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
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MADISON FUNDS
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608-274-0300
State Street Bank and Trust Company
1 Lincoln Street
Boston
02111
617-786-3000
Custody and Accounting Records
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N
Carrie J. Thome
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N
James R. Imhoff, Jr.
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Richard Struthers
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Steven P. Riege
000000000
N
Katherine L. Frank
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Steven J. Fredricks
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550 Science Drive
Madison
53711
XXXXXX
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MFD Distributor, LLC
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Deloitte & Touche LLP
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Madison Investors Fund
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State Street Bank and Trust Company
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N
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Revenue sharing split
Cash collateral reinvestment fee
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Rule 32a-4 (17 CFR 270.32a-4)
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Madison Asset Management, LLC
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DST Asset Manager Solutions, Inc.
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PricingDirect Inc.
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N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
Bloomberg L.P.
549300B56MD0ZC402L06
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ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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N
State Street Bank and Trust Company
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N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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DST Asset Manager Solutions, Inc.
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State Street Bank and Trust Company
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MFD Distributor, LLC
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Luminex Trading & Analytics LLC
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ROBERT W. BAIRD & CO., INCORPORATED
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Sanford C. Bernstein & Co., LLC
8-52942
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42031.00000000
JPMorgan Chase & Co.
8-35008
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3372.96000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
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Liquidnet, Inc.
8-52461
000103987
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6349.20000000
Morgan Stanley & Co. LLC
8-15869
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3543.96000000
William Blair & Company, L.L.C.
8-2698
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549300J0P7XYE8BMZ775
13248.13000000
RBC Capital Markets, LLC
8-45411
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Sanford C. Bernstein & Co., LLC
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State Street Bank and Trust Company
N/A
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571474TGEMMWANRLN572
3648996871.00000000
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N
301455133.35000000
N
Madison Government Money Market Fund
S000020645
254900QTYEYQYHCMCJ21
N
2
0
0
Money Market Fund
N
N
N
N
N/A
N/A
N/A
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
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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
0.00000000
UBS AG
N/A
000000000
BFM8T61CT2L1QCEMIK50
CH
7840598.16000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
2470016.46000000
Nomura Holdings, Inc.
8-24357
000110814
549300B3CEAHYG7K8164
JP
3399882.80000000
Bank Of America Merrill Lynch Securities Inc
8-33359
000016139
0000000000
1496712.18000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
128708976.80000000
Jefferies LLC
8-15074
000002347
58PU97L1C0WSRCWADL48
1362454.11000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
2570437.34000000
Citigroup Global Markets Inc.
8-8177
000007059
MBNUM2BPBDO7JBLYG310
1907933.90000000
Barclays Bank PLC
N/A
000008175
G5GSEF7VJP5I7OUK5573
GB
29176714.34000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
1694514.29000000
184190435.17000000
N
14659833.49000000
N
Madison Tax-Free National Fund
S000040135
254900DRN3ZJ1ZWWSW82
N
1
0
0
N/A
N
N
Y
N
State Street Bank and Trust Company
00000000000000000000
N
N
N/A
N/A
N/A
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
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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
0.00000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
1096036.35000000
George K. Baum & Company
N/A
000000000
2549005N903KCZC52486
2332345.00000000
BOK Financial Corporation
N/A
000000000
GRI2NT5QHYW751NMR949
797345.30000000
Pershing LLC
8-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
1036701.00000000
Davidson DA & Company Inc
N/A
000000000
00000000000000000000
1569380.05000000
Davenport & Company LLC
8-17103
000001588
254900GN2SAXJGLMS075
3818418.45000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
551755.00000000
National Financial Services Corporation
8-26740
000013041
549300EJM5SBRQSYKC50
805496.55000000
Oppenheimer & Co. Inc.
8-4077
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254900VH02JQR2L8XD64
1017925.75000000
First Clearing, LLC
N/A
000000000
549300ZMKHE2W4ILX759
495663.25000000
14176642.75000000
N
24074967.23000000
N
Madison Mid Cap Fund
S000020651
254900GFBYFLI6QYMW95
N
4
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
6318646.94000000
1163.15000000
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Madison Asset Management, LLC
801-62992
000130874
254900D6QWLJ3WY5HB97
N
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
18099.72000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
57734.28000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
505.04000000
Luminex Trading & Analytics LLC
N/A
000000000
254900ZBK50B4Y36MJ33
867.16000000
Liquidnet, Inc.
8-52461
000103987
213800HSKBBO1GCVRG79
5770.00000000
William Blair & Company, L.L.C.
8-2698
000001252
549300J0P7XYE8BMZ775
493.48000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
1152.76000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
7131.60000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
11176.00000000
102930.04000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
6245383992.00000000
6245383992.00000000
N
373927556.74000000
N
Madison Moderate Allocation Fund
S000020661
254900LKLNXJ22VCUZ89
N
3
0
0
Y
Y
0.00
-.82
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
7905961.97000000
28367.24000000
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
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Bloomberg L.P.
549300B56MD0ZC402L06
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
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
14788.85000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
99.20000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
17737.15000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
22808.58000000
55433.78000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
972952477.40000000
972952477.40000000
N
143906214.81000000
N
Madison Core Bond Fund
S000020646
254900KXQJDPZNNEA190
N
4
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
722528.27000000
1804.38000000
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
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Bloomberg L.P.
549300B56MD0ZC402L06
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
Macquarie Capital (USA) Inc.
8-47198
000036368
549300670K07JRB5UQ40
1980.00000000
1980.00000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
4420414.12000000
The Bank of New York Mellon
8-35255
000017454
HPFHU0OQ28E4N0NFVK49
7082751.25000000
MarketAxess Corporation
8-50727
000044542
GPSMMRI21JE7ZCVYF972
7991780.85000000
Cantor Fitzgerald & Co.
8-201
000000134
5493004J7H4GCPG6OB62
10254422.44000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
1130798189.00000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
16529037.54000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
13278386.86000000
Barclays Bank PLC
N/A
000008175
G5GSEF7VJP5I7OUK5573
GB
4229007.39000000
BNP Paribas Securities Corp.
8-32682
000015794
RCNB6OTYUAMMP879YW96
4941316.59000000
Nomura Holdings, Inc.
8-24357
000110814
549300B3CEAHYG7K8164
JP
9257491.00000000
1232128244.88000000
N
191169586.67000000
N
Madison Small Cap Fund
S000020659
254900U33OEQ9KZ4RR52
N
3
0
0
N/A
N
N
Y
N
N
State Street Bank and Trust Company
00000000000000000000
N
N
Revenue sharing split
Cash collateral reinvestment fee
1237068.40000000
14784.20000000
Rule 32a-4 (17 CFR 270.32a-4)
N
N
N
N
Madison Asset Management, LLC
801-62992
000130874
254900D6QWLJ3WY5HB97
N
Wellington Management Company LLP
801-15908
000106595
549300YHP12TEZNLCX41
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
Deutsche Bank Societa per Azioni
529900SS7ZWCX82U3W60
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)
F3JS33DEI6XQ4ZBPTN86
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UBS Switzerland AG
549300WOIFUSNYH0FL22
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (Helsinki, Uusimaa, FI, Branch)
F3JS33DEI6XQ4ZBPTN86
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
UniCredit Bank Austria AG
D1HEB8VEU6D9M8ZUXG17
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services (Athens, Attica, GR, Branch)
549300WCGB70D06XZS54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Hong Kong) Limited
X5AV1MBDXGRPX5UGMX13
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company (London, GB, Branch)
0000000000
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank International GmbH
ZMHGNT7ZPKZ3UFZ8EO46
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)
RB0PEZSDGCO3JS6CEU02
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Hapoalim B.M.
B6ARUI4946ST4S7WOU88
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB
F3JS33DEI6XQ4ZBPTN86
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Singapore, SG, Branch)
E57ODZWZ7FF32TWEFA76
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)
2HI3YI5320L3RW6NJ957
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken A/S
F3JS33DEI6XQ4ZBPTN86
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
DST Asset Manager Solutions, Inc.
0000000000
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
N
Wall Street Access Corporation
8-25936
000010012
549300Z0MOT47D6OQV22
309.62000000
MFD Distributor, LLC
N/A
000044930
00000000000000000000
0.00000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
11791.17000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
1039.39000000
Credit Suisse Securities (USA) LLC
8-422
000000816
1V8Y6QCX6YMJ2OELII46
1223.68000000
Jefferies LLC
8-15074
000002347
58PU97L1C0WSRCWADL48
1004.92000000
UBS AG
N/A
000000000
BFM8T61CT2L1QCEMIK50
CH
2432.96000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
2755.86000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
1177.98000000
Liquidnet, Inc.
8-52461
000103987
213800HSKBBO1GCVRG79
861.63000000
ISI Group, Inc
8-43515
000028195
0000000000
768.08000000
BTIG, LLC
008-65473
000122225
549300GTG9PL6WO3EC51
2367.24000000
33543.77000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
11625.00000000
Canaccord Genuity Securities LLC
008-3271
000001020
00000000000000000000
81334.05000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
752335674.10000000
Keefe, Bruyette & Woods Limited
N/A
000000000
00000000000000000000
GB
437000.00000000
752865633.15000000
N
80964405.63000000
N
Madison Diversified Income Fund
S000020653
2549004YBX4K09HCUE64
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
236809.29000000
1964.27000000
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
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
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
Luminex Trading & Analytics LLC
N/A
000000000
254900ZBK50B4Y36MJ33
270.44000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
256.44000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
656.56000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
3120.00000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
4232.40000000
William Blair & Company, L.L.C.
8-2698
000001252
549300J0P7XYE8BMZ775
9357.23000000
Liquidnet, Inc.
8-52461
000103987
213800HSKBBO1GCVRG79
583.58000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
2363.24000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
7255.49000000
28095.38000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
2274626.16000000
Cantor Fitzgerald & Co.
8-201
000000134
5493004J7H4GCPG6OB62
1857862.87000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
5563122.93000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
2501768.03000000
Barclays Bank PLC
N/A
000008175
G5GSEF7VJP5I7OUK5573
GB
2867568.67000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
1642702.35000000
BNP Paribas Securities Corp.
8-32682
000015794
RCNB6OTYUAMMP879YW96
1812540.03000000
The Bank of New York Mellon
8-35255
000017454
HPFHU0OQ28E4N0NFVK49
2120862.60000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
854402170.40000000
MarketAxess Corporation
8-50727
000044542
GPSMMRI21JE7ZCVYF972
2034510.65000000
884728058.17000000
N
162028340.35000000
N
Madison Tax-Free Virginia Fund
S000040136
254900NJOZHD9V1SCF23
N
1
0
0
N/A
N
N
Y
N
State Street Bank and Trust Company
00000000000000000000
N
N
N/A
N/A
N/A
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
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Bloomberg L.P.
549300B56MD0ZC402L06
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
0.00000000
Crews and Associates, Inc.
8-24075
000008052
5493001BWSV3E82LZ446
186698.00000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
309898.30000000
Oppenheimer & Co. Inc.
8-4077
000000249
254900VH02JQR2L8XD64
240616.00000000
Pershing LLC
8-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
869669.50000000
MarketAxess Corporation
8-50727
000044542
GPSMMRI21JE7ZCVYF972
160417.50000000
Davenport & Company LLC
8-17103
000001588
254900GN2SAXJGLMS075
3930325.60000000
First Clearing, LLC
N/A
000000000
549300ZMKHE2W4ILX759
2804298.30000000
8501923.20000000
N
21435794.57000000
N
Madison High Income Fund
S000020647
254900FULVS3XKU8VN06
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
1300177.42000000
12020.70000000
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
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
N
Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company (London, GB, Branch)
0000000000
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Euroclear PLC
54930045L3MXWBD27H71
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
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
22.50000000
22.50000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
1024406.25000000
Bank Of America Merrill Lynch Securities Inc
8-33359
000016139
0000000000
419000.00000000
Credit Suisse Securities (USA) LLC
8-422
000000816
1V8Y6QCX6YMJ2OELII46
883387.50000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
2324987.50000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
1585617.00000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
401051575.80000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
987937.50000000
MarketAxess Corporation
8-50727
000044542
GPSMMRI21JE7ZCVYF972
728067.75000000
Barclays Bank PLC
N/A
000008175
G5GSEF7VJP5I7OUK5573
GB
1182875.00000000
Pershing LLC
8-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
312062.50000000
410897222.80000000
N
21636875.39000000
N
Madison Corporate Bond Fund
S000040130
254900FKKM8DUBQR9D26
N
1
0
0
N/A
N
N
Y
N
State Street Bank and Trust Company
00000000000000000000
N
N
N/A
N/A
N/A
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
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
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
0.00000000
Citigroup Global Markets Inc.
8-8177
000007059
MBNUM2BPBDO7JBLYG310
741881.00000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
446053.00000000
Credit Suisse Securities (USA) LLC
8-422
000000816
1V8Y6QCX6YMJ2OELII46
203876.00000000
Millennium Advisors, LLC
8-6834
000151236
254900E1P6Z2XZYSA163
777812.60000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
1587942.50000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
1086744.00000000
Pershing LLC
8-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
290413.00000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
95306860.92000000
U.S. Bancorp
8-35359
000017868
N1GZ7BBF3NP8GI976H15
334828.00000000
MarketAxess Corporation
8-50727
000044542
GPSMMRI21JE7ZCVYF972
1833721.20000000
103575831.22000000
N
20890195.05000000
N
Madison Dividend Income Fund
S000040132
2549003L8OSO2VIZPK74
N
1
0
0
N/A
N
N
Y
N
State Street Bank and Trust Company
00000000000000000000
N
N
N/A
N/A
N/A
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
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
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
Liquidnet, Inc.
8-52461
000103987
213800HSKBBO1GCVRG79
644.54000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
3300.16000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
284.32000000
Luminex Trading & Analytics LLC
N/A
000000000
254900ZBK50B4Y36MJ33
293.73000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
8603.65000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
4344.40000000
William Blair & Company, L.L.C.
8-2698
000001252
549300J0P7XYE8BMZ775
12041.77000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
759.48000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
2980.00000000
33252.05000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
536121305.20000000
536121305.20000000
N
112177806.72000000
N
Madison Covered Call & Equity Income Fund
S000026831
254900477U55H8MDFD06
N
4
0
0
Y
Y
0.00
4.29
0.00
0.00
N
N
Y
N
N
State Street Bank and Trust Company
00000000000000000000
N
N
Revenue sharing split
Cash collateral reinvestment fee
1345779.40000000
536.07000000
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
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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
Luminex Trading & Analytics LLC
N/A
000000000
254900ZBK50B4Y36MJ33
2880.50000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
9747.96000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
22140.90000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
143037.50000000
Morgan Stanley & Co. LLC
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
3279.48000000
Capital Institutional Services, Inc.
8-22273
000007551
54930061X8RDWFDJIS05
13247.50000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
17888.00000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
33315.32000000
William Blair & Company, L.L.C.
8-2698
000001252
549300J0P7XYE8BMZ775
51566.64000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
1976.76000000
300571.28000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
4495390795.00000000
4495390795.00000000
N
128974635.78000000
N
Madison Aggressive Allocation Fund
S000020662
254900QK8DPJA3JLJE64
N
3
0
0
Y
Y
0.00
-.74
0.00
0.00
N
N
Y
N
N
State Street Bank and Trust Company
00000000000000000000
N
N
Revenue sharing split
Cash collateral reinvestment fee
5726296.44000000
17787.47000000
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
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Bloomberg L.P.
549300B56MD0ZC402L06
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
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
74.70000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
9611.20000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
9987.71000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
7284.30000000
26957.91000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
451966268.50000000
451966268.50000000
N
65580683.88000000
N
Madison High Quality Bond Fund
S000040129
2549008MT8CNV6MN7O44
N
1
0
0
Y
Y
0.00
-1.09
0.00
0.00
N
N
Y
N
N
State Street Bank and Trust Company
00000000000000000000
N
N
Revenue sharing split
Cash collateral reinvestment fee
1157203.03000000
1787.52000000
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
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
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
0.00000000
Piper Jaffray & Co.
8-15204
000000665
549300GRQCWQ3XGH0H10
1359972.80000000
Jefferies LLC
8-15074
000002347
58PU97L1C0WSRCWADL48
3497237.23000000
Barclays Bank PLC
N/A
000008175
G5GSEF7VJP5I7OUK5573
GB
12937141.93000000
Goldman Sachs & Co. LLC
8-129
000000361
FOR8UP27PHTHYVLBNG30
11790123.46000000
Wells Fargo Brokerage Services, LLC
8-33283
000016100
00000000000000000000
6021061.11000000
BNP Paribas Securities Corp.
8-32682
000015794
RCNB6OTYUAMMP879YW96
4664158.37000000
Nomura Holdings, Inc.
8-24357
000110814
549300B3CEAHYG7K8164
JP
7256488.64000000
The Royal Bank of Scotland Group Public Limited Company
N/A
000163176
2138005O9XJIJN4JPN90
GB
3699822.32000000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
8-7221
000007691
8NAV47T0Y26Q87Y0QP81
3526186.76000000
State Street Bank and Trust Company
N/A
000000000
571474TGEMMWANRLN572
226922856.10000000
286388485.32000000
N
95723194.49000000
N
Madison Large Cap Value Fund
S000020648
25490079P7PO2U1NWI87
N
3
0
0
N/A
N
N
Y
N
N
State Street Bank and Trust Company
00000000000000000000
N
N
Revenue sharing split
Cash collateral reinvestment fee
3000316.15000000
1162.11000000
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
PricingDirect Inc.
549300WIC0TOJ7N7GD54
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
ICE Data Services, Inc.
5493000NQ9LYLDBCTL34
N
Bloomberg L.P.
549300B56MD0ZC402L06
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Euroclear PLC
54930045L3MXWBD27H71
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
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
Luminex Trading & Analytics LLC
N/A
000000000
254900ZBK50B4Y36MJ33
2687.84000000
RBC Capital Markets, LLC
8-45411
000031194
549300LCO2FLSSVFFR64
19269.56000000
Weeden & Co. L.P.
8-37267
000016835
549300OYBLKSN8M8EW67
8382.00000000
JPMorgan Chase & Co.
8-35008
000000079
8I5DZWZKVSZI1NUHU748
2599.24000000
Liquidnet, Inc.
8-52461
000103987
213800HSKBBO1GCVRG79
2571.70000000
William Blair & Company, L.L.C.
8-2698
000001252
549300J0P7XYE8BMZ775
38338.81000000
ROBERT W. BAIRD & CO., INCORPORATED
8-00497
000008158
549300772UJAHRD6LO53
53468.08000000
Sanford C. Bernstein & Co., LLC
8-52942
000104474
549300I7JYZHT7D5CO04
26875.64000000
Morgan Stanley & Co. 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.
Q5BP2UEQ48R75BOTCB92
CZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank del Peru S.A.
MYTK5NHHP1G8TVFGT193
PE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Maghreb S.A
5493003FVWLMBFTISI11
MA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Joint Stock Company Commercial Bank Citibank
CHSQDSVI1UI96Y2SW097
RU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
UBS Switzerland AG
549300WOIFUSNYH0FL22
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited
549300F99IL9YJDWH369
AE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Euroclear PLC
54930045L3MXWBD27H71
CH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (Helsinki, Uusimaa, FI, Branch)
F3JS33DEI6XQ4ZBPTN86
FI
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank (Malaysia) Berhad
529900DLWFR8HK7DR278
MY
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken A/S
F3JS33DEI6XQ4ZBPTN86
DK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
BNP Paribas Securities Services (Athens, Attica, GR, Branch)
549300WCGB70D06XZS54
GR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Societa per Azioni
529900SS7ZWCX82U3W60
IT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Egypt S.A.E
2138001Q77JDLESS4Y50
EG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Bank Polska Kasa Opieki - Spolka Akcyjna
5493000LKS7B3UTF7H35
PL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Vienna, Vienna, AT, Branch)
0000000000
AT
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)
2HI3YI5320L3RW6NJ957
NZ
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Singapore, SG, Branch)
E57ODZWZ7FF32TWEFA76
SG
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex
2SFFM4FUIE05S37WFU55
MX
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)
529900SICIK5OVMVY186
ES
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Makati City, Metro Manila, PH, Branch)
7LTWFZYICNSX8D621K86
PH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)
F3JS33DEI6XQ4ZBPTN86
NO
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Trust Company Canada
549300L71XG2CTQ2V827
CA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank Europe Public Limited Company (Budapest, HU, Branch)
N1FBEDJ5J41VKZLO2475
HU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Bank Hapoalim B.M.
B6ARUI4946ST4S7WOU88
IL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Hong Kong) Limited
X5AV1MBDXGRPX5UGMX13
HK
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)
7LTWFZYICNSX8D621K86
NL
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank and Trust Company (London, GB, Branch)
0000000000
GB
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Standard Chartered Bank (Thai) Public Company Limited
549300O1LQYCQ7G1IM57
TH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Taipei City, TW, Branch)
25490016G0WR60ANOK04
TW
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Standard Bank of South Africa Limited
QFC8ZCW3Q5PRXU1XTM60
ZA
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank (China) Company Limited
2CZOJRADNJXBLT55G526
CN
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)
2HI3YI5320L3RW6NJ957
AU
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)
579100KKDGKCFFKKF005
BR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)
RB0PEZSDGCO3JS6CEU02
JP
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)
0000000000
KR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Skandinaviska Enskilda Banken AB
F3JS33DEI6XQ4ZBPTN86
SE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
HSBC Bank Middle East Limited (Manama, Capital, BH, Branch)
549300F99IL9YJDWH369
BH
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
Deutsche Bank Aktiengesellschaft (Sisli, Istanbul, TR, Branch)
0000000000
TR
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
State Street Bank International GmbH
ZMHGNT7ZPKZ3UFZ8EO46
DE
N
Y
Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
N
DST Asset Manager Solutions, Inc.
0000000000
Y
N
N
State Street Bank and Trust Company
571474TGEMMWANRLN572
N
N
N
LiquidNet Canada Inc.
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