantially the same investment objective and investment strategies between the Fund and the Predecessor Fund;
• Substantially similar investment policies between the Fund and the Predecessor Fund;
• A similar expense ratio (excluding acquired fund fees and expenses), as Madison has agreed that the fees and expenses attributable to Class Y shares of the Madison Small Cap Fund will be capped, pursuant to an expense limitation agreement, to the extent necessary so that expenses (exclusive of all federal, state, and local taxes, interest, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed the total annual fees and expenses of shares of the Predecessor Fund, as reflected herein, for a period of two years from the date of closing the Reorganization.

  Some of the Madison Funds were previously known as the MEMBERS^® Mutual Funds.