497 1 mfsaisupplement07012024new.htm 497 Document

Madison Funds®
Supplement dated July 1, 2024

This Supplement dated July 1, 2024, amends the Statement of Additional Information (SAI)
for the Madison Funds (the “Trust”) dated February 28, 2024.
Management of the Trust
Interested Trustees and Officers.
Effective as of July 1, 2024, all references to Holly S. Baggot as Secretary, Assistant Treasurer and Anti-Money Laundering Officer of the Fund are deleted.
The following rows are added to the Independent Trustees and Officers chart on page 23:
Interested Trustees and Officers
Name and
Age
Position(s) Held, First Elected and Term of Office1
Principal Occupation(s) During Past Five Years
Portfolios Overseen in Fund Complex by Trustee2
Other Directorships
Held by Trustee
Brandon Redwing
44
Assistant Secretary, and
Anti-Money Laundering Officer, July 2024 – Present
Madison Investment Holdings, Inc. (“MIH”), Madison Investment Advisors, LLC (“MAI”), and Madison Asset Management, LLC (“Madison”), Mutual Fund Operations Manager, April 2024 – Present;
USF (14) and MCN, Assistant Secretary and Anit-Money Laundering Officer, July 2024 – Present;
Madison ETFs (4), Assistant Secretary and Anti-Money Laundering Officer, July 2024 – Present
SS&C Technologies, Client Relationship Manager 2020 – March 2024
NANA

Kyle Schalow
29
Assistant Treasurer, July 2024 – Present
MIH, MAI, and Madison, Senior Accountant, May 2022 – Present;
MF (15) and MCN, Assistant Treasurer, July 2024 – Present;
Madison ETFs (4), Assistant Treasurer, July 2024 – Present
Baker Tilly US LLP, Senior Accountant, 2018 – 2022
NANA

The following row is amended in the Independent Trustees and Officers chart on page 23:
Terri Wilhelm
55
Secretary, July 2024 – Present
MIH, MIA and Madison, Senior Compliance Analyst, September 2022 – Present
USF (14) and MCN, Secretary, July 2024 – Present; Assistant Secretary, 2022 – June 2024;
Madison ETFs (4), Secretary, July 2024 – Present; Assistant Secretary, 2022 – June 2024
State of Wisconsin Investment Board,
Senior Paralegal, 2017 – 2022
NANA

Please keep this Supplement with your records for future reference.

MF-SAI SUP (0724)