DocumentMadison Funds®
Supplement dated December 23, 2022
This Supplement amends the Prospectus and the Statement of Additional Information of the Madison Funds dated February 28, 2022, as supplemented.
Class B Shares Closing/Converting to Class A Shares
The Board of Trustees of Madison Funds (the “Funds”) has approved the termination of all outstanding Class B shares of the Funds, which it has deemed to be in the best interests of the shareholders of the Class B shares of the Funds. The funds with Class B shares outstanding are the Conservative Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, Core Bond Fund, Diversified Income Fund, Mid Cap Fund, and International Stock Fund (each, a “fund,” and collectively, the “funds”). Class B shares have been closed to new accounts and new investments into existing accounts, other than through dividend and/or capital gain reinvestments since February 1, 2017.
Effective after the close of business (typically 4:00 p.m. EST) on Monday, February 6, 2023, (the “Closure Time”),
Class B shares of each fund will be automatically converted to Class A shares of each respective fund as noted in the chart below.
The conversion of Class B to Class A shares of the same fund is not a taxable event, and no contingent deferred sales charges will be assessed, if applicable, on this one-time conversion of shares.
| | | | | | | | | | | | | | | | | | | | |
| Fund/Class | Fund # | Ticker | SHARES | Fund/Class | Fund # | Ticker |
| Aggressive Allocation B | 267 | MAGBX | CONVERT TO | Aggressive Allocation A | 167 | MAGSX |
| Conservative Allocation B | 265 | MCNBX | CONVERT TO | Conservative Allocation A | 165 | MCNAX |
| Core Bond B | 210 | MBOBX | CONVERT TO | Core Bond A | 110 | MBOAX |
| Diversified Income B | 211 | MBLNX | CONVERT TO | Diversified Income A | 111 | MBLAX |
| International Stock B | 222 | MINBX | CONVERT TO | International Stock A | 122 | MINAX |
| Mid Cap B | 223 | MERBX | CONVERT TO | Mid Cap A | 123 | MERAX |
| Moderate Allocation B | 266 | MMDRX | CONVERT TO | Moderate Allocation A | 166 | MMDAX |
As of the Closure Time, each Class B shareholder’s outstanding Class B shares of each fund will automatically convert to a number of full and/or fractional Class A shares of each respective fund, equal to the aggregate net asset value to the shareholder’s Class B shares determined as of the Closure Time. There will be no change in the overall value of a Class B shareholder’s fund holdings as of the Closure Time resulting from the Class A share conversion. Investments in Class A shares after the Closure Time will be subject to the fees and expenses applicable to the Class A shares of a fund as disclosed in the fund’s current prospectus.
Shareholders may continue to redeem their Class B shares on each day the Funds are open for business between now and the Closure Time. Shareholders may also exchange their Class B shares for shares of another Madison Fund in accordance with the terms the fund’s prospectus at any time prior to the Class A conversion. Each Class B shareholder who does not choose either of the aforementioned options will have their Class B shares converted to Class A shares at the Closure Time.
Please keep this Supplement with your record.
MF-STATPRO SUP (1222)