Target Retirement 2020 Fund

Madison Funds - Madison Asset Management, LLC

Fund Objective

The fund seeks to provide capital appreciation and current income consistent with its current asset allocation.

Investment Strategies

The fund invests primarily in shares of other registered investment companies (the “underlying funds”) according to an asset allocation strategy developed by Madison for investors planning to retire in or within a few years of 2020. Over time, the fund’s asset allocation will become more conservative until it reaches approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

Strategy Overview & Quarterly Materials

Strategy Overview

Quarterly Fact Sheet

Investment Strategy Letter

Key Highlights

(as of Tuesday February 07, 2023)
	Class R6
Daily Price	10.04
Ticker Symbol
Inception Date	08/29/14
Expense Ratio	0.00

Links to other Madison Funds information:

Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information
Additional Financial Information - 06/30/16

Portfolio Management

David Hottmann, CFA, CPA

Patrick Ryan, CFA

Portfolio Highlights

Top Ten Fund Holdings
(as of December 31, 2022)
	0.0%
% of Fund in Top Ten Securities	0.0%

Complete Holdings List

Investment in the fund involves direct expenses and a proportional share of the expenses of the underlying funds — indirect expenses. The cost of this type of investment may be higher than generally experienced when investing in mutual funds that contain stocks and bonds. Please see prospectus for further details. Asset allocation does not guarantee a profit or protect against loss.

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.