INVESTMENTS®

September 30, 2016

Summer brings storms. Big ones.

In our part of the country storms pop up fast and bring with them unexpected and sometimes scary moments. And then, as soon as they arrive, they are gone. The sun returns, we look around, check in with our loved ones, pick up the damage and move on with an appreciation of the power of nature and a clearer view of our surroundings.

In recent years the investment landscape has seen many storms. Some big and others small, some far away and some in our backyard. Almost always we look back and wonder why winds were not foreseen. Yet we always carry on and take with us some knowledge for the next storm system. Today’s investing landscape has grown increasingly connected, with global financial linkages and international implications for change. No longer can we forecast the financial landscape by purely looking at domestic factors – no longer can we look out our back window.

Enter the summer of 2016: domestic markets were growing increasingly comfortable that the next Federal Reserve interest rate decision would bring a resumption of policy normalization (aka: higher interest rates). Energy prices had stabilized and the first quarter’s oil patch trauma had dissipated rapidly. The surprise Brexit vote in late June immediately ceased any talk of rate hikes and began a new debate about the potential impact of a new European economic landscape on global economic growth. Since the Brexit vote, a few months have passed and though the final process remains uncertain, the initial impact appears far less dire than initially thought.

It’s clear that the domestic economy has weathered some serious storms in recent years. Beginning with the U.S. financial crisis, followed by the Euro debt crisis, China’s currency devaluation, all the way to this spring’s energy dislocation and the Brexit aftermath, our economy has proven resilient time and again. Recent economic releases suggest domestic growth rates trending near 2.0%, tightening labor markets, stable retail sales, healthy housing markets and trend manufacturing growth. While this recovery is often viewed as disappointing in historical terms, the headwinds faced over the past few years are unique and formidable.

Going forward, central bankers and policy makers around the globe will cautiously balance the call for reduced monetary stimulus in the face of volatile financial markets with stubbornly tepid economic growth. The shape and substance of the UK’s departure from the EU will take additional time to evaluate. Meanwhile, we anticipate U.S. growth will accelerate as the job market tightens further. Stable to rising oil prices will pressure ‘headline’ measures of consumer inflation and gradually increase the overall rate closer to core measures of 2+%.

On the horizon, we see continued challenges as geopolitical and economic uncertainties continue into the thick of our election season. Through it all the High Quality Bond Fund will continue to conservatively position fixed income assets in order to take advantage of opportunities in the

madisonfunds.com | madisonadv.com888.971.7135

Past performance does not predict future results. Please refer to the final two pages of this piece which contain current performance information for the fund, the risks of investing in the fund and a complete list of the fund’s individual portfolio holdings as of quarter end. Individual portfolio holdings are identified to illustrate our approach to investing the fund’s portfolio and are not intended to represent a recommendation to buy or sell any such security.

Madison High Quality Bond Fund Investment Strategy Letter

Paul Lefurgey, CFAHead of Fixed Income

Industry since 1988

Chris Nisbet, CFAPortfolio ManagerIndustry since 1990

bond markets while maintaining our cautious positioning with regard to maturities and credit exposure. Low nominal interest rates in U.S. Treasuries should continue to divert cash into corporate and mortgage backed bonds supporting sector returns. We will be closely watching the fundamental indicators, which we see as guiding the future path of the fixed income markets, as we prepare for the next storm front to pass through.

We appreciate your confidence. Stay dry.

madisonfunds.com | madisonadv.com888.971.7135

Paul Lefurgey Chris Nisbet

Bonds are subject to certain risks including interest-rate risk, credit risk and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds.

Although the information in this report has been obtained from sources that the firm believes to be reliable, we do not guarantee its accuracy, and any such information may be incomplete or condensed. All opinions included in the report constitute the authors’ judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Madison Funds are distributed by MFD Distributor, LLC. Madison Asset Management, LLC. ©October 6, 2016

1 Growth of $10,000 for the years shown is calculated at NAV and assumes all dividends and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. 2 Average annual total returns and calendar year returns assume all distributions are reinvested and reflect applicable fees and expenses. Index returns reflect broad measures of market performance compared the fund and reflect no deduction for sales charges, account fees, expenses or taxes. You cannot invest directly in an index.3 Expense ratios are based on the fund’s most recent prospectus.Performance data shown represents past performance. Investment returns and principal value will fluctuate, so that fund shares, when redeemed, may be worth more or less than the original cost. Past performance does not guarantee future results and current performance may be lower or higher than the performance data shown. Visit madisonfunds.com or call 800.877.6089 to obtain performance data current to the most recent month-end.

$13,775

$10,000

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The Value of Long-Term Investing

Sep 30, 2016

Madison High QualityBond Fund

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Paul Lefurgey, CFA Head of Fixed Income Industry since 1988

Chris Nisbet, CFA Portfolio Manager Industry since 1990

Experienced Management

Fund Features

• Fund seeks the highest total return while maintaining an average maturity of 10 years or less.

• A or better quality: government, agency and corporate bonds

• Active duration, yield curve, sector and security selection decisions

• Focus on managing risk

Average Annual Total Returns2 (%)Three Months YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception

Class Y 0.01 2.39 1.90 1.53 1.30 3.25 3.78Bloomberg Barclays U.S. Interm. Govt/Credit A+ Index -0.08 3.63 2.95 2.53 2.11 3.92 4.72

Calendar Year Returns2 (%)2008 2009 2010 2011 2012 2013 2014 2015

Class Y 6.30 3.99 4.35 3.53 2.04 -1.00 1.89 0.61Bloomberg Barclays. Interm. Govt/Credit A+ Index 6.82 2.85 5.48 5.67 3.14 -1.00 2.84 1.31

Distribution Frequency

Quarterly

Risk Measure (10-year)

Standard Deviation 2.5%

Downside Capture 78.0%

Upside Capture 81.5%

Total Net Assets

$108.0 Million

Portfolio Turnover

35%

Total Number of Holdings

42

madisonfunds.com

Class Ticker Inception Date Exp. Ratio3

Y MIIBX 5/1/00 0.49%

Characteristics (years)Effective Duration 2.8

Avg. Maturity 2.9

Yields30-day SEC Yield 0.60%

30-day Effective Yield 1.15%

Standard Deviation: the dispersion from an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Higher deviation represents higher volatility. Downside Capture Ratio: a fund’s performance in down markets relative to its benchmark. The security’s downside capture return is divided it by the benchmark’s downside capture return over the time period. Upside Capture Ratio: a fund’s performance in up markets relative to its benchmark. The security’s upside capture return is divided by the benchmark’s upside capture return over the time period. Effective Duration: a measure of a fund’s interest-rate sensitivity. The longer a fund’s duration, the more sensitive the fund is to shifts in interest rates. Average Maturity: computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. SEC 30-day Yield: net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund’s share price at the end of the 30-day period. It is calculated based on the standardized formula set forth by the SEC. 30-day Effective Yield: a hypothetical figure that estimates what the yield would be if an investor continued to reinvest dividends at the current 30-day yield for one year. Calculated by annualizing dividends paid during the last 30 days of the period. It assumes that income earned from the fund’s investments is reinvested and compounded. Portfolio Turnover: a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. It is calculated at the fund level and represents the entire fiscal year ending 10/31/2015.An investment in the fund is subject to risk and there can be no assurance that the fund will achieve its investment objective. The risks associated with an investment in the fund can increase during times of significant market volatility. The principal risks of investing in the fund include: interest rate risk, call risk, risk of default and liquidity risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. More detailed information regarding these risks can be found in the fund’s prospectus.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 visiting madisonfunds.com and 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 distributed by MFD Distributor, LLC and may be purchased directly from the fund or through your investment professional. Portfolio data is as of the date of this piece unless otherwise noted and holdings are subject to change. Not FDIC Insured | No Financial Institution Guarantee | May Lose Value

MSM142025

MF-MIIBX-093016

Shareholder Services Madison Funds Post Office Box 8390 Boston, MA 02266-8390 800.877.6089

Consultant and Advisor Services550 Science DriveMadison, WI 53711 888.971.7135

Sector allocation is rounded to the nearest 0.1%.

0

10

20

30

40

50

60

70

80

Bloomberg Barclays Intermediate Govt/Credit A+ Index

High Quality Bond Fund

Non-Corp Credit/OtherU.S. AgenciesCashCorporate BondsU.S. Treasuries

47.0

67.5

37.8

20.6

2.5 4.7

12.77.2

%US TREASURY N/B 3.875% 15 May 2018 4.4US TREASURY N/B 1.125% 31 Dec 2019 4.2US TREASURY N/B 1.5% 15 Aug 2026 4.1US TREASURY N/B 3.625% 15 Feb 2020 4.0US TREASURY N/B 3.125% 15 May 2019 3.9US TREASURY N/B 1.5% 31 Mar 2019 3.8US TREASURY N/B 1.5% 31 Dec 2018 3.8US TREASURY N/B 3% 28 Feb 2017 3.8US TREASURY N/B 1.25% 31 Jan 2019 3.8FANNIE MAE 1.25% 30 Jan 2017 3.7

Sector Allocation (%)

Top Ten Government & Agency Holdings

madisonfunds.com

%COMCAST CORP 3.125% 15 Jul 2022 2.0TARGET CORP 2.9% 15 Jan 2022 2.0WELLS FARGO + COMPANY 5.625% 11 Dec 2017 1.9GENERAL ELECTRIC CO 5.625% 15 Sep 2017 1.9MORGAN STANLEY 2.8% 16 Jun 2020 1.9HOME DEPOT INC 2% 15 Jun 2019 1.9JPMORGAN CHASE + CO 2.25% 23 Jan 2020 1.9JOHN DEERE CAPITAL CORP 1.4% 15 Mar 2017 1.9INTEL CORP 1.95% 01 Oct 2016 1.9SIMON PROPERTY GROUP LP 4.125% 01 Dec 2021 1.8

Top Ten Corporate Holdings