0001752724-19-001539.txt : 20190114 0001752724-19-001539.hdr.sgml : 20190114 20190114104431 ACCESSION NUMBER: 0001752724-19-001539 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181031 FILED AS OF DATE: 20190114 DATE AS OF CHANGE: 20190114 EFFECTIVENESS DATE: 20190114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MADISON FUNDS CENTRAL INDEX KEY: 0001040612 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08261 FILM NUMBER: 19524205 BUSINESS ADDRESS: STREET 1: 550 SCIENCE DRIVE CITY: MADISON STATE: WI ZIP: 53711 BUSINESS PHONE: 6082740300 MAIL ADDRESS: STREET 1: 550 SCIENCE DRIVE CITY: MADISON STATE: WI ZIP: 53711 FORMER COMPANY: FORMER CONFORMED NAME: MEMBERS MUTUAL FUNDS DATE OF NAME CHANGE: 19970609 0001040612 S000020645 Madison Government Money Market Fund 0001040612 S000020646 Madison Core Bond Fund 0001040612 S000020647 Madison High Income Fund 0001040612 S000020648 Madison Large Cap Value Fund 0001040612 S000020651 Madison Mid Cap Fund 0001040612 S000020652 Madison International Stock Fund 0001040612 S000020653 Madison Diversified Income Fund 0001040612 S000020659 Madison Small Cap Fund 0001040612 S000020660 Madison Conservative Allocation Fund 0001040612 S000020661 Madison Moderate Allocation Fund 0001040612 S000020662 Madison Aggressive Allocation Fund 0001040612 S000026831 Madison Covered Call & Equity Income Fund 0001040612 S000040129 Madison High Quality Bond Fund 0001040612 S000040130 Madison Corporate Bond Fund 0001040612 S000040131 Madison Investors Fund 0001040612 S000040132 Madison Dividend Income Fund 0001040612 S000040135 Madison Tax-Free National Fund 0001040612 S000040136 Madison Tax-Free Virginia Fund N-CEN 1 primary_doc.xml X0101 N-CEN LIVE 0001040612 XXXXXXXX 811-08261 false false false N-1A S000020653 true S000020661 true S000026831 true S000040132 true S000040136 true S000040130 true S000020647 true S000020662 true S000020651 true S000020645 true S000040129 true S000020659 true S000020660 true S000040131 true S000020652 true S000040135 true S000020648 true S000020646 true MADISON FUNDS 811-08261 0001040612 25490037IZEAAJ1OT743 550 SCIENCE DRIVE MADISON 53711 US-WI US 608-274-0300 State Street Bank and Trust Company 1 Lincoln Street Boston 02111 617-786-3000 Custody and Accounting Records N N N-1A 18 N Carrie J. 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LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 7362.80000000 161555.67000000 State Street Bank and Trust Company N/A 000000000 571474TGEMMWANRLN572 521659708.30000000 521659708.30000000 N 94773091.03000000 N Madison International Stock Fund S000020652 2549003LU9NRPVXDE618 N 3 0 0 N/A N N Y N N State Street Bank and Trust Company 00000000000000000000 N N Cash collateral reinvestment fee Revenue sharing split 467084.80000000 4224.84000000 Rule 32a-4 (17 CFR 270.32a-4) N N N N Madison Asset Management, LLC 801-62992 000130874 254900D6QWLJ3WY5HB97 N Lazard Asset Management LLC 801-61701 000122836 P1IBQ1I6K7EXV2Q96E20 N N DST Asset Manager Solutions, Inc. 84-00896 0000000000 N N N ICE Data Services, Inc. 5493000NQ9LYLDBCTL34 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Thomson Reuters Corporation 549300561UZND4C7B569 CA N Bloomberg L.P. 549300B56MD0ZC402L06 N N The Hongkong and Shanghai Banking Corporation Limited (Colombo, Western, LK, Branch) 0000000000 LK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Ceskoslovenska obchodni banka, a. s. 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N/A 000000000 21380031335M4LHQJ436 CA 29.36000000 Allen & Company LLC N/A 000000000 549300RO3RYDN328JY68 33.00000000 MFD Distributor, LLC N/A 000044930 00000000000000000000 0.00000000 JPMorgan Chase & Co. 8-35008 000000079 8I5DZWZKVSZI1NUHU748 1846.44000000 Deutsche Bank Capital Corporation 8-15774 000005323 0000000000 3369.20000000 Merrill Lynch, Pierce, Fenner & Smith Incorporated 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 1803.33000000 UBS AG N/A 000000000 BFM8T61CT2L1QCEMIK50 CH 1491.77000000 Citigroup Global Markets Korea Securities Ltd. N/A 000000000 DYDGRK7GSRNXQ5UFWV53 KR 828.44000000 Morgan Stanley & Co. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 1201.02000000 Credit Suisse Securities (USA) LLC 8-422 000000816 1V8Y6QCX6YMJ2OELII46 2577.33000000 Goldman Sachs & Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 580.59000000 Commonwealth Bank of Australia 8-66998 000136321 MSFSBD3QN1GSN7Q6C537 AU 570.43000000 Societe Generale 8-49963 000042731 O2RNE8IBXP4R0TD8PU41 FR 976.54000000 19082.48000000 State Street Bank and Trust Company N/A 000000000 571474TGEMMWANRLN572 156092950.60000000 156092950.60000000 N 26375395.48000000 N Madison Conservative Allocation Fund S000020660 254900ZDV7E3KCO85P61 N 3 0 0 Y Y 0.00 -1.51 0.00 0.00 N N Y N N State Street Bank and Trust Company 00000000000000000000 N N Cash collateral reinvestment fee Revenue sharing split 2560060.22000000 28161.29000000 Rule 32a-4 (17 CFR 270.32a-4) N N N N Madison Asset Management, LLC 801-62992 000130874 254900D6QWLJ3WY5HB97 N DST Asset Manager Solutions, Inc. 84-00896 0000000000 N N N Bloomberg L.P. 549300B56MD0ZC402L06 N ICE Data Services, Inc. 5493000NQ9LYLDBCTL34 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Thomson Reuters Corporation 549300561UZND4C7B569 CA N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N DST Asset Manager Solutions, Inc. 0000000000 Y N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N N MFD Distributor, LLC N/A 000044930 00000000000000000000 0.00000000 Sanford C. Bernstein & Co., LLC 8-52942 000104474 549300I7JYZHT7D5CO04 9249.80000000 Weeden & Co. L.P. 8-37267 000016835 549300OYBLKSN8M8EW67 6101.15000000 Merrill Lynch, Pierce, Fenner & Smith Incorporated 8-7221 000007691 8NAV47T0Y26Q87Y0QP81 33.51000000 ROBERT W. BAIRD & CO., INCORPORATED 8-00497 000008158 549300772UJAHRD6LO53 6773.35000000 22157.81000000 State Street Bank and Trust Company N/A 000000000 571474TGEMMWANRLN572 481698183.20000000 481698183.20000000 N 711966997.15000000 N true INTERNAL CONTROL RPT 2 NCEN_3937565836436140.txt REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Trustees of Madison Funds: In planning and performing our audits of the financial statements of Madison Funds (the "Funds") comprising the Madison Conservative Allocation Fund, Madison Moderate Allocation Fund, Madison Aggressive Allocation Fund, Madison Government Money Market Fund, Madison Tax-Free Virginia Fund, Madison Tax- Free National Fund, Madison High Quality Bond Fund, Madison Core Bond Fund, Madison Corporate Bond Fund, Madison High Income Fund, Madison Diversified Income Fund, Madison Covered Call & Equity Income Fund, Madison Dividend Income Fund, Madison Large Cap Value Fund, Madison Investors Fund, Madison Mid Cap Fund, Madison Small Cap Fund, and Madison International Stock Fund, as of and for the year ended October 31, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the funds' annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of October 31, 2018. This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ Deloitte & Touche LLP Chicago, Illinois December 19, 2018