13F-HR 1 a13ftable0308.txt QUARTERLY HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ] Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Madison Investment Advisors, Inc. Address: 550 Science Drive, Madison, WI 53711 Form 13F File Number: 28-03477 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: W. Richard Mason Title: General Counsel Phone: 480-443-9537 Signature, Place, and Date of Signing (signature) W. Richard Mason Scottsdale, Arizona May 1, 2008 Report Type (Check only one): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 (but also see below) Form 13F Information Table Entry Total: 105 Form 13F Information Table Value Total: $2,561,714 (thousands) List of Other Included Managers: No. Form 13F File Number Name 1 028-10986 Madison Asset Management, LLC Note that this filing by Madison Investment Advisors, Inc. also includes its separately registered investment advisor subsidiary: Madison Mosaic, LLC d/b/a Madison Mosaic Funds FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------- --------- -------- -------- --- ---- ------- --------- ------ ------- ------ 3M Company COM 88579Y101 54141 684033 SH SOLE 643663 40370 ATP Oil & Gas Corporation COM 00208J108 18831 575526 SH SOLE 554330 21196 Adobe Systems, Inc COM 00724F101 2313 65000 SH SOLE 65000 Affiliated Managers Group COM 008252108 8466 93300 SH SOLE 93300 Aflac, Inc. COM 001055102 19604 301829 SH SOLE 283925 17904 Altera Corp. COM 021441100 2656 144100 SH SOLE 144100 American Eagle Outfitters COM 02553E106 9497 542385 SH SOLE 542385 American Express COM 025816109 32807 750387 SH SOLE 709102 41285 Amgen, Inc. COM 031162100 7399 177100 SH SOLE 177100 Applied Materials, Inc. COM 038222105 4292 220000 SH SOLE 220000 Autoliv, Inc. COM 052800109 23172 461586 SH SOLE 445141 16445 Bed Bath Beyond Inc COM 075896100 11901 403415 SH SOLE 403415 Berkshire Hathaway, Inc. Cl B COM 084670207 50678 11330 SH SOLE 10644 686 Best Buy Company COM 086516101 47393 1143102 SH SOLE 1083902 59200 Biogen Idec COM 09062X103 5552 90000 SH SOLE 90000 Broadridge Financial Solutions COM 11133T103 17100 971566 SH SOLE 935924 35642 Brookfield Asset Management COM 112585104 28598 1065879 SH SOLE 1030650 35229 Brown & Brown Inc. COM 115236101 24595 1415125 SH SOLE 1364255 50870 Brown-Forman Corporation COM 115637209 17182 259467 SH SOLE 250064 9403 Capital One Finl Corp COM 14040H105 11475 233145 SH SOLE 233145 Carmax, Inc. COM 143130102 21313 1097472 SH SOLE 1059027 38445 Charles River Laboratories COM 159864107 57940 983040 SH SOLE 945622 37418 Check Point Software Tech. COM M22465104 5152 230000 SH SOLE 230000 Cisco Systems, Inc. COM 17275R102 82015 3404522 SH SOLE 3232415 172107 Citigroup, Inc. COM 172967101 37479 1749725 SH SOLE 1667294 82431 Clorox Co. COM 189054109 27031 477243 SH SOLE 460173 17070 Coach Inc. COM 189754104 9169 304100 SH SOLE 304100 Coca Cola Co COM 191216100 53113 872563 SH SOLE 821448 51115 Comcast, Corp. Special Cl A COM 20030N200 55935 2948600 SH SOLE 2774277 174323 Community Health Systems COM 203668108 3357 100000 SH SOLE 100000 Countrywide Financial Corp. COM 222372104 2140 389000 SH SOLE 389000 Coventry Health Care, Inc. COM 222862104 19478 482717 SH SOLE 465405 17312 Dell Computer Corp COM 24702R101 7486 375800 SH SOLE 375800 Dover Corp. COM 260003108 45249 1083035 SH SOLE 1019320 63715 EBAY Inc. COM 278642103 59701 2000704 SH SOLE 1904289 96415 EMC Corp/Mass COM 268648102 37232 2596389 SH SOLE 2477179 119210 Expeditors International Wash COM 302130109 14271 315873 SH SOLE 304513 11360 FLIR Systems, Inc. COM 302445101 8005 266032 SH SOLE 256977 9055 Fiserv, Inc COM 337738108 65500 1362020 SH SOLE 1302980 59040 Flextronics Intl LTD COM Y2573F102 8348 889000 SH SOLE 889000 Franklin Resources Inc COM 354613101 33611 346543 SH SOLE 327275 19268 Garmin LTD COM G37260109 6519 120700 SH SOLE 120700 Genentech Inc. COM 368710406 7996 98500 SH SOLE 98500 General Electric COM 369604103 78980 2134006 SH SOLE 2007417 126589 Genzyme COM 372917104 268 3600 SH SOLE 3600 Google Inc COM 38259p508 46684 105986 SH SOLE 100745 5241 Home Depot COM 437076102 6573 235000 SH SOLE 235000 Idex Corp. COM 45167R104 17540 571534 SH SOLE 550854 20680 Int'l Game Technology COM 459902102 15812 393227 SH SOLE 378715 14512 Intel Corp COM 458140100 1059 50000 SH SOLE 50000 Intuit, Inc. COM 461202103 9192 340300 SH SOLE 340300 Iron Mountain Incorporated COM 462846106 28106 1063024 SH SOLE 1025209 37815 Johnson & Johnson COM 478160104 54808 844896 SH SOLE 794897 49999 Johnson Controls COM 478366107 24868 735742 SH SOLE 692802 42940 Kohls Corp COM 500255104 53057 1237053 SH SOLE 1179754 57299 Laboratory Crp of Amer Hldgs COM 50540R409 26223 355905 SH SOLE 343215 12690 Liberty Global Inc.-Series C COM 530555309 27408 843856 SH SOLE 815195 28661 Linear Tech Corp. COM 535678106 53999 1759514 SH SOLE 1694417 65097 Lowe's Companies COM 548661107 7630 332600 SH SOLE 332600 MGIC Investment COM 552848103 1820 172800 SH SOLE 172800 MIDCAP SPDR Trust Series 1 COM 595635103 1520 10769 SH SOLE 10769 Markel Corp. COM 570535104 34634 78718 SH SOLE 75976 2742 Marshall & Ilsley COM 571837103 8315 358400 SH SOLE 358400 Martin Marietta Mat. COM 573284106 19025 179198 SH SOLE 172857 6341 McDonalds COM 580135101 31036 556508 SH SOLE 523628 32880 Medtronic Inc. COM 585055106 59558 1231293 SH SOLE 1161193 70100 Merrill Lynch COM 590188108 8808 216200 SH SOLE 216200 Microsoft Corp COM 594918104 52010 1832624 SH SOLE 1725061 107563 Millipore Corp COM 601073109 39639 588035 SH SOLE 563113 24922 Mohawk Industries, Inc. COM 608190104 24339 339884 SH SOLE 327742 12142 Morgan Stanley COM 617446448 9963 218000 SH SOLE 218000 Mylan Labs COM 628530107 5278 455000 SH SOLE 455000 Novartis Ag ADR 66987v109 61918 1208625 SH SOLE 1137285 71340 O-Reilly Automotive Inc. COM 686091109 22715 796471 SH SOLE 768483 27988 Odyssey Re Holdings Corp COM 67612W108 12444 338610 SH SOLE 326430 12180 Office Depot COM 676220106 166 15000 SH SOLE 15000 Patterson Cos Inc. COM 703395103 20298 559160 SH SOLE 538750 20410 Pfizer, Inc. COM 717081103 8242 393800 SH SOLE 393800 Powershares QQQ Nasdaq 100 COM 73935A104 8657 198000 SH SOLE 198000 Proctor & Gamble COM 742718109 335 4775 SH SOLE 4775 QLogic Corp COM 747277101 3910 254700 SH SOLE 254700 Qualcomm, Inc. COM 747525103 1230 30000 SH SOLE 30000 Quest Diagnostics COM 74834L100 29216 645375 SH SOLE 607053 38322 SEI Investments Co. COM 784117103 26228 1062287 SH SOLE 1024763 37524 Staples Inc. COM 855030102 25435 1150370 SH SOLE 1081512 68858 Starbucks Corp COM 855244109 6213 355000 SH SOLE 355000 Symantec Corp COM 871503108 7196 433000 SH SOLE 433000 Target Corporation COM 87612E106 60633 1196383 SH SOLE 1138232 58151 Techne Corp COM 878377100 20566 305316 SH SOLE 294079 11237 Tiffany & Co. COM 886547108 18294 437231 SH SOLE 422041 15190 Total System Services Inc. COM 891906109 20371 860988 SH SOLE 838151 22837 Unit Corp COM 909218109 26889 474660 SH SOLE 461066 13594 United Healthcare Corp. COM 91324P102 59172 1722120 SH SOLE 1639173 82947 United Parcel Service - Cl B COM 911312106 51306 702635 SH SOLE 665020 37615 Varian Medical Systems COM 92220P105 2239 47800 SH SOLE 47800 Walgreen Co COM 931422109 63706 1672514 SH SOLE 1573664 98850 Waste Management, Inc. COM 94106L109 23973 714327 SH SOLE 688090 26237 Wells Fargo & Co COM 949746101 59463 2043404 SH SOLE 1944034 99370 White Mountains Ins Grp COM G9618E107 24035 50073 SH SOLE 48190 1883 Williams-Sonoma, Inc. COM 969904101 10423 430000 SH SOLE 430000 Wynn Resorts LTD COM 983134107 17136 170267 SH SOLE 163942 6325 Xilinx, Inc. COM 983919101 2351 99000 SH SOLE 99000 Yahoo! Inc COM 984332106 10129 350115 SH SOLE 350115 Zebra Technologies Corp-Cl A COM 989207105 29495 885217 SH SOLE 859480 25737 Zimmer Holdings Inc. COM 98956P102 43486 558520 SH SOLE 530292 28228