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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08261

Madison Funds
(Exact name of registrant as specified in charter)

550 Science Drive, Madison, WI 53711
(Address of principal executive offices)(Zip code)

Lisa R Lange
Chief Legal Officer and Chief Compliance Officer
550 Science Drive
Madison, WI 53711
(Name and address of agent for service)

Registrant’s telephone number, including area code: 608-274-0300

Date of fiscal year end: October 31

Date of reporting period: April 30, 2016

Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. s 3507.

Semi-annual Report
(unaudited)
April 30, 2016
	Madison Conservative Allocation Fund
	Madison Moderate Allocation Fund
	Madison Aggressive Allocation
	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
	Madison NorthRoad International Fund
	Madison International Stock Fund
	Madison Hansberger International Growth Fund
	Madison Target Retirement 2020 Fund
	Madison Target Retirement 2030 Fund
	Madison Target Retirement 2040 Fund
	Madison Target Retirement 2050 Fund

To Our Shareholders:

Thank you for being a valued shareholder of Madison Funds. We are pleased to present this semi-annual report for the six month period ended April 30, 2016. This report includes information about your Funds, including performance data and a complete list of investments as of the close of the reporting period.

Timely Information

One thing is undeniable about semi-annual reports: the information is dated when you receive it. The semi-annual and annual reports are regulatory documents to help you, the shareholder, better understand the Funds. These reports contain useful information, but the performance data and Fund performance discussions have aged by the time you receive this report. We believe it is important to .find a better way to provide more timely and useful information to you.

With that in mind, we reference the madisonfunds.com website in the Performance Discussion for each Fund. Our website is the best way for you to receive the most up-to-date performance information and quarterly portfolio manager commentaries. These commentaries give you the opportunity to hear directly from the portfolio managers and provide greater insight into the investment process, strategy, and decisions that impact your Fund. We hope you .find this information easily accessible, informative and timely.

Economic Overview & Outlook

After a rocky start to calendar year 2016, stocks quickly recouped lost ground and .finished the six months ended April 30, 2016 mostly with modest gains. The S&P 500 Index^® returned 0.43% over the last six months. Mid cap stocks, as measured by the Russell Mid Cap Index^®, returned 0.81%, and small caps fell 1.90% based on the Russell 2000 Index^®. Global equities, as measured by the MSCI EAFE Index, returned -3.07% as European economies continued to struggle with sub-par economic growth, a strong U.S. dollar, and stimulative monetary policy. Bonds were the lead performer in U.S. capital markets, with the Barclays Aggregate Index returning 2.82% for the period, and the Barclays Intermediate Government/Credit Index returning 2.12%. Lower long-term interest rates allowed bonds to fare favorably as the U.S. Federal Reserve paused after its initial increase in the federal funds rate pending further information on the health of the U.S. economy.

Growth in U.S. output continues to be sluggish, uneven and sub-par by historical standards, with first quarter 2016 real GDP growing 0.8% at an annualized rate. Inflation remains tame, helped overall by a significant pullback in energy prices during the period. Even without the volatile food and energy sectors included, inflation rates remain within a range that gives comfort, for now, to Fed policy makers. As a result, it seems unlikely that the Fed will raise rates in the near-term, preferring to continue its wait-and-see stance. One bright spot for the economy continues to be the labor market, with the unemployment rate continuing a gradual decline and labor costs beginning to show signs of advance. A higher rate of compensation growth would be a welcome development for U.S. workers, putting more discretionary income in their pockets and supporting a higher rate of consumption spending.

The wild card, as the year continues, will be developments on the political front. As we head in earnest into election season, it’s difficult to predict how political projections will affect the markets. Fortunately, the direct impact on the types of companies in which we invest should be minor, as they continue to produce solid results in a slowly expanding domestic economy. We will be carefully monitoring the political backdrop as the summer progresses for signs of impact on the markets and the companies we hold. We greatly value the confidence you place in us.

Best Regards,

Katherine L. Frank
President, Madison Funds

Not Part of the Semi-annual Report

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Madison Funds | April 30, 2016

Table of Contents

	Page
Review of Period	2
Madison Conservative Allocation Fund	2
Madison Moderate Allocation Fund	2
Madison Aggressive Allocation Fund	3
Madison Government Money Market Fund	3
Madison Tax-Free Virginia Fund	3
Madison Tax-Free National Fund	3
Madison High Quality Bond Fund	4
Madison Core Bond Fund	4
Madison Corporate Bond Fund	5
Madison High Income Fund	5
Madison Diversified Income Fund	5
Madison Covered Call & Equity Income Fund	6
Madison Dividend Income Fund	6
Madison Large Cap Value Fund	6
Madison Investors Fund	7
Madison Mid Cap Fund	7
Madison Small Cap Fund	7
Madison NorthRoad International Fund	8
Madison International Stock Fund	8
Madison Hansberger International Growth Fund	9
Madison Target Retirement Date Funds	9
Madison Target Retirement 2020 Fund	9
Madison Target Retirement 2030 Fund	10
Madison Target Retirement 2040 Fund	10
Madison Target Retirement 2050 Fund	10
Notes to Review of Period	11
Portfolios of Investments
Madison Conservative Allocation Fund	13
Madison Moderate Allocation Fund	13
Madison Aggressive Allocation Fund	13
Madison Government Money Market Fund	14
Madison Tax-Free Virginia Fund	14
Madison Tax-Free National Fund	15
Madison High Quality Bond Fund	17
Madison Core Bond Fund	17
Madison Corporate Bond Fund	20
Madison High Income Fund	21
Madison Diversified Income Fund	22
Madison Covered Call & Equity Income Fund	24
Madison Dividend Income Fund	25
Madison Large Cap Value Fund	26
Madison Investors Fund	27
Madison Mid Cap Fund	27
Madison Small Cap Fund	28
Madison NorthRoad International Fund	29
Madison International Stock Fund	29
Madison Hansberger International Growth Fund	30
Madison Target Retirement 2020 Fund	31
Madison Target Retirement 2030 Fund	31
Madison Target Retirement 2040 Fund	32
Madison Target Retirement 2050 Fund	32
Financial Statements
Statements of Assets and Liabilities	33
Statements of Operations	36
Statements of Changes in Net Assets	39
Financial Highlights	45
Notes to Financial Statements	60
Other Information	70
Privacy Policy	73

*Although each Fund’s name begins with the word “Madison,” the word “Madison” may be omitted in this report for simplicity when referring to any particular Fund, group of Funds or list of Funds.

Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.

For more complete information about Madison Funds, including charges and expenses, request a prospectus from your financial advisor or from Madison Funds, P.O. Box 8390, Boston, MA 02266-8390. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the investment company.

For more current performance information, please call 1-800-877-6089 or visit our website at www.madisonfunds.com. Current performance may be lower or higher than the performance data quoted within. Past performance does not guarantee future results.

Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.

1

Madison Funds | April 30, 2016

Review of Period (unaudited)

ALLOCATION FUNDS SUMMARY

The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds (the “Funds”) invest primarily in shares of registered investment companies (the “Underlying Funds”). The Funds will be diversified among a number of asset classes and their allocation among Underlying Funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the Funds’ investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:

• Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the Funds’ aim to achieve a favorable overall risk profile for any targeted portfolio return.

• Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the Funds under different economic and market conditions.

• Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. In addition, Madison has a flexible mandate which permits the Funds, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.

MADISON CONSERVATIVE ALLOCATION FUND

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison Conservative Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 35% equity investments and 65% fixed income investments. Underlying Funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the “Affiliated Underlying Funds”). Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:

• 0-20% money market funds;

• 20-80% debt securities (e.g., bond funds and convertible bond funds);

• 0-20% below-investment grade (“junk”) debt securities (e.g., high income funds);

• 10-50% equity securities (e.g., U.S. stock funds);

• 0-40% foreign securities (e.g., international stock and bond funds, including emerging market securities); and

• 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds).

PERFORMANCE DISCUSSION

The Madison Conservative Allocation Fund (Class A) returned 1.40% for the period, underperforming the Conservative Allocation Fund Custom Index return of 1.83%. The Fund outperformed its peers as measured by the Morningstar Conservative Allocation Category, which advanced 0.99%. For more up-to-date information about the most recent performance information of the Fund, please visit www. madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	3.2	%
Bond Funds	61.9	%
Foreign Stock Funds	8.0	%
Money Market Funds	1.9	%
Stock Funds	25.0	%
Net Other Assets and Liabilities	–

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Core Bond Fund Class Y	21.3	%
Baird Aggregate Bond Fund Institutional Shares	7.4	%
iShares 3-7 Year Treasury Bond ETF	7.3	%
Madison Corporate Bond Fund Class Y	7.1	%
Metropolitan West Total Return Bond Fund Class I	5.0	%
Madison Dividend Income Fund Class Y	5.0	%
iShares 7-10 Year Treasury Bond ETF	5.0	%
Madison Investors Fund Class Y	4.6	%
iShares TIPS Bond Fund ETF	4.6	%
Vanguard Value ETF	4.1	%

MADISON MODERATE ALLOCATION FUND

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:

• 0-15% money market funds;

• 10-60% debt securities (e.g., bond funds and convertible bond funds);

• 0-20% below-investment grade (“junk”) debt securities (e.g., high income funds);

• 20-80% equity securities (e.g., U.S. stock funds);

• 0-50% foreign securities (e.g., international stock and bond funds, including emerging market securities); and

• 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds).

PERFORMANCE DISCUSSION

The Madison Moderate Allocation Fund (Class A) returned 0.74% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned 1.06%. The Fund outpaced its Morningstar peer group as the Moderate Allocation Category returned an average of -0.03%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	3.2	%
Bond Funds	37.8	%
Foreign Stock Funds	13.9	%
Money Market Funds	1.8	%
Stock Funds	43.4	%
Net Other Assets and Liabilities	(0.1)	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Core Bond Fund Class Y	15.2	%
Madison Investors Fund Class Y	9.4	%
Madison Dividend Income Fund Class Y	7.5	%
iShares Intermediate Credit Bond ETF	5.5	%
iShares Core S&P Mid-Cap ETF	5.5	%
Vanguard Value ETF	5.1	%
iShares Core MSCI EAFE ETF	4.6	%
iShares 7-10 Year Treasury Bond ETF	4.5	%
Madison Large Cap Value Fund Class Y	4.0	%
iShares MSCI EAFE Minimum Volatility ETF	3.5	%

2

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

MADISON AGGRESSIVE ALLOCATION FUND

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Aggressive Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 85% equity investments and 15% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds. Although actual allocations may vary, the Fund’s asset allocation among asset classes and Underlying Funds is expected to be approximately:

• 0-10% money market funds;

• 0-30% debt securities, all of which could be in below investment grade (“junk”) debt securities (e.g., bond funds, convertible bond funds and high income funds);

• 30-90% equity securities (e.g., U.S. stock funds);

• 0-60% foreign securities (e.g., international stock and bond funds, including emerging market securities); and

• 0-20% alternative asset classes (e.g., real estate investment trust funds, natural resources funds, precious metal funds and long/short funds).

PERFORMANCE DISCUSSION

The Madison Aggressive Allocation Fund (Class A) returned 0.25% for the period, trailing its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 0.40%. The Fund outperformed its Morningstar Aggressive Allocation Category peer group, which averaged a -0.63% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	3.1	%
Bond Funds	17.5	%
Foreign Stock Funds	19.8	%
Money Market Funds	2.0	%
Stock Funds	57.7	%
Net Other Assets and Liabilities	(0.1)	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Madison Investors Fund Class Y	10.8	%
Madison Dividend Income Fund Class Y	9.0	%
iShares Core S&P Mid-Cap ETF	8.4	%
Madison Core Bond Fund Class Y	8.3	%
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares	7.5	%
iShares Core MSCI EAFE ETF	6.7	%
Vanguard Value ETF	5.0	%
Madison Large Cap Value Fund Class Y	5.0	%
iShares MSCI EAFE Minimum Volatility ETF	4.9	%
Vanguard Information Technology ETF	3.6	%

MADISON GOVERNMENT MONEY MARKET FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Government Money Market Fund (formerly known as Madison Cash Reserves Fund (see Note 1)) invests exclusively in U.S. dollar-denominated money market securities maturing in thirteen months or less from the date of purchase. These securities will be obligations of the U.S. Government and its agencies and instrumentalities, but may also include securities issued by U.S. and foreign financial institutions, corporations, municipalities, foreign governments, and multi-national organizations, such as the World Bank.

The Fund may invest in mortgage-backed and asset-backed securities, including those representing pools of mortgage, commercial, or consumer loans originated by financial institutions.

PERFORMANCE DISCUSSION

With the Federal Reserve continuing to pin short-term rates at near zero, management maintained its fee waivers to preserve investment capital. However, no dividends were produced over the course of this six-month period.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Fannie Mae	29.7	%
Federal Home Loan Bank	30.7	%
Freddie Mac	22.9	%
Money Market Funds	4.2	%
U.S. Treasury Notes	4.6	%
Net Other Assets and Liabilities	7.9	%

MADISON TAX-FREE VIRGINIA FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Tax-Free Virginia Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years.

PERFORMANCE DISCUSSION

The Madison Tax-Free Virginia Fund (Class Y) had a total return of 2.73% for the period. The Barclays Municipal Index was up 3.55%, while the Fund’s Morningstar peer group, the Municipal Single State Intermediate Category advanced 2.73%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Airport	1.0	%
Development	7.3	%
Education	13.7	%
Facilities	7.4	%
General	12.4	%
General Obligation	21.0	%
Medical	7.4	%
Multifamily Housing	6.1	%
Power	4.3	%
Transportation	5.6	%
Utilities	1.5	%
Water	10.8	%
Net Other Assets and Liabilities	1.5	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Northern Virginia Transportation Authority, 5.0%, 6/1/30	4.2	%
Fairfax County Redevelopment & Housing Authority, 4.75%, 10/1/36	3.5	%
City of Portsmouth VA, 5.0%, 2/1/31	3.3	%
Newport News Economic Development Authority, 5.0%, 7/1/25	3.3	%
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25	2.9	%
Chesterfield County Economic Development Authority, 5.0%, 5/1/23	2.8	%
Commonwealth of Virginia, 5.0%, 6/1/23	2.8	%
Virginia College Building Authority, 5.0%, 2/1/23	2.7	%
Virginia Resources Authority, 5.0%, 10/1/23	2.5	%
Loudoun County Economic Development Authority Revenue, 3.0%, 12/1/29	2.4	%

MADISON TAX-FREE NATIONAL FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Tax-Free National Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal income taxes. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average,

3

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this Fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this Fund will invest in bonds that are exempt from federal income tax.

PERFORMANCE DISCUSSION

The Madison Tax-Free National Fund (Class Y) had a total return of 3.51% for the period. The Barclays Municipal Index was up 3.55%, while the Fund’s Morningstar peer group, the Municipal National Long Category, advanced 3.65%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alabama	2.4	%
Arkansas	0.7	%
Colorado	1.8	%
Delaware	1.5	%
Florida	12.4	%
Georgia	4.8	%
Hawaii	2.0	%
Illinois	0.7	%
Indiana	3.5	%
Iowa	2.8	%
Kansas	3.3	%
Maryland	5.6	%
Michigan	3.4	%
Missouri	6.1	%
New Jersey	4.2	%
New Mexico	1.8	%
New York	3.3	%
North Carolina	5.2	%
Ohio	2.2	%
Pennsylvania	0.6	%
South Carolina	9.0	%
Tennessee	1.8	%
Texas	9.7	%
Virginia	2.2	%
Washington	3.0	%
Wisconsin	3.6	%
Net Other Assets and Liabilities	2.4	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Anderson County School District No. 1, General Obligation, 5.0%, 3/1/25	3.3	%
Maple School District, General Obligation, 5.0%, 4/1/24	2.9	%
City of Rockville MD, General Obligation, 5.0%, 6/1/24	2.8	%
City of Port St. Lucie FL Utility System Revenue, 5.0%, 9/1/27	2.6	%
Montgomery County Revenue Authority, 5.0%, 5/1/31	2.5	%
City of Wichita KS, General Obligation, 5.0%, 12/1/24	2.3	%
Orlando Utilities Commission, 5.0%, 10/1/22	2.3	%
County of Miami-Dade FL, 5.0%, 3/1/25	2.3	%
Town of Cary NC Combined Utility Systems Revenue, 5.0%, 12/1/23	2.2	%
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24	2.2	%

MADISON HIGH QUALITY BOND FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison High Quality Bond Fund seeks to achieve its investment objectives through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the Fund’s goals, the Fund’s management will (1) shorten or lengthen the dollar weighted average maturity of the Fund based on its anticipation of the movement of interest rates (the dollar weighted average maturity is expected to be ten years or less), and (2) monitor the yields of the various bonds that satisfy the Fund’s investment guidelines to determine the best combination of yield, credit risk and diversification for the Fund. Under normal market conditions, the Fund will invest at least 80% of its net assets in higher quality bond issues and, therefore, intends to maintain an overall portfolio quality rating of A by Standard & Poor’s and/or A2 by Moody’s or equivalent.

PERFORMANCE DISCUSSION

The Madison High Quality Bond Fund (Class Y) returned 1.33% for the period, trailing the Fund’s benchmark, the Barclays U.S. Intermediate Government Credit A+ Index, which advanced 1.97%. The Morningstar Short-Term Bond peer group gained 0.84% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	6.5	%
Consumer Staples	1.5	%
Energy	1.4	%
Fannie Mae	13.8	%
Financials	12.6	%
Freddie Mac	6.2	%
Health Care	2.9	%
Industrials	3.4	%
Information Technology	9.5	%
Money Market Funds	2.1	%
U.S. Treasury Notes	39.4	%
Net Other Assets and Liabilities	0.7	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Freddie Mac, 2.5%, 5/27/16	4.6	%
U.S. Treasury Note, 3.875%, 5/15/18	4.4	%
U.S. Treasury Note, 1.125%, 12/31/19	4.1	%
U.S. Treasury Note, 3.625%, 2/15/20	4.0	%
U.S. Treasury Note, 3.125%, 5/15/19	3.9	%
U.S. Treasury Note, 3.0%, 2/28/17	3.7	%
U.S. Treasury Note, 1.5%, 3/31/19	3.7	%
U.S. Treasury Note, 1.5%, 12/31/18	3.7	%
U.S. Treasury Note, 1.25%, 1/31/19	3.7	%
Fannie Mae, 1.25%, 1/30/17	3.7	%

MADISON CORE BOND FUND

INVESTMENT STRATEGY HIGHLIGHTS

Under normal market conditions, the Madison Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The Fund strives to add incremental return in the portfolio by making strategic decisions related to credit risk, sector exposure and yield curve positioning. The Fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.

PERFORMANCE DISCUSSION

The Madison Core Bond Fund (Class A) returned 2.56% for the period, trailing the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index, which advanced 2.82%, and the Bank of America Merrill Lynch U.S. Corporate Government and Mortgage Index, which advanced 2.85%. The Morningstar Intermediate-Term Bond peer group gained 2.33% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Asset Backed Securities	3.3	%
Collateralized Mortgage Obligations	2.6	%
Commercial Mortgage-Backed Securities	2.3	%
Corporate Notes and Bonds	31.2	%
Long Term Municipal Bonds	10.7	%
Mortgage Backed Securities	22.7	%
Short-Term Investments	2.8	%
U.S. Government and Agency Obligations	23.6	%
Net Other Assets and Liabilities	0.8	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
U.S. Treasury Note, 3.125%, 5/15/21	1.8	%
U.S. Treasury Bond, 4.5%, 5/15/38	1.7	%
U.S. Treasury Note, 0.75%, 3/15/17	1.6	%
U.S. Treasury Note, 2.75%, 2/28/18	1.4	%
U.S. Treasury Note, 2.625%, 1/31/18	1.4	%
U.S. Treasury Note, 1.875%, 10/31/17	1.4	%
U.S. Treasury Note, 1.375%, 2/28/19	1.4	%
U.S. Treasury Bond, 6.625%, 2/15/27	1.3	%
U.S. Treasury Note, 3.875%, 5/15/18	1.3	%
U.S. Treasury Note, 4.25%, 11/15/17	1.2	%

4

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

MADISON CORPORATE BOND FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Corporate Bond Fund seeks to achieve its investment objective through diversified investment in a broad range of corporate debt securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in income-producing corporate bonds, and at least 80% of its assets in investment grade bonds. Up to 20% of the Fund’s assets may be invested in non-investment grade fixed-income securities commonly referred to as “high yield” or “junk” bonds. The Fund expects to maintain an average overall portfolio quality of A- or better, an overall portfolio dollar weighted average maturity of 15 years or less, and an overall portfolio duration within 25% of the Barclays U.S. Credit Bond Index benchmark (with the flexibility to occasionally vary from the benchmark by up to 50% when the investment adviser believes interest rates are likely to materially change).

PERFORMANCE DISCUSSION

The Madison Corporate Bond Fund (Class Y) gained 3.70% for the period, while its benchmark, the Barclays U.S. Credit Bond Index, gained 4.15%. The Fund lagged its peer group, the Morningstar Corporate Bond category, which averaged a 3.81% gain. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	14.4	%
Consumer Staples	6.5	%
Energy	11.9	%
Financials†	34.1	%
Health Care	5.5	%
Industrials	7.2	%
Information Technology	4.7	%
Long Term Municipal Bonds	4.7	%
Materials	3.3	%
Money Market Funds	1.7	%
Telecommunication Services	4.7	%
Net Other Assets and Liabilities	1.3	%
†Financials includes securities in the following industries: Banks; Diversified Financial Services; Insurance; Machinery-Construction & Mining; Mining and Real Estate.

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Simon Property Group L.P., 4.125%, 12/1/21	1.9	%
Berkshire Hathaway Finance Corp., 5.4%, 5/15/18	1.8	%
General Electric Capital Corp., 6.75%, 3/15/32	1.8	%
Comcast Corp., 6.45%, 3/15/37	1.7	%
Valero Energy Corp., 6.625%, 6/15/37	1.7	%
AT&T Inc., 5.0%, 3/1/21	1.4	%
Wells Fargo & Co., 5.625%, 12/11/17	1.4	%
Affiliated Managers Group Inc., 4.25%, 2/15/24	1.3	%
Prudential Financial Inc., 3.5%, 5/15/24	1.3	%
Capital One Financial Corp., 2.45%, 4/24/19	1.3	%

MADISON HIGH INCOME FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison High Income Fund invests primarily in lower-rated, higher-yielding; income bearing securities, such as “junk” bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the Fund may rotate securities selection by business sector according to economic outlook. Under normal market conditions, the Fund invests at least 80% of its net assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.

PERFORMANCE DISCUSSION

The Madison High Income Fund (Class A) returned 1.20% during the period, trailing the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index’s 2.27% return. The Fund outperformed its Morningstar High Yield Bond category peer group, which returned 0.70%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	22.5	%
Consumer Staples	2.0	%
Energy	6.1	%
Financials	7.4	%
Health Care	10.9	%
Industrials	12.6	%
Information Technology	10.3	%
Materials	4.6	%
Money Market Funds	7.9	%
Telecommunication Services	5.6	%
Utilities	9.6	%
Net Other Assets and Liabilities	0.5	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Univision Communications Inc., 6.75%, 9/15/22	2.2	%
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.625%, 2/15/24	2.2	%
Belden Inc., 5.5%, 9/1/22	2.2	%
CenturyLink Inc., 7.5%, 4/1/24	2.1	%
Sinclair Television Group Inc., 6.375%, 11/1/21	1.8	%
AmeriGas Finance LLC / AmeriGas Finance Corp., 7.0%, 5/20/22	1.8	%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc., 9.125%, 10/15/20	1.8	%
Prospect Medical Holdings Inc., 8.375%, 5/1/19	1.8	%
Alliance Data Systems Corp., 6.375%, 4/1/20	1.8	%
Herts Corp.,The, 6.75%, 4/15/19	1.7	%

MADISON DIVERSIFIED INCOME FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds. Generally, however, bonds may constitute up to 80% of the Fund’s assets, stocks may constitute up to 70% of the Fund’s assets, real estate securities may constitute up to 25% of the Fund’s assets, foreign stocks and bonds may constitute up to 25% of the Fund’s assets and money market instruments may constitute up to 25% of the Fund’s assets. The Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund’s assets.

PERFORMANCE DISCUSSION

The Madison Diversified Income Fund (Class A) returned 3.02% for the period, outperforming its blended index (50% Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500^®) which returned 1.73%. The Fund’s designated Morningstar peer group, the Moderate Allocation category, averaged a -0.03% return for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Asset Backed Securities	1.3	%
Collateralized Mortgage Obligations	1.0	%
Commercial Mortgage-Backed Securities	1.1	%
Common Stocks	54.2	%
Corporate Notes and Bonds	14.8	%
Long Term Municipal Bonds	3.9	%
Mortgage Backed Securities	8.8	%
Short-Term Investments	4.4	%
U.S. Government and Agency Obligations	10.3	%
Net Other Assets and Liabilities	0.2	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Johnson & Johnson	2.3	%
Travelers Cos. Inc./The	2.3	%
McDonald’s Corp.	2.0	%
Exxon Mobil Corp.	2.0	%
Pfizer Inc.	2.0	%
Microsoft Corp.	1.9	%
Verizon Communications Inc.	1.8	%
General Electric Co.	1.7	%
Wells Fargo & Co.	1.6	%
US Bancorp	1.5	%

5

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

MADISON COVERED CALL & EQUITY INCOME FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Covered Call & Equity Income Fund (formerly the Madison Equity Income Fund) invests, under normal market conditions, primarily in common stocks of large-and mid-capitalization companies that are, in the view of the Fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the Fund’s assets among stocks in sectors of the economy based upon their views on forward earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.

The Fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The extent of option writing activity will depend upon market conditions and the portfolio managers’ ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the Fund by providing downside protection.

PERFORMANCE DISCUSSION

The Madison Covered Call & Equity Income Fund (Class Y) returned 1.94% for the period, outperforming its covered call benchmark, the CBOE S&P 500 BuyWrite Index (BXM), which returned -0.38%. The Fund outperformed the Morningstar Option Writing category’s return of -0.96%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary	10.4	%
Consumer Staples	4.6	%
Energy	8.9	%
Financials	8.8	%
Health Care	13.1	%
Industrials	6.5	%
Information Technology	14.4	%
Telecommunication Services	2.6	%
Exchange Traded Funds†	4.3	%
U.S. Government and Agency Obligations	5.3	%
Short-Term Investments	21.1	%
†Includes Put Options Purchased

TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
United Technologies Corp.	3.2	%
Apple Inc.	3.0	%
T-Mobile U.S. Inc.	2.7	%
CBS Corp., Class B	2.6	%
Cerner Corp.	2.5	%
Occidental Petroleum Corp.	2.5	%
Apache Corp.	2.4	%
Jacobs Engineering Group Inc.	2.4	%
T. Rowe Price Group Inc.	2.4	%
SPDR S&P 500 ETF Trust	2.3	%

MADISON DIVIDEND INCOME FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Dividend Income Fund invests in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the Fund’s net assets will be invested in dividend paying equity securities. The Fund typically owns 40-55 securities, which are chosen for having a current yield exceeding the S&P 500’s average yield, strong fundamentals (including an attractive balance sheet) and reasonable valuations at the time of purchase. A key attraction for management is a company with a history of increasing dividend payments and a business model which supports the possibility of continuing these increases in the future.

PERFORMANCE DISCUSSION

The Madison Dividend Income Fund (Class Y) returned 3.02% for the period, outperforming its benchmark, the S&P 500^® Index, which advanced 0.43%. This performance beat its peer group, as the Morningstar Large Value category was up 0.29%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary	8.8	%
Consumer Staples	12.5	%
Energy	7.9	%
Financials	14.4	%
Health Care	13.0	%
Industrials	16.5	%
Information Technology	12.6	%
Materials	1.9	%
Money Market Funds	4.8	%
Telecommunication Services	3.1	%
Utilities	4.3	%
Net Other Assets and Liabilities	0.2	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Johnson & Johnson	4.1	%
Travelers Cos. Inc./The	3.9	%
Exxon Mobil Corp.	3.6	%
McDonald’s Corp.	3.5	%
Microsoft Corp.	3.4	%
Pfizer Inc.	3.3	%
Verizon Communications Inc.	3.1	%
General Electric Co.	3.0	%
Accenture PLC, Class A	2.6	%
Wells Fargo & Co.	2.6	%

MADISON LARGE CAP VALUE FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Large Cap Value Fund will, under normal market conditions, invest primarily in large cap stocks. The Fund follows a “value” approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the Fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The Fund will diversify its holdings among various industries and among companies within those industries. The Fund typically sells a stock when the fundamental expectations for buying it no longer apply, the price exceeds its intrinsic value or other stocks appear more attractively priced relative to their intrinsic values.

PERFORMANCE DISCUSSION

The Madison Large Cap Value Fund (Class A) returned 2.10% for the period, leading its benchmark, the Russell 1000^® Value Index, which was up 1.93%. The Fund also beat its Morningstar peer group, Large Cap Value category, which showed a 0.29% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary	6.4	%
Consumer Staples	9.1	%
Energy	12.7	%
Financials†	27.3	%
Health Care	7.2	%
Industrials	16.0	%
Information Technology	8.0	%
Money Market Funds	8.7	%
Telecommunication Services	4.5	%
Utilities	1.5	%
Net Other Assets and Liabilities	(1.4)	%
†Financials includes securities in the following industries: Capital Markets; Commercial Banks; Diversified Financial Services Insurance; and Real Estate Investment Trusts (REITs).

6

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Exxon Mobil Corp.	4.5	%
General Electric Co.	4.4	%
Republic Services Inc.	4.1	%
Microsoft Corp.	4.0	%
Jacobs Engineering Group Inc.	4.0	%
Occidental Petroleum Corp.	3.8	%
Markel Corp.	3.7	%
Wells Fargo & Co.	3.6	%
American International Group Inc.	3.5	%
JM Smucker Co./The	3.5	%

MADISON INVESTORS FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Investors Fund invests primarily in the common stocks of established, high-quality growth companies. The Fund typically owns 25-40 securities which are selected using our long-held investment discipline of seeking high quality, proven companies and purchasing them when valuations appear advantageous. A rigorous three-pronged review process is followed when evaluating companies. The business model, the management team and the valuation of each potential investment are considered. Management strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows. Management corroborates this valuation work with additional valuation methodologies. The Fund typically sells a stock when the valuation target the portfolio managers have set for the stock has been achieved, the fundamental business prospects for the company have materially changed, or the portfolio managers find a more attractive alternative.

PERFORMANCE DISCUSSION

The Madison Investors Fund (Class Y) returned 3.81% for the period, outperforming its benchmark, the S&P 500^® Index, which advanced 0.43%. This performance outpaced its peer group, as the Morningstar Large Growth category returned -3.70%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary	15.0	%
Consumer Staples	14.1	%
Energy	1.3	%
Financials	19.7	%
Health Care	8.2	%
Industrials	14.3	%
Information Technology	17.0	%
Materials	3.7	%
Money Market Funds	6.5	%
Net Other Assets and Liabilities	0.2	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Berkshire Hathaway Inc., Class B	4.9	%
Discovery Communications Inc., Class C	4.8	%
Johnson & Johnson	4.7	%
Diageo PLC, ADR	4.7	%
US Bancorp	4.2	%
Jacobs Engineering Group Inc.	3.9	%
Oracle Corp.	3.9	%
Brookfield Asset Management Inc., Class A	3.8	%
JM Smucker Co./The	3.8	%
Danaher Corp.	3.8	%

MADISON MID CAP FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such mid-cap securities. The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The Fund’s portfolio managers believe in selecting stocks for the Fund that show steady, sustainable growth and reasonable valuation. As a result, stocks of issuers that are believed to have a blend of both value and growth potential will be selected for investment. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.

PERFORMANCE DISCUSSION

The Madison Mid Cap Fund (Class Y) returned 2.31% for the period, outperforming its benchmark Russell Midcap^® Index’s 0.81% return. The Fund outpaced its peer group, the Morningstar Mid-Cap Growth category, whose average return was -2.98%. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary†	28.1	%
Consumer Staples	2.9	%
Energy	3.3	%
Financials±	26.3	%
Health Care	7.5	%
Industrials	12.7	%
Information Technology	4.8	%
Materials	3.2	%
Money Market Funds	8.6	%
Net Other Assets and Liabilities	2.6	%
†Consumer Discretionary includes securities in the Media and Specialty Retail Industries.
±Financials includes securities in the following industries: Commercial Banks, Insurance, Real Estate Investment Trusts and Real Estate Management & Development.

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Ross Stores Inc.	5.5	%
Brown & Brown Inc.	5.1	%
Markel Corp.	4.7	%
Sally Beauty Holdings Inc.	4.7	%
Copart Inc.	4.3	%
Brookfield Asset Management Inc., Class A	4.0	%
Expeditors International of Washington Inc.	3.6	%
Liberty Broadband Corp., Class C	3.5	%
CarMax Inc.	3.3	%
Omnicom Group Inc.	3.3	%

MADISON SMALL CAP FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in such small cap securities. The portfolio managers employ a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify securities of companies they believe have attractive valuations. The portfolio managers focus on companies with a record of above average rates of profitability that sell at a discount relative to the overall small cap market. Through fundamental research, the portfolio managers seek to identify those companies which possess one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and financial structures that are more conservative than the relevant industry average.

7

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

PERFORMANCE DISCUSSION

The Madison Small Cap Fund (Class Y) returned 3.12% for the period, outperforming both the Russell 2000^® Index’s -1.90% and the Russell 2000^® Value Index’s 1.18% return. The Fund also outperformed its peer group average, as the Morningstar Small Blend category averaged a return of -1.18%. For more up-to-date information about the most recent performance information of the Fund, please visit www. madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Consumer Discretionary	6.2	%
Consumer Staples	4.6	%
Energy	5.6	%
Financials	22.4	%
Health Care	7.3	%
Industrials†	33.0	%
Information Technology	8.8	%
Materials	4.6	%
Money Market Funds	4.3	%
Utilities	3.2	%
Net Other Assets and Liabilities		–
†Industrials includes securities in the following industries: Aerospace Defense; Commercial Services & Supplies; Construction & Engineering; Electrical Equipment; Machinery and Professional Services.

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Mueller Industries Inc.	2.7	%
Webster Financial Corp.	2.5	%
Belden Inc.	2.5	%
G&K Services Inc., Class A	2.4	%
Albany International Corp., Class A	2.1	%
International Bancshares Corp.	2.1	%
Sensient Technologies Corp.	2.0	%
First Midwest Bancorp Inc.	1.9	%
FTI Consulting Inc.	1.9	%
Cubic Corp.	1.8	%

MADISON NORTHROAD INTERNATIONAL FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison NorthRoad International Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in the stock of foreign companies, with an emphasis on companies with a market capitalization of approximately $3 billion or greater. The Fund expects to have a relatively focused portfolio of between 25-50 holdings.

PERFORMANCE DISCUSSION

The Madison NorthRoad International Stock Fund (Class Y) returned -4.87% for the period, trailing the -3.07% return of the MSCI EAFE Index (net). The Fund also trailed its peer group, with the Morningstar Foreign Large Blend category averaging a -3.06% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
United Kingdom	25.5	%
France	15.1	%
Switzerland	14.6	%
Japan	9.2	%
Netherlands	9.2	%
Ireland	4.1	%
Denmark	3.9	%
Germany	3.1	%
United States	3.0	%
South Korea	2.5	%
Sweden	2.2	%
Brazil	2.0	%
Australia	1.8	%
Israel	1.8	%
Singapore	1.6	%
Net Other Assets and Liabilities	0.4	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Diageo PLC	3.6	%
Novartis AG	3.5	%
SAP SE	3.1	%
Total S.A.	3.1	%
Secom Co. Ltd.	3.0	%
LVMH Moet Hennessy Louis Vuitton SE	2.9	%
Sensata Technologies Holding N.V.	2.7	%
TE Connectivity Ltd.	2.6	%
WPP PLC	2.6	%
Nestle S.A.	2.6	%

MADISON INTERNATIONAL STOCK FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the Fund’s assets are invested in relatively large capitalization stocks of companies located or operating in developed countries. The Fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the Fund’s portfolio in such stocks which it believes have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The Fund may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.

PERFORMANCE DISCUSSION

The Madison International Stock Fund (Class A) returned -2.33% for the period, outperforming the -3.07% return of the MSCI EAFE Index (net). The Fund outperformed its peer group, with the Morningstar Foreign Large Blend Category averaging a -3.06% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
United Kingdom	22.9	%
Japan	19.4	%
France	8.0	%
Switzerland	6.5	%
United States	5.2	%
Ireland	4.7	%
Belgium	4.0	%
Sweden	3.5	%
Netherlands	2.8	%
Germany	2.5	%
Canada	2.3	%
Israel	2.2	%
Taiwan	1.8	%
Finland	1.7	%
Italy	1.7	%
Australia	1.6	%
Norway	1.5	%
Brazil	1.3	%
Turkey	1.3	%
Denmark	1.2	%
Spain	1.1	%
Luxembourg	0.7	%
Philippines	0.7	%
Thailand	0.6	%
Austria	0.3	%
Net Other Assets and Liabilities	0.5	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Novartis AG	3.8
Anheuser-Busch InBev N.V.	3.1
British American Tobacco PLC	2.9
Shire PLC	2.8
Daiwa House Industry Co. Ltd.	2.7
Bayer AG	2.5
Prudential PLC	2.4
KDDI Corp.	2.4
Teva Pharmaceutical Industries Ltd.	2.2
Royal Dutch Shell PLC	2.2

8

Madison Funds | Review of Period (unaudited) - continued | April 30, 2016

HANSBERGER INTERNATIONAL GROWTH FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Hansberger International Growth Fund seeks to achieve its investment objective by investing at least 80% of total assets in the equity securities (including common stock, preferred stock and convertible securities) of companies organized or located outside of the U.S. Even though these companies are based outside of the U.S., their securities may be traded on U.S. securities markets. The Fund will invest in at least three different countries and generally expects to be invested in more than three countries, including countries considered to be emerging market countries. The Fund anticipates that it will invest primarily in common stock, though the balance of its equity holdings may vary.

PERFORMANCE DISCUSSION

The Madison Hansberger International Growth Fund (Class I) returned -5.80% for the period, underperforming its benchmark, the MSCI ACWI ex USA (net) Index which returned -1.75%. The Fund underperformed its peer group, with the Morningstar Foreign Large Growth Category averaging a -2.85% return. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/16
Japan	14.9	%
United Kingdom	12.4	%
China	11.1	%
France	9.4	%
Germany	8.2	%
Switzerland	7.8	%
Canada	6.6	%
Netherlands	4.9	%
India	4.4	%
Mexico	3.6	%
South Korea	2.8	%
Ireland	2.7	%
Hong Kong	2.5	%
Norway	1.4	%
Singapore	1.4	%
Sweden	1.4	%
Spain	1.3	%
Denmark	1.1	%
Indonesia	1.0	%
United States	0.7	%
Net Other Assets and Liabilities	0.4	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Tencent Holdings Ltd.	3.2	%
CyberAgent Inc.	2.9	%
Alibaba Group Holding Ltd.	2.9	%
Nidec Corp.	2.7	%
Keyence Corp.	2.6	%
NXP Semiconductors N.V.	2.6	%
Carnival PLC	2.5	%
AIA Group Ltd.	2.5	%
Iliad S.A.	2.4	%
Zodiac Aerospace	2.4	%

TARGET RETIREMENT DATE FUNDS

The Madison Target Retirement Date Funds (the “Funds”) were launched on August 29, 2014 in R6 shares only, and are designed exclusively for use in retirement plans.

TARGET RETIREMENT 2020 FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Target Retirement 2020 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2020. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

PERFORMANCE DISCUSSION

The Madison Target Retirement 2020 Fund (Class R6) returned 1.47% for the period, outperforming the S&P Target Date^® To 2020 Index return of 0.99%. The Fund also outperformed its peers as measured by the Morningstar Target Date 2016-2020 category, which advanced 0.64% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	3.5	%
Bond Funds	59.4	%
Foreign Stock Funds	6.5	%
Money Market Funds	3.1	%
Stock Funds	26.6	%
Net Other Assets and Liabilities	0.9	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
iShares 3-7 Year Treasury Bond ETF	31.5	%
SPDR S&P 500 ETF Trust	15.0	%
iShares TIPS Bond Fund ETF	12.5	%
iShares 20+ Year Treasury Bond ETF	5.0	%
PowerShares Senior Loan Portfolio	4.0	%
SPDR Gold Shares	3.5	%
PowerShares Buyback Achievers Portfolio ETF	3.0	%
Vanguard Intermediate-Term Corporate Bond ETF	2.5	%
Vanguard Information Technology ETF	2.0	%
WisdomTree Europe Hedged Equity Fund	2.0	%

TARGET RETIREMENT 2030 FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Target Retirement 2030 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2030. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

PERFORMANCE DISCUSSION

The Madison Target Retirement 2030 Fund (Class R6) returned 0.79% for the period, compared to the S&P Target Date^® To 2030 Index return of 0.63%. The Fund also outperformed its peers as measured by the Morningstar Target Date 2026-2030 category, which returned -0.05% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

9

Madison Funds | Review of Period (unaudited) - concluded | April 30, 2016

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	4.0	%
Bond Funds	33.9	%
Foreign Stock Funds	11.5	%
Money Market Funds	3.0	%
Stock Funds	46.6	%
Net Other Assets and Liabilities	1.0	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust	26.1	%
iShares 3-7 Year Treasury Bond ETF	14.0	%
iShares TIPS Bond Fund ETF	11.0	%
iShares 20+ Year Treasury Bond ETF	5.0	%
PowerShares Buyback Achievers Portfolio ETF	4.0	%
SPDR Gold Shares	4.0	%
iShares Core S&P Mid-Cap ETF	3.0	%
Vanguard Information Technology ETF	3.0	%
iShares MSCI EAFE Minimum Volatility ETF	3.0	%
Vanguard FTSE All-World ex-U.S. ETF	2.5	%

TARGET RETIREMENT 2040 FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Target Retirement 2040 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2040. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

PERFORMANCE DISCUSSION

The Madison Target Retirement 2040 Fund (Class R6) returned 0.51% for the period, compared to the S&P Target Date^® To 2040 Index return of 0.26%. The Fund outperformed its peers as measured by the Morningstar Target Date 2036-2040 category, which returned -0.57% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	4.0	%
Bond Funds	23.9	%
Foreign Stock Funds	13.5	%
Money Market Funds	3.2	%
Stock Funds	54.6	%
Net Other Assets and Liabilities	0.8	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust	28.0	%
iShares TIPS Bond Fund ETF	9.5	%
iShares 3-7 Year Treasury Bond ETF	7.0	%
PowerShares Buyback Achievers Portfolio ETF	5.0	%
iShares 20+ Year Treasury Bond ETF	5.0	%
iShares MSCI EAFE Minimum Volatility ETF	4.5	%
Vanguard Information Technology ETF	4.0	%
SPDR Gold Shares	4.0	%
iShares Core S&P Mid-Cap ETF	3.5	%
Schwab U.S. Dividend Equity ETF	3.0	%

TARGET RETIREMENT 2050 FUND

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Target Retirement 2050 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund’s investment adviser for investors planning to retire in or within a few years of 2050. Over time, the Fund’s asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

PERFORMANCE DISCUSSION

The Madison Target Retirement 2050 Fund (Class R6) returned 0.29% for the period, compared the S&P Target Date^® To 2050 Index return of -0.01%. The Fund outperformed its peers as measured by the Morningstar Target Date 2046-2050 category, which returned -0.66% for the period. For more up-to-date information about the most recent performance information of the Fund, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Alternative Funds	4.0	%
Bond Funds	14.0	%
Foreign Stock Funds	15.5	%
Money Market Funds	3.2	%
Stock Funds	62.6	%
Net Other Assets and Liabilities	0.7	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
SPDR S&P 500 ETF Trust	30.0	%
iShares TIPS Bond Fund ETF	8.0	%
PowerShares Buyback Achievers Portfolio ETF	6.0	%
iShares MSCI EAFE Minimum Volatility ETF	6.0	%
Vanguard Information Technology ETF	5.0	%
iShares 20+ Year Treasury Bond ETF	5.0	%
iShares Core S&P Mid-Cap ETF	4.0	%
Schwab U.S. Dividend Equity ETF	4.0	%
SPDR Gold Shares	4.0	%
Vanguard FTSE All-World ex-U.S. ETF	3.5	%

10

Madison Funds | April 30, 2016

Notes to Review of Period

BENCHMARK DESCRIPTIONS

Allocation Fund Indexes*

The Conservative Allocation Fund Custom Index consists of 28% Russell 3000 Index, 7% MSCI ACWI ex-US Index and 65% Barclays US Aggregate Bond Index. See market index descriptions below.

The Moderate Allocation Fund Custom Index consists of 48% Russell 3000 Index, 12% MSCI ACWI ex-US Index and 40% Barclays US Aggregate Bond Index. See market index descriptions below.

The Aggressive Allocation Fund Custom Index consists of 64% Russell 3000 Index, 16% MSCI ACWI ex-US Index and 20% Barclays US Aggregate Bond Index. See market index descriptions below.

Target Date Fund Indexes
The S&P Target Date^® To Index Series

The S&P Target Date^® “To” Index Series consists of multi-asset class indices, and corresponds to specific target retirement dates. The series reflects the consensus asset allocation and glide path of a subset of target date funds that generally pursue investment policies characterized by static total equity exposure after retirement and a relatively conservative total equity exposure near retirement. As the overall universe becomes more conservative with the approach of each target date year, so will the index. The asset allocation is based on market observations through an annual survey of “to” target date fund managers, and is categorized by S&P Dow Jones Indices.

• The S&P Target Date^® To 2020 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2020.

• The S&P Target Date^® To 2030 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2030.

• The S&P Target Date^® To 2040 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2040.

• The S&P Target Date^® To 2050 is a benchmark for multi-class asset portfolios that corresponds to the target retirement date 2050.

Hybrid Fund Indexes*

The Custom Blended Index consists of 50% S&P 500^® Index and 50% Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index. See market index descriptions below.

Market Indexes

The CBOE S&P 500 BuyWrite Index^SM (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy (i.e., holding a long position in and selling covered call options on that position) on the S&P 500^® Index.

The Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.

The Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.

The Barclays U.S. Credit Bond Index is an unmanaged, market capitalization weighted index that covers the U.S. dollar denominated fixed-rate, taxable bond market, with maturities of one year or more.

The Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed-securities, asset-backed securities and corporate securities, with maturities greater than one year.

The Barclays U.S. Intermediate Government Credit Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with maturities between one and 10 years.

The Barclays U.S. Intermediate Government Credit A+ Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with quality ratings of A3/A- or better and maturities between one and 10 years.

The Barclays Municipal Bond Index measures the performance of the U.S. dollar denominated long-term tax exempt bond market.

THE MSCI ACWI ex-U.S. Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.- based companies. The Index includes both developed and emerging markets.

The MSCI EAFE (Europe, Australasia & Far East) Index is a free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.

The Russell 1000^® Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000^® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000^® Index.

The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.

The Russell Midcap^® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.

11

Madison Funds | Notes to Review of Period (unaudited) - concluded | April 30, 2016

The S&P 500^® Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.

*The Custom Indexes are calculated using a monthly re-balancing frequency (i.e., rebalanced back to original constituent weight every calendar month-end).

© 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

Past performance is no guarantee of future results.

12

Madison Funds | April 30, 2016

Madison Conservative Allocation Fund Portfolio of Investments (unaudited)

	Shares	Value (Note 2)
INVESTMENT COMPANIES - 100.0%
Alternative Funds - 3.2%
SPDR Gold Shares*	18,743	$	2,317,573
Bond Funds - 61.9%
Baird Aggregate Bond Fund Institutional
Shares	496,325		5,414,901
iShares 3-7 Year Treasury Bond ETF	42,171		5,297,943
iShares 7-10 Year Treasury Bond ETF	33,042		3,634,620
iShares Intermediate Credit Bond ETF	14,980		1,650,047
iShares TIPS Bond Fund ETF	28,849		3,314,173
Madison Core Bond Fund Class Y (A)	1,527,924		15,462,595
Madison Corporate Bond Fund Class Y (A)	446,801		5,160,547
Metropolitan West Total Return Bond Fund Class I	335,522		3,643,768
SPDR Barclays Short-Term High Yield Bond ETF	55,714		1,481,992
			45,060,586
Foreign Stock Funds - 8.0%
iShares Core MSCI EAFE ETF	34,273		1,857,597
iShares MSCI EAFE Minimum Volatility ETF	21,492		1,444,692
Madison NorthRoad International Fund Class Y (A)	117,514		1,151,638
SPDR S&P Emerging Asia Pacific ETF	8,349		610,562
WisdomTree Europe Hedged Equity Fund	13,921		728,764
			5,793,253
Money Market Funds - 1.9%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class	1,413,615		1,413,615
Stock Funds - 25.0%
Energy Select Sector SPDR Fund	3,261		220,150
iShares Russell Mid-Cap ETF	15,356		2,527,290
Madison Dividend Income Fund Class Y (A)	166,112		3,637,848
Madison Investors Fund Class Y (A)	174,675		3,334,544
Madison Large Cap Value Fund Class Y (A)	24,019		353,807
Madison Mid Cap Fund Class Y (A)	128,011		1,093,215
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares	120,118		1,768,132
VanEck Vectors Agribusiness ETF	12,846		625,729
Vanguard Growth ETF	5,327		562,584
Vanguard Information Technology ETF	10,002		1,044,309
Vanguard Value ETF	36,036		3,014,051
			18,181,659
TOTAL INVESTMENTS - 100.0%
(Cost $71,891,110**)			72,766,686
NET OTHER ASSETS AND LIABILITIES - 0.0%			(20,872	)
TOTAL NET ASSETS - 100.0%		$	72,745,814

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $72,070,175.
(A)	Affiliated Company (see Note 12).
ETF	Exchange Traded Fund.

Madison Moderate Allocation Fund Portfolio of Investments (unaudited)

	Shares	Value (Note 2)
INVESTMENT COMPANIES - 100.1%
Alternative Funds - 3.2%
SPDR Gold Shares*	36,395	$	4,500,242
Bond Funds - 37.8%
Baird Aggregate Bond Fund Institutional
Shares	435,466		4,750,931
iShares 3-7 Year Treasury Bond ETF	35,946		4,515,896
iShares 7-10 Year Treasury Bond ETF	57,942		6,373,620
iShares Intermediate Credit Bond ETF	71,503		7,876,055
iShares TIPS Bond Fund ETF	37,702		4,331,206
Madison Core Bond Fund Class Y (A)	2,147,334		21,731,019
Metropolitan West Total Return Bond Fund Class I	334,449		3,632,115
SPDR Barclays Short-Term High Yield Bond ETF	26,892		715,327
			53,926,169
Foreign Stock Funds - 13.9%
iShares Core MSCI EAFE ETF	120,955		6,555,761
iShares MSCI EAFE Minimum Volatility ETF	74,059		4,978,246
Madison NorthRoad International Fund Class Y (A)	341,393		3,345,648
SPDR S&P Emerging Asia Pacific ETF	27,527		2,013,050
WisdomTree Europe Hedged Equity Fund	54,593		2,857,944
			19,750,649
Money Market Funds - 1.8%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class	2,550,440		2,550,440
Stock Funds - 43.4%
Energy Select Sector SPDR Fund	18,449		1,245,492
iShares Core S&P Mid-Cap ETF	53,300		7,772,739
Madison Dividend Income Fund Class Y (A)	488,689		10,702,291
Madison Investors Fund Class Y (A)	705,317		13,464,496
Madison Large Cap Value Fund Class Y (A)	388,180		5,717,898
Madison Mid Cap Fund Class Y (A)	340,479		2,907,692
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares	316,837		4,663,838
VanEck Vectors Agribusiness ETF	39,793		1,938,317
Vanguard Growth ETF	23,461		2,477,716
Vanguard Information Technology ETF	36,085		3,767,635
Vanguard Value ETF	87,137		7,288,139
			61,946,253
TOTAL INVESTMENTS - 100.1%
(Cost $138,151,383**)			142,673,753
NET OTHER ASSETS AND LIABILITIES - (0.1%)			(97,430	)
TOTAL NET ASSETS - 100.0%		$	142,576,323

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $138,737,398.
(A)	Affiliated Company (see Note 12).
ETF	Exchange Traded Fund.

Madison Aggressive Allocation Fund Portfolio of Investments (unaudited)

	Shares	Value (Note 2)
INVESTMENT COMPANIES - 100.1%
Alternative Funds - 3.1%
SPDR Gold Shares*	15,562	$	1,924,241
Bond Funds - 17.5%
iShares 3-7 Year Treasury Bond ETF	10,810		1,358,060
iShares 7-10 Year Treasury Bond ETF	18,971		2,086,810
iShares Intermediate Credit Bond ETF	14,683		1,617,333
Madison Core Bond Fund Class Y (A)	499,599		5,055,943
Metropolitan West Total Return Bond Fund Class I	57,053		619,601
			10,737,747
Foreign Stock Funds - 19.8%
iShares Core MSCI EAFE ETF	75,849		4,111,016
iShares MSCI EAFE Minimum Volatility ETF	45,111		3,032,361
Madison NorthRoad International Fund Class Y (A)	195,535		1,916,245
SPDR S&P Emerging Asia Pacific ETF	20,990		1,534,999
WisdomTree Europe Hedged Equity Fund	29,335		1,535,687
			12,130,308
Money Market Funds - 2.0%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class	1,200,365		1,200,365
Stock Funds - 57.7%
Energy Select Sector SPDR Fund	10,368		699,944
iShares Core S&P Mid-Cap ETF	35,139		5,124,320
Madison Dividend Income Fund Class Y (A)	251,245		5,502,257
Madison Investors Fund Class Y (A)	347,381		6,631,500
Madison Large Cap Value Fund Class Y (A)	209,406		3,084,547
Madison Mid Cap Fund Class Y (A)	252,207		2,153,846
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares	312,458		4,599,388
VanEck Vectors Agribusiness ETF	21,837		1,063,680
Vanguard Growth ETF	10,976		1,159,175
Vanguard Information Technology ETF	21,241		2,217,773
Vanguard Value ETF	36,910		3,087,152
			35,323,582
TOTAL INVESTMENTS - 100.1%
(Cost $58,851,183**)			61,316,243
NET OTHER ASSETS AND LIABILITIES - (0.1%)			(44,142	)
TOTAL NET ASSETS - 100.0%		$	61,272,101

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $59,235,087.
(A)	Affiliated Company (see Note 12).
ETF	Exchange Traded Fund.

See accompanying Notes to Financial Statements.

13

Madison Funds | April 30, 2016

Madison Government Money Market Fund (formerly Madison Cash Reserves Fund)
Portfolio of Investments (unaudited)

		Par Value	Value (Note 2)
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 87.9%
Fannie Mae - 29.7%
0.233%, 5/2/16 (A)	$	1,065,000	$	1,064,993
0.335%, 5/9/16 (A)		700,000		699,949
0.335%, 5/18/16 (A)		650,000		649,899
0.254%, 5/31/16 (A)		250,000		249,948
0.350%, 6/1/16 (A)		400,000		399,881
0.233%, 6/22/16 (A)		900,000		899,701
0.305%, 7/6/16 (A)		1,550,000		1,549,146
0.625%, 8/26/16		250,000		250,165
				5,763,682
Federal Home Loan Bank - 30.7%
0.340%, 5/4/16 (A)		500,000		499,986
0.335%, 5/17/16 (A)		500,000		499,927
0.274%, 5/25/16 (A)		700,000		699,874
0.279%, 6/1/16 (A)		1,100,000		1,099,740
0.289%, 6/16/16 (A)		750,000		749,727
0.314%, 6/17/16 (A)		500,000		499,798
0.289%, 6/20/16 (A)		300,000		299,881
0.304%, 6/24/16 (A)		200,000		199,910
0.325%, 6/30/16 (A)		800,000		799,573
0.340%, 7/13/16 (A)		600,000		599,592
				5,948,008
Freddie Mac - 22.9%
0.366%, 5/10/16 (A)		1,600,000		1,599,877
0.500%, 5/13/16		735,000		735,013
2.500%, 5/27/16		1,008,000		1,009,534
0.365%, 6/9/16 (A)		1,100,000		1,099,571
				4,443,995
U.S. Treasury Notes - 4.6%
0.250%, 5/15/16		900,000		900,055
Total U.S. Government and Agency
Obligations (Cost $17,055,740)				17,055,740
INVESTMENT COMPANIES - 4.2%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		824,518		824,518
Total Investment Companies				824,518
(Cost $824,518)
TOTAL INVESTMENTS - 92.1%
(Cost $17,880,258**)				17,880,258
NET OTHER ASSETS AND LIABILITIES - 7.9%				1,533,154
TOTAL NET ASSETS - 100.0%			$	19,413,412

**	Aggregate cost for Federal tax purposes was $17,880,258.
(A)	Rate noted represents annualized yield at time of purchase.

Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited)

		Par Value	Value (Note 2)
MUNICIPAL BONDS - 98.5%
Airport - 1.0%
Metropolitan Washington Airports Authority Revenue, Series B, (BHAC-CR), 3.75%, 10/1/18	$	210,000	$	224,746
Development - 7.3%
Fairfax County Economic Development Authority, Series A, 5%, 10/1/26		150,000		187,429
Norfolk Economic Development Authority, 5%, 11/1/29		480,000		548,098
Powhatan County Economic Development Authority, 3%, 9/15/28		200,000		208,980
Virginia Housing Development Authority, Series C, 1.5%, 4/1/19		200,000		202,628
Wise County Industrial Development Authority Revenue, Series A (A), 1.875%, 11/1/40		500,000		508,975
				1,656,110
Education - 13.7%
Henrico County Economic Development Authority, 4%, 4/15/42		220,000		228,131
University of Virginia, 5%, 6/1/40		255,000		274,689
Virginia College Building Authority, (ST APPROP), 5%, 2/1/23		500,000		617,215
Virginia College Building Authority, (Prerefunded 9/1/18 @ $100), (ST APPROP), 5%, 9/1/26		140,000		153,584
Virginia College Building Authority, Series A, (ST APPROP), 5%, 2/1/29		375,000		414,491
Virginia Commonwealth University, Series A, 5%, 5/1/26		385,000		464,195
Virginia Public School Authority, 5%, 12/1/18		100,000		109,981
Virginia Public School Authority, Series A, (Prerefunded 8/1/18 @ $100), (ST APPROP), 5%, 8/1/27		350,000		382,424
Virginia Public School Authority, (ST AID WITHHLDG), 3%, 8/1/33		450,000		453,825
				3,098,535
Facilities - 7.4%
New River Valley Regional Jail Authority, 5%, 10/1/25		100,000		126,001
Newport News Economic Development Authority, (Prerefunded 7/1/16 @ $100), 5%, 7/1/25		745,000		750,327
Stafford County & Staunton Industrial Development Authority, (NATL-RE), 4.5%, 8/1/25		50,000		50,065
Virginia Public Building Authority, Series B, (Prerefunded 8/1/18 @ $100), 5.25%, 8/1/23		200,000		219,872
Western Regional Jail Authority, 3.125%, 12/1/29		500,000		521,685
				1,667,950
General - 12.4%
Fairfax County Economic Development Authority, 4.25%, 8/1/29		340,000		376,802
Loudoun County Economic Development Authority Revenue, 3%, 12/1/29		535,000		551,194
Northern Virginia Transportation Authority, 5%, 6/1/30		780,000		949,135
Puerto Rico Public Finance Corp, (Escrowed To Maturity) (AMBAC)*, 5.5%, 8/1/27		100,000		132,352
Territory of Guam, Series A, 5%, 1/1/26		150,000		171,894
Virgin Islands Public Finance Authority, (NATL-RE), 5%, 10/1/23		100,000		101,758
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30		250,000		264,845
Virginia Resources Authority, (MORAL OBLG), 5%, 11/1/23		200,000		239,098
				2,787,078
General Obligation - 21.0%
City of Danville VA, Series A, (ST AID WITHHLDG), 5%, 8/1/23		190,000		234,295
City of Fredericksburg VA, Series A, 3.625%, 7/15/30		400,000		419,116
City of Hampton VA, Series A, 5%, 1/15/21		250,000		276,825
City of Norfolk VA, Series A (Prerefunded 11/1/19 @ $100), 4.125%, 11/1/27		75,000		83,214
City of Portsmouth VA, Series A, (ST AID WITHHLDG), 5%, 2/1/31		635,000		753,250
City of Richmond VA, Series C, (ST AID WITHHLDG), 5%, 7/15/22		100,000		116,042
City of Roanoke VA, Series A, (Prerefunded 2/1/20 @ $100), (ST AID WITHHLDG), 5%, 2/1/25		230,000		264,157
City of Virginia Beach VA, Series A, 4%, 8/1/22		300,000		348,600
Commonwealth of Virginia, Series B (Prerefunded 6/1/18 @ $100), 5%, 6/1/21		175,000		190,285
Commonwealth of Virginia, Series A, 5%, 6/1/23		500,000		626,575
Commonwealth of Virginia, Series B, 5%, 6/1/27		150,000		168,269
County of Arlington VA, (Prerefunded 1/15/17 @ $100), 5%, 1/15/25		175,000		180,397
County of Fairfax VA, Series B, (ST AID WITHHLDG), 4%, 10/1/22		250,000		292,042
County of Henrico VA, Series A, (Prerefunded 12/1/18 @ $100), 5%, 12/1/24		200,000		221,636
County of Henrico VA, 5%, 7/15/25		150,000		174,264
County of Prince William VA, (ST AID WITHHLDG), 5%, 8/1/21		105,000		125,859
Town of Leesburg VA, (ST AID WITHHLDG), 5%, 1/15/25		90,000		115,508
Town of Leesburg VA, Series A, 5%, 1/15/41		135,000		154,896
				4,745,230
Medical - 7.4%
Fredericksburg Economic Development Authority, 5.25%, 6/15/18		250,000		268,293
Harrisonburg Industrial Development Authority, (AMBAC)*, 5%, 8/15/46		180,000		181,973
Henrico County Economic Development Authority, (NATL-RE), 6%, 8/15/16		60,000		60,899
Norfolk Economic Development Authority, Series B, 5%, 11/1/36		480,000		551,184
Roanoke Economic Development Authority, Series B, (Escrowed To Maturity) (NATL-RE), 6.125%, 7/1/17		265,000		273,779
Virginia Small Business Financing Authority, 5%, 11/1/40		300,000		336,693
				1,672,821

See accompanying Notes to Financial Statements.

14

Madison Funds | April 30, 2016

Madison Tax-Free Virginia Fund Portfolio of Investments (unaudited) - continued

		Par Value	Value (Note 2)
MUNICIPAL BONDS - continued
Multifamily Housing - 6.1%
Fairfax County Redevelopment & Housing Authority, 4.75%, 10/1/36	$	725,000	$	780,919
Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39		300,000		325,887
Virginia Housing Development Authority, Series E, 4.8%, 10/1/39		250,000		259,115
				1,365,921
Power - 4.3%
Chesterfield County Economic Development Authority, Series A, 5%, 5/1/23		565,000		627,201
Puerto Rico Electric Power Authority, (BHAC-CR MBIA-RE FGIC), 5.25%, 7/1/24		290,000		346,982
				974,183
Transportation - 5.6%
Puerto Rico Highways & Transportation Authority, Series N, (ASSURED GTY), 5.25%, 7/1/34		100,000		103,978
Richmond Metropolitan Authority, (Escrowed To Maturity) (NATL-RE), 5.25%, 7/15/22		60,000		69,268
Richmond Metropolitan Authority, (NATL- RE), 5.25%, 7/15/22		140,000		162,400
Virginia Commonwealth Transportation Board, Series A, 5%, 9/15/24		225,000		270,866
Virginia Commonwealth Transportation Board, 5%, 3/15/25		535,000		651,138
				1,257,650
Utilities - 1.5%
City of Richmond VA, Series A, 5%, 1/15/38		300,000		349,596
Water - 10.8%
Fairfax County Water Authority, 5.25%, 4/1/23		180,000		226,829
Fairfax County Water Authority, 5%, 4/1/27		150,000		181,464
Hampton Roads Sanitation District, (Prerefunded 4/1/18 @ $100), 5%, 4/1/33		90,000		97,179
Hampton Roads Sanitation District, (Prerefunded 4/1/18 @ $100), 5%, 4/1/33		160,000		172,923
Prince William County Service Authority, 5%, 7/1/22		250,000		306,228
Upper Occoquan Sewage Authority, Series A, (NATL-RE), 5.15%, 7/1/20		500,000		544,740
Virginia Resources Authority, (Prerefunded 10/1/19 @ $100), (ST AID WITHHLDG), 5%, 10/1/23		500,000		569,195
Virginia Resources Authority, (Prerefunded 10/1/19 @ $100), (ST AID WITHHLDG), 4.5%, 10/1/28		160,000		179,462
Virginia Resources Authority, (Prerefunded 11/1/16 @ $100), 5%, 11/1/31		140,000		143,006
Virginia Resources Authority, 5%, 11/1/31		20,000		20,421
				2,441,447
TOTAL INVESTMENTS - 98.5% (Cost $21,136,708**)				22,241,267
NET OTHER ASSETS AND LIABILITIES - 1.5%				327,461
TOTAL NET ASSETS - 100.0%			$	22,568,728

*	This bond is covered by insurance issued by Ambac Assurance Corporation (“AMBAC”). On November 8, 2010, Ambac Financial Group, Inc., the holding company of AMBAC, announced that it had filed for Chapter 11 bankruptcy protection. Although AMBAC’s claim-paying ability appears strong at this point, its ultimate ability to guarantee timely payment of principal and interest on these bonds, should they default, will be dependent on the timing and magnitude of losses within the entity’s overall portfolio.
**	Aggregate cost for Federal tax purposes was $21,136,708.
(A)	Floating rate or variable rate note. Rate shown is as of April 30, 2016.

AMBAC	AMBAC Indemnity Corp.
ASSURED GTY	Assured Guaranty.
BHAC-CR	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Co.
MBIA-RE	MBIA Insurance Corp.
MORAL OBLG	Moral Obligation.
NATL-RE	National Public Finance Guarantee Corp.
ST AID WITHHLDG	State Aid Withholding.
ST APPROP	State Appropriations.

Madison Tax-Free National Fund Portfolio of Investments (unaudited)

		Par Value	Value (Note 2)
MUNICIPAL BONDS - 97.6%
Alabama - 2.4%
Alabama Incentives Financing Authority Revenue, Series A, 5%, 9/1/29	$	300,000	$	336,417
Tuscaloosa Public Educational Building Authority, (ASSURED GTY), 6.375%, 7/1/28		295,000		327,158
				663,575
Arkansas - 0.7%
City of Fort Smith AR Water & Sewer Revenue, (AGM), 5%, 10/1/21		175,000		191,263
Colorado - 1.8%
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27		400,000		507,336
Delaware - 1.5%
State of Delaware, General Obligation, Series A, 5%, 8/1/25		345,000		430,512
Florida - 12.4%
City of Port St. Lucie FL Utility System Revenue, 5%, 9/1/27		600,000		712,308
County of Miami-Dade FL, Series B, 5%, 3/1/25		525,000		640,720
Hillsborough County Industrial Development Authority, 5%, 10/1/34		450,000		505,247
Lee County Industrial Development Authority, 5%, 11/1/28		500,000		581,890
Orlando Utilities Commission, Series C, 5%, 10/1/22		525,000		642,253
Palm Beach County Solid Waste Authority, 5%, 10/1/24		300,000		358,305
				3,440,723
Georgia - 4.8%
City of Atlanta GA Water & Wastewater Revenue, (AGM), 5.75%, 11/1/30		300,000		423,300
City of Columbus GA Water & Sewerage Revenue, Series A, 5%, 5/1/31		430,000		515,007
Dublin GA School District, General Obligation, (ST AID WITHHLDG), 4%, 4/1/23		135,000		154,836
Georgia State Road & Tollway Authority, Series A, 5%, 6/1/21		90,000		100,699
Private Colleges & Universities Authority, Series C, 5%, 9/1/38		130,000		140,978
				1,334,820
Hawaii - 2.0%
State of Hawaii, General Obligation, Series EY, 5%, 10/1/25		435,000		558,444
Illinois - 0.7%
Regional Transportation Authority, Series A, (AMBAC GO of AUTH)*, 7.2%, 11/1/20		165,000		190,464
Indiana - 3.5%
Indiana Finance Authority, 5%, 2/1/21		400,000		458,612
Indianapolis Local Public Improvement Bond Bank, Series A, (ASSURED GTY), 5.5%, 1/1/38		475,000		527,217
				985,829
Iowa - 2.8%
City of Bettendorf IA, General Obligation, Series A, 5%, 6/1/28		475,000		545,751
City of Bettendorf IA, General Obligation, Series A, 5%, 6/1/30		210,000		240,559
				786,310
Kansas - 3.3%
City of Wichita KS, General Obligation, Series 816, 5%, 12/1/24		510,000		651,234
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24		220,000		260,808
				912,042
Maryland - 5.6%
City of Rockville MD, General Obligation, Series A, 5%, 6/1/24		600,000		765,948
Maryland State Transportation Authority, Series A, 5%, 7/1/18		100,000		109,013
Montgomery County Revenue Authority, Series A, 5%, 5/1/31		600,000		694,686
				1,569,647
Michigan - 3.4%
Detroit City School District, General Obligation, Series A, (FGIC Q-SBLF), 6%, 5/1/20		400,000		467,792
Redford Unified School District No. 1, General Obligation, (AMBAC Q-SBLF)*, 5%, 5/1/22		410,000		471,525
				939,317

See accompanying Notes to Financial Statements.

15

Madison Funds | April 30, 2016

Madison Tax-Free National Fund Portfolio of Investments (unaudited) - continued

		Par Value	Value (Note 2)
MUNICIPAL BONDS - continued
Missouri - 6.1%
County of St Louis MO, Series D, (Escrowed To Maturity), 5.65%, 2/1/20	$	500,000	$	581,160
Missouri State Board of Public Buildings, Series B, 4%, 4/1/25		525,000		609,357
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25		400,000		510,372
				1,700,889
New Jersey - 4.2%
City of Elizabeth NJ, General Obligation, (AGM), 3%, 4/1/24		300,000		325,731
New Jersey State Turnpike Authority, Series A, (BHAC-CR FSA), 5.25%, 1/1/28		250,000		327,725
New Jersey State Turnpike Authority, Series A, (BHAC-CR FSA), 5.25%, 1/1/29		250,000		329,620
Union County Improvement Authority, Series A, 4%, 2/1/25		150,000		172,341
				1,155,417
New Mexico - 1.8%
Farmington Municipal School District No. 5, General Obligation, Series A, (ST AID WITHHLDG), 3%, 9/1/23		450,000		489,731
New York - 3.3%
New York State Dormitory Authority, Series 1, (BHAC-CR AMBAC)*, 5.5%, 7/1/31		250,000		334,080
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28		455,000		578,824
				912,904
North Carolina - 5.2%
North Carolina Medical Care Commission, Series A, (HUD SECT 8), 5.5%, 10/1/24		500,000		501,650
State of North Carolina, Series A, 4.5%, 5/1/27		200,000		219,896
State of North Carolina, General Obligation, Series D, 4%, 6/1/21		100,000		114,702
Town of Cary NC Combined Utility Systems Revenue, 5%, 12/1/23		500,000		618,705
				1,454,953
Ohio - 2.2%
Cleveland-Cuyahoga County Port Authority, 5%, 7/1/24		500,000		613,650
Pennsylvania - 0.6%
Lehigh County General Purpose Authority, Series A, (NATL-RE GO of HOSP), 7%, 7/1/16		170,000		171,737
South Carolina - 9.0%
Anderson County School District No. 1, General Obligation, Series A, (SCSDE), 5%, 3/1/25		720,000		921,398
City of Bennettsville SC Combined Utility System Revenue, (BAM), 3.5%, 2/1/24		465,000		525,827
County of Richland SC, General Obligation, Series A, (ST AID WITHHLDG), 4%, 3/1/27		495,000		570,631
York County School District No. 1, General Obligation, Series A, (Prerefunded 3/1/19 @ $100), (SCSDE), 5%, 3/1/27		440,000		491,515
				2,509,371
Tennessee - 1.8%
Gibson County Special School District, (BAM), 5%, 4/1/26		300,000		368,727
Jackson Energy Authority, 4.75%, 6/1/25		100,000		117,595
				486,322
Texas - 9.7%
Beaumont Independent School District, General Obligation, (PSF-GTD), 4.75%, 2/15/38		300,000		325,854
City of San Antonio TX, Water System Revenue, 5.125%, 5/15/29		500,000		551,275
Liberty Hill Independent School District, General Obligation, (PSF-GTD), 5%, 8/1/26		410,000		460,639
Mueller Local Government Corp., 5%, 9/1/25		500,000		507,325
San Jacinto College District Revenue, 3.625%, 2/15/30		250,000		262,963
San Jacinto River Authority, (BAM), 4%, 10/1/23		200,000		227,856
State of Texas, General Obligation, Series C, 5%, 8/1/27		330,000		372,220
				2,708,132
Virginia - 2.2%
Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39		100,000		108,629
Virginia Commonwealth Transportation Board, 5%, 3/15/23		200,000		241,020
Virginia Housing Development Authority, Series E, 4.8%, 10/1/39		250,000		259,115
				608,764
Washington - 3.0%
State of Washington, General Obligation, Series E, 5%, 2/1/29		205,000		248,573
University of Washington, Series A, 5%, 7/1/32		500,000		598,660
				847,233
Wisconsin - 3.6%
Maple School District, General Obligation, Series A, 5%, 4/1/24		650,000		796,763
Wisconsin Health & Educational Facilities Authority, 5.25%, 10/1/21		200,000		203,486
				1,000,249
TOTAL INVESTMENTS - 97.6% (Cost $25,243,929**)				27,169,634
NET OTHER ASSETS AND LIABILITIES - 2.4%				671,016
TOTAL NET ASSETS - 100.0%			$	27,840,650

*

This bond is covered by insurance issued by Ambac Assurance Corporation (“AMBAC”). On November 8, 2010, Ambac Financial Group, Inc., the holding company of AMBAC, announced that it had filed for Chapter 11 bankruptcy protection. Although AMBAC’s claim-paying ability appears strong at this point, its ultimate ability to guarantee timely payment of principal and interest on these bonds, should they default, will be dependent on the timing and magnitude of losses within the entity’s overall portfolio.

**

Aggregate cost for Federal tax purposes was $25,243,929.

AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Indemnity Corp.
ASSURED GTY	Assured Guaranty.
BAM	Build America Mutual Assurance Co.
BHAC-CR	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Co.
FSA	Financial Security Assurance.
GO of AUTH	General Obligation of the Authority.
GO of HOSP	General Obligation of the Hospital District.
HUD SECT 8	HUD Insured Multifamily Housing.
NATL-RE	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed.
Q-SBLF	Qualified School Board Loan Fund.
SCSDE	South Carolina School District-Enhanced (State of SC’s Intercept program).
ST AID DIR DEP	State Aid Direct Deposit.
ST AID WITHHLDG	State Aid Withholding.

See accompanying Notes to Financial Statements.

16

Madison Funds | April 30, 2016

Madison High Quality Bond Fund Portfolio of Investments (unaudited)

		Par Value	Value (Note 2)
CORPORATE NOTES AND BONDS - 37.8%
Consumer Discretionary - 6.5%
Comcast Corp., 3.125%, 7/15/22	$	2,000,000	$	2,119,950
Home Depot Inc./The, 2%, 6/15/19		2,000,000		2,046,440
Target Corp., 2.9%, 1/15/22		2,000,000		2,115,818
Walt Disney Co./The, MTN, 1.1%, 12/1/17		750,000		753,169
				7,035,377
Consumer Staples - 1.5%
Coca-Cola Co./The, 2.45%, 11/1/20		1,500,000		1,565,630
Energy - 1.4%
Chevron Corp., 2.427%, 6/24/20		1,500,000		1,541,240
Financials - 12.6%
American Express Credit Corp., 2.125%, 7/27/18		1,000,000		1,015,518
Bank of New York Mellon Corp./The, MTN, 1.35%, 3/6/18		500,000		501,899
Goldman Sachs Group Inc./The, 2.625%, 1/31/19		1,360,000		1,387,850
John Deere Capital Corp., MTN, 1.4%, 3/15/17		2,000,000		2,011,918
JPMorgan Chase & Co., 2.25%, 1/23/20		2,000,000		2,014,644
Morgan Stanley, 2.8%, 6/16/20		2,000,000		2,039,200
Simon Property Group L.P., 4.125%, 12/1/21		1,750,000		1,927,049
US Bancorp, MTN, 1.95%, 11/15/18		750,000		763,417
Wells Fargo & Co., 5.625%, 12/11/17		2,000,000		2,136,308
				13,797,803
Health Care - 2.9%
Merck & Co. Inc., 3.875%, 1/15/21		1,500,000		1,640,308
UnitedHealth Group Inc., 2.875%, 3/15/23		1,500,000		1,541,232
				3,181,540
Industrials - 3.4%
General Electric Co., MTN, 5.625%, 9/15/17		2,000,000		2,127,252
United Parcel Service Inc., 5.5%, 1/15/18		1,500,000		1,616,511
				3,743,763
Information Technology - 9.5%
Apple Inc., 2.4%, 5/3/23		1,500,000		1,506,630
Cisco Systems Inc., 2.2%, 2/28/21		1,500,000		1,530,645
Intel Corp., 1.95%, 10/1/16		2,000,000		2,010,922
Microsoft Corp., 3%, 10/1/20		1,500,000		1,607,400
Texas Instruments Inc., 2.375%, 5/16/16		2,000,000		2,001,262
Visa Inc., 2.2%, 12/14/20		1,700,000		1,743,940
				10,400,799
Total Corporate Notes and Bonds
(Cost $40,273,737)				41,266,152
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 59.4%
Fannie Mae - 13.8%
1.250%, 9/28/16		4,000,000		4,012,500
1.375%, 11/15/16		3,000,000		3,013,680
1.250%, 1/30/17		4,000,000		4,019,300
0.875%, 2/8/18		4,000,000		4,002,984
				15,048,464
Freddie Mac - 6.2%
2.500%, 5/27/16		5,000,000		5,007,820
2.375%, 1/13/22		1,750,000		1,829,506
				6,837,326
U.S. Treasury Notes - 39.4%
0.875%, 1/31/17		3,000,000		3,007,266
3.000%, 2/28/17		4,000,000		4,079,532
3.875%, 5/15/18		4,500,000		4,785,471
1.500%, 12/31/18		4,000,000		4,066,092
1.250%, 1/31/19		4,000,000		4,039,064
1.500%, 3/31/19		4,000,000		4,068,280
3.125%, 5/15/19		4,000,000		4,264,220
1.125%, 12/31/19		4,500,000		4,506,853
3.625%, 2/15/20		4,000,000		4,377,500
2.625%, 11/15/20		3,000,000		3,181,290
2.500%, 8/15/23		2,500,000		2,653,613
				43,029,181
Total U.S. Government and Agency
Obligations (Cost $64,111,962)				64,914,971
		Shares
SHORT-TERM INVESTMENTS - 2.1%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		2,327,071		2,327,071
Total Short-Term Investments
(Cost $2,327,071)				2,327,071
TOTAL INVESTMENTS - 99.3%
(Cost $106,712,770**)				108,508,194
NET OTHER ASSETS AND LIABILITIES - 0.7%				770,661
TOTAL NET ASSETS - 100.0%			$	109,278,855

**	Aggregate cost for Federal tax purposes was $106,712,770.
MTN	Medium Term Note.

Madison Core Bond Fund Portfolio of Investments (unaudited)

		Par Value	Value (Note 2)
ASSET BACKED SECURITIES - 3.3%
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30	$	64,040	$	66,747
Ally Master Owner Trust, Series 2014-4, Class A2, 1.43%, 6/17/19		750,000		749,840
CarMax Auto Owner Trust, Series 2015-1, Class A2, 0.88%, 3/15/18		436,685		436,600
CNH Equipment Trust, Series 2014-A, Class A3, 0.84%, 5/15/19		437,223		436,678
Ford Credit Auto Owner Trust, Series 2014- A, Class A3, 0.79%, 5/15/18		349,876		349,733
GreatAmerica Leasing Receivables, Series 2015-1, Class A2 (B), 1.12%, 6/20/17		313,500		313,240
Hyundai Auto Receivables Trust, Series 2014-A, Class A3, 0.79%, 7/16/18		158,375		158,330
John Deere Owner Trust, Series 2014-B, Class A2A, 0.54%, 7/17/17		49,837		49,828
Mercedes-Benz Auto Lease Trust, Series 2014-A, Class A4, 0.9%, 12/16/19		1,108,399		1,108,371
Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.01%, 4/16/18		81,059		81,158
Santander Drive Auto Receivables Trust, Series 2013-3 Class B, 1.19%, 5/15/18		124,308		124,308
Santander Drive Auto Receivables Trust, Series 2014-2, Class B, 1.62%, 2/15/19		978,245		979,411
Santander Drive Auto Receivables Trust, Series 2013-5, Class C, 2.25%, 6/17/19		1,000,000		1,005,623
Santander Drive Auto Receivables Trust, Series 2013-4, Class C, 3.25%, 1/15/20		900,000		910,414
Volkswagen Auto Lease Trust, Series 2014- A, Class A3, 0.8%, 4/20/17		251,271		251,052
Volvo Financial Equipment LLC, Series 2014-1A, Class A3 (B), 0.82%, 4/16/18		361,473		360,780
Total Asset Backed Securities
(Cost $7,389,929)				7,382,113
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.6%
Fannie Mae REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30		3,119,409		366,750
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		425,000		456,412
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31		1,000,000		1,096,409
Fannie Mae REMICS, Series 2001-73, Class GZ, 6%, 12/25/31		407,358		465,222
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		293,926		333,365
Fannie Mae REMICS, Series 2015-44, Class GI, IO, 3%, 11/25/40		1,122,589		87,676
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42		987,681		1,023,399
Freddie Mac REMICS, Series 3825, Class CB, 3.5%, 3/15/26		1,000,000		1,070,607
Freddie Mac REMICS, Series 4066, Class DI, IO, 3%, 6/15/27		4,335,455		420,247
Government National Mortgage Association, Series 2015-53, Class IL, IO, 3%, 9/20/44		3,076,407		375,240
Total Collateralized Mortgage
Obligations (Cost $5,889,898)				5,695,327
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.3%
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class A1A (A), 5.65%, 6/11/50		1,086,929		1,135,183
FHLMC Multifamily Structured Pass Through Certificates, Series K718, Class X1, IO (A), 0.771%, 1/25/22		24,360,248		760,149
FREMF Mortgage Trust, Series 2012-K708, Class B (A) (B), 3.883%, 2/25/45		1,250,000		1,282,136
FREMF Mortgage Trust, Series 2012-K501, Class B (A) (B), 3.48%, 11/25/46		650,000		653,132
FREMF Mortgage Trust, Series 2011-K701, Class C (A) (B), 4.436%, 7/25/48		1,250,000		1,259,212
Total Commercial Mortgage-Backed Securities (Cost $5,208,981)
				5,089,812

See accompanying Notes to Financial Statements.

17

Madison Funds | April 30, 2016

Madison Core Bond Fund Portfolio of Investments (unaudited) - continued

		Par Value	Value (Note 2)
CORPORATE NOTES AND BONDS - 31.2%
Consumer Discretionary - 6.1%
CCO Safari II LLC (B), 4.464%, 7/23/22	$	1,000,000	$	1,063,239
Delphi Automotive PLC (C), 3.15%, 11/19/20		1,000,000		1,018,618
ERAC USA Finance LLC (B), 6.7%, 6/1/34		250,000		316,326
Expedia Inc. (B), 5%, 2/15/26		1,000,000		1,016,104
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19		1,000,000		1,024,361
General Motors Financial Co. Inc., 4.2%, 3/1/21		900,000		948,460
Georgia-Pacific LLC (B), 3.163%, 11/15/21		1,000,000		1,027,371
GLP Capital L.P./GLP Financing II Inc., 4.875%, 11/1/20		275,000		290,125
Harman International Industries Inc., 4.15%, 5/15/25		1,000,000		1,020,765
Lennar Corp., 4.75%, 4/1/21		500,000		520,750
Newell Brands Inc., 4.2%, 4/1/26		1,100,000		1,162,140
Nissan Motor Acceptance Corp. (B), 2.65%, 9/26/18		500,000		511,665
Omnicom Group Inc., 3.6%, 4/15/26		750,000		780,858
QVC Inc., 3.125%, 4/1/19		800,000		810,460
Sirius XM Radio Inc. (B), 6%, 7/15/24		525,000		553,927
Toll Brothers Finance Corp., 4%, 12/31/18		450,000		465,750
Walgreens Boots Alliance Inc., 4.5%, 11/18/34		1,000,000		998,243
				13,529,162
Consumer Staples - 2.6%
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46		300,000		340,217
CVS Health Corp. (B), 4.75%, 12/1/22		1,000,000		1,124,562
CVS Health Corp., 5.125%, 7/20/45		1,000,000		1,168,648
JM Smucker Co./The, 3.5%, 3/15/25		1,000,000		1,049,113
Kraft Heinz Foods Co., 3.5%, 6/6/22		1,000,000		1,061,061
Kraft Heinz Foods Co. (B), 3.95%, 7/15/25		1,000,000		1,067,806
				5,811,407
Energy - 6.4%
Antero Resources Corp., 5.625%, 6/1/23		300,000		291,000
Energy Transfer Partners L.P., 5.2%, 2/1/22		1,000,000		1,010,274
Enterprise Products Operating LLC, 3.75%, 2/15/25		1,000,000		1,031,856
Helmerich & Payne International Drilling Co., 4.65%, 3/15/25		1,000,000		1,032,775
Hess Corp., 7.875%, 10/1/29		240,000		271,845
Kinder Morgan Inc. (B), 5%, 2/15/21		1,000,000		1,035,514
Marathon Oil Corp., 2.7%, 6/1/20		1,000,000		931,713
Marathon Petroleum Corp., 2.7%, 12/14/18		500,000		509,099
Phillips 66, 4.65%, 11/15/34		1,000,000		1,054,304
Phillips 66 Partners L.P., 3.605%, 2/15/25		1,300,000		1,237,428
Pioneer Natural Resources Co., 3.45%, 1/15/21		1,000,000		1,014,788
Schlumberger Holdings Corp. (B), 2.35%, 12/21/18		1,800,000		1,824,919
Tosco Corp., 7.8%, 1/1/27		1,000,000		1,235,111
Valero Energy Corp., 6.625%, 6/15/37		1,000,000		1,123,793
Williams Partners L.P./ACMP Finance Corp., 4.875%, 5/15/23		750,000		688,352
				14,292,771
Financials - 6.6%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (C), 3.75%, 5/15/19		450,000		456,188
Air Lease Corp., 3.875%, 4/1/21		450,000		457,875
Air Lease Corp., 3.75%, 2/1/22		1,000,000		1,010,212
Apollo Management Holdings L.P. (B), 4%, 5/30/24		1,000,000		1,010,616
Bank of America Corp., MTN, 3.3%, 1/11/23		1,000,000		1,016,283
Berkshire Hathaway Inc., 3.125%, 3/15/26		250,000		260,342
Boston Properties L.P., 3.65%, 2/1/26		450,000		471,183
Glencore Funding LLC (B), 3.125%, 4/29/19		825,000		787,875
Goldman Sachs Group Inc./The, 5.75%, 1/24/22		1,000,000		1,150,889
Goldman Sachs Group Inc./The, 4.75%, 10/21/45		1,000,000		1,064,175
JPMorgan Chase & Co., 3.125%, 1/23/25		1,000,000		1,002,721
Liberty Mutual Group Inc. (B), 4.25%, 6/15/23		1,250,000		1,309,681
Morgan Stanley, 4.3%, 1/27/45		1,000,000		1,015,552
Regions Bank, 2.25%, 9/14/18		1,000,000		1,004,510
Shell International Finance BV (C), 2.25%, 11/10/20		1,000,000		1,017,174
Synchrony Financial, 2.6%, 1/15/19		1,000,000		1,007,244
Synchrony Financial, 3.75%, 8/15/21		700,000		720,479
				14,762,999
Health Care - 2.8%
AbbVie Inc., 4.7%, 5/14/45		1,000,000		1,062,073
Actavis Funding SCS (C), 4.75%, 3/15/45		1,000,000		1,011,528
Cardinal Health Inc., 1.95%, 6/15/18		1,000,000		1,010,465
Express Scripts Holding Co., 3.3%, 2/25/21		675,000		696,544
Forest Laboratories Inc. (B), 5%, 12/15/21		200,000		220,641
HCA Inc., 3.75%, 3/15/19		800,000		822,000
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19		250,000		257,813
UnitedHealth Group Inc., 4.75%, 7/15/45		1,000,000		1,155,426
				6,236,490
Industrials - 2.4%
ADT Corp./The, 4.125%, 4/15/19		475,000		509,437
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20		285,000		349,326
CRH America Inc. (B), 3.875%, 5/18/25		1,000,000		1,047,820
Hertz Corp./The, 7.5%, 10/15/18		500,000		508,380
International Lease Finance Corp., 8.875%, 9/1/17		500,000		538,125
Lockheed Martin Corp., 4.7%, 5/15/46		1,000,000		1,149,845
Masco Corp., 4.375%, 4/1/26		700,000		721,000
United Rentals North America Inc., 6.125%, 6/15/23		400,000		415,000
				5,238,933
Information Technology - 1.7%
Analog Devices Inc., 5.3%, 12/15/45		600,000		696,533
Autodesk Inc., 4.375%, 6/15/25		1,000,000		1,030,342
CDW LLC/CDW Finance Corp., 5%, 9/1/23		200,000		204,824
First Data Corp. (B), 6.75%, 11/1/20		500,000		525,000
Hewlett-Packard Enterprise Co. (B), 6.35%, 10/15/45		350,000		348,953
Microsoft Corp., 3.5%, 2/12/35		1,000,000		1,001,531
				3,807,183
Materials - 0.6%
Alcoa Inc., 5.125%, 10/1/24		200,000		194,750
Packaging Corp. of America, 3.65%, 9/15/24		1,000,000		1,006,194
				1,200,944
Telecommunication Services - 1.5%
AT&T Inc., 4.75%, 5/15/46		1,000,000		1,007,622
Frontier Communications Corp. (B), 11%, 9/15/25		250,000		252,500
Harris Corp., 5.054%, 4/27/45		1,000,000		1,081,650
Verizon Communications Inc., 4.4%, 11/1/34		1,000,000		1,019,142
				3,360,914
Utilities - 0.5%
Black Hills Corp., 4.25%, 11/30/23		1,000,000		1,068,129
Total Corporate Notes and Bonds
(Cost $67,242,595)				69,308,932
LONG TERM MUNICIPAL BONDS - 10.7%
City of Laredo TX, General Obligation, 6.566%, 2/15/39		1,500,000		1,644,495
City of Reading PA, General Obligation, (AGM), 5.3%, 11/1/33		1,500,000		1,595,475
County of Clark NV, General Obligation, Series C, 7%, 7/1/38		1,000,000		1,181,580
County of Palm Beach FL Revenue, 5%, 11/1/33		1,880,000		2,026,903
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39		1,500,000		1,711,815
East Baton Rouge Sewerage Commission Revenue, 6.087%, 2/1/45		2,000,000		2,231,740
Las Vegas Valley Water District, General Obligation, Series A, 7.1%, 6/1/39		1,000,000		1,138,690
Metropolitan Water District of Southern California Revenue, Series D, 6.538%, 7/1/39		420,000		472,403
New York City Water & Sewer System Revenue, 6.491%, 6/15/42		1,025,000		1,163,785
Northside Independent School District, General Obligation, Series B, (PSF-GTD), 5.741%, 8/15/35		1,600,000		1,753,712
Rancho Water District Financing Authority Revenue, Series A, 6.337%, 8/1/40		1,000,000		1,135,320
South Dakota State Building Authority Revenue, Series F, 4.7%, 6/1/32		1,250,000		1,347,963
State of Iowa Revenue, 6.75%, 6/1/34		2,000,000		2,287,720
State of Michigan Revenue, Series B, 7.625%, 9/15/27		1,500,000		1,705,140
West Contra Costa Unified School District, General Obligation, 8.46%, 8/1/34		2,000,000		2,375,500
Total Long Term Municipal Bonds
(Cost $23,349,192)				23,772,241
MORTGAGE BACKED SECURITIES - 22.7%
Fannie Mae - 14.3%
6%, 5/1/16 Pool # 582558		29		29
3%, 12/1/26 Pool # AB4086		665,234		696,720
3%, 3/1/27 Pool # AK6784		1,283,048		1,343,652
3%, 5/1/27 Pool # AL1715		975,303		1,021,301
3.5%, 5/1/29 Pool # AW3740		1,368,902		1,452,021
3.5%, 8/1/29 Pool # MA2003		1,108,988		1,173,574
3.5%, 10/1/29 Pool # AX3155		585,594		622,126
3%, 4/1/30 Pool # AS4877		489,822		512,049
3%, 9/1/30 Pool # 890696		1,461,670		1,531,738
7%, 11/1/31 Pool # 607515		10,010		11,383
6.5%, 3/1/32 Pool # 631377		52,036		59,661
6.5%, 5/1/32 Pool # 636758		2,380		2,729
7%, 5/1/32 Pool # 644591		1,692		1,896
6.5%, 6/1/32 Pool # 545691		106,100		123,835
5.5%, 11/1/33 Pool # 555880		125,819		142,269
5%, 5/1/34 Pool # 780890		56,203		62,434
7%, 7/1/34 Pool # 792636		8,114		8,460
4%, 2/1/35 Pool # MA2177		1,262,098		1,360,468

See accompanying Notes to Financial Statements.

18

Madison Funds | April 30, 2016

Madison Core Bond Fund Portfolio of Investments (unaudited) - continued

		Par Value	Value (Note 2)
MORTGAGE BACKED SECURITIES - continued
Fannie Mae - continued
5%, 8/1/35 Pool # 829670	$	118,827	$	131,695
5%, 9/1/35 Pool # 820347		154,452		174,314
5%, 9/1/35 Pool # 835699		130,976		147,868
3.5%, 12/1/35 Pool # MA2473		1,455,411		1,537,155
4.5%, 12/1/35 Pool # 745147		22,206		24,284
5%, 12/1/35 Pool # 850561		53,163		58,928
6%, 11/1/36 Pool # 902510		108,501		125,657
5.5%, 5/1/37 Pool # 928292		149,392		167,058
6%, 10/1/37 Pool # 947563		139,791		162,117
6.5%, 12/1/37 Pool # 889072		123,928		142,565
6.5%, 8/1/38 Pool # 987711		253,737		305,705
4.5%, 8/1/40 Pool # AD8243		125,464		136,896
4%, 9/1/40 Pool # AE3039		1,124,480		1,213,923
4%, 1/1/41 Pool # AB2080		927,119		997,450
5.5%, 7/1/41 Pool # AL6588		914,592		1,030,544
4%, 9/1/41 Pool # AJ1406		792,297		850,521
4%, 10/1/41 Pool # AJ4046		1,141,935		1,232,786
3.5%, 11/1/41 Pool # AB3867		488,040		513,578
4%, 3/1/42 Pool # AL1998		1,775,591		1,917,192
3.5%, 6/1/42 Pool # AO4134		1,675,128		1,762,733
3.5%, 8/1/42 Pool # AP2133		981,125		1,030,050
3%, 9/1/42 Pool # AP6568		150,491		154,724
3.5%, 9/1/42 Pool # AB6228		542,063		569,094
3.5%, 12/1/42 Pool # AQ8892		173,374		182,007
3.5%, 1/1/43 Pool # AQ9326		788,891		833,424
3%, 2/1/43 Pool # AL3072		1,266,323		1,303,184
3.5%, 3/1/43 Pool # AT0310		828,791		870,113
3.5%, 4/1/43 Pool # AR9902		517,687		546,914
3.5%, 4/1/43 Pool # AT2887		462,827		486,822
4%, 1/1/45 Pool # AS4257		405,494		434,150
4.5%, 2/1/45 Pool # MA2193		1,204,315		1,316,606
3.5%, 8/1/45 Pool # AS5645		1,191,898		1,249,567
				31,735,969
Freddie Mac - 8.4%
3%, 12/1/26 Pool # J17506		100,324		105,364
3%, 1/1/27 Pool # G18420		51,990		54,546
8%, 6/1/30 Pool # C01005		994		1,257
6.5%, 1/1/32 Pool # C62333		28,389		32,507
3.5%, 8/1/32 Pool # C91485		215,900		228,461
4.5%, 6/1/34 Pool # C01856		764,414		834,425
6.5%, 11/1/36 Pool # C02660		16,091		19,502
5.5%, 11/1/37 Pool # A68787		231,792		260,246
5.5%, 12/1/38 Pool # G05267		842,379		947,314
5%, 10/1/39 Pool # G60465		1,839,950		2,037,012
3.5%, 11/1/40 Pool # G06168		803,898		843,345
4%, 10/1/41 Pool # Q04092		1,386,888		1,491,519
4.5%, 3/1/42 Pool # G07491		977,521		1,069,471
3%, 9/1/42 Pool # C04233		871,509		894,443
3%, 2/1/43 Pool # Q15767		157,640		162,127
3%, 4/1/43 Pool # V80025		610,041		626,091
3%, 4/1/43 Pool # V80026		602,103		617,944
3.5%, 8/1/44 Pool # Q27927		827,157		869,921
4%, 5/1/45 Pool # G08642		1,765,954		1,887,394
3%, 7/1/45 Pool # G08653		963,911		988,482
3.5%, 8/1/45 Pool # Q35614		963,942		1,012,836
3.5%, 9/1/45 Pool # G08667		1,180,464		1,237,578
3%, 11/1/45 Pool # G08675		1,219,655		1,250,744
3%, 1/1/46 Pool # G08686		1,234,614		1,266,084
				18,738,613
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		14,479		17,192
6.5%, 4/20/31 Pool # 3068		6,870		8,259
4%, 4/15/39 Pool # 698089		64,851		69,493
				94,944
Total Mortgage Backed Securities
(Cost $49,572,624)				50,569,526
		Contracts
PUT OPTIONS PURCHASED - 0.0%
U.S. Treasury Bond, Put, May 2016, $158		30		4,687
U.S. Treasury Bond, Put, May 2016, $162		30		28,594
Total Put Options Purchased
(Cost $36,742)				33,281
		Par Value
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 23.6%
Federal Farm Credit Bank - 0.2%
5.875%, 10/3/16		500,000		511,433
Freddie Mac - 0.2%
5.000%, 2/16/17		450,000		465,426
U.S. Treasury Bonds - 4.8%
6.625%, 2/15/27		2,000,000		2,932,578
5.375%, 2/15/31		1,250,000		1,778,613
4.500%, 5/15/38		2,750,000		3,747,304
3.750%, 8/15/41		250,000		305,596
3.000%, 5/15/45		1,650,000		1,765,307
				10,529,398
U.S. Treasury Notes - 18.4%
0.750%, 3/15/17		3,600,000		3,605,767
2.375%, 7/31/17		2,200,000		2,246,407
1.875%, 10/31/17		3,000,000		3,051,915
4.250%, 11/15/17		2,550,000		2,687,261
2.625%, 1/31/18		3,000,000		3,096,915
2.750%, 2/28/18		3,000,000		3,108,048
3.875%, 5/15/18		2,750,000		2,924,454
1.375%, 2/28/19		3,000,000		3,039,609
3.625%, 8/15/19		1,750,000		1,899,228
2.625%, 11/15/20		1,350,000		1,431,581
3.125%, 5/15/21		3,750,000		4,082,227
2.125%, 8/15/21		1,900,000		1,974,590
2.000%, 10/31/21		2,500,000		2,579,298
1.750%, 9/30/22		2,500,000		2,531,640
2.750%, 2/15/24		1,500,000		1,619,063
2.250%, 11/15/25		1,000,000		1,038,008
				40,916,011
Total U.S. Government and Agency
Obligations (Cost $49,465,153)				52,422,268
		Shares
SHORT-TERM INVESTMENTS - 2.8%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		6,313,136		6,313,136
Total Short-Term Investments
(Cost $6,313,136)				6,313,136
TOTAL INVESTMENTS - 99.2%
(Cost $214,468,250**)				220,586,636
NET OTHER ASSETS AND LIABILITIES - 0.8%				1,885,208
TOTAL CALL & PUT OPTIONS WRITTEN - 0.0%				(26,719	)
TOTAL NET ASSETS - 100.0%			$	222,445,125

**	Aggregate cost for Federal tax purposes was $214,468,250.
(A)	Floating rate or variable rate note. Rate shown is as of April 30, 2016.
(B)	Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(C)	Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.6% of total net assets.

AGM	Assured Guaranty Municipal Corp.
MTN	Medium Term Note.
PLC	Public Limited Company.
PSF-GTD	Permanent School Fund Guaranteed.

Put Options Written	Contracts (100 Shares Per Contract)	Expiration Date	Strike Price	Value (Note 2)
U.S. Treasury Bond	30	May 2016	$159.00	$7,500
U.S. Treasury Bond	30	May 2016	161.00	19,219
Total Put Options Written (Premiums received $32,164)				$26,719
Total Value of Options Written (Premiums received $32,164)				$26,719

See accompanying Notes to Financial Statements.

19

Madison Funds | April 30, 2016

 Madison Corporate Bond Fund Portfolio of Investments (unaudited)

	Par Value		Value (Note 2)
CORPORATE NOTES AND BONDS - 92.3%
Consumer Discretionary - 14.4%
Amazon.com Inc., 3.8%, 12/5/24	$	200,000	$	220,366
CCO Safari II LLC (A), 4.464%, 7/23/22		200,000		212,648
Comcast Corp., 6.45%, 3/15/37		300,000		403,912
Delphi Automotive PLC (B), 3.15%, 11/19/20		200,000		203,724
DR Horton Inc., 3.75%, 3/1/19		50,000		51,125
Expedia Inc. (A), 5%, 2/15/26		50,000		50,805
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19		200,000		204,872
GameStop Corp. (A), 6.75%, 3/15/21		50,000		49,263
General Motors Financial Co. Inc., 4.2%, 3/1/21		100,000		105,384
Georgia-Pacific LLC (A), 3.163%, 11/15/21		100,000		102,737
GLP Capital L.P./GLP Financing II Inc., 4.875%, 11/1/20		25,000		26,375
Harman International Industries Inc., 4.15%, 5/15/25		100,000		102,076
Home Depot Inc/The, 2%, 4/1/21		100,000		101,208
Lowe’s Cos. Inc., 2.5%, 4/15/26		100,000		99,022
McDonald’s Corp., MTN, 4.875%, 12/9/45		50,000		56,503
Newell Brands Inc., 4.2%, 4/1/26		100,000		105,649
Newell Brands Inc., 5.5%, 4/1/46		100,000		111,255
Nissan Motor Acceptance Corp. (A), 2.65%, 9/26/18		50,000		51,167
Omnicom Group Inc., 3.6%, 4/15/26		200,000		208,229
Priceline Group Inc./The, 3.65%, 3/15/25		200,000		204,801
QVC Inc., 3.125%, 4/1/19		200,000		202,615
Sirius XM Radio Inc. (A), 6%, 7/15/24		125,000		131,887
Time Warner Inc., 6.25%, 3/29/41		150,000		182,733
Toll Brothers Finance Corp., 4%, 12/31/18		50,000		51,750
Walgreens Boots Alliance Inc., 4.5%, 11/18/34		150,000		149,736
				3,389,842
Consumer Staples - 6.5%
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46		50,000		56,703
CVS Health Corp. (A), 4.75%, 12/1/22		200,000		224,912
CVS Health Corp., 5.125%, 7/20/45		200,000		233,730
General Mills Inc., 5.65%, 2/15/19		200,000		223,100
JM Smucker Co./The, 3.5%, 3/15/25		200,000		209,823
Kraft Heinz Foods Co., 3.5%, 6/6/22		200,000		212,212
Kraft Heinz Foods Co. (A), 3.95%, 7/15/25		150,000		160,171
Wal-Mart Stores Inc., 3.25%, 10/25/20		200,000		215,925
				1,536,576
Energy - 11.9%
Antero Resources Corp., 5.625%, 6/1/23		50,000		48,500
BP Capital Markets PLC (B), 3.119%, 5/4/26		100,000		100,684
Chevron Corp., 3.191%, 6/24/23		200,000		209,632
ConocoPhillips Co., 4.15%, 11/15/34		75,000		71,932
Devon Energy Corp., 5.6%, 7/15/41		100,000		88,147
Energy Transfer Partners L.P., 5.2%, 2/1/22		300,000		303,082
Enterprise Products Operating LLC, 4.45%, 2/15/43		200,000		190,992
Exxon Mobil Corp., 4.114%, 3/1/46		50,000		53,268
Helmerich & Payne International Drilling Co., 4.65%, 3/15/25		100,000		103,277
Kinder Morgan Energy Partners L.P., 2.65%, 2/1/19		50,000		49,489
Kinder Morgan Inc. (A), 5%, 2/15/21		50,000		51,776
Marathon Oil Corp., 2.7%, 6/1/20		200,000		186,343
Marathon Petroleum Corp., 2.7%, 12/14/18		100,000		101,820
Marathon Petroleum Corp., 5.125%, 3/1/21		250,000		271,081
Phillips 66, 4.65%, 11/15/34		100,000		105,430
Phillips 66 Partners L.P., 3.605%, 2/15/25		200,000		190,374
Schlumberger Holdings Corp. (A), 2.35%, 12/21/18		200,000		202,769
Valero Energy Corp., 6.625%, 6/15/37		350,000		393,328
Williams Partners L.P./ACMP Finance Corp., 4.875%, 5/15/23		100,000		91,780
				2,813,704
Financials - 34.1%
Banks - 15.3%
Bank of America Corp., 2.6%, 1/15/19		100,000		101,738
Bank of America Corp., MTN, 3.3%, 1/11/23		200,000		203,257
BB&T Corp., MTN, 2.25%, 2/1/19		200,000		204,089
Capital One Financial Corp., 2.45%, 4/24/19		300,000		303,447
Goldman Sachs Group Inc./The, 5.75%, 1/24/22		100,000		115,089
Goldman Sachs Group Inc./The, 3.625%, 1/22/23		200,000		207,265
Huntington National Bank/The, 2.2%, 4/1/19		300,000		299,574
JPMorgan Chase & Co., 4.25%, 10/15/20		100,000		108,168
JPMorgan Chase & Co., 3.125%, 1/23/25		200,000		200,544
KeyCorp, MTN, 5.1%, 3/24/21		250,000		278,516
Morgan Stanley, 2.8%, 6/16/20		200,000		203,920
Morgan Stanley, MTN, 3.7%, 10/23/24		200,000		206,302
Morgan Stanley, MTN, 3.875%, 1/27/26		100,000		103,764
PNC Funding Corp., 3.3%, 3/8/22		100,000		105,500
Regions Bank, 2.25%, 9/14/18		250,000		251,128
US Bancorp, MTN, 2.2%, 11/15/16		200,000		201,359
US Bancorp, MTN, 2.35%, 1/29/21		200,000		204,823
Wells Fargo & Co., 5.625%, 12/11/17		300,000		320,446
				3,618,929
Diversified Financial Services - 7.2%
AerCap Ireland Capital Ltd./AerCap Global
Aviation Trust (B), 3.75%, 5/15/19		150,000		152,063
Affiliated Managers Group Inc., 4.25%, 2/15/24		300,000		308,928
Air Lease Corp., 3.875%, 4/1/21		50,000		50,875
Air Lease Corp., 3.75%, 2/1/22		200,000		202,042
Apollo Management Holdings L.P. (A), 4%, 5/30/24		250,000		252,654
General Electric Capital Corp., MTN, 6.75%, 3/15/32		300,000		414,661
Intercontinental Exchange Inc., 2.75%, 12/1/20		100,000		102,999
Synchrony Financial, 2.6%, 1/15/19		100,000		100,724
Synchrony Financial, 3.75%, 8/15/21		100,000		102,926
				1,687,872
Insurance - 7.0%
Aflac Inc., 3.625%, 11/15/24		200,000		211,780
American International Group Inc., 3.875%, 1/15/35		200,000		185,450
Berkshire Hathaway Finance Corp., 5.4%, 5/15/18		400,000		435,150
Berkshire Hathaway Inc., 3.125%, 3/15/26		50,000		52,068
Liberty Mutual Group Inc. (A), 4.25%, 6/15/23		100,000		104,775
MetLife Inc., 3.6%, 4/10/24		100,000		105,149
New York Life Global Funding (A), 1.95%, 2/11/20		200,000		200,635
ProAssurance Corp., 5.3%, 11/15/23		50,000		53,124
Prudential Financial Inc., MTN, 3.5%, 5/15/24		300,000		308,095
				1,656,226
Machinery-Constr&Mining - 0.9%
Caterpillar Financial Services Corp., Series G, 2.45%, 9/6/18		200,000		205,706
Mining - 0.5%
Glencore Funding LLC (A), 3.125%, 4/29/19		125,000		119,375
Real Estate - 3.2%
Boston Properties L.P., 3.65%, 2/1/26		100,000		104,707
Simon Property Group L.P., 4.125%, 12/1/21		400,000		440,468
WP Carey Inc., 4.6%, 4/1/24		200,000		202,201
				747,376
				8,035,484
Health Care - 5.5%
AbbVie Inc., 4.7%, 5/14/45		100,000		106,207
Actavis Funding SCS (B), 4.55%, 3/15/35		130,000		130,045
Cardinal Health Inc., 1.95%, 6/15/18		200,000		202,093
Express Scripts Holding Co., 3.3%, 2/25/21		50,000		51,596
Express Scripts Holding Co., 4.75%, 11/15/21		200,000		219,897
Forest Laboratories Inc. (A), 5%, 12/15/21		50,000		55,160
Gilead Sciences Inc., 4.75%, 3/1/46		100,000		110,925
HCA Inc., 3.75%, 3/15/19		100,000		102,750
UnitedHealth Group Inc., 2.875%, 3/15/23		200,000		205,498
UnitedHealth Group Inc., 4.75%, 7/15/45		100,000		115,543
				1,299,714
Industrials - 7.2%
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43		200,000		219,000
Caterpillar Inc., 5.2%, 5/27/41		20,000		23,982
CRH America Inc. (A), 3.875%, 5/18/25		200,000		209,564
Hertz Corp./The, 7.5%, 10/15/18		100,000		101,676
International Lease Finance Corp., 8.875%, 9/1/17		100,000		107,625
Lockheed Martin Corp., 2.9%, 3/1/25		200,000		204,578
Masco Corp., 4.375%, 4/1/26		100,000		103,000
Norfolk Southern Corp., 3.25%, 12/1/21		200,000		209,146
Textron Inc., 3.875%, 3/1/25		200,000		204,632
United Rentals North America Inc., 6.125%, 6/15/23		100,000		103,750
Verisk Analytics Inc., 4%, 6/15/25		200,000		204,670
				1,691,623
Information Technology - 4.7%
Analog Devices Inc., 5.3%, 12/15/45		50,000		58,044
Apple Inc., 2.25%, 2/23/21		200,000		204,450
CDW LLC/CDW Finance Corp., 5%, 9/1/23		50,000		51,206
Cisco Systems Inc., 2.2%, 2/28/21		150,000		153,065
First Data Corp. (A), 6.75%, 11/1/20		100,000		105,000
Fiserv Inc., 2.7%, 6/1/20		200,000		205,093
Intel Corp., 4.9%, 7/29/45		100,000		114,498
Microsoft Corp., 3.5%, 2/12/35		100,000		100,153
Visa Inc., 3.15%, 12/14/25		100,000		104,844
				1,096,353
Materials - 3.3%
Agrium Inc. (B), 3.375%, 3/15/25		200,000		198,417
Alcoa Inc., 5.125%, 10/1/24		50,000		48,688
Dow Chemical Co./The, 4.125%, 11/15/21		200,000		219,589
Packaging Corp. of America, 3.65%, 9/15/24		300,000		301,858
				768,552

See accompanying Notes to Financial Statements.

20

Madison Funds | April 30, 2016

 Madison Corporate Bond Fund Portfolio of Investments (unaudited) - continued

	Par Value		Value (Note 2)
CORPORATE NOTES AND BONDS - continued
Telecommunication Services - 4.7%
AT&T Inc., 5%, 3/1/21	$	300,000	$	335,245
AT&T Inc., 4.75%, 5/15/46		75,000		75,572
Frontier Communications Corp. (A), 11%, 9/15/25		50,000		50,500
Harris Corp., 5.054%, 4/27/45		200,000		216,330
Verizon Communications Inc., 5.15%, 9/15/23		200,000		230,019
Verizon Communications Inc., 4.4%, 11/1/34		200,000		203,828
				1,111,494
Total Corporate Notes and Bonds
(Cost $20,990,109)				21,743,342
LONG TERM MUNICIPAL BONDS - 4.7%
City of Oklahoma City OK Tax Allocation,
Series B, 5%, 3/1/32		200,000		226,800
County of Palm Beach FL Revenue, 5%, 11/1/33		200,000		215,628
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39		200,000		228,242
Las Vegas Valley Water District, General Obligation, Series A, 7.1%, 6/1/39		200,000		227,738
Orange County Health Facilities Authority Revenue, 5%, 1/1/29		200,000		219,988
Total Long Term Municipal Bonds (Cost $1,097,631)				1,118,396
		Shares
SHORT-TERM INVESTMENTS - 1.7%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		394,906		394,906
Total Short-Term Investments
(Cost $394,906)				394,906
TOTAL INVESTMENTS - 98.7%
(Cost $22,482,646**)				23,256,644
NET OTHER ASSETS AND LIABILITIES - 1.3%				295,614
TOTAL NET ASSETS - 100.0%			$	23,552,258

**	Aggregate cost for Federal tax purposes was $22,482,646.
(A)	Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(B)	Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 3.3% of total net assets.
MTN	Medium Term Note.
PLC	Public Limited Company.

 Madison High Income Fund Portfolio of Investments (unaudited)

	Par Value		Value (Note 2)
CORPORATE NOTES AND BONDS - 91.6%
Consumer Discretionary - 22.5%
Altice Financing S.A. (A) (B), 7.5%, 5/15/26	$	250,000	$	250,312
Cablevision Systems Corp., 5.875%, 9/15/22		100,000		87,000
CCO Holdings LLC/CCO Holdings Capital Corp. (B), 5.875%, 4/1/24		300,000		314,250
DISH DBS Corp., 6.75%, 6/1/21		200,000		206,042
DISH DBS Corp., 5.875%, 11/15/24		100,000		93,850
GameStop Corp. (B), 6.75%, 3/15/21		225,000		221,681
Group 1 Automotive Inc., 5%, 6/1/22		300,000		297,000
LTF Merger Sub Inc. (B), 8.5%, 6/15/23		250,000		245,625
Mediacom LLC/Mediacom Capital Corp., 7.25%, 2/15/22		100,000		104,750
New Red Finance Inc. (A) (B), 6%, 4/1/22		300,000		309,750
Nexteer Automotive Group Ltd. (A) (B), 5.875%, 11/15/21		250,000		256,875
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.625%, 2/15/24		500,000		520,000
Penske Automotive Group Inc., 5.75%, 10/1/22		250,000		258,125
Pinnacle Entertainment Inc., 8.75%, 5/15/20		200,000		206,300
Pinnacle Entertainment Inc. (B), 5.625%, 5/1/24		250,000		249,688
Scientific Games International Inc., 6.25%, 9/1/20		350,000		224,875
Sinclair Television Group Inc., 6.375%, 11/1/21		400,000		423,000
Sirius XM Radio Inc. (B), 4.625%, 5/15/23		250,000		247,500
Univision Communications Inc. (B), 6.75%, 9/15/22		497,000		526,820
Viking Cruises Ltd. (A) (B), 8.5%, 10/15/22		250,000		235,000
				5,278,443
Consumer Staples - 2.0%
Cott Beverages Inc., 5.375%, 7/1/22		250,000		256,875
Dean Foods Co. (B), 6.5%, 3/15/23		200,000		210,000
				466,875
Energy - 6.1%
Archrock Partners L.P./Archrock Partners
Finance Corp., 6%, 10/1/22		250,000		196,250
Devon Energy Corp., 6.3%, 1/15/19		250,000		261,657
Paramount Resources Ltd. (A) (B), 6.875%, 6/30/23		100,000		77,500
QEP Resources Inc., 5.375%, 10/1/22		250,000		236,875
Southern Star Central Corp. (B), 5.125%, 7/15/22		300,000		285,750
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., 6.25%, 10/15/22		100,000		102,500
Unit Corp., 6.625%, 5/15/21		400,000		271,000
				1,431,532
Financials - 7.4%
Ally Financial Inc., 3.75%, 11/18/19		300,000		299,250
Equinix Inc., 5.875%, 1/15/26		100,000		105,812
Geo Group Inc./The, 5.875%, 10/15/24		150,000		153,000
Iron Mountain Inc., 6%, 8/15/23		150,000		159,375
Iron Mountain Inc., 5.75%, 8/15/24		350,000		359,625
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.5%, 7/1/21		300,000		263,250
Quicken Loans Inc. (B), 5.75%, 5/1/25		200,000		188,000
Solera LLC/Solera Finance Inc. (B), 10.5%, 3/1/24		200,000		209,500
				1,737,812
Health Care - 10.9%
Acadia Healthcare Co. Inc., 5.125%, 7/1/22		250,000		253,437
Alere Inc. (B), 6.375%, 7/1/23		200,000		204,000
Centene Corp. (B), 5.625%, 2/15/21		250,000		263,125
CHS/Community Health Systems Inc., 6.875%, 2/1/22		300,000		271,500
Grifols Worldwide Operations Ltd. (A), 5.25%, 4/1/22		250,000		257,500
HCA Inc., 5.875%, 2/15/26		100,000		103,750
Jaguar Holding Co. II/Pharmaceutical Product Development LLC (B), 6.375%, 8/1/23		100,000		103,900
Mallinckrodt International Finance S.A. (A), 4.75%, 4/15/23		300,000		244,623
MPH Acquisition Holdings LLC (B), 6.625%, 4/1/22		250,000		261,040
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19		400,000		412,500
Valeant Pharmaceuticals International Inc. (A) (B), 5.625%, 12/1/21		200,000		169,500
				2,544,875
Industrials - 12.6%
ACCO Brands Corp., 6.75%, 4/30/20		200,000		212,000
Aircastle Ltd. (A), 5%, 4/1/23		100,000		101,816
Avis Budget Car Rental LLC/Avis Budget Finance Inc. (B), 5.25%, 3/15/25		250,000		229,375
Bombardier Inc. (A) (B), 6.125%, 1/15/23		175,000		152,250
Brand Energy & Infrastructure Services Inc. (B) (C), 8.5%, 12/1/21		250,000		236,250
GCP Applied Technologies Inc. (B), 9.5%, 2/1/23		100,000		109,500
Hertz Corp./The, 6.75%, 4/15/19		400,000		407,092
Hertz Corp./The, 5.875%, 10/15/20		100,000		101,551
Manitowoc Foodservice Inc. (B), 9.5%, 2/15/24		200,000		221,000
Nielsen Finance LLC/Nielsen Finance Co. (B), 5%, 4/15/22		200,000		204,000
Nortek Inc., 8.5%, 4/15/21		250,000		260,000
Prime Security Services Borrower LLC/Prime Finance Inc. (B), 9.25%, 5/15/23		125,000		129,687
Standard Industries Inc. (B), 5.375%, 11/15/24		250,000		260,625
Summit Materials LLC/Summit Materials Finance Corp. (B), 8.5%, 4/15/22		250,000		265,000
United Rentals North America Inc., 8.25%, 2/1/21		69,000		71,933
				2,962,079
Information Technology - 10.3%
Alliance Data Systems Corp. (B), 6.375%, 4/1/20		400,000		411,000
Belden Inc. (B), 5.5%, 9/1/22		500,000		505,000
Diebold Inc. (B), 8.5%, 4/15/24		250,000		253,125
Hughes Satellite Systems Corp., 7.625%, 6/15/21		150,000		166,875
Micron Technology Inc. (B), 5.25%, 1/15/24		125,000		100,312
ViaSat Inc., 6.875%, 6/15/20		370,000		382,025
Western Digital Corp. (B), 7.375%, 4/1/23		400,000		403,750
Western Digital Corp. (B), 10.5%, 4/1/24		200,000		194,500
				2,416,587

See accompanying Notes to Financial Statements.

21

Madison Funds | April 30, 2016

 Madison High Income Fund Portfolio of Investments (unaudited) - continued

	Par Value		Value (Note 2)
CORPORATE NOTES AND BONDS - continued
Materials - 4.6%
Ardagh Packaging Finance PLC/Ardagh
Holdings USA Inc. (A) (B), 9.125%, 10/15/20	$	400,000	$	420,500
Berry Plastics Corp., 5.5%, 5/15/22		275,000		283,766
Rayonier AM Products Inc. (B), 5.5%, 6/1/24		450,000		380,250
				1,084,516
Telecommunication Services - 5.6%
Altice S.A. (A) (B), 7.625%, 2/15/25		250,000		241,563
CenturyLink Inc., 7.5%, 4/1/24		500,000		501,250
GCI Inc., 6.875%, 4/15/25		150,000		151,500
Intelsat Jackson Holdings S.A. (A) (B), 8%, 2/15/24		100,000		103,500
T-Mobile USA Inc., 6.633%, 4/28/21		200,000		210,750
T-Mobile USA Inc., 6.5%, 1/15/26		100,000		106,000
				1,314,563
Utilities - 9.6%
AES Corp./VA, 5.5%, 3/15/24		400,000		405,000
AmeriGas Finance LLC/AmeriGas Finance
Corp., 7%, 5/20/22		400,000		422,500
Calpine Corp., 5.5%, 2/1/24		250,000		252,500
Dynegy Inc., 7.625%, 11/1/24		150,000		146,625
Ferrellgas L.P./Ferrellgas Finance Corp., 6.75%, 1/15/22		400,000		383,000
NRG Energy Inc., 8.25%, 9/1/20		200,000		207,000
NRG Energy Inc., 6.25%, 5/1/24		200,000		195,000
Talen Energy Supply LLC (B), 4.625%, 7/15/19		250,000		232,500
				2,244,125
Total Corporate Notes and Bonds
(Cost $21,671,277)				21,481,407
		Shares
SHORT-TERM INVESTMENTS - 7.9%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		1,861,625		1,861,625
Total Short-Term Investments
(Cost $1,861,625)				1,861,625
TOTAL INVESTMENTS - 99.5%
(Cost $23,532,902**)				23,343,032
NET OTHER ASSETS AND LIABILITIES - 0.5%				115,172
TOTAL NET ASSETS - 100.0%			$	23,458,204

**	Aggregate cost for Federal tax purposes was $23,532,902.
(A)	Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 12.0% of total net assets.
(B)	Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(C)	Illiquid security (See Note 2).
PLC	Public Limited Company.

 Madison Diversified Income Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 54.2%
Consumer Discretionary - 4.9%
Home Depot Inc./The		14,800	$	1,981,572
McDonald’s Corp.		23,500		2,972,515
Omnicom Group Inc.		17,000		1,410,490
Tiffany & Co.		12,500		891,875
				7,256,452
Consumer Staples - 7.1%
Coca-Cola Co./The		33,000		1,478,400
Hershey Co./The		17,500		1,629,425
JM Smucker Co./The		15,500		1,968,190
Nestle S.A., ADR		26,700		1,991,019
PepsiCo Inc.		15,000		1,544,400
Procter & Gamble Co./The		25,000		2,003,000
				10,614,434
Energy - 4.4%
Chevron Corp.		17,700		1,808,586
Exxon Mobil Corp.		33,500		2,961,400
Schlumberger Ltd.		22,500		1,807,650
				6,577,636
Financials - 8.5%
BB&T Corp.		33,500		1,185,230
CME Group Inc.		16,200		1,488,942
Northern Trust Corp.		16,000		1,137,280
PNC Financial Services Group Inc./The		10,000		877,800
Travelers Cos. Inc./The		31,500		3,461,850
US Bancorp		51,500		2,198,535
Wells Fargo & Co.		47,000		2,349,060
				12,698,697
Health Care - 7.6%
Amgen Inc.		7,500		1,187,250
Johnson & Johnson		31,000		3,474,480
Medtronic PLC		22,100		1,749,215
Merck & Co. Inc.		35,000		1,919,400
Pfizer Inc.		90,000		2,943,900
				11,274,245
Industrials - 9.3%
3M Co.		10,500		1,757,490
Boeing Co./The		12,700		1,711,960
Emerson Electric Co.		18,000		983,340
General Electric Co.		82,500		2,536,875
Union Pacific Corp.		13,000		1,133,990
United Parcel Service Inc., Class B		19,800		2,080,386
United Technologies Corp.		18,500		1,930,845
Waste Management Inc.		28,000		1,646,120
				13,781,006
Information Technology - 7.1%
Accenture PLC, Class A		19,000		2,145,480
Automatic Data Processing Inc.		10,000		884,400
Cisco Systems Inc.		48,000		1,319,520
Linear Technology Corp.		33,000		1,467,840
Microsoft Corp.		58,000		2,892,460
Texas Instruments Inc.		31,000		1,768,240
				10,477,940
Materials - 1.1%
Praxair Inc.		14,000		1,644,440
Telecommunication Service - 1.8%
Verizon Communications Inc.		52,000		2,648,880
Utilities - 2.4%
Duke Energy Corp.		26,500		2,087,670
NextEra Energy Inc.		13,000		1,528,540
				3,616,210
Total Common Stocks
(Cost $61,695,497)				80,589,940
		Par Value
ASSET BACKED SECURITIES - 1.3%
ABSC Long Beach Home Equity Loan Trust,
Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30	$	98,971		103,153
Ally Master Owner Trust, Series 2014-4, Class A2, 1.43%, 6/17/19		225,000		224,952
CNH Equipment Trust, Series 2014-A, Class A3, 0.84%, 5/15/19		102,019		101,892
Ford Credit Auto Owner Trust, Series 2014- A, Class A3, 0.79%, 5/15/18		101,577		101,535
Hyundai Auto Receivables Trust, Series
2014-A, Class A3, 0.79%, 7/16/18		57,591		57,575
Mercedes-Benz Auto Lease Trust, Series
2014-A, Class A4, 0.9%, 12/16/19		320,204		320,196
Santander Drive Auto Receivables Trust,
Series 2013-3 Class B, 1.19%, 5/15/18		24,862		24,862
Santander Drive Auto Receivables Trust,
Series 2012-5, Class D, 3.3%, 9/17/18		250,000		253,420
Santander Drive Auto Receivables Trust,
Series 2013-5, Class C, 2.25%, 6/17/19		250,000		251,406
Santander Drive Auto Receivables Trust,
Series 2013-4, Class C, 3.25%, 1/15/20		275,000		278,182
Volkswagen Auto Lease Trust, Series 2014-
A, Class A3, 0.8%, 4/20/17				60,252
Volvo Financial Equipment LLC, Series		60,305
2014-1A, Class A3 (B), 0.82%, 4/16/18		90,368		90,195
Total Asset Backed Securities
(Cost $1,866,702)				1,867,620
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.0%
Fannie Mae REMICS, Series 2011-31, Class
DB, 3.5%, 4/25/31		200,000		214,782
Fannie Mae REMICS, Series 2011-36, Class
QB, 4%, 5/25/31		250,000		274,102
Fannie Mae REMICS, Series 2005-79, Class
LT, 5.5%, 9/25/35		137,778		156,265
Fannie Mae REMICS, Series 2016-21, Class
BA, 3%, 3/25/42		395,072		409,360
Freddie Mac REMICS, Series 3825, Class
CB, 3.5%, 3/15/26		406,565		435,271
Total Collateralized Mortgage
Obligations (Cost $1,488,533)				1,489,780
CORPORATE NOTES AND BONDS - 14.8%
Consumer Discretionary - 3.1%
Advance Auto Parts Inc., 4.5%, 12/1/23		500,000		530,754
Amazon.com Inc., 3.3%, 12/5/21		200,000		215,211
CCO Safari II LLC (B), 4.464%, 7/23/22		400,000		425,296
ERAC USA Finance LLC (B), 6.7%, 6/1/34		150,000		189,795
Ford Motor Credit Co. LLC, MTN, 2.943%, 1/8/19		300,000		307,308

See accompanying Notes to Financial Statements.

22

Madison Funds | April 30, 2016

 Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued

	Par Value		Value (Note 2)
CORPORATE NOTES AND BONDS - continued
Consumer Discretionary - continued
GameStop Corp. (B), 6.75%, 3/15/21	$	100,000	$	98,525
General Motors Financial Co. Inc., 4.2%, 3/1/21		300,000		316,153
GLP Capital L.P. / GLP Financing II Inc., 4.875%, 11/1/20		125,000		131,875
Lennar Corp., 4.75%, 4/1/21		150,000		156,225
McDonald’s Corp., MTN, 4.875%, 12/9/45		300,000		339,017
Newell Brands Inc., 5.5%, 4/1/46		450,000		500,648
Omnicom Group Inc., 3.6%, 4/15/26		350,000		364,400
Royal Caribbean Cruises Ltd. (C), 7.25%, 6/15/16		400,000		402,360
Time Warner Inc., 4.75%, 3/29/21		400,000		447,010
Walgreens Boots Alliance Inc., 4.5%, 11/18/34		155,000		154,728
				4,579,305
Consumer Staples - 0.6%
Anheuser-Busch InBev Finance Inc., 4.9%, 2/1/46		100,000		113,406
Coca-Cola Co./The, 2.45%, 11/1/20		500,000		521,876
CVS Health Corp., 5.125%, 7/20/45		250,000		292,162
				927,444
Energy - 2.4%
Antero Resources Corp., 5.625%, 6/1/23		150,000		145,500
BP Capital Markets PLC (C), 3.119%, 5/4/26		200,000		201,368
ConocoPhillips Co., 4.15%, 11/15/34		500,000		479,548
Energy Transfer Partners L.P., 5.2%, 2/1/22		200,000		202,055
Enterprise Products Operating LLC, 5.2%, 9/1/20		450,000		495,045
Enterprise Products Operating LLC, 3.75%, 2/15/25		300,000		309,557
Exxon Mobil Corp., 4.114%, 3/1/46		225,000		239,707
Hess Corp., 7.875%, 10/1/29		150,000		169,903
Marathon Oil Corp., 6%, 10/1/17		300,000		311,873
Phillips 66, 4.65%, 11/15/34		500,000		527,152
Schlumberger Holdings Corp. (B), 4%, 12/21/25		300,000		320,432
Williams Partners L.P. / ACMP Finance Corp., 4.875%, 5/15/23		250,000		229,450
				3,631,590
Financials - 2.2%
Air Lease Corp., 3.75%, 2/1/22		300,000		303,063
American Express Credit Corp., MTN, 2.375%, 3/24/17		90,000		91,099
Berkshire Hathaway Inc., 3.125%, 3/15/26		100,000		104,137
Capital One Financial Corp., 2.45%, 4/24/19		200,000		202,298
Fifth Third Bancorp, 2.3%, 3/1/19		275,000		276,521
Glencore Funding LLC (B), 3.125%, 4/29/19		265,000		253,075
Goldman Sachs Group Inc./The, 5.75%, 1/24/22		500,000		575,444
Huntington National Bank/The, 2.2%, 4/1/19		400,000		399,432
Morgan Stanley, MTN, 3.875%, 1/27/26		100,000		103,764
Morgan Stanley, 4.3%, 1/27/45		250,000		253,888
New York Life Global Funding (B), 1.95%, 2/11/20		300,000		300,953
Synchrony Financial, 3.75%, 8/15/21		250,000		257,314
Welltower Inc., 4.5%, 1/15/24		200,000		211,008
				3,331,996
Health Care - 1.8%
AbbVie Inc., 2%, 11/6/18		300,000		302,663
Actavis Funding SCS (C), 4.75%, 3/15/45		150,000		151,729
Amgen Inc., 5.85%, 6/1/17		1,050,000		1,102,179
Express Scripts Holding Co., 3.3%, 2/25/21		200,000		206,383
HCA Inc., 3.75%, 3/15/19		150,000		154,125
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		220,000		271,583
Prospect Medical Holdings Inc. (B), 8.375%, 5/1/19		50,000		51,563
UnitedHealth Group Inc., 2.875%, 3/15/23		400,000		410,995
				2,651,220
Industrials - 1.3%
Burlington Northern Santa Fe LLC,
8.125%, 4/15/20		175,000		214,498
Caterpillar Inc., 3.9%, 5/27/21		450,000		494,841
Danaher Corp., 3.9%, 6/23/21		450,000		490,664
International Lease Finance Corp., 8.875%, 9/1/17		150,000		161,437
Masco Corp., 4.375%, 4/1/26		150,000		154,500
Norfolk Southern Corp., 5.59%, 5/17/25		239,000		288,189
United Rentals North America Inc., 4.625%, 7/15/23		150,000		149,438
				1,953,567
Information Technology - 1.9%
Analog Devices Inc., 5.3%, 12/15/45		225,000		261,200
Apple Inc., 2.4%, 5/3/23		450,000		451,989
Broadridge Financial Solutions Inc., 3.95%, 9/1/20		450,000		475,568
Cisco Systems Inc., 2.2%, 2/28/21		325,000		331,640
Fiserv Inc., 2.7%, 6/1/20		250,000		256,366
Hewlett-Packard Enterprise Co. (B), 6.35%, 10/15/45		175,000		174,476
Intel Corp., 4.9%, 7/29/45		250,000		286,246
International Business Machines Corp., 1.875%, 8/1/22		400,000		396,667
Thomson Reuters Corp. (C), 4.3%, 11/23/23		225,000		241,780
				2,875,932
Materials - 0.2%
WestRock MWV LLC, 8.2%, 1/15/30		175,000		225,778
Telecommunication Services - 1.1%
AT&T Inc., 4.75%, 5/15/46		200,000		201,524
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22		415,000		588,011
Frontier Communications Corp. (B), 11%, 9/15/25		75,000		75,750
Harris Corp., 5.054%, 4/27/45		250,000		270,413
Verizon Communications Inc., 5.15%, 9/15/23		400,000		460,037
				1,595,735
Utilities - 0.2%
Interstate Power & Light Co., 6.25%, 7/15/39		175,000		230,768
Total Corporate Notes and Bonds
(Cost $ 20,884,385)				22,003,335
LONG TERM MUNICIPAL BONDS - 3.9%
County of Clark NV, General Obligation, Series C, 7%, 7/1/38		500,000		590,790
County of Pasco FL Water & Sewer Revenue, Series B, 6.76%, 10/1/39		500,000		570,605
County of Pima AZ, Series B, 3.325%, 12/1/25		500,000		495,525
Los Angeles Department of Water & Power Revenue, 6.166%, 7/1/40		500,000		571,510
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31		325,000		429,429
Metropolitan Water District of Southern California Revenue, Series D, 6.538%, 7/1/39		500,000		562,385
New York City Transitional Finance Authority Future Tax Secured Revenue, 6.267%, 8/1/39		500,000		556,245
Northside Independent School District, General Obligation, Series B, (PSF-GTD), 5.741%, 8/15/35		325,000		356,223
Rancho Water District Financing Authority Revenue, Series A, 6.337%, 8/1/40		350,000		397,362
State of Iowa Revenue, 6.75%, 6/1/34		250,000		285,965
State of Michigan Revenue, Series B, 7.625%, 9/15/27		250,000		284,190
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39		500,000		555,950
Washington County School District #1 West Union, General Obligation, 4.355%, 6/30/34		200,000		209,870
Total Long Term Municipal Bonds
(Cost $5,842,686)				5,866,049
MORTGAGE BACKED SECURITIES - 8.8%
Fannie Mae - 5.5%
6%, 5/1/16 Pool # 582558		43		43
3.5%, 8/1/26 Pool # AL0787		258,596		273,761
3%, 5/1/27 Pool # AL1715		316,973		331,923
3.5%, 8/1/29 Pool # MA2003		277,247		293,393
3%, 9/1/30 Pool # 890696		306,479		321,171
7%, 11/1/31 Pool # 607515		10,010		11,383
3.5%, 12/1/31 Pool # MA0919		497,153		526,003
7%, 5/1/32 Pool # 644591		2,708		3,033
5.5%, 10/1/33 Pool # 254904		76,657		86,693
7%, 7/1/34 Pool # 792636		5,100		5,318
4%, 2/1/35 Pool # MA2177		546,909		589,536
5%, 8/1/35 Pool # 829670		69,086		76,567
5%, 9/1/35 Pool # 820347		92,129		103,977
5%, 9/1/35 Pool # 835699		81,526		92,040
5%, 12/1/35 Pool # 850561		32,360		35,869
6%, 9/1/36 Pool # 831741		78,489		89,369
5.5%, 9/1/36 Pool # 831820		145,608		166,795
5.5%, 10/1/36 Pool # 901723		62,149		69,498
5.5%, 12/1/36 Pool # 903059		119,612		136,580
4.5%, 7/1/41 Pool # AB3274		264,223		289,473
5.5%, 7/1/41 Pool # AL6588		274,378		309,163
3.5%, 6/1/42 Pool # AO4134		392,608		413,141
4%, 6/1/42 Pool # MA1087		311,466		333,648
3.5%, 8/1/42 Pool # AO8100		273,348		286,968
3.5%, 8/1/42 Pool # AP2133		294,337		309,015
3%, 2/1/43 Pool # AB8486		401,526		412,559
3%, 2/1/43 Pool # AB8563		240,353		246,951
3%, 2/1/43 Pool # AL3072		386,601		397,854
3%, 3/1/43 Pool # AB8818		400,207		411,194
3.5%, 3/1/43 Pool # AT0310		236,797		248,604
4%, 1/1/45 Pool # AS4257		213,418		228,500
4%, 1/1/45 Pool # MA2145		568,954		607,775
4.5%, 2/1/45 Pool # MA2193		401,438		438,869
				8,146,666
Freddie Mac - 3.3%
8%, 6/1/30 Pool # C01005		1,839		2,325
6.5%, 1/1/32 Pool # C62333		42,583		48,760
5%, 10/1/39 Pool # G60465		633,141		700,951
3.5%, 11/1/40 Pool # G06168		426,430		447,355
4.5%, 9/1/41 Pool # Q03516		251,000		274,096
4%, 10/1/41 Pool # Q04092		327,810		352,541

See accompanying Notes to Financial Statements.

23

Madison Funds | April 30, 2016

 Madison Diversified Income Fund Portfolio of Investments (unaudited) - continued

	Par Value		Value (Note 2)
MORTGAGE BACKED SECURITIES - continued
Freddie Mac - continued
3%, 8/1/42 Pool # G08502	$	350,965	$	360,200
3%, 9/1/42 Pool # C04233		361,019		370,519
3%, 4/1/43 Pool # V80025		406,694		417,394
3%, 4/1/43 Pool # V80026		401,402		411,963
3.5%, 8/1/44 Pool # Q27927		641,046		674,188
4%, 5/1/45 Pool # G08642		353,191		377,479
3.5%, 8/1/45 Pool # Q35614		481,971		506,418
				4,944,189
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		20,271		24,069
6.5%, 4/20/31 Pool # 3068		11,449		13,766
				37,835
Total Mortgage Backed Securities
(Cost $12,934,957)				13,128,690
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 10.3%
U.S. Treasury Bonds - 1.4%
6.625%, 2/15/27		860,000		1,261,009
3.000%, 5/15/42		500,000		538,203
2.500%, 2/15/45		250,000		241,523
				2,040,735
U.S. Treasury Notes - 8.9%
4.250%, 11/15/17		1,000,000		1,053,828
3.875%, 5/15/18		750,000		797,578
1.500%, 12/31/18		750,000		762,392
3.125%, 5/15/19		1,000,000		1,066,055
1.625%, 8/31/19		2,000,000		2,040,782
3.375%, 11/15/19		2,000,000		2,161,718
2.000%, 7/31/20		750,000		774,698
2.625%, 11/15/20		2,000,000		2,120,860
1.750%, 5/15/22		1,600,000		1,624,125
2.500%, 8/15/23		750,000		796,084
				13,198,120
Total U.S. Government and Agency
Obligations (Cost $14,636,411)				15,238,855
		Shares
SHORT-TERM INVESTMENTS - 4.4%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		6,585,446		6,585,446
Total Short-Term Investments
(Cost $6,585,446)				6,585,446
TOTAL INVESTMENTS - 99.8%
(Cost $127,530,929**)				148,355,113
NET OTHER ASSETS AND LIABILITIES - 0.2%				301,271
TOTAL NET ASSETS - 100.0%			$	148,656,384

**	Aggregate cost for Federal tax purposes was $127,703,658.
(A)	Floating rate or variable rate note. Rate shown is as of April 30, 2016.
(B)	Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(C)	Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.7% of total net assets.
ADR	American Depositary Receipt
MTN	Medium Term Note
PLC	Public Limited Company.
PSF-GTD	Permanent School Fund Guaranteed

 Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 73.9%
Consumer Discretionary - 11.1%
CarMax Inc.* (A)		31,400	$	1,662,630
CBS Corp., Class B (A)		41,300		2,309,083
Discovery Communications Inc., Class A* (A)		33,800		923,078
Discovery Communications Inc., Class C* (A)		12,000		321,360
Johnson Controls Inc. (A)		37,800		1,564,920
Nordstrom Inc. (A)		34,300		1,753,759
Starbucks Corp.		23,400		1,315,782
				9,850,612
Consumer Staples - 4.9%
Costco Wholesale Corp. (A)		8,500		1,259,105
Diageo PLC, ADR (A)		15,700		1,700,781
Hershey Co./The (A)		15,200		1,415,272
				4,375,158
Energy - 9.5%
Apache Corp. (A)		39,000		2,121,600
Baker Hughes Inc. (A)		36,300		1,755,468
California Resources Corp.		2,686		5,909
EOG Resources Inc. (A)		12,000		991,440
Occidental Petroleum Corp. (A)		28,700		2,199,855
Schlumberger Ltd. (A)		17,300		1,389,882
				8,464,154
Financials - 9.4%
American Tower Corp. (A)		8,100		849,528
PNC Financial Services Group Inc./The (A)		21,700		1,904,826
Progressive Corp./The (A)		52,300		1,704,980
State Street Corp. (A)		29,000		1,806,700
T. Rowe Price Group Inc. (A)		27,800		2,093,062
				8,359,096
Health Care - 14.0%
Agilent Technologies Inc. (A)		27,100		1,108,932
Biogen Inc.* (A)		7,300		2,007,427
Cerner Corp.* (A)		39,700		2,228,758
Express Scripts Holding Co.* (A)		27,100		1,998,083
Gilead Sciences Inc.		17,900		1,578,959
McKesson Corp. (A)		10,500		1,762,110
Varian Medical Systems Inc.* (A)		21,500		1,745,370
				12,429,639
Industrials - 7.0%
Jacobs Engineering Group Inc.* (A)		47,500		2,117,550
PACCAR Inc. (A)		21,000		1,237,110
United Technologies Corp. (A)		27,100		2,828,427
				6,183,087
Information Technology - 15.3%
Alphabet Inc., Class C* (A)		1,900		1,316,719
Apple Inc.		28,600		2,680,964
EMC Corp.		60,900		1,590,099
Linear Technology Corp. (A)		39,300		1,748,064
Microsoft Corp. (A)		32,600		1,625,762
Nuance Communications Inc.*		11,000		188,980
Oracle Corp. (A)		38,200		1,522,652
QUALCOMM Inc. (A)		31,100		1,571,172
Visa Inc., Class A (A)		17,700		1,367,148
				13,611,560
Telecommunication Service - 2.7%
T-Mobile U.S. Inc.* (A)		61,600		2,419,648
Total Common Stocks
(Cost $72,648,233)				65,692,954
EXCHANGE TRADED FUNDS - 4.6%
SPDR S&P 500 ETF Trust		10,000		2,063,000
Vanguard Total Stock Market ETF (A)		19,000		2,004,690
Total Exchange Traded Funds
(Cost $4,110,770)				4,067,690
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.6%
U.S. Treasury Bill (B) (C), 0.324%, 5/26/16		5,000,000		4,998,891
Total U.S. Government and Agency
Obligations (Cost $4,998,891)				4,998,891
		Shares
SHORT-TERM INVESTMENTS - 22.5%
State Street Institutional U.S. Government
Money Market Fund, 0.23%,
Premier Class		19,988,128		19,988,128
Total Short-Term Investments
(Cost $19,988,128)				19,988,128
TOTAL INVESTMENTS - 106.6%
(Cost $101,746,022**)				94,747,663
NET OTHER ASSETS AND LIABILITIES - (3.9%)				(3,440,679	)
TOTAL CALL & PUT OPTIONS WRITTEN - (2.7%)				(2,393,402	)
TOTAL NET ASSETS - 100.0%			$	88,913,582

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $95,218,468.
(A)	All or a portion of these securities’ positions represent covers (directly or through conversion rights) for outstanding options written.
(B)	All or a portion of these securities are segregated as collateral for put options written. As of April 30, 2016, the total amount segregated was $4,998,891.
(C)	Rate noted represents annualized yield at time of purchase.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.
PLC	Public Limited Company.

See accompanying Notes to Financial Statements.

24

Madison Funds | April 30, 2016

 Madison Covered Call & Equity Income Fund Portfolio of Investments (unaudited) - continued

	Contracts
	(100 shares			Strike		Value
Call Options Written	per contract)	Expiration		Price		(Note 2)
Agilent Technologies Inc.	257	May 2016	$	40.00	$	42,662
Alphabet Inc., Class C	19	June 2016		725.00		16,530
American Tower Corp.	81	July 2016		100.00		54,270
Apache Corp.	193	May 2016		52.50		66,103
Apache Corp.	197	June 2016		60.00		25,216
Baker Hughes Inc.	33	June 2016		50.00		9,190
Biogen Inc.	39	May 2016		280.00		26,130
Biogen Inc.	34	June 2016		280.00		41,140
CarMax Inc.	114	May 2016		55.00		9,120
CarMax Inc.	200	July 2016		57.50		31,500
CBS Corp., Class B	137	May 2016		55.00		28,702
CBS Corp., Class B	218	June 2016		55.00		57,116
CBS Corp., Class B	58	June 2016		57.50		8,207
Cerner Corp.	105	May 2016		55.00		28,088
Cerner Corp.	192	June 2016		55.00		58,560
Cerner Corp.	15	June 2016		57.50		2,662
Cerner Corp.	58	June 2016		60.00		5,220
Costco Wholesale Corp.	85	July 2016		155.00		17,340
Diageo PLC	30	May 2016		110.00		3,075
Diageo PLC	50	July 2016		110.00		15,000
Diageo PLC	77	July 2016		115.00		9,625
Discovery Communications Inc.	112	June 2016		30.00		5,040
Discovery Communications Inc.	226	July 2016		30.00		14,690
EOG Resources Inc.	120	May 2016		80.00		54,000
Express Scripts Holding Co.	104	May 2016		70.00		46,280
Express Scripts Holding Co.	104	May 2016		75.00		10,920
Express Scripts Holding Co.	63	June 2016		75.00		11,812
Hershey Co./The	152	May 2016		85.00		112,480
Jacobs Engineering Group Inc.	28	May 2016		42.50		7,910
Jacobs Engineering Group Inc.	200	July 2016		42.50		66,000
Jacobs Engineering Group Inc.	247	July 2016		45.00		45,078
Johnson Controls Inc.	93	July 2016		40.00		21,622
Linear Technology Corp.	195	May 2016		42.00		48,263
Linear Technology Corp.	198	May 2016		44.00		21,285
McKesson Corp.	74	May 2016		170.00		26,270
McKesson Corp.	31	June 2016		185.00		3,022
Microsoft Corp.	202	May 2016		55.00		505
Microsoft Corp.	124	June 2016		55.00		1,240
Nordstrom Inc.	128	June 2016		55.00		13,824
Nordstrom Inc.	215	July 2016		55.00		28,058
Occidental Petroleum Corp.	70	May 2016		67.50		64,575
Occidental Petroleum Corp.	217	May 2016		75.00		66,619
Oracle Corp.	224	June 2016		41.00		18,032
Oracle Corp.	129	July 2016		41.00		13,029
PACCAR Inc.	125	May 2016		48.60		127,500
PACCAR Inc.	85	May 2016		55.00		35,700
PNC Financial Services Group Inc./The	100	May 2016		85.00		35,250
PNC Financial Services Group Inc./The	117	May 2016		87.50		21,001
Progressive Corp./The	223	May 2016		31.00		36,795
Progressive Corp./The	300	May 2016		32.00		28,500
QUALCOMM Inc.	154	July 2016		52.50		15,708
Schlumberger Ltd.	93	May 2016		75.00		53,708
Schlumberger Ltd.	80	August 2016		80.00		34,400
State Street Corp.	100	May 2016		57.50		49,750
State Street Corp.	156	May 2016		60.00		46,488
T-Mobile U.S. Inc.	80	May 2016		39.50		7,960
T-Mobile U.S. Inc.	80	May 2016		40.00		5,840
T-Mobile U.S. Inc.	155	June 2016		40.00		19,452
T-Mobile U.S. Inc.	105	June 2016		41.00		9,187
T. Rowe Price Group Inc.	140	May 2016		75.00		24,150
T. Rowe Price Group Inc.	138	July 2016		75.00		38,985
United Technologies Corp.	131	May 2016		90.00		185,038
United Technologies Corp.	140	May 2016		92.50		164,500
Vanguard Total Stock Market ETF	190	June 2016		105.00		47,025
Varian Medical Systems Inc.	110	May 2016		80.00		24,200
Varian Medical Systems Inc.	94	June 2016		85.00		7,050
Visa Inc., Class A	177	May 2016		75.00		52,835
Total Call Options Written ( Premiums received $1,799,661 )					$	2,327,032
Put Options Written
EOG Resources Inc.	115	June 2016		80.00		34,443
Visa Inc., Class A	135	June 2016		77.50		31,927
Total Put Options Written ( Premiums received $55,896 )						66,370
Total Options Written, at Value ( Premiums received $1,855,557 )					$	2,393,402

 Madison Dividend Income Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 95.0%
Consumer Discretionary - 8.8%
Home Depot Inc./The		16,000	$	2,142,240
McDonald’s Corp.		24,500		3,099,005
Omnicom Group Inc.		18,500		1,534,945
Tiffany & Co.		14,000		998,900
				7,775,090
Consumer Staples - 12.5%
Coca-Cola Co./The		35,000		1,568,000
Hershey Co./The		19,000		1,769,090
JM Smucker Co./The		16,000		2,031,680
Nestle S.A., ADR		27,000		2,013,390
PepsiCo Inc.		15,500		1,595,880
Procter & Gamble Co./The		25,800		2,067,096
				11,045,136
Energy - 7.9%
Chevron Corp.		18,500		1,890,330
Exxon Mobil Corp.		35,500		3,138,200
Schlumberger Ltd.		24,500		1,968,330
				6,996,860
Financials - 14.4%
BB&T Corp.		34,500		1,220,610
CME Group Inc.		17,000		1,562,470
Northern Trust Corp.		15,500		1,101,740
PNC Financial Services Group Inc./The		10,500		921,690
Travelers Cos. Inc./The		31,500		3,461,850
US Bancorp		50,500		2,155,845
Wells Fargo & Co.		46,000		2,299,080
				12,723,285
Health Care - 13.0%
Amgen Inc.		7,500		1,187,250
Johnson & Johnson		32,500		3,642,600
Medtronic PLC		23,000		1,820,450
Merck & Co. Inc.		35,000		1,919,400
Pfizer Inc.		89,500		2,927,545
				11,497,245
Industrials - 16.5%
3M Co.		11,500		1,924,870
Boeing Co./The		13,500		1,819,800
Emerson Electric Co.		19,500		1,065,285
General Electric Co.		86,000		2,644,500
Union Pacific Corp.		13,500		1,177,605
United Parcel Service Inc., Class B		21,000		2,206,470
United Technologies Corp.		19,500		2,035,215
Waste Management Inc.		28,500		1,675,515
				14,549,260
Information Technology - 12.6%
Accenture PLC, Class A		20,500		2,314,860
Automatic Data Processing Inc.		11,000		972,840

See accompanying Notes to Financial Statements.

25

Madison Funds | April 30, 2016

 Madison Dividend Income Fund Portfolio of Investments (unaudited) - continued

	Shares		Value (Note 2)
COMMON STOCKS - continued
Information Technology - continued
Cisco Systems Inc.		54,000	$	1,484,460
Linear Technology Corp.		33,500		1,490,080
Microsoft Corp.		61,000		3,042,070
Texas Instruments Inc.		32,000		1,825,280
				11,129,590
Materials - 1.9%
Praxair Inc.		14,700		1,726,662
Telecommunication Service - 3.1%
Verizon Communications Inc.		53,000		2,699,820
Utilities - 4.3%
Duke Energy Corp.		27,000		2,127,060
NextEra Energy Inc.		14,000		1,646,120
				3,773,180
Total Common Stocks
(Cost $78,889,309)				83,916,128
SHORT-TERM INVESTMENTS - 4.8%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		4,258,271		4,258,271
Total Short-Term Investments
(Cost $4,258,271)				4,258,271
TOTAL INVESTMENTS - 99.8%
(Cost $83,147,580**)				88,174,399
NET OTHER ASSETS AND LIABILITIES - 0.2%				215,221
TOTAL NET ASSETS - 100.0%			$	88,389,620

**	Aggregate cost for Federal tax purposes was $83,193,459.
ADR	American Depositary Receipt.
PLC	Public Limited Company.

 Madison Large Cap Value Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 92.7%
Consumer Discretionary - 6.4%
Mattel Inc.		106,500	$	3,311,085
McDonald’s Corp.		30,500		3,857,945
				7,169,030
Consumer Staples - 9.1%
General Mills Inc.		47,000		2,882,980
JM Smucker Co./The		31,000		3,936,380
Procter & Gamble Co./The		43,000		3,445,160
				10,264,520
Energy - 12.7%
Apache Corp.		27,500		1,496,000
Baker Hughes Inc.		25,500		1,233,180
Chevron Corp.		22,200		2,268,396
Exxon Mobil Corp.		57,500		5,083,000
Occidental Petroleum Corp.		55,500		4,254,075
				14,334,651
Financials - 27.3%
Capital Markets - 1.7%
Bank of New York Mellon Corp./The		46,500		1,871,160
Commercial Banks - 7.6%
Citigroup Inc.		31,000		1,434,680
US Bancorp		72,000		3,073,680
Wells Fargo & Co.		81,000		4,048,380
				8,556,740
Diversified Financial Services - 4.0%
Berkshire Hathaway Inc., Class B*		17,100		2,487,708
Nasdaq Inc.		33,000		2,036,430
				4,524,138
Insurance - 10.7%
Aflac Inc.		33,000		2,276,010
American International Group Inc.		71,500		3,991,130
Arch Capital Group Ltd.*		24,000		1,691,760
Markel Corp.*		4,600		4,135,906
				12,094,806
Real Estate Investment Trusts (REITs) - 3.3%
Digital Realty Trust Inc.		42,000		3,695,160
				30,742,004
Health Care - 7.2%
Baxter International Inc.		76,500		3,382,830
Johnson & Johnson		26,500		2,970,120
Pfizer Inc.		55,400		1,812,134
				8,165,084
Industrials - 16.0%
Expeditors International of Washington
Inc.		30,000		1,488,300
Fluor Corp.		43,500		2,377,710
General Electric Co.		162,500		4,996,875
Jacobs Engineering Group Inc.*		100,500		4,480,290
Republic Services Inc.		98,500		4,636,395
				17,979,570
Information Technology - 8.0%
Cisco Systems Inc.		80,300		2,207,447
Microsoft Corp.		91,000		4,538,170
Oracle Corp.		56,000		2,232,160
				8,977,777
Telecommunication Services - 4.5%
AT&T Inc.		36,000		1,397,520
T-Mobile U.S. Inc.*		94,000		3,692,320
				5,089,840
Utilities - 1.5%
NextEra Energy Inc.		14,000		1,646,120
Total Common Stocks
(Cost $93,382,277)				104,368,596
SHORT-TERM INVESTMENTS - 8.7%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		9,843,034		9,843,034
Total Short-Term Investments
(Cost $9,843,034)				9,843,034
TOTAL INVESTMENTS - 101.4%
(Cost $103,225,311**)				114,211,630
NET OTHER ASSETS AND LIABILITIES - (1.4%)				(1,618,790	)
TOTAL NET ASSETS - 100.0%			$	112,592,840

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $103,460,058.

See accompanying Notes to Financial Statements.

26

Madison Funds | April 30, 2016

 Madison Investors Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 93.3%
Consumer Discretionary - 15.0%
CarMax Inc.*		151,210	$	8,006,570
Discovery Communications Inc., Class C*		455,003		12,184,980
Dollar General Corp.		96,033		7,866,063
McDonald’s Corp.		19,656		2,486,288
TJX Cos. Inc./The		101,082		7,664,037
				38,207,938
Consumer Staples - 14.1%
Diageo PLC, ADR		111,159		12,041,855
Hershey Co./The		77,090		7,177,850
JM Smucker Co./The		75,357		9,568,832
Nestle S.A., ADR		94,499		7,046,790
				35,835,327
Energy - 1.3%
Schlumberger Ltd.		42,249		3,394,285
Financials - 19.7%
American Tower Corp.		86,901		9,114,177
Berkshire Hathaway Inc., Class B*		86,439		12,575,146
Brookfield Asset Management Inc., Class A		284,469		9,620,741
Markel Corp.*		9,156		8,232,251
US Bancorp		249,213		10,638,903
				50,181,218
Health Care - 8.2%
Johnson & Johnson		107,552		12,054,428
Varian Medical Systems Inc.*		107,879		8,757,617
				20,812,045
Industrials - 14.3%
Copart Inc.*		203,607		8,722,524
Danaher Corp.		98,807		9,559,577
Jacobs Engineering Group Inc.*		220,416		9,826,145
PACCAR Inc.		138,759		8,174,293
				36,282,539
Information Technology - 17.0%
Accenture PLC, Class A		71,102		8,028,838
Alphabet Inc., Class C*		7,391		5,122,037
CDW Corp.		182,549		7,028,137
Oracle Corp.		245,864		9,800,139
TE Connectivity Ltd.		108,588		6,458,814
Visa Inc., Class A		87,479		6,756,878
				43,194,843
Materials - 3.7%
PPG Industries Inc.		86,424		9,540,345
Total Common Stocks
(Cost $197,846,385)				237,448,540
SHORT-TERM INVESTMENTS - 6.5%
State Street Institutional U.S. Government
Money Market Fund, 0.23%,
Premier Class		16,629,716		16,629,716
Total Short-Term Investments
(Cost $16,629,716)				16,629,716
TOTAL INVESTMENTS - 99.8%
(Cost $214,476,101**)				254,078,256
NET OTHER ASSETS AND LIABILITIES - 0.2%				429,483
TOTAL NET ASSETS - 100.0%			$	254,507,739

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $214,940,921.
ADR	American Depositary Receipt.
PLC	Public Limited Company.

 Madison Mid Cap Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 88.8%
Consumer Discretionary - 28.1%
Media - 12.6%
Discovery Communications Inc., Class C*		294,689	$	7,891,771
Liberty Broadband Corp., Class C*		182,129		10,426,885
Liberty Global PLC, Series C*		254,391		9,310,711
Omnicom Group Inc.		119,306		9,898,819
				37,528,186
Specialty Retail - 15.5%
CarMax Inc.*		188,253		9,967,996
Ross Stores Inc.		290,712		16,506,627
Sally Beauty Holdings Inc.*		448,764		14,091,190
Tiffany & Co.		80,113		5,716,063
				46,281,876
				83,810,062
Consumer Staples - 2.9%
Brown-Forman Corp., Class B		26,969		2,597,654
Hershey Co./The		66,723		6,212,578
				8,810,232
Energy - 3.3%
Oceaneering International Inc.		79,730		2,922,105
World Fuel Services Corp.		148,962		6,960,994
				9,883,099
Financials - 26.3%
Commercial Banks - 4.0%
Glacier Bancorp Inc.		237,244		6,142,247
M&T Bank Corp.		50,246		5,945,107
				12,087,354
Insurance - 15.1%
Arch Capital Group Ltd.*		98,287		6,928,251
Brown & Brown Inc.		436,321		15,319,230
Markel Corp.*		15,738		14,150,193
WR Berkley Corp.		153,592		8,601,152
				44,998,826
Real Estate Investment Trusts (REITs) - 3.2%
American Tower Corp.		42,594		4,467,259
Crown Castle International Corp.		58,163		5,053,201
				9,520,460
Real Estate Management & Development - 4.0%
Brookfield Asset Management Inc., Class A		352,833		11,932,812
				78,539,452
Health Care - 7.5%
DaVita HealthCare Partners Inc.*		118,275		8,740,523
Laboratory Corp. of America Holdings*		77,442		9,705,031
Perrigo Co. PLC		39,734		3,841,086
				22,286,640
Industrials - 12.7%
Copart Inc.*		301,417		12,912,704
Expeditors International of Washington
Inc.		217,987		10,814,335
Fastenal Co.		137,484		6,432,876
IHS Inc., Class A*		63,882		7,868,985
				38,028,900
Information Technology - 4.8%
Amphenol Corp., Class A		109,088		6,090,383
CDW Corp.		217,869		8,387,956
				14,478,339
Materials - 3.2%
Crown Holdings Inc.*		181,532		9,613,935
Total Common Stocks
(Cost $188,256,811)				265,450,659
SHORT-TERM INVESTMENTS - 8.6%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		25,651,700		25,651,700
Total Short-Term Investments
(Cost $25,651,700)				25,651,700
TOTAL INVESTMENTS - 97.4%
(Cost $213,908,511**)				291,102,359
NET OTHER ASSETS AND LIABILITIES - 2.6%				7,640,518
TOTAL NET ASSETS - 100.0%			$	298,742,877

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $214,046,388.
PLC	Public Limited Company.

See accompanying Notes to Financial Statements.

27

Madison Funds | April 30, 2016

 Madison Small Cap Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 95.7%
Consumer Discretionary - 6.2%
Ascena Retail Group Inc.*		117,670	$	1,036,673
Cato Corp./The, Class A		34,869		1,275,857
DSW Inc., Class A		33,390		820,392
Fred’s Inc., Class A		93,190		1,367,097
Helen of Troy Ltd.*		9,060		901,742
International Speedway Corp., Class A		4,300		144,007
Stage Stores Inc.		76,110		560,170
				6,105,938
Consumer Staples - 4.6%
C&C Group PLC		310,453		1,394,565
Cranswick PLC		51,894		1,699,996
Post Holdings Inc.*		17,310		1,243,550
Smart & Final Stores Inc.*		12,900		205,368
				4,543,479
Energy - 5.6%
Dorian LPG Ltd.*		67,240		683,158
Era Group Inc.*		37,780		360,043
RSP Permian Inc.*		49,434		1,513,175
Scorpio Tankers Inc.		201,530		1,261,578
SEACOR Holdings Inc.*		21,850		1,284,125
Tesco Corp.		44,085		417,044
				5,519,123
Financials - 22.4%
AMERISAFE Inc.		3,980		214,442
Corporate Office Properties Trust, REIT		34,990		898,543
DiamondRock Hospitality Co., REIT		85,814		764,603
Education Realty Trust Inc., REIT		29,143		1,159,017
First Busey Corp.		45,247		924,849
First Midwest Bancorp Inc.		101,930		1,883,666
First Niagara Financial Group Inc.		110,050		1,162,128
Flushing Financial Corp.		45,100		899,745
Great Western Bancorp Inc.		44,388		1,399,110
Hancock Holding Co.		46,260		1,201,372
International Bancshares Corp.		77,460		2,028,678
Kemper Corp.		7,300		226,008
MB Financial Inc.		46,450		1,614,602
Northwest Bancshares Inc.		122,210		1,713,384
Primerica Inc.		31,970		1,584,433
Solar Capital Ltd.		42,095		742,135
State National Cos. Inc.		20,360		229,661
Summit Hotel Properties Inc., REIT		73,310		835,734
Webster Financial Corp.		67,850		2,486,024
				21,968,134
Health Care - 7.3%
Allscripts Healthcare Solutions Inc.*		118,350		1,585,890
Amsurg Corp.*		9,180		743,397
Charles River Laboratories International Inc.*		20,290		1,608,388
Corvel Corp.*		19,360		875,072
Haemonetics Corp.*		38,490		1,248,231
ICU Medical Inc.*		6,810		676,505
Phibro Animal Health Corp., Class A		20,060		416,044
				7,153,527
Industrials - 33.0%
Aerospace & Defense - 1.8%
Cubic Corp.		42,900		1,783,353
Air Freight & Logistics - 0.7%
Forward Air Corp.		15,620		711,960
Building Products - 1.3%
Tyman PLC		304,481		1,291,301
Commercial Services & Supplies - 9.6%
ACCO Brands Corp.*		163,900		1,563,606
Essendant Inc.		55,280		1,702,071
G&K Services Inc., Class A		33,620		2,375,253
Matthews International Corp., Class A		27,020		1,422,333
SP Plus Corp.*		68,200		1,519,496
Steelcase Inc., Class A		52,370		799,166
				9,381,925
Construction & Engineering - 1.2%
Primoris Services Corp.		52,320		1,223,765
Electrical Equipment - 2.6%
Babcock & Wilcox Enterprises Inc.*		54,060		1,235,271
Thermon Group Holdings Inc.*		70,610		1,323,231
				2,558,502
Machinery - 10.0%
Albany International Corp., Class A		50,860		2,049,150
CIRCOR International Inc.		20,410		1,152,145
ESCO Technologies Inc.		37,730		1,451,850
Luxfer Holdings PLC, ADR		66,831		858,778
Mueller Industries Inc.		85,070		2,684,809
TriMas Corp.*		88,630		1,604,203
				9,800,935
Professional Services - 4.2%
FTI Consulting Inc.*		46,530		1,875,159
Huron Consulting Group Inc.*		15,680		871,965
Mistras Group Inc.*		55,200		1,345,224
				4,092,348
Trading Companies & Distributors - 1.6%
GATX Corp.		33,560		1,541,746
				32,385,835
Information Technology - 8.8%
Belden Inc.		38,702		2,443,644
Coherent Inc.*		11,150		1,041,410
CTS Corp.		46,220		765,866
Diebold Inc.		47,330		1,243,359
Forrester Research Inc.		40,160		1,350,179
ScanSource Inc.*		42,390		1,724,425
				8,568,883
Materials - 4.6%
Deltic Timber Corp.		21,270		1,329,375
Greif Inc., Class A		36,400		1,263,080
Sensient Technologies Corp.		28,760		1,934,110
				4,526,565
Utilities - 3.2%
New Jersey Resources Corp.		20,930		746,783
Spire Inc.		18,130		1,159,595
WGL Holdings Inc.		17,580		1,193,506
				3,099,884
Total Common Stocks
(Cost $84,034,274)				93,871,368
SHORT-TERM INVESTMENTS - 4.3%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		4,251,424		4,251,424
Total Short-Term Investments
(Cost $4,251,424)				4,251,424
TOTAL INVESTMENTS - 100.0%
(Cost $88,285,698**)			$	98,122,792
NET OTHER ASSETS AND LIABILITIES - (0.0%)				(15,869	)
TOTAL NET ASSETS - 100.0%			$	98,106,923

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $88,475,296.
ADR	American Depositary Receipt.
PLC	Public Limited Company.
REIT	Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

28

Madison Funds | April 30, 2016

 Madison NorthRoad International Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 96.6%
Australia - 1.8%
BHP Billiton Ltd., ADR		20,295	$	636,045
Brazil - 2.0%
Estacio Participacoes S.A. (A)		88,952		307,003
Kroton Educacional S.A. (A)		114,690		426,847
				733,850
Denmark - 3.9%
Carlsberg AS, Class B (A)		7,494		729,834
ISS AS (A)		17,855		677,972
				1,407,806
France - 15.1%
AXA S.A., ADR		32,992		835,357
BNP Paribas S.A. (A)		11,495		608,627
LVMH Moet Hennessy Louis Vuitton SE (A)		6,356		1,056,029
Schneider Electric SE, ADR		70,030		910,390
Technip S.A. (A)		15,710		919,405
Total S.A., ADR		22,036		1,118,327
				5,448,135
Germany - 3.1%		14,229		1,118,684
SAP SE, ADR
Ireland - 4.1%
CRH PLC, ADR		28,766		837,378
Perrigo Co. PLC		6,673		645,079
				1,482,457
Israel - 1.8%
Teva Pharmaceutical Industries Ltd., ADR		11,824		643,817
Japan - 9.2%		177,689		804,310
Hitachi Ltd. (A)		156,626		720,480
Mitsubishi UFJ Financial Group Inc., ADR		57,235		1,089,754
Secom Co. Ltd., ADR		17,295		708,387
Seven & I Holdings Co. Ltd. (A)				3,322,931
Netherlands - 9.2%
Akzo Nobel N.V., ADR		32,721		774,506
ING Groep N.V. (A)		63,065		772,314
Royal Dutch Shell PLC, Class A, ADR		15,528		821,276
Sensata Technologies Holding N.V.*		25,475		959,643
				3,327,739
Singapore - 1.6%
DBS Group Holdings Ltd. (A)		51,680		587,181
South Korea - 2.5%
Samsung Electronics Co. Ltd. (A)		811		886,164
Sweden - 2.2%
Telefonaktiebolaget LM Ericsson, ADR		97,633		789,851
Switzerland - 14.6%
Credit Suisse Group AG, ADR		45,573		693,165
Nestle S.A., ADR		12,521		933,691
Novartis AG, ADR		16,406		1,246,364
Roche Holding AG, ADR		24,770		781,989
Syngenta AG, ADR		8,402		676,949
TE Connectivity Ltd.		15,815		940,676
				5,272,834
United Kingdom - 25.5%
Babcock International Group PLC (A)		57,495		795,984
Barclays PLC (A)		231,835		580,949
Berendsen PLC (A)		46,415		800,268
Compass Group PLC, ADR		50,361		898,944
Diageo PLC, ADR		12,079		1,308,518
GlaxoSmithKline PLC, ADR		16,609		712,692
HSBC Holdings PLC, ADR		15,133		504,383
Rolls-Royce Holdings PLC* (A)		3,678,480		505,083
Royal Dutch Shell PLC, Class A (A)		29,608		769,843
Standard Chartered PLC (A)		72,183		582,301
Tesco PLC, ADR*		104,041		783,429
WPP PLC, ADR		8,004		937,669
				9,180,063
Total Common Stocks
(Cost $36,897,209)				34,837,557
SHORT-TERM INVESTMENTS - 3.0%
United States - 3.0%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		1,086,252		1,086,252
Total Short-Term Investments
(Cost $1,086,252)				1,086,252
TOTAL INVESTMENTS - 99.6%
(Cost $37,983,461**)				35,923,809
NET OTHER ASSETS AND LIABILITIES - 0.4%				150,263
TOTAL NET ASSETS - 100.0%			$	36,074,072

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $38,468,787.
(A)	Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2).
ADR	American Depositary Receipt.
PLC	Public Limited Company.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	10.0	%	Information Technology	12.6	%
Consumer Staples	12.4	%	Materials	8.1	%
Energy	10.1	%	Money Market Funds	3.0	%
Financials	16.3	%	Net Other Assets and
Health Care	11.2	%	Liabilities	0.4	%
Industrials	15.9	%

 Madison International Stock Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 95.7%
Australia - 1.6%
Caltex Australia Ltd. (A)		25,122	$	620,799
Austria - 0.4%
UNIQA Insurance Group AG (A)		18,821		135,858
Belgium - 4.0%		9,630		1,192,001
Anheuser-Busch InBev N.V. (A)		6,519		365,988
KBC Groep N.V. (A)				1,557,989
Brazil - 1.3%
BB Seguridade Participacoes S.A. (A)		58,500		510,286
Canada - 2.3%
MacDonald Dettwiler & Associates Ltd. (A)		5,205		364,644
National Bank of Canada (A)		14,400		514,622
				879,266
Denmark - 1.2%
Carlsberg AS, Class B (A)		4,722		459,871
Finland - 1.7%
Sampo Oyj, Class A (A)		15,313		668,577
France - 8.0%
Cap Gemini S.A. (A)		8,430		786,991
Iliad S.A. (A)		1,482		323,866
Total S.A. (A)		8,132		409,056
Valeo S.A. (A)		5,017		795,356
Vinci S.A. (A)		10,049		750,691
				3,065,960
Germany - 2.5%		8,229		949,329
Bayer AG (A)
Ireland - 4.7%
James Hardie Industries PLC (A)		25,845		364,137
Ryanair Holdings PLC, ADR		4,468		361,685
Shire PLC (A)		17,216		1,071,862
				1,797,684
Israel - 2.2%
Teva Pharmaceutical Industries Ltd., ADR		15,455		841,525
Italy - 1.7%
Azimut Holding SpA (A)		17,042		428,916
Mediaset SpA (A)		47,321		212,947
				641,863
Japan - 19.4%
ABC-Mart Inc. (A)		6,700		434,501
Daiwa House Industry Co. Ltd. (A)		38,600		1,019,785
Don Quijote Holdings Co. Ltd. (A)		22,800		812,660
Isuzu Motors Ltd. (A)		40,900		435,376
Japan Tobacco Inc. (A)		14,900		610,326
KDDI Corp. (A)		32,500		924,443
Makita Corp. (A)		7,800		485,336
Seven & I Holdings Co. Ltd. (A)		15,700		643,057
SoftBank Group Corp. (A)		10,800		568,072
Sony Corp. (A)		22,300		542,120
Sumitomo Mitsui Financial Group Inc. (A)		22,300		670,341
United Arrows Ltd. (A)		8,300		333,546
				7,479,563
Luxembourg - 0.7%
RTL Group S.A.* (A)		3,336		278,699
Netherlands - 2.8%
Koninklijke KPN N.V. (A)		102,269		402,250
Wolters Kluwer N.V. (A)		18,280		695,659
				1,097,909

See accompanying Notes to Financial Statements.

29

Madison Funds | April 30, 2016

 Madison International Stock Fund Portfolio of Investments (unaudited) - continued

	Shares		Value (Note 2)
COMMON STOCKS - continued
Norway - 1.5%
Telenor ASA (A)		33,070	$	569,248
Philippines - 0.7%
Alliance Global Group Inc. (A)		840,600		259,956
Spain - 1.1%
Red Electrica Corp. S.A. (A)		4,622		412,650
Sweden - 3.5%
Assa Abloy AB, Class B (A)		38,362		804,458
Swedbank AB, Class A (A)		24,900		537,041
				1,341,499
Switzerland - 6.5%
Credit Suisse Group AG* (A)		20,284		308,077
Novartis AG (A)		19,013		1,450,799
Wolseley PLC (A)		13,511		754,327
				2,513,203
Taiwan - 1.8%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		28,800		679,392
Thailand - 0.6%
Krung Thai Bank PCL (A)		452,700		222,916
Turkey - 1.3%
Turkcell Iletisim Hizmetleri AS (A)		117,910		509,904
United Kingdom - 22.9%
Aon PLC		6,660		700,099
BHP Billiton PLC (A)		46,896		639,380
British American Tobacco PLC (A)		18,246		1,111,729
Direct Line Insurance Group PLC (A)		57,680		305,006
Howden Joinery Group PLC (A)		41,044		296,259
Informa PLC (A)		37,767		361,175
J Sainsbury PLC (A)		117,384		495,509
Lloyds Banking Group PLC (A)		844,236		827,346
Provident Financial PLC (A)		10,452		445,025
Prudential PLC (A)		47,781		940,760
RELX PLC (A)		38,397		678,856
Rexam PLC (A)		69,917		638,496
Royal Dutch Shell PLC, Class A		32,148		835,886
Unilever PLC		11,822		527,626
				8,803,152
United States - 1.3%
Signet Jewelers Ltd.		4,647		504,478
Total Common Stocks
(Cost $32,975,205)				36,801,576
SHORT-TERM INVESTMENTS - 3.8%
United States - 3.8%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		1,479,045		1,479,045
Total Short-Term Investments
(Cost $1,479,045)				1,479,045
TOTAL INVESTMENTS - 99.5%
(Cost $34,454,250**)				38,280,621
NET OTHER ASSETS AND LIABILITIES - 0.5%				201,692
TOTAL NET ASSETS - 100.0%			$	38,482,313

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $34,784,071.
(A)	Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2).
ADR	American Depositary Receipt.
PCL	Public Company Limited.
PLC	Public Limited Company.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	15.8%	Materials	4.3%
Consumer Staples	13.1%	Money Market Funds	3.8%
Energy	4.8%	Telecommunication
Financials	22.4%	Services	8.6%
Health Care	11.2%	Utilities	1.1%
Industrials	10.6%	Net Other Assets
Information Technology	3.8%	and Liabilities	0.5%

 Hansberger International Growth Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2)
COMMON STOCKS - 98.9%
Canada - 6.6%
Cameco Corp.		39,676	$	496,347
Canadian Pacific Railway Ltd.		3,913		564,450
Manulife Financial Corp.		36,116		531,989
				1,592,786
China - 11.1%
Alibaba Group Holding Ltd., ADR*		9,090		699,385
China Longyuan Power Group Corp. Ltd., Class H (A)		525,683		363,923
CITIC Securities Co. Ltd., Class H (A)		192,623		425,628
Ping An Insurance Group Co. of China Ltd., Class H (A)		92,143		435,360
Tencent Holdings Ltd. (A)		37,459		767,347
				2,691,643
Denmark - 1.1%
Novo Nordisk AS, Class B (A)		4,799		267,944
France - 9.4%
Christian Dior SE (A)		1,368		240,212
Hermes International (A)		718		255,687
Iliad S.A. (A)		2,646		578,238
Pernod Ricard S.A. (A)		2,866		309,400
Safran S.A. (A)		4,568		314,725
Zodiac Aerospace (A)		24,566		575,948
				2,274,210
Germany - 8.2%
Bayer AG (A)		3,123		360,281
Continental AG (A)		1,630		357,982
Fresenius SE & Co. KGaA (A)		7,361		535,392
KUKA AG (A)		4,694		462,453
United Internet AG (A)		5,278		257,668
				1,973,776
Hong Kong - 2.5%
AIA Group Ltd. (A)		99,304		596,574
India - 4.4%
Dr Reddy’s Laboratories Ltd., ADR		7,444		339,446
HDFC Bank Ltd., ADR		6,907		434,243
Larsen & Toubro Ltd., GDR		15,275		290,989
				1,064,678
Indonesia - 1.0%
Bank Mandiri Persero Tbk PT (A)		327,000		239,274
Ireland - 2.7%
Kerry Group PLC, Class A (A)		3,380		301,378
Shire PLC (A)		5,456		339,688
				641,066
Japan - 14.9%
CyberAgent Inc. (A)		15,000		700,697
Keyence Corp. (A)		1,074		639,632
Nidec Corp. (A)		9,000		650,866
Seven & I Holdings Co. Ltd. (A)		7,100		290,809
SoftBank Group Corp. (A)		8,300		436,574
Toray Industries Inc. (A)		41,000		342,234
Toyota Motor Corp. (A)		10,700		539,744
				3,600,556
Mexico - 3.6%
Grupo Financiero Banorte S.A.B. de C.V., Class O (A)		74,747		424,987
Grupo Mexico S.A.B. de C.V., Class AClass AClass B (A)		175,049		445,237
				870,224
Netherlands - 4.9%
ASML Holding N.V.		5,729		553,422
NXP Semiconductors N.V.*		7,444		634,824
				1,188,246
Norway - 1.4%
Telenor ASA (A)		19,486		335,421
Singapore - 1.4%
DBS Group Holdings Ltd. (A)		30,000		340,856
South Korea - 2.8%
Amorepacific Corp. (A)		911		325,814
LG Household & Health Care Ltd. (A)		405		357,938
				683,752
Spain - 1.3%
Grifols S.A. (A)		14,018		304,895
Sweden - 1.4%
Hexagon AB, Class B shares (A)		8,247		328,835
Switzerland - 7.8%
Cie Financiere Richemont S.A. (A)		3,489		232,042
Credit Suisse Group AG* (A)		37,381		567,749
Nestle S.A. (A)		3,608		268,917
Partners Group Holding AG (A)		1,235		508,522
Roche Holding AG (A)		1,195		302,082
				1,879,312

See accompanying Notes to Financial Statements.

30

Madison Funds | April 30, 2016

 Hansberger International Growth Fund Portfolio of Investments (unaudited) - continued

	Shares		Value (Note 2)
COMMON STOCKS - continued
United Kingdom - 12.4%
ARM Holdings PLC (A)		28,788	$	394,346
Ashtead Group PLC (A)		28,159		373,387
Carnival PLC (A)		12,298		610,415
London Stock Exchange Group PLC (A)		10,264		406,876
Michael Page International PLC (A)		56,004		332,640
Prudential PLC (A)		25,624		504,511
Royal Dutch Shell PLC, Class B shares (A)		14,486		378,029
				3,000,204
Total Common Stocks
(Cost $21,892,399)				23,874,252
SHORT-TERM INVESTMENTS - 0.7%
United States - 0.7%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		172,892		172,892
			Value (Note 2)
Total Short-Term Investments
(Cost $172,892)			$	172,892
TOTAL INVESTMENTS - 99.6%
(Cost $22,065,291**)				24,047,144
NET OTHER ASSETS AND LIABILITIES - 0.4%				100,741
TOTAL NET ASSETS - 100.0%			$	24,147,885

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $22,586,404.
(A)	Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2).
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.
PLC	Public Limited Company.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/16
Consumer Discretionary	12.2%	Materials	3.3%
Consumer Staples	7.7%	Money Market Funds	0.7%
Energy	3.6%	Telecommunication
Financials	22.4%	Services	5.6%
Health Care	10.1%	Utilities	1.5%
Industrials	14.8%	Net Other Assets
Information Technology	17.7%	and Liabilities	0.4%

 Target Retirement 2020 Fund Portfolio of Investments

	Shares		Value (Note 2)
INVESTMENT COMPANIES - 99.1%
Alternative Funds - 3.5%
SPDR Gold Shares*		14,585	$	1,803,436
Bond Funds - 59.4%
Baird Aggregate Bond Fund Institutional Shares		47,162		514,541
iShares 20+ Year Treasury Bond ETF		19,928		2,578,285
iShares 3-7 Year Treasury Bond ETF †		128,926		16,196,973
iShares 7-10 Year Treasury Bond ETF		9,348		1,028,280
iShares TIPS Bond Fund ETF		55,964		6,429,144
Metropolitan West Total Return Bond Fund Class I		47,380		514,543
PowerShares Senior Loan Portfolio		89,323		2,062,468
Vanguard Intermediate-Term Corporate Bond ETF		14,661		1,283,717
				30,607,951
Foreign Stock Funds - 6.5%
iShares MSCI EAFE Minimum Volatility ETF		11,507		773,501
SPDR S&P China ETF		3,720		258,205
Vanguard FTSE All-World ex-U.S. ETF		17,549		773,209
WisdomTree Europe Hedged Equity Fund		19,670		1,029,724
WisdomTree Japan Hedged Equity Fund		12,509		514,120
				3,348,759
Money Market Funds - 3.1%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		1,602,009		1,602,009
Stock Funds - 26.6%
Energy Select Sector SPDR Fund		7,691		519,219
Guggenheim S&P 500 Equal Weight ETF		3,253		258,646
iShares Core S&P Mid-Cap ETF		5,311		774,503
PowerShares Buyback Achievers Portfolio ETF		33,966		1,550,548
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares		17,345		255,326
Schwab U.S. Dividend Equity ETF		12,898		516,178
SPDR S&P 500 ETF Trust		37,540		7,744,502
SPDR S&P Regional Banking ETF		12,781		515,713
VanEck Vectors Agribusiness ETF		10,602		516,423
Vanguard Information Technology ETF		9,884		1,031,989
				13,683,047
TOTAL INVESTMENTS - 99.1%
(Cost $46,281,559**)				51,045,202
NET OTHER ASSETS AND LIABILITIES - 0.9%				441,702
TOTAL NET ASSETS - 100.0%			$	51,486,904

†	The annual report and prospectus for the iShares 3-7 Year Treasury Bond ETF can be found at: http://www.ishares.com/us/library/financial-legal-tax.
*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $47,086,489.
ETF	Exchange Traded Fund.

 Target Retirement 2030 Fund Portfolio of Investments

	Shares		Value (Note 2)
INVESTMENT COMPANIES - 99.1%
Alternative Funds - 4.0%
SPDR Gold Shares*		24,634	$	3,045,994
Bond Funds - 34.0%
iShares 20+ Year Treasury Bond ETF		29,453		3,810,629
iShares 3-7 Year Treasury Bond ETF		84,687		10,639,228
iShares 7-10 Year Treasury Bond ETF		13,816		1,519,760
iShares TIPS Bond Fund ETF		72,786		8,361,655
Vanguard Intermediate-Term Corporate Bond ETF		17,339		1,518,203
				25,849,475
Foreign Stock Funds - 11.5%
iShares MSCI Canada ETF		15,048		382,219
iShares MSCI EAFE Minimum Volatility ETF		34,012		2,286,287
iShares MSCI United Kingdom ETF		23,377		381,279
SPDR S&P China ETF		5,498		381,616
Vanguard FTSE All-World ex-U.S. ETF		43,227		1,904,582
WisdomTree Europe Hedged Equity Fund		36,338		1,902,294
WisdomTree Japan Hedged Equity Fund		36,976		1,519,713
				8,757,990
Money Market Funds - 3.0%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		2,300,312		2,300,312
Stock Funds - 46.6%
Energy Select Sector SPDR Fund		17,045		1,150,708
Guggenheim S&P 500 Equal Weight ETF		9,616		764,568
iShares Core S&P Mid-Cap ETF		15,700		2,289,531
PowerShares Buyback Achievers
Portfolio ETF		66,910		3,054,442
Schwab Fundamental U.S. Large Company
Index Fund Institutional Shares		51,370		756,167
Schwab U.S. Dividend Equity ETF		38,126		1,525,803
SPDR S&P 500 ETF Trust †		96,168		19,839,458
SPDR S&P Homebuilders ETF		22,663		762,837
SPDR S&P Regional Banking ETF		28,335		1,143,317
VanEck Vectors Agribusiness ETF		23,503		1,144,831
Vanguard Growth ETF		3,613		381,569
Vanguard Health Care ETF		2,998		380,926
Vanguard Information Technology ETF		21,912		2,287,832
				35,481,989
TOTAL INVESTMENTS - 99.1%
(Cost $65,925,222**)				75,435,760
NET OTHER ASSETS AND LIABILITIES - 0.9%				719,268
TOTAL NET ASSETS - 100.0%			$	76,155,028

†	The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: http://www.spdrs.com/product/fund.seam?ticker=spy.
*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $67,568,549.
ETF	Exchange Traded Fund.

See accompanying Notes to Financial Statements.

31

Madison Funds | April 30, 2016

 Target Retirement 2040 Fund Portfolio of Investments

	Shares		Value (Note 2)
INVESTMENT COMPANIES - 99.2%
Alternative Funds - 4.0%
SPDR Gold Shares*		16,046	$	1,984,087
Bond Funds - 23.9%
iShares 20+ Year Treasury Bond ETF		19,185		2,482,155
iShares 3-7 Year Treasury Bond ETF		27,581		3,465,001
iShares 7-10 Year Treasury Bond ETF		4,499		494,890
iShares TIPS Bond Fund ETF		40,896		4,698,133
Vanguard Intermediate-Term Corporate Bond ETF		8,471		741,721
				11,881,900
Foreign Stock Funds - 13.5%
iShares MSCI Canada ETF
iShares MSCI EAFE Minimum Volatility ETF		9,788		248,615
iShares MSCI United Kingdom ETF		33,223		2,233,250
SPDR S&P China ETF		15,227		248,353
Vanguard FTSE All-World ex-U.S. ETF		3,581		248,557
		33,796		1,489,052
WisdomTree Europe Hedged Equity Fund		23,701		1,240,747
WisdomTree Japan Hedged Equity Fund		24,082		989,770
				6,698,344
Money Market Funds - 3.2%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		1,566,747		1,566,747
Stock Funds - 54.6%
Energy Select Sector SPDR Fund		11,106		749,766
Guggenheim S&P 500 Equal Weight ETF		9,398		747,235
iShares Core S&P Mid-Cap ETF		11,932		1,740,044
PowerShares Buyback Achievers
Portfolio ETF		54,503		2,488,062
Schwab Fundamental U.S. Large Company
Index Fund Institutional Shares		50,191		738,817
Schwab U.S. Dividend Equity ETF		37,265		1,491,345
SPDR S&P 500 ETF Trust †		67,460		13,916,998
SPDR S&P Homebuilders ETF		14,762		496,889
SPDR S&P Regional Banking ETF		24,609		992,973
VanEck Vectors Agribusiness ETF		20,412		994,269
Vanguard Growth ETF		4,709		497,317
Vanguard Health Care ETF		1,953		248,148
Vanguard Information Technology ETF		19,051		1,989,115
				27,090,978
TOTAL INVESTMENTS - 99.2%
(Cost $41,884,459**)				49,222,056
NET OTHER ASSETS AND LIABILITIES - 0.8%				400,196
TOTAL NET ASSETS - 100.0%			$	49,622,252

†	The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: http://www.spdrs.com/product/fund.seam?ticker=spy.
*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $43,103,811.
ETF	Exchange Traded Fund.

 Target Retirement 2050 Fund Portfolio of Investments

	Shares		Value (Note 2)
INVESTMENT COMPANIES - 99.3%
Alternative Funds - 4.0%
SPDR Gold Shares*		7,072	$	874,453
Bond Funds - 14.0%
iShares 20+ Year Treasury Bond ETF		8,455		1,093,908
iShares TIPS Bond Fund ETF		15,178		1,743,648
Vanguard Intermediate-Term Corporate
Bond ETF		2,489		217,937
				3,055,493
Foreign Stock Funds - 15.5%
iShares MSCI Canada ETF		4,314		109,576
iShares MSCI EAFE Minimum Volatility ETF		19,522		1,312,269
iShares MSCI United Kingdom ETF		6,749		110,076
SPDR S&P China ETF		1,578		109,529
Vanguard FTSE All-World ex-U.S. ETF		17,377		765,631
WisdomTree Europe Hedged Equity Fund		10,429		545,958
WisdomTree Japan Hedged Equity Fund		10,613		436,194
				3,389,233
Money Market Funds - 3.2%
State Street Institutional U.S. Government
Money Market Fund, 0.23%, Premier Class		703,981		703,981
Stock Funds - 62.6%
Energy Select Sector SPDR Fund		4,894		330,394
Guggenheim S&P 500 Equal Weight ETF		5,522		439,054
iShares Core S&P Mid-Cap ETF		6,010		876,438
PowerShares Buyback Achievers
Portfolio ETF		28,824		1,315,816
Schwab Fundamental U.S. Large Company
Index Fund Institutional Shares		29,493		434,139
Schwab U.S. Dividend Equity ETF		21,898		876,358
SPDR S&P 500 ETF Trust †		31,854		6,571,480
SPDR S&P Homebuilders ETF		6,506		218,992
SPDR S&P Regional Banking ETF		13,557		547,025
VanEck Vectors Agribusiness ETF		11,245		547,744
Vanguard Growth ETF		3,113		328,764
Vanguard Health Care ETF		861		109,399
Vanguard Information Technology ETF		10,495		1,095,783
				13,691,386
TOTAL INVESTMENTS - 99.3%
(Cost $19,122,350**)				21,714,546
NET OTHER ASSETS AND LIABILITIES - 0.7%				162,971
TOTAL NET ASSETS - 100.0%			$	21,877,517

†	The annual report and prospectus for the SPDR S&P 500 ETF Trust can be found at: https://www.spdrs.com/product/fund.seam?ticker=spy.
*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $19,799,527.
ETF	Exchange Traded Fund.

See accompanying Notes to Financial Statements.

32

Madison Funds | April 30, 2016
Statements of Assets and Liabilities as of April 30, 2016 (unaudited)
		Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Government Money Market Fund			Tax-Free Virginia Fund		Tax-Free National Fund		High Quality Bond Fund			Core Bond Fund			Corporate Bond Fund
Assets:
Investments in securities, at cost:
Unaffiliated issuers	$	41,589,883		$	82,483,074		$	35,883,555		$	17,880,258		$	21,136,708	$	25,243,929	$	106,712,770		$	214,468,250		$	22,482,646
Affiliated issuers1		30,301,227			55,668,309			22,967,628			–			–		–		–			–			–
Net unrealized appreciation (depreciation)
Unaffiliated issuers		982,609			2,321,635			1,088,350			–			1,104,559		1,925,705		1,795,424			6,118,386			773,998
Affiliated issuers1		(107,033	)		2,200,735			1,376,710			–			–		–		–			–			–
Total investments, at value		72,766,686			142,673,753			61,316,243			17,880,258			22,241,267		27,169,634		108,508,194			220,586,636			23,256,644
Cash		–			–			–			1,500,000			73,012		384,397		–			875,084			–
Receivables:
Investments sold		683,568			2,133,214			918,880			–			–		–		–			2,477,373			224,012
Fund shares sold		80,778			163,725			15,434			5,937			250		10,000		387,944			30,905			–
Dividends and interest		50,099			53,837			11,443			33,503			271,452		309,094		755,598			1,904,947			235,162
Due from Adviser		–			–			–			3,975			–		–		–			–			–
Total assets		73,581,131			145,024,529			62,262,000			19,423,673			22,585,981		27,873,125		109,651,736			225,874,945			23,715,818
Liabilities:
Payables:
Investments purchased		689,533			2,146,774			918,980			–			–		–		–			2,988,961			100,000
Fund shares repurchased		85,850			196,835			27,090			1,111			391		9,493		329,311			9,012			127
Advisory agreement fees		11,957			23,408			10,050			6,283			9,260		9,161		26,676			90,759			7,675
Service agreement fees		14,947			29,261			12,563			2,663			6,482		8,015		16,894			27,037			4,797
Distribution fees - Class B		5,946			16,909			7,153			204			–		–		–			1,708			–
Distribution fees - Class C		12,147			5,788			1,518			–			–		–		–			–			–
Shareholder servicing fees		14,937			29,231			12,545			–			–		–		–			7,466			–
Dividends		–			–			–			–			1,120		5,806		–			278,023			50,961
Accrued expenses and other payables		–			–			–			–			–		–		–			135			–
Options written, at value (premium received $32,164) (Note 6)		–			–			–			–			–		–		–			26,719			–
Total liabilities		835,317			2,448,206			989,899			10,261			17,253		32,475		372,881			3,429,820			163,560
Net Assets	$	72,745,814		$	142,576,323		$	61,272,101		$	19,413,412		$	22,568,728	$	27,840,650	$	109,278,855		$	222,445,125		$	23,552,258
Net Assets consist of:
Paid-in capital	$	71,253,877		$	136,086,138		$	58,263,054		$	19,413,434		$	21,422,418	$	25,867,163	$	107,375,366		$	215,833,202		$	22,850,116
Accumulated undistributed net investment income (loss)		(53,480	)		(205,533	)		(179,020	)		–			3,587		4,673		110,126			(188,652	)		4,774
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions		669,841			2,173,348			723,007			(22	)		38,164		43,109		(2,061	)		676,744			(76,630	)
Net unrealized appreciation of investments (including appreciation (depreciation) of foreign currency related transactions		875,576			4,522,370			2,465,060			–			1,104,559		1,925,705		1,795,424			6,123,831			773,998
Net Assets	$	72,745,814		$	142,576,323		$	61,272,101		$	19,413,412		$	22,568,728	$	27,840,650	$	109,278,855		$	222,445,125		$	23,552,258
Class A Shares:
Net Assets	$	43,317,277		$	105,671,023		$	47,174,836		$	19,130,406									$	34,099,075
Shares of beneficial interest outstanding		4,179,666			9,655,323			4,344,070			19,130,406										3,359,096
Net Asset Value and redemption price per share	$	10.36		$	10.94		$	10.86		$	1.00									$	10.15
Sales charge of offering price2		0.63			0.67			0.66			–										0.48
Maximum offering price per share	$	10.99		$	11.61		$	11.52		$	1.00									$	10.63
Class B Shares:
Net Assets	$	9,615,595		$	27,457,431		$	11,621,859		$	283,006									$	2,788,445
Shares of beneficial interest outstanding		922,269			2,527,657			1,094,613			283,006										274,547
Net Asset Value and redemption price per share3	$	10.43		$	10.86		$	10.62		$	1.00									$	10.16
Class C Shares:
Net Assets	$	19,812,942		$	9,447,869		$	2,475,406
Shares of beneficial interest outstanding		1,899,167			869,126			232,981
Net Asset Value and redemption price per share3	$	10.43		$	10.87		$	10.62
Class Y Shares:
Net Assets													$	22,568,728	$	27,840,650	$	109,278,855		$	183,752,688		$	23,552,258
Shares of beneficial interest outstanding														1,918,674		2,486,730		9,850,942			18,159,041			2,038,339
Net Asset Value and redemption price per share3													$	11.76	$	11.20	$	11.09		$	10.12		$	11.55
Class R6 Shares:
Net Assets																				$	1,804,917
Shares of beneficial interest outstanding																					177,813
Net Asset Value and redemption price per share3																				$	10.15

¹ See Note 12 for information on affiliated issuers.
² Sales charge of offering price is 5.75 % for the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds and 4.50% for the Core Bond Fund.
³ If applicable, redemption price per share may be reduced by a contingent deferred sales charge.

See accompanying Notes to Financial Statements.

33

Madison Funds | April 30, 2016
Statements of Assets and Liabilities as of April 30, 2016 (unaudited)
		High Income Fund			Diversified Income Fund			Covered Call & Equity Income Fund			Dividend Income Fund		Large Cap Value Fund		Investors Fund		Mid Cap Fund			Small Cap Fund		NorthRoad International Fund
Assets:
Investments in securities, at cost:
Unaffiliated issuers	$	23,532,902		$	127,530,929		$	101,746,022		$	83,147,580	$	103,225,311	$	214,476,101	$	213,908,511		$	88,285,698	$	37,983,461
Net unrealized appreciation
Unaffiliated issuers		(189,870	)		20,824,184			(6,998,359	)		5,026,819		10,986,319		39,602,155		77,193,848			9,837,094		(2,059,652	)
Total investments, at value		23,343,032			148,355,113			94,747,663			88,174,399		114,211,630		254,078,256		291,102,359			98,122,792		35,923,809
Foreign currency (cost of $6,342 and $37, respectively) (Note 2)		–			–			–			–		–		–		–			–		–
Receivables:
Investments sold		463,683			2,227,204			592,203			1,580,772		3,663,229		–		8,904,374			34,255		–
Fund shares sold		911			97,037			61,775			130,675		20,850		431,797		1,234,691			90,366		–
Dividends and interest		337,160			714,663			24,642			149,050		80,427		304,080		40,197			77,184		187,271
Due from Adviser		–			–			–			10,461		–		–		–			–		–
Total assets		24,144,786			151,394,017			95,426,283			90,045,357		117,976,136		254,814,133		301,281,621			98,324,597		36,111,080
Liabilities:
Payables:
Investments purchased		625,000			2,467,190			3,999,238			1,574,768		5,134,674		–		2,068,262			77,445		5,301
Fund shares repurchased		38,660			115,591			35,343			4,252		145,052		95,042		181,853			40,133		–
Advisory agreement fees		10,594			79,296			61,461			52,307		53,055		156,591		181,317			79,245		23,643
Service agreement fees		3,852			24,399			10,549			24,410		34,727		40,750		93,770			19,811		8,064
Distribution fees - Class B		967			8,146			6,951			–		2,346		–		1,886			253		–
Distribution fees - Class C		–			7,810			–			–		–		–		–			–		–
Shareholder servicing fees		4,656			33,858			5,757			–		13,442		14,011		11,656			787		–
Dividends		2,853			1,343			–			–		–		–		–			–		–
Accrued expenses and other payables		–			–			–			–		–		–		–			–		–
Options written, at value (premium received $1,855,557) (Note 6)		–			–			2,393,402			–		–		–		–			–		–
Total liabilities		686,582			2,737,633			6,512,701			1,655,737		5,383,296		306,394		2,538,744			217,674		37,008
Net Assets	$	23,458,204		$	148,656,384		$	88,913,582		$	88,389,620	$	112,592,840	$	254,507,739	$	298,742,877			98,106,923		36,074,072
Net Assets consist of:
Paid-in capital	$	25,418,527		$	126,587,824		$	96,086,798		$	82,827,220	$	92,721,975	$	210,970,241	$	214,122,332		$	85,990,649	$	40,004,429
Accumulated undistributed net investment income (loss)		8,280			(46,602	)		(1,499,572	)		92,248		445,191		122,665		(2,774,613	)		100,978		257,241
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions		(1,778,733	)		1,290,978			1,862,560			443,333		8,439,355		3,812,678		10,201,310			2,177,697		(2,129,065	)
Net unrealized appreciation (depreciation) of investments (including appreciation (depreciation) of foreign currency related transactions		(189,870	)		20,824,184			(7,536,204	)		5,026,819		10,986,319		39,602,155		77,193,848			9,837,599		(2,058,533	)
Net Assets	$	23,458,204		$	148,656,384		$	88,913,582		$	88,389,620	$	112,592,840	$	254,507,739	$	298,742,877		$	98,106,923	$	36,074,072
Class A Shares:
Net Assets	$	21,184,391		$	122,774,076		$	17,195,040				$	61,681,537	$	68,238,958	$	53,427,844		$	3,446,215
Shares of beneficial interest outstanding		3,618,590			8,349,053			1,917,557					4,186,944		3,579,845		6,467,004			231,723
Net Asset Value and redemption price per share		5.85			14.71			8.97					14.73		19.06		8.26		$	14.87
Sales charge of offering price1		0.28			0.90			0.55					0.90		1.16		0.50			0.91
Maximum offering price per share		6.13			15.61			9.52					15.63		20.22		8.76		$	15.78
Class B Shares:
Net Assets	$	1,586,344		$	13,260,231							$	3,800,015			$	3,023,911			405,155
Shares of beneficial interest outstanding		263,945			896,300								263,435				432,408			28,769
Net Asset Value and redemption price per share2	$	6.01		$	14.79							$	14.42			$	6.99		$	14.08
Class C Shares:
Net Assets				$	12,622,077		$	11,513,537
Shares of beneficial interest outstanding					853,553			1,326,018
Net Asset Value and redemption price per share2				$	14.79		$	8.68
Class Y Shares:
Net Assets	$	687,469					$	57,779,633		$	88,389,620	$	47,111,288	$	179,456,853	$	232,981,455		$	94,255,553	$	27,611,833
Shares of beneficial interest outstanding		119,224						6,343,392			4,035,367		3,199,094		9,401,411		27,293,585			6,320,365		2,818,882
Net Asset Value and redemption price per share2	$	5.77					$	9.11		$	21.90	$	14.73	$	19.09	$	8.54		$	14.91	$	9.80
Class R6 Shares:
Net Assets							$	2,425,372						$	6,811,928	$	9,309,667				$	8,462,239
Shares of beneficial interest outstanding								264,960							355,039		1,075,586					857,315
Net Asset Value and redemption price per share2							$	9.15						$	19.19	$	8.66				$	9.87
Class I Shares:
Net Assets
Shares of beneficial interest outstanding
Net Asset Value and redemption price per share

¹ Sales charge of offering price is 4.50% for the High Income Fund and 5.75% for the Diversified Income, Covered Call & Equity Income, Large Cap Value, Investors, Mid Cap, Small Cap and International Stock Funds
² If applicable, redemption price per share may be reduced by a contingent deferred sales charge.

See accompanying Notes to Financial Statements.

34

Madison Funds | April 30, 2016

	International Stock Fund			Hansberger International Growth Fund			Madison Target Retirement 2020 Fund			Madison Target Retirement 2030 Fund			Madison Target Retirement 2040 Fund			Madison Target Retirement 2050 Fund
$	34,454,250		$	22,065,291		$	46,281,559		$	65,925,222		$	41,884,459		$	19,122,350
	3,826,371			1,981,853			4,763,643			9,510,538			7,337,597			2,592,196
	38,280,621			24,047,144			51,045,202			75,435,760			49,222,056			21,714,546
	6,326			37			–			–			–			–
	40,344			–			1,801,357			2,024,992			1,227,153			525,209
	2,611			–			101			–			–			–
	353,015			156,543			877			–			–			–
	–			–			–			–			–			–
	38,682,917			24,203,724			52,847,537			77,460,752			50,449,209			22,239,755
	153,224			–			1,347,797			1,286,973			814,753			356,860
	544			24,071			–			–			–			–
	32,273			16,845			10,697			15,626			10,170			4,482
	9,221			13,005			2,139			3,125			2,034			896
	884			–			–			–			–			–
	–			–			–			–			–			–
	4,458			–			–			–			–			–
	–			–			–			–			–			–
	–			1,918			–			–			–			–
	–			–			–			–			–			–
	200,604			55,839			1,360,633			1,305,724			826,957			362,238
	38,482,313			24,147,885			51,486,904			76,155,028			49,622,252			21,877,517
$	35,855,124		$	31,173,952		$	47,461,158		$	68,467,372		$	43,498,770		$	19,956,417
	221,066			(195,108	)		84,887			88,032			42,710			13,667
	(1,421,730	)		(8,809,193	)		(822,784	)		(1,910,914	)		(1,256,825	)		(684,763	)
	3,827,853			1,978,234			4,763,643			9,510,538			7,337,597			2,592,196
$	38,482,313		$	24,147,885		$	51,486,904		$	76,155,028		$	49,622,252		$	21,877,517
$	20,291,148
	1,612,617
$	12.58
	0.77
$	13.35
$	1,432,045
	116,307
$	12.31
$	16,759,120		$	2,196,593
	1,331,068			147,571
$	12.59		$	14.89
						$	51,486,904		$	76,155,028		$	49,622,252		$	21,877,517
							5,308,015			7,998,578			5,318,408			2,301,573
						$	9.70		$	9.52		$	9.33		$	9.51
			$	21,951,292
				1,473,567
			$	14.90

See accompanying Notes to Financial Statements.

35

Madison Funds | April 30, 2016

Statements of Operations for the Six-Months Ended April 30, 2016 (unaudited)
		Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Government Money Market Fund			Tax-Free Virginia Fund		Tax-Free National Fund		High Quality Bond Fund			Core Bond Fund
Investment Income:
Interest	$	1,993		$	2,709		$	1,048		$	22,847		$	344,591	$	437,155	$	832,841		$	3,246,138
Dividends
Unaffiliated issuers		364,389			687,492			310,260			–			–		–		–			–
Affiliated issuers1		371,351			660,571			267,457			–			–		–		–			–
Less: Foreign taxes withheld/reclaimed		–			–			–			–			–		–		–			–
Total investment income		737,733			1,350,772			578,765			22,847			344,591		437,155		832,841			3,246,138
Expenses:2
Advisory agreement fees		72,816			140,214			59,676			38,410			56,065		64,840		156,594			550,352
Services agreement fees		91,020			175,268			74,595			14,404			39,246		48,703		99,176			163,980
Distribution fees - Class B		36,253			104,021			43,593			1,311			–		–		–			10,520
Distribution fees - Class C		72,010			34,562			9,103			–			–		–		–			–
Shareholder servicing fees - Class A		54,913			129,049			57,026			–			–		–		–			40,868
Shareholder servicing fees - Class B		12,084			34,649			14,514			–			–		–		–			3,506
Shareholder servicing fees - Class C		24,003			11,523			3,034			–			–		–		–			–
Other expenses		4,196			8,095			3,447			1,091			1,265		1,549		5,708			12,452
Total expenses before reimbursement/waiver		367,295			637,381			264,988			55,216			96,576		115,092		261,478			781,678
Less reimbursement/waiver3		–			–			–			(32,369	)		–		–		–			–
Total expenses net of reimbursement/waiver		367,295			637,381			264,988			22,847			96,576		115,092		261,478			781,678
Net Investment Income (Loss)		370,438			713,391			313,777			–			248,015		322,063		571,363			2,464,460
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
Options		–			–			–			–			–		–		–			(18,717	)
Futures		–			–			–			–			–		–		–			358
Unaffiliated issuers		(722,302	)		(2,380,622	)		(2,001,462	)		–			38,164		43,137		(1,915	)		695,954
Affiliated issuers1		204,431			120,844			371,548			–			–		–		–			–
Capital gain distributions received from underlying funds
Unaffiliated issuers		199,473			565,454			302,800			–			–		–		–			–
Affiliated issuers1		1,437,890			5,164,937			2,655,207			–			–		–		–			–
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
Options		–			–			–			–			–		–		–			16,533
Futures		–			–			–			–			–		–		–			(610	)
Unaffiliated issuers		721,433			1,346,918			543,420			–			332,805		573,679		838,027			2,552,606
Affiliated issuers1		(1,327,411	)		(4,668,156	)		(2,140,040	)		–			–		–		–			–
Net Realized and Unrealized Gain (Loss) on Investments		513,514			149,375			(268,527	)		–			370,969		616,816		836,112			3,246,124
Net Increase in Net Assets from Operations	$	883,952		$	862,766		$	45,250		$	–		$	618,984	$	938,879	$	1,407,475		$	5,710,584
1 See Note 12 for information on affiliated issuers.
2 See Note 3 for information on expenses.
3 See Note 3 for more information on these waivers.

See accompanying Notes to Financial Statements.

36

Madison Funds | April 30, 2016

	Corporate Bond Fund			High Income Fund			Diversified Income Fund			Covered Call & Equity Income Fund			Dividend Income Fund			Large Cap Value Fund			Investors Fund			Mid Cap Fund			Small Cap Fund			NorthRoad International Fund			International Stock Fund			Hansberger International Growth Fund
$	409,801		$	717,355		$	926,518		$	6,957		$	2,250		$	6,681		$	7,184		$	10,709		$	2,233		$	632		$	770		$	36
	–			–			1,177,080			630,236			446,511			1,720,789			1,072,392			1,164,010			785,496			559,666			557,168			186,562
	–			–			–			–			–			–			–			–			–			–			–			–
	–			–			(9,066	)		–			(7,640	)		–			(36,678	)		(12,908	)		(325	)		(60,682	)		(55,667	)		(18,855	)
	409,801			717,355			2,094,532			637,193			441,121			1,727,470			1,042,898			1,161,811			787,404			499,616			502,271			167,743
	45,534			64,461			468,279			363,310			133,698			436,474			578,801			992,643			436,732			153,084			191,886			112,768
	28,459			23,440			144,086			62,314			62,392			285,692			199,666			511,454			109,183			52,959			54,825			39,256
	–			5,885			49,030			37,708			–			14,449			–			11,791			1,518			–			5,671			–
	–			–			46,620			–			–			–			–			–			–			–			–			–
	–			26,508			148,059			19,988			–			76,517			30,476			64,766			4,102			–			24,855			–
	–			1,962			16,327			12,569			–			4,800			–			3,930			506			–			1,890			–
	–			–			15,533			–			–			–			–			–			–			–			–			–
	1,280			1,362			8,177			5,033			1,174			9,906			6,577			15,008			5,131			3,077			2,183			1,840
	75,273			123,618			896,111			500,922			197,264			827,838			815,520			1,599,592			557,172			209,120			281,310			153,864
	–			–			–			–			(26,739	)		–			(46,047	)		–			–			–			–			–
	75,273			123,618			896,111			500,922			170,525			827,838			769,473			1,599,592			557,172			209,120			281,310			153,864
	334,528			593,737			1,198,421			136,271			270,596			899,632			273,425			(437,781	)		230,232			290,496			220,961			13,879
	–			–			–			2,444,910			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–			–			–			–
	(76,614	)		(1,465,101	)		1,463,712			(1,339,403	)		449,570			8,528,841			4,150,383			11,553,546			3,000,097			(1,838,889	)		(353,530	)		(76,791	)
	–			–			–			–			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–			–			–			–
	–			–			–			759,117			–			–			–			–			–			–			–			–
	–			–			–			–			–			–			–			–			–			–			–			–
	591,239			1,088,822			1,560,132			(509,987	)		1,220,364			(6,384,585	)		20,055,625			(3,449,400	)		125,710			(826,680	)		(847,318	)		(1,787,373	)
	–			–			–			–			–			–			–			–			–			–			–			–
	514,625			(376,279	)		3,023,844			1,354,637			1,669,934			2,144,256			24,206,008			8,104,146			3,125,807			(2,665,569	)		(1,200,848	)		(1,864,164	)
$	849,153		$	217,458		$	4,222,265		$	1,490,908		$	1,940,530		$	3,043,888		$	24,479,433		$	7,666,365		$	3,356,039		$	(2,375,073	)	$	(979,887)		$	(1,850,285	)

See accompanying Notes to Financial Statements.

37

Madison Funds | April 30, 2016

Statements of Operations for the Six-Months Ended April 30, 2016 (unaudited)
		Madison Target Retirement 2020 Fund			Madison Target Retirement 2030 Fund			Madison Target Retirement 2040 Fund			Madison Target Retirement 2050 Fund
Investment Income:
Interest	$	1,014		$	1,351		$	873		$	398
Dividends
Unaffiliated issuers		439,711			645,135			433,145			194,422
Less: Foreign taxes withheld		–			–			–			–
Total investment income		440,725			646,486			434,018			194,820
Expenses:1
Advisory agreement fees		65,138			92,966			60,257			25,614
Service agreement fees		13,028			18,593			12,051			5,123
Other expenses		2,988			4,268			2,795			1,179
Total expenses.		81,154			115,827			75,103			31,916
Net Investment Income		359,571			530,659			358,915			162,904
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on investments (including net realized gain (loss) on foreign currency related transactions) Unaffiliated issuers		(223,854	)		(746,334	)		(505,310	)		(362,774	)
Capital gain distributions received from underlying funds Unaffiliated issuers		135,945			242,271			192,305			95,186
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) Unaffiliated issuers		461,296			569,476			209,568			165,138
Net Realized and Unrealized Gain on Investments		373,387			65,413			(103,437	)		(102,450	)
Net Increase in Net Assets from Operations	$	732,958		$	596,072		$	255,478		$	60,454
1 See Note 3 for information on expenses.

See accompanying Notes to Financial Statements.

38

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
		Conservative Allocation Fund						Moderate Allocation Fund						Aggressive Allocation Fund						Government Money Market Fund
		Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)		Year Ended October 31, 2015
Net Assets at beginning of period	$	75,796,970		$	74,779,327		$	145,999,790		$	150,621,084		$	61,816,629		$	61,306,975		$	19,309,804		$	21,031,337
Increase (decrease) in net assets from operations:
Net investment income		370,438			734,032			713,391			1,256,554			313,777			407,607			–			–
Net realized gain.		1,119,492			2,484,425			3,470,613			8,632,169			1,328,093			5,183,912			–			–
Net change in unrealized appreciation (depreciation)		(605,978	)		(2,644,134	)		(3,321,238	)		(8,031,221	)		(1,596,620	)		(4,663,317	)		–			–
Net increase in net assets from operations		883,952			574,323			862,766			1,857,502			45,250			928,202			–			–
Distributions to shareholders from:
Net investment income
Class A		(360,260	)		(735,977	)		(1,100,928	)		(1,515,732	)		(402,397	)		(712,370	)		–			–
Class B		(39,522	)		(73,931	)		(158,540	)		(288,639	)		(87,614	)		(131,546	)		–			–
Class C		(80,218	)		(132,294	)		(52,784	)		(73,012	)		(17,856	)		(25,700	)		–			–
Net realized gains
Class A		(1,385,777	)		(1,947,168	)		(5,707,228	)		(5,792,027	)		(3,649,031	)		(3,391,541	)		–			–
Class B		(298,666	)		(477,033	)		(1,567,987	)		(1,751,819	)		(971,280	)		(974,688	)		–			–
Class C		(588,819	)		(819,430	)		(522,047	)		(443,063	)		(197,949	)		(190,426	)		–			–
Total distributions		(2,753,262	)		(4,185,833	)		(9,109,514	)		(9,864,292	)		(5,326,127	)		(5,426,271	)		–			–
Capital Stock transactions:
Class A Shares
Shares sold		2,449,682			9,812,568			6,222,070			12,938,988			3,087,464			5,699,130			3,538,360			6,879,831
Issued to shareholders in reinvestment of distributions		1,744,689			2,669,691			6,801,086			7,261,935			4,049,878			4,090,813			–			–
Shares redeemed		(5,752,035	)		(8,667,176	)		(8,348,363	)		(16,565,032	)		(2,838,435	)		(5,323,214	)		(3,483,876	)		(8,374,021	)
Net increase (decrease) from capital stock transactions		(1,557,664	)		3,815,083			4,674,793			3,635,891			4,298,907			4,466,729			54,484			(1,494,190	)
Class B Shares
Shares sold		1,022,667			1,167,306			1,701,528			3,501,055			733,180			1,937,168			213,962			345,729
Issued to shareholders in reinvestment of distributions		338,082			549,584			1,724,768			2,033,723			1,055,907			1,103,670			–			–
Shares redeemed		(1,569,477	)		(2,544,524	)		(3,765,610	)		(7,540,929	)		(1,450,967	)		(2,748,286	)		(164,838	)		(573,072	)
Net increase (decrease) from capital stock transactions		(208,728	)		(827,634	)		(339,314	)		(2,006,151	)		338,120			292,552			49,124			(227,343	)
Class C Shares
Shares sold		1,540,076			3,766,571			586,471			2,193,521			66,112			432,354			–			–
Issued to shareholders in reinvestment of distributions		669,037			942,456			574,652			488,581			215,805			211,144			–			–
Shares redeemed		(1,624,567	)		(3,067,323	)		(673,321	)		(926,346	)		(182,595	)		(395,056	)		–			–
Net increase from capital stock transactions		584,546			1,641,704			487,802			1,755,756			99,322			248,442			–			–
Total increase (decrease) from capital stock transactions		(1,181,846	)		4,629,153			4,823,281			3,385,496			4,736,349			5,007,723			103,608			(1,721,533	)
Total increase (decrease) in net assets		(3,051,156	)		1,017,643			(3,423,467	)		(4,621,294	)		(544,528	)		509,654			103,608			(1,721,533	)
Net Assets at end of period	$	72,745,814		$	75,796,970		$	142,576,323		$	145,999,790		$	61,272,101		$	61,816,629		$	19,413,412		$	19,309,804
Undistributed net investment income (loss) included in net assets	$	(53,480	)	$	56,082		$	(205,533	)	$	393,328		$	(179,020	)	$	15,070		$	–		$	–
Capital Share transactions:
Class A Shares
Shares sold		238,709			903,657			571,323			1,093,950			282,742			470,864			3,538,360			6,879,831
Issued to shareholders in reinvestment of distributions		171,807			249,386			636,210			627,110			380,628			345,800			–			–
Shares redeemed		(561,962	)		(805,705	)		(762,383	)		(1,408,144	)		(263,772	)		(439,396	)		(3,483,876	)		(8,374,021	)
Net increase (decrease) from capital share transactions		(151,446	)		347,338			445,150			312,916			399,598			377,268			54,484			(1,494,190	)
Class B Shares
Shares sold		100,143			107,196			158,407			298,149			67,980			164,052			213,962			345,729
Issued to shareholders in reinvestment of distributions		33,082			50,974			162,103			175,928			101,238			94,492			–			–
Shares redeemed		(152,644	)		(234,224	)		(348,274	)		(644,105	)		(137,175	)		(231,728	)		(164,838	)		(573,072	)
Net increase (decrease) from capital share transactions		(19,419	)		(76,054	)		(27,764	)		(170,028	)		32,043			26,816			49,124			(227,343	)
Class C Shares
Shares sold		149,651			345,850			53,887			186,779			6,372			36,088
Issued to shareholders in reinvestment of distributions		65,463			87,338			53,958			42,228			20,671			18,062
Shares redeemed		(157,564	)		(283,227	)		(63,096	)		(79,781	)		(17,012	)		(33,075	)
Net increase from capital share transactions		57,550			149,961			44,749			149,226			10,031			21,075

See accompanying Notes to Financial Statements.

39

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
		Tax-Free Virginia Fund						Tax-Free National Fund						High Quality Bond Fund						Core Bond Fund
		Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
Net Assets at beginning of period	$	22,659,372		$	23,100,256		$	27,744,109		$	28,414,758		$	102,551,509		$	118,082,335		$	223,858,567		$	225,218,208
Increase (decrease) in net assets from operations:
Net investment income		248,015			557,549			322,063			681,658			571,363			1,068,831			2,464,460			4,625,209
Net realized gain (loss)		38,164			69,799			43,137			162,253			(1,915	)		346,179			677,595			2,352,083
Net change in unrealized appreciation (depreciation)		332,805			(110,858	)		573,679			(115,237	)		838,027			(278,909	)		2,568,529			(3,394,264	)
Net increase in net assets from operations		618,984			516,490			938,879			728,674			1,407,475			1,136,101			5,710,584			3,583,028
Distributions to shareholders from:
Net investment income
Class A		–			–			–			–			–			–			(362,031	)		(686,660	)
Class B		–			–			–			–			–			–			(20,459	)		(40,569	)
Class Y		(248,128	)		(556,364	)		(321,862	)		(680,303	)		(557,833	)		(1,074,047	)		(2,293,535	)		(4,356,627	)
Class R6		–			–			–			–			–			–			(21,856	)		(15,797	)
Net realized gains
Class A		–			–			–			–			–			–			(271,770	)		(288,322	)
Class B		–			–			–			–			–			–			(23,795	)		(28,595	)
Class Y		(69,797	)		(150,588	)		(162,274	)		(217,904	)		(346,318	)		(118,544	)		(1,544,568	)		(1,598,223	)
Class R6		–			–			–			–			–			–			(14,467	)		(3,894	)
Total distributions		(317,925	)		(706,952	)		(484,136	)		(898,207	)		(904,151	)		(1,192,591	)		(4,552,481	)		(7,018,687	)
Capital Stock transactions:
Class A Shares
Shares sold																				2,914,944			4,601,495
Issued to shareholders in reinvestment of distributions																				630,796			933,423
Shares redeemed																				(2,464,982	)		(6,179,365	)
Net increase (decrease) from capital stock transactions																				1,080,758			(644,447	)
Class B Shares
Shares sold																				41,582			256,153
Issued to shareholders in reinvestment of distributions																				44,255			68,295
Shares redeemed																				(240,845	)		(795,720	)
Net decrease from capital stock transactions																				(155,008	)		(471,272	)
Class Y Shares
Shares sold		219,041			259,157			618,620			775,540			21,142,320			40,394,343			2,063,868			16,119,764
Issued to shareholders in reinvestment of distributions		308,882			682,954			436,285			709,457			826,855			760,886			939,993			1,482,771
Shares redeemed		(919,626	)		(1,192,533	)		(1,413,107	)		(1,986,113	)		(15,745,153	)		(56,629,565	)		(6,601,872	)		(16,101,865	)
Net increase (decrease) from capital stock transactions		(391,703	)		(250,422	)		(358,202	)		(501,116	)		6,224,022			(15,474,336	)		(3,598,011	)		1,500,670
Class R6 Shares
Shares sold																				283,987			1,686,691
Issued to shareholders in reinvestment of distributions																				36,323			19,691
Shares redeemed																				(219,594	)		(15,315	)
Net increase from capital stock transactions																				100,716			1,691,067
Total increase (decrease) from capital stock transactions		(391,703	)		(250,422	)		(358,202	)		(501,116	)		6,224,022			(15,474,336	)		(2,571,545	)		2,076,018
Total increase (decrease) in net assets		(90,644	)		(440,884	)		96,541			(670,649	)		6,727,346			(15,530,826	)		(1,413,442	)		(1,359,641	)
Net Assets at end of period	$	22,568,728		$	22,659,372		$	27,840,650		$	27,744,109		$	109,278,855		$	102,551,509		$	222,445,125		$	223,858,567
Undistributed net investment income (loss) included in net assets	$	3,587		$	3,700		$	4,673		$	4,472		$	110,126		$	96,596		$	(188,652	)	$	44,769
Capital Share transactions:
Class A Shares
Shares sold																				290,684			452,158
Issued to shareholders in reinvestment of distributions																				63,234			91,746
Shares redeemed																				(246,198	)		(607,067	)
Net decrease from capital share transactions																				107,720			(63,163	)
Class B Shares
Shares sold																				4,142			25,161
Issued to shareholders in reinvestment of distributions																				4,438			6,712
Shares redeemed																				(24,057	)		(77,826	)
Net increase (decrease) from capital share transactions																				(15,477	)		(45,953	)
Class Y Shares
Shares sold		18,700			22,359			55,325			70,523			1,916,092			3,649,801			205,845			1,583,787
Issued to shareholders in reinvestment of distributions		26,442			58,764			39,358			64,491			75,265			69,007			94,520			146,113
Shares redeemed		(78,705	)		(102,600	)		(126,947	)		(180,352	)		(1,427,286	)		(5,126,122	)		(660,672	)		(1,581,126	)
Net increase (decrease) from capital share transactions		(33,563	)		(21,477	)		(32,264	)		(45,338	)		564,071			(1,407,314	)		(360,307	)		148,774
Class R6 Shares
Shares sold																				28,395			166,291
Issued to shareholders in reinvestment of distributions																				3,642			1,941
Shares redeemed																				(21,977	)		(1,497	)
Net increase from capital share transactions																				10,060			166,735
See accompanying Notes to Financial Statements.

40

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
		Corporate Bond Fund						High Income Fund						Diversified Income Fund						Covered Call & Equity Income Fund
		Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
Net Assets at beginning of period	$	23,545,115		$	27,010,078		$	25,503,956		$	31,251,076		$	147,233,643		$	145,286,852		$	89,071,393		$	60,220,920
Increase (decrease) in net assets from operations:
Net investment income		334,528			680,289			593,737			1,443,566			1,198,421			2,153,698			136,271			176,859
Net realized gain (loss)		(76,614	)		77,740			(1,465,101	)		(313,632	)		1,463,712			3,893,229			1,105,507			5,842,743
Net change in unrealized appreciation (depreciation)		591,239			(395,306	)		1,088,822			(1,854,987	)		1,560,132			(4,362,658	)		249,130			(6,709,561	)
Net increase (decrease) in net assets from operations		849,153			362,723			217,458			(725,053	)		4,222,265			1,684,269			1,490,908			(689,959	)
Distributions to shareholders from:
Net investment income
Class A		–			–			(541,016	)		(1,339,819	)		(1,103,636	)		(2,006,159	)		(304,320	)		(803,931	)
Class B		–			–			(32,766	)		(79,813	)		(72,398	)		(128,802	)		–			–
Class C		–			–			–			–			(68,989	)		(111,519	)		(203,551	)		(383,709	)
Class Y		(334,602	)		(678,077	)		(21,167	)		(21,057	)		–			–			(1,075,209	)		(2,484,145	)
Class R6		–			–			–			–			–			–			(52,763	)		(75,556	)
Net realized gains
Class A		–			–			–			(1,576,185	)		(2,746,767	)		–			(289,318	)		(346,247	)
Class B		–			–			–			(120,683	)		(303,965	)		–			–			–
Class C		–			–			–			–			(286,956	)		–			(178,928	)		(157,719	)
Class Y		(77,756	)		(40,614	)		–			(11,512	)		–			–			(1,036,903	)		(1,233,836	)
Class R6		–			–			–			–			–			–			(50,094	)		(10,324	)
Total distributions		(412,358	)		(718,691	)		(594,949	)		(3,149,069	)		(4,582,711	)		(2,246,480	)		(3,191,086	)		(5,495,467	)
Capital Stock transactions:
Class A Shares
Shares sold								519,652			1,674,886			6,330,269			14,869,686			2,786,834			7,299,764
Issued to shareholders in reinvestment of distributions								526,607			2,568,863			3,824,777			1,978,421			574,094			1,038,831
Shares redeemed								(2,676,198	)		(6,104,245	)		(8,118,846	)		(14,726,381	)		(1,913,937	)		(2,453,398	)
Net increase (decrease) from capital stock transactions								(1,629,939	)		(1,860,496	)		2,036,200			2,121,726			1,446,991			5,885,197
Class B Shares
Shares sold								18,000			160,043			650,036			1,577,854
Issued to shareholders in reinvestment of distributions								28,498			162,119			376,363			128,547
Shares redeemed								(124,270	)		(647,318	)		(1,167,569	)		(2,585,540	)
Net increase (decrease) from capital stock transactions								(77,772	)		(325,156	)		(141,170	)		(879,139	)
Class C Shares
Shares sold														658,654			3,290,899			2,701,887			5,704,108
Issued to shareholders in reinvestment of distributions														355,945			110,743			311,753			438,189
Shares redeemed														(1,126,442	)		(2,135,227	)		(616,113	)		(1,013,937	)
Net increase (decrease) from capital stock transactions														(111,843	)		1,266,415			2,397,527			5,128,360
Class Y Shares
Shares sold		71,563			81,139			1,073,711			1,733,581									8,122,951			51,075,935
Issued to shareholders in reinvestment of distributions		17,637			26,796			21,167			31,473									2,066,489			2,791,002
Shares redeemed		(518,852	)		(3,216,930	)		(1,055,428	)		(1,452,400	)								(12,134,973	)		(32,641,444	)
Net increase (decrease) from capital stock transactions		(429,652	)		(3,108,995	)		39,450			312,654									(1,945,533	)		21,225,493
Class R6 Shares
Shares sold																				87,326			2,861,624
Issued to shareholders in reinvestment of distributions																				102,856			51,333
Shares redeemed																				(546,800	)		(116,108	)
Net increase (decrease) from capital stock transactions																				(356,618	)		2,796,849
Total increase (decrease) from capital stock transactions		(429,652	)		(3,108,995	)		(1,668,261	)		(1,872,998	)		1,783,187			2,509,002			1,542,367			35,035,899
Total increase (decrease) in net assets		7,143			(3,464,963	)		(2,045,752	)		(5,747,120	)		1,422,741			1,946,791			(157,811	)		28,850,473
Net Assets at end of period	$	23,552,258		$	23,545,115		$	23,458,204		$	25,503,956		$	148,656,384		$	147,233,643		$	88,913,582		$	89,071,393
Undistributed net investment income (loss) included in net assets	$	4,774		$	4,848		$	8,280		$	9,492		$	(46,602	)	$	–		$	(1,499,572	)	$	–
Capital Share transactions:
Class A Shares
Shares sold								91,149			265,723			439,211			1,003,726			314,603			759,705
Issued to shareholders in reinvestment of distributions								92,452			416,152			265,708			134,264			64,650			110,180
Shares redeemed								(470,150	)		(988,266	)		(563,152	)		(999,059	)		(217,184	)		(260,367	)
Net increase (decrease) from capital share transactions								(286,549	)		(306,391	)		141,767			138,931			162,069			609,518
Class B Shares
Shares sold								3,078			25,728			44,700			105,641
Issued to shareholders in reinvestment of distributions								4,873			25,617			26,015			8,671
Shares redeemed								(21,198	)		(100,582	)		(80,635	)		(174,264	)
Net increase (decrease) from capital share transactions								(13,247	)		(49,237	)		(9,920	)		(59,952	)
Class C Shares
Shares sold														45,512			221,556			316,366			612,689
Issued to shareholders in reinvestment of distributions														24,606			7,477			36,184			47,722
Shares redeemed														(77,574	)		(144,085	)		(71,727	)		(108,461	)
Net increase (decrease) from capital share transactions														(7,456	)		84,948			280,823			551,950
Class Y Shares
Shares sold		6,363			7,034			190,954			287,679									904,893			5,296,137
Issued to shareholders in reinvestment of distributions		1,569			2,338			3,777			5,194									229,209			294,148
Shares redeemed		(45,860	)		(282,934	)		(188,767	)		(237,196	)								(1,360,987	)		(3,394,084	)
Net increase (decrease) from capital share transactions		(37,928	)		(273,562	)		5,964			55,677									(226,885	)		2,196,201
Class R6 Shares
Shares sold																				9,635			295,083
Issued to shareholders in reinvestment of distributions																				11,358			5,516
Shares redeemed																				(59,653	)		(12,115	)
Net increase (decrease) from capital share transactions																				(38,660	)		288,484
See accompanying Notes to Financial Statements.

41

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
		Dividend Income Fund						Large CapValue Fund						Investors Fund						Mid Cap Fund
		Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
Net Assets at beginning of period	$	20,924,558		$	21,518,235		$	177,208,386		$	203,817,722		$	118,284,204		$	173,358,800		$	265,880,184		$	290,650,610
Increase (decrease) in net assets from operations:
Net investment income (loss)		270,596			370,248			899,632			1,202,520			273,425			850,971			(437,781	)		(1,433,150	)
Net realized gain		449,570			830,164			8,528,841			19,715,065			4,150,383			14,548,492			11,553,546			15,183,881
Net change in unrealized appreciation (depreciation)		1,220,364			(863,192	)		(6,384,585	)		(22,072,941	)		20,055,625			(7,809,747	)		(3,449,400	)		2,822,289
Net increase (decrease) in net assets from operations		1,940,530			337,220			3,043,888			(1,155,356	)		24,479,433			7,589,716			7,666,365			16,573,020
Distributions to shareholders from:
Net investment income
Class A		–			–			(385,702	)		(530,834	)		(12,985	)		(3,124	)		–			–
Class B		–			–			(4,614	)		(982	)		–			–			–			–
Class Y		(186,854	)		(355,808	)		(924,359	)		(1,222,110	)		(866,821	)		(722,755	)		–			–
Class R6		–			–			–			–			(66,629	)		(31,748	)		–			–
Net realized gains
Class A		–			–			(7,048,086	)		(9,855,995	)		(290,581	)		(282,552	)		(3,119,742	)		(10,096,248	)
Class B		–			–			(458,770	)		(680,861	)		–			–			(229,780	)		(827,997	)
Class Y		(838,307	)		(1,219,689	)		(11,989,841	)		(16,853,584	)		(13,633,242	)		(29,941,971	)		(11,027,407	)		(36,856,357	)
Class R6		–			–			–			–			(863,240	)		(1,315,235	)		(549,126	)		(1,049,409	)
Total distributions		(1,025,161	)		(1,575,497	)		(20,811,372	)		(29,144,366	)		(15,733,498	)		(32,297,385	)		(14,926,055	)		(48,830,011	)
Capital Stock transactions:
Class A Shares
Shares sold								1,583,756			4,423,301			1,145,994			1,008,592			2,114,447			3,292,194
Issued to shareholders in reinvestment of distributions								7,418,601			10,243,270			303,567			279,828			3,116,694			10,025,872
Shares redeemed								(4,710,267	)		(10,600,838	)		(1,738,646	)		(231,323	)		(3,764,360	)		(9,476,158	)
Net increase (decrease) from capital stock transactions								4,292,090			4,065,733			(289,085	)		1,057,097			1,466,781			3,841,908
Class B Shares
Shares sold								153,787			427,559									155,505			320,087
Issued to shareholders in reinvestment of distributions								463,383			678,940									229,779			827,123
Shares redeemed								(511,994	)		(1,141,251	)								(573,226	)		(1,358,274	)
Net increase (decrease) from capital stock transactions								105,176			(34,752	)								(187,942	)		(211,064	)
Class Y Shares
Shares sold		67,097,366			1,989,210			6,670,762			12,963,807			131,434,750			11,006,964			55,489,970			27,769,283
Issued to shareholders in reinvestment of distributions		985,905			1,511,616			12,900,309			18,074,172			14,292,494			17,846,708			9,641,548			25,946,268
Shares redeemed		(1,533,578	)		(2,856,226	)		(70,816,399	)		(31,378,574	)		(18,847,419	)		(62,675,960	)		(26,042,562	)		(55,123,047	)
Net increase (decrease) from capital stock transactions		66,549,693			644,600			(51,245,328	)		(340,595	)		126,879,825			(33,822,288	)		39,088,956			(1,407,496	)
Class R6 Shares
Shares sold														685,450			2,128,479			459,798			4,515,567
Issued to shareholders in reinvestment of distributions														929,869			1,346,983			549,126			1,049,409
Shares redeemed														(728,459	)		(1,077,198	)		(1,254,336	)		(301,759	)
Net increase (decrease) from capital stock transactions														886,860			2,398,264			(245,412	)		5,263,217
Total increase (decrease) from capital stock transactions		66,549,693			644,600			(46,848,062	)		3,690,386			127,477,600			(30,366,927	)		40,122,383			7,486,565
Total increase (decrease) in net assets		67,465,062			(593,677	)		(64,615,546	)		(26,609,336	)		136,223,535			(55,074,596	)		32,862,693			(24,770,426	)
Net Assets at end of period	$	88,389,620		$	20,924,558		$	112,592,840		$	177,208,386		$	254,507,739		$	118,284,204		$	298,742,877		$	265,880,184
Undistributed net investment income (loss) included in net assets
	$	92,248		$	8,506		$	445,191		$	860,234		$	122,665		$	795,675		$	(2,774,613	)	$	(2,336,832	)
Capital Share transactions:
Class A Shares
Shares sold								107,242			255,629			3,552,510			47,076			264,951			378,026
Issued to shareholders in reinvestment of distributions								503,981			596,927			16,561			13,268			386,208			1,182,296
Shares redeemed								(315,962	)		(636,857	)		(91,969	)		(11,159	)		(467,683	)		(1,116,448	)
Net increase (decrease) from capital share transactions								295,261			215,699			3,477,102			49,185			183,476			443,874
Class B Shares
Shares sold								10,794			25,274									21,822			42,643
Issued to shareholders in reinvestment of distributions								32,068			40,127									33,544			112,995
Shares redeemed								(35,306	)		(67,859	)								(84,031	)		(182,024	)
Net increase (decrease) from capital share transactions								7,556			(2,458	)								(28,665	)		(26,386	)
Class Y Shares
Shares sold		3,121,851			87,166			464,308			777,399			4,487,455			521,213			6,823,053			3,149,762
Issued to shareholders in reinvestment of distributions		45,932			66,708			876,976			1,054,503			779,307			845,815			1,157,449			2,978,906
Shares redeemed		(71,651	)		(126,660	)		(4,842,386	)		(1,822,188	)		(993,113	)		(2,892,859	)		(3,121,639	)		(6,101,904	)
Net increase (decrease) from capital share transactions		3,096,132			27,214			(3,501,102	)		9,714			4,273,649			(1,525,831	)		4,858,863			26,764
Class R6 Shares
Shares sold														37,220			87,423			55,195			508,499
Issued to shareholders in reinvestment of distributions														50,482			63,627			65,062			119,523
Shares redeemed														(39,574	)		(50,991	)		(147,636	)		(33,600	)
Net increase (decrease) from capital share transactions														48,128			100,059			(27,379	)		594,422
See accompanying Notes to Financial Statements.

42

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
																				Hansberger International
		Small Cap Fund						NorthRoad International Fund						International Stock Fund						Growth Fund
		Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
Net Assets at beginning of period	$	87,600,246		$	64,439,940		$	45,429,261		$	45,425,305		$	38,329,644		$	33,010,915		$	33,405,022		$	156,780,547
Increase (decrease) in net assets from operations:
Net investment income		230,232			246,443			290,496			816,408			220,961			361,192			13,879			508,794
Net realized gain (loss)		3,000,097			3,744,598			(1,838,889	)		141,024			(353,530	)		365,802			(76,791	)		8,360,702
Net change in unrealized appreciation (depreciation)		125,710			(991,275	)		(826,680	)		(2,600,056	)		(847,318	)		(805,075	)		(1,787,373	)		(6,988,840	)
Net increase (decrease) in net assets from operations		3,356,039			2,999,766			(2,375,073	)		(1,642,624	)		(979,887	)		(78,081	)		(1,850,285	)		1,880,656
Distributions to shareholders from:
Net investment income
Class A		(3,775	)		(8,622	)		–			–			(176,364	)		(533,657	)		–			–
Class B		–			–			–			–			(3,888	)		(31,860	)		–			–
Class Y		(237,790	)		(334,294	)		(549,462	)		(674,182	)		(171,460	)		(210,332	)		(22,052	)		(130,885	)
Class R6		–			–			(175,696	)		(180,437	)		–			–			–			–
Class I		–			–			–			–			–			–			(316,932	)		(2,365,747	)
Net realized gains
Class A		(121,988	)		(191,090	)		–			–			–			–			–			–
Class B		(15,891	)		(25,961	)		–			–			–			–			–			–
Class Y		(2,938,689	)		(3,500,200	)		(302,630	)		(1,361,399	)		–			–			(20,201	)		–
Class R6		–			–			(80,680	)		(364,362	)		–			–			–			–
Class I		–			–			–			–			–			–			(256,002	)		–
Total distributions		(3,318,133	)		(4,060,167	)		(1,108,468	)		(2,580,380	)		(351,712	)		(775,849	)		(615,187	)		(2,496,632	)
Capital Stock transactions:
Class A Shares
Shares sold		394,643			773,600									1,197,639			2,379,285
Issued to shareholders in reinvestment of distributions		125,763			199,707									175,730			527,393
Shares redeemed		(474,884	)		(1,112,553	)								(1,515,767	)		(4,455,302	)
Net increase (decrease) from capital stock transactions		45,522			(139,246	)								(142,398	)		(1,548,624	)
Class B Shares
Shares sold		15,714			84,462									53,422			279,135
Issued to shareholders in reinvestment of distributions		15,891			25,961									3,888			31,860
Shares redeemed		(56,356	)		(184,776	)								(261,371	)		(651,975	)
Net decrease from capital stock transactions		(24,751	)		(74,353	)								(204,061	)		(340,980	)
Class Y Shares
Shares sold		12,065,274			26,907,349			750,287			9,402,829			4,022,731			12,453,021			13,308			15,399
Issued to shareholders in reinvestment of distributions		3,057,379			3,544,488			209,064			525,272			171,460			210,332			42,115			128,025
Shares redeemed		(4,674,653	)		(6,017,531	)		(6,786,786	)		(6,991,005	)		(2,363,464	)		(4,601,090	)		(180,290	)		(484,040	)
Net increase (decrease) from capital stock transactions		10,448,000			24,434,306			(5,827,435	)		2,937,096			1,830,727			8,062,263			(124,867	)		(340,616	)
Class R6 Shares
Shares sold								26,625			864,300
Issued to shareholders in reinvestment of distributions								256,377			544,800
Shares redeemed								(327,215	)		(119,236	)
Net increase (decrease) from capital stock transactions								(44,213	)		1,289,864
Class I Shares
Shares sold																				43,955			819,009
Issued to shareholders in reinvestment of distributions																				572,935			2,365,747
Shares redeemed																				(7,283,688	)		(125,603,689	)
Net decrease from capital stock transactions																				(6,666,798	)		(122,418,933	)
Total Increase (decrease) from capital stock transactions		10,468,771			24,220,707			(5,871,648	)		4,226,960			1,484,268			6,172,659			(6,791,665	)		(122,759,549	)
Total increase (decrease) in net assets		10,506,677			23,160,306			(9,355,189	)		3,956			152,669			5,318,729			(9,257,137	)		(123,375,525	)
Net Assets at end of period	$	98,106,923		$	87,600,246		$	36,074,072		$	45,429,261		$	38,482,313		$	38,329,644		$	24,147,885		$	33,405,022
Undistributed net investment income (loss) included in net assets	$	100,978		$	112,311		$	257,241		$	691,903		$	221,066		$	351,817		$	(195,108	)	$	129,997
Capital Share transactions:
Class A Shares
Shares sold		27,442			51,618									99,978			178,791
Issued to shareholders in reinvestment of distributions		8,697			13,261									13,718			41,790
Shares redeemed		(33,672	)		(74,908	)								(123,734	)		(341,596	)
Net increase (decrease) from capital share transactions		2,467			(10,029	)								(10,038	)		(121,015	)
Class B Shares
Shares sold		1,126			5,872									4,442			21,503
Issued to shareholders in reinvestment of distributions		1,158			1,802									309			2,569
Shares redeemed		(4,156	)		(12,831	)								(21,897	)		(50,526	)
Net decrease from capital share transactions		(1,872	)		(5,157	)								(17,146	)		(26,454	)
Class Y Shares
Shares sold		872,289			1,782,129			71,455			833,074			317,545			938,710			913			905
Issued to shareholders from capital stock transactions		211,145			235,202			20,720			49,789			13,385			16,680			2,707			8,270
Shares redeemed		(333,405	)		(397,954	)		(698,264	)		(642,543	)		(196,813	)		(358,949	)		(12,096	)		(29,533	)
Net increase (decrease) from capital share transactions		750,029			1,619,377			(606,089	)		240,320			134,117			596,441			(8,476	)		(20,358	)
Class R6 Shares
Shares sold								2,817			75,185
Issued to shareholders in reinvestment of distributions								25,234			51,299
Shares redeemed								(34,087	)		(10,717	)
Net increase (decrease) from capital share transactions								(6,036	)		115,767
Class I Shares
Shares sold																				2,865			48,884
Issued to shareholders in reinvestment of distributions																				36,821			152,826
Shares redeemed																				(484,304	)		(7,498,009	)
Net decrease from capital share transactions																				(444,618	)		(7,296,299	)
See accompanying Notes to Financial Statements.

43

Madison Funds | April 30, 2016
Statements of Changes in Net Assets
		Madison Target Retirement						Madison Target Retirement						Madison Target Retirement						Madison Target Retirement
		2020 Fund						2030 Fund						2040 Fund						2050 Fund
	Six-Months |Ended April 30,2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30,2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30,2016 (unaudited)			Year Ended October 31, 2015			Six-Months Ended April 30,2016 (unaudited)			Year Ended October 31, 2015
Net Assets at beginning of period	$	53,618,610		$	61,964,350		$	79,006,925		$	82,852,177		$	50,029,414		$	58,902,574		$	20,482,173		$	21,265,564
Increase (decrease) in net assets from operations:
Net investment income		359,571			872,479			530,659			1,234,059			358,915			839,055			162,904			326,330
Net realized gain (loss)		(87,909	)		1,693,559			(504,063	)		2,099,659			(313,005	)		1,997,182			(267,588	)		416,075
Net change in unrealized appreciation (depreciation)		461,296			(984,069	)		569,476			(1,065,611	)		209,568			(1,252,918	)		165,138			(90,904	)
Net increase in net assets from operations		732,958			1,581,969			596,072			2,268,107			255,478			1,583,319			60,454			651,501
Distributions to shareholders from:
Net investment income
Class R6		(899,589	)		(537,568	)		(1,258,551	)		(781,023	)		(839,070	)		(588,549	)		(348,249	)		(227,101	)
Net realized gains
Class R6		(1,764,330	)		(604,745	)		(2,672,152	)		(1,632,546	)		(2,209,026	)		(1,513,221	)		(629,298	)		(463,433	)
Total distributions		(2,663,919	)		(1,142,313	)		(3,930,703	)		(2,413,569	)		(3,048,096	)		(2,101,770	)		(977,547	)		(690,534	)
Capital Stock transactions:
Class R6 Shares
Shares sold		437,129			1,965,286			205,453			2,827,154			165,976			1,322,699			1,404,511			2,060,597
Issued to shareholders in reinvestment of distributions		2,663,920			1,142,314			3,930,703			2,413,569			3,048,096			2,101,769			977,547			690,534
Shares redeemed		(3,301,794	)		(11,892,996	)		(3,653,422	)		(8,940,513	)		(828,616	)		(11,779,177	)		(69,621	)		(3,495,489	)
Net increase (decrease) from capital stock transactions		(200,745	)		(8,785,396	)		482,734			(3,699,790	)		2,385,456			(8,354,709	)		2,312,437			(744,358	)
Total increase (decrease) from capital stock transactions		(200,745	)		(8,785,396	)		482,734			(3,699,790	)		2,385,456			(8,354,709	)		2,312,437			(744,358	)
Total increase (decrease) in net assets		(2,131,706	)		(8,345,740	)		(2,851,897	)		(3,845,252	)		(407,162	)		(8,873,160	)		1,395,344			(783,391	)
Net Assets at end of period	$	51,486,904		$	53,618,610		$	76,155,028		$	79,006,925		$	49,622,252		$	50,029,414		$	21,877,517		$	20,482,173
Undistributed net investment income included in net assets	$	84,887		$	624,905		$	88,032		$	815,924		$	42,710			522,865		$	13,667		$	199,012
Capital Share transactions:
Class R6 Shares
Shares sold		45,972			194,179			22,927			279,805			18,123			132,290			146,366			204,401
Issued to shareholders in reinvestment of distributions		282,195			114,460			422,202			243,549			333,125			213,378			104,551			69,681
Shares redeemed		(342,485	)		(1,184,264	)		(370,764	)		(894,665	)		(87,266	)		(1,191,593	)		(7,597	)		(346,869	)
Net increase (decrease) from capital share transactions		(14,318	)		(875,625	)		74,365			(371,311	)		263,982			(845,925	)		243,320			(72,787	)

See accompanying Notes to Financial Statements.

44

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	CONSERVATIVE ALLOCATION FUND
	CLASS A																		CLASS B
	Six Months				Year Ended October 31,														Six Months			Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
	(unaudited)			2015			2014			2013			2012				2011		(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	10.63		$	11.15		$	10.68		$	10.43		$	9.94		$	10.02		$	10.69		$	11.19		$	10.71		$	10.42		$	9.94		$	10.03
Income from Investment Operations:
Net investment income1		0.06			0.13			0.15			0.22			0.24			0.25			0.02			0.06			0.06			0.15			0.16			0.17
Net realized and unrealized gain (loss) on investments		0.07			–			0.50			0.48			0.50			0.04			0.08			(0.01	)		0.51			0.47			0.50			0.05
Total from investment operations		0.13			0.13			0.65			0.70			0.74			0.29			0.10			0.05			0.57			0.62			0.66			0.22
Less Distributions:
Distributions from net investment income		(0.08	)		(0.17	)		(0.14	)		(0.45	)		(0.25	)		(0.37	)		(0.04	)		(0.07	)		(0.05	)		(0.33	)		(0.18	)		(0.31	)
Distributions from capital gains		(0.32	)		(0.48	)		(0.04	)		–			–			–			(0.32	)		(0.48	)		(0.04	)		–			–			–
Total distributions		(0.40	)		(0.65	)		(0.18	)		(0.45	)		(0.25	)		(0.37	)		(0.36	)		(0.55	)		(0.09	)		(0.33	)		(0.18	)		(0.31	)
Net increase (decrease) in net asset value		(0.27	)		(0.52	)		0.47			0.25			0.49			(0.08	)		(0.26	)		(0.50	)		0.48			0.29			0.48			(0.09	)
Net Asset Value at end of period	$	10.36		$	10.63		$	11.15		$	10.68		$	10.43		$	9.94		$	10.43		$	10.69		$	11.19		$	10.71		$	10.42		$	9.94
Total Return (%)2		1.40	3		1.17			6.13			6.90			7.60			3.00			1.07	3		0.44			5.41			6.05			6.75			2.19
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	43,317		$	46,039		$	44,438		$	42,353		$	41,905		$	35,293		$	9,616		$	10,064		$	11,393		$	11,569		$	9,521		$	8,203
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.71	4		0.70			0.70			0.70			0.70			0.70			1.46	4		1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		0.71	4		0.70			0.70			0.70			0.70			0.70			1.46	4		1.45			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.33	4		1.23			1.35			2.09			2.34			2.40			0.51	4		0.59			0.59			1.29			1.61			1.67
Portfolio turnover (%)5		45	3		83			96			69			40			26			45	3		83			96			69			40			26
	CONSERVATIVE ALLOCATION FUND
	CLASS C
				Year Ended October 31,
	Six Months Ended 4/30/16 (unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	10.69		$	11.20		$	10.72		$	10.43		$	9.95		$	10.04
Income from Investment Operations:
Net investment income1		0.03			0.05			0.06			0.16			0.16			0.19
Net realized and unrealized gain (loss) on investments		0.07			(0.01	)		0.51			0.46			0.50			0.03
Total from investment operations		0.10			0.04			0.57			0.62			0.66			0.22
Less Distributions:
Distributions from net investment income		(0.04	)		(0.07	)		(0.05	)		(0.33	)		(0.18	)		(0.31	)
Distributions from capital gains		(0.32	)		(0.48	)		(0.04	)		–			–			–
Total distributions		(0.36	)		(0.55	)		(0.09	)		(0.33	)		(0.18	)		(0.31	)
Net increase (decrease) in net asset value		(0.26	)		(0.51	)		0.48			0.29			0.48			(0.09	)
Net Asset Value at end of period	$	10.43		$	10.69		$	11.20		$	10.72		$	10.43		$	9.95
Total Return (%)2		1.07	3		0.34			5.41			6.05			6.75			2.19
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	19,813		$	19,694		$	18,948		$	16,787		$	10,813		$	5,846
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.46	4		1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		1.46	4		1.45			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		0.55	4		0.49			0.57			1.22			1.49			1.76
Portfolio turnover (%)5		45	3		83			96			69			40			26

¹ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
² Total return without applicable sales charge.
³ Not annualized.
⁴ Annualized.
⁵ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

45

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	MODERATE ALLOCATION FUND
	CLASS A																		CLASS B
	Six Months				Year Ended October 31,														Six Months			Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
	(unaudited)			2015			2014			2013			2012				2011		(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	11.62		$	12.27		$	11.50		$	10.35		$	9.76		$	9.63		$	11.52		$	12.19		$	11.43		$	10.29		$	9.70		$	9.58
Income from Investment Operations:
Net investment income1		0.07			0.13			0.12			0.17			0.19			0.16			0.03			0.05			0.04			0.09			0.11			0.08
Net realized and unrealized gain on investments		–			0.04			0.80			1.23			0.63			0.22			–			0.04			0.78			1.23			0.63			0.21
Total from investment operations		0.07			0.17			0.92			1.40			0.82			0.38			0.03			0.09			0.82			1.32			0.74			0.29
Less Distributions:
Distributions from net investment income		(0.12	)		(0.17	)		(0.15	)		(0.25	)		(0.23	)		(0.25	)		(0.06	)		(0.11	)		(0.06	)		(0.18	)		(0.15	)		(0.17	)
Distributions from capital gains		(0.63	)		(0.65	)		–			–			–			–			(0.63	)		(0.65	)		–			–			–			–
Total distributions		(0.75	)		(0.82	)		(0.15	)		(0.25	)		(0.23	)		(0.25	)		(0.69	)		(0.76	)		(0.06	)		(0.18	)		(0.15	)		(0.17	)
Net increase (decrease) in net asset value		(0.68	)		(0.65	)		0.77			1.15			0.59			0.13			(0.66	)		(0.67	)		0.76			1.14			0.59			0.12
Net Asset Value at end of period	$	10.94		$	11.62		$	12.27		$	11.50		$	10.35		$	9.76		$	10.86		$	11.52		$	12.19		$	11.43		$	10.29		$	9.70
Total Return (%)2		0.74	3		1.44			8.03			13.87			8.55			3.97			0.39	3		0.72			7.18			12.98			7.77			3.19
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	105,671		$	107,043		$	109,148		$	104,849		$	92,954		$	84,321		$	27,457		$	29,451		$	33,235		$	33,070		$	29,821		$	26,928
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.71	4		0.70			0.70			0.70			0.70			0.70			1.46	4		1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		0.71	4		0.70			0.70			0.70			0.70			0.70			1.46	4		1.45			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.18	4		1.02			1.00			1.55			1.86			1.64			0.55	4		0.41			0.27			0.82			1.11			0.88
Portfolio turnover (%)5		57	3		81			89			69			50			20			57	3		81			89			69			50			20
	MODERATE ALLOCATION FUND
	CLASS C
	Six Months				Year Ended October 31,
	Ended 4/30/16
	(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	11.53		$	12.20		$	11.44		$	10.30		$	9.71		$	9.58
Income from Investment Operations:
Net investment income1		0.03			0.02			0.03			0.10			0.10			0.08
Net realized and unrealized gain on investments		–			0.07			0.79			1.22			0.64			0.22
Total from investment operations		0.03			0.09			0.82			1.32			0.74			0.30
Less Distributions:
Distributions from net investment income		(0.06	)		(0.11	)		(0.06	)		(0.18	)		(0.15	)		(0.17	)
Distributions from capital gains		(0.63	)		(0.65	)		–			–			–			–
Total distributions		(0.69	)		(0.76	)		(0.06	)		(0.18	)		(0.15	)		(0.17	)
Net increase (decrease) in net asset value		(0.66	)		(0.67	)		0.76			1.14			0.59			0.13
Net Asset Value at end of period	$	10.87		$	11.53		$	12.20		$	11.44		$	10.30		$	9.71
Total Return (%)2		0.39	3		0.72			7.17			12.97			7.77			3.19
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	9,448		$	9,506		$	8,238		$	7,347		$	5,253		$	3,939
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.46	4		1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		1.46	4		1.45			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		0.57	4		0.01			0.21			0.82			1.02			0.90
Portfolio turnover (%)5		57	3		81			89			69			50			20

¹ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
² Total return without applicable sales charge.
³ Not annualized.
⁴ Annualized.
⁵ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

46

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	AGGRESSIVE ALLOCATION FUND
	CLASS A																		CLASS B
	Six Months			Year Ended October 31,															Six Months			Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
	(unaudited)			2015			2014			2013			2012			2011			(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	11.87		$	12.81		$	11.72		$	10.01		$	9.32		$	9.04		$	11.65		$	12.61		$	11.59		$	9.89		$	9.23		$	8.96
Income from Investment Operations:
Net investment income1		0.07			0.11			0.09			0.12			0.12			0.07			0.04			0.03			0.002			0.04			0.05			0.002
Net realized and unrealized gain (loss) on investments		(0.06	)		0.10			1.04			1.80			0.70			0.32			(0.07	)		0.09			1.02			1.80			0.68			0.32
Total from investment operations		0.01			0.21			1.13			1.92			0.82			0.39			(0.03	)		0.12			1.02			1.84			0.73			0.32
Less Distributions:
Distributions from net investment income		(0.10	)		(0.20	)		(0.04	)		(0.21	)		(0.13	)		(0.11	)		(0.08	)		(0.13	)		–			(0.14	)		(0.07	)		(0.05	)
Distributions from capital gains		(0.92	)		(0.95	)		–			–			–			–			(0.92	)		(0.95	)		–			–			–			–
Total distributions		(1.02	)		(1.15	)		(0.04	)		(0.21	)		(0.13	)		(0.11	)		(1.00	)		(1.08	)		–			(0.14	)		(0.07	)		(0.05	)
Net increase (decrease) in net asset value		(1.01	)		(0.94	)		1.09			1.71			0.69			0.28			(1.03	)		(0.96	)		1.02			1.70			0.66			0.27
Net Asset Value at end of period	$	10.86		$	11.87		$	12.81		$	11.72		$	10.01		$	9.32		$	10.62		$	11.65		$	12.61		$	11.59		$	9.89		$	9.23
Total Return (%)2		0.253			1.66			9.67			19.56			8.87			4.29			(0.10	)4		0.91			8.80			18.79			7.99			3.54
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	47,175		$	46,834		$	45,697		$	41,526		$	33,282		$	30,190		$	11,622		$	12,383		$	13,063		$	12,365		$	10,787		$	9,975
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.714			0.70			0.70			0.70			0.70			0.70			1.465			1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		0.714			0.70			0.70			0.70			0.70			0.70			1.465			1.45			1.45			1.45			1.45			1.45
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		1.174			0.81			0.73			1.02			1.22			0.74			0.715			0.21			(0.01	)		0.34			0.48			(0.00	)5
Portfolio turnover (%)6		543			72			78			67			67			29			544			72			78			67			67			29
	AGGRESSIVE ALLOCATION FUND
	CLASS C
	Six Months			Year Ended October 31,
	Ended 4/30/16
	(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	11.66		$	12.62		$	11.60		$	9.90		$	9.24		$	8.97
Income from Investment Operations:
Net investment income (loss)1		0.04			0.02			(0.01	)		0.05			0.03			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.08	)		0.10			1.03			1.79			0.70			0.34
Total from investment operations		(0.04	)		0.12			1.02			1.84			0.73			0.32
Less Distributions:
Distributions from net investment income		(0.08	)		(0.13	)		–			(0.14	)		(0.07	)		(0.05	)
Distributions from capital gains		(0.92	)		(0.95	)		–			–			–			–
Total distributions		(1.00	)		(1.08	)		–			(0.14	)		(0.07	)		(0.05	)
Net increase (decrease) in net asset value		(1.04	)		(0.96	)		1.02			1.70			0.66			0.27
Net Asset Value at end of period	$	10.62		$	11.66		$	12.62		$	11.60		$	9.90		$	9.24
Total Return (%)2		(0.19	)3		0.91			8.79			18.78			7.98			3.54
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	2,475		$	2,600		$	2,547		$	2,116		$	1,099		$	828
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.464			1.45			1.45			1.45			1.45			1.45
After reimbursement of expenses by Adviser (%)		1.464			1.45			1.45			1.45			1.45			1.45
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		0.564			0.05			(0.09	)		0.10			0.32			(0.32	)
Portfolio turnover (%)6		543			72			78			67			67			29

¹ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
² Total return without applicable sales charge.
³ Not annualized.
⁴ Annualized
⁶ Amounts represent less than $0.005 per share.
⁶ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

47

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	GOVERNMENT MONEY MARKET FUND
	CLASS A														CLASS B
	Six Months			Year Ended October 31,											Six Months			Year Ended October 31,
	Ended 4/30/16														Ended 4/30/16
	(unaudited)			2015		2014		2013			2012		2011		(unaudited)			2015		2014		2013		2012		2011
Net Asset Value at beginning of period	$	1.00		$	1.00	$	1.00	$	1.00		$	1.00	$	1.00	$	1.00		$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Income from Investment Operations:
Net investment income1		0.00			0.00		0.00		0.00			0.00		0.00		0.00			0.00		0.00		0.00		0.00		0.00
Total from investment operations		0.00			0.00		0.00		0.00			0.00		0.00		0.00			0.00		0.00		0.00		0.00		0.00
Net increase (decrease) in net asset value		0.00			0.00		0.00		0.00			0.00		0.00		0.00			0.00		0.00		0.00		0.00		0.00
Net Asset Value at end of period	$	1.00		$	1.00	$	1.00	$	1.00		$	1.00	$	1.00	$	1.00		$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Total Return (%)3		0.00	4		0.00		0.00		0.00			0.00		0.00		0.004			0.00		0.00		0.00		0.00		0.00
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	19,130		$	19,076	$	20,570	$	24,552		$	11,654	$	12,298	$	283		$	234	$	461	$	524	$	826	$	1,601
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.56	5		0.55		0.55		0.55			0.55		0.55		1.30	5		1.30		1.30		1.30		1.30		1.30
After reimbursement of expenses by Adviser (%)2		0.24	5		0.07		0.07		0.09			0.08		0.10		0.25	5		0.08		0.07		0.10		0.07		0.10
Ratio of net investment income (loss) to average net assets
After reimbursement and waiver of expenses by Adviser (%)2		0.00	5		0.00		0.00		(0.00	)		0.00		0.00		(0.01	)5		0.00		0.00		0.00		0.00		0.00

¹ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
² Ratio is net of fees waived by the adviser and distributor (See Note 3).
³ Total return without applicable sales charge. ⁴ Not annualized.
⁵ Annualized.

	TAX-FREE VIRGINIA FUND*																					TAX-FREE NATIONAL FUND*
	CLASS Y																					CLASS Y
	Six Months			Year Ended																		Six Months			Year Ended
	Ended 4/30/16			October 31,									Year Ended September 30,									Ended 4/30/16			October 31,									Year Ended September 30,
	(unaudited)			2015			2014			20131			2013			2012			2011			(unaudited)			2015			2014			20131			2013			2012			2011
Net Asset Value at beginning of period	$	11.61		$	11.70		$	11.54		$	11.50		$	12.24		$	11.92		$	11.98		$	11.01		$	11.08		$	10.73		$	10.70		$	11.44		$	11.05		$	11.16
Income from Investment Operations:
Net investment income2		0.15			0.28			0.30			0.03			0.32			0.35			0.35			0.15			0.27			0.29			0.03			0.32			0.33			0.34
Net realized and unrealized gain (loss) on investments		0.19			(0.01	)		0.35			0.04			(0.65	)		0.33			–			0.25			0.01			0.40			0.03			(0.66	)		0.43			(0.02	)
Total from investment operations		0.34			0.27			0.65			0.07			(0.33	)		0.68			0.35			0.40			0.28			0.69			0.06			(0.34	)		0.76			0.32
Less Distributions:
Distributions from net investment income		(0.15	)		(0.28	)		(0.30	)		(0.03	)		(0.32	)		(0.35	)		(0.35	)		(0.15	)		(0.27	)		(0.29	)		(0.03	)		(0.32	)		(0.33	)		(0.34	)
Distributions from capital gains		(0.04	)		(0.08	)		(0.19	)		–			(0.09	)		(0.01	)		(0.06	)		(0.06	)		(0.08	)		(0.05	)		–			(0.08	)		(0.04	)		(0.09	)
Total distributions		(0.19	)		(0.36	)		(0.49	)		(0.03	)		(0.41	)		(0.36	)		(0.41	)		(0.21	)		(0.35	)		(0.34	)		(0.03	)		(0.40	)		(0.37	)		(0.43	)
Net increase (decrease) in net asset value		0.15			(0.09	)		0.16			0.04			(0.74	)		0.32			(0.06	)		0.19			(0.07	)		0.35			0.03			(0.74	)		0.39			(0.11	)
Net Asset Value at end of period	$	11.76		$	11.61		$	11.70		$	11.54		$	11.50		$	12.24		$	11.92		$	11.20		$	11.01		$	11.08		$	10.73		$	10.70		$	11.44		$	11.05
Total Return (%)3		2.73	4		2.36			5.82			0.57	4		(2.77	)		5.75			3.10			3.51	4		2.61			6.52			0.52	4		(3.03	)		7.02			3.02
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	22,569		$	22,659		$	23,100		$	23,408		$	23,215		$	26,117		$	25,009		$	27,841		$	27,744		$	28,415		$	27,805		$	28,328		$	31,526		$	31,319
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.86	5		0.85			0.85			0.85	5		0.85			0.98			1.03			0.83	5		0.85			0.85			0.85	5		0.85			1.00			1.06
After reimbursement of expenses by Adviser (%)		0.86	5		0.85			0.85			0.85	5		0.85			–			–			0.83	5		0.85			0.85			0.85	5		0.85			–			–
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		2.21	5		2.45			2.63			2.58	5		2.71			2.88			3.03			2.31	5		2.44			2.65			2.79	5		2.92			2.97			3.11
Portfolio turnover (%)6		6	4		12			16			–	4		14			12			7			6	4		15			30			6	4		24			13			13

*	The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.
1	Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 1 month of information.
2	Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
3	Total return without applicable sales charge.
4	Not annualized.
5	Annualized.
5	Annualized.
6	Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

48

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	HIGH QUALITY BOND FUND*
	CLASS Y
	Six Months			Year Ended October 31,									Year Ended December 31,
	Ended 4/30/16
	(unaudited)				2015			2014			20131				2012				2011			2010
Net Asset Value at beginning of period	$	11.04		$	11.04		$	11.07		$	11.21		$		11.15			$	10.94		$	10.68
Income from Investment Operations:
Net investment income2		0.06			0.11			0.11			0.09				0.13				0.16			0.19
Net realized and unrealized gain (loss) on investments		0.09			0.01			0.01			(0.13	)			0.10				0.22			0.27
Total from investment operations		0.15			0.12			0.12			(0.04	)			0.23				0.38			0.46
Less Distributions:
Distributions from net investment income		(0.06	)		(0.11	)		(0.11	)		(0.08	)			(0.13	)			(0.16	)		(0.19	)
Distributions from capital gains		(0.04	)		(0.01	)		(0.04	)		(0.02	)			(0.04	)			(0.01	)		(0.01	)
Total distributions		(0.10	)		(0.12	)		(0.15	)		(0.10	)			(0.17	)			(0.17	)		(0.20	)
Net increase (decrease) in net asset value		0.05			–			(0.03	)		(0.14	)			0.06				0.21			0.26
Net Asset Value at end of period	$	11.09		$	11.04		$	11.04		$	11.07		$		11.21			$	11.15		$	10.94
Total Return (%)3		1.33	4		1.11			1.12			(0.35	)4			2.04				3.53			4.35
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	109,279		$	102,552		$	118,082		$	132,688		$		109,694			$	104,849		$	52,388
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.50	5		0.49			0.49			0.49	5			0.49				0.49			0.49
After reimbursement of expenses by Adviser (%)		0.50	5		0.49			0.49			0.49	5			–				–			–
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.09	5		1.00			1.00			0.99	5			1.15				1.48			1.76
Portfolio turnover (%)6		11	4		35			20			30	4			29				9			21
	CORE BOND FUND
	CLASS A																				CLASS B
	Six Months			Year Ended October 31,																	Six Months				Year Ended October 31,
	Ended 4/30/16																				Ended 4/30/16
	(unaudited)				2015			2014			2013				2012				2011		(unaudited)				2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	10.09		$	10.25		$	10.21		$	10.66			$	10.59			$	10.46		$	10.10		$	10.25		$	10.22		$	10.67		$	10.59		$	10.46
Income from Investment Operations:
Net investment income2		0.12			0.19			0.22			0.26				0.26				0.26			0.07			0.11			0.14			0.18			0.18			0.19
Net realized and unrealized gain (loss) on investments		0.15			(0.05	)		0.09			(0.46	)			0.07				0.13			0.15			(0.04	)		0.08			(0.46	)		0.08			0.12
Total from investment operations		0.27			0.14			0.31			(0.20	)			0.33				0.39			0.22			0.07			0.22			(0.28	)		0.26			0.31
Less Distributions:
Distributions from net investment income		(0.13	)		(0.21	)		(0.22	)		(0.25	)			(0.26	)	(0.26			)		(0.08	)		(0.13	)		(0.14	)		(0.17	)		(0.18	)		(0.18	)
Distributions from capital gains		(0.08	)		(0.09	)		(0.05	)		–				–				–			(0.08	)		(0.09	)		(0.05	)		–			–			–
Total distributions		(0.21	)		(0.30	)		(0.27	)		(0.25	)			(0.26	)	(0.26			)		(0.16	)		(0.22	)		(0.19	)		(0.17	)		(0.18	)		(0.18	)
Net increase (decrease) in net asset value		0.06			(0.16	)		0.04			(0.45	)			0.07				0.13			0.06			(0.15	)		0.03			(0.45	)		0.08			0.13
Net Asset Value at end of period	$	10.15		$	10.09		$	10.25		$	10.21			$	10.66			$	10.59		$	10.16		$	10.10		$	10.25		$	10.22		$	10.67		$	10.59
Total Return (%)3		2.56	3		1.34			3.04			(1.92	)			3.11				3.81			2.18	3		0.69			2.18			(2.65	)		2.43			3.04
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	34,099		$	32,823		$	33,973		$	40,104			$	45,671			$	43,775		$	2,788		$	2,929		$	3,445		$	4,433		$	6,088		$	5,678
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.91	4		0.90			0.90			0.90				0.90				0.90			1.66	4		1.65			1.65			1.65			1.65			1.65
After reimbursement of expenses by Adviser (%)		0.91	4		0.90			0.90			0.90				0.90				0.90			1.66	4		1.65			1.65			1.65			1.65			1.65
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		2.04	4		1.85			2.10			2.42				2.41				2.54			1.29	4		1.10			1.36			1.68			1.66			1.78
Portfolio turnover (%)6		25	4		57			41			24				6				12			25	4		57			41			24			6			12

* The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.

¹ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.
² Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

³ Total return without applicable sales charge.

⁴ Not annualized.

⁵ Annualized.

⁶ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

49

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
				CORE BOND FUND - continued
				CLASS Y																						CLASS R6
				Six Months																						Six Months				Year Ended						Inception
				Ended 4/30/16				Year Ended October 31,																		Ended 4/30/16				October 31,						to
					(unaudited)			2015			2014				2013			2012			2011						(unaudited)			2015			2014			10/31/138
Net Asset Value at beginning of period				$	10.07		$	10.22		$	10.19			$	10.64		$	10.58		$	10.46					$	10.09		$	10.24		$	10.20		$	10.53
Income from Investment Operations:
Net investment income1					0.13			0.21			0.23				0.28			0.29			0.29						0.14			0.23			0.20			0.14
Net realized and unrealized gain (loss) on investments					0.14			(0.04	)		0.09				(0.45	)		0.06			0.12						0.14			(0.06	)		0.13			(0.34	)
Total from investment operations					0.27			0.17			0.32				(0.17			0.35			0.41						0.28			0.17			0.33			(0.20	)
Less Distributions:
Distributions from net investment income					(0.14	)		(0.23	)		(0.24	)			(0.28	)		(0.29	)		(0.29	)					(0.14	)		(0.23	)		(0.24	)		(0.13	)
Distributions from capital gains					(0.08	)		(0.09	)		(0.05	)			–			–			–						(0.08	)		(0.09	)		(0.05	)		–
Total distributions					(0.22	)		(0.32	)		(0.29	)			(0.28	)		(0.29	)		(0.29	)					(0.22	)		(0.32	)		(0.29	)		(0.13	)
Net increase (decrease) in net asset value					0.05			(0.15	)		0.03				(0.45	)		0.06			0.12						0.06			(0.15	)		0.04			(0.33	)
Net Asset Value at end of period				$	10.12		$	10.07		$	10.22			$	10.19	)	$	10.64		$	10.58					$	10.15		$	10.09		$	10.24		$	10.20
Total Return (%)2					2.62	4		1.71			3.23				(1.65	)		3.36			4.03						2.71	4		1.71			3.32			(1.86	)4
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)				$	183,753		$	186,414		$	187,790			$	109,247		$	74,486		$	145,125					$	1,805		$	1,693		$	10		$	10
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)					0.66	5		0.65			0.65				0.65			0.65			0.65						0.53	5		0.52			0.54			0.53	5
After reimbursement of expenses by Adviser (%)					0.66	5		0.65			0.65				0.65			0.65			0.65						0.53	5		0.52			0.54			0.53	5
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)					2.29	5		2.10			2.30				2.64			2.64			2.79						2.42	5		2.24			1.99			2.71	5
Portfolio turnover (%)3					25	4		57			41				24			6			12						25	4		57			41			24	4
		CORPORATE BOND FUND*																						HIGH INCOME FUND
		CLASS Y																						CLASS A
		Period Ended			Year Ended October 31,								,		Year Ended December 31								Six Months				Year Ended October 31,
		4/30/16																					Ended 4/30/16
		(unaudited)			2015			2014			20137				2012			2011			2010			(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	11.34		$	11.49		$	11.27		$	11.67			$	11.27		$	10.81		$	10.68		$	5.93		$	6.79		$	7.15		$	7.15		$	6.95		$	7.10
Income from Investment Operations:
Net investment income1		0.19			0.29			0.25			0.19				0.24			0.22			0.48			0.17			0.32			0.35			0.41			0.45			0.48
Net realized and unrealized gain (loss) on investments		0.25			(0.13	)		0.22			(0.38	)			0.39			0.61			0.13			(0.08	)		(0.47	)		–			0.03			0.20			(0.16	)
Total from investment operations		0.44			0.16			0.47			(0.19	)			0.63			0.83			0.61			0.09			(0.15	)		0.35			0.44			0.65			0.32
Less Distributions:
Distributions from net investment income		(0.19	)		(0.29	)		(0.25	)		(0.19	)			(0.23	)		(0.36	)		(0.48	)		(0.17	)		(0.32	)		(0.36	)		(0.44	)		(0.45	)		(0.47	)
Distributions from capital gains		(0.04	)		(0.02	)		–			(0.02	)			(0.00	)6		(0.01	)		–			–			(0.39	)		(0.35	)		–			–			–
Total distributions		(0.23	)		(0.31	)		(0.25	)		(0.21	)			(0.23	)		(0.37	)		(0.48	)		(0.17	)		(0.71	)		(0.71	)		(0.44	)		(0.45	)		(0.47	)
Net increase (decrease) in net asset value		0.21			(0.15	)		0.22			(0.40	)			0.40			0.46			0.13			(0.08	)		(0.86	)		(0.36	)		(0.00	)6		0.20			(0.15	)
Net Asset Value at end of period	$	11.55		$	11.34		$	11.49		$	11.27			$	11.67		$	11.27		$	10.81		$	5.85		$	5.93		$	6.79		$	7.15		$	7.15		$	6.95
Total Return (%)2		3.70	4		1.40			4.21			(1.58	)4			5.72			7.83			5.81			1.20	4		(2.29	)		5.20			6.29			9.67			4.61
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	23,552		$	23,545		$	27,010		$	19,743			$	19,813		$	17,550		$	1,069		$	21,184		$	23,155		$	28,596		$	28,530		$	27,061		$	25,299
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.66	5		0.65			0.65			0.65	5			0.67			0.69			0.06			1.01	5		1.00			1.00			1.00			1.00			1.00
After reimbursement of expenses by Adviser (%)		0.66	5		0.65			0.65			0.65	5			–			–			–			1.01	5		1.00			1.00			1.00			1.00			1.00
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		2.94	5		2.55			2.22			2.05	5			2.04			1.98			4.44			5.11	5		5.12			5.05			5.63			6.35			6.73
Portfolio turnover (%)3		18	4		37			31			10	4			11			10			14			39	4		28			52			28			36			55

* The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.

¹ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
² Total return without applicable sales charge.

³ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

⁴ Not annualized.

⁵ Annualized.

⁶ Amounts represent less than $0.005 per share.

⁷ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.

⁸ Class was launched on April 22, 2013.

See accompanying Notes to Financial Statements.

50

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	HIGH INCOME FUND - continued
	CLASS B																		CLASS Y
	Six Months			Year Ended October 31,															Six Months				Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
		(unaudited)			2015			2014			2013			2012			2011			(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	6.08		$	6.95		$	7.30		$	7.26		$	7.05		$	7.19		$	5.86		$	6.73		$	7.09		$	7.10		$	6.92		$	7.09
Income from Investment Operations:
Net investment income1		0.15			0.29			0.30			0.37			0.40			0.44			0.14			0.01			1.02			0.45			0.47			0.49
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.50	)		–			0.03			0.20			(0.17	)		(0.04	)		(0.14	)		(0.65	)		0.01			0.19			(0.16	)
Total from investment operations		0.07			(0.21	)		0.30			0.40			0.60			0.27			0.10			(0.13	)		0.37			0.46			0.66			0.33
Less Distributions:
Distributions from net investment income		(0.14	)		(0.27	)		(0.30	)		(0.36	)		(0.39	)		(0.41	)		(0.19	)		(0.35	)		(0.38	)		(0.47	)		(0.48	)		(0.50	)
Distributions from capital gains		–			(0.39	)		(0.35	)		–			–			–			–			(0.39	)		(0.35	)		–			–			–
Total distributions		(0.14	)		(0.66	)		(0.65	)		(0.36	)		(0.39	)	(0.41		)		(0.19	)		(0.74	)		(0.73	)		(0.47	)		(0.48	)		(0.50	)
Net increase (decrease) in net asset value		(0.07	)		(0.87	)		(0.35	)		0.04			0.21			(0.14	)		(0.09	)		(0.87	)		(0.36	)		(0.01	)		0.18			(0.17	)
Net Asset Value at end of period	$	6.01		$	6.08		$	6.95		$	7.30		$	7.26		$	7.05		$	5.77		$	5.86		$	6.73		$	7.09		$	7.10		$	6.92
Total Return (%)2		0.92	3		(3.11	)		4.47			5.60			8.74			3.89			1.383			(2.00	)		5.59			6.68			9.92			4.81
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	1,586		$	1,685		$	2,267		$	2,566		$	2,983		$	3,023		$	688		$	664		$	388		$	17,449		$	53,121		$	81,572
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.76	4		1.75			1.75			1.75			1.75			1.75			0.764			0.75			0.75			0.75			0.75			0.75
After reimbursement of expenses by Adviser (%)		1.76	4		1.75			1.75			1.75			1.75			1.75			0.764			0.75			0.75			0.75			0.75			0.75
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		4.36	4		4.36			4.30			4.89			5.60			6.01			5.354			5.39			5.36			5.95			6.61			7.00
Portfolio turnover (%)5		39	3		28			52			28			36			55			393			28			52			28			36			55
	DIVERSIFIED INCOME FUND
	CLASS A																		CLASS B
	Six Months			Year Ended October 31,															Six Months			Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
		(unaudited)			2015			2014			2013			2012			2011			(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	14.75		$	14.79		$	13.89		$	12.54		$	11.68		$	11.16		$	14.83		$	14.88		$	13.98		$	12.61		$	11.74		$	11.22
Income from Investment Operations:
Net investment income1		0.15			0.23			0.23			0.24			0.26			0.29			0.09			0.13			0.13			0.13			0.18			0.20
Net realized and unrealized gain (loss) on investments		0.30			(0.03	)		0.90			1.35			0.86			0.52			0.30			(0.04	)		0.90			1.37			0.86			0.52
Total from investment operations		0.45			0.20			1.13			1.59			1.12			0.81			0.39			0.09			1.03			1.50			1.04			0.72
Less Distributions:
Distributions from net investment income		(0.15	)		(0.24	)		(0.23	)		(0.24	)		(0.26	)		(0.29	)		(0.09	)		(0.14	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)
Distributions from capital gains		(0.34	)		–			–			–			–			–			(0.34	)		–			–			–			–			–
Total distributions		(0.49	)		(0.24	)		(0.23	)		(0.24	)		(0.26	)		(0.29	)		(0.43	)		(0.14	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)
Net increase in net asset value		(0.04	)		(0.04	)		0.90			1.35			0.86			0.52			(0.04	)		(0.05	)		0.90			1.37			0.87			0.52
Net Asset Value at end of period	$	14.71		$	14.75		$	14.79		$	13.89		$	12.54		$	11.68		$	14.79		$	14.83		$	14.88		$	13.98		$	12.61		$	11.74
Total Return (%)2		3.02	3		1.39			8.22			12.76			9.69			7.32			2.62	3		0.58			7.37			11.99			8.89			6.47
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	122,774		$	121,026		$	119,364		$	105,521		$	86,952		$	72,913		$	13,260		$	13,442		$	14,378		$	14,297		$	14,387		$	15,906
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.11	4		1.10			1.10			1.10			1.10			1.10			1.86	4		1.85			1.85			1.85			1.85			1.85
After reimbursement of expenses by Adviser (%)		1.11	4		1.10			1.10			1.10			1.10			1.10			1.86	4		1.85			1.85			1.85			1.85			1.85
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.80	4		1.59			1.61			1.75			2.14			2.51			1.05	4		0.84			0.86			1.01			1.42			1.77
Portfolio turnover (%)5		19	3		25			23			18			21			17			19	3		25			23			18			21			17

¹ Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.

² Total return without applicable sales charge.

³ Not annualized.

⁴ Annualized.

⁵ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

51

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
		DIVERSIFIED INCOME FUND - continued
	CLASS C
	Six Months				Year Ended October 31,									Inception
	Ended 4/30/16													to
	(unaudited)				2015			2014			2013			10/31/122
Net Asset Value at beginning of period	$	14.83			$	14.88		$	13.97		$	12.61		$	12.53
Income from Investment Operations:
Net investment income3		0.09				0.13			0.13			0.13			0.04
Net realized and unrealized gain (loss) on investments		0.30				(0.04	)		0.91			1.36			0.08
Total from investment operations		0.39				0.09			1.04			1.49			0.12
Less Distributions:
Distributions from net investment income		(0.09	)			(0.14	)		(0.13	)		(0.13	)		(0.04	)
Distributions from capital gains		(0.34	)			–			–			–			–
Total distributions		(0.43	)			(0.14	)		(0.13	)		(0.13	)		(0.04	)
Net increase (decrease) in net asset value		(0.04	)			(0.05	)		0.91			1.36			0.08
Net Asset Value at end of period	$	14.79			$	14.83		$	14.88		$	13.97		$	12.61
Total Return (%)4		2.62		5		0.64			7.38			11.91			0.94	5
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	12,622			$	12,766		$	11,545		$	6,732		$	924
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.86	6			1.85			1.85			1.84			1.83	6
After reimbursement of expenses by Adviser (%)		1.86	6			1.85			1.85			1.84			1.83	6
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.05	6			0.84			0.83			0.88			0.83	6
Portfolio turnover (%)7		19	5			25			23			18			21	5
	COVERED CALL & EQUITY INCOME FUND1
	CLASS A																						CLASS C
	Six Months				Year Ended October 31,															Six Months			Year Ended October 31,									Inception
	Ended 4/30/16																			Ended 4/30/16												to
	(unaudited)				2015			2014			2013			2012			2011			(unaudited)			2015			2014			2013			10/31/122
Net Asset Value at beginning of period	$	9.14			$	9.92		$	9.99		$	9.76		$	9.76		$	10.27		$	8.89		$	9.74		$	9.89		$	9.74		$	9.66
Income from Investment Operations:
Net investment income3		0.03				0.06			0.08			0.02			0.00	8		0.00	8		0.02			0.16			0.08			0.20			0.00	8
Net realized and unrealized gain (loss) on investments		0.13				(0.06	)		0.77			1.12			0.82			0.50			0.10			(0.23	)		0.69			0.86			0.28
Total from investment operations		0.16				–			0.85			1.14			0.82			0.50			0.12			(0.07	)		0.77			1.06			0.28
Less Distributions:
Distributions from net investment income		(0.17	)			(0.50	)		(0.60	)		(0.60	)		–			–			(0.16	)		(0.50	)		(0.60	)		(0.60	)		–
Distributions from capital gains		(0.16	)			(0.28	)		(0.32	)		(0.31	)		(0.82	)		(1.01	)		(0.17	)		(0.28	)		(0.32	)		(0.31	)		(0.20	)
Total distributions		(0.33	)			(0.78	)		(0.92	)		(0.91	)		(0.82	)		(1.01	)		(0.33	)		(0.78	)		(0.92	)		(0.91	)		(0.20	)
Net increase (decrease) in net asset value		(0.17	)			(0.78	)		(0.07	)		0.23			–			(0.51	)		(0.21	)		(0.85	)		(0.15	)		0.15			0.08
Net Asset Value at end of period	$	8.97			$	9.14		$	9.92		$	9.99		$	9.76		$	9.76		$	8.68		$	8.89		$	9.74		$	9.89		$	9.74
Total Return (%)4		1.79	5			(0.18	)		8.90			12.29			8.61			5.22			1.32	5		(0.83	)		8.01			11.44			2.88	6
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	17,195			$	16,042		$	11,373		$	7,559		$	6,297		$	4,072		$	11,514		$	9,287		$	4,805		$	2,258		$	527
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.26	6			1.25			1.25			1.25			1.24			1.25			2.01	6		1.99			2.00			2.00			1.96	6
After reimbursement of expenses by Adviser (%)		1.26	6			1.25			1.25			1.25			1.24			1.25			2.01	6		1.99			2.00			2.00			1.96	6
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		0.23	6			0.13			(0.30	)		(0.12	)		(0.15	)		(0.44	)		(0.53	)6		(0.59	)		(1.07	)		(0.91	)		(0.89	)6
Portfolio turnover (%)7		45	5			107			139			100			84			107			45	5		107			139			100			84	5

¹ Prior to close of business on February 28, 2014, the Fund was known as the Equity Income Fund.
² Class was launched on July 31, 2012.
³ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. ⁴ Total return without applicable sales charge.
⁵ Not annualized.
⁶ Annualized.
⁷ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
⁸ Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

52

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
					COVERED CALL & EQUITY INCOME FUND1 - continued
				CLASS Y																										CLASS R6
				Six Months																										Six Months			Year Ended													Inception
				Ended 4/30/16			Year Ended October 31,																							Ended 4/30/16			October 31,													to
				(unaudited)				2015				2014				2013					2012				2011					(unaudited)				2015				2014				2013			10/31/122
Net Asset Value at beginning of period				$	9.27		$	10.03			$	10.08			$	9.82				$	9.81			$	10.29					$	9.31		$	10.06			$	10.09			$	9.82				$	9.72
Income from Investment Operations:
Net investment income (loss)3					0.02			0.14				0.22				(0.28			)		0.008				0.03						–			0.24				0.13				0.04					0.00	8
Net realized and unrealized gain on investments					0.16			(0.12		)		0.67				1.45					0.84				0.50						0.18			(0.21		)		0.78				1.14					0.30
Total from investment operations					0.18			0.02				0.89				1.17					0.84				0.53						0.18			0.03				0.91				1.18					0.30
Less Distributions:
Distributions from net investment income					(0.17	)		(0.50		)		(0.62		)		(0.60			)		(0.02		)		–						(0.17	)		(0.50		)		(0.62		)		(0.60		)			–
Distributions from capital gains					(0.17	)		(0.28		)		(0.32		)		(0.31			)		(0.81		)		(1.01	)					(0.17	)		(0.28		)		(0.32		)		(0.31		)			(0.20	)
Total distributions					(0.34	)		(0.78		)		(0.94		)		(0.91			)		(0.83		)		(1.01	)					(0.34	)		(0.78		)		(0.94		)		(0.91		)			(0.20	)
Net increase (decrease) in net asset value					(0.16	)		(0.76		)		(0.05		)		0.26					0.01				(0.48	)					(0.16	)		(0.75		)		(0.03		)		0.27					0.10
Net Asset Value at end of period				$	9.11		$	9.27			$	10.03			$	10.08				$	9.82			$	9.81					$	9.15		$	9.31			$	10.06			$	10.09				$	9.82
Total Return (%)4					1.94	5		0.13				9.08				12.60					8.73				5.51						1.93	5		0.23				9.29				12.75					3.07	5
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)				$	57,780		$	60,916			$	43,891			$	29,307				$	81,779			$	63,395					$	2,425		$	2,826			$	152			$	116				$	103
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)					1.01	6		1.00				1.00				1.00					1.00				1.00						0.88	6		0.87				0.87				0.87					0.86	6
After reimbursement of expenses by Adviser (%)					1.01	6		1.00				1.00				1.00					1.00				1.00						0.88	6		0.87				0.87				0.87					0.86	6
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)					0.48	6		0.40				(0.03		)		0.14					0.09				(0.15	)					0.62	6		0.70				0.10				0.21					0.17	6
Portfolio turnover (%)7					45	5		107				139				100					84				107						45	5		107				139				100					84	5
	DIVIDEND INCOME FUND*																										LARGE CAP VALUE FUND
	CLASS Y																											CLASS A
	Six Months			Year Ended October 31,											Year Ended December 31,												Six Months			Year Ended October 31,
	Ended 4/30/16																										Ended 4/30/16
	(unaudited)				2015			2014				20139				2012					2011				2010		(unaudited)				2015			2014				2013				2012					2011
Net Asset Value at beginning of period	$	22.28		$	23.59		$	21.94			$	17.90			$	17.17		$			17.50			$	16.39		$	16.33		$	19.18		$	17.04			$	13.99			$	12.42				$	11.40
Income from Investment Operations:
Net investment income3		0.14			0.40			0.38				0.28				0.36					0.20				0.19			0.07			0.08			0.13				0.18				0.21					0.18
Net realized and unrealized gain (loss)on investments		0.51			0.01			2.29				4.03				1.50					0.10				1.11			0.27			(0.10	)		2.15				3.07				1.55					0.98
Total from investment operations		0.65			0.41			2.67				4.31				1.86					0.30				1.30			0.34			(0.02	)		2.28				3.25				1.76					1.16
Less Distributions:
Distributions from net investment income		(0.13	)		(0.38	)		(0.38	)			(0.27	)			(0.35	)				(0.20	)			(0.19	)		(0.10	)		(0.14	)		(0.14	)			(0.20	)			(0.19	)				(0.14	)
Distributions from capital gains		(0.90	)		(1.34	)		(0.64	)			–				(0.78	)				(0.43	)			–			(1.84	)		(2.69	)		–				–				–					–
Total distributions		(1.03	)		(1.72	)		(1.02	)			(0.27	)			(1.13	)				(0.63	)			(0.19	)		(1.94	)		(2.83	)		(0.14	)			(0.20	)			(0.19	)				(0.14	)
Net increase (decrease) in net asset value		(0.38	)		(1.31	)		1.65				4.04				0.73					(0.33	)			1.11			(1.60	)		(2.85	)		2.14				3.05				1.57					1.02
Net Asset Value at end of period	$	21.90		$	22.28		$	23.59			$	21.94			$	17.90				$	17.17			$	17.50		$	14.73		$	16.33		$	19.18			$	17.04			$	13.99				$	12.42
Total Return (%)4		3.02	5		1.76			12.42				24.18	5			10.86					1.73				8.02			2.10	5		(0.80	)		13.47				23.58				14.37					10.27
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	88,390		$	20,925		$	21,518			$	18,658			$	13,263				$	11,189			$	12,256		$	61,682		$	63,566		$	70,495			$	67,048			$	58,537				$	54,271
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.09	6		1.10			1.10				1.10	6			1.17					1.25				1.24			1.17	6		1.16			1.16				1.16				1.16					1.16
After reimbursement of expenses by Adviser (%)		0.94	6		0.95			0.95				0.95	6			1.09					1.25				–			1.17	6		1.16			1.16				1.16				1.16					1.16
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.50	6		1.75			1.66				1.66	6			1.95					–				–			0.93	6		0.47			0.69				1.12				1.51					1.44
Portfolio turnover (%)7		21	5		24			29				16	5			61					56				39			39	5		97			85				33				25					39

* The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.

¹ Prior to close of business on February 28, 2014, the Fund was known as the Equity Income Fund. ² Class was launched on July 31, 2012.

³ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income. ⁴ Total return without applicable sales charge.

⁵ Not annualized.
⁷ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
⁸ Amounts represent less than $0.005 per share.
⁹ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.

See accompanying Notes to Financial Statements.

53

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
		LARGE CAP VALUE FUND - continued
		CLASS B																		CLASS Y
	Six Months				Year Ended October 31,														Six Months				Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
	(unaudited)				2015			2014			2013			2012			2011		(unaudited)				2015			2014			2013						2012					2011
Net Asset Value at beginning of period	$	16.01		$	18.84		$	16.74		$	13.74		$	12.21		$	11.20		$	16.35		$	19.20		$	17.06		$	14.01						$	12.44			$	11.42
Income from Investment Operations:
Net investment income (loss)2		0.01			(0.05	)		0.04			0.12			0.16			0.12			0.11			0.14			0.19			0.19					0.22						0.23
Net realized and unrealized gain (loss) on investments		0.26		$	(0.09	)		2.07			2.98			1.47			0.94			0.25			(0.11	)		2.14			3.10								1.57			0.97
Total from investment operations		0.27			(0.14	)		2.11			3.10			1.63			1.06			0.36			0.03			2.33			3.29					1.79						1.20
Less Distributions:
Distributions from net investment income		(0.02	)		(0.00	)6		(0.01	)		(0.10	)		(0.10	)		(0.05	)		(0.14	)		(0.19	)		(0.19	)		(0.24			)				(0.22		)		(0.18	)
Distributions from capital gains		(1.84	)		(2.69	)		–			–			–			–			(1.84	)		(2.69	)		–					–					–				–
Total distributions		(1.86	)		(2.69	)		(0.01	)		(0.10	)		(0.10	)		(0.05	)		(1.98	)		(2.88	)		(0.19	)		(0.24			)				(0.22		)		(0.18	)
Net increase (decrease) in net asset value		(1.59	)		(2.83	)		2.10			3.00			1.53			1.01			(1.62	)		(2.85	)		2.14			3.05					1.57						1.02
Net Asset Value at end of period	$	14.42		$	16.01		$	18.84		$	16.74		$	13.74		$	12.21		$	14.73		$	16.35		$	19.20		$	17.06						$	14.01			$	12.44
Total Return (%)3		1.73	4		(1.49	)		12.61			22.69			13.41			9.52			2.24	4		(0.51	)		13.74			23.86					14.64						10.53
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	3,800		$	4,096		$	4,867		$	5,222		$	5,768		$	7,199		$	47,111		$	109,546		$	128,456		$	132,206						$	84,545			$	78,344
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.92	5		1.91			1.91			1.91			1.91			1.91			0.93	5		0.91			0.91			0.91					0.91						0.91
After reimbursement of expenses by Adviser (%)		1.92	5		1.91			1.91			1.91			1.91			1.91			0.93	5		0.91			0.91			0.91					0.91						0.91
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		0.18	5		(0.27	)		(0.06	)		0.40			0.79			0.70			1.31	5		0.73			0.92			1.33					1.76						1.69
Portfolio turnover (%)7		39	4		97			85			33			25			39			39	4		97			85			33							25				39
		INVESTORS FUND*
		CLASS A														CLASS Y
	Six Months				Year Ended						Inception					Six Months
	Ended 4/30/16				October 31,						to					Ended 4/30/16				Year Ended October 31,									Year Ended December 31,
	(unaudited)				2015			2014			10/31/131					(unaudited)				2015			2014			20138			2012					2011						2010
Net Asset Value at beginning of period	$	21.30		$	25.01		$	22.49		$	22.06					$	21.36		$	25.07		$	22.50		$	18.56		$	16.40				$	16.55					$	15.07
Income from Investment Operations:
Net investment income2		0.07			0.09			0.03			–						0.05			0.16			0.12			0.10			0.13					0.15						0.09
Net realized and unrealized gain (loss) on investments		0.60			1.06			3.18			0.43						0.65			1.05			3.15			3.94			2.17					(0.15	)					1.48
Total from investment operations		0.67			1.15			3.21			0.43						0.70			1.21			3.27			4.04			2.30					–						1.57
Less Distributions:
Distributions from net investment income		(0.12	)		(0.06	)		(0.01	)		–						(0.18	)		(0.12	)		(0.02	)		(0.10	)		(0.14	)				(0.15	)					(0.09	)
Distributions from capital gains		(2.79	)		(4.80	)		(0.68	)		–						(2.79	)		(4.80	)		(0.68	)		–			–					–						–
Total distributions		(2.91	)		(4.86	)		(0.69	)		–						(2.97	)		(4.92	)		(0.70	)		(0.10	)		(0.14	)				(0.15	)					(0.09	)
Net increase (decrease) in net asset value		(2.24	)		(3.71	)		2.52			0.43						(2.27	)		(3.71	)		2.57			3.94			2.16					(0.15	)					1.48
Net Asset Value at end of period	$	19.06		$	21.30		$	25.01		$	22.49					$	19.09		$	21.36		$	25.07		$	22.50		$	18.56				$	16.40					$	16.55
Total Return (%)3		3.69	4		4.78			14.55			1.95	4					3.81	4		5.07			14.84			21.78	4		14.05					–						10.44
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	68,239		$	2,189		$	1,340		$	280					$	179,457		$	109,506		$	166,819		$	196,164		$	35,176				$	36,339					$	42,882
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.21	5		1.31			1.28			1.20	5					1.03	5		1.06			1.02			1.04	5		1.05					0.99						0.99
After reimbursement of expenses by Adviser (%)		1.20	5		1.19			1.13			1.06	5					0.96	5		0.94			0.87			0.89	5		0.97					0.99						–
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		(0.11	)5		0.38			0.15			(0.22	)5					0.43	5		0.62			0.43			0.41	5		0.75					0.82						–
Portfolio turnover (%)7		20	4		33			52			34	4					20	4		33			52			34	4		47					36						41

* The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.
¹ Class was launched on September 20, 2013.
² Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
³ Total return without applicable sales charge.
⁴ Not annualized.
⁵ Annualized.
⁶ Amounts represent less than $0.005 per share.
⁷ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
⁸ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.

See accompanying Notes to Financial Statements.

54

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
					INVESTORS FUND* - continued												MID CAP FUND*
								CLASS R6												CLASS A
				Six Months				Year Ended October 31,						Inception		Six Months				Year Ended October 31,									Inception
				Ended 4/30/16										to		Ended 4/30/16													to
				(unaudited)				2015			2014			10/31/131		(unaudited)				2015			2014						10/31/137
Net Asset Value at beginning of period				$	21.47		$	25.14		$	22.51		$	22.06		$	8.59		$	9.78		$	9.48					$	8.41
Income from Investment Operations:
Net investment income2					0.07			0.15			0.17			–			(0.02	)		(0.06	)		(0.04	)		(0.03					)
Net realized and unrealized gain on investments					0.66			1.10			3.16			0.45			0.19			0.61			1.01							1.10
Total from investment operations					0.73			1.25			3.33			0.45			0.17			0.55			0.97			1.07
Less Distributions:
Distributions from net investment income					(0.22	)		(0.12	)		(0.02	)		–			–			–			–						–
Distributions from capital gains					(2.79	)		(4.80	)		(0.68	)		–			(0.50	)		(1.74	)		(0.67	)					–
Total distributions					(3.01	)		(4.92	)		(0.70	)		–			(0.50	)		(1.74	)		(0.67	)					–
Net increase (decrease) in net asset value					(2.28	)		(3.67	)		2.63			0.45			(0.33	)		(1.19	)		0.30			1.07
Net Asset Value at end of period				$	19.19		$	21.47		$	25.14		$	22.51		$	8.26		$	8.59		$	9.78					$	9.48
Total Return (%)3					3.94	4		5.25			15.10			2.04	4		2.13	4		5.80			10.65			12.72					4
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)				$	6,812		$	6,589		$	5,200		$	7,234		$	53,428		$	54,000		$	57,117					$	56,578
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)					0.77	5		0.73			0.69			0.65	5		1.41	5		1.40			1.40			1.40					5
After reimbursement of expenses by Adviser (%)					0.77	5		0.73			0.64			0.56	5		1.41	5		1.40			1.40			1.40					5
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)					0.68	5		0.83			0.65			0.23	5		(0.54	)5		(0.72	)		(0.42	)		(0.64					)5
Portfolio turnover (%)6					20	4		33			52			34	4		194			28			33						21		4
		MID CAP FUND*
		CLASS B												CLASS Y
	Six Months				Year Ended October31,						Inception		Six Months				Year Ended October 31,									Year Ended December 31,
	Ended 4/30/16										to		Ended 4/30/16
	(unaudited)				2015			2014			10/31/137		(unaudited)				2015			2014			20138			20129			20119				20109
Net Asset Value at beginning of period	$	7.38		$	8.69		$	8.55		$	7.62		$	8.85		$	10.00		$	9.66		$	8.31		$	7.45		$	7.40			$	6.11
Income from Investment Operations:
Net investment income (loss)2		(0.07	)		(0.13	)		(0.14	)		(0.06	)		–			(0.04	)		(0.02	)		(0.02	)		–			(0.01		)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.18			0.56			0.95			0.99			0.19			0.63			1.03			2.11			1.17			0.39				1.31
Total from investment operations		0.11			0.43			0.81			0.93			0.19			0.59			1.01			2.09			1.17			0.38				1.29
Less Distributions:
Distributions from capital gains		(0.50	)		(1.74	)		(0.67	)		–			(0.50	)		(1.74	)		(0.67	)		(0.74	)		(0.31	)		(0.33		)		–
Total distributions		(0.50	)		(1.74	)		(0.67	)		–			(0.50	)		(1.74	)		(0.67	)		(0.74	)		(0.31	)		(0.33		)		–
Net increase (decrease) in net asset value		(0.39	)		(1.31	)		0.14			0.93			(0.31	)		(1.15	)		0.34			1.35			0.86			0.05				1.29
Net Asset Value at end of period	$	6.99		$	7.38		$	8.69		$	8.55		$	8.54		$	8.85		$	10.00		$	9.66		$	8.31		$	7.45			$	7.40
Total Return (%)3		1.65	4		5.06			9.89			12.204			2.314			6.13			10.88			22.684			15.69			5.10				21.15
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	3,024		$	3,401		$	4,235		$	5,476		$	232,981		$	198,605		$	224,181		$	255,263		$	168,428		$	160,328			$	159,413
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		2.16	5		2.15			2.15			2.15	5		1.16	5		1.15			1.15			1.15	5		1.20			1.25				1.25
After reimbursement of expenses by Adviser (%)		2.165	5		2.15			2.15			2.15	5		1.16	5		1.15			1.15			1.15	5		1.20			1.25				1.25
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		(1.28	)5		(1.47	)		(1.19	)		(1.39	)5		(0.28	)5		(0.47	)		(0.17	)		(0.29	)5		0.00			(0.20		)		(0.26	)
Portfolio turnover (%)6		194			28			33			214			19	4		28			33			21	4		28			32				57

* The Financial Statements presented herein reflect the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.
¹ Class was launched on September 20, 2013.
² Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
³ Total return without applicable sales charge.
⁴ Not annualized.
⁵ Annualized.
⁷ For accounting purposes, the Mid-Cap Fund Class A & B are treated as having commenced investment operations at the close of business on April 19, 2013.
⁸ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.
⁹ The financial highlights prior to April 22, 2013 are those of the Madison Mosaic Mid Cap Fund, the accounting survivor of the reorganization of the Madison Mid Cap and Madison Mosaic Mid Cap Funds. The net asset

values and other per share information of the Madison Mosaic Mid Cap Fund have been restated by the conversion ratio of 1.5634 for Class Y shares and 1.5696 for Class R6 shares to reflect those of the legal survivor of the reorganization, the Madison Mid Cap Fund.

See accompanying Notes to Financial Statements.

55

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
		MID CAP FUND* - continued																SMALL CAP FUND
		CLASS R6																CLASS A
	Six Months				Year Ended October 31,									Year			Six Months				Year Ended October 31,
	Ended 4/30/16													Ended			Ended 4/30/16
	(unaudited)				2015			2014			20131			12/31/122,3			(unaudited)				2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	8.95		$	10.06		$	9.68		$	8.30			$	7.42		$	14.98		$	15.21		$	14.87		$	11.81		$	10.79		$	9.93
Income from Investment Operations:
Net investment income (loss)4		–			(0.05	)		0.02			0.01				0.08			0.02			0.02			0.06			0.02			0.06			0.04
Net realized and unrealized gain on investments		0.21			0.68			1.03			2.11				1.12			0.42			0.58			0.88			3.68			1.31			0.86
Total from investment operations		0.21			0.63			1.05			2.12		1.20					0.44			0.60			0.94			3.70			1.37			0.90
Redemption Fees		–			–			–			–				–			–			–			–			–			–			0.01
Less Distributions:
Distributions from net investment income		–			–			–			–		(0.01			)		(0.02	)		(0.04	)		–			(0.09	)		–			(0.05	)
Distributions from capital gains		(0.50	)		(1.74	)		(0.67	)		(0.74	)			(0.31	)		(0.53	)		(0.79	)		(0.60	)		(0.55	)		(0.35	)		–
Total distributions		(0.50	)		(1.74	)		(0.67	)		(0.74	)	(0.32			)		(0.55	)		(0.83	)		(0.60	)		(0.64	)		(0.35	)		(0.05	)
Net increase (decrease) in net asset value		(0.29	)		(1.11	)		0.38			1.38		0.88					(0.11	)		(0.23	)		0.34			3.06			1.02			0.86
Net Asset Value at end of period	$	8.66		$	8.95		$	10.06		$	9.68			$	8.30		$	14.87		$	$14.98		$	15.21		$	14.87		$	11.81		$	10.79
Total Return (%)5		2.51	6		6.55			11.29			23.05	6	7.34			6		3.01	6		3.90			6.45			32.85			13.08			9.12
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	9,310		$	9,874		$	5,118		$	6,270			$	4,856		$	3,446		$	$3,435		$	3,639		$	4,566		$	3,941		$	3,201
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.78	7		0.77			0.77			0.77	7	0.76			7		1.51	7		1.50			1.50			1.50			1.50			1.50
After reimbursement of expenses by Adviser (%)		0.78	7		0.77			0.77			0.77	7	0.76			7		1.51	7		1.50			1.50			1.50			1.50			1.50
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		0.10	7		(0.09	)		0.20			0.11	7	1.19			7		0.29	7		0.09			0.35			0.14			0.53			0.33
Portfolio turnover (%)8		19	6		28			33			21	6			28	6		10	6		19			29			22			15			15

		SMALL CAP FUND
		CLASS B																		CLASS Y
	Six Months							Year Ended October 31,											Six Months				Year Ended October 31,
	Ended 4/30/16																		Ended 4/30/16
	(unaudited)				2015			2014			2013			2012			2011		(unaudited)				2015			2014				2013				2012				2011
Net Asset Value at beginning of period	$	14.25		$	14.58		$	14.38		$	11.45		$	10.55		$	9.78		$	15.03		$	15.26		$	14.88			$	11.82			$	10.77			$	9.91
Income from Investment Operations:
Net investment income (loss)1		(0.05	)		(0.14	)		(0.05	)		(0.06	)		(0.02	)		(0.06	)		0.04			0.04			0.07		0.02				0.10						0.07
Net realized and unrealized gain on investments		0.41			0.60			0.85			3.56			1.27			0.86			0.41			0.60			0.91				3.71				1.30				0.85
Total from investment operations		0.36			0.46			0.80			3.50			1.25			0.80			0.45			0.64			0.98		3.73				1.40						0.92
Less Distributions:
Distributions from net investment income		–			–			–			(0.02	)		–			(0.03	)		(0.04	)		(0.08	)		(0.00	)9	(0.12			)				–			(0.06	)
Distributions from capital gains		(0.53	)		(0.79	)		(0.60	)		(0.55	)		(0.35	)		–			(0.53	)		(0.79	)		(0.60	)			(0.55	)			(0.35		)		–
Total distributions		(0.53	)		(0.79	)		(0.60	)		(0.57	)		(0.35	)		(0.03	)		(0.57	)		(0.87	)		(0.60	)	(0.67			)	(0.35				)		(0.06	)
Net increase (decrease) in net asset value		(0.17	)		(0.33	)		0.20			2.93			0.90			0.77			(0.12	)		(0.23	)		0.38		3.06				1.05						0.86
Net Asset Value at end of period	$	14.08		$	14.25		$	14.58		$	14.38		$	11.45		$	10.55		$	14.91		$	15.03		$	15.26			$	14.88			$	11.82			$	10.77
Total Return (%)3		2.62	6		3.10			5.66			31.92			12.21			8.20			3.12	6		4.16			6.72		33.17				13.39						9.29
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	405		$	437		$	522		$	497		$	318		$	266		$	94,256		$	83,728		$	60,279			$	45,217			$	13,808			$	17,039
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		2.26	7		2.25			2.25			2.25			2.25			2.25			1.26	7		1.25			1.25		1.25				1.25						1.25
After reimbursement of expenses by Adviser (%)		2.26	7		2.25			2.25			2.25			2.25			2.25			1.26	7		1.25			1.25		1.25				1.25						1.25
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		(0.46	)7		(0.66	)		(0.40	)		(0.62	)		(0.22	)		(0.42	)		0.54	7		0.32			0.59		0.28				0.77						0.69
Portfolio turnover (%)6		106			19			29			22			15			15			106			19			29		22				15						15

*The Financial Statements presented herein include the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.
¹ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.
² The financial highlights prior to April 22, 2013 are those of the Madison Mosaic Mid Cap Fund, the accounting survivor of the reorganization of the Madison Mid Cap and Madison Mosaic Mid Cap Funds. The net asset values and other per share information of the Madison Mosaic Mid Cap Fund have been restated by the conversion ratio of 1.5634 for Class Y shares and 1.5696 for Class R6 shares to reflect those of the legal survivor of the reorganization, the Madison Mid Cap Fund.
³ Class was launched on February 29, 2012.
⁴ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
⁵ Total return without applicable sales charge.
⁶ Not annualized.
⁷ Annualized.
⁸ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
⁹ Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

56

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	NORTHROAD INTERNATIONAL FUND*
	CLASS Y																								CLASS R6
	Six Months			Year Ended October 31,									Year Ended December 31,												Six Months			Year Ended October 31,									Inception
	Ended 4/30/16																								Ended 4/30/16												to
	(unaudited)			2015			2014			20131			2012			2011			20102						(unaudited)				2015			2014			20131		12/31/129
Net Asset Value at beginning of period	$	10.57		$	11.54		$	12.25		$	10.39		$	9.28		$	13.30		$	11.92					$	10.67		$	11.60		$	12.28		$	10.39		$	9.28
Income from Investment Operations:
Net investment income3		0.08			0.19			0.19			0.19			0.19			0.04			0.00	4					0.09			0.21			0.24			0.22			0.19
Net realized and unrealized gain (loss) on investments		(0.59	)		(0.49	)		(0.41	)		1.67			1.09			(1.03	)		2.20						(0.60	)		(0.47	)		(0.43	)		1.67			1.11
Total from investment operations		(0.51	)		(0.30	)		(0.22	)		1.86			1.28			(0.99	)		2.20						(0.51	)		(0.26	)		(0.19	)		1.89			1.30
Less Distributions:
Distributions from net investment income		(0.17	)		(0.22	)		(0.20	)		–			(0.17	)		(0.04	)		(0.00	)4					(0.20	)		(0.22	)		(0.20	)		–			(0.19	)
Distributions from capital gains		(0.09	)		(0.45	)		(0.29	)		–			–			(2.99	)		(0.82	)					(0.09	)		(0.45	)		(0.29	)		–			–
Total distributions		(0.26	)		(0.67	)		(0.49	)		–			(0.17	)		(3.03	)		(0.82	)					(0.29	)		(0.67	)		(0.49	)		–			(0.19	)
Net increase (decrease) in net asset value	$	0.77	)		(0.97	)		(0.71	)		1.86			1.11			(4.02	)		1.38						(0.80	)		(0.93	)		(0.68	)		1.89			1.11
Net Asset Value at end of period		9.80		$	10.57		$	11.54		$	12.25		$	10.39		$	9.28		$	13.30					$	9.87		$	10.67		$	11.60		$	12.28		$	10.39
Total Return (%)5		(4.87	)6		(2.63	)		(1.91	)		17.90	6		13.76			(6.43	)		18.42						(4.79	)6		(2.25	)		(1.66	)		18.19	6		6.70	6
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	27,612		$	36,216		$	36,751		$	32,616		$	28,856		$	1,621		$	1,763					$	8,462		$	9,213		$	8,674		$	12		$	11
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.17	7		1.15			1.15			1.15	7		1.15			1.20			1.25						0.84	7		0.82			0.83			0.83	7		0.83	7
After reimbursement of expenses by Adviser (%)		1.17	7		1.15			1.15			1.15	7		1.15			1.20			1.25						0.84	7		0.826			0.83			0.83	7		0.83	7
Ratio of net investment income (loss) to average net assets
After reimbursement of expenses by Adviser (%)		1.42	7		1.73			1.68			2.01	7		1.94			0.43			0.02						1.87	7		2.08			2.67			2.33	7		2.33	7
Portfolio turnover (%)8		13	6		29			30			15	6		12			129			61						13	6		29			30			15	6		12	6
		INTERNATIONAL STOCK FUND
	CLASS A																					CLASS B
	Six Months			Year Ended October 31,																		Six Months			Year Ended October 31,
	Ended 4/30/16																					Ended 4/30/16
	(unaudited)				2015			2014			2013			2012			2011					(unaudited)				2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	12.99		$	13.20		$	13.16		$	10.81		$	10.12		$	10.58					$	12.68		$	12.89		$	12.87		$	10.58		$	9.92		$	10.39
Income from Investment Operations:
Net investment income3		0.07			0.12			0.16			0.13			0.14			0.16						0.02			0.03			0.10			0.07			0.09			0.08
Net realized and unrealized gain (loss) on investments		(0.37	)		(0.02	)		(0.02	)		2.35			0.76			(0.47	)					(0.36	)		(0.03	)		(0.06	)		2.28			0.72			(0.47	)
Total from investment operations		(0.30	)		0.10			0.14			2.48			0.90			(0.31	)					(0.34	)		–			0.04			2.35			0.81			(0.39	)
Less Distributions:
Distributions from net investment income		(0.11	)		(0.31	)		(0.10	)		(0.13	)		(0.21	)		(0.15	)					(0.03	)		(0.21	)		(0.02	)		(0.06	)		(0.15	)		(0.08	)
Total distributions		(0.11	)		(0.31	)		(0.10	)		(0.13	)		(0.21	)		(0.15	)					(0.03	)		(0.21	)		(0.02	)		(0.06	)		(0.15	)		(0.08	)
Net increase (decrease) in net asset value		(0.41	)		(0.21	)		0.04			2.35			0.69			(0.46	)					(0.37	)		(0.21	)		0.02			2.29			0.66			(0.47	)
Net Asset Value at end of period	$	12.58		$	12.99		$	13.20		$	13.16		$	10.81		$	10.12					$	12.31		$	12.68		$	12.89		$	12.87		$	10.58		$	9.92
Total Return (%)5		(2.33	)6		0.83			1.09			23.11			9.23			(3.00	)					(2.69	)6		0.06			0.31			22.26			8.39			(3.77	)
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	20,291		$	21,072		$	23,012		$	24,571		$	21,002		$	20,763					$	1,432		$	1,692		$	2,061		$	2,946		$	3,206		$	3,872
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.61	7		1.60			1.60			1.60			1.60			1.60						2.36	7		2.35			2.35			2.35			2.35			2.35
After reimbursement of expenses by Adviser (%)		1.61	7		1.60			1.60			1.60			1.60			1.60						2.36	7		2.35			2.35			2.35			2.35			2.35
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.16	7		0.88			1.13			1.02			1.35			1.45						0.31	7		0.10			0.29			0.28			0.59			0.72
Portfolio turnover (%)8		11	6		45			44			53			41			44						11	6		45			44			53			41			44

*The Financial Statements presented herein include the historical operating results of the Madison Mosaic Funds through April 19, 2013. Effective after market close on this date, the Madison Mosaic Funds reorganized into the Madison Funds.
¹ Effective at the close of business on April 19, 2013, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.
² Prior to June 30, 2011, the NorthRoad International Fund was known as the Small/Mid-Cap Fund. Inception of the fund was December 31, 2008.
³ Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
⁴ Amounts represent less than $0.005 per share.
⁵ Total return without applicable sales charge.
⁶ Not annualized.
⁷ Annualized.
⁸ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.
⁹ Class was launched on February 29, 2012.

See accompanying Notes to Financial Statements.

57

Madison Funds | April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	INTERNATIONAL STOCK FUND - continued
	CLASS Y
	Six Months			Year Ended October 31,
	Ended 4/30/16
	(unaudited)			2015			2014			2013			2012			2011
Net Asset Value at beginning of period	$	13.00		$	13.22		$	13.18		$	10.82		$	10.13		$	10.59
Income from Investment Operations:
Net investment income (loss)2		0.06			(0.05	)		0.73			0.13			0.18			0.21
Net realized and unrealized gain (loss) on investments		(0.33	)		0.17			(0.56	)		2.38			0.75			(0.49	)
Total from investment operations		(0.27	)		0.12			0.17			2.51			0.93			(0.28	)
Less Distributions:
Distributions from net investment income		(0.14	)		(0.34	)		(0.13	)		(0.15	)		(0.24	)		(0.18	)
Total distributions		(0.14	)		(0.34	)		(0.13	)		(0.15	)		(0.24	)		(0.18	)
Net increase (decrease) in net asset value		(0.41	)		(0.22	)		0.04			2.36			0.69			(0.46	)
Net Asset Value at end of period	$	12.59		$	13.00		$	13.22		$	13.18		$	10.82		$	10.13
Total Return (%)4		(2.20	)5		1.09			1.29			23.44			9.61			(2.85	)
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	16,759		$	15,566		$	7,938		$	34,634		$	23,294		$	44,358
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.36	6		1.35			1.35			1.35			1.35			1.35
After reimbursement of expenses by Adviser (%)		1.36	6		1.35			1.35			1.35			1.35			1.35
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.36	6		1.27			1.65			1.26			1.36			1.70
Portfolio turnover (%)9		11	5		45			44			53			41			44

	HANSBERGER INTERNATIONAL GROWTH FUND*
	CLASS I																					CLASS Y
				Year Ended																					Year Ended
	Six Months			October 31,						Year Ended December 31,												Six Months			October 31,						Year Ended December 31,
	Ended 4/30/16																					Ended 4/30/16
	(unaudited)			2015			20141			2013			2012			2011			2010			(unaudited)			2015			20141			2013			2012			2011			2010
Net Asset Value at beginning of period	$	16.11		$	16.70		$	17.88		$	15.42		$	13.11		$	16.16		$	15.02		$	16.09		$	16.68		$	17.89		$	15.42		$	13.11		$	16.16		$	15.01
Income from Investment Operations:
Net investment income2		0.01			0.73			0.26			0.173			0.213			0.213			0.153			(0.05	)		0.05			0.14			0.133			0.173			0.193			0.123
Net realized and unrealized gain (loss) on
investments		(0.92	)		(0.54	)		(1.44	)		2.52			2.33			(3.06	)		1.14			(0.87	)		0.12			(1.35	)		2.53			2.32			(3.07	)		1.15
Total from investment operations		(0.91	)		0.19			(1.18	)		2.69			2.54			(2.85	)		1.29			(0.92	)		0.17			(1.21	)		2.66			2.49			(2.88	)		1.27
Less Distributions:
Distributions from net investment income		(0.17	)		(0.78	)		–			(0.23	)		(0.23	)		(0.20	)		(0.15	)		(0.15	)		(0.76	)		–			(0.19	)		(0.18	)		(0.17	)		(0.12	)
Distributions from capital gains		(0.13	)		–			–			–			–			–			–			(0.13	)		–			–			–			–			–			–
Total distributions		(0.30	)		(0.78	)		–			(0.23	)		(0.23	)		(0.20	)		(0.15	)		(0.28	)		(0.76	)		–			(0.19	)		(0.18	)		(0.17	)		(0.12	)
Net increase (decrease) in net asset value		(1.21	)		(0.59	)		(1.18	)		2.46			2.31			(3.05	)		1.14			(1.20	)		(0.59	)		(1.21	)		2.47			2.31			(3.05	)		1.15
Net Asset Value at end of period	$	14.90		$	16.11		$	16.70		$	17.88		$	15.42		$	13.11		$	16.16		$	14.89		$	16.09		$	16.68		$	17.89		$	15.42		$	13.11		$	16.16
Total Return (%)4		(5.80	)5		1.41			(6.60	)5		17.46			19.37			(17.61	)		8.63			(5.86	)5		1.27			(6.76	)5		17.26			19.01			(17.82	)		8.44
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	21,951		$	30,895		$	153,839		$	262,627		$	518,186		$	548,110		$	608,571		$	2,197		$	2,510		$	2,942		$	3,928		$	4,410		$	5,907		$	9,398
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.01	6		1.01			0.95	6		0.94			0.89			0.86			0.87			1.16	6		1.16			1.85	6		1.67			1.45			1.05			1.10
After reimbursement of expenses by Adviser (%)		1.01	6		1.01			0.95	6		0.94	7		0.89	8		0.86			0.87			1.16	6		1.16			1.16	6		1.17	9		1.15	10		1.05			1.10
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		0.62	6		0.85			1.40	6		1.05			1.44			1.39			1.05			(0.06	)6		0.80			1.22	6		0.78			1.15			1.22			0.83
Portfolio turnover (%)11		34	5		61			34	5		48			47			62			52			16	5		61			34	5		48			47			62			52

*	The Financial Statements presented herein reflect the historical operating results of the Hansberger International Series International Growth Fund through July 30, 2014.
1	Effective at the close of business on July 31, 2014, the fiscal year end of the fund changed to October 31. Disclosure represents 10 months of information.
2	Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
3	Per share net investment income has been calculated using the average shares outstanding during the period.
4	Total return without applicable sales charge.
5	Not annualized.
6	Annualized.
7	Includes interest expense of 0.02%.Without this expense the ratio of net expenses would have been 0.92%.
8	Includes interest expense of 0.01%.Without this expense the ratio of net expenses would have been 0.88%.
9	Includes interest expense of 0.02%.Without this expense the ratio of net expenses would have been 1.15%.
10	Includes interest expense of less than 0.01%.
11	Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

58

Madison Funds  |  April 30, 2016
Financial Highlights for a Share of Beneficial Interest Outstanding
	TARGET RETIREMENT											TARGET RETIREMENT
	2020 FUND											2030 FUND
	CLASS R6											CLASS R6
	Six Months Ended 4/30/16 (unaudited)			Year Ended 10/31/15			Inception to 10/31/141				Six Months Ended 4/30/16 (unaudited)			Year Ended 10/31/15			Inception to 10/31/141
Net Asset Value at beginning of period	$	10.07		$	10.00		$	10.00			$	9.97		$	9.99		$	10.00
Income from Investment Operations:
Net investment income2		0.07			0.16			0.03				0.08			0.15			0.03
Net realized and unrealized gain (loss) on investments		0.06			0.10			(0.03	)			(0.01	)		0.12			(0.04	)
Total from investment operations		0.13			0.26			–				0.07			0.27			(0.01	)
Less Distributions:
Distributions from net investment income		(0.17	)		(0.09	)		–				(0.17	)		(0.09	)		–
Distributions from capital gains		(0.33	)		(0.10	)		–				(0.35	)		(0.20	)		–
Total distributions		(0.50	)		(0.19	)		–				(0.52	)		(0.29	)		–
Net increase (decrease) in net asset value		(0.37	)		0.07			–				(0.45	)		(0.02	)		(0.01	)
Net Asset Value at end of period	$	9.70		$	10.07		$	10.00			$	9.52		$	9.97		$	9.99
Total Return (%)3		1.47	4		2.61			–4				0.794			2.76			(0.10	)4
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	51,487		$	53,619		$	61,964			$	76,155		$	79,007		$	82,852
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.31	5		0.30			0.32	5			0.31	5		0.30			0.32	5
After reimbursement of expenses by Adviser (%)		0.31	5		0.30			0.32	5			0.31	5		0.30			0.32	5
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.38	5		1.46			1.82	5			1.43	5		1.49			1.87	5
Portfolio turnover (%)6		93	4		207			48	4			72	4		156			44	4
	TARGET RETIREMENT										TARGET RETIREMENT
	2040 FUND										2050 FUND
	CLASS R6										CLASS R6
	Six Months Ended 4/30/16 (unaudited)			Year Ended 10/31/15			Inception to 10/31/141			Six Months Ended 4/30/16 (unaudited)				Year Ended 10/31/15			Inception to 10/31/141
Net Asset Value at beginning of period	$	9.90		$	9.98		$	10.00			$	9.95		$	9.98		$	10.00
Income from Investment Operations:
Net investment income2		0.07			0.15			0.03				0.07			0.15			0.03
Net realized and unrealized gain (loss) on investments		(0.03	)		0.13			(0.05	)			(0.05	)		0.13			(0.05	)
Total from investment operations		0.04			0.28			(0.02	)			0.02			0.28			(0.02	)
Less Distributions:
Distributions from net investment income		(0.17	)		(0.10	)		–				(0.16	)		(0.10	)		–
Distributions from capital gains		(0.44	)		(0.26	)		–				(0.30	)		(0.21	)		–
Total distributions		(0.61	)		(0.36	)		–				(0.46	)		(0.31	)		–
Net increase (decrease) in net asset value		(0.57	)		(0.08	)		(0.02	)			(0.44	)		(0.03	)		(0.02	)
Net Asset Value at end of period	$	9.33		$	9.90		$	9.98			$	9.51		$	9.95		$	9.98
Total Return (%)3		0.51	4		2.86			(0.20	)4			0.29	4		2.87			(0.20	)4
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	49,622		$	50,029		$	58,903			$	21,878		$	20,482		$	21,266
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.31	5		0.30			0.32	5			0.31	5		0.30			0.32	5
After reimbursement of expenses by Adviser (%)		0.31	5		0.30			0.32	5			0.31	5		0.30			0.32	5
Ratio of net investment income to average net assets
After reimbursement of expenses by Adviser (%)		1.49	5		1.50			1.84	5			1.59	5		1.51			1.72	5
Portfolio turnover (%)6		71	4		160			46	4			78	4		204			52	4

¹ Commenced investment operations August 29, 2014. See Note 1.

² Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.

³ Total return without applicable sales charge.

⁴ Not annualized.

5	Annualized.
6	Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

59

Madison Funds | April 30, 2016

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Madison Funds, a Delaware business trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end, management investment company. As of the date of this report, the Trust offers twenty-four funds (individually, a “Fund,” collectively, the “Funds”).

During the reporting period, based on approval given by the Board of Trustees at a meeting held on December 18, 2015, the Madison Large Cap Growth Fund reorganized with and into the Madison Investors Fund. The two Fund’s fundamental investment policies and investment objectives were the same. Prior to reorganization, the Large Cap Growth Fund’s Class B shares were converted to Class A shares. The Large Cap Growth Fund’s Class A and Y shares were then exchanged for Class A and Y shares of the Investors Fund effective after market close February 26, 2016.

Effective February 29, 2016 the Madison Cash Reserves Fund changed to a government money market fund and adopted a principal investment strategy to normally invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized by cash, and/or government securities. Additionally, the Fund changed its name to the Madison Government Money Market Fund.

The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest of the Trust without par value. The Trust has entered into an Investment Advisory Agreement with Madison Asset Management, LLC (the “Investment Adviser” or “Madison”). The Investment Adviser, in turn, has entered into subadvisory agreements with certain subadvisers (“Subadvisers”) for the management of the investments of the Small Cap Fund, NorthRoad International Fund, International Stock Fund and Hansberger International Growth Fund.

The accompanying financial statements include the Government Money Market (formerly known as Cash Reserves), Tax-Free Virginia, Tax-Free National, High Quality Bond, Core Bond, Corporate Bond, High Income, Diversified Income, Covered Call & Equity Income, Dividend Income, Large Cap Value, Investors, Mid Cap, Small Cap, NorthRoad International, International Stock and Hansberger International Growth Funds (collectively, the “Core Funds”), the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds (collectively, the “Allocation Funds”) and the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund. The Tax-Free Virginia Fund invests solely in securities exempt from both federal and Virginia state income taxes, while the Tax-Free National Fund invests in securities exempt from federal taxes ( together, the “Tax-Free Funds”).

The Government Money Market Fund offers two classes of shares: Class A and B. The High Income, Large Cap Value, Small Cap, and International Stock Funds offer three classes of shares: Class A, B and Y. The Diversified Income Fund and Allocation Funds offer three classes of shares: Class A, B and C. The Investors Fund offers three classes of shares: Class A, Y and R6. The Core Bond Fund and Mid Cap Fund offer four classes of shares: Class A, B, Y and R6. The Covered Call & Equity Income Fund offers four classes of shares: Class A, C, Y and R6. The NorthRoad International Fund offer two classes of shares: Class Y and R6. The Tax-Free Virginia, Tax-Free National, High Quality Bond, Corporate Bond and Dividend Income offer one class of shares: Class Y. The Hansberger International Growth Fund offers two classes of shares: Class I and Y. The Target Date Funds offer one class of shares, Class R6 shares. Each class of shares represents an interest in the assets of the respective Fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fees and servicing fees, if any, and its proportional share of Fund level expenses, is subject to its own sales charges, if any, and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that class and other class-specific matters.

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.

Portfolio Valuation: Equity securities, including American Depository Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the Funds utilize the NASDAQ Official Closing Price (“NOCP”)). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. Liquidity in the tax-exempt market is influenced by economic conditions, issuer financial strength, bond structure, trade size, supply and demand, tax code and regulatory environment. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time), on each day on which the NYSE is open for business. NAV per share is determined by dividing each Fund’s total net assets by the number of shares of such Fund outstanding at the time of calculation. Because the assets of each Target Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each Fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates market value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such

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Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser’s opinion, do not reflect the current market value, are appraised at their fair values as determined in good faith by the Pricing Committee (the “Committee”) and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation and Target Date Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these Funds. However, an Underlying Fund may need to “fair value” one or more of its investments, which may, in turn, require an Allocation or Target Date Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.

A Fund’s investments (or Underlying Fund) will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.

Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.

Expenses: Expenses that are directly related to one Fund are charged directly to that Fund. Other operating expenses are prorated to the Funds on the basis of relative net assets. Class-specific expenses are borne by that class.

Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.

Repurchase Agreements: Each Fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The Funds will enter into repurchase agreements only with members of the Federal Reserve System and with “primary dealers” in U.S. Government securities. As of April 30, 2016, none of the Funds held open repurchase agreements.

The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Funds’ custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a Fund could experience one of the following: delays in liquidating the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.

Foreign Currency Transactions: The Trust’s books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the Funds at the spot rate at settlement.

Each Fund, except the Government Money Market and the Tax-Free Funds, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading “Net realized gain (loss) on investments.” The Small Cap, NorthRoad International and Hansberger International Growth Funds had net realized losses of $1,135, $20,020 and $12,047, related to foreign currency transactions, respectively. The International Stock Fund had net realized gains of $4,279.

The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.

Forward Foreign Currency Exchange Contracts: Each Fund, except the Government Money Market Fund and the Tax-Free Funds, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The Funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. As of April 30, 2016, none of the Funds had open forward foreign currency exchange contracts.

If a Fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the Fund will be required to place cash or other liquid assets in a segregated account with the Fund’s custodian in an amount equal to the value of the Fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the Fund’s commitment with respect to the contract.

Cash Concentration: At times, the Funds maintain cash balances at financial institutions in excess of federally insured limits. The Funds monitor this credit risk and have not experienced any losses related to this risk.

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Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

Illiquid Securities: Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for Government Money Market Fund which is governed by the Rule 2(a)-7 liquidity guidelines. An illiquid security is generally defined as any investment that may be difficult to sell within seven days for the price at which the Fund values it. At April 30, 2016, investments in securities of the High Income Fund included issues that are illiquid. As of that date, the aggregate values of illiquid securities held by the High Income Fund were $236,250, which represent 1.01% of net assets. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above. Information concerning the illiquid securities held at April 30, 2016, which includes cost and acquisition date, is as follows:

Security	Acquisition Date		Acquisition Cost
High Income Fund
Brand Energy & Infrastructure Services Inc.		11/22/13	$	250,000
			$	250,000

Delayed Delivery Securities: Each Fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or other liquid securities, of any type or maturity, equal in value to the Fund’s commitment. Losses may arise due to changes in the market value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of April 30, 2016, none of the Funds had entered into such transactions.

Indemnifications: Under the Funds’ organizational documents, the Funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds enter into contracts that contain a variety of representations and provide general indemnifications. The Funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.

Fair Value Measurements: Each Fund has adopted Financial Accounting Standards Board (the “FASB”) guidance on fair value measurements. Fair value is defined as the price that each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 – unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value for the period ended April 30, 2016, maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; the Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of April 30, 2016, none of the Funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of April 30, 2016, in valuing the Funds’ investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each category):

	Quoted Prices In		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs		Value at
Fund1	(Level 1)		(Level 2)		(Level 3)		4/30/16
Conservative Allocation	$	72,766,686	$	–	$	–	$	72,766,686
Moderate Allocation		142,673,753		–		–		142,673,753
Aggressive Allocation		61,316,243		–		–		61,316,243
Government Money Market2		824,518		17,055,740		–		17,880,258
Tax-Free Virginia
Municipal Bonds		–		22,241,267		–		22,241,267
Tax-Free National
Municipal Bonds		–		27,169,634		–		27,169,634
High Quality Bond
Corporate Notes and Bonds		–		41,266,152		–		41,266,152
U.S. Government and Agency
Obligations		–		64,914,971		–		64,914,971
Short-Term Investments		2,327,071		–		–		2,327,071
		2,327,071		106,181,123		–		108,508,194
Core Bond
Assets
Asset Backed Securities		–		7,382,113		–		7,382,113
Collateralized Mortgage
Obligations		–		5,695,327		–		5,695,327
Commercial Mortgage-Backed
Securities		–		5,089,812		–		5,089,812
Corporate Notes and Bonds		–		69,308,932		–		69,308,932
Long Term Municipal Bonds		–		23,772,241		–		23,772,241
Mortgage Backed Securities		–		50,569,526		–		50,569,526
Put Options Purchased		33,281		–		–		33,281
U.S. Government and Agency
Obligations		–		52,422,268		–		52,422,268
Short-Term Investments		6,313,136		–		–		6,313,136
		6,346,417		214,240,219		–		220,586,636
Liabilities:
Options Written		26,719		–		–		26,719
Corporate Bond
Corporate Notes and Bonds		–		21,743,342		–		21,743,342
Long Term Municipal Bonds		–		1,118,396		–		1,118,396
Short-Term Investments		394,906		–		–		394,906
		394,906		22,861,738		–		23,256,644

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Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

	Quoted Prices In		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Investments		Inputs		Inputs			Value at
Fund1	(Level 1)		(Level 2)		(Level 3)		4/30/16
High Income
Corporate Notes and Bonds	$	–	$	21,481,407	$	–	$	21,481,407
Short-Term Investments		1,861,625		–		–		1,861,625
		1,861,625		21,481,407		–		23,343,032
Diversified Income
Common Stocks		80,589,940		–		–		80,589,940
Asset Backed Securities		–		1,867,620		–		1,867,620
Collateralized Mortgage
Obligations		–		1,489,780		–		1,489,780
Commercial Mortgage-Backed
Securities		–		1,585,398		–		1,585,398
Corporate Notes and Bonds		–		22,003,335		–		22,003,335
Long Term Municipal Bonds		–		5,866,049		–		5,866,049
Mortgage Backed Securities		–		13,128,690		–		13,128,690
U.S. Government and Agency
Obligations		–		15,238,855		–		15,238,855
Short-Term Investments		6,585,446		–		–		6,585,446
		87,175,386		61,179,727		–		148,355,113
Covered Call & Equity Income
Assets:
Common Stocks		65,692,954		–		–		65,692,954
Exchange Traded Funds		4,067,690		–		–		4,067,690
U.S. Government and Agency
Obligations		–		4,998,891		–		4,998,891
Short-Term Investments		19,988,128		–		–		19,988,128
		89,748,772		4,998,891		–		94,747,663
Liabilities:
Options Written		2,393,402		–		–		2,393,402
Dividend Income
Common Stocks		83,916,128		–		–		83,916,128
Short-Term Investments		4,258,271		–		–		4,258,271
		88,174,399		–		–		88,174,399
Large Cap Value
Common Stocks		104,368,596		–		–		104,368,596
Short-Term Investments		9,843,034		–		–		9,843,034
		114,211,630		–		–		114,211,630
Investors
Common Stocks		237,448,540		–		–		237,448,540
Short-Term Investments		16,629,716		–		–		16,629,716
		254,078,256		–		–		254,078,256
Mid Cap
Common Stocks	$	265,450,659		–		–		265,450,659
Short-Term Investments		25,651,700		–		–		25,651,700
		291,102,359		–		–		291,102,359
Small Cap
Common Stocks	$	89,485,506	$	4,385,862	$	–	$	93,871,368
Short-Term Investments		4,251,424		–		–		4,251,424
		93,736,930		4,385,862		–		98,122,792
NorthRoad International
Common Stocks
Australia		636,045		–		–		636,045
Brazil		–		733,850		–		733,850
Denmark		–		1,407,806		–		1,407,806
France		2,864,074		2,584,061		–		5,448,135
Germany		1,118,684		–		–		1,118,684
Ireland		1,482,457		–		–		1,482,457
Israel		643,817		–		–		643,817
Japan		1,810,234		1,512,697		–		3,322,931
Netherlands		2,555,425		772,314		–		3,327,739
Singapore		–		587,181		–		587,181
South Korea		–		886,164		–		886,164
Sweden		789,851		–		–		789,851
Switzerland		5,272,834		–		–		5,272,834
United Kingdom		5,145,635		4,034,428		–		9,180,063
Short-Term Investments		1,086,252		–		–		1,086,252
		23,405,308		12,518,501		–		35,923,809

International Stock
Common Stocks
Australia	$	–	$	620,799	$	–	$	620,799
Austria		–		135,858		–		135,858
Belgium		–		1,557,989		–		1,557,989
Brazil		–		510,286		–		510,286
Canada		–		879,266		–		879,266
Denmark		–		459,871		–		459,871
Finland		–		668,577		–		668,577
France		–		3,065,960		–		3,065,960
Germany		–		949,329		–		949,329
Ireland		361,685		1,435,999		–		1,797,684
Israel		841,525		–		–		841,525
Italy		–		641,863		–		641,863
Japan		–		7,479,563		–		7,479,563
Luxembourg		–		278,699		–		278,699
Netherlands		–		1,097,909		–		1,097,909
Norway		–		569,248		–		569,248
Philippines		–		259,956		–		259,956
Spain		–		412,650		–		412,650
Sweden		–		1,341,499		–		1,341,499
Switzerland				2,513,203		–		2,513,203
Taiwan		679,392				–		679,392
Thailand		–		222,916		–		222,916
Turkey		–		509,904		–		509,904
United Kingdom		700,099		8,103,053		–		8,803,152
United States		504,478		–		–		504,478
Short-Term Investments		1,479,045		–		–		1,479,045
		4,566,224		33,714,397		–		38,280,621
Hansberger International Growth
Common Stocks
Canada		1,592,786		–		–		1,592,786
China		699,385		1,992,258		–		2,691,643
Denmark		–		267,944		–		267,944
France		–		2,274,210		–		2,274,210
Germany		–		1,973,776		–		1,973,776
Hong Kong		–		596,574		–		596,574
India		1,064,678		–		–		1,064,678
Indonesia		–		239,274		–		239,274
Ireland		–		641,066		–		641,066
Japan		–		3,600,556		–		3,600,556
Mexico		–		870,224		–		870,224
Netherlands		1,188,246		–		–		1,188,246
Norway		–		335,421		–		335,421
Singapore		–		340,856		–		340,856
SouthKorea		–		683,752		–		683,752
Spain		–		304,895		–		304,895
Sweden		–		328,835		–		328,835
Switzerland	$	–	$	1,879,312	$	–	$	1,879,312
United Kingdom		–		3,000,204		–		3,000,204
Short-Term Investments		172,892		–		–		172,892
		4,717,987		19,329,157		–		24,047,144
Madison Target Retirement 2020		51,045,202		–		–		51,045,202
Madison Target Retirement 2030		75,435,760		–		–		75,435,760
Madison Target Retirement 2040		49,222,056		–		–		49,222,056
Madison Target Retirement 2050		21,714,546		–		–		21,714,546

¹ See respective portfolio of investments for underlying holdings in each Fund. For additional information on the underlying funds held in the Allocation and Target Date Funds, including shareholder prospectuses and financial reports, please visit each underlying fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov

² At April 30, 2016, all Level 2 securities held are U.S. Government and Agency Obligations. See respective Portfolio of Investments.

Derivatives: The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and hedging activities and enable investors to understand: a) how and why a Fund uses derivative investments, b) how derivative instruments and related hedge fund items are accounted for, and c) how derivative instruments and related hedge items affect a Fund’s financial position, results of operations and cash flows.

63

Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

The following table presents the types of derivatives in the Fund by location as presented on the Statement of Assets and Liabilities as of April 30, 2016.

	Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
Derivatives not accounted	Statement of Assets and				Statement of Assets and
for as hedging instruments	Liabilities Location		Fair Value		Liabilities Location		Fair Value
Core Bond - Equity contracts		Options purchased		$ 33,281		Options written		$      26,719
Covered Call & Equity
Income - Equity contracts		Options purchased				Options written		2,393,402

The following table presents the effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2016:

	Realized Loss		Change in Unrealized
Derivatives not accounted for as hedging Instruments	on Derivatives:		Depreciation on Derivatives
Core Bond - Equity contracts		$      (18,718)		$      16,533
Covered Call & Equity Income - Equity contracts		2,444,910		759,117

Management has determined that there is no impact on the financial statements of the other Funds held in the Trust as they currently do not hold derivative financial instruments.

3. ADVISORY, SERVICES AND DISTRIBUTION AGREEMENTS

Advisory Agreement. For its investment advisory services to the Funds, the Investment Adviser is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows as of April 30, 2016:

Fund	Advisory Fee	Fund	Advisory Fee
Conservative Allocation	0.20%	Dividend Income	0.75%
Moderate Allocation	0.20%	Large Cap Value	0.55%
Aggressive Allocation	0.20%	Investors	0.75%
Government Money Market	0.40%	Mid Cap	0.75%
Tax-Free Virginia	0.50%	Small Cap	1.00%
Tax-Free National	0.40%	NorthRoad International	0.80%
High Quality Bond	0.30%	International Stock	1.05%
Core Bond	0.50%	Hansberger International Growth	0.75%
Corporate Bond	0.40%	Target Retirement 2020	0.25%
High Income	0.55%	Target Retirement 2030	0.25%
Diversified Income	0.65%	Target Retirement 2040	0.25%
Covered Call & Equity Income	0.85%	Target Retirement 2050	0.25%

Effective February 29, 2016, the Tax-Free National Fund’s Advisory fee was reduced permanently from 0.50% to 0.40%.

A special meeting of shareholders of the Madison Investors Fund was held on February 23, 2016 to approve an amended Advisory agreement. Specifically, the proposal was to remove a current breakpoint which provided for a management fee of 0.75% on the first $100 million of net assets and 0.60% on net assets in excess of $100 million, and to replace it with a management fee of 0.75% with a reduction of 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. The final proxy vote was 3,911841 shares voted for the proposal, 35,347 shares voted against with 12,773 shares abstaining from voting. The change was effective February 29, 2016.

The Government Money Market, Core Bond, High Income, Diversified Income, Large Cap Value, Investors, Mid Cap, Small Cap, and International Stock Funds’ advisory fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion. The Investment Adviser is solely responsible for the payment of all fees to the Subadvisers. The Subadvisers for the Funds at April 30, 2016, are Wellington Management Company, LLP for the Small Cap Fund, NorthRoad Capital Management, LLC for the NorthRoad International Fund, Lazard Asset Management LLC for the International Stock Fund and Hansberger Growth Investors, LP for the Hansberger International Growth Fund.

The Investment Adviser may, from time to time, contractually or voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser has contractually agreed to waive a portion of advisory fees on the Government Money Market Fund Class A Shares and Class B Shares until February 27, 2017, for the purpose of maintaining a one day yield of zero. The amount of the daily waiver was equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended April 30, 2016, the waivers totaled $28,786 for Class A Shares and $414 for Class B Shares and are reflected as fees waived in the accompanying Statement of Operations. A portion of the Dividend Income Fund’s advisory fee, 0.10%, is being waived by the Investment Adviser until February 27, 2017. For the period ended April 30, 2016, the waivers totaled $17,826 and are reflected as fees waived in the accompanying Statement of Operations. The Investment Adviser does not have the right to recoup these waived fees.

Administrative Services Agreement. The Investment Adviser provides or arranges for each Fund to have all of the necessary operational and support services it needs for a fee. These fees are computed daily and paid monthly, at an annualized
percentage rate of the average daily value of the net assets of each Fund as follows:

Fund	Class A	Class B	Class C	Class Y	Class R6	Class I
Conservative Allocation	0.25%	0.25%	0.25%	N/A	N/A	N/A
Moderate Allocation	0.25%	0.25%	0.25%	N/A	N/A	N/A
Aggressive Allocation	0.25%	0.25%	0.25%	N/A	N/A	N/A
Government Money Market	0.15%	0.15%	N/A	N/A	N/A	N/A
Tax-Free Virginia	N/A	N/A	N/A	0.35%	N/A	N/A
Tax-Free National	N/A	N/A	N/A	0.35%	N/A	N/A
High Quality Bond	N/A	N/A	N/A	0.19%	N/A	N/A
Core Bond	0.15%	0.15%	N/A	0.15%	0.02%	N/A
Corporate Bond	N/A	N/A	N/A	0.25%	N/A	N/A
High Income	0.20%	0.20%	N/A	0.20%	N/A	N/A
Diversified Income	0.20%	0.20%	0.20%	N/A	N/A	N/A
Covered Call & Equity Income	0.15%	N/A	0.15%	0.15%	0.02%	N/A
Dividend Income	N/A	N/A	N/A	0.35%	N/A	N/A
Large Cap Value	0.36%	0.36%	N/A	0.36%	N/A	N/A
Investors	0.20%	N/A	N/A	0.20%	0.02%	N/A
Mid Cap	0.40%	0.40%	N/A	0.40%1	0.02%	N/A
Small Cap	0.25%	0.25%	N/A	0.25%	N/A	N/A
NorthRoad International	N/A	N/A	N/A	0.35%	0.02%	N/A
International Stock	0.30%	0.30%	N/A	0.30%	N/A	N/A
Hansberger International Growth	N/A	N/A	N/A	0.40%	N/A	0.25%
Target Retirement 2020	N/A	N/A	N/A	N/A	0.05%	N/A
Target Retirement 2030	N/A	N/A	N/A	N/A	0.05%	N/A
Target Retirement 2040	N/A	N/A	N/A	N/A	0.05%	N/A
Target Retirement 2050	N/A	N/A	N/A	N/A	0.05%	N/A

¹ Effective June 1, 2016 the fee was permanently reduced to 0.23%.

The direct expenses of the Funds’ Independent Trustees and independent auditors are paid out of this fee on behalf of the Funds.

The Investment Adviser may from time to time contractually or voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser waived a portion of service agreement fees on the Government Money Market Fund Class A Shares and Class B Shares until at least February 27, 2017, for the purpose of maintaining a one-day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. A portion of the Dividend Income Fund’s annual service fee, 0.05% is being waived by the Investment Adviser until February 27, 2017. A portion of the Investors Fund annual service fee, 0.15%, was waived by the Invesstment Adviser through February 28, 2016. This waiver was discontinued effective February 29, 2016. The waived amounts for the Government Money Market and Dividend Income Funds are reflected as fees waived in the accompanying Statement of Operations. For the period ended April 30, 2016 the waivers were as follows:

64

Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

Waived Fees or Expenses*
									Total
Fund	Class A		Class B		Class Y		Class R6		Waivers
Government Money Market	$	1,743	$	106	$	–	$	–	$	1,849
Dividend Income		–		–		8,913		–		8,913
Investors		924		–		45,134		(11)		46,047

* The Investment Adviser does not have the right to recoup any of these waived fees.

Shareholder Servicing and Distribution (Rule 12b-1). Madison Funds has adopted, on behalf of certain Funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”). These plans permit the Funds to pay for distribution of their shares and servicing of their shareholders out of Fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected Funds and share classes. These plans are described below:

Shareholder Servicing Fees (Class A, B and C shares).  Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A, B and C shares of each of the Funds, other than the Government Money Market Fund. Under the terms of these plans, each Fund pays MFD Distributor, LLC (“MFD”) a service fee equal to 0.25% of the average daily net assets attributable to each class of shares of that Fund. The service fee is used by MFD to offset costs of servicing shareholder accounts or to compensate other qualified broker/dealers who sell shares of the Funds pursuant to agreements with MFD for their costs of servicing shareholder accounts. MFD may retain any portion of the service fee for which there is no broker/dealer of record as partial consideration for its services with respect to shareholder accounts.

Distribution Fees (Class B and C shares only).  Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class B and C shares of each of the Funds. Under the terms of each plan, each Fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class B and C shares of that Fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling Class B and C shares) or distributionrelated expenses of dealers. This fee increases the cost of investment in the Class B and C shares of a Fund and, over time, may cost more than paying the initial sales charge for Class A shares.

The Shareholder Servicing & Distribution Fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows:

						Total Shareholder Servicing
						and Distribution Fees
	Shareholder Servicing Fee			Distribution Fee		(Rule 12b-1)
Fund	Class A	Class B	Class C	Class B	Class C	Class A	Class B	Class C
Conservative Allocation	0.25%	0.25%	0.25%	0.75%	0.75%	0.25%	1.00%	1.00%
Moderate Allocation	0.25%	0.25%	0.25%	0.75%	0.75%	0.25%	1.00%	1.00%
Aggressive Allocation	0.25%	0.25%	0.25%	0.75%	0.75%	0.25%	1.00%	1.00%
Government Money Market	N/A	N/A	N/A	0.75%	N/A	N/A	0.75%	N/A
Tax-Free Virginia	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Tax-Free National	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
High Quality Bond	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Core Bond	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
Corporate Bond	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
High Income	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
Diversified Income	0.25%	0.25%	0.25%	0.75%	0.75%	0.25%	1.00%	1.00%
Covered Call & Equity Income	0.25%	N/A	0.25%	N/A	0.75%	0.25%	N/A	1.00%
Dividend Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Large Cap Value	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
Investors	0.25%	N/A	N/A	N/A	N/A	0.25%	N/A	N/A
Mid Cap	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
Small Cap	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
NorthRoad International	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
International Stock	0.25%	0.25%	N/A	0.75%	N/A	0.25%	1.00%	N/A
Hansberger International Growth	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Target Retirement 2020	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Target Retirement 2030	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Target Retirement 2040	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Target Retirement 2050	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, MFD waived a portion of 12b-1 fees on the Government Money Market Fund Class B Shares for the purpose of maintaining a one day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended April 30, 2016, the waivers totaled $1,320 and are reflected as fees waived in the accompanying Statement of Operations. MFD does not have the right to recoup these waived fees.

Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Funds. Rather, they are deducted from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A, B, and C shares), as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell Fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the period November 1, 2015 through April 30, 2016, were as follows:

	Amount Collected			Amount Retained
Fund	Class A	Class B	Class C	Class A	Class B	Class C
Conservative Allocation	$    33,315	$    13,215	$    596	$    3,827	$    13,215	$    596
Moderate Allocation	95,353	19,620	540	10,871	19,620	540
Aggressive Allocation	56,576	6,049	304	6,400	6,049	304
Government Money Market	–	643	–	–	643	–
Core Bond	29,386	1,298	–	4,353	1,298	–
High Income	7,601	183	–	1,160	183	–
Diversified Income	103,500	7,817	320	13,030	7,817	320
Covered Call & Equity Income	66,050	–	1,295	9,086	–	1,295
Large Cap Value	26,757	1,296	–	3,455	1,296	–
Investors	26,260	–	–	3,451	–	–
Mid Cap	53,940	2,828	–	6,409	2,828	–
Small Cap	6,954	236	–	661	236	–
International Stock	11,632	558	–	1,460	558	–

Other Expenses: In addition to the fees described above, the Trust is responsible for brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, overdrafts and any potential taxes owed and extraordinary expenses as approved by a majority of independent trustees.

Officers and Trustees: Certain officers and trustees of the Funds are also officers of the Investment Adviser. The Funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated. Fees paid to the Trustees reduce the fees paid to the Investment Adviser pursuant to the Administrative Services Agreement as described above.

4. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS

With respect to dividends from net investment income, the Government Money Market Fund declares dividends, if any, daily and reinvests monthly. The Tax-Free Funds, Core Bond, Corporate Bond, High Income and Diversified Income Funds declare and reinvest dividends, if any, monthly. The Conservative Allocation, High Quality, Dividend Income and Covered Call & Equity Income Funds declare and reinvest dividends, if any, quarterly. The Moderate Allocation, Aggressive Allocation, Large Cap Value, Investors, Mid Cap, Small Cap, NorthRoad International, International Stock, Hansberger International Growth and the Target Date Funds

65

Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

declare and reinvest dividends, if any, annually. The Funds distribute net realized gains from investment transactions, if any, to shareholders annually.

Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains in the Funds differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income. Dividends from net investment income are determined on a class level. Capital gains are determined on a fund level.

5. SECURITIES TRANSACTIONS

For the period ended April 30, 2016, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:

	U.S. Government Securities				Other Investment Securities
Fund		Purchases		Sales		Purchases		Sales
Conservative Allocation	$	–	$	–	$	31,490,106	$	31,860,140
Moderate Allocation		–		–		83,718,368		78,867,941
Aggressive Allocation		–		–		35,314,219		32,029,982
Tax-Free Virginia		–		–		1,388,262		1,567,426
Tax-Free National		–		–		943,149		1,431,625
High Quality Bond		12,254,412		8,779,443		5,203,770		2,236,629
Core Bond		18,998,688		18,021,239		34,009,784		39,118,731
Corporate Bond		–		–		4,123,867		4,554,904
High Income		–		–		8,488,463		10,552,122
Diversified Income		4,324,936		7,550,438		21,561,304		20,748,594
Covered Call & Equity Income		–		–		32,912,842		36,447,376
Dividend Income		–		–		69,377,469		7,498,195
Large Cap Value		–		–		56,730,172		113,534,146
Investors		–		–		30,773,271		35,025,944
Mid Cap		–		–		56,430,926		46,331,533
Small Cap		–		–		14,927,598		8,662,248
NorthRoad International		–		–		5,012,349		10,191,859
International Stock		–		–		5,653,752		4,081,843
Hansberger International Growth		–		–		4,772,669		16,329,797
Madison Target Retirement 2020		–		–		47,480,392		50,821,489
Madison Target Retirement 2030		–		–		52,618,996		56,726,540
Madison Target Retirement 2040		–		–		33,589,856		34,673,529
Madison Target Retirement 2050		–		–		16,885,569		15,749,674

6. COVERED CALL AND PUT OPTIONS

An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or pay the exercise price upon delivery of the underlying security (in the case of a put).

The Covered Call & Equity Income Fund will pursue its primary objective by employing an option strategy of writing (selling) covered call options on common stocks. The number of call options the Fund can write (sell) is limited by the amount of equity securities the Fund holds in its portfolio. The Fund will not write (sell) “naked” or uncovered call options. The Fund seeks to produce a high level of current income and gains generated from option writing premiums and, to a lesser extent, from dividends. Covered call writing also helps to reduce volatility (and risk profile) of the Fund by providing protection from declining stock prices.

When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current market value of the option written. These liabilities are reflected as options written in the Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain.

The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss.

Transactions in option contracts in the Covered Call & Equity Income Fund during the period ended April 30, 2016 were as follows:

	Number of Contracts		Premiums Received
Core Bond Fund
Options outstanding, beginning of period		50	$	9,225
Options written during the period		165		109,914
Options closed during the period		(70)		(49,216)
Options exercised during the period		–		–
Options expired during the period		(85)		(37,759)
Options outstanding, end of period		60	$	32,164
Covered Call & Equity Income Fund
Options outstanding, beginning of period		9,656	$	1,916,685
Options written during the period		25,070		5,466,764
Options closed during the period		(11,443)		(2,587,023)
Options exercised during the period		(5,037)		(947,261)
Options expired during the period		(9,725)		(1,993,608)
Options outstanding, end of period		8,521	$	1,855,557

7. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS

The Core Bond Fund may purchase and sell futures contracts and purchase and write options on futures contracts on a limited basis. The Fund may purchase and sell futures contracts based on various securities (such as U.S. Government securities), securities indices, foreign currencies and other financial instruments and indices. The Fund will engage in futures or related options transactions on a limited basis only for bona fide hedging purposes or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission.

Futures Contracts.  The Core Bond Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or other assets, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“variation margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

Options on Futures Contracts.  The acquisition of put and call options on futures contracts will give the fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

The writing of a call option on a futures contract generates a premium which may partially offset a decline in the value of the Fund’s assets. By writing a call option, the Fund becomes obligated, in exchange for the premium, to sell a futures contract which may have a value higher than the exercise price. Conversely, the writing of a

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Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that the Fund intends to purchase. However, the Fund becomes obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.

8. FOREIGN SECURITIES

Each Fund, other than the Tax-Free Funds and the Government Money Market Fund may invest in foreign securities. Foreign securities are defined as securities that are: (i) issued by companies organized outside the U.S. or whose principal operations are outside the U.S., or issued by foreign governments or their agencies or instrumentalities (“foreign issuers”); (ii) principally traded outside of the U.S.; and (iii) quoted or denominated in a foreign currency (“non-dollar securities”). Foreign securities include ADRs, European Depositary Receipts (“EDRs”), GDRs, Swedish Depositary Receipts (“SDRs”) and foreign money market securities.

Certain of the Funds have reclaims receivable balances, in which the Funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the Funds and are reflected in Other Assets on the Statement of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.

9. SECURITIES LENDING

The Core Bond, High Income, Diversified Income, Large Cap Value, Mid Cap and International Stock Funds have entered into a Securities Lending Agreement (the “Agreement”) with State Street Bank and Trust Company (“State Street”). Under the terms of the Agreement, the Funds may lend portfolio securities to qualified borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash or other liquid assets at least equal to 102% of the value of securities, which is determined on a daily basis. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statement of Operations. The primary risk associated with securities lending is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral.

The Funds did not engage in any securities lending activity during the period ended April 30, 2016.

10. FEDERAL AND FOREIGN INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.

The Funds have not recorded any liabilities for material unrecognized tax benefits as of April 30, 2016. It is each Fund’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended 2012 through 2015. The prior years of 2012 through 2014 represent the legacy MEMBERS Mutual Funds and the legacy Madison Mosaic Funds. Effective as of the market close of April 19, 2013, the Mosaic Funds reorganized into the Madison Funds (formerly known as the MEMBERS Mutual Funds).

For federal income tax purposes, the Funds listed below have capital loss carryovers as of October 31, 2015, which are available to offset future capital gains, if any, realized through the fiscal year listed:

							No Expiration Date
Fund		2016		2017		2018		Short Term		Long Term
Government Money Market	$	–	$	16	$	5	$	1	$	–
High Income		–		–		–		82,006		231,626
Mid Cap		1,244,692		–		–		–		–
Small Cap		675,894		–		–		–		–
International Stock		–		–		710,871		–		–
Hansberger International Growth		7,836,710		–		–		–		–

The capital loss carryovers for the Mid Cap Fund, Small Cap Fund, and Hansberger International are subject to certain limitations upon availability, to offset future gains, pursuant to Section 382 of the Internal Revenue Code.

At April 30, 2016, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, excluding options, as computed on a federal income tax basis for each Fund were as follows:

Fund	Appreciation		Depreciation		Net
Conservative Allocation Fund		$1,422,152		$    725,641		$    696,511
Moderate Allocation Fund		4,825,275		888,920		3,936,355
Aggressive Allocation Fund		2,532,294		451,138		2,081,156
Government Money Market		–		–		–
Tax-Free Virginia Fund		1,104,559		–		1,104,559
Tax-Free National Fund		1,925,705		–		1,925,705
High Quality Bond Fund		1,795,424		–		1,795,424
Core Bond Fund		6,944,423		–		6,944,423
Corporate Bond Fund		875,956		101,958		773,998
High Income Fund		500,588		690,458		(189,870)
Diversified Income Fund		20,980,697		329,242		20,651,455
Covered Call & Equity Income		538,447		8,007,611		(7,469,164)
Dividend Income Fund		5,153,374		172,434		4,980,940
Large Cap Value Fund		11,356,672		605,100		10,751,572
Investors Fund		39,773,479		636,144		39,137,335
Mid Cap Fund		80,127,116		3,071,145		77,055,971
Small Cap Fund		14,293,750		4,646,254		9,647,496
NorthRoad International Fund		2,768,883		5,313,861		(2,544,978)
International Stock Fund		5,312,274		1,815,724		3,496,550
Hansberger International Growth Fund		2,225,981		765,241		1,460,740
Madison Target Retirement 2020 Fund		3,968,377		9,664		3,958,713
Madison Target Retirement 2030 Fund		7,956,944		89,733		7,867,211
Madison Target Retirement 2040 Fund		6,189,261		71,016		6,118,245
Madison Target Retirement 2050 Fund		1,947,847		32,828		1,915,019

The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of wash sales.

11. CONCENTRATION OF RISK

Investing in certain financial instruments, including forward foreign currency contracts, involves certain risks. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and financial statements’ volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged. The International Stock Fund may enter into these contracts primarily to protect the Fund from adverse currency movements.

Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.

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Madison Funds | Notes to the Financial Statements (unaudited) - continued | April 30, 2016

The Funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the market value of income-bearing securities. When interest rates rise bond prices fall; generally the longer a bond’s maturity, the more sensitive it is to the risk. The Core Bond may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.

The Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Additionally, while the Fund has maintained a constant share price since inception, and will continue to try to do so, neither the Investment Adviser nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the Fund’s share price from falling below $1.00.

The Tax-Free Funds invest in municipal securities. Municipal securities generally are subject to possible default, bankruptcy or insolvency of the issuer. Principal and interest repayment may be affected by federal, state and local legislation, referendums, judicial decisions and executive acts. The tax-exempt status of municipal securities may be affected by future changes in the tax laws, litigation involving the tax status of the securities and errors and omissions by issuers and their counsel. Madison will not attempt to make an independent determination of the present or future tax-exempt status of municipal securities acquired for the Funds. While most municipal securities have a readily available market, a variety of factors, including the scarcity of issues and the fact that tax-free investments are inappropriate for significant numbers of investors, limit the depth of the market for these securities. Accordingly, it may be more difficult for the Funds to sell large blocks of municipal securities advantageously than would be the case with comparable taxable securities.

The Core Bond Fund may invest in futures contracts or options on futures contracts. Investing in futures contracts and options on futures entail certain other risks such as: unanticipated changes in interest rates, securities prices or currency exchange rates, and may result in a poorer overall performance for the Fund than if it had not entered into any futures contracts or options transactions. In the event of an imperfect correlation between a futures position and portfolio position which is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss. Perfect correlation between the fund’s futures positions and portfolio positions may be difficult to achieve.

The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized rating agencies (so-called “junk bonds”). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The Fund generally invests at least 80% of its net assets in high yield securities.

The Covered Call & Equity Income Fund invests in options on securities. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. A writer of a put option is exposed to the risk of loss if fair value of the underlying securities declines, but profits only to the extent of the premium received if the underlying security increases in value. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.

The Allocation and Target Date Funds are fund of funds, meaning that each invests primarily in Underlying Funds, including ETFs. Thus, each Fund’s investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund’s performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that Fund. Accordingly, the Allocation Funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds.

Additionally, the Allocation and Target Date Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the Underlying Fund(s) selected to fulfill a particular asset class underperforms their peers. Asset allocation risk is the risk that the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective.

All of the Funds are also subject to cybersecurity risk, which include the risks associated with computer systems, networks and devices to carry out routine business operations. These systems, networks and devices employ a variety of protections that are designed to prevent cyberattacks. Despite the various cyber protections utilized by the funds, the Investment Adviser, and other service providers, their systems, networks, or devices could potentially be breached. The funds, their shareholders, and the Investment Adviser could be negatively impacted as a result of a cybersecurity breach. The funds cannot control the cybersecurity plans and systems put in place by service providers or any other third parties whose operations may affect the funds. The Funds do monitor this risk closely.

In addition to the other risks described above in the prospectus, you should understand what we refer to as “unknown market risks.” While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Investment Adviser seeks to appropriately address and manage the risks identified and disclosed to you in connection with the management of the securities in the Funds, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and, of course, to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the Funds.

12. CAPITAL SHARES AND AFFILIATED OWNERSHIP

The Allocation Funds invest in Underlying Funds, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2016 follows:

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Madison Funds | Notes to the Financial Statements (unaudited) - concluded | April 30, 2016

	Balance of						Balance of
	Shares Held at		Gross		Gross		Shares Held at		Value at		Realized		Distributions
Fund/Underlying Fund	10/31/2015		Additions		Sales		4/30/2016		4/30/2016		Gain (Loss)		Received1
Conservative Allocation
Madison Core Bond Fund Class Y		1,574,009		49,505		(95,590)		1,527,924	$	15,462,595	$	(33,712)	$	319,600
Madison Corporate Bond Fund Class Y		446,801		–		–		446,801		5,160,547		–		90,585
Madison Dividend Income Fund Class Y		–		166,112		–		166,112		3,637,848		–		4,590
Madison Investors Fund Class Y		–		174,675		–		174,675		3,334,544		–		–
Madison Large Cap Growth Fund Class Y		204,750		46,950		(251,700)		–		–		(328,570)		887,824
Madison Large Cap Value Fund Class Y		235,565		91,902		(303,448)		24,019		353,807		682,008		471,398
Madison Mid Cap Fund Class Y		–		128,011		–		128,011		1,093,215		–		–
Madison NorthRoad International Fund Class Y		158,257		–		(40,743)		117,514		1,151,638		(115,295)		35,244
Totals									$	30,194,194	$	204,431	$	1,809,241
Moderate Allocation
Madison Core Bond Fund Class Y		2,097,384		49,950		–		2,147,334		21,731,019		–		446,671
Madison Dividend Income Fund Class Y		–		488,689		–		488,689		10,702,291		–		12,716
Madison Investors Fund Class Y		–		705,317		–		705,317		13,464,496		–		–
Madison Large Cap Growth Fund Class Y		740,132		174,530		(914,662)		–		–		(860,287)		3,298,879
Madison Large Cap Value Fund Class Y		991,432		169,782		(773,034)		388,180		5,717,898		1,007,159		1,966,059
Madison Mid Cap Fund Class Y		–		340,479		–		340,479		2,907,692		–		–
Madison NorthRoad International Fund Class Y		430,751		–		(89,358)		341,393		3,345,648		(267,716)		101,183
Totals									$	57,869,044	$	(120,844)	$	5,825,508
Aggressive Allocation
Madison Core Bond Fund Class Y		499,599		–		–		499,599		5,055,943		–		104,151
Madison Dividend Income Fund Class Y		–		251,245		–		251,245		5,502,257		–		6,677
Madison Investors Fund Class Y		–		347,381		–		347,381		6,631,500		–		–
Madison Large Cap Growth Fund Class Y		390,860		90,398		(481,258)		–		–		(559,033)		1,709,134
Madison Large Cap Value Fund Class Y		530,122		71,466		(392,182)		209,406		3,084,546		252,694		1,051,258
Madison Mid Cap Fund Class Y		–		252,207		–		252,207		2,153,846		–		–
Madison NorthRoad International Fund Class Y		222,260		–		(26,725)		195,535		1,916,245		(65,209)		51,444
Totals									$	24,344,337	$	(371,548)	$	2,922,664

¹ Distributions received includes distributions from net investment income and from capital gains from the underlying funds.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issue. On May 6, 2016, the Board of Trustees of Madison Funds approved an Agreement and Plan of Reorganization pursuant to which the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund and Madison Target Retirement 2050 Fund series of the Trust are proposed to be reorganized into the Goldman Sachs Target Date 2020 Portfolio, the Goldman Sachs Target Date 2030 Portfolio, the Goldman Sachs Target Date 2040 Portfolio and the Goldman Sachs Target Date 2050 Portfolio, respectively, each a newly formed “shell” series of the Goldman Sachs Trust II. The reorganizations are subject to the approval of the shareholders of each Madison Target Retirement Fund and satisfaction of certain other conditions. A special joint meeting of the Madison Target Retirement Funds shareholders is scheduled to be held on or about August 4, 2016 to consider the approval of the Plan. If approved, the reorganization will occur on or about August 19, 2016. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.

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Madison Funds | April 30, 2016

 Other Information (unaudited)

FUND EXPENSES PAID BY SHAREHOLDERS

As shareholders of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended April 30, 2016. Expenses paid during the period in the tables below are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half fiscal year period).

Actual Expenses

The table below provides information about actual account values using actual expenses and actual returns for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, and $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	CLASS A						CLASS B
Fund		Beginning Account Value	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period
Conservative Allocation		$1,000	$1,014.00	0.71%	$3.56	$1,010.70	1.46%	$7.30
Moderate Allocation		1,000	1,007.40	0.71%	3.54	1,003.90	1.46%	7.27
Aggressive Allocation		1,000	1,002.50	0.71%	3.54	999.00	1.46%	7.26
Government Money Market		1,000	1,000.00	0.24%	1.19	1,000.00	0.25%	1.24
Core Bond		1,000	1,025.60	0.91%	4.58	1,021.80	1.66%	8.34
High Income		1,000	1,012.00	1.01%	5.05	1,009.20	1.76%	8.79
Diversified Income		1,000	1,030.20	1.11%	5.60	1,026.20	1.86%	9.37
Covered Call & Equity Income		1,000	1,017.90	1.26%	6.32	N/A	N/A	N/A
Large Cap Value		1,000	1,021.00	1.17%	5.88	1,017.30	1.92%	9.63
Investors		1,000	1,036.90	1.20%	6.08	1,000.00	N/A	N/A
Mid Cap		1,000	1,021.30	1.41%	7.09	1,016.50	2.16%	10.83
Small Cap		1,000	1,030.10	1.51%	7.62	1,026.20	2.26%	11.39
International Stock		1,000	976.70	1.61%	7.91	973.10	2.36%	11.58
		CLASS C
Fund		Beginning Account Value		Ending Account Value		Annual Expense Ratio	Expenses Paid During Period
Conservative Allocation		$1,000		$1,010.70		1.46%	$7.30
Moderate Allocation		1,000		1,003.90		1.46%	7.27
Aggressive Allocation		1,000		998.10		1.46%	7.25
Diversified Income		1,000		1,026.20		1.86%	9.37
Covered Call & Equity Income		1,000		1,013.20		2.01%	10.06
		CLASS Y
Fund		Beginning Account Value		Ending Account Value		Annual Expense Ratio	Expenses Paid During Period
Tax-Free Virginia		$1,000		$1,027.30		0.86%	$4.33
Tax-Free National		1,000		1,035.10		0.83%	4.20
High Quality Bond		1,000		1,013.30		0.50%	2.50
Core Bond		1,000		1,026.20		0.66%	3.32
Corporate Bond		1,000		1,037.00		0.66%	3.34
High Income		1,000		1,013.80		0.76%	3.81
Covered Call & Equity Income		1,000		1,019.40		1.01%	5.07
Dividend Income		1,000		1,030.20		0.94%	4.74
Large Cap Value		1,000		1,022.40		0.93%	4.68
Investors		1,000		1,038.10		0.96%	4.86
Mid Cap		1,000		1,023.10		1.16%	5.83
Small Cap		1,000		1,031.20		1.26%	6.36
NorthRoad International		1,000		951.30		1.17%	5.68
International Stock		1,000		978.00		1.36%	6.69
Hansberger International Growth		1,000		941.40		1.16%	5.60

See accompanying Notes to Financial Statements.

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Madison Funds | Other Information (unaudited) - continued | April 30, 2016

				CLASS R6
Fund	Beginning Account Value	Ending Account Value			Annual Expense Ratio	Expenses Paid During Period
Core Bond	$1,000		$1,027.10		0.53%	$2.67
Covered Call & Equity Income	1,000		1,019.30		0.88%	4.42
Investors	1,000		1,039.40		0.77%	3.90
Mid Cap	1,000		1,025.10		0.78%	3.93
NorthRoad International	1,000		952.10		0.84%	4.08
Target Retirement 2020	1,000		1,014.70		0.31%	1.55
Target Retirement 2030	1,000		1,007.90		0.31%	1.55
Target Retirement 2040	1,000		1,005.10		0.31%	1.55
Target Retirement 2050	1,000		1,002.90		0.31%	1.54
				CLASS I
Fund	Beginning Account Value	Ending Account Value			Annual Expense Ratio	Expenses Paid During Period
Hansberger International Growth	$1,000		$942.00		1.01%	$4.88

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

	CLASS A				CLASS B
Fund	Beginning Account Value	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period
Conservative Allocation	$1,000	$1,021.33	0.71%	$3.57	$1,017.60	1.46%	$7.32
Moderate Allocation	1,000	1,021.33	0.71%	3.57	1,017.60	1.46%	7.32
Aggressive Allocation	1,000	1,021.33	0.71%	3.57	1,017.60	1.46%	7.32
Government Money Market	1,000	1,023.67	0.24%	1.21	1,023.62	0.25%	1.26
Core Bond	1,000	1,020.34	0.91%	4.57	1,016.61	1.66%	8.32
High Income	1,000	1,019.84	1.01%	5.07	1,016.11	1.76%	8.82
Diversified Income	1,000	1,019.34	1.11%	5.57	1,015.61	1.86%	9.32
Covered Call & Equity Income	1,000	1,018.60	1.26%	6.32	N/A	N/A	N/A
Large Cap Value	1,000	1,019.05	1.17%	5.87	1,015.32	1.92%	9.62
Investors	1,000	1,018.90	1.20%	6.02	1,000.00	N/A	N/A
Mid Cap	1,000	1,017.85	1.41%	7.07	1,014.12	2.16%	10.82
Small Cap	1,000	1,017.35	1.51%	7.57	1,013.63	2.26%	11.31
International Stock	1,000	1,016.86	1.61%	8.07	1,013.13	2.36%	11.81
	CLASS C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio	Expenses Paid During Period
Conservative Allocation	$1,000		$1,017.60		1.46%	$7.32
Moderate Allocation	1,000		1,017.60		1.46%	7.32
Aggressive Allocation	1,000		1,017.60		1.46%	7.32
Diversified Income	1,000		1,015.61		1.86%	9.32
Covered Call & Equity Income	1,000		1,014.87		2.01%	10.07
	CLASS Y
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio	Expenses Paid During Period
Tax-Free Virginia	$1,000		$1,020.59		0.86%	$4.32
Tax-Free National	1,000		1,020.74		0.83%	4.17
High Quality Bond	1,000		1,022.38		0.50%	2.51
Core Bond	1,000		1,021.58		0.66%	3.32
Corporate Bond	1,000		1,021.58		0.66%	3.32
High Income	1,000		1,021.08		0.76%	3.82
Covered Call & Equity Income	1,000		1,019.84		1.01%	5.07
Dividend Income	1,000		1,020.19		0.94%	4.72
Large Cap Value	1,000		1,020.24		0.93%	4.67
Investors	1,000		1,020.09		0.96%	4.82
Mid Cap	1,000		1,019.10		1.16%	5.82
Small Cap	1,000		1,018.60		1.26%	6.32
NorthRoad International	1,000		1,019.05		1.17%	5.87
International Stock	1,000		1,018.10		1.36%	6.82
Hansberger International Growth	1,000		1,019.10		1.16%	5.82

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Madison Funds | Other Information (unaudited) - concluded | April 30, 2016

	CLASS R6
Fund	Beginning Account Value	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period
Core Bond	$1,000	$1,022.23	0.53%	$2.66
Covered Call & Equity Income	1,000	1,020.49	0.88%	4.42
Investors	1,000	1,021.03	0.77%	3.87
Mid Cap	1,000	1,020.98	0.78%	3.92
NorthRoad International	1,000	1,020.69	0.84%	4.22
Target Retirement 2020	1,000	1,023.32	0.31%	1.56
Target Retirement 2030	1,000	1,023.32	0.31%	1.56
Target Retirement 2040	1,000	1,023.32	0.31%	1.56
Target Retirement 2050	1,000	1,023.32	0.31%	1.56
	CLASS R6
Fund	Beginning Account Value	Ending Account Value	Annual Expense Ratio	Expenses Paid During Period
Hansberger International Growth	$1,000	$1,019.84	1.01%	$5.07

*The annual expense ratio does not include the expenses of the underlying funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. The information provided in the hypothetical example table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available to shareholders at no cost by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

PROXY VOTING POLICIES, PROCEDURES AND RECORDS

A description of the policies and procedures used by the Funds to vote proxies related to portfolio securities is available to shareholders at no cost on the Funds’ website at www.madisonfunds.com or by calling 1-800-877-6089. The proxy voting records for the Funds for the most recent twelve-month period ended June 30 are available to shareholders at no cost on the SEC’s website at www.sec.gov.

FORWARD-LOOKING STATEMENT DISCLOSURE

One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in the Review of Period section are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as estimate, may, will, expect, believe, plan and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

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Madison Funds | April 30, 2016
FACTS	WHAT DOES MADISON FUNDS® DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

      •  Social Security number and transaction history
      •  Account balances and checking account information
      •  Purchase history and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share investors’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their investors’ personal information; the reasons Madison Funds chooses to share; and whether you can limit this sharing.

Reason we can share your personal information	Does Madison Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-877-6089 or go to www.madisonfunds.com.

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Madison Funds | April 30, 2016

Page 2

Who we are

Who is proving this notice? Madison Funds
Post Office Box 8390
Boston, MA 02266-8390

What we do
How does Madison Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Madison Funds collect my personal information?	We collect your personal information, for example, when you       •  Open an account or provide account information       •  Direct us to buy securities or make deposits or withdrawals from your account       •  Give us your contact information We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only       •  sharing for affiliates’ everyday business purposes—information about your creditworthiness       •  affiliates from using your information to market to you       •  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. •    Our affiliates include companies with a common “Madison” name; financial companies such as Madison Investment Advisors and MFD Distributor, LLC, and subadvisers, NorthRoad Capital Management LLC and Hansberger Growth Investors, L.P.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.       •   Madison Funds does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.       •   Madison Funds does not jointly market.
Other important information

74

Madison Funds
Post Office Box 8390
Boston, MA 02266-8390
1 (800) 877-6089
www.madisonfunds.com

SEC File Number: 811-08261

4460-P1060
Rev: 0416

Item 2. Code of Ethics.

Not applicable to Semi-Annual Report.

Item 3. Audit Committee Financial Expert.

Not applicable to Semi-Annual Report.

Item 4. Principal Accountant Fees and Services.

Not applicable to Semi-Annual Report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

Schedule included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Trust does not normally hold shareholder meetings. There have been no changes to the Trust’s procedures during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.

(b) There were no changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable to semi-annual report.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Madison Funds

By: /s/ Lisa R. Lange

Lisa R. Lange, Chief Legal Officer and Chief Compliance Officer

Date: June 29, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Katherine L Frank

Katherine L. Frank, Principal Executive Officer

Date: June 29, 2016

By: /s/ Greg Hoppe

Greg Hoppe, Principal Financial Officer

Date: June 29, 2016