Small Cap Fund

Madison Funds - Madison Asset Management, LLC

Fund Objective

The Small Cap Fund seeks long-term capital appreciation.

Investment Strategies

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.

Quarterly Materials

Fact Sheet
Investment Strategy Letter

Key Highlights

(as of Tuesday February 07, 2023)
	Class A	Class Y	Class I	Class R6
Daily Price	9.84	9.99	10.01	10.02
Ticker Symbol	MASMX	BVAOX	MSCIX	MSCRX
Inception Date	8/31/2019	12/16/96	2/26/2021	2/28/2022
Expense Ratio	1.35	1.10	1.00	0.92

Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information
Form 8937 – Small Cap Fund Reorganization 8/29/2019

Portfolio Management

Faraz Farzam, CFA®

Aaron J. Garcia, CFA®

Portfolio Highlights

Top Ten Fund Holdings
(as of December 31, 2022)
WILLSCOT MOBILE MINI HOLDING	4.8%
BOX INC CLASS A	4.1%
ENCOMPASS HEALTH CORP	4.0%
AXIS CAPITAL HOLDINGS LTD	3.2%
MODEL N INC	3.1%
PTC INC	3.1%
GLOBUS MEDICAL INC A	2.9%
PRIMO WATER CORP	2.8%
TEXAS CAPITAL BANCSHARES INC	2.7%
SIMPLY GOOD FOODS CO/THE	2.6%
% of Fund in Top Ten Securities	33.5%

Net Assets (as of 12/31/22)	$175.7 Million
Turnover (audited as of 10/31/22)	41%

Complete Holdings List

PO Box 219083
Kansas City, MO 64121-9083
800.877.6089

© 2022 Madison Funds® - All Rights Reserved

For more complete information about Madison Funds^®, including charges and expenses, obtain a prospectus from your financial adviser, by calling 800.877.6089 or by clicking on prospectus and reports to view or download a copy. Before investing in the funds, consider the investment objectives, risks, charges and expenses. The prospectus contains this and other information about funds and should be read carefully before investing.

Madison Funds are not deposits in, or obligations of, and are not guaranteed by, any financial institution and are not federally insured, so they may lose value.

This site does not constitute an offering of securities by the distributor in any jurisdiction in which such offering may not lawfully be made. Madison Funds are not to be marketed in Europe or in European Union member nations.

Madison Asset Management, LLC does not provide investment advice directly to shareholders of the Madison Funds. Materials on this website are informational only and should not be taken as investment recommendation or advice of any kind whatsoever (whether impartial or otherwise).

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC, which also includes the Madison Scottsdale office. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority (www.finra.org). The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison's toll-free number is 800-767-0300.

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.

Any performance data shown represents past performance. Past performance is no guarantee of future results.

Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.