Performance data shown represents past performance. Investment returns and principal value will fluctuate, so that fund shares, when redeemed, may be worth more or less than the original cost. Past performance does not guarantee future results and current performance may be lower or higher than the performance data shown.
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, Dividend Income, Investors, Mid Cap, Small Cap and International Stock Funds and 4.5% for the Core Bond Fund. 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, Class I 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. For the High Quality Bond Fund, The Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. Madison waived 0.10% of the Fund's annual management fee from August 7, 2020 through February 27, 2022. Investment returns reflect this fee waiver, without which returns would have been lower. The Allocation Funds include the weighted average expenses of the underlying funds which they invest in. Please see each fund's most recent prospectus for details. The performance data presented above for all periods prior to March 1, 2021, for the Madison International Stock 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:
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