• Performance - Monthly

Average Annual Total Returns (%) as of September 30, 2017

Bond Funds
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Core Bond Fund AMBOAX0.262.411.513.153.90-4.210.850.592.683.6612/29/19970.90
Core Bond Fund BMBOBX-0.381.680.762.543.58-4.780.560.392.543.5812/29/19971.65
Core Bond Fund R6MCBRX0.722.79--2.01-----04/19/20130.52
Core Bond Fund YMBOYX0.632.691.773.423.69-----06/30/20060.65
Corporate Bond Fund YCOINX1.823.752.664.985.10-----07/01/20070.65
High Income Fund AMHNAX7.614.394.665.905.382.832.783.695.425.1412/29/19971.01
High Income Fund BMHNBX6.753.643.905.255.072.252.633.605.255.0712/29/19971.76
High Income Fund YMHNYX8.064.725.016.206.44-----06/30/20060.76
High Quality Bond Fund YMIIBX-0.111.120.752.693.55-----05/01/20000.49
Covered Call Stock Fund
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Covered Call and Equity Income Fund AMENAX5.513.966.23-6.68-0.511.934.98-5.8810/30/20091.28
Covered Call and Equity Income Fund CMENCX4.633.155.42-6.013.653.155.42-6.0107/31/20122.03
Covered Call and Equity Income Fund R6MENRX5.894.356.62-7.21-----07/31/20120.90
Covered Call and Equity Income Fund YMENYX5.704.196.48-6.92-----10/30/20091.03
International Stock Funds
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
International Stock Fund AMINAX11.022.946.411.835.014.630.935.151.234.7012/29/19971.60
International Stock Fund BMINBX10.252.185.621.214.705.751.055.301.214.7012/29/19972.35
International Stock Fund YMINYX11.323.206.682.093.93-----06/30/20061.35
Stock Funds
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Dividend Income Fund YBHBFX16.499.4512.418.138.07-----12/18/19860.95
Investors Fund AMNVAX16.5411.06--11.599.868.89--9.9509/23/20131.20
Investors Fund R6MNVRX16.9811.54--12.09-----09/23/20130.77
Investors Fund YMINVX16.8211.3413.677.5010.84-----11/01/19780.95
Large Cap Value Fund AMGWAX14.187.3711.034.375.387.645.279.733.755.0712/29/19971.16
Large Cap Value Fund BMGWBX13.376.5610.213.755.068.955.739.943.755.0612/29/19971.91
Large Cap Value Fund YMYLVX14.507.6411.304.635.96-----06/30/20060.91
Mid Cap Fund AMERAX12.8410.12--10.996.317.97--9.5304/19/20131.40
Mid Cap Fund BMERBX12.039.32--10.167.538.40--9.8404/19/20132.15
Mid Cap Fund R6MMCRX13.5610.8712.95-12.29-----02/29/20120.77
Mid Cap Fund YGTSGX13.4310.5212.587.3110.12-----07/21/19830.98
Small Cap Fund AMASVX13.2010.2911.818.017.696.728.1510.497.377.1012/27/20061.55
Small Cap Fund BMBSVX12.439.4910.987.427.147.938.5110.727.427.1412/27/20062.30
Small Cap Fund YMYSVX13.5110.5912.118.288.17-----01/09/20071.30
Tax-Free Income Funds
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Tax-Free National Fund YGTFHX-0.182.582.153.635.67-----12/30/19820.75
Tax-Free Virginia Fund YGTVAX0.082.171.883.415.05-----10/13/19870.85
Money Market
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Government Money Market Fund AMFAXX0.170.060.030.291.80-----12/29/19970.28
Government Money Market Fund BMFBXX0.01--0.201.50-4.49-1.18-0.400.201.5012/29/19970.28
Asset Allocation Funds
NAV (Without Sales Charge)Offering Price (With Sales Charge)
Fund
Symbol
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since
Inception
Inception
Exp. Ratio (%)*
Aggressive Allocation Fund AMAGSX14.547.449.623.394.947.965.338.322.784.3906/30/20061.15
Aggressive Allocation Fund BMAGBX13.716.628.802.774.389.215.608.522.774.3806/30/20061.90
Aggressive Allocation Fund CMAACX13.706.648.80-3.9312.706.648.80-3.9302/29/20081.90
Conservative Allocation Fund AMCNAX6.054.254.903.634.20-0.082.223.663.023.6606/30/20061.13
Conservative Allocation Fund BMCNBX5.193.444.113.013.660.692.353.763.013.6606/30/20061.88
Conservative Allocation Fund CMCOCX5.293.474.12-3.244.293.474.12-3.2402/29/20081.88
Diversified Income Fund AMBLAX9.256.337.625.775.762.944.256.355.145.4412/29/19971.10
Diversified Income Fund BMBLNX8.455.556.805.145.443.954.496.495.145.4412/29/19971.85
Diversified Income Fund CMBLCX8.455.536.81-6.847.455.536.81-6.8407/31/20121.85
Moderate Allocation Fund AMMDAX10.706.067.523.704.754.363.986.243.094.2006/30/20061.15
Moderate Allocation Fund BMMDRX9.875.256.723.094.195.374.206.413.094.1906/30/20061.90
Moderate Allocation Fund CMMDCX9.965.256.71-3.798.965.256.71-3.7902/29/20081.90
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, 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 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. They do, however, carry a 1% contingent deferred sales charge on shares redeemed within 12 months of purchase. ​
 
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, 2018. 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, 2018. 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.  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.
 
*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; for the Government Money Market Fund 0.27% for Class A and 1.02% for Class B; and for 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.

 The Madison Funds were previously known as the MEMBERS® Mutual Funds.