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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)

Steve J. Fredricks

Chief Legal Officer & 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, 2022

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, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders 

Semi-annual Report

(unaudited)

April 30, 2022

 

Madison Conservative Allocation Fund

Madison Moderate Allocation Fund

Madison Aggressive Allocation Fund

Madison Tax-Free Virginia Fund

Madison Tax-Free National Fund

Madison High Quality Bond Fund

Madison Core Bond Fund

Madison Diversified Income Fund

Madison Covered Call & Equity Income Fund

Madison Dividend Income Fund

Madison Investors Fund

Madison Sustainable Equity Fund

Madison Mid Cap Fund

Madison Small Cap Fund

Madison International Stock Fund

Madison Funds | April 30, 2022

Table of Contents

	Page
Period in Review	2
Allocation Funds Summary	3
Conservative Allocation Fund	3
Moderate Allocation Fund	3
Aggressive Allocation Fund	4
Tax-Free Virginia Fund	4
Tax-Free National Fund	4
High Quality Bond Fund	5
Core Bond Fund	6
Diversified Income Fund	6
Covered Call & Equity Income Fund	6
Dividend Income Fund	7
Investors Fund	7
Sustainable Equity Fund	8
Mid Cap Fund	8
Small Cap Fund	9
International Stock Fund	9
Notes to Review of Period	11
Portfolios of Investments
Conservative Allocation Fund	12
Moderate Allocation Fund	12
Aggressive Allocation Fund	13
Tax-Free Virginia Fund	13
Tax-Free National Fund	14
High Quality Bond Fund	16
Core Bond Fund	17
Diversified Income Fund	21
Covered Call & Equity Income Fund	25
Dividend Income Fund	27
Investors Fund	28
Sustainable Equity Fund	29
Mid Cap Fund	30
Small Cap Fund	31
International Stock Fund	32
Financial Statements
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	44
Notes to Financial Statements	59
Other Information	71

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 219083, Kansas City, MO 64121-9083. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the funds.

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 this report. Performance data shown represents past performance, 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, 2022

Period in Review (unaudited)

The past six months were a stark contrast to the extraordinarily easy market environment of the past several years. Inflation rose to a level not seen in over 40 years and the Federal Reserve was shown to be behind the curve in terms of monetary policy. Markets began pricing in an aggressive interest rate hike campaign to combat inflation and asset prices responded quite negatively. Over the period, domestic stocks, as measured by the S&P 500 Index, declined by -9.7%, while the broad international MSCI ACWI ex-USA stock index fell -11.9%. The shocker occurred in the fixed income markets where the Bloomberg US Aggregate Bond Index dropped -9.5%, as the yield on the benchmark 10-year US Treasury Note increased by 1.3% from 1.6% to 2.9%.

Equity market dynamics also changed a great deal from the recent past. Over the past decade plus, the US stock market had been more or less captured by the very large growth stocks of the Technology, Communication Services and Consumer Discretionary sectors, to the extent that the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by an annualized 6.6% over the 10 years prior to the reporting period. With inflation raging and interest rates moving rapidly higher, the growthiest stocks were hit hard, as growth stocks are longer duration assets and more sensitive to higher interest rates. Instead, investors favored inflation beneficiaries in the commodity producing Energy and Materials sectors, both of which had positive returns helping the Value Index to a more muted -3.9% return versus the much larger -17.8% decline for the Growth Index.

It had become clear early in the period that the Federal Reserve’s belief that inflation would be “transitory” was in great peril. Inflation readings kept creeping higher and higher to the point that the Fed officially retired the term “transitory” in late November and then made a large upward revision to their rate hike projections at the December meeting. From that time, markets have become laser focused on every datapoint’s read on inflation and where it is heading. Strong inflation would likely necessitate a stronger response by the Fed, further stressing markets. Complicating matters were the soaring energy costs brought on in response to Russia’s invasion of Ukraine and the reimposition of draconian covid lockdowns in China, restressing what had been, up until then, easing supply chain concerns.

Equity markets staged a strong rally over the back half of March, only to be disrupted by a large increase in the ISM Manufacturing Price Index in early April, reigniting inflation fears. It was at this point that investors began worrying about the possibility of recession. The fear arose from the knowledge that the Fed can do little, if anything, to address supply-side driven inflation. Their remedy comes from cooling demand, and if the Fed cools demand too much with their attempts to slow the economy a recession could be triggered.

Moving forward we expect markets to remain volatile until it is clear that inflation is abating. As mentioned at the start of the review, markets have priced in a very aggressive interest rate path, signs of receding inflation and/or slower economic growth could provide relief by lowering the Fed’s trajectory. Both stocks and bonds would likely welcome such a development.

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Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

Allocation Funds Summary

The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds invest primarily in shares of registered investment companies (the “Underlying Funds”). The funds are diversified among a number of asset classes and their allocation among Underlying Funds are 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.

PERFORMANCE DISCUSSION

The Madison Conservative Allocation Fund (Class A at NAV) returned -8.74% for the period, outperforming the Conservative Allocation Fund Custom Index return of -10.19%. The Fund underperformed its peers as measured by the Morningstar U.S. Fund Allocation 15%-30% Equity category, which returned -7.26%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Alternative Funds	1.3	%
Bond Funds	61.8	%
Foreign Stock Funds	5.0	%
Short-Term Investments	21.1	%
Stock Funds	24.4	%
Net Other Assets and Liabilities	(13.6	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Madison Core Bond Fund, Class R6	25.6	%
Schwab Intermediate-Term U.S. Treasury ETF	13.9	%
Vanguard Short-Term Corporate Bond ETF	9.2	%
Invesco S&P 500 Quality ETF	6.4	%
Janus Henderson Mortgage-Backed Securities ETF	6.2	%
Vanguard Extended Duration Treasury ETF	5.1	%
Vanguard Information Technology ETF	4.0	%
Madison Investors Fund, Class R6	4.0	%
Vanguard FTSE All World ex-U.S. ETF	3.4	%
Schwab U.S. Dividend Equity ETF	3.1	%

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.

PERFORMANCE DISCUSSION

The Madison Moderate Allocation Fund (Class A at NAV) returned -8.40% for the period, while its blended benchmark, the Moderate Allocation Fund Custom Index, returned -10.76%. The Fund outperformed its Morningstar peer group as the U.S. Fund Allocation 50%-70% Equity category, which averaged a -8.82% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Alternative Funds	2.0	%
Bond Funds	38.4	%
Foreign Stock Funds	8.7	%
Short-Term Investments	14.2	%
Stock Funds	42.9	%
Net Other Assets and Liabilities	(6.2	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Madison Core Bond Fund, Class R6	15.5	%
Invesco S&P 500 Quality ETF	10.0	%
Schwab Intermediate-Term U.S. Treasury ETF	9.1	%
Madison Investors Fund, Class R6	8.4	%
Vanguard Information Technology ETF	7.1	%
Vanguard FTSE All World ex-U.S. ETF	5.9	%
Vanguard Short-Term Corporate Bond ETF	5.3	%
iShares MSCI Global Gold Miners ETF	4.8	%
Schwab U.S. Dividend Equity ETF	4.3	%
iShares Core S&P Small-Cap ETF, Class E	4.2	%

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Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

Madison Aggressive Allocation Fund

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison 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 80% equity investments and 20% 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.

PERFORMANCE DISCUSSION

The Madison Aggressive Allocation Fund (Class A at NAV) returned -8.23% for the period, outperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned -11.24%. The Fund outperformed its Morningstar U.S. Fund Allocation 70%-85% Equity category peer group, which averaged a -10.29% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Alternative Funds	2.8	%
Bond Funds	20.1	%
Foreign Stock Funds	12.0	%
Short-Term Investments	18.8	%
Stock Funds	57.8	%
Net Other Assets and Liabilities	(11.5	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Invesco S&P 500 Quality ETF	12.0	%
Madison Investors Fund, Class R6	11.9	%
Vanguard Information Technology ETF	9.8	%
Madison Core Bond Fund, Class R6	8.0	%
Vanguard FTSE All World ex-U.S. ETF	7.5	%
iShares MSCI Global Gold Miners ETF	6.5	%
Schwab Intermediate-Term U.S. Treasury ETF	5.6	%
iShares Core S&P Small-Cap ETF, Class E	5.5	%
Schwab U.S. Dividend Equity ETF	5.4	%
Madison Dividend Income Fund, Class R6	4.0	%

Madison Tax-Free Virginia Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Tax-Free Virginia Fund seeks to achieve its investment objectives 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 -6.91% for the period. The ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index also returned -6.91%, while the Fund’s Morningstar peer group, the Municipal Single State Intermediate Category returned -6.94%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Airport	2.7	%
Development	6.7	%
Education	9.4	%
Facilities	6.8	%
General	11.6	%
General Obligation	22.3	%
Medical	4.0	%
Multifamily Housing	1.0	%
Power	1.6	%
Transportation	13.8	%
Utilities	1.6	%
Water	13.9	%
Net Other Assets and Liabilities	4.6	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Northern Virginia Transportation Authority, 5.0%, 6/1/30	4.2	%
Arlington County, 5.0%, 8/15/30	3.4	%
James City County Economic Development Authority, 5.0%, 6/15/30	2.9	%
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25	2.8	%
Metropolitan Washington Airports Authority Aviation Revenue, 5.0%, 10/1/43	2.8	%
Henrico Water & Sewer Revenue County, 4.0%, 5/1/32	2.8	%
Norfolk, 5.0%, 8/1/47	2.7	%
Commonwealth of Virginia, 5.0%, 6/1/23	2.7	%
Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42	2.7	%
Virginia College Building Authority, 5.0%, 2/1/23	2.7	%

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, 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.

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Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

PERFORMANCE DISCUSSION

The Madison Tax-Free National Fund (Class Y) had a total return of -6.38% for the period, outperforming its benchmark ICE Bank of America Merrill Lynch 1-22 year Municipal Securities Index which returned -6.91%, while the Fund’s Morningstar peer group, the Municipal National Intermediate Category, returned -7.44%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Alabama	7.0	%
Arkansas	1.0	%
California	0.7	%
Colorado	3.8	%
Florida	4.4	%
Georgia	2.4	%
Hawaii	2.6	%
Idaho	2.8	%
Illinois	8.7	%
Indiana	6.1	%
Kansas	4.2	%
Kentucky	2.6	%
Michigan	0.6	%
Mississippi	2.8	%
Missouri	2.3	%
Montana	1.7	%
New Jersey	6.5	%
New Mexico	1.1	%
New York	4.4	%
North Carolina	1.6	%
Ohio	2.8	%
Oklahoma	4.6	%
Pennsylvania	3.6	%
Tennessee	0.7	%
Texas	8.1	%
Utah	1.8	%
Virginia	3.0	%
Washington	1.2	%
West Virginia	2.7	%
Wisconsin	2.2	%
Net Other Assets and Liabilities	2.0	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Mobile County, General Obligation, 5.0%, 2/1/39	3.8	%
Cook County School District No. 111, General Obligation, 5.0%, 12/1/35	3.3	%
Austin, General Obligation, 5.0%, 9/1/26	3.2	%
Wichita, General Obligation, 5.0%, 12/1/24	3.0	%
Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26	2.9	%
Orlando Utilities Commission, 5.0%, 10/1/22	2.9	%
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24	2.9	%
Idaho Health Facilities Authority, 5.0%, 3/1/34	2.8	%
Medical Center Educational Building Corp., 5.0%, 6/1/30	2.8	%
West Virginia Economic Development Authority, 5.0%, 7/1/37	2.7	%

Madison High Quality Bond Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison High Quality Bond Fund seeks to achieve its investment objective 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.

PERFORMANCE DISCUSSION

The Madison High Quality Bond Fund (Class Y) returned -5.80% for the period, outperforming the Fund’s benchmark, the Bloomberg U.S. Intermediate Government Credit A+ Bond Index, which returned -6.06%. The Morningstar Short-Term Bond peer group returned -4.15% for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	2.7	%
Consumer Discretionary	4.6	%
Consumer Staples	5.7	%
Fannie Mae	8.1	%
Financials	17.7	%
Freddie Mac	5.7	%
Health Care	1.3	%
Industrials	1.0	%
Information Technology	3.8	%
Short-Term Investments	2.0	%
U.S. Treasury Notes	47.6	%
Utilities	0.5	%
Net Other Assets and Liabilities	(0.7	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Federal National Mortgage Association, 2.125%, 4/24/26	3.3	%
Federal Home Loan Mortgage Corp., 0.375%, 4/20/23	3.2	%
U.S. Treasury Notes, 0.375%, 9/15/24	3.1	%
U.S. Treasury Notes, 1.875%, 2/28/29	3.1	%
U.S. Treasury Notes, 2.500%, 8/15/23	2.7	%
U.S. Treasury Notes, 2.375%, 8/15/24	2.7	%
U.S. Treasury Notes, 2.250%, 11/15/24	2.7	%
U.S. Treasury Notes, 0.625%, 3/31/27	2.7	%
U.S. Treasury Notes, 2.125%, 5/15/25	2.7	%
U.S. Treasury Notes, 2.250%, 11/15/27	2.6	%

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Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

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 Y) returned -9.14% for the period, outperforming the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index^®, which returned -9.47%. The Fund outpaced its Morningstar Intermediate-Term Core Bond peer group which fell -9.43% for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Asset Backed Securities	6.1	%
Collateralized Mortgage Obligations	6.8	%
Commercial Mortgage-Backed Securities	3.2	%
Corporate Notes and Bonds	31.7	%
Foreign Corporate Bonds	2.3	%
Mortgage Backed Securities	11.9	%
Short-Term Investments	2.2	%
U.S. Government and Agency Obligations	35.9	%
Net Other Assets and Liabilities	(0.1	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
U.S. Treasury Notes, 2.250%, 11/15/25	3.7	%
U.S. Treasury Notes, 2.250%, 12/31/24	3.2	%
U.S. Treasury Notes, 2.625%, 2/15/29	3.2	%
U.S. Treasury Notes, 2.750%, 2/15/24	3.0	%
U.S. Treasury Notes, 1.375%, 11/15/31	2.8	%
U.S. Treasury Notes, 0.375%, 1/31/26	2.7	%
U.S. Treasury Notes, 1.500%, 8/15/26	2.6	%
U.S. Treasury Notes, 0.625%, 8/15/30	2.3	%
U.S. Treasury Bonds, 2.250%, 5/15/41	2.0	%
U.S. Treasury Notes, 2.375%, 5/15/27	2.0	%

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; however, under normal market conditions, the Fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds may constitute up to 80% of the Fund’s assets, stocks will constitute up to 70% of the Fund’s assets, real estate securities will constitute up to 25% of the Fund’s assets, foreign stocks and bonds will constitute up to 25% of the Fund’s assets and money market instruments may constitute up to 25% of the Fund’s assets. Although the Fund is permitted in invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, 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 at NAV) returned -3.53% for the period, outperforming its blended index (50% ICE Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500^®) which returned -9.47%. The Fund’s comparative Morningstar peer group, the U.S. Funds Allocation 50%-70% Equity category, averaged a -8.82% return for the period. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Asset Backed Securities	1.1	%
Collateralized Mortgage Obligations	1.6	%
Commercial Mortgage-Backed Securities	1.0	%
Common Stocks	67.6	%
Corporate Notes and Bonds	9.8	%
Foreign Corporate Bonds	0.7	%
Long Term Municipal Bonds	0.3	%
Mortgage Backed Securities	3.9	%
Short-Term Investments	2.6	%
U.S. Government and Agency Obligations	11.4	%
Net Other Assets and Liabilities	(0.0	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Bristol-Myers Squibb Co.	3.0	%
Johnson & Johnson	3.0	%
Travelers Cos., Inc.	2.9	%
CVS Health Corp.	2.7	%
Dominion Energy, Inc.	2.5	%
McDonald’s Corp.	2.4	%
Home Depot, Inc.	2.3	%
CME Group, Inc.	2.2	%
Medtronic PLC	2.2	%
Comcast Corp.	2.2	%

Madison Covered Call & Equity Income Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Covered Call & 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.

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Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

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 1.00% for the period, outperforming its covered call benchmark, the CBOE S&P 500 Buy/Write^® Index (BXM), which returned -1.81%. The Fund outperformed the Morningstar Derivative Income category’s return of -4.51%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 4/30/22
Communication Services	7.6	%
Consumer Discretionary	11.5	%
Energy	7.5	%
Exchange Traded Funds	1.2	%
Financials	8.0	%
Health Care	10.8	%
Industrials	6.8	%
Information Technology	12.6	%
Materials	3.8	%
Short-Term Investments	23.6	%
Real Estate	1.9	%
Utilities	4.7	%

TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
T-Mobile U.S., Inc.	3.5	%
Fiserv, Inc.	3.3	%
Honeywell International, Inc.	2.9	%
Las Vegas Sands Corp.	2.9	%
Barrick Gold Corp.	2.8	%
AES Corp.	2.8	%
Home Depot, Inc.	2.8	%
CVS Health Corp.	2.7	%
Visa, Inc.	2.6	%
Gilead Sciences, Inc.	2.6	%

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 30-60 securities which generally have a dividend yield of at least the S&P 500^® Index’s average yield, a strong balance sheet, a dividend that has been maintained and likely to increase and trades at a high relative dividend yield due to issues viewed by the adviser as temporary, among other characteristics.

PERFORMANCE DISCUSSION

The Madison Dividend Income Fund (Class Y) returned -0.71% for the period, outperforming its benchmark indices, the S&P 500^® Index, which returned -9.65% and the Lipper Equity Income Funds Index^®, which returned -2.34%. This performance outpaced its peer group, as the Morningstar Large Value category returned -2.33%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	6.0	%
Consumer Discretionary	7.8	%
Consumer Staples	11.1	%
Energy	6.6	%
Financials	17.1	%
Health Care	20.5	%
Industrials	10.6	%
Information Technology	9.2	%
Materials	2.7	%
Real Estate	2.3	%
Short-Term Investments	1.6	%
Utilities	3.7	%
Net Other Assets and Liabilities	0.8	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Bristol-Myers Squibb Co.	4.3	%
Johnson & Johnson	4.2	%
Travelers Cos., Inc.	4.1	%
CVS Health Corp.	3.8	%
Dominion Energy, Inc.	3.7	%
McDonald’s Corp.	3.4	%
Home Depot, Inc.	3.2	%
Medtronic PLC	3.1	%
CME Group, Inc.	3.1	%
Comcast Corp.	3.1	%

Madison Investors Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Investors Fund invests primarily in the common stocks of established, high-quality growth companies selected via bottom-up fundamental analysis. The Fund typically owns 25-40 securities which have demonstrated stable revenue and earnings growth patterns, have high profitability metrics, and have maintained proportionately low levels of debt. A rigorous analytical 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 exceeded, 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 -7.95% for the period, outperforming its benchmark, the S&P 500^® Index, which returned -9.65%. This performance outpaced its peer group, as the Morningstar Large Blend category returned -9.91%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

7 

Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	7.9	%
Consumer Discretionary	16.9	%
Financials	21.8	%
Health Care	14.1	%
Industrials	12.8	%
Information Technology	20.7	%
Short-Term Investments	6.3	%
Net Other Assets and Liabilities	(0.5	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Dollar Tree, Inc.	5.2	%
Alphabet, Inc.	4.6	%
Becton Dickinson & Co.	4.6	%
Lowe’s Cos., Inc.	4.4	%
Berkshire Hathaway, Inc.	4.2	%
Jacobs Engineering Group, Inc.	4.2	%
Novartis AG	4.1	%
Fiserv, Inc.	4.1	%
Analog Devices, Inc.	3.9	%
Marsh & McLennan Cos., Inc.	3.8	%

Sustainable Equity Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Sustainable Equity Fund invests primarily in common stocks of high-quality, large cap companies that Madison believes incorporate sustainability into their overall strategy. Under normal conditions, at least 80% of the Fund’s net assets will be invested in stocks that meet Madison’s fundamental and sustainability criteria. The Fund generally invests in 35-50 companies at any given time. The Fund’s portfolio managers define “high-quality” companies as those businesses that exhibit durable growth, operate in large growing markets, and have strong competitive advantages with high barriers to entry. Stocks that meet these criteria are selected by using an integrated research process that combines bottom-up fundamental analysis and sustainable research. The research process analyzes a company’s sustainable practices using quantitative and qualitative analysis and engagement with the company.

Madison follows a rigorous multi-step process when evaluating companies for the Fund, where Madison considers (1) the business model and overall strategy, (2) the company’s sustainable business practices starting with corporate governance, (3) the Board of Directors and the management team, and (4) the risk-reward of each potential investment. Madison seeks to purchase securities trading at a discount to their intrinsic value as determined by applying relative multiples to projected earnings, discounted cash flows, and additional valuation methodologies. Often Madison finds companies that meet our business model and sustainability criteria but not our valuation hurdle. Those companies are monitored for inclusion later when the price may be more appropriate.

Madison considers a number of sustainability metrics when reviewing a company for the portfolio, which may include, carbon footprint; waste management; water usage; diversity, equity, and inclusion; product safety; data management; board composition; ethical standards; and regulatory issues. Madison may sell stocks for several reasons, including: (i) excessive valuation, (ii) the fundamental business prospects for the company have materially changed, (iii) the company no longer meets our sustainability criteria or inconsistent or negative changes in sustainability practices or (iv) Madison finds a more attractive alternative.

The Madison Sustainable Equity Fund (Class Y) returned -13.90% for the four month period ending April, 30 2022. The Fund underperformed the benchmark, the S&P 500® Index, which returned -12.92%. The performance trailed its peer group, the Morningstar Large Blend Category, which returned -12.74%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	8.9	%
Consumer Discretionary	11.4	%
Consumer Staples	9.0	%
Financials	8.8	%
Health Care	16.5	%
Industrials	6.9	%
Information Technology	26.5	%
Materials	3.8	%
Real Estate	1.7	%
Short-Term Investments	5.8	%
Utilities	2.3	%
Net Other Assets and Liabilities	(1.6	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Microsoft Corp.	5.0	%
Alphabet, Inc.	4.8	%
Apple, Inc.	4.3	%
Costco Wholesale Corp.	4.1	%
Visa, Inc.	3.9	%
Eli Lilly & Co.	3.7	%
Danaher Corp.	3.7	%
Target Corp.	3.6	%
UnitedHealth Group, Inc.	3.4	%
Progressive Corp.	3.1	%

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 midcap 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. The Fund generally holds 25-40 individual securities in its portfolio at any given time. 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 -8.74% for the period, outperforming its benchmark Russell Midcap^® Index’s -12.54% return. The Fund also beat its peer group, the Morningstar Mid-Cap Blend category, which returned -9.66%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

8 

Madison Funds | Review of Period (unaudited) - continued | April 30, 2022 

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	5.6	%
Consumer Discretionary	16.1	%
Consumer Staples	1.0	%
Financials	30.2	%
Health Care	3.8	%
Industrials	16.1	%
Information Technology	21.1	%
Short-Term Investments	5.4	%
Net Other Assets and Liabilities	0.7	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Arch Capital Group Ltd.	6.6	%
Dollar Tree, Inc.	5.3	%
Brown & Brown, Inc.	4.5	%
Gartner, Inc.	4.3	%
Liberty Broadband Corp.	4.2	%
Progressive Corp.	4.2	%
Ross Stores, Inc.	4.0	%
Carlisle Cos., Inc.	4.0	%
Laboratory Corp. of America Holdings	3.8	%
Markel Corp.	3.6	%

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 small-cap securities.

Madison focuses on core growth strategies through bottom-up fundamental research analysis to identify stocks of businesses that are selling at what it believes are substantial discounts to prices that accurately reflect their future earnings prospects. Madison conducts extensive research on each prospective investment using a five pillar analysis process to evaluate companies as potential investments for the portfolio. Investments that meet most of the criteria are added to a list of similar companies to be monitored by Madison. Companies meeting all five pillars may be added to the portfolio. The five pillars of the analysis are: (1) strong business traits, (2) defendable market niche, (3) attractive growth potential, (4) capable management, and (5) discount to private market value. In reviewing companies, Madison applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed. As a result of employing the five pillar analysis, the Fund may hold cash opportunistically, particularly during periods of market uncertainty when investments meeting all five pillars may be difficult to identify.

PERFORMANCE DISCUSSION

The Madison Small Cap Fund (Class Y) returned -15.21% for the period, outperforming the Russell 2000^® Index’s return of -18.38% and underperforming the Russell 2500^TM Index’s return of -14.73%. The Fund lagged its peer group average, as the Morningstar Small Blend category return of -12.68%. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	6.4	%
Consumer Discretionary	4.6	%
Consumer Staples	9.8	%
Financials	9.0	%
Health Care	9.9	%
Industrials	19.6	%
Information Technology	25.8	%
Materials	9.4	%
Short-Term Investments	8.0	%
Net Other Assets and Liabilities	(2.5	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
WillScot Mobile Mini Holdings Corp.	4.2	%
Hain Celestial Group, Inc.	3.6	%
Encompass Health Corp.	3.2	%
Box, Inc.	3.0	%
Huntsman Corp.	2.5	%
Entegris, Inc.	2.4	%
PTC, Inc.	2.4	%
CommVault Systems, Inc.	2.3	%
Carlisle Cos., Inc.	2.1	%
Simply Good Foods Co.	2.1	%

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 they believe 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 the portfolio managers believe that income bearing securities have greater capital appreciation potential than equity securities. The Fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 50-70 individual securities in its portfolio at any given time.

PERFORMANCE DISCUSSION

The Madison International Stock Fund (Class A at NAV) returned -16.21% for the period, lagging its benchmark, the MSCI ACWI ex-USA Index’s (net) -11.87% return. The Fund trailed its peer group, with the Morningstar Foreign Large Blend Category averaging a -12.93% return. For more up-to-date information about the Fund, including a quarterly investment letter from the portfolio managers, please visit www.madisonfunds.com.

9 

Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Japan	13.3	%
United Kingdom	12.4	%
France	8.3	%
Germany	8.2	%
China	7.9	%
Switzerland	6.5	%
India	6.4	%
Canada	5.5	%
United States	4.0	%
Brazil	3.6	%
Mexico	3.4	%
Ireland	3.0	%
Australia	2.9	%
Netherlands	1.9	%
Singapore	1.8	%
Sweden	1.6	%
Denmark	1.5	%
Taiwan	1.5	%
Hong Kong	1.4	%
Italy	1.3	%
South Korea	1.2	%
Spain	1.2	%
Norway	1.1	%
Other Net Assets	0.1	%

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
Communication Services	4.9	%
Consumer Discretionary	11.3	%
Consumer Staples	12.4	%
Energy	5.3	%
Financials	18.7	%
Health Care	8.5	%
Industrials	11.3	%
Information Technology	16.1	%
Materials	8.9	%
Short-Term Investments	2.5	%
Net Other Assets and Liabilities	0.1	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 4/30/22
AstraZeneca PLC	4.0	%
Shell PLC	3.2	%
Larsen & Toubro Ltd.	2.7	%
Tencent Holdings Ltd.	2.4	%
Manulife Financial Corp.	2.2	%
Cameco Corp.	2.1	%
Grupo Mexico SAB de CV	2.1	%
Sony Group Corp.	2.1	%
HDFC Bank Ltd.	2.0	%
Ping An Insurance Group Co. of China Ltd.	2.0	%

10 

Madison Funds | Review of Period (unaudited) - continued | April 30, 2022

Notes to Review of Period

BENCHMARK DESCRIPTIONS

Allocation Fund Indexes*

The Conservative Allocation Fund Custom Index consists of 65% Bloomberg Barclays US Aggregate Bond Index, 24.5% Russell 3000^® Index and 10.5% MSCI ACWI ex-US Index. See market index descriptions below.

The Moderate Allocation Fund Custom Index consists of 42% Russell 3000^® Index, 40% Bloomberg Barclays US Aggregate Bond Index and 18% MSCI ACWI ex-US Index. See market index descriptions below.

The Aggressive Allocation Fund Custom Index consists of 56% Russell 3000^® Index, 24% MSCI ACWI ex-US Index and 20% Bloomberg Barclays US Aggregate Bond Index. See market index descriptions below.

Hybrid Fund Indexes*

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

Market Indexes

The CBOE S&P 500 BuyWrite^® IndexSM (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 ICE Bank of America Merrill Lynch 1-22 Year U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, their political subdivisions, in the U.S. domestic market, with a remaining term to final maturity less than 22 years.

The ICE 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 Bloomberg 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 Bloomberg 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 Lipper Equity Income Funds Index tracks the performance of funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio weight in dividend-paying equity securities. The index is composed of the 30 largest funds by asset size in the Lipper investment objective category.

THE MSCI ACWI ex-U.S. Index (net) 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 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 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the U.S. equity universe.

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.

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).

© 2022 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.

11 

Madison Funds | April 30, 2022

Madison Conservative Allocation Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 92.5%
Alternative Funds - 1.3%
Invesco Optimum Yield Diversified Commodity Strategy		41,629	$	776,381
Bond Funds - 61.8%
iShares Investment Grade Corporate Bond ETF (A)		22,785		1,188,010
Janus Henderson Mortgage-Backed Securities ETF		74,888		3,617,090
Madison Core Bond Fund, Class R6 (B)		1,620,263		15,019,840
Schwab Intermediate-Term U.S. Treasury ETF		157,462		8,148,658
Vanguard Extended Duration Treasury ETF (A)		28,059		2,969,765
Vanguard Short-Term Corporate Bond ETF (A)		70,152		5,387,674
				36,331,037
Foreign Stock Funds - 5.0%
iShares MSCI International Quality Factor ETF, Class Q		16,756		571,380
iShares MSCI United Kingdom ETF (A)		9,310		300,713
Vanguard FTSE All World ex-U.S. ETF		37,590		2,024,597
				2,896,690
Stock Funds - 24.4%
Invesco S&P 500 Quality ETF		81,462		3,776,578
iShares Core S&P Small-Cap ETF, Class E		11,478		1,141,143
iShares Core S&P U.S. Growth ETF		4,456		412,715
iShares MSCI Global Gold Miners ETF		53,069		1,501,322
Madison Dividend Income Fund, Class R6 (B)		32,481		993,586
Madison Investors Fund, Class R6 (B)		94,783		2,348,715
Schwab U.S. Dividend Equity ETF (A)		23,791		1,799,551
Vanguard Information Technology ETF (A)		6,477		2,378,354
				14,351,964
Total Investment Companies
(Cost $56,366,135)				54,356,072
SHORT-TERM INVESTMENTS - 21.1%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C)		4,254,071		4,254,071
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D)		8,133,863		8,133,863
				12,387,934
Total Short-Term Investments (Cost $12,387,934)				12,387,934
TOTAL INVESTMENTS - 113.6% (Cost $68,754,069**)				66,744,006
NET OTHER ASSETS AND LIABILITIES -
(13.6%)				(7,981,975	)
TOTAL NET ASSETS - 100.0%			$	58,762,031

** Aggregate cost for Federal tax purposes was $68,791,377.

(A) All or a portion of these securities, with an aggregate fair value of $9,667,392, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.

(B) Affiliated Company (see Note 14).

(C) 7-day yield.

(D) Represents investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

Madison Moderate Allocation Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 92.0%
Alternative Funds - 2.0%
Invesco Optimum Yield Diversified
Commodity Strategy		123,272	$	2,299,023
Bond Funds - 38.4%
iShares Investment Grade Corporate Bond ETF		34,028		1,774,220
Janus Henderson Mortgage-Backed
Securities ETF		87,394		4,221,130
Madison Core Bond Fund, Class R6 (A)		1,937,122		17,957,117
Schwab Intermediate-Term U.S. Treasury ETF		204,327		10,573,922
Vanguard Extended Duration Treasury ETF		36,318		3,843,897
Vanguard Short-Term Corporate Bond ETF (B)		79,213		6,083,559
				44,453,845
Foreign Stock Funds - 8.7%
iShares MSCI International Quality Factor ETF, Class Q		58,171		1,983,631
iShares MSCI United Kingdom ETF		36,944		1,193,291
Vanguard FTSE All World ex-U.S. ETF		127,452		6,864,565
				10,041,487
Stock Funds - 42.9%
Invesco S&P 500 Quality ETF		249,403		11,562,323
iShares Core S&P Small-Cap ETF, Class E		48,795		4,851,199
iShares Core S&P U.S. Growth ETF		17,884		1,656,416
iShares MSCI Global Gold Miners ETF		195,552		5,532,166
Madison Dividend Income Fund, Class R6 (A)		103,553		3,167,699
Madison Investors Fund, Class R6 (A)		391,981		9,713,298
Schwab U.S. Dividend Equity ETF (B)		66,144		5,003,132
Vanguard Information Technology ETF		22,403		8,226,382
				49,712,615
Total Investment Companies
(Cost $106,624,074)				106,506,970
SHORT-TERM INVESTMENTS - 14.2%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C)		9,375,243		9,375,243
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D)		7,132,475		7,132,475
Total Short-Term Investments (Cost $16,507,718)				16,507,718
TOTAL INVESTMENTS - 106.2% (Cost $123,131,792**)				123,014,688
NET OTHER ASSETS AND LIABILITIES
-(6.2%)				(7,232,777	)
TOTAL NET ASSETS - 100.0%			$	115,781,911

** Aggregate cost for Federal tax purposes was $123,294,234.

(A) Affiliated Company (see Note 14).

(B) All or a portion of these securities, with an aggregate fair value of $10,497,107, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.

(C) 7-day yield.

(D) Represents investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

See accompanying Notes to Financial Statements.

12 

Madison Funds | April 30, 2022

Madison Aggressive Allocation Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 92.7%
Alternative Funds - 2.8%
Invesco Optimum Yield Diversified Commodity Strategy		90,130	$	1,680,924
Bond Funds - 20.1%
iShares Investment Grade Corporate Bond ETF		8,866		462,273
Janus Henderson Mortgage-Backed Securities ETF		19,412		937,600
Madison Core Bond Fund, Class R6 (A)		519,794		4,818,488
Schwab Intermediate-Term U.S. Treasury ETF		64,306		3,327,836
Vanguard Extended Duration Treasury ETF		8,538		903,662
Vanguard Short-Term Corporate Bond ETF (B)		20,724		1,591,603
				12,041,462
Foreign Stock Funds - 12.0%
iShares MSCI International Quality Factor ETF, Class Q		47,893		1,633,151
iShares MSCI United Kingdom ETF		33,066		1,068,032
Vanguard FTSE All World ex-U.S. ETF		83,731		4,509,752
				7,210,935
Stock Funds - 57.8%
Invesco S&P 500 Quality ETF		155,109		7,190,853
iShares Core S&P Small-Cap ETF, Class E		33,011		3,281,954
iShares Core S&P U.S. Growth ETF		17,198		1,592,879
iShares MSCI Global Gold Miners ETF (B)		137,911		3,901,502
Madison Dividend Income Fund, Class R6 (A)		78,223		2,392,852
Madison Investors Fund, Class R6 (A)		288,444		7,147,651
Schwab U.S. Dividend Equity ETF (B)		42,712		3,230,736
Vanguard Information Technology ETF (B)		15,995		5,873,364
				34,611,791
Total Investment Companies (Cost $54,560,891)				55,545,112
SHORT-TERM INVESTMENTS - 18.8%
Short-Term Investments - 18.8%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C)		4,397,350		4,397,350
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D)		6,844,441		6,844,441
				11,241,791
Total Short-Term Investments (Cost $11,241,791)				11,241,791
TOTAL INVESTMENTS - 111.5% (Cost $65,802,682**)				66,786,903
NET OTHER ASSETS AND LIABILITIES - (11.5%)				(6,910,844	)
TOTAL NET ASSETS - 100.0%			$	59,876,059

** Aggregate cost for Federal tax purposes was $65,868,913.

(A) Affiliated Company (see Note 14).

(B) All or a portion of these securities, with an aggregate fair value of $6,507,938, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.

(C) 7-day yield.

(D) Represents investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

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

	Par Value		Value (Note 2,3)
MUNICIPAL BONDS - 95.4%
Airport - 2.7%
Metropolitan Washington Airports Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43	$	500,000	$	533,093
Development - 6.7%
Fairfax County Economic Development Authority, Series A, (Prerefunded 10/1/24 @ $100), 5%, 10/1/26		150,000		159,057
Loudoun County Economic Development Authority, Series A, 5%, 12/1/25		125,000		135,525
Loudoun County Economic Development Authority, Series A, 5%, 12/1/30		165,000		190,907
Manassas Park Economic Development Authority, 5%, 12/15/28		200,000		224,992
Manassas Park Economic Development Authority, 3%, 12/15/44		345,000		293,260
Virginia Small Business Financing Authority, 5%, 11/1/25		265,000		287,315
				1,291,056
Education - 9.4%
Campbell County Industrial Development Authority, 3%, 6/1/48		415,000		342,180
Richmond, Series A, (ST AID WITHHLDG), 3%, 7/15/34		435,000		423,632
Virginia College Building Authority, Series E, 5%, 2/1/23		500,000		511,908
Virginia College Building Authority, Series A, 5%, 9/1/34		125,000		140,813
Virginia Commonwealth University, Series A, 5%, 5/1/26		385,000		394,755
				1,813,288
Facilities - 6.8%
Henry County Industrial Development Authority, 4.125%, 11/1/50		250,000		251,121
New River Valley Regional Jail Authority, 5%, 10/1/25		100,000		107,660
Prince Edward County Industrial Development Authority, 5%, 9/1/32		405,000		447,059
Western Regional Jail Authority, 3.125%, 12/1/29		255,000		256,224
Western Regional Jail Authority, (Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29		245,000		249,672
				1,311,736
General - 11.6%
Chesterfield County Economic Development Authority Revenue, Series B, 3%, 4/1/38		285,000		259,581
James City County Economic Development Authority, 5%, 6/15/30		500,000		565,274
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30		250,000		253,685
Virginia Public Building Authority, Series A, 5%, 8/1/31		110,000		125,663
Virginia Public Building Authority, Series B, 5%, 8/1/25		235,000		252,739
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32		250,000		262,363
Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23		5,000		5,012
Virginia Resources Authority, Series C, 5%, 11/1/30		250,000		279,632
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34		125,000		130,228
Wise County Industrial Development Authority, 5%, 11/1/22		100,000		101,617
				2,235,794
General Obligation - 22.3%
Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/27		150,000		164,843
Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/28		100,000		111,895
Arlington County, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27		175,000		185,268
Arlington County, Series A, (Prerefunded 8/15/26 @ $100) (A), 5%, 8/15/30		600,000		661,712
Commonwealth of Virginia, Series A, 5%, 6/1/23		500,000		515,679
Danville, Series A, (ST AID WITHHLDG), 5%, 8/1/23		190,000		196,694
Fairfax County, Series B, (ST AID WITHHLDG), 4%, 10/1/22		250,000		252,703
Fairfax County, Series A, (ST AID WITHHLDG), 5%, 10/1/26		410,000		452,662
Leesburg, (ST AID WITHHLDG), 5%, 1/15/25		90,000		96,256
Norfolk, (Prerefunded 8/1/28 @ $100), (ST AID WITHHLDG), 5%, 8/1/47		455,000		517,828
Poquoson, (ST AID WITHHLDG), 4%, 2/15/29		425,000		456,542
Portsmouth, Series A, (Prerefunded 2/1/23 @ $100), (ST AID WITHHLDG), 5%, 2/1/31		75,000		76,775
Spotsylvania County, (ST AID WITHHLDG), 5%, 1/15/24		200,000		209,335
Suffolk, 5%, 2/1/29		100,000		113,375
Virginia Beach, Series A, 4%, 8/1/22		300,000		302,038
				4,313,605
Medical - 4.0%
Norfolk Economic Development Authority, Series B, 5%, 11/1/36		480,000		487,380
Stafford County Economic Development Authority Revenue, 5%, 6/15/25		260,000		278,363
				765,743
Multifamily Housing - 1.0%
Virginia Housing Development Authority, Series K, (GNMA/FNMA/FHLMC COLL), 2.125%, 12/1/36		245,000		201,499

See accompanying Notes to Financial Statements.

13 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
Power - 1.6%
Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24		290,000	$	301,515
Transportation - 13.8%
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37		170,000		192,199
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42		470,000		513,674
Northern Virginia Transportation Authority, 5%, 6/1/30		780,000		820,004
Richmond Metropolitan Transportation Authority, (NATL-RE), 5.25%, 7/15/22		25,000		25,169
Virginia Commonwealth Transportation Board, 5%, 5/15/22		100,000		100,129
Virginia Commonwealth Transportation Board, Series B, (Prerefunded 9/15/22 @ $100), 5%, 3/15/25		535,000		542,035
Virginia Commonwealth Transportation Board, 5%, 5/15/26		220,000		240,770
Virginia Commonwealth Transportation Board, 5%, 9/15/27		200,000		223,295
				2,657,275
Utilities - 1.6%
Richmond Public Utility Revenue, Series A,
(Prerefunded 1/15/23 @ $100), 5%, 1/15/38		300,000		306,728
Water - 13.9%
Fairfax County Water Authority, Series B, 5.25%, 4/1/23		180,000		185,470
Fairfax Sewer Revenue County, Series A, 4%, 7/15/41		210,000		221,506
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35		410,000		459,808
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36		250,000		280,371
Henrico Water & Sewer Revenue County, (Prerefunded 5/1/26 @ $100), 5%, 5/1/27		150,000		163,926
Henrico Water & Sewer Revenue County, 4%, 5/1/32		500,000		531,076
Prince William County Service Authority, 5%, 7/1/22		250,000		251,527
Upper Occoquan Sewage Authority, 3%, 7/1/46		300,000		266,618
Upper Occoquan Sewage Authority, 3%, 7/1/49		380,000		328,848
				2,689,150
TOTAL INVESTMENTS - 95.4% (Cost $18,942,434**)				18,420,482
NET OTHER ASSETS AND LIABILITIES - 4.6%				884,203
TOTAL NET ASSETS - 100.0%			$	19,304,685

**	Aggregate cost for Federal tax purposes was $18,942,434.
(A)	Restricted. The aggregate cost of such securities is $681,859. The aggregate value is $661,712, representing 3.4% of net assets.
AMT	Automated Manual Transmission.
BHAC-CR	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp or Freddie Mac.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
MBIA	MBIA Insurance Corp.
MORAL OBLG	Moral Obligation.
NATL-RE	National Public Finance Guarantee Corp.
ST AID WITHHLDG	State Aid Withholding.

Madison Tax-Free National Fund Portfolio of Investments

	Par Value		Value (Note 2,3)
MUNICIPAL BONDS - 98.0%
Alabama - 7.0%
Butler County Board of Education, (AGM), (Prerefunded 1/1/25 @ $100), 5%, 7/1/37	$	235,000	$	250,724
Mobile County, General Obligation, 5%, 2/1/39		610,000		697,642
Pike Road, Authority Revenue, 4%, 9/1/31		170,000		177,269
UAB Medicine Finance Authority Revenue, Series B, 5%, 9/1/27		150,000		167,221
				1,292,856
Arkansas - 1.0%
Arkansas Development Finance Authority, 5%, 2/1/26		175,000		188,457
California - 0.7%
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5%, 7/1/40		120,000		131,095
Colorado - 3.8%
Colorado Springs Utilities System Revenue, Series A, 4%, 11/15/40		250,000		261,156
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27		400,000		445,290
				706,446
Florida - 4.4%
Orlando Utilities Commission, Series C, 5%, 10/1/22		525,000		532,667
Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26		250,000		269,482
				802,149
Georgia - 2.4%
Americus-Sumter Payroll Development Authority, Series A, 3.25%, 6/1/33		150,000		150,182
Atlanta Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43		275,000		295,137
				445,319
Hawaii - 2.6%
Hawaii, General Obligation, Series EY, 5%, 10/1/25		435,000		470,539
Idaho - 2.8%
Idaho Health Facilities Authority, Series A, 5%, 3/1/34		500,000		520,489
Illinois - 8.7%
Cook County School District No. 111, General Obligation, (BAM), 5%, 12/1/35		545,000		606,707
Du Page County School District No. 45, General Obligation, 4%, 1/1/26		460,000		480,260
Palatine Village, General Obligation, 2%, 12/1/28		175,000		158,340
Sales Tax Securitization Corp., Series C, 5%, 1/1/27		140,000		151,725
Sangamon County School District No. 186 Springfield, Series C, (AGM), 4%, 6/1/23		200,000		203,721
				1,600,753
Indiana - 6.1%
Indianapolis Local Public Improvement Bond Bank Revenue, Series C, 5%, 2/1/24		275,000		288,052
Lincoln Center Building Corp., 4%, 8/1/28		285,000		297,143
Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26		500,000		539,556
				1,124,751
Kansas - 4.2%
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24		220,000		227,713
Wichita, General Obligation, Series 816, 5%, 12/1/24		510,000		544,150
				771,863
Kentucky - 2.6%
Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33		445,000		470,476
Michigan - 0.6%
Redford Unified School District No. 1, General Obligation, (Q-SBLF), 5%, 5/1/22		110,000		110,000
Mississippi - 2.8%
Medical Center Educational Building Corp., Series A, 5%, 6/1/30		475,000		520,302
Missouri - 2.3%
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25		400,000		428,859
Montana - 1.7%
Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25		300,000		311,678
New Jersey - 6.5%
New Jersey Economic Development Authority Revenue, Series NN, 5%, 3/1/26		450,000		458,372

See accompanying Notes to Financial Statements.

14 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28		250,000	$	285,505
New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29		250,000		289,247
Union County Improvement Authority, Series A, 4%, 2/1/25		150,000		154,255
				1,187,379
New Mexico - 1.1%
Otero County, (BAM), 4%, 12/1/28		195,000		204,685
New York - 4.4%
Brookhaven Local Development Corp., 5%, 11/1/24		110,000		115,945
New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31		250,000		287,932
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28		370,000		402,348
				806,225
North Carolina - 1.6%
Cary Combined Utility Systems Revenue, (Prerefunded 12/1/22 @ $100), 5%, 12/1/23		285,000		290,514
Ohio - 2.8%
Cleveland-Cuyahoga County Port Authority (A), 5%, 7/1/24		500,000		524,631
Oklahoma - 4.6%
Elk City Industrial Authority, 4%, 5/1/30		435,000		452,899
Tulsa County Industrial Authority, 3%, 2/1/31		400,000		386,879
				839,778
Pennsylvania - 3.6%
Commonwealth Financing Authority Revenue, Series A, 5%, 6/1/35		370,000		393,697
Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26		250,000		259,939
				653,636
Tennessee - 0.7%
Decatur Water & Sewer Revenue, 3%, 6/1/24		120,000		121,250
Texas - 8.1%
Austin, General Obligation, 5%, 9/1/26		550,000		592,659
Center, General Obligation, 3%, 8/15/34		410,000		389,713
Harris County Toll Road Authority, 4%, 8/15/38		300,000		309,046
San Jacinto River Authority, (BAM), 4%, 10/1/23		200,000		204,282
				1,495,700
Utah - 1.8%
Utah Transit Authority, Series A, (BHAC-CR), 5%, 6/15/35		280,000		326,141
Virginia - 3.0%
Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34		250,000		276,041
Western Regional Jail Authority, 5%, 12/1/34		250,000		273,889
				549,930
Washington - 1.2%
Washington, General Obligation, Series E, 5%, 2/1/29		205,000		213,796
West Virginia - 2.7%
West Virginia Economic Development Authority, Series A, 5%, 7/1/37		450,000		496,582
Wisconsin - 2.2%
Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35		400,000		401,846
TOTAL INVESTMENTS - 98.0%
(Cost $18,353,340**)				18,008,125
NET OTHER ASSETS AND LIABILITIES - 2.0%				366,007
TOTAL NET ASSETS - 100.0%			$	18,374,132

**	Aggregate cost for Federal tax purposes was $18,353,340.
(A)	Restricted. The aggregate cost of such securities is $524,371. The aggregate value is $524,631, representing 2.9% of net assets.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Mutual Assurance Co.
BHAC-CR	Berkshire Hathaway Assurance Corp.
GO of AUTH	General Obligation of the Authority.
Q-SBLF	Qualified School Board Loan Fund.
ST AID DIR DEP	State Aid Direct Deposit.
ST AID WITHHLDG	State Aid Withholding.
ST INTERCEPT	State Intercept.

See accompanying Notes to Financial Statements.

15 

Madison Funds | April 30, 2022

Madison High Quality Bond Fund Portfolio of Investments (unaudited)

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - 37.3%
Communication Services - 2.7%
Comcast Corp., Series A, 3.15%, 3/1/26	$	1,000,000	$	982,923
Walt Disney Co., 3.8%, 3/22/30		1,500,000		1,472,926
				2,455,849
Consumer Discretionary - 4.6%
Costco Wholesale Corp., 1.375%, 6/20/27		1,250,000		1,128,703
Cummins, Inc., 1.5%, 9/1/30		1,000,000		818,092
Home Depot, Inc., 2.7%, 4/15/30		1,500,000		1,371,194
NIKE, Inc., 2.75%, 3/27/27		1,000,000		966,255
				4,284,244
Consumer Staples - 5.7%
Coca-Cola Co. (A), 1%, 3/15/28		1,350,000		1,170,362
Hershey Co., 1.7%, 6/1/30		1,300,000		1,104,757
Kimberly-Clark Corp., 1.05%, 9/15/27		1,500,000		1,317,003
PepsiCo, Inc. (A), 2.75%, 3/19/30		1,750,000		1,620,187
				5,212,309
Financials - 17.7%
Bank of America Corp. (3 mo. USD LIBOR + 0.930%) (B), 2.816%, 7/21/23		625,000		624,943
Bank of America Corp. (SOFR + 1.010%) (B), 1.197%, 10/24/26		1,500,000		1,354,420
Bank of New York Mellon Corp. (A), 2.2%, 8/16/23		1,350,000		1,338,782
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32		1,000,000		906,274
BlackRock, Inc. (A), 3.5%, 3/18/24		1,000,000		1,009,351
Charles Schwab Corp. (A), 0.9%, 3/11/26		1,250,000		1,134,368
Huntington National Bank, 3.55%, 10/6/23		1,250,000		1,257,444
JPMorgan Chase & Co. (3 mo. USD LIBOR + 1.155%) (B), 3.22%, 3/1/25		1,500,000		1,487,259
Mastercard, Inc., 3.3%, 3/26/27		1,000,000		993,463
Public Storage, 1.95%, 11/9/28		1,332,000		1,184,863
State Street Corp. (SOFR + 0.940%) (A) (B), 2.354%, 11/1/25		1,500,000		1,456,688
Truist Financial Corp. (A), 2.85%, 10/26/24		1,250,000		1,236,071
Truist Financial Corp., 1.95%, 6/5/30		1,000,000		856,298
Wells Fargo & Co. (SOFR + 1.087%) (B), 2.406%, 10/30/25		1,450,000		1,393,282
				16,233,506
Health Care - 1.3%
UnitedHealth Group, Inc. (A), 2.875%, 3/15/23		1,200,000		1,207,320
Industrials - 1.0%
Emerson Electric Co. (A), 2%, 12/21/28		1,000,000		895,005
Information Technology - 3.8%
Apple, Inc., 2.4%, 5/3/23		1,000,000		1,001,089
Salesforce, Inc., 3.25%, 4/11/23		1,300,000		1,309,128
Texas Instruments, Inc., 1.375%, 3/12/25		1,250,000		1,188,484
				3,498,701
Utilities - 0.5%
National Rural Utilities Cooperative Finance Corp. (A), 1%, 6/15/26		500,000		448,731
Total Corporate Notes and Bonds (Cost $36,843,830)				34,235,665
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 61.4%
Fannie Mae - 8.1%
0.500%, 11/7/25		2,250,000		2,067,689
2.125%, 4/24/26		3,125,000		3,030,010
0.750%, 10/8/27		2,600,000		2,314,352
				7,412,051
Freddie Mac - 5.7%
0.375%, 4/20/23		3,000,000		2,948,874
0.375%, 7/21/25		2,500,000		2,307,581
				5,256,455
U.S. Treasury Notes - 47.6%
1.625%, 5/31/23		1,000,000		993,555
2.500%, 8/15/23		2,500,000		2,503,418
0.125%, 10/15/23		1,250,000		1,208,105
2.750%, 11/15/23		2,000,000		2,006,250
2.125%, 2/29/24		2,000,000		1,981,484
1.750%, 6/30/24		2,000,000		1,957,656
2.375%, 8/15/24		2,500,000		2,475,586
1.250%, 8/31/24		2,250,000		2,171,602
0.375%, 9/15/24		3,000,000		2,832,539
2.250%, 11/15/24		2,500,000		2,463,281
2.125%, 5/15/25		2,500,000		2,444,434
0.250%, 10/31/25		2,500,000		2,279,199
0.375%, 1/31/26		2,500,000		2,274,023
1.625%, 5/15/26		2,000,000		1,900,625
1.500%, 8/15/26		2,500,000		2,354,688
0.625%, 3/31/27		2,750,000		2,462,754
2.375%, 5/15/27		2,000,000		1,948,203
2.250%, 11/15/27		2,500,000		2,411,133
1.875%, 2/28/29		3,000,000		2,804,531
1.375%, 11/15/31		2,500,000		2,186,328
				43,659,394
Total U.S. Government and Agency Obligations (Cost $59,363,061)				56,327,900

	Shares
SHORT-TERM INVESTMENTS - 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D)		1,801,705		1,801,705
Total Short-Term Investments (Cost $1,801,705)				1,801,705
TOTAL INVESTMENTS - 100.7% (Cost $98,008,596**)				92,365,270
NET OTHER ASSETS AND LIABILITIES - (0.7%)				(606,151	)
TOTAL NET ASSETS - 100.0%			$	91,759,119

**	Aggregate cost for Federal tax purposes was $98,054,607.
(A)	All or a portion of these securities, with an aggregate fair value of $1,761,723, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.
(B)	Floating rate or variable rate note. Rate shown is as of April 30, 2022.
(C)	7-day yield.
(D)	Represents investments of cash collateral received in connection with securities lending.
LIBOR	London Interbank Offered Rate.
SOFR	Secured Overnight Financing Rate.
USD	United States Dollar.

See accompanying Notes to Financial Statements.

16 

Madison Funds | April 30, 2022

Madison Core Bond Fund Portfolio of Investments (unaudited)

	Par Value		Value (Note 2,3)
ASSET BACKED SECURITIES - 6.1%
Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, 10/18/24	$	750,000	$	754,556
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27		343,569		339,322
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31		100,000		100,079
Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32		104,577		103,826
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		385,000		387,158
Dell Equipment Finance Trust, Series 2020-2, Class A2 (A), 0.47%, 10/24/22		35,934		35,911
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		123,465		123,573
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		577,715		565,185
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		136,935		136,916
Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.03%, 1/20/28		1,000,000		990,489
GM Financial Consumer Automobile
Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24		500,000		501,590
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25		1,000,000		985,522
JPMorgan Chase Bank NA, Series 2020- 1, Class B (A), 0.991%, 1/25/28		423,340		419,011
JPMorgan Chase Bank NA, Series 2020- 2, Class B (A), 0.84%, 2/25/28		665,526		655,080
JPMorgan Chase Bank NA, Series 2021- 1, Class B (A), 0.875%, 9/25/28		592,959		580,483
JPMorgan Chase Bank NA, Series 2021- 2, Class B (A), 0.889%, 12/26/28		520,686		508,988
JPMorgan Chase Bank NA, Series 2021- 3, Class C (A), 0.86%, 2/26/29		595,982		576,239
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26		533,168		520,477
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		409,876		408,716
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		500,000		488,050
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26		1,350,000		1,351,339
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		350,000		347,857
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28		288,374		288,666
Total Asset Backed Securities (Cost $11,422,937)				11,169,033
COLLATERALIZED MORTGAGE
OBLIGATIONS - 6.8%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B) , 2.879%, 7/25/49		183,185		179,979
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55		182,328		177,251
CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51		567,649		534,742
Federal Home Loan Mortgage Corp.
REMICS, Series 4066, Class DI, IO, 3%, 6/15/27		760,046		37,717
Federal Home Loan Mortgage Corp.
STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 1.039%, 10/25/33		703,824		696,718
Federal Home Loan Mortgage Corp.
STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (D), 0.939%, 1/25/34		14,266		14,244
Federal National Mortgage Association
Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (D), 1.289%, 12/25/41		427,455		422,530
Federal National Mortgage Association
REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30		674,457		60,286
Federal National Mortgage Association
REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		358,428		357,469
Federal National Mortgage Association
REMICS, Series 2011-36, Class QB, 4%, 5/25/31		460,410		465,882
Federal National Mortgage Association
REMICS, Series 2001-73, Class GZ, 6%, 12/25/31		112,987		119,540
Federal National Mortgage Association
REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		89,425		96,114
Federal National Mortgage Association
REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35		2,938,787		494,430
Federal National Mortgage Association
REMICS, Series 2016-21, Class BA, 3%, 3/25/42		81,069		81,094
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41		642,077		599,637
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66		961,242		915,816
Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44		100,587		1,920
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (C) (D), 2.5%, 5/25/51		539,760		477,892
JPMorgan Mortgage Trust, Series 2019- 5, Class A3 (A) (C) (D), 4%, 11/25/49		38,832		38,397
JPMorgan Mortgage Trust, Series 2019- 7, Class A3 (A) (C) (D), 3.5%, 2/25/50		111,305		106,870
JPMorgan Mortgage Trust, Series 2021- 1, Class A3 (A) (C) (D), 2.5%, 6/25/51		719,987		634,826
JPMorgan Mortgage Trust, Series 2021- 3, Class A3 (A) (C) (D), 2.5%, 7/25/51		934,111		825,767
JPMorgan Mortgage Trust, Series 2021- 6, Class A4 (A) (C) (D), 2.5%, 10/25/51		830,641		769,057
JPMorgan Mortgage Trust, Series 2021- 14, Class A4 (A) (C) (D), 2.5%, 5/25/52		927,372		855,265
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50		155,329		144,570
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49		14,387		14,327
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50		143,345		140,234
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51		966,523		894,864
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51		717,965		663,388
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (C) (D), 2.5%, 1/25/52		492,099		453,462
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43		325,633		307,355
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63		233,521		223,996
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49		18,105		17,964
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (C) (D), 2.5%, 9/25/51		703,184		620,011
Total Collateralized Mortgage Obligations (Cost $13,745,488)				12,443,614
COMMERCIAL MORTGAGE-BACKED
SECURITIES - 3.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25		281,067		279,018
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.653%, 8/25/26		1,000,000		977,840
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.427%, 9/25/26		15,295,643		175,820
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		1,000,000		998,139
Federal National Mortgage Association- Aces, Series 2017-M15, Class ATS2 (C) (D), 3.209%, 11/25/27		850,941		840,250
FREMF Mortgage Trust, Series 2013- K33, Class B (A) (C) (D), 3.611%, 8/25/46		900,000		898,828
FREMF Mortgage Trust, Series 2015- K721, Class B (A) (C) (D), 3.708%, 11/25/47		850,000		852,350
FREMF Mortgage Trust, Series 2015- K44, Class B, (A) (C) (D), 3.795%, 1/25/48		750,000		739,631
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36		722,000		-
Total Commercial Mortgage- Backed Securities (Cost $5,907,805)				5,761,876

See accompanying Notes to Financial Statements.

17 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - 31.7%
Communication Services - 3.2%
AT&T, Inc., 2.25%, 2/1/32		500,000	$	416,698
AT&T, Inc., 4.75%, 5/15/46		500,000		496,861
CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30		300,000		267,072
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25		500,000		509,130
Diamond Sports Group LLC/Diamond Sports Finance Co., Series AI, 5.375%, 8/15/26		100,000		36,500
Discovery Communications LLC, 5%, 9/20/37		500,000		472,215
eBay, Inc., 1.9%, 3/11/25		325,000		309,593
Expedia Group, Inc., 3.25%, 2/15/30		500,000		446,481
Hughes Satellite Systems Corp., 5.25%, 8/1/26		200,000		194,500
Magallanes, Inc. (A), 5.141%, 3/15/52		500,000		448,819
Magallanes, Inc. (A), 5.391%, 3/15/62		250,000		222,605
Netflix, Inc., 6.375%, 5/15/29		250,000		265,000
T-Mobile USA, Inc., 2.625%, 4/15/26		400,000		372,000
VeriSign, Inc., 2.7%, 6/15/31		500,000		432,314
Verizon Communications, Inc., 4.4%, 11/1/34		500,000		493,267
Verizon Communications, Inc., 3.4%, 3/22/41		500,000		421,297
				5,804,352
Consumer Discretionary - 2.4%
7-Eleven, Inc. (A), 1.8%, 2/10/31		400,000		323,784
7-Eleven, Inc. (A), 2.5%, 2/10/41		250,000		180,217
Advance Auto Parts, Inc., 1.75%, 10/1/27		250,000		219,390
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26		350,000
				346,937
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25		350,000		357,108
Home Depot, Inc., 3.35%, 4/15/50		250,000		210,704
Lowe’s Cos., Inc., 3%, 10/15/50		500,000		371,462
Lowe’s Cos., Inc., 4.25%, 4/1/52		750,000		676,169
McDonald’s Corp., 2.125%, 3/1/30		250,000		216,681
QVC, Inc., 4.75%, 2/15/27		250,000		224,123
Southwest Airlines Co., 5.25%, 5/4/25		350,000		361,992
Southwest Airlines Co., 5.125%, 6/15/27		500,000		518,790
Tractor Supply Co., 1.75%, 11/1/30		550,000		446,405
				4,453,762
Consumer Staples - 1.6%
Bunge Ltd. Finance Corp., 1.63%, 8/17/25		500,000		465,116
Conagra Brands, Inc., 0.5%, 8/11/23		600,000		580,364
General Mills, Inc., 2.875%, 4/15/30		200,000		181,765
Hormel Foods Corp., 1.8%, 6/11/30		200,000		169,566
Keurig Dr Pepper, Inc., 3.8%, 5/1/50		300,000		252,625
Mars, Inc. (A), 3.875%, 4/1/39		400,000		370,960
Mars, Inc. (A), 2.375%, 7/16/40		350,000		263,547
Performance Food Group, Inc. (A), 5.5%, 10/15/27		325,000		314,805
Sysco Corp., 5.95%, 4/1/30		199,000		217,055
				2,815,803
Energy - 3.3%
Boardwalk Pipelines LP, 4.45%, 7/15/27		400,000		396,485
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29		350,000		319,046
Energy Transfer LP, 5.25%, 4/15/29		275,000		279,569
EnLink Midstream Partners LP, 5.45%, 6/1/47		400,000		324,000
Enterprise Products Operating LLC, 3.75%, 2/15/25		500,000		501,086
Kinder Morgan, Inc., 5.55%, 6/1/45		400,000		403,109
Marathon Petroleum Corp., 4.7%, 5/1/25		275,000		279,243
Marathon Petroleum Corp., 3.8%, 4/1/28		600,000		577,743
MPLX LP, 2.65%, 8/15/30		350,000		302,396
ONEOK, Inc., 5.85%, 1/15/26		150,000		158,073
Phillips 66, 0.9%, 2/15/24		500,000		480,281
Phillips 66, 2.15%, 12/15/30		500,000		420,487
Pioneer Natural Resources Co., 2.15%, 1/15/31		375,000		316,660
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30		150,000		148,989
Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27		300,000		301,497
Valero Energy Corp., 6.625%, 6/15/37		500,000		570,169
Valero Energy Corp., 4%, 6/1/52		175,000		145,926
				5,924,759
Financials - 10.1%
Air Lease Corp., 2.875%, 1/15/26		500,000		468,019
Air Lease Corp., 1.875%, 8/15/26		250,000		222,747
Ally Financial, Inc., Series B, (5 yr. CMT + 3.868%) (D), 4.7%, 5/15/26		250,000		215,875
American International Group, Inc., 4.75%, 4/1/48		150,000		154,210
Athene Global Funding (A), 1.45%, 1/8/26		500,000		453,667
Bank of America Corp., Series N, (SOFR + 0.910%) (D), 1.658%, 3/11/27		400,000		362,488
Bank of America Corp., (5 yr. CMT + 2.000%) (D), 3.846%, 3/8/37		350,000		311,815
Bank of New York Mellon Corp., Series I, (5 yr. CMT + 2.630%) (D), 3.75%, 12/20/26		400,000		356,000
Belrose Funding Trust (A), 2.33%, 8/15/30		350,000		291,873
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32		500,000		453,137
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52		350,000		312,511
BlackRock, Inc. (E), 2.1%, 2/25/32		350,000		296,138
Bread Financial Holdings, Inc. (A) (F), 4.75%, 12/15/24		500,000		485,000
Capital One Financial Corp., Series M, (5 yr. CMT + 3.157%) (D) (E), 3.95%, 9/1/26		350,000		303,625
Capital One Financial Corp., (SOFR + 1.790%) (D), 3.273%, 3/1/30		350,000		318,478
Cboe Global Markets, Inc., 3.65%, 1/12/27		225,000		224,046
Charles Schwab Corp., Series H, (10 yr. CMT + 3.079%) (D), 4%, 12/1/30		550,000		466,191
Credit Acceptance Corp. (A), 5.125%, 12/31/24		155,000		153,142
Empower Finance LP (A), 3.075%, 9/17/51		350,000		268,827
Fifth Third Bancorp (E), 2.55%, 5/5/27		350,000		327,840
Fifth Third Bancorp, 4.337%, 4/25/33		350,000		348,614
Five Corners Funding Trust II (A), 2.85%, 5/15/30		250,000		221,620
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32		400,000		336,532
Goldman Sachs BDC, Inc. (E), 2.875%, 1/15/26		400,000		378,509
Goldman Sachs Group, Inc. (SOFR + 0.913%) (D), 1.948%, 10/21/27		500,000		449,427
Huntington Bancshares, Inc. (5 yr. CMT + 1.170%) (A) (D), 2.487%, 8/15/36		700,000		580,064
Huntington National Bank, 3.55%, 10/6/23		500,000		502,978
Intercontinental Exchange, Inc. (E), 3.75%, 9/21/28		250,000		246,164
Iron Mountain, Inc. (A), 4.5%, 2/15/31		275,000		235,639
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31		450,000		370,434
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (D) (E), 4%, 4/1/25		600,000		557,316
JPMorgan Chase & Co. (3 mo. USD SOFR + 0.695%) (D), 1.04%, 2/4/27		650,000		579,230
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50		250,000		198,653
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60		150,000		121,925
M&T Bank Corp., 3.55%, 7/26/23		250,000		251,131
MetLife, Inc., Series G, (5 yr. CMT + 3.576%) (D) (E), 3.85%, 9/15/25		350,000		335,583
Morgan Stanley, (SOFR + 1.990%) (D), 2.188%, 4/28/26		175,000		165,137
Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32		500,000		403,266
MPT Operating Partnership LP/MPT Finance Corp., 5%, 10/15/27		250,000		239,878
NASDAQ, Inc., 1.65%, 1/15/31		750,000		603,100
Old Republic International Corp., 3.85%, 6/11/51		300,000		245,423
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		250,000		209,515
PNC Bank NA, 2.7%, 10/22/29		250,000		224,474
Prudential Financial, Inc.(5 yr. CMT + 3.035%) (D), 3.7%, 10/1/50		250,000		218,943
Public Storage, 1.95%, 11/9/28		250,000		222,384
Regions Financial Corp. (E), 1.8%, 8/12/28		500,000		434,957
SBA Communications Corp., 3.875%, 2/15/27		350,000		332,220
State Street Corp. (SOFR + 1.490%) (D), 3.031%, 11/1/34		250,000		228,218

See accompanying Notes to Financial Statements.

18 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
STORE Capital Corp., 4.5%, 3/15/28		500,000	$	501,686
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50		300,000		241,146
Truist Bank, 2.25%, 3/11/30		325,000		281,160
Truist Financial Corp., (SOFR + 0.609%) (D), 1.267%, 3/2/27		500,000		454,678
Wells Fargo & Co., (SOFR + 2.000%) (D), 2.188%, 4/30/26		350,000		330,789
Wells Fargo & Co., (SOFR + 2.100%) (D), 2.393%, 6/2/28		250,000		227,655
Welltower, Inc., 2.05%, 1/15/29		500,000		434,611
Weyerhaeuser Co., 3.375%, 3/9/33		300,000		271,019
				18,429,707
Health Care - 2.2%
AbbVie, Inc., 3.75%, 11/14/23		400,000		404,351
Baxter International, Inc. (A), 2.272%, 12/1/28		400,000		356,599
Centene Corp., 2.45%, 7/15/28		500,000		436,275
Cigna Corp., 4.9%, 12/15/48		500,000		497,697
CVS Health Corp., 5.125%, 7/20/45		500,000		501,585
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30		250,000		215,716
Humana, Inc., 1.35%, 2/3/27		250,000		221,001
PerkinElmer, Inc., 0.55%, 9/15/23		425,000		411,490
UnitedHealth Group, Inc. (E), 2.3%, 5/15/31		300,000		263,081
UnitedHealth Group, Inc., 3.7%, 8/15/49		250,000		223,761
Viatris, Inc., 2.7%, 6/22/30		400,000		330,646
Zoetis, Inc., 3%, 5/15/50		250,000		197,763
				4,059,965
Industrials - 3.7%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31		600,000		489,655
Ball Corp., 4.875%, 3/15/26		475,000		476,187
Block, Inc. (A), 2.75%, 6/1/26		450,000		410,409
Boeing Co., 2.196%, 2/4/26		400,000		364,884
Boeing Co., 3.625%, 2/1/31		350,000		314,944
Boeing Co., 5.805%, 5/1/50		350,000		352,029
Carlisle Cos., Inc., 3.5%, 12/1/24		500,000		497,567
Carrier Global Corp., 3.577%, 4/5/50		200,000		160,960
Howmet Aerospace, Inc., 5.125%, 10/1/24		200,000		203,500
Martin Marietta Materials, Inc., 3.2%, 7/15/51		500,000		372,363
Otis Worldwide Corp., 2.565%, 2/15/30		350,000		307,271
Quanta Services, Inc., 2.9%, 10/1/30		500,000		436,770
TD SYNNEX Corp. (A), 1.75%, 8/9/26		500,000		449,540
TD SYNNEX Corp. (A), 2.65%, 8/9/31		250,000		203,918
Textron, Inc., 2.45%, 3/15/31		250,000		212,629
TransDigm, Inc. (A), 6.25%, 3/15/26		475,000		473,219
Vulcan Materials Co., 3.5%, 6/1/30		150,000		142,467
WRKCo, Inc., 3.9%, 6/1/28		700,000		684,209
WRKCo, Inc., 3%, 6/15/33		300,000		261,729
				6,814,250
Information Technology - 2.7%
Broadcom, Inc. (A), 3.187%, 11/15/36		12,000		9,491
Dell International LLC/EMC Corp., 8.35%, 7/15/46		87,000		116,379
Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51		625,000		442,165
Fiserv, Inc., 3.5%, 7/1/29		750,000		699,140
Gartner, Inc. (A), 4.5%, 7/1/28		400,000		383,366
HP, Inc., 2.65%, 6/17/31		600,000		497,546
Intuit, Inc., 1.65%, 7/15/30		250,000		208,692
Lam Research Corp., 1.9%, 6/15/30		200,000		171,084
Marvell Technology, Inc., 4.2%, 6/22/23		500,000		504,737
Oracle Corp., 3.95%, 3/25/51		750,000		571,463
Salesforce, Inc. (E), 2.9%, 7/15/51		500,000		392,767
VMware, Inc., 2.2%, 8/15/31		500,000		407,388
Vontier Corp., 1.8%, 4/1/26		300,000		266,862
Workday, Inc., 3.7%, 4/1/29		300,000		286,801
				4,957,881
Materials - 0.6%
Arconic Corp. (A), 6%, 5/15/25		250,000		250,852
EI du Pont de Nemours & Co., 1.7%, 7/15/25		150,000		141,613
International Flavors & Fragrances, Inc. (A), 3.468%, 12/1/50		500,000		388,038
LYB International Finance III LLC, 3.625%, 4/1/51		400,000		322,354
				1,102,857
Utilities - 1.9%
AES Corp., 1.375%, 1/15/26		750,000		672,395
Berkshire Hathaway Energy Co. (E), 1.65%, 5/15/31		350,000		286,935
Duke Energy Corp., 3.75%, 9/1/46		500,000		415,499
Florida Power & Light Co., 2.875%, 12/4/51		700,000		550,020
Interstate Power & Light Co., 3.5%, 9/30/49		250,000		210,310
NextEra Energy Capital Holdings, Inc., 1.9%, 6/15/28		600,000		531,865
PECO Energy Co., 3.05%, 3/15/51		750,000		599,699
Wisconsin Electric Power Co., 1.7%, 6/15/28		300,000		265,242
				3,531,965
Total Corporate Notes and Bonds (Cost $64,240,179)				57,895,301
FOREIGN CORPORATE BONDS - 2.3%
Communication Services - 0.4%
Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31		500,000		415,030
Vodafone Group PLC, 5%, 5/30/38		250,000		248,923
				663,953
Consumer Discretionary - 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.75%, 10/20/28		250,000		247,986
Financials - 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26		500,000		444,824
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27		250,000		242,562
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		500,000		446,643
Royal Bank of Canada, 1.15%, 6/10/25		250,000		230,843
UBS Group AG (5 yr. CMT + 3.313%) (A) (D), 4.375%, 2/10/31		400,000		333,880
				1,698,752
Health Care - 0.7%
Royalty Pharma PLC, 2.2%, 9/2/30		500,000		417,658
Royalty Pharma PLC, 3.55%, 9/2/50		500,000		369,047
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51		500,000		408,603
				1,195,308
Information Technology - 0.2%
Analog Devices, Inc. (E), 1.7%, 10/1/28		500,000		438,504
Total Foreign Corporate Bonds (Cost $4,845,017)				4,244,503
MORTGAGE BACKED SECURITIES - 11.9%
Fannie Mae - 7.1%
3%, 9/1/30 Pool # 890696		372,478		370,956
3%, 12/1/30 Pool # AL8924		186,355		185,150
7%, 11/1/31 Pool # 607515		4,176		4,424
3.5%, 12/1/31 Pool # MA0919		122,109		121,758
6.5%, 3/1/32 Pool # 631377		14,761		15,684
6.5%, 5/1/32 Pool # 636758		885		941
7%, 5/1/32 Pool # 644591		423		433
6.5%, 6/1/32 Pool # 545691		25,858		27,787
3.5%, 8/1/32 Pool # MA3098		161,099		162,224
3.5%, 9/1/32 Pool # MA3126		111,501		112,229
5.5%, 11/1/33 Pool # 555880		32,301		34,047
5%, 5/1/34 Pool # 780890		14,064		14,906
4%, 2/1/35 Pool # MA2177		299,561		304,463
5%, 8/1/35 Pool # 829670		32,507		34,144
5%, 9/1/35 Pool # 820347		47,018		50,110
5%, 9/1/35 Pool # 835699		39,253		41,045
3.5%, 12/1/35 Pool # MA2473		283,710		282,026
4.5%, 12/1/35 Pool # 745147		4,963		5,175
5%, 12/1/35 Pool # 850561		12,022		12,691
6%, 11/1/36 Pool # 902510		36,085		39,869
6%, 10/1/37 Pool # 947563		41,516		45,882
6.5%, 12/1/37 Pool # 889072		28,934		31,584
6.5%, 8/1/38 Pool # 987711		61,298		67,415
3%, 11/1/39 Pool # MA3831		119,133		114,169
4%, 9/1/40 Pool # AE3039		305,849		310,365
4%, 1/1/41 Pool # AB2080		223,252		226,035
2.5%, 5/1/41 Pool # MA4334		1,441,987		1,338,839
5.5%, 7/1/41 Pool # AL6588		221,819		236,000
4%, 9/1/41 Pool # AJ1406		113,225		114,451
4%, 10/1/41 Pool # AJ4046		312,037		318,349
3.5%, 11/1/41 Pool # AB3867		114,473		113,291
2.5%, 3/1/42 Pool # MA4571		1,984,487		1,841,349

See accompanying Notes to Financial Statements.

19 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
2.5%, 3/1/42 Pool # CB3076		744,528	$	693,560
4%, 3/1/42 Pool # AL1998		472,522		479,745
3.5%, 6/1/42 Pool # AO4134		510,991		504,833
3.5%, 8/1/42 Pool # AP2133		238,682		235,809
3%, 9/1/42 Pool # AP6568		59,121		56,715
3.5%, 9/1/42 Pool # AB6228		155,230		153,635
4%, 10/1/42 Pool # AP7363		315,585		319,502
3.5%, 1/1/43 Pool # AQ9326		299,319		295,710
3%, 2/1/43 Pool # AL3072		497,562		480,308
3.5%, 3/1/43 Pool # AT0310		248,618		246,061
3.5%, 4/1/43 Pool # AT2887		229,980		227,615
4%, 1/1/45 Pool # AS4257		75,081		76,013
4.5%, 10/1/46 Pool # MA2783		43,030		44,302
3%, 1/1/47 Pool # BE0108		385,527		370,121
2.5%, 12/1/47 Pool # FM3165		773,419		711,800
3%, 8/1/48 Pool # FS0517		944,328		906,892
4%, 11/1/50 Pool # FM5530		685,930		684,138
				13,064,550
Freddie Mac - 4.8%
4.5%, 2/1/25 Pool # J11722		25,155		25,697
4.5%, 5/1/25 Pool # J12247		56,452		57,799
8%, 6/1/30 Pool # C01005		325		357
6.5%, 1/1/32 Pool # C62333		15,873		16,882
2.5%, 2/1/32 Pool # ZS8641		260,551		254,379
3.5%, 8/1/32 Pool # C91485		140,139		139,854
4%, 5/1/33 Pool # G18693		261,916		268,735
4.5%, 6/1/34 Pool # C01856		183,421		191,548
2.5%, 6/1/35 Pool # RC1421		386,401		370,855
6.5%, 11/1/36 Pool # C02660		4,009		4,389
5.5%, 1/1/37 Pool # G04593		114,454		121,843
5.5%, 11/1/37 Pool # A68787		75,055		80,235
5.5%, 12/1/38 Pool # G05267		188,267		200,436
4.5%, 8/1/39 Pool # G08361		186,704		195,021
3.5%, 11/1/40 Pool # G06168		169,904		168,297
2%, 3/1/41 Pool # RB5105		1,085,469		977,831
2.5%, 6/1/41 Pool # SC0151		928,413		863,134
4%, 10/1/41 Pool # Q04092		346,065		350,272
4.5%, 3/1/42 Pool # G07491		209,097		218,240
3%, 9/1/42 Pool # C04233		293,121		283,168
3%, 2/1/43 Pool # Q15767		203,524		196,199
3%, 4/1/43 Pool # V80025		212,476		204,201
3%, 4/1/43 Pool # V80026		209,284		202,044
3.5%, 8/1/44 Pool # Q27927		234,639		232,417
3%, 7/1/45 Pool # G08653		333,701		321,046
3.5%, 8/1/45 Pool # Q35614		253,037		249,991
3%, 11/1/45 Pool # G08675		273,493		262,873
3%, 1/1/46 Pool # G08686		350,991		337,357
3%, 10/1/46 Pool # G60722		373,502		358,820
3.5%, 11/1/47 Pool # Q52079		302,279		297,261
2.5%, 4/1/48 Pool # QA2240		931,373		856,870
3%, 7/1/49 Pool # QA1033		424,244		402,218
				8,710,269
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		4,171		4,451
6.5%, 4/20/31 Pool # 3068		2,071		2,232
4%, 4/15/39 Pool # 698089		13,299		13,755
				20,438
Total Mortgage Backed Securities (Cost $22,961,000)				21,795,257
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 35.9%
U.S. Treasury Bonds - 9.1%
6.625%, 2/15/27	$	2,000,000		2,326,016
5.375%, 2/15/31		1,250,000		1,490,674
4.500%, 5/15/38		1,250,000		1,498,389
2.250%, 5/15/41		4,250,000		3,692,353
3.750%, 8/15/41		1,000,000		1,087,656
3.000%, 5/15/45		1,000,000		970,430
3.000%, 5/15/47		750,000		734,707
3.375%, 11/15/48		500,000		531,191
1.250%, 5/15/50		3,250,000		2,177,500
1.875%, 2/15/51		2,750,000		2,165,625
				16,674,541
U.S. Treasury Notes - 26.8%
2.750%, 2/15/24		5,500,000		5,510,312
2.250%, 12/31/24		6,000,000		5,907,187
2.250%, 11/15/25		7,000,000		6,842,773
0.375%, 1/31/26		5,500,000		5,002,852
1.500%, 8/15/26		5,000,000		4,709,375
2.375%, 5/15/27		3,750,000		3,652,881
2.875%, 5/15/28		2,250,000		2,239,717
2.625%, 2/15/29		6,000,000		5,883,516
0.625%, 8/15/30		5,000,000		4,167,187
1.375%, 11/15/31		5,750,000		5,028,555
				48,944,355
Total U.S. Government and Agency Obligations (Cost $70,443,207)				65,618,896

	Shares
SHORT-TERM INVESTMENTS - 2.2%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (G)		1,720,618		1,720,618
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (G) (H)		2,316,835		2,316,835
Total Short-Term Investments (Cost $4,037,453)				4,037,453
TOTAL INVESTMENTS - 100.1% (Cost $197,603,086**)				182,965,933
NET OTHER ASSETS AND LIABILITIES - (0.1%)				(194,337	)
TOTAL NET ASSETS - 100.0%			$	182,771,596

**	Aggregate cost for Federal tax purposes was $197,800,931.
(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)	Stepped rate security. Rate shown is as of April 30, 2022.
(C)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(D)	Floating rate or variable rate note. Rate shown is as of April 30, 2022.
(E)	All or a portion of these securities, with an aggregate fair value of $2,266,611, are on loan as part of a securities lending program. See footnote (H) and Note 11 for details on the securities lending program.
(F)	Restricted. The aggregate cost of such securities is $500,000. The aggregate value is $ 485,000, representing 0.3% of net assets.
(G)	7-day yield.
(H)	Represents investments of cash collateral received in connection with securities lending.
CMT	Constant Maturity Treasury.
DAC	Designated Activity Company.
FHLMC	Federal Home Loan Mortgage Corp or Freddie Mac.
IO	Interest Only.
LLC	Limited Liability Company.
LP	Limited Partnership.
PLC	Public Limited Company.
REMIC	Real Estate Mortgage Investment Conduit.
SOFR	Secured Overnight Financing Rate.
SOFR30A	30-day SOFR Average.
STACR	Structured Agency Credit Risk.

See accompanying Notes to Financial Statements.

20 

Madison Funds | April 30, 2022

Madison Diversified Income Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 67.6%
Communication Services - 4.2%
Comcast Corp., Class A		95,550	$	3,799,068
Verizon Communications, Inc.		76,350		3,535,005
				7,334,073
Consumer Discretionary - 5.4%
Home Depot, Inc.		13,300		3,995,320
McDonald’s Corp.		16,650		4,148,514
Starbucks Corp.		18,950		1,414,428
				9,558,262
Consumer Staples - 7.6%
Archer-Daniels-Midland Co.		37,950		3,398,802
Coca-Cola Co.		32,650		2,109,516
Colgate-Palmolive Co.		21,350		1,645,018
PepsiCo, Inc.		20,600		3,537,226
Procter & Gamble Co.		17,100		2,745,405
				13,435,967
Energy - 4.5%
Baker Hughes Co.		113,900		3,533,178
EOG Resources, Inc.		27,700		3,234,252
Kinder Morgan, Inc.		65,500		1,188,825
				7,956,255
Financials - 11.9%
Aflac, Inc.		56,350		3,227,728
BlackRock, Inc.		3,825		2,389,401
CME Group, Inc.		17,600		3,860,384
JPMorgan Chase & Co.		21,875		2,611,000
Northern Trust Corp.		20,850		2,148,593
Travelers Cos., Inc., Series A		29,625		5,067,652
U.S. Bancorp		31,950		1,551,492
				20,856,250
Health Care - 14.3%
AmerisourceBergen Corp.		20,750		3,139,268
Bristol-Myers Squibb Co.		69,750		5,250,082
CVS Health Corp.		49,100		4,719,983
Johnson & Johnson		28,900		5,215,294
Medtronic PLC		36,850		3,845,666
Pfizer, Inc.		60,900		2,988,363
				25,158,656
Industrials - 7.3%
Emerson Electric Co.		21,550		1,943,379
Fastenal Co.		45,900		2,538,729
Honeywell International, Inc.		16,200		3,134,862
PACCAR, Inc.		38,050		3,160,052
Union Pacific Corp.		9,200		2,155,468
				12,932,490
Information Technology - 6.4%
Analog Devices, Inc.		8,175		1,262,057
Automatic Data Processing, Inc.		6,950		1,516,351
Cisco Systems, Inc.		76,100		3,727,378
Paychex, Inc.		11,725		1,485,909
Texas Instruments, Inc.		19,000		3,234,750
				11,226,445
Materials - 1.9%
Newmont Corp.		15,200		1,107,320
Nucor Corp.		14,050		2,174,659
				3,281,979
Real Estate - 1.6%
American Tower Corp., REIT		11,600		2,795,832
Utilities - 2.5%
Dominion Energy, Inc.		54,800		4,473,872
Total Common Stocks (Cost $86,968,119)				119,010,081

	Par Value
ASSET BACKED SECURITIES - 1.1%
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27		160,332	158,350
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31		100,000	100,079
Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32		52,289	51,913
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		130,000	130,729
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		56,120	56,169
Dell Equipment Finance Trust, Series 2021-1, Class A3 (A), 0.43%, 5/22/26		140,000	136,702
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		123,796	121,111
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		82,161	82,150
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24		150,000	150,477
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28		173,562	169,663
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29		173,376	167,633
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26		177,723	173,492
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		102,469	102,179
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		150,000	146,415
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26		91,667	91,758
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		100,000	99,388
Total Asset Backed Securities (Cost $1,973,484)			1,938,208
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.6%
CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51		151,373	142,598
Federal Home Loan Mortgage Corp. REMICS, Series 3187, Class Z, 5%, 7/15/36		105,269	109,637
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 1.039%, 10/25/33		158,360	156,762
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (C), 0.939%, 1/25/34		1,427	1,424
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C), 1.289%, 12/25/41		170,982	169,012
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		81,926	81,707
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31		115,102	116,470
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		41,918	45,053
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35		1,002,645	168,688
Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42		32,427	32,438
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41		91,725	85,662
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51		179,920	159,297
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50		34,200	32,837

See accompanying Notes to Financial Statements.

21 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51		205,711	$	181,379
JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51		116,764		103,221
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51		290,724		269,170
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50		62,132		57,828
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49		2,877		2,865
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51		207,996		192,575
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51		191,457		176,903
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52		196,840		181,385
Sequoia Mortgage Trust, Series 2013- 7, Class A2 (B) (C), 3%, 6/25/43		156,171		147,405
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63		116,760		111,998
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49		30,024		29,790
Total Collateralized Mortgage Obligations (Cost $2,921,590)				2,756,104
COMMERCIAL MORTGAGE-BACKED
SECURITIES - 1.0%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25		175,667		174,386
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		600,000		598,883
Federal National Mortgage Association-Aces, Series 2013-M12, Class APT (B) (C), 2.478%, 3/25/23		159,106		158,320
Federal National Mortgage Association-Aces, Series 2017-M15, Class A1 (B) (C), 3.057%, 9/25/27		197,683		197,794
Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.209%, 11/25/27		236,373		233,403
FREMF Mortgage Trust, Series 2015- K721, Class B (A) (B) (C), 3.708%, 11/25/47		250,000		250,691
FREMF Mortgage Trust, Series 2015- K44, Class B, (A) (B) (C), 3.795%, 1/25/48		240,000		236,682
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36		534,000		-
Total Commercial Mortgage-Backed Securities (Cost $1,872,943)				1,850,159
CORPORATE NOTES AND BONDS - 9.8%
Communication Services - 1.3%
Amazon.com, Inc. (D), 1.65%, 5/12/28		350,000		311,653
AT&T, Inc. (D), 2.25%, 2/1/32		150,000		125,009
AT&T, Inc., 4.75%, 5/15/46		200,000		198,744
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25		200,000		203,652
Comcast Corp., 4.15%, 10/15/28		275,000		277,151
Discovery Communications LLC, 5%, 9/20/37		250,000		236,108
eBay, Inc., 1.9%, 3/11/25		50,000		47,630
eBay, Inc. (D), 2.6%, 5/10/31		250,000		216,744
Expedia Group, Inc., 3.25%, 2/15/30		200,000		178,592
Magallanes, Inc. (A), 5.141%, 3/15/52		75,000		67,323
Magallanes, Inc. (A), 5.391%, 3/15/62		50,000		44,521
T-Mobile USA, Inc., 2.625%, 4/15/26		100,000		93,000
Verizon Communications, Inc., 4.329%, 9/21/28		150,000		150,792
Verizon Communications, Inc., 3.875%, 2/8/29		100,000		98,797
				2,249,716
Consumer Discretionary - 0.7%
7-Eleven, Inc. (A), 1.8%, 2/10/31		100,000		80,946
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25		100,000		102,031
Home Depot, Inc., 3.35%, 4/15/50		100,000		84,282
Lowe’s Cos., Inc., 3%, 10/15/50		250,000		185,731
Lowe’s Cos., Inc., 4.25%, 4/1/52		125,000		112,695
McDonald’s Corp., 2.125%, 3/1/30		50,000		43,336
McDonald’s Corp., 4.875%, 12/9/45		300,000		303,662
Southwest Airlines Co., 5.25%, 5/4/25		50,000		51,713
Southwest Airlines Co., 5.125%, 6/15/27		200,000		207,516
Tractor Supply Co., 1.75%, 11/1/30		125,000		101,456
				1,273,368
Consumer Staples - 0.5%
Conagra Brands, Inc., 0.5%, 8/11/23		150,000		145,091
Hormel Foods Corp., 1.8%, 6/11/30		100,000		84,783
Keurig Dr Pepper, Inc., 3.8%, 5/1/50		75,000		63,156
Mars, Inc. (A) (D), 2.375%, 7/16/40		250,000		188,248
Mars, Inc. (A), 3.95%, 4/1/49		200,000		187,610
Performance Food Group, Inc. (A), 5.5%, 10/15/27		50,000		48,432
Sysco Corp., 5.95%, 4/1/30		67,000		73,079
				790,399
Energy - 1.7%
BP Capital Markets America, Inc., 3.119%, 5/4/26		200,000		195,676
ConocoPhillips Co., 4.15%, 11/15/34		129,000		123,880
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29		150,000		136,734
Energy Transfer LP, 5.25%, 4/15/29		75,000		76,246
Enterprise Products Operating LLC, 3.75%, 2/15/25		300,000		300,651
Exxon Mobil Corp., 4.114%, 3/1/46		125,000		119,392
Kinder Morgan, Inc., 5.55%, 6/1/45		200,000		201,554
Marathon Petroleum Corp., 4.7%, 5/1/25		100,000		101,543
MPLX LP, 4.8%, 2/15/29		150,000		152,196
MPLX LP, 2.65%, 8/15/30		100,000		86,399
Phillips 66, 2.15%, 12/15/30		200,000		168,195
Phillips 66, 4.65%, 11/15/34		150,000		150,036
Pioneer Natural Resources Co., 2.15%, 1/15/31		75,000		63,332
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30		200,000		198,652
Schlumberger Holdings Corp. (A), 4%, 12/21/25		20,000		20,068
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28		292,000		283,308
Valero Energy Corp., 6.625%, 6/15/37		250,000		285,085
Valero Energy Corp., 4%, 6/1/52		50,000		41,693
Valero Energy Partners LP, 4.5%, 3/15/28		300,000		299,742
				3,004,382
Financials - 3.0%
Air Lease Corp., 1.875%, 8/15/26		100,000		89,099
Bank of America Corp. (3 mo. USD LIBOR + 1.090%) (C), 3.093%, 10/1/25		400,000		392,034
Bank of America Corp., Series N, (SOFR + 0.910%) (C), 1.658%, 3/11/27		200,000		181,244
Bank of America Corp., (5 yr. CMT + 2.000%) (C), 3.846%, 3/8/37		150,000		133,635
Bank of New York Mellon Corp., Series I, (5 yr. CMT + 2.630%) (C), 3.75%, 12/20/26		100,000		89,000
Belrose Funding Trust (A), 2.33%, 8/15/30		100,000		83,392
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52		100,000		89,289
BlackRock, Inc. (D), 2.1%, 2/25/32		150,000		126,916
Capital One Financial Corp., Series M, (5 yr. CMT + 3.157%) (C) (D), 3.95%, 9/1/26		100,000		86,750
Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30		100,000		90,994
Cboe Global Markets, Inc., 3.65%, 1/12/27		130,000		129,449
Charles Schwab Corp., Series H, (10 yr. CMT + 3.079%) (C), 4%, 12/1/30		175,000		148,334
Empower Finance LP (A), 3.075%, 9/17/51		100,000		76,808
Fifth Third Bancorp (D), 2.55%, 5/5/27		125,000		117,086
Fifth Third Bancorp, 4.337%, 4/25/33		125,000		124,505
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32		100,000		84,133
Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26		100,000		94,627
Goldman Sachs Group, Inc. (SOFR + 0.913%) (C), 1.948%, 10/21/27		350,000		314,599
Healthpeak Properties, Inc., 3.25%, 7/15/26		50,000		48,810
Huntington Bancshares, Inc. (5 yr. CMT + 1.170%) (A) (C) (D), 2.487%, 8/15/36		200,000		165,733
Iron Mountain, Inc. (A), 4.5%, 2/15/31		50,000		42,844
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31		125,000		102,898

See accompanying Notes to Financial Statements.

22 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (C) (D), 4%, 4/1/25		250,000	$	232,215
JPMorgan Chase & Co. (3 mo. USD SOFR + 0.695%) (C), 1.04%, 2/4/27		200,000		178,225
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50		125,000		99,327
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60		25,000		20,321
Morgan Stanley, 3.875%, 1/27/26		100,000		99,198
Morgan Stanley, (SOFR + 0.879%) (C), 1.593%, 5/4/27		100,000		89,992
Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32		100,000		80,653
NASDAQ, Inc. (D), 1.65%, 1/15/31		250,000		201,033
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		100,000		83,806
PNC Financial Services Group, Inc., 3.45%, 4/23/29		300,000		289,374
Prudential Financial, Inc. (5 yr. CMT + 3.035%) (C), 3.7%, 10/1/50		125,000		109,471
Public Storage (D), 1.85%, 5/1/28		200,000		178,232
STORE Capital Corp., 4.5%, 3/15/28		100,000		100,337
Synchrony Financial, 3.7%, 8/4/26		150,000		143,683
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50		100,000		80,382
Truist Bank, 2.25%, 3/11/30		50,000		43,255
Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27		200,000		181,871
Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28		100,000		91,062
Welltower, Inc. (D), 2.05%, 1/15/29		100,000		86,922
Weyerhaeuser Co., 3.375%, 3/9/33		150,000		135,509
				5,337,047
Health Care - 0.6%
Centene Corp. (D), 2.45%, 7/15/28		150,000		130,883
Cigna Corp., 4.375%, 10/15/28		50,000		50,226
CVS Health Corp., 5.125%, 7/20/45		250,000		250,792
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30		50,000		43,143
PerkinElmer, Inc., 0.55%, 9/15/23		250,000		242,053
UnitedHealth Group, Inc., 3.7%, 8/15/49		50,000		44,752
Viatris, Inc., 2.7%, 6/22/30		125,000		103,327
Zoetis, Inc., 3%, 9/12/27		200,000		192,333
Zoetis, Inc., 3%, 5/15/50		100,000		79,105
				1,136,614
Industrials - 0.8%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31		125,000		102,011
Block, Inc. (A), 2.75%, 6/1/26		100,000		91,202
Boeing Co., 2.196%, 2/4/26		100,000		91,221
Boeing Co., 3.625%, 2/1/31		125,000		112,480
Boeing Co., 5.805%, 5/1/50		50,000		50,290
Martin Marietta Materials, Inc., 3.2%, 7/15/51		200,000		148,945
Otis Worldwide Corp., 2.565%,
2/15/30		125,000		109,740
Quanta Services, Inc., 2.9%, 10/1/30		150,000		131,031
TD SYNNEX Corp. (A), 2.65%, 8/9/31		50,000		40,783
Textron, Inc., 2.45%, 3/15/31		100,000		85,052
TransDigm, Inc. (A), 6.25%, 3/15/26		75,000		74,719
Vulcan Materials Co., 3.5%, 6/1/30		100,000		94,978
WRKCo, Inc., 3.9%, 6/1/28		250,000		244,360
				1,376,812
Information Technology - 0.5%
Broadcom, Inc. (A), 3.187%, 11/15/36		10,000		7,909
Dell International LLC/EMC Corp., 8.35%, 7/15/46		19,000		25,416
Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51		150,000		106,119
Gartner, Inc. (A), 4.5%, 7/1/28		100,000		95,842
HP, Inc., 2.65%, 6/17/31		200,000		165,849
Intel Corp., 3.734%, 12/8/47		272,000		242,340
Intuit, Inc., 1.65%, 7/15/30		125,000		104,346
Oracle Corp., 3.95%, 3/25/51		150,000		114,293
Salesforce, Inc., 2.9%, 7/15/51		100,000		78,553
				940,667
Materials - 0.3%
DuPont de Nemours, Inc., 4.725%, 11/15/28		180,000		186,179
EI du Pont de Nemours & Co. (D), 1.7%, 7/15/25		50,000		47,204
International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27		250,000		220,511
				453,894
Utilities - 0.4%
AES Corp., 1.375%, 1/15/26		250,000		224,132
Berkshire Hathaway Energy Co., 1.65%, 5/15/31		125,000		102,477
Florida Power & Light Co., 2.875%, 12/4/51		150,000		117,861
Interstate Power & Light Co. (D), 3.5%, 9/30/49		100,000		84,124
PECO Energy Co., 3.05%, 3/15/51		193,000		154,322
Wisconsin Electric Power Co., 1.7%, 6/15/28		100,000		88,414
				771,330
Total Corporate Notes and Bonds (Cost $18,934,205)				17,334,229
FOREIGN CORPORATE BONDS - 0.7%
Financials - 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26		150,000		133,447
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27		150,000		145,538
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		150,000		133,993
Bank of Montreal, Series E, 3.3%, 2/5/24		110,000		110,055
UBS Group AG(5 yr. CMT + 3.313%) (A) (C), 4.375%, 2/10/31		200,000		166,940
				689,973
Health Care - 0.3%
Royalty Pharma PLC, 2.2%, 9/2/30		250,000		208,829
Royalty Pharma PLC, 3.55%, 9/2/50		250,000		184,523
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51		150,000		122,581
				515,933
Total Foreign Corporate Bonds (Cost $1,388,390)				1,205,906
LONG TERM MUNICIPAL BONDS - 0.3%
General - 0.3%
Hillsboro School District No 1J		200,000		205,070
Metropolitan Transportation
Authority Revenue		325,000		364,239
University of Massachusetts Building
Authority Revenue		35,000		35,097
				604,406
Total Long Term Municipal Bonds (Cost $635,070)				604,406
MORTGAGE BACKED SECURITIES - 3.9%
Fannie Mae - 2.3%
3%, 9/1/30 Pool # 890696		78,100		77,781
3%, 12/1/30 Pool # AL8924		124,237		123,434
7%, 11/1/31 Pool # 607515		4,176		4,424
3.5%, 12/1/31 Pool # MA0919		194,535		193,975
7%, 5/1/32 Pool # 644591		676		692
3.5%, 8/1/32 Pool # MA3098		53,700		54,075
3.5%, 9/1/32 Pool # MA3126		45,365		45,661
5.5%, 10/1/33 Pool # 254904		22,642		24,094
4%, 2/1/35 Pool # MA2177		129,810		131,934
5%, 8/1/35 Pool # 829670		18,899		19,851
5%, 9/1/35 Pool # 820347		28,046		29,890
5%, 9/1/35 Pool # 835699		24,433		25,548
3%, 12/1/35 Pool # AS6267		93,369		90,322
5%, 12/1/35 Pool # 850561		7,317		7,725
4%, 6/1/36 Pool # AL8618		90,945		92,211
5.5%, 9/1/36 Pool # 831820		37,214		39,564
5.5%, 10/1/36 Pool # 901723		6,153		6,430
5.5%, 12/1/36 Pool # 903059		33,713		35,457
3%, 11/1/39 Pool # MA3831		59,567		57,085
2.5%, 5/1/41 Pool # MA4334		225,310		209,194
4.5%, 7/1/41 Pool # AB3274		67,631		70,570
5.5%, 7/1/41 Pool # AL6588		66,546		70,800
2.5%, 3/1/42 Pool # CB3076		248,176		231,187
2.5%, 3/1/42 Pool # MA4571		248,061		230,169
3.5%, 6/1/42 Pool # AO4134		119,763		118,320
4%, 6/1/42 Pool # MA1087		73,770		74,692
3.5%, 8/1/42 Pool # AO8100		40,867		40,447
3.5%, 8/1/42 Pool # AP2133		71,605		70,743
4%, 10/1/42 Pool # AP7363		135,251		136,930
3%, 2/1/43 Pool # AB8486		114,237		110,228
3%, 2/1/43 Pool # AB8563		75,066		72,400
3%, 2/1/43 Pool # AL3072		151,903		146,635

See accompanying Notes to Financial Statements.

23 

Madison Funds | April 30, 2022

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

	Par Value		Value (Note 2,3)
3%, 3/1/43 Pool # AB8818		111,437	$	107,492
3.5%, 3/1/43 Pool # AT0310		71,034		70,303
4%, 1/1/45 Pool # MA2145		121,091		122,593
4%, 1/1/45 Pool # AS4257		39,516		40,007
4.5%, 2/1/45 Pool # MA2193		76,161		79,137
3.5%, 12/1/45 Pool # AS6309		60,807		60,109
3%, 1/1/47 Pool # BE0108		128,509		123,374
2.5%, 12/1/47 Pool # FM3165		257,806		237,267
3.5%, 12/1/47 Pool # MA3210		124,526		121,997
4%, 7/1/48 Pool # MA3415		33,049		33,002
3%, 8/1/48 Pool # FS0517		236,082		226,723
4%, 11/1/50 Pool # FM5530		228,643		228,046
				4,092,518
Freddie Mac - 1.6%
4.5%, 2/1/25 Pool # J11722		6,289		6,424
4.5%, 5/1/25 Pool # J12247		6,048		6,193
8%, 6/1/30 Pool # C01005		602		661
6.5%, 1/1/32 Pool # C62333		23,810		25,323
2.5%, 2/1/32 Pool # ZS8641		173,700		169,586
2.5%, 6/1/35 Pool # RC1421		128,800		123,618
4.5%, 8/1/39 Pool # G08361		93,352		97,510
3.5%, 11/1/40 Pool # G06168		90,126		89,273
2%, 3/1/41 Pool # RB5105		434,187		391,132
2.5%, 6/1/41 Pool # SC0151		232,103		215,784
4.5%, 9/1/41 Pool # Q03516		55,687		58,036
4%, 10/1/41 Pool # Q04092		81,797		82,792
3%, 8/1/42 Pool # G08502		77,410		74,781
3%, 9/1/42 Pool # C04233		53,966		52,134
3%, 4/1/43 Pool # V80025		141,651		136,134
3%, 4/1/43 Pool # V80026		139,523		134,696
3.5%, 8/1/44 Pool # Q27927		181,845		180,123
3%, 7/1/45 Pool # G08653		111,234		107,015
3.5%, 8/1/45 Pool # Q35614		126,518		124,996
3%, 10/1/46 Pool # G60722		121,388		116,616
4%, 3/1/47 Pool # Q46801		49,382		49,622
3.5%, 12/1/47 Pool # Q52955		163,042		160,389
2.5%, 4/1/48 Pool # QA2240		206,972		190,416
3%, 7/1/49 Pool # QA1033		126,126		119,578
				2,712,832
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		5,839		6,232
6.5%, 4/20/31 Pool # 3068		3,452		3,720
				9,952
Total Mortgage Backed Securities (Cost $7,179,457)				6,815,302
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 11.4%
U.S. Treasury Bonds - 2.9%
6.625%, 2/15/27	$	700,000		814,105
2.250%, 5/15/41		1,500,000		1,303,184
3.750%, 8/15/41		400,000		435,063
3.000%, 5/15/42		400,000		390,469
2.500%, 2/15/45		500,000		444,062
2.500%, 5/15/46		200,000		177,969
3.000%, 2/15/48		250,000		246,689
1.250%, 5/15/50		1,250,000		837,500
1.875%, 2/15/51		500,000		393,750
				5,042,791
U.S. Treasury Notes - 8.5%
2.250%, 12/31/24		2,000,000		1,969,062
2.000%, 8/15/25		2,000,000		1,943,047
2.250%, 11/15/25		2,000,000		1,955,078
0.375%, 1/31/26		1,500,000		1,364,414
1.500%, 8/15/26		1,500,000		1,412,813
0.375%, 9/30/27		1,000,000		872,305
2.875%, 5/15/28		750,000		746,572
2.625%, 2/15/29		2,000,000		1,961,172
0.625%, 8/15/30		1,750,000		1,458,516
1.375%, 11/15/31		1,500,000		1,311,797
				14,994,776
Total U.S. Government and Agency Obligations (Cost $21,569,394)				20,037,567

	Shares
SHORT-TERM INVESTMENTS - 2.6%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (E)		2,940,747		2,940,747
State Street Navigator Securities Lending Government Money Market Portfolio, 0.04% (E) (F)		1,563,315		1,563,315
Total Short-Term Investments (Cost $4,504,062)				4,504,062
TOTAL INVESTMENTS - 100.0% (Cost $147,946,817**)				176,056,024
NET OTHER ASSETS AND LIABILITIES - (0.0%)				(29,454	)
TOTAL NET ASSETS - 100.0%			$	176,026,570

**	Aggregate cost for Federal tax purposes was $148,101,277.
(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)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(C)	Floating rate or variable rate note. Rate shown is as of April 30, 2022.
(D)	All or a portion of these securities, with an aggregate fair value of $1,522,029, are on loan as part of a securities lending program. See footnote (F) and Note 11 for details on the securities lending program.
(E)	7-day yield.
(F)	Represents investments of cash collateral received in connection with securities lending.
BDC	Business Development Company.
CMT	Constant Maturity Treasury.
DAC	Designated Activity Company.
FREMF	Freddie Mac Multifamily.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
LLC	Limited Liability Company.
LP	Limited Partnership.
PLC	Public Limited Company.
REIT	Real Estate Investment Trust.
REMIC	Real Estate Mortgage Investment Conduit.
SOFR	Secured Overnight Financing Rate.
SOFR30A	30-day SOFR Average.
STACR	Structured Agency Credit Risk.
USD	United States Dollar.

See accompanying Notes to Financial Statements.

24 

Madison Funds | April 30, 2022

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

	Shares		Value (Note 2,3)
COMMON STOCKS - 76.3%
Communication Services - 7.7%
Comcast Corp., Class A (A)		62,500	$	2,485,000
Lumen Technologies, Inc.		189,000		1,901,340
T-Mobile U.S., Inc. * (A)		30,000		3,694,200
				8,080,540
Consumer Discretionary - 11.7%
Amazon.com, Inc. *		700		1,739,941
Home Depot, Inc. (A)		9,600		2,883,840
Las Vegas Sands Corp. * (A)		84,500		2,993,835
Nordstrom, Inc.		53,000		1,362,100
Starbucks Corp. (A)		13,000		970,320
TJX Cos., Inc. (A)		36,500		2,236,720
				12,186,756
Energy - 7.6%
APA Corp. (A)		62,600		2,562,218
Baker Hughes Co. (A)		83,000		2,574,660
EOG Resources, Inc. (A)		10,000		1,167,600
Transocean Ltd. *		420,000		1,579,200
				7,883,678
Financials - 8.1%
Aflac, Inc. (A)		20,000		1,145,600
BlackRock, Inc. (A)		3,400		2,123,912
CME Group, Inc. (A)		6,500		1,425,710
JPMorgan Chase & Co. (A)		18,300		2,184,288
Travelers Cos., Inc., Series A (A)		9,000		1,539,540
				8,419,050
Health Care - 11.0%
AmerisourceBergen Corp. (A)		11,000		1,664,190
CVS Health Corp. (A)		29,500		2,835,835
Gilead Sciences, Inc.		45,100		2,676,234
Medtronic PLC (A)		18,100		1,888,916
Stryker Corp. (A)		10,000		2,412,600
				11,477,775
Industrials - 6.8%
3M Co. (A)		7,000		1,009,540
FedEx Corp. (A)		6,400		1,271,936
Honeywell International, Inc. (A)		15,500		2,999,405
PACCAR, Inc. (A)		22,400		1,860,320
				7,141,201
Information Technology - 12.8%
Adobe, Inc. * (A)		6,500		2,573,675
Analog Devices, Inc. (A)		13,500		2,084,130
Fiserv, Inc. * (A)		35,000		3,427,200
PayPal Holdings, Inc. * (A)		29,100		2,558,763
Visa, Inc., Class A (A)		12,700		2,706,751
				13,350,519
Materials - 3.8%
Barrick Gold Corp. (A)		131,000		2,922,610
Newmont Corp.		15,000		1,092,750
				4,015,360
Real Estate - 2.0%
American Tower Corp., REIT (A)		8,500		2,048,670
Utilities - 4.8%
AES Corp. (A)		142,000		2,899,640
NextEra Energy, Inc. (A)		29,000		2,059,580
				4,959,220
Total Common Stocks (Cost $97,448,699)				79,562,769
EXCHANGE TRADED FUNDS - 1.2%
Stock Funds - 1.2%
VanEck Gold Miners ETF (A)		36,500		1,277,135
Total Exchange Traded Funds (Cost $1,399,225)				1,277,135
SHORT-TERM INVESTMENTS - 23.9%
State Street Institutional U.S.
Government Money Market Fund,
0.29%, Premier Class (B)		24,964,621		24,964,621
Total Short-Term Investments (Cost $24,964,621)				24,964,621
TOTAL PUT OPTIONS PURCHASED – 3.6% (Cost $1,248,435)				3,734,250
TOTAL INVESTMENTS - 105.0% (Cost $125,060,980**)				109,538,775
NET OTHER ASSETS AND LIABILITIES – (1.9%)				(2,039,259	)
TOTAL CALL & PUT OPTIONS WRITTEN - (3.1%)				(3,204,799	)
TOTAL NET ASSETS - 100.0%			$	104,294,717

*	Non-income producing.
**	Aggregate cost for Federal tax purposes was $124,456,804.
(A)	All or a portion of these securities’ positions, with a value of $70,488,339, represent covers (directly or through conversion rights) for outstanding options written.
(B)	7-day yield.
ETF	Exchange Traded Fund.
PLC	Public Limited Company.
REIT	Real Estate Investment Trust.

Purchased Option Contracts Outstanding at April 30, 2022

Description	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation (Depreciation)
Put Options Purchased
S&P 500 Index	$	4,200.00	6/17/2022		195	$	81,900,000	$	3,734,250	$	1,248,435	$	2,485,815
Total Put Options Purchased								$	3,734,250	$	1,248,435	$	2,485,815

See accompanying Notes to Financial Statements.

25 

Madison Funds | April 30, 2022

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

Written Option Contracts Outstanding at April 30, 2022

Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums (Received)			Unrealized Appreciation (Depreciation)
Call Options Written
3M Co.	$	160.00	6/17/2022		(70	)	$	(1,120,000	)	$	(5,425	)	$	(14,073	)	$	8,648
Adobe, Inc.		500.00	5/20/2022		(18	)		(900,000	)		(468	)		(13,935	)		13,467
Adobe, Inc.		500.00	7/15/2022		(47	)		(2,350,000	)		(15,205	)		(28,624	)		13,419
AES Corp.		24.00	5/20/2022		(710	)		(1,704,000	)		(5,325	)		(38,319	)		32,994
AES Corp.		25.00	5/20/2022		(710	)		(1,775,000	)		(5,325	)		(34,769	)		29,444
Aflac, Inc.		65.00	5/20/2022		(200	)		(1,300,000	)		(3,000	)		(31,796	)		28,796
American Tower Corp.		260.00	5/20/2022		(50	)		(1,300,000	)		(6,125	)		(14,448	)		8,323
AmerisourceBergen Corp.		140.00	5/20/2022		(110	)		(1,540,000	)		(137,500	)		(41,195	)		(96,305	)
Analog Devices, Inc.		180.00	5/20/2022		(30	)		(540,000	)		(900	)		(9,869	)		8,969
Analog Devices, Inc.		170.00	6/17/2022		(105	)		(1,785,000	)		(30,713	)		(36,642	)		5,929
APA Corp.		45.00	5/20/2022		(263	)		(1,183,500	)		(34,059	)		(50,489	)		16,430
APA Corp.		47.50	5/20/2022		(183	)		(869,250	)		(13,817	)		(25,705	)		11,888
APA Corp.		50.00	6/17/2022		(180	)		(900,000	)		(21,690	)		(28,127	)		6,437
Baker Hughes Co.		40.00	6/17/2022		(280	)		(1,120,000	)		(5,600	)		(41,712	)		36,112
Barrick Gold Corp.		26.00	5/20/2022		(846	)		(2,199,600	)		(9,729	)		(70,862	)		61,133
Barrick Gold Corp.		26.00	6/17/2022		(464	)		(1,206,400	)		(13,224	)		(48,265	)		35,041
BlackRock, Inc.		760.00	7/15/2022		(34	)		(2,584,000	)		(10,370	)		(40,765	)		30,395
CME Group, Inc.		250.00	5/20/2022		(65	)		(1,625,000	)		(1,462	)		(27,899	)		26,437
Comcast Corp.		50.00	6/17/2022		(315	)		(1,575,000	)		(2,992	)		(31,840	)		28,848
CVS Health Corp.		110.00	5/20/2022		(210	)		(2,310,000	)		(4,515	)		(39,823	)		35,308
CVS Health Corp.		110.00	6/17/2022		(85	)		(935,000	)		(5,100	)		(18,638	)		13,538
EOG Resources, Inc.		125.00	6/17/2022		(100	)		(1,250,000	)		(47,500	)		(37,897	)		(9,603	)
FedEx Corp.		240.00	5/20/2022		(64	)		(1,536,000	)		(1,024	)		(24,454	)		23,430
Fiserv, Inc.		110.00	5/20/2022		(175	)		(1,925,000	)		(3,937	)		(22,569	)		18,632
Fiserv, Inc.		110.00	6/17/2022		(175	)		(1,925,000	)		(15,313	)		(39,889	)		24,576
Home Depot, Inc.		330.00	5/20/2022		(36	)		(1,188,000	)		(7,506	)		(25,523	)		18,017
Home Depot, Inc.		320.00	6/17/2022		(60	)		(1,920,000	)		(40,200	)		(35,671	)		(4,529	)
Honeywell International, Inc.		210.00	5/20/2022		(33	)		(693,000	)		(1,815	)		(4,982	)		3,167
Honeywell International, Inc.		210.00	6/17/2022		(122	)		(2,562,000	)		(24,095	)		(23,734	)		(361	)
JPMorgan Chase & Co.		155.00	5/20/2022		(133	)		(2,061,500	)		—			(20,744	)		20,744
JPMorgan Chase & Co.		140.00	6/17/2022		(50	)		(700,000	)		(2,475	)		(8,299	)		5,824
Las Vegas Sands Corp.		45.00	5/20/2022		(345	)		(1,552,500	)		(3,622	)		(41,059	)		37,437
Las Vegas Sands Corp.		50.00	5/20/2022		(350	)		(1,750,000	)		(700	)		(106,393	)		105,693
Medtronic PLC		110.00	5/20/2022		(140	)		(1,540,000	)		(11,130	)		(29,956	)		18,826
Medtronic PLC		115.00	5/20/2022		(41	)		(471,500	)		(1,127	)		(7,870	)		6,743
NextEra Energy, Inc.		82.50	6/17/2022		(250	)		(2,062,500	)		(5,000	)		(54,774	)		49,774
PACCAR, Inc.		95.00	5/20/2022		(224	)		(2,128,000	)		—			(35,633	)		35,633
PayPal Holdings, Inc.		145.00	5/20/2022		(211	)		(3,059,500	)		(1,688	)		(36,579	)		34,891
Starbucks Corp.		85.00	6/17/2022		(130	)		(1,105,000	)		(9,295	)		(24,822	)		15,527
Stryker Corp.		270.00	5/20/2022		(63	)		(1,701,000	)		(6,458	)		(38,365	)		31,907
Stryker Corp.		270.00	6/17/2022		(37	)		(999,000	)		(8,140	)		(29,351	)		21,211
T-Mobile U.S., Inc.		135.00	5/20/2022		(185	)		(2,497,500	)		(13,228	)		(65,409	)		52,181
T-Mobile U.S., Inc.		140.00	6/17/2022		(115	)		(1,610,000	)		(11,730	)		(36,681	)		24,951
TJX Cos., Inc.		67.50	7/15/2022		(185	)		(1,248,750	)		(28,860	)		(30,693	)		1,833
TJX Cos., Inc.		70.00	7/15/2022		(180	)		(1,260,000	)		(18,180	)		(26,833	)		8,653
Travelers Cos., Inc.		185.00	6/17/2022		(90	)		(1,665,000	)		(13,950	)		(24,462	)		10,512
VanEck Gold Miners ETF		40.00	5/20/2022		(175	)		(700,000	)		(2,537	)		(22,494	)		19,957
Visa, Inc.		230.00	5/20/2022		(80	)		(1,840,000	)		(10,600	)		(39,918	)		29,318
Visa, Inc.		230.00	6/17/2022		(47	)		(1,081,000	)		(16,920	)		(18,752	)		1,832
Total Call Options Written										$	(639,574	)	$	(1,601,601	)	$	962,027
PUT OPTION WRITTEN
S&P 500 Index	$	4,050.00	6/17/2022		(195	)		(78,975,000	)	$	(2,565,225	)	$	(792,123	)	$	(1,773,102	)
Total Options Written, at Value										$	(3,204,799	)	$	(2,393,724	)	$	(811,075	)

See accompanying Notes to Financial Statements.

26 

Madison Funds | April 30, 2022

Madison Dividend Income Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 97.6%
Communication Services - 6.0%
Comcast Corp., Class A		240,000	$	9,542,400
Verizon Communications, Inc.		191,700		8,875,710
				18,418,110
Consumer Discretionary - 7.8%
Home Depot, Inc.		33,000		9,913,200
McDonald’s Corp.		41,800		10,414,888
Starbucks Corp.		49,000		3,657,360
				23,985,448
Consumer Staples - 11.1%
Archer-Daniels-Midland Co.		96,000		8,597,760
Coca-Cola Co.		83,400		5,388,474
Colgate-Palmolive Co.		55,000		4,237,750
PepsiCo, Inc.		51,800		8,894,578
Procter & Gamble Co.		43,300		6,951,815
				34,070,377
Energy - 6.6%
Baker Hughes Co.		290,000		8,995,800
EOG Resources, Inc.		71,700		8,371,692
Kinder Morgan, Inc.		165,000		2,994,750
				20,362,242
Financials - 17.1%
Aflac, Inc.		141,000		8,076,480
BlackRock, Inc.		9,643		6,023,789
CME Group, Inc.		44,000		9,650,960
JPMorgan Chase & Co.		54,400		6,493,184
Northern Trust Corp.		54,000		5,564,700
Travelers Cos., Inc., Series A		74,500		12,743,970
U.S. Bancorp		83,000		4,030,480
				52,583,563
Health Care - 20.5%
AmerisourceBergen Corp.		53,500		8,094,015
Bristol-Myers Squibb Co.		174,000		13,096,980
CVS Health Corp.		122,500		11,775,925
Johnson & Johnson		72,500		13,083,350
Medtronic PLC		92,500		9,653,300
Pfizer, Inc.		153,000		7,507,710
				63,211,280
Industrials - 10.6%
Emerson Electric Co.		56,000		5,050,080
Fastenal Co.		116,200		6,427,022
Honeywell International, Inc.		40,500		7,837,155
PACCAR, Inc.		95,000		7,889,750
Union Pacific Corp.		23,100		5,412,099
				32,616,106
Information Technology - 9.2%
Analog Devices, Inc.		21,000		3,241,980
Automatic Data Processing, Inc.		18,500		4,036,330
Cisco Systems, Inc.		189,000		9,257,220
Paychex, Inc.		30,000		3,801,900
Texas Instruments, Inc.		48,000		8,172,000
				28,509,430
Materials - 2.7%
Newmont Corp.		40,000		2,914,000
Nucor Corp.		35,500		5,494,690
				8,408,690
Real Estate - 2.3%
American Tower Corp., REIT		29,500		7,110,090
Utilities - 3.7%
Dominion Energy, Inc.		139,500		11,388,780
Total Common Stocks (Cost $239,754,908)				300,664,116
SHORT-TERM INVESTMENTS - 1.6%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A)		4,863,658		4,863,658
Total Short-Term Investments (Cost $4,863,658)				4,863,658
TOTAL INVESTMENTS - 99.2% (Cost $244,618,566**)				305,527,774
NET OTHER ASSETS AND LIABILITIES - 0.8%				2,535,582
TOTAL NET ASSETS - 100.0%			$	308,063,356

** Aggregate cost for Federal tax purposes was $244,939,493.

(A) 7-day yield.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

27 

Madison Funds | April 30, 2022

Madison Investors Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 94.2%
Communication Services - 7.9%
Alphabet, Inc., Class C *		6,911	$	15,890,669
Liberty Broadband Corp., Class C *		99,563		11,133,135
				27,023,804
Consumer Discretionary - 16.9%
Amazon.com, Inc. *		4,410		10,961,628
Dollar Tree, Inc. *		108,765		17,668,874
Lowe’s Cos., Inc.		76,810		15,187,642
NIKE, Inc., Class B		28,686		3,577,144
TJX Cos., Inc.		169,626		10,394,681
				57,789,969
Financials - 21.8%
Arch Capital Group Ltd. *		274,430		12,533,218
Berkshire Hathaway, Inc., Class B *		44,875		14,486,996
Brookfield Asset Management,
Inc., Class A		258,793		12,903,419
Marsh & McLennan Cos., Inc.		80,669		13,044,178
Progressive Corp.		99,967		10,732,457
US Bancorp		225,760		10,962,906
				74,663,174
Health Care - 14.1%
Alcon, Inc. (A)		144,229		10,270,547
Becton Dickinson & Co.		64,079		15,839,688
Danaher Corp.		33,443		8,398,541
Novartis AG, ADR		158,790		13,978,284
				48,487,060
Industrials - 12.8%
Copart, Inc. *		75,138		8,539,434
Jacobs Engineering Group, Inc.		103,118		14,286,999
PACCAR, Inc.		137,525		11,421,451
Parker-Hannifin Corp.		35,204		9,533,947
				43,781,831
Information Technology - 20.7%
Accenture PLC, Class A		31,118		9,346,603
Adobe, Inc. *		15,401		6,098,026
Analog Devices, Inc.		86,213		13,309,563
Black Knight, Inc. *		102,799		6,763,146
Fiserv, Inc. *		142,147		13,919,034
TE Connectivity Ltd.		76,422		9,535,937
Visa, Inc., Class A		55,518		11,832,551
				70,804,860
Total Common Stocks (Cost $210,262,065)				322,550,698
SHORT-TERM INVESTMENTS - 6.3%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (B)		19,847,198		19,847,198
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (B) (C)		1,853,501		1,853,501
Total Short-Term Investments  (Cost $21,700,699)				21,700,699
TOTAL INVESTMENTS - 100.5% (Cost $231,962,764**)				344,251,397
NET OTHER ASSETS AND LIABILITIES - (0.5%)				(1,742,718	)
TOTAL NET ASSETS - 100.0%			$	342,508,679

* Non-income producing.

** Aggregate cost for Federal tax purposes was $232,696,763.

(A) All or a portion of these securities, with an aggregate fair value of $10,112,062, are on loan as part of a securities lending program. See footnote (C) and Note 9 for details on the securities lending program.

(B) 7-day yield.

(C) Represents investments of cash collateral received in connection with securities lending.

ADR American Depositary Receipt.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

28 

Madison Funds | April 30, 2022

Madison Sustainable Equity Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 95.8%
Communication Services - 8.9%
Alphabet, Inc., Class C *		164	$	377,090
Comcast Corp., Class A		3,718		147,828
Walt Disney Co. *		1,472		164,319
				689,237
Consumer Discretionary - 11.4%
Home Depot, Inc.		627		188,351
McDonald’s Corp.		261		65,031
NIKE, Inc., Class B		1,624		202,513
Target Corp.		1,216		278,038
TJX Cos., Inc.		2,458		150,626
				884,559
Consumer Staples - 9.0%
Costco Wholesale Corp.		605		321,691
Estee Lauder Cos., Inc., Class A		299		78,954
Nestle SA, ADR		1,031		132,628
PepsiCo, Inc.		407		69,886
Procter & Gamble Co.		599		96,169
				699,328
Financials - 8.8%
BlackRock, Inc.		287		179,283
JPMorgan Chase & Co.		903		107,782
Progressive Corp.		2,228		239,198
U.S. Bancorp		3,315		160,977
				687,240
Health Care - 16.5%
Becton Dickinson & Co.		751		185,640
Bristol-Myers Squibb Co.		2,802		210,906
Danaher Corp.		1,146		287,795
Eli Lilly & Co.		987		288,332
UnitedHealth Group, Inc.		516		262,412
Vertex Pharmaceuticals, Inc. *		176		48,087
				1,283,172
Industrials - 6.9%
Jacobs Engineering Group, Inc.		1,343		186,072
Union Pacific Corp.		535		125,345
United Parcel Service, Inc., Class B		1,267		228,035
				539,452
Information Technology - 26.5%
Communications Equipment - 1.1% Cisco Systems, Inc.		1,815		88,899
Computers & Peripherals - 4.3% Apple, Inc.		2,114		333,272
Electronic Equipment, Instruments & Components - 2.3% TE Connectivity Ltd.		1,407		175,565
IT Services - 7.3% Accenture PLC, Class A		579		173,908
Automatic Data Processing, Inc.		427		93,163
Visa, Inc., Class A		1,430		304,776
				571,847
Semiconductors & Semiconductor
Equipment - 4.6%
Analog Devices, Inc.		1,006		155,306
QUALCOMM, Inc.		1,424		198,919
				354,225
Software - 6.9%
Adobe, Inc. *		381		150,857
Microsoft Corp.		1,403		389,361
				540,218
				2,064,026
Materials - 3.8%
Ecolab, Inc.		516		87,379
Linde PLC		681		212,445
				299,824
Real Estate - 1.7%
American Tower Corp., REIT		535		128,946
Utilities - 2.3%
NextEra Energy, Inc.		2,496		177,266
Total Common Stocks (Cost $8,150,419)				7,453,050
SHORT-TERM INVESTMENTS - 5.8%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A)		446,786		446,786
Total Short-Term Investments (Cost $446,786)				446,786
TOTAL INVESTMENTS - 101.6% (Cost $8,597,205**)				7,899,836
NET OTHER ASSETS AND LIABILITIES - (1.6%)				(121,514	)
TOTAL NET ASSETS - 100.0%			$	7,778,322

* Non-income producing.

** Aggregate cost for Federal tax purposes was $8,597,205.

(A) 7-day yield.

ADR American Depositary Receipt.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

29 

Madison Funds | April 30, 2022

Madison Mid Cap Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 93.9%
Communication Services - 5.6% Liberty Broadband Corp., Class C *		251,653	$	28,139,839
Take-Two Interactive Software, Inc. *		77,442		9,255,093
				37,394,932
Consumer Discretionary - 16.1%
CarMax, Inc. *		270,794		23,228,709
Dollar Tree, Inc. *		220,778		35,865,386
Floor & Decor Holdings, Inc., Class A *		128,112		10,213,089
Ross Stores, Inc.		272,341		27,171,461
Thor Industries, Inc.		148,683		11,381,684
				107,860,329
Consumer Staples - 1.0%
Brown-Forman Corp., Class B		101,080		6,816,835
Financials - 30.2%
Capital Markets - 4.0%
Brookfield Asset Management, Inc., Class A		396,575		19,773,229
Moelis & Co., Class A		152,856		6,765,407
				26,538,636
Commercial Banks - 1.6%
Glacier Bancorp, Inc.		235,700		10,785,632
Diversified Financial Services - 2.6%
Cannae Holdings, Inc. *		774,465		17,348,016
Insurance - 22.0%
Arch Capital Group Ltd. *		964,823		44,063,466
Brown & Brown, Inc.		487,763		30,231,551
Markel Corp. *		17,917		24,246,718
Progressive Corp.		259,910		27,903,938
W R Berkley Corp.		323,064		21,480,525
				147,926,198
				202,598,482
Health Care - 3.8%
Laboratory Corp. of America
Holdings *		106,520		25,594,626
Industrials - 16.1%
Armstrong World Industries, Inc.		131,807		11,158,781
Carlisle Cos., Inc.		104,734		27,163,810
Clarivate PLC *		999,772		15,676,425
Copart, Inc. *		186,293		21,172,199
Expeditors International of
Washington, Inc.		122,722		12,158,069
PACCAR, Inc.		250,832		20,831,598
				108,160,882
Information Technology - 21.1%
Amphenol Corp., Class A		278,974		19,946,641
Arista Networks, Inc. *		186,813		21,589,978
Black Knight, Inc. *		256,658		16,885,530
CDW Corp.		134,164		21,892,882
Gartner, Inc. *		99,786		28,992,822
MKS Instruments, Inc.		148,179		16,889,442
Vontier Corp.		605,695		15,517,906
				141,715,201
Total Common Stocks (Cost $396,768,156)				630,141,287
SHORT-TERM INVESTMENTS - 5.4%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (A)		36,162,737		36,162,737
Total Short-Term Investments (Cost $36,162,737)				36,162,737
TOTAL INVESTMENTS - 99.3% (Cost $432,930,893**)				666,304,024
NET OTHER ASSETS AND LIABILITIES - 0.7%				4,699,718
TOTAL NET ASSETS - 100.0%			$	671,003,742

* Non-income producing.

** Aggregate cost for Federal tax purposes was $433,585,451.

(A) 7-day yield.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

30 

Madison Funds | April 30, 2022

Madison Small Cap Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 94.5%
Communication Services - 6.4%
Cogent Communications Holdings, Inc.		64,733	$	3,786,881
Gogo, Inc. * (A)		228,684		4,210,072
Magnite, Inc. *		297,433		2,870,228
Radius Global Infrastructure, Inc., Class A *		246,130		3,056,935
				13,924,116
Consumer Discretionary - 4.6%
OneSpaWorld Holdings Ltd. *		306,501		3,077,270
Porch Group, Inc. * (A)		92,490		342,213
Revolve Group, Inc. *		51,237		2,165,276
Shake Shack, Inc., Class A *		50,188		2,902,372
Xometry, Inc., Class A *		48,482		1,591,179
				10,078,310
Consumer Staples - 9.8%
Edgewell Personal Care Co.		118,308		4,512,267
Hain Celestial Group, Inc. *		234,668		7,870,765
Primo Water Corp.		310,564		4,546,657
Simply Good Foods Co. *		109,520		4,561,508
				21,491,197
Financials - 9.0%
Arch Capital Group Ltd. *		94,915		4,334,768
Axis Capital Holdings Ltd.		72,375		4,149,259
MGIC Investment Corp.		253,410		3,309,534
PacWest Bancorp		93,239		3,066,631
Texas Capital Bancshares, Inc. *		42,743		2,195,280
Veritex Holdings, Inc.		81,728		2,684,765
				19,740,237
Health Care - 9.9%
Castle Biosciences, Inc. *		53,433		1,193,693
Covetrus, Inc. *		177,075		2,443,635
Encompass Health Corp.		101,402		6,979,500
Globus Medical, Inc., Class A *		49,250		3,261,335
Health Catalyst, Inc. *		120,282		2,001,492
Owens & Minor, Inc.		87,432		3,102,962
PetIQ, Inc. * (A)		135,553		2,697,505
				21,680,122
Industrials - 19.6%
Armstrong World Industries, Inc.		50,054		4,237,572
Beacon Roofing Supply, Inc. *		60,999		3,637,370
Carlisle Cos., Inc.		17,934		4,651,362
Concrete Pumping Holdings, Inc. *		165,612		924,115
Crane Co.		33,169		3,191,853
EnerSys		38,778		2,538,408
GXO Logistics, Inc. *		34,928		2,067,388
Hillman Solutions Corp. *		313,224		3,642,795
Hydrofarm Holdings Group, Inc. *		112,129		1,070,832
Knight-Swift Transportation
Holdings, Inc.		46,117		2,208,543
Mercury Systems, Inc. *		48,984		2,732,817
Robert Half International, Inc.		28,260		2,778,241
WillScot Mobile Mini Holdings Corp. *		261,007		9,161,346
				42,842,642
Information Technology - 25.8%
Communications Equipment - 1.6%
Ciena Corp. *		61,916		3,415,906
Electronic Equipment, Instruments & Components - 3.3%
CTS Corp.		85,278		3,016,283
National Instruments Corp.		117,906		4,261,123
				7,277,406
IT Services - 2.3%
BigCommerce Holdings, Inc.,
Series 1 *		79,060		1,412,802
LiveRamp Holdings, Inc. *		118,847		3,722,288
				5,135,090
Semiconductors & Semiconductor
Equipment - 5.8%
Entegris, Inc.		47,600		5,302,164
FormFactor, Inc. *		89,451		3,408,978
Power Integrations, Inc.		50,028		4,002,240
				12,713,382
Software - 12.8%
Alteryx, Inc., Class A *		50,163		3,220,465
Box, Inc., Class A *		214,842		6,578,462
CommVault Systems, Inc. *		83,839		5,114,179
Model N, Inc.		8,004		206,823
New Relic, Inc. *		53,977		3,415,125
PTC, Inc. *		45,372		5,181,936
Varonis Systems, Inc. *		97,872		4,228,070
				27,945,060
				56,486,844
Materials - 9.4%
Chemours Co.		114,119		3,773,916
Huntsman Corp.		161,913		5,483,993
Olin Corp.		75,082		4,309,707
Scotts Miracle-Gro Co.		31,182		3,240,745
Summit Materials, Inc., Class A *		130,354		3,623,841
				20,432,202
Total Common Stocks (Cost $176,198,944)				206,675,670
SHORT-TERM INVESTMENTS - 8.0%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (B)		13,139,942		13,139,942
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (B) (C)		4,465,528		4,465,528
Total Short-Term Investments (Cost $17,605,470)				17,605,470
TOTAL INVESTMENTS - 102.5% (Cost $193,804,414**)				224,281,140
NET OTHER ASSETS AND LIABILITIES - (2.5%)				(5,545,524	)
TOTAL NET ASSETS - 100.0%			$	218,735,616

* Non-income producing.

** Aggregate cost for Federal tax purposes was $193,806,133.

(A) All or a portion of these securities, with an aggregate fair value of $4,832,429, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program.

(B) 7-day yield.

(C) Represents investments of cash collateral received in connection with securities lending.

See accompanying Notes to Financial Statements.

31 

Madison Funds | April 30, 2022

Madison International Stock Fund Portfolio of Investments (unaudited)

	Shares		Value (Note 2,3)
COMMON STOCKS - 97.4%
Australia - 2.9%
Macquarie Group Ltd. (A)		951	$	136,280
Treasury Wine Estates Ltd. (A)		34,927		272,788
				409,068
Brazil - 3.6%
Itau Unibanco Holding SA, ADR		45,614		218,491
Pagseguro Digital Ltd., Class A *		9,327		137,200
XP, Inc., Class A *		6,232		153,370
				509,061
Canada - 5.5%
Cameco Corp.		11,531		297,615
Canadian Pacific Railway Ltd.		2,202		161,230
Manulife Financial Corp.		15,801		309,068
				767,913
China - 7.9%
Alibaba Group Holding Ltd., ADR *		2,214		214,957
NXP Semiconductors NV		1,610		275,149
Ping An Insurance Group Co. of
China Ltd., Class H (A)		43,878		282,175
Tencent Holdings Ltd. (A)		7,140		334,905
				1,107,186
Denmark - 1.5%
Genmab AS * (A)		610		215,179
France - 8.3%
Air Liquide SA (A)		1,394		240,664
Airbus SE (A)		2,484		270,129
EssilorLuxottica SA (A)		1,053		178,638
Hermes International (A)		118		145,188
LVMH Moet Hennessy Louis Vuitton SE (A)		266		170,212
Worldline SA * (A)		3,873		151,805
				1,156,636
Germany - 8.2%
adidas AG (A)		711		144,815
Deutsche Telekom AG (A)		11,279		207,755
KION Group AG (A)		4,400		248,143
SAP SE, ADR		1,600		161,280
Siemens AG (A)		1,776		220,908
Symrise AG (A)		1,315		157,232
				1,140,133
Hong Kong - 1.4%
AIA Group Ltd. (A)		20,544		200,713
India - 6.4%
HDFC Bank Ltd., ADR		5,163		285,049
Infosys Ltd., ADR		11,572		229,936
Larsen & Toubro Ltd., GDR (A)		17,307		374,865
				889,850
Ireland - 3.0%
Kerry Group PLC, Class A (A)		2,421		267,453
Ryanair Holdings PLC, ADR *		1,756		153,334
				420,787
Italy - 1.3%
Ferrari NV		897		188,137
Japan - 13.3%
CyberAgent, Inc. (A)		12,884		136,953
Keyence Corp. (A)		367		148,068
Murata Manufacturing Co. Ltd. (A)		3,488		208,829
Nidec Corp. (A)		2,100		137,569
Seven & I Holdings Co. Ltd. (A)		5,100		224,477
Shiseido Co. Ltd. (A)		4,100		193,215
Sony Group Corp. (A)		3,346		287,594
Toray Industries, Inc. (A)		51,979		247,195
Toyota Motor Corp. (A)		15,800		269,231
				1,853,131
Mexico - 3.4%
Grupo Mexico SAB de CV, Series B		63,249		296,277
Wal-Mart de Mexico SAB de CV, ADR (B)		5,041		177,292
				473,569
Netherlands - 1.9%
ASML Holding NV		481		271,173
Norway - 1.1%
Norsk Hydro ASA (A)		18,829		158,729
Singapore - 1.8%
DBS Group Holdings Ltd. (A)		10,100		244,634
South Korea - 1.2%
LG Household & Health Care Ltd. (A)		235		167,052
Spain - 1.2%
Grifols SA (A)		10,330		171,874
Sweden - 1.6%
Telefonaktiebolaget LM Ericsson,
Class B (A)		27,001		216,820
Switzerland - 6.5%
Credit Suisse Group AG (A)		27,413		185,380
Nestle SA (A)		1,476		190,559
Partners Group Holding AG (A)		125		132,454
Roche Holding AG (A)		662		245,183
Sika AG (A)		509		154,776
				908,352
Taiwan - 1.5%
Taiwan Semiconductor
Manufacturing Co. Ltd., ADR		2,185		203,052
United Kingdom - 12.4%
AstraZeneca PLC (A)		4,231		562,054
Diageo PLC (A)		4,847		240,193
London Stock Exchange Group PLC (A)		2,243		222,566
Prudential PLC (A)		20,730		257,683
Shell PLC (A)		16,659		450,895
				1,733,391
United States - 1.5%
CyberArk Software Ltd. *		1,343		211,039
Total Common Stocks (Cost $15,982,831)				13,617,479
Short-Term Investments - 2.5%
United States - 2.5%
State Street Institutional U.S. Government Money Market Fund, 0.29%, Premier Class (C)		342,603		342,603
State Street Navigator Securities Lending Government Money Market Portfolio, 0.31% (C) (D)		3,650		3,650
				346,253
Total Short-Term Investments (Cost $346,253)				346,253
TOTAL INVESTMENTS - 99.9% (Cost $16,329,084**)				13,963,732
NET OTHER ASSETS AND LIABILITIES - 0.1%				15,472
TOTAL NET ASSETS - 100.0%			$	13,979,204

* Non-income producing.

** Aggregate cost for Federal tax purposes was $16,371,577.

(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).

(B) All or a portion of these securities, with an aggregate fair value of $3,517, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.

(C) 7-day yield.

(D) Represents investments of cash collateral received in connection with securities lending.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

32 

Madison Funds | April 30, 2022

Statements of Assets and Liabilities as of April 30, 2022 (unaudited)

	Conservative Allocation Fund			Moderate Allocation Fund		Aggressive Allocation Fund		Tax-Free Virginia  Fund			Tax-Free National  Fund			High Quality Bond  Fund			Core Bond Fund			Diversified Income Fund
Assets:
Investments in unaffiliated securities, at fair value†§	$	48,381,865		$	92,176,574	$	52,427,912	$	18,420,482		$	18,008,125		$	92,365,270		$	182,965,933		$	176,056,024
Investments in affiliated securities, at fair value1‡		18,362,141			30,838,114		14,358,991		–			–			–			–			–
Cash		–			–		–		952,595			147,432			826,789			857,466			1,179,945
Receivables:
Investments sold		–			–		–		–			–			–			222,143			–
Fund shares sold		247,858			12,572		7,305		50			–			26,168			93,518			4,360
Dividends and Interest		25,530			30,523		8,190		233,308			234,886			411,371			1,188,180			548,252
Total assets		67,017,394			123,057,783		66,802,398		19,606,435			18,390,443			93,629,598			185,327,240			177,788,581
Liabilities:
Payables:
Investments purchased		–			–		–		285,998			–			–			–			–
Fund shares repurchased		73,462			62,729		40,627		939			1,561			28,668			151,745			5,888
Upon return of securities loaned		8,133,863			7,132,475		6,844,441		–			–			1,801,705			2,316,835			1,563,315
Advisory agreement fees		9,987			19,852		10,370		8,003			6,110			22,906			59,732			98,265
Administrative services agreement fees		12,483			24,813		12,963		5,602			5,346			14,507			12,433			30,235
Audit and trustee fees		1,605			3,152		1,581		486			511			2,693			4,430			4,323
Distribution fees - Class B		1,109			3,198		1,660		–			–			–			220			2,470
Distribution fees - Class C		10,371			4,840		1,734		–			–			–			–			15,173
Shareholder service fees		12,483			24,813		12,963		–			–			–			7,935			41,254
Dividends		–			–		–		722			2,783			–			2,314			1,088
Total liabilities		8,255,363			7,275,872		6,926,339		301,750			16,311			1,870,479			2,555,644			1,762,011
Net assets applicable to outstanding capital stock	$	58,762,031		$	115,781,911	$	59,876,059	$	19,304,685		$	18,374,132		$	91,759,119		$	182,771,596		$	176,026,570
Net assets consist of:
Paid-in capital	$	61,632,030		$	113,694,525	$	57,224,160	$	19,886,751		$	18,585,602		$	97,617,307		$	199,636,093		$	140,218,433
Accumulated distributable earnings (loss)		(2,869,999	)		2,087,386		2,651,899		(582,066	)		(211,470	)		(5,858,188	)		(16,864,497	)		35,808,137
Net Assets	$	58,762,031		$	115,781,911	$	59,876,059	$	19,304,685		$	18,374,132		$	91,759,119		$	182,771,596		$	176,026,570
Class A Shares:
Net Assets	$	40,846,970		$	103,404,475	$	54,702,828										$	37,303,723		$	148,540,030
Shares of beneficial interest outstanding		4,275,141			10,016,595		5,140,726											3,981,459			9,325,804
Net Asset Value and redemption price per share	$	9.55		$	10.32	$	10.64										$	9.37		$	15.93
Sales charge of offering price2		0.58			0.63		0.65											0.44			0.97
Maximum offering price per share	$	10.13		$	10.95	$	11.29										$	9.81		$	16.90
Class B Shares:
Net Assets	$	1,692,617		$	4,910,660	$	2,502,611										$	339,420		$	3,805,445
Shares of beneficial interest outstanding		174,310			479,645		244,019											36,238			236,674
Net Asset Value and redemption price per share3	$	9.71		$	10.24	$	10.26										$	9.37		$	16.08
Class C Shares:
Net Assets	$	16,222,444		$	7,466,776	$	2,670,620													$	23,681,095
Shares of beneficial interest outstanding		1,669,198			728,340		260,127														1,472,438
Net Asset Value and redemption price per share3	$	9.72		$	10.25	$	10.27													$	16.08
Class Y Shares:
Net Assets								$	19,304,685		$	18,374,132		$	91,749,448		$	7,632,854
Shares of beneficial interest outstanding									1,790,950			1,818,999			8,826,628			819,198
Net Asset Value and redemption price per share3								$	10.78		$	10.10		$	10.39		$	9.32
Class I Shares:4
Net Assets														$	9,671		$	37,091,315
Shares of beneficial interest outstanding															925			3,997,648
Net Asset Value and redemption price per share3														$	10.46		$	9.28
Class R6 Shares:5
Net Assets																	$	100,404,284
Shares of beneficial interest outstanding																		10,827,991
Net Asset Value and redemption price per share3																	$	9.27
†  Cost of Investments in unaffiliated securities	$	49,036,026		$	92,874,554	$	52,953,881	$	18,942,434		$	18,353,340		$	98,008,596		$	197,603,086		$	147,946,817
‡  Cost of investments in affiliated securities1	$	19,718,043		$	30,257,238	$	12,848,801	$	–		$	–		$	–		$	–		$	–
§  Fair Value of securities on loan	$	9,667,392		$	10,497,107	$	6,507,938	$	–		$	–		$	1,761,723		$	2,266,611		$	1,522,029

¹ See Note 14 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 and Diversified Funds.

³ If applicable, redemption price per share may be reduced by a contingent deferred sales charge.

⁴ The High Quality Bond Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

⁵ The Core Bond Fund launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

33 

Madison Funds | April 30, 2022

Statements of Assets and Liabilities as of April 30, 2022 (unaudited)

	Covered Call & Equity Income Fund			Dividend Income  Fund		Investors  Fund		Sustainable Equity Fund1			Mid-Cap  Fund		Small Cap Fund		International Stock Fund
Assets:
Investments in unaffiliated securities, at fair value†§	$	109,538,775		$	305,527,774	$	344,251,397	$	7,899,836		$	666,304,024	$	224,281,140	$	13,963,732
Investments in affiliated securities, at fair value2‡		–			–		–		–			–		–		–
Cash		–			1,745,377		–		–			–		–		–
Foreign currency (cost of $6,360) (Note 2)		–			–		–		–			–		–		6,480
Receivables:
Fund shares sold		1,478,226			552,810		237,500		10,815			5,520,740		10,148		1,401
Dividends and Interest		64,786			592,469		536,392		6,187			–		3,148		69,496
Total assets		111,081,787			308,418,430		345,025,289		7,916,838			671,824,764		224,294,436		14,041,109
Liabilities:
Payables:
Investments purchased		3,414,754			–		–		122,032			–		853,247		–
Fund shares repurchased		70,904			104,530		379,642		11,383			269,065		24,734		37,790
Upon return of securities loaned		–			–		1,853,501		–			–		4,465,528		3,650
Advisory agreement fees		71,709			185,882		210,265		4,435			426,009		171,035		12,901
Administrative services agreement fees		12,581			44,146		42,793		641			92,020		36,918		3,686
Audit and trustee fees		2,148			7,555		9,610		25			17,148		6,505		415
Distribution fees - Class B		–			–		–		–			495		–		161
Distribution fees - Class C		5,353			–		–		–			–		–		–
Shareholder service fees		4,822			12,961		20,799		–			16,285		853		2,907
Due to Custodian		–			–		–		–			–		–		395
Options written, at value (premium received $2,393,724) (Note 7)		3,204,799			–		–		–			–		–		–
Total liabilities		6,787,070			355,074		2,516,610		138,516			821,022		5,558,820		61,905
Net assets applicable to outstanding capital stock	$	104,294,717		$	308,063,356	$	342,508,679	$	7,778,322		$	671,003,742	$	218,735,616	$	13,979,204
Net assets consist of:
Paid-in capital	$	119,583,114		$	230,933,627	$	211,836,072	$	8,493,241		$	400,595,949	$	174,527,771	$	16,263,915
Accumulated distributable earnings (loss)		(15,288,397	)		77,129,729		130,672,607		(714,919	)		270,407,793		44,207,845		(2,284,711	)
Net Assets	$	104,294,717		$	308,063,356	$	342,508,679	$	7,778,322		$	671,003,742	$	218,735,616	$	13,979,204
Class A Shares:
Net Assets	$	14,213,871		$	59,527,994	$	94,994,256				$	74,276,232	$	3,895,784	$	12,985,033
Shares of beneficial interest outstanding		1,524,207			1,946,389		3,873,519					6,244,158		380,429		1,550,897
Net Asset Value and redemption price per share	$	9.33		$	30.58	$	24.52				$	11.90	$	10.24	$	8.37
Sales charge of offering price3		0.57			1.87		1.50					0.73		0.62		0.51
Maximum offering price per share	$	9.90		$	32.45	$	26.02				$	12.63	$	10.86	$	8.88
Class B Shares:
Net Assets											$	755,053			$	237,347
Shares of beneficial interest outstanding												84,039				29,676
Net Asset Value and redemption price per share4											$	8.98			$	8.00
Class C Shares:
Net Assets	$	8,401,951
Shares of beneficial interest outstanding		995,474
Net Asset Value and redemption price per share4	$	8.44
Class Y Shares:
Net Assets	$	80,849,486		$	164,271,106	$	96,610,348	$	86,115		$	243,873,934	$	195,500,091	$	756,824
Shares of beneficial interest outstanding		8,345,790			5,368,377		3,932,454		10,000			19,078,653		18,852,870		91,214
Net Asset Value and redemption price per share4	$	9.69		$	30.60	$	24.57	$	8.61		$	12.78	$	10.37	$	8.30
Class I Shares:5
Net Assets	$	54,222		$	57,863,466	$	92,919,682	$	7,692,207		$	262,873,835	$	19,330,558
Shares of beneficial interest outstanding		5,599			1,891,954		3,792,521		893,088			20,549,979		1,863,669
Net Asset Value and redemption price per share4	$	9.68		$	30.58	$	24.50	$	8.61		$	12.79	$	10.37
Class R6 Shares:6
Net Assets	$	775,187		$	26,400,790	$	57,984,393				$	89,224,688	$	9,183
Shares of beneficial interest outstanding		78,682			863,142		2,339,788					6,791,599		885
Net Asset Value and redemption price per share4	$	9.85		$	30.59	$	24.78				$	13.14	$	10.38
†  Cost of Investments in unaffiliated securities	$	125,060,980		$	244,618,566	$	231,962,764	$	8,597,205		$	432,930,893	$	193,804,414	$	16,329,084
‡  Cost of investments in affiliated securities2	$	–		$	–	$	–	$	–		$	–	$	–	$	–
§  Fair Value of securities on loan	$	–		$	–	$	10,112,062	$	–		$	–	$	4,832,429	$	3,517

¹ The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022.

² See Note 12 for information on affiliated issuers.

³ Sales charge of offering price is 5.75% for the Covered Call & Equity Income, Dividend Income, Investors, Mid-Cap, Small Cap and International Stock Funds.

⁴ If applicable, redemption price per share may be reduced by a contingent deferred sales charge.

⁵ The Covered Call & Equity Income Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

⁶ The Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

34 

Madison Funds | April 30, 2022

Statements of Operations for the Six Months Ended April 30, 2022 (unaudited)

	Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Tax-Free Virginia  Fund			Tax-Free National  Fund			High Quality Bond  Fund			Core Bond Fund			Diversified Income Fund
Investment Income:
Interest	$	643		$	1,360		$	481		$	248,503		$	237,785		$	709,479		$	2,037,098		$	623,217
Dividends
Unaffiliated issuers		825,551			2,433,278			1,534,082			–			–			–			–			1,676,061
Affiliated issuers1		162,738			281,917			119,584			–			–			–			–			–
Income from securities lending		13,908			33,128			23,592			–			–			1,101			1,730			1,169
Total investment income		1,002,840			2,749,683			1,677,739			248,503			237,785			710,580			2,038,828			2,300,447
Expenses:2
Advisory agreement fees		64,293			127,077			64,872			50,542			39,127			150,497			363,940			594,718
Administrative services agreement fees		80,366			158,846			81,090			35,379			34,236			95,313			107,994			182,990
Trustee fees		3,213			6,316			3,177			983			999			5,242			8,957			8,757
Distribution fees - Class B		7,746			22,077			11,723			–			–			–			1,714			16,944
Distribution fees - Class C		68,826			31,278			10,999			–			–			–			–			84,685
Shareholder service fees - Class A		54,808			140,858			73,434			–			–			–			51,257			194,611
Shareholder service fees - Class B		2,582			7,353			3,894			–			–			–			571			5,642
Shareholder service fees - Class C		22,942			10,426			3,666			–			–			–			–			27,941
Other expenses		78			153			78			25			24			121			225			220
Total expenses before reimbursement/waiver		304,854			504,384			252,933			86,929			74,386			251,173			534,658			1,116,508
Less reimbursement/waiver		–			–			–			–			–			(34,413	)		–			–
Total expenses		304,854			504,384			252,933			86,929			74,386			216,760			534,658			1,116,508
Net Investment Income		697,986			2,245,299			1,424,806			161,574			163,399			493,820			1,504,170			1,183,939
Net Realized and Unrealized Gain (loss) on Investments
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
Unaffiliated issuers		(1,912,992	)		(2,010,819	)		(267,494	)		(62,427	)		131,354			(304,028	)		(39,907	)		7,899,881
Affiliated issuers1		695,817			2,521,578			990,406			–			–			–			–			–
Capital gain distributions received from underlying funds
Unaffiliated issuers		17,633			20,212			3,391			–			–			–			–			–
Affiliated issuers1		539,181			1,765,514			1,006,457			–			–			–			–			–
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
Unaffiliated issuers		(2,709,591	)		(8,066,363	)		(5,360,899	)		(1,532,543	)		(1,538,208	)		(5,904,828	)		(19,495,113	)		(15,643,429	)
Affiliated Issuers1		(3,101,660	)		(7,238,858	)		(3,249,173	)		–			–			–			–			–
Net Realized and Unrealized (Loss) on Investments		(6,471,612	)		(13,008,736	)		(6,877,312	)		(1,594,970	)		(1,406,854	)		(6,208,856	)		(19,535,020	)		(7,743,548	)
Net (Decrease) in Net Assets from Operations	$	(5,773,626	)	$	(10,763,437	)	$	(5,452,506	)	$	(1,433,396	)	$	(1,243,455	)	$	(5,715,036	)	$	(18,030,850	)	$	(6,559,609	)

¹ See Note 14 for information on affiliated issuers.

² See Note 5 for information on expense, including any waivers.

See accompanying Notes to Financial Statements.

35 

Madison Funds | April 30, 2022

Statements of Operations for the Six Months Ended April 30, 2022 (unaudited) - continued

	Covered Call & Equity Income Fund			Dividend Income  Fund			Investors  Fund			Sustainable Equity Fund1			Mid-Cap  Fund			Small Cap Fund			International Stock Fund
Investment Income:
Interest	$	4,911		$	921		$	3,127		$	54		$	8,489		$	3,369		$	65
Dividends
Unaffiliated issuers		736,024			4,122,203			2,559,918			22,872			3,177,734			1,015,628			150,774
Affiliated issuers2		–			–			–			–			–			–			–
Less: Foreign taxes withheld/reclaimed		(3,734	)		–			(95,122	)		(427	)		(15,917	)		(6,056	)		(11,905	)
Income from securities lending		229			–			5,768			–			296			8,272			1,154
Total investment income		737,430			4,123,124			2,473,691			22,499			3,170,602			1,021,213			140,088
Expenses:3
Advisory agreement fees		397,417			1,105,954			1,358,895			12,688			2,629,727			1,127,999			84,406
Administrative services agreement fees		69,768			277,579			271,099			1,845			560,426			243,631			24,116
Trustee fees		4,317			15,212			19,393			111			34,941			12,974			821
Distribution fees - Class B		–			–			–			–			3,746			–			1,146
Distribution fees - Class C		31,604			–			–			–			–			–			–
Shareholder service fees - Class A		18,327			77,938			130,727			–			94,150			5,548			18,659
Shareholder service fees - Class B		–			–			–			–			1,249			–			382
Shareholder service fees - Class C		10,535			–			–			–			–			–			–
Other expenses		109			373			460			5			296			833			19
Total expenses before reimbursement/waiver		532,077			1,477,056			1,780,574			14,649			3,324,535			1,390,985			129,549
Less reimbursement/waiver		–			–			–			–			–			–			–
Total expenses		532,077			1,477,056			1,780,574			14,649			3,324,535			1,390,985			129,549
Net Investment Income (Loss)		205,353			2,646,068			693,117			7,850			(153,933	)		(369,772	)		10,539
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 purchased		(690,294	)		–			–			–			–			–			–
Options written		1,851,934			–			–			–			–			–			–
Unaffiliated issuers		1,834,927			17,674,573			18,591,315			(25,400	)		38,602,381			14,572,380			122,050
Affiliated issuers2		–			–			–			–			–			–			–
Capital gain distributions received from underlying funds
Unaffiliated issuers		–			–			–			–			–			–			–
Affiliated issuers2		–			–			–			–			–			–			–
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
Options purchased		2,485,815			–			–			–			–			–			–
Options written		(214,629	)		–			–			–			–			–			–
Unaffiliated issuers		(5,056,057	)		(22,306,501	)		(48,885,350	)		(697,369	)		(102,301,236	)		(54,307,535	)		(2,889,147	)
Affiliated Issuers2		–			–			–			–			–			–			–
Net Realized and Unrealized Gain (Loss) on Investments		211,696			(4,631,928	)		(30,294,035	)		(722,769	)		(63,698,855	)		(39,735,155	)		(2,767,097	)
Net Increase (Decrease) in Net Assets from Operations	$	417,049		$	(1,985,860	)	$	(29,600,918	)	$	(714,919	)	$	(63,852,788	)	$	(40,104,927	)	$	(2,756,558	)

¹ The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022.

² See Note 14 for information on affiliated issuers.

³ See Note 5 for information on expense, including any waivers.

See accompanying Notes to Financial Statements.

36 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited)

	Conservative Allocation Fund							Moderate Allocation Fund						Aggressive Allocation Fund
	Six-Months Ended 4/30/22 (unaudited)			Year Ended 10/31/21				Six-Months Ended 4/30/22 (unaudited)			Year Ended 10/31/21			Six-Months Ended 4/30/22 (unaudited)			Year Ended 10/31/21
Net Assets at beginning of period	$	68,674,779			$	68,546,140		$	134,584,040		$	129,932,373		$	67,457,807		$	63,118,605
Increase (decrease) in net assets from operations:
Net investment income		697,986				418,253			2,245,299			828,206			1,424,806			368,041
Net realized gain (loss)		(660,361	)			3,529,009			2,296,485			7,944,022			1,732,760			4,642,898
Net change in unrealized appreciation (depreciation)		(5,811,251	)			411,153			(15,305,221	)		7,109,626			(8,610,072	)		5,596,080
Net increase (decrease) in net assets from operations		(5,773,626	)			4,358,415			(10,763,437	)		15,881,854			(5,452,506	)		10,607,019
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(2,710,303	)			(2,991,634	)		(9,265,341	)		(9,947,296	)		(5,578,440	)		(4,829,669	)
Class B		(123,123	)			(241,397	)		(461,958	)		(713,541	)		(293,779	)		(335,113	)
Class C		(1,068,015	)			(1,190,848	)		(630,540	)		(747,499	)		(267,464	)		(218,193	)
Total distributions		(3,901,441	)			(4,423,879	)		(10,357,839	)		(11,408,336	)		(6,139,683	)		(5,382,975	)
Capital Stock transactions:
Class A Shares
Shares sold		2,863,748				5,769,718			2,992,362			7,761,126			1,689,911			4,018,237
Issued to shareholders in reinvestment of distributions		2,707,047				2,985,967			9,241,499			9,924,011			5,574,873			4,828,116
Shares redeemed		(4,015,330	)			(6,926,542	)		(9,065,923	)		(13,670,851	)		(2,873,780	)		(8,779,980	)
Net increase (decrease) from capital stock transactions		1,555,465				1,829,143			3,167,938			4,014,286			4,391,004			66,373
Class B Shares
Shares sold		1				23,089			–			25,082			–			54,537
Issued to shareholders in reinvestment of distributions		122,399				241,255			461,958			713,105			293,779			335,113
Shares redeemed		(715,956	)			(1,925,117	)		(1,291,132	)		(3,894,208	)		(782,554	)		(1,549,614	)
Net increase (decrease) from capital stock transactions		(593,556	)			(1,660,773	)		(829,174	)		(3,156,021	)		(488,775	)		(1,159,964	)
Class C Shares
Shares sold		134,948				1,461,772			141,854			477,855			35,559			147,571
Issued to shareholders in reinvestment of distributions		1,067,298				1,190,550			630,540			747,499			267,464			197,304
Shares redeemed		(2,401,836	)			(2,626,589	)		(792,011	)		(1,905,470	)		(194,811	)		(136,126	)
Net increase (decrease) from capital stock transactions		(1,199,590	)			25,733			(19,617	)		(680,116	)		108,212			208,749
Total increase (decrease) from capital stock transactions		(237,681	)			194,103			2,319,147			178,149			4,010,441			(884,842	)
Total increase (decrease) in net assets		(9,912,748	)			128,639			(18,802,129	)		4,651,667			(7,581,748	)		4,339,202
Net Assets at end of period	$	58,762,031			$	68,674,779		$	115,781,911		$	134,584,040		$	59,876,059		$	67,457,807
Capital Share transactions:
Class A Shares
Shares sold		272,870				521,337			264,767			647,481			143,888			323,239
Issued to shareholders in reinvestment of distributions		256,659				273,153			809,238			856,996			472,047			408,125
Shares redeemed		(384,291	)			(624,025	)		(800,087	)		(1,137,171	)		(245,638	)		(708,338	)
Net increase from capital shares transactions		145,238				170,465			273,918			367,306			370,297			23,026
Class B Shares
Shares sold		–				1,994			–			2,108			–			4,522
Issued to shareholders in reinvestment of distributions		11,401				21,715			40,701			61,901			25,747			29,217
Shares redeemed		(66,324	)			(171,432	)		(115,801	)		(327,720	)		(69,896	)		(129,065	)
Net (decrease) from capital shares trasactions		(54,923	)			(147,723	)		(75,100	)		(263,711	)		(44,149	)		(95,326	)
Class C Shares
Shares sold		13,133				130,056			12,754			39,727			3,131			12,263
Issued to shareholders in reinvestment of distributions		99,324				107,064			55,456			64,831			23,421			17,187
Shares redeemed		(226,751	)			(233,036	)		(71,740	)		(161,357	)		(17,120	)		(11,281	)
Net increase (decrease) in shares outstanding		(114,294	)			4,084			(3,530	)		(56,799	)		9,432			18,169

See accompanying Notes to Financial Statements.

37 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Tax-Free Virginia  Fund						Tax-Free National  Fund						High Quality Bond Fund
	(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended
	4/30/22			10/31/21			4/30/22			10/31/21			4/30/22			10/31/21
Net Assets at beginning of period	$	20,620,165		$	21,572,312		$	22,330,541		$	23,376,610		$	115,682,091		$	184,881,456
Increase (decrease) in net assets from operations:
Net investment income		161,574			328,654			163,399			376,725			493,820			1,310,134
Net realized gain (loss)		(62,427	)		65,429			131,354			202,460			(304,028	)		589,691
Net change in unrealized appreciation (depreciation)		(1,532,543	)		(363,257	)		(1,538,208	)		(420,472	)		(5,904,828	)		(3,725,034	)
Net increase (decrease) in net assets from operations		(1,433,396	)		30,826			(1,243,455	)		158,713			(5,715,036	)		(1,825,209	)
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class Y		(227,688	)		(340,711	)		(344,235	)		(375,173	)		(1,091,439	)		(1,861,048	)
Class I1		–			–			–			–			(26	)		–
Total distributions		(227,688	)		(340,711	)		(344,235	)		(375,173	)		(1,091,465	)		(1,861,048	)
Capital Stock transactions:
Class Y Shares
Shares sold		464,745			728,698			93,458			587,401			9,099,307			30,517,770
Issued to shareholders in reinvestment of distributions		220,621			328,889			315,778			335,567			1,032,385			1,774,905
Shares redeemed		(339,762	)		(1,699,849	)		(2,777,955	)		(1,752,577	)		(27,258,189	)		(97,805,783	)
Net increase (decrease) from capital stock transactions		345,604			(642,262	)		(2,368,719	)		(829,609	)		(17,126,497	)		(65,513,108	)
Class I Shares1
Shares sold														10,000
Issued to shareholders in reinvestment of distributions														26
Shares redeemed														–
Net increase from capital stock transactions														10,026
Total increase (decrease) from capital stock transactions		345,604			(642,262	)		(2,368,719	)		(829,609	)		(17,116,471	)		(65,513,108	)
Total (decrease) in net assets		(1,315,480	)		(952,147	)		(3,956,409	)		(1,046,069	)		(23,922,972	)		(69,199,365	)
Net Assets at end of period	$	19,304,685		$	20,620,165		$	18,374,132		$	22,330,541		$	91,759,119		$	115,682,091
Capital Share transactions:
Class Y Shares
Shares sold		40,386			61,207			8,688			52,825			841,497			2,695,363
Issued to shareholders in reinvestment of distributions		19,270			27,733			29,369			30,251			94,505			157,142
Shares redeemed		(29,620	)		(142,493	)		(253,571	)		(157,496	)		(2,487,286	)		(8,669,665	)
Net increase (decrease) in shares outstanding		30,036			(53,553	)		(215,514	)		(74,420	)		(1,551,284	)		(5,817,160	)
Class I Shares1
Shares sold														923
Issued to shareholders in reinvestment of distributions														2
Shares redeemed														–
Net increase in shares outstanding														925

¹ The High Quality Bond Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

38 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Core Bond Fund						Diversified Income Fund						Covered Call & Equity Income Fund
	(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended
	4/30/22			10/31/21			4/30/22			10/31/21			4/30/22			10/31/21
Net Assets at beginning of period	$	188,561,966		$	151,203,152		$	184,230,359		$	157,691,661		$	90,673,553		$	80,557,303
Increase (decrease) in net assets from operations:
Net investment income		1,504,170			2,642,999			1,183,939			2,055,494			205,353			183,169
Net realized gain (loss)		(39,907	)		1,361,586			7,899,881			18,231,113			2,996,567			6,698,294
Net change in unrealized appreciation (depreciation)		(19,495,113	)		(3,216,399	)		(15,643,429	)		13,312,033			(2,784,871	)		15,880,372
Net increase (decrease) in net assets from operations		(18,030,850	)		788,186			(6,559,609	)		33,598,640			417,049			22,761,835
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(478,692	)		(1,546,959	)		(16,646,558	)		(3,735,419	)		(533,162	)		(894,730	)
Class B		(3,824	)		(25,215	)		(492,144	)		(115,248	)		–			–
Class C		–			–			(2,227,801	)		(328,051	)		(329,112	)		(551,240	)
Class Y		(124,384	)		(3,007,506	)		–			–			(2,479,906	)		(4,021,979	)
Class R61		(348,344	)		–			–			–			(20,319	)		(47,320	)
Class I2		(1,672,041	)		(1,440,171	)		–			–			(143	)		–
Total distributions		(2,627,285	)		(6,019,851	)		(19,366,503	)		(4,178,718	)		(3,362,642	)		(5,515,269	)
Capital Stock transactions:
Class A Shares
Shares sold		1,326,311			4,060,884			3,598,925			7,842,231			786,950			839,893
Issued to shareholders in reinvestment of distributions		473,485			1,529,428			16,579,410			3,715,658			508,526			865,266
Shares redeemed		(3,666,958	)		(7,858,376	)		(7,878,113	)		(12,487,945	)		(1,476,883	)		(1,634,055	)
Net increase (decrease) from capital stock transactions		(1,867,162	)		(2,268,064	)		12,300,222			(930,056	)		(181,407	)		71,104
Class B Shares
Shares sold		–			48,279			6,834			–
Issued to shareholders in reinvestment of distributions		3,824			25,215			492,144			115,220
Shares redeemed		(127,809	)		(623,518	)		(1,138,175	)		(2,730,475	)
Net (decrease) from capital stock transactions		(123,985	)		(550,024	)		(639,197	)		(2,615,255	)
Class C Shares
Shares sold								4,722,607			1,638,999			429,648			686,500
Issued to shareholders in reinvestment of distributions								2,227,801			328,051			313,055			514,623
Shares redeemed								(889,110	)		(1,302,963	)		(371,931	)		(1,550,410	)
Net increase (decrease) from capital stock transactions								6,061,298			664,087			370,772			(349,287	)
Class Y Shares
Shares sold		1,151,486			19,571,453									24,787,178			24,357,971
Issued to shareholders in reinvestment of distributions		107,834			377,419									2,475,630			4,017,939
Shares redeemed		(3,449,259	)		(107,943,577	)								(11,187,814	)		(34,102,987	)
Net increase (decrease) from capital stock transactions		(2,189,939	)		(87,994,705	)								16,074,994			(5,727,077	)
Class R6 Shares1
Shares sold		105,101,205												392,436			89,018
Issued to shareholders in reinvestment of distributions		348,344												20,319			47,320
Shares redeemed		–												(165,500	)		(1,261,394	)
Net increase (decrease) from capital stock transactions		105,449,549												247,255			(1,125,056	)
Class I Shares2
Shares sold		22,276,313			135,475,177									55,000
Issued to shareholders in reinvestment of distributions		429,958			219,382									143
Shares redeemed		(109,106,969	)		(2,291,287	)								–
Net increase (decrease) from capital stock transactions		(86,400,698	)		133,403,272									55,143
Total increase (decrease) from capital stock transactions		14,867,765			42,590,479			17,722,323			(2,881,224	)		16,566,757			(7,130,316	)
Total increase (decrease) in net assets		(5,790,370	)		37,358,814			(8,203,789	)		26,538,698			13,621,164			10,116,250
Net Assets at end of period	$	182,771,596		$	188,561,966		$	176,026,570		$	184,230,359		$	104,294,717		$	90,673,553

See accompanying Notes to Financial Statements.

39 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Core Bond Fund				Diversified Income Fund				Covered Call & Equity Income Fund
	(unaudited) Six-Months Ended		Year Ended		(unaudited) Six-Months Ended		Year Ended		(unaudited) Six-Months Ended		Year Ended
	4/30/22		10/31/21		4/30/22		10/31/21		4/30/22		10/31/21
Capital Share transactions:
Class A Shares
Shares sold	130,917		384,731		210,620		445,855		82,438		88,654
Issued to shareholders in reinvestment of distributions	46,780		143,778		979,966		217,988		53,190		93,852
Shares redeemed	(367,904	)	(745,179	)	(459,455	)	(715,677	)	(154,572	)	(177,692	)
Net increase (decrease) from capital shares transactions	(190,207	)	(216,670	)	731,131		(51,834	)	(18,944	)	4,814
Class B Shares
Shares sold	–		4,490		407		–
Issued to shareholders in reinvestment of distributions	375		2,362		28,807		6,808
Shares redeemed	(12,987	)	(58,965	)	(66,117	)	(154,521	)
Net (decrease) from capital shares trasactions	(12,612	)	(52,113	)	(36,903	)	(147,713	)
Class C Shares
Shares sold					273,003		94,964		48,627		79,190
Issued to shareholders in reinvestment of distributions					130,346		19,311		36,100		61,047
Shares redeemed					(51,206	)	(73,395	)	(43,042	)	(181,842	)
Net increase (decrease) in shares outstanding					352,143		40,880		41,685		(41,605	)
Class Y Shares
Shares sold	112,020		1,842,539						2,492,019		2,509,893
Issued to shareholders in reinvestment of distributions	10,694		35,784						249,397		421,067
Shares redeemed	(341,484	)	(10,437,136	)					(1,126,691	)	(3,645,455	)
Net increase (decrease) in shares outstanding	(218,770	)	(8,558,813	)					1,614,725		(714,495	)
Class R6 Shares1
Shares sold	10,791,151								39,169		8,851
Issued to shareholders in reinvestment of distributions	36,840								2,010		5,044
Shares redeemed	–								(16,238	)	(136,246	)
Net increase (decrease) in shares outstanding	10,827,991								24,941		(122,351	)
Class I Shares2
Shares sold	2,236,679		13,104,681						5,585
Issued to shareholders in reinvestment of distributions	43,131		21,053						14
Shares redeemed	(11,188,207	)	(219,689	)					–
Net increase (decrease) in shares outstanding	(8,908,397	)	12,906,045						5,599

¹ The Core Bond Fund launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

² The Covered Call & Equity Income Fund launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

40 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Dividend Income Fund						Investors Fund						Sustainable Equity Fund1
	(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended			(unaudited) Period Ended
	4/30/22			10/31/21			4/30/22			10/31/21			4/30/22
Net Assets at beginning of period	$	323,218,081		$	274,664,958		$	409,629,139		$	338,058,006		$	–
Increase (decrease) in net assets from operations:
Net investment income		2,646,068			4,806,533			693,117			840,089			7,850
Net realized gain (loss)		17,674,573			32,613,517			18,591,315			30,539,926			(25,400	)
Net change in unrealized appreciation (depreciation)		(22,306,501	)		50,170,146			(48,885,350	)		75,885,427			(697,369	)
Net increase (decrease) in net assets from operations		(1,985,860	)		87,590,196			(29,600,918	)		107,265,442			(714,919	)
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(6,189,937	)		(790,821	)		(7,952,407	)		(8,787,439	)
Class Y1		(19,049,114	)		(3,121,769	)		(8,508,606	)		(11,918,197	)
Class R62		(111,115	)		–			(6,338,361	)		(6,777,217	)
Class I1		(6,856,991	)		(903,227	)		(8,192,065	)		(6,435,009	)
Total distributions		(32,207,157	)		(4,815,817	)		(30,991,439	)		(33,917,862	)
Capital Stock transactions:
Class A Shares
Shares sold		649,902			1,459,428			1,232,265			3,163,891
Issued to shareholders in reinvestment of distributions		6,172,081			787,728			7,929,632			8,750,372
Shares redeemed		(3,400,646	)		(6,157,358	)		(6,394,743	)		(11,602,396	)
Net increase (decrease) from capital stock transactions		3,421,337			(3,910,202	)		2,767,154			311,867
Class Y Shares1
Shares sold		35,932,133			65,621,467			8,376,916			18,672,740			751,589
Issued to shareholders in reinvestment of distributions		18,743,159			3,076,555			7,809,980			11,152,740			–
Shares redeemed		(58,793,881	)		(105,011,845	)		(14,736,380	)		(102,239,652	)		(651,589	)
Net increase (decrease) from capital stock transactions		(4,118,589	)		(36,313,823	)		1,450,516			(72,414,172	)		100,000
Class R6 Shares2
Shares sold		28,121,358						1,247,367			14,369,294
Issued to shareholders in reinvestment of distributions		111,115						6,338,361			6,777,217
Shares redeemed		(1,485,824	)					(22,598,052	)		(22,158,440	)
Net increase (decrease) from capital stock transactions		26,746,649						(15,012,324	)		(1,011,929	)
Class I Shares1
Shares sold		32,393,386			30,379,706			12,924,703			112,281,830			8,404,624
Issued to shareholders in reinvestment of distributions		6,785,951			898,002			8,192,065			6,429,197			–
Shares redeemed		(46,190,442	)		(25,274,939	)		(16,850,217	)		(47,373,240	)		(11,383	)
Net increase (decrease) from capital stock transactions		(7,011,105	)		6,002,769			4,266,551			71,337,787			8,393,241
Total increase (decrease) from capital stock transactions		19,038,292			(34,221,256	)		(6,528,103	)		(1,776,447	)		8,493,241
Total increase (decrease) in net assets		(15,154,725	)		48,553,123			(67,120,460	)		71,571,133			7,778,322
Net Assets at end of period	$	308,063,356		$	323,218,081		$	342,508,679		$	409,629,139		$	7,778,322
Capital Share transactions:
Class A Shares
Shares sold		19,961			46,241			45,851			120,448
Issued to shareholders in reinvestment of distributions		193,410			25,177			284,624			359,506
Shares redeemed		(104,809	)		(195,209	)		(235,077	)		(437,501	)
Net increase (decrease) from capital shares transactions		108,562			(123,791	)		95,398			42,453
Class Y Shares1
Shares sold		1,114,499			2,115,583			304,087			707,367			75,159
Issued to shareholders in reinvestment of distributions		587,137			97,902			280,028			458,395			–
Shares redeemed		(1,841,106	)		(3,276,567	)		(549,464	)		(3,896,147	)		(65,159	)
Net increase (decrease) in shares outstanding		(139,470	)		(1,063,082	)		34,651			(2,730,385	)		10,000
Class R6 Shares2
Shares sold		905,889						43,321			499,474
Issued to shareholders in reinvestment of distributions		3,441						225,404			275,945
Shares redeemed		(46,188	)					(828,066	)		(798,993	)
Net increase (decrease) in shares outstanding		863,142						(559,341	)		(23,574	)
Class I Shares1
Shares sold		1,019,787			915,213			484,092			4,261,808			894,409
Issued to shareholders in reinvestment of distributions		212,707			28,401			294,679			264,685			–
Shares redeemed		(1,451,799	)		(810,833	)		(625,306	)		(1,753,224	)		(1,321	)
Net increase (decrease) in shares outstanding		(219,305	)		132,781			153,465			2,773,269			893,088

¹ The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I which commenced operations effective January 3, 2022.

² The Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

41 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Mid Cap Fund						Small Cap Fund						International Stock Fund
	(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended
	4/30/22			10/31/21			4/30/22			10/31/21			4/30/22			10/31/21
Net Assets at beginning of period	$	733,809,804		$	537,181,623		$	280,340,485		$	218,848,130		$	17,610,653		$	15,919,225
Increase (decrease) in net assets from operations:
Net investment income (loss)		(153,933	)		(365,034	)		(369,772	)		(1,148,584	)		10,539			95,673
Net realized gain		38,602,381			34,054,633			14,572,380			63,624,609			122,050			4,609,848
Net change in unrealized appreciation (depreciation)		(102,301,236	)		175,673,705			(54,307,535	)		44,695,638			(2,889,147	)		(1,469,718	)
Net increase (decrease) in net assets from operations		(63,852,788	)		209,363,304			(40,104,927	)		107,171,663			(2,756,558	)		3,235,803
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(3,577,154	)		(2,391,040	)		(1,075,866	)		(236,905	)		(4,272,257	)		(705,083	)
Class B		(68,390	)		(61,728	)		–			–			(91,028	)		(21,551	)
Class Y		(11,660,270	)		(9,146,175	)		(55,515,240	)		(16,540,430	)		(243,016	)		(43,074	)
Class R61		(4,870,186	)		(3,415,023	)		–			–			–			–
Class I		(12,986,283	)		(6,327,888	)		(4,955,880	)		–			–			–
Total distributions		(33,162,283	)		(21,341,854	)		(61,546,986	)		(16,777,335	)		(4,606,301	)		(769,708	)
Capital Stock transactions:
Class A Shares
Shares sold		9,144,748			5,189,997			110,739			888,201			219,160			829,276
Issued to shareholders in reinvestment of distributions		3,562,690			2,379,913			1,073,140			236,219			4,263,291			703,445
Shares redeemed		(4,514,603	)		(9,338,856	)		(345,288	)		(537,022	)		(1,039,428	)		(2,029,984	)
Net increase (decrease) from capital stock transactions		8,192,835			(1,768,946	)		838,591			587,398			3,443,023			(497,263	)
Class B Shares
Shares sold		1,000			15,000									–			–
Issued to shareholders in reinvestment of distributions		68,390			61,728									91,028			21,551
Shares redeemed		(332,249	)		(428,012	)								(59,068	)		(239,518	)
Net increase (decrease) from capital stock transactions		(262,859	)		(351,284	)								31,960			(217,967	)
Class Y Shares
Shares sold		31,979,981			65,733,029			5,303,265			16,410,494			39,504			232,872
Issued to shareholders in reinvestment of distributions		11,403,175			8,893,537			54,219,458			16,073,049			243,016			43,074
Shares redeemed		(28,892,374	)		(222,535,953	)		(25,937,245	)		(82,275,688	)		(26,093	)		(335,380	)
Net increase (decrease) from capital stock transactions		14,490,782			(147,909,387	)		33,585,478			(49,792,145	)		256,427			(59,434	)
Class R6 Shares1
Shares sold		11,252,347			19,697,591			10,000
Issued to shareholders in reinvestment of distributions		1,715,908			1,103,541			–
Shares redeemed		(16,136,022	)		(35,257,717	)		–
Net increase (decrease) from capital stock transactions		(3,167,767	)		(14,456,585	)		10,000
Class I Shares
Shares sold		42,555,854			221,365,026			5,485,402			21,790,469
Issued to shareholders in reinvestment of distributions		12,839,515			6,327,888			4,955,880			–
Shares redeemed		(40,439,351	)		(54,599,981	)		(4,828,307	)		(1,487,695	)
Net increase from capital stock transactions		14,956,018			173,092,933			5,612,975			20,302,774
Total increase (decrease) from capital stock transactions		34,209,009			8,606,731			40,047,044			(28,901,973	)		3,731,410			(774,664	)
Total increase (decrease) in net assets		(62,806,062	)		196,628,181			(61,604,869	)		61,492,355			(3,631,449	)		1,691,431
Net Assets at end of period	$	671,003,742		$	733,809,804		$	218,735,616		$	280,340,485		$	13,979,204		$	17,610,656

See accompanying Notes to Financial Statements.

42 

Madison Funds | April 30, 2022

Statements of Changes in Net Assets (unaudited) - continued

	Mid Cap Fund						Small Cap Fund						International Stock Fund
	(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended			(unaudited) Six-Months Ended			Year Ended
	4/30/22			10/31/21			4/30/22			10/31/21			4/30/22			10/31/21
Capital Share transactions:
Class A Shares
Shares sold		729,999			416,902			9,304			61,686			22,312			60,227
Issued to shareholders in reinvestment of distributions		259,293			208,764			88,543			18,073			433,261			51,686
Shares redeemed		(347,416	)		(754,116	)		(29,124	)		(35,900	)		(102,588	)		(148,432	)
Net increase (decrease) from capital shares transactions		641,876			(128,450	)		68,723			43,859			352,985			(36,519	)
Class B Shares
Shares sold		106			1,644									–			–
Issued to shareholders in reinvestment of distributions		6,576			6,999									9,663			1,630
Shares redeemed		(34,839	)		(44,761	)								(6,388	)		(18,280	)
Net increase (decrease) from capital shares trasactions		(28,157	)		(36,118	)								3,275			(16,650	)
Class Y Shares
Shares sold		2,321,035			5,099,702			413,325			1,133,998			3,864			17,090
Issued to shareholders in reinvestment of distributions		773,621			732,581			4,422,468			1,221,356			24,950			3,179
Shares redeemed		(2,059,913	)		(17,514,737	)		(2,151,486	)		(5,623,527	)		(2,690	)		(24,774	)
Net increase (decrease) in shares outstanding		1,034,743			(11,682,454	)		2,684,307			(3,268,173	)		26,124			(4,505	)
Class R6 Shares1
Shares sold		776,267			1,393,584			885
Issued to shareholders in reinvestment of distributions		113,336			88,567			–
Shares redeemed		(1,139,653	)		(2,620,953	)		–
Net increase (decrease) in shares outstanding		(250,050	)		(1,138,802	)		885
Class I Shares
Shares sold		3,018,888			17,408,710			449,716			1,489,779
Issued to shareholders in reinvestment of distributions		870,476			521,243			404,232			–
Shares redeemed		(2,891,521	)		(4,048,722	)		(383,284	)		(96,774	)
Net increase  in shares outstanding		997,843			13,881,231			470,664			1,393,005

¹ Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

43 

Madison Funds | April 30, 2022

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 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.12		$	11.15		$	10.96		$	10.39		$	10.97		$	10.46		$	11.29		$	11.31		$	11.10		$	10.47		$	11.05		$	10.52
Income from Investment Operations:
Net investment income		0.13			0.10			0.13	1		0.36	1,2		0.19			0.15	1		0.26			0.06			0.06	1		0.31	1,2		0.12			0.08	1
Net realized and unrealized gain (loss) on investments		(1.07	)		0.63			0.46			0.682			(0.26	)		0.69			(1.25	)		0.59			0.46			0.66	2		(0.28	)		0.69
Total from investment operations		(0.94	)		0.73			0.59			1.04			(0.07	)		0.84			(0.99	)		0.65			0.52			0.97			(0.16	)		0.77
Less Distributions From:
Net investment income		(0.14	)		(0.18	)		(0.19	)		(0.18	)		(0.24	)		(0.18	)		(0.10	)		(0.09	)		(0.10	)		(0.05	)		(0.15	)		(0.09	)
Capital gains		(0.49	)		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)		(0.49	)		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)
Total distributions		(0.63	)		(0.76	)		(0.40	)		(0.47	)		(0.51	)		(0.33	)		(0.59	)		(0.67	)		(0.31	)		(0.34	)		(0.42	)		(0.24	)
Net increase (decrease) in net asset value		(1.57	)		(0.03	)		0.19			0.57			(0.58	)		0.51			(1.58	)		(0.02	)		0.21			0.63			(0.58	)		0.53
Net Asset Value at end of period	$	9.55		$	11.12		$	11.15		$	10.96		$	10.39		$	10.97		$	9.71		$	11.29		$	11.31		$	11.10		$	10.47		$	11.05
Total Return (%)3		(8.74)	4		6.72			5.62			10.37			(0.75	)		8.25			(9.05	)4		5.91			4.89			9.51			(1.51	)		7.47
Ratios/Supplemental Data:
Net Assets at end of period (in 000‘s)	$	40,847		$	45,932		$	44,146		$	42,662		$	42,247		$	45,005		$	1,693		$	2,588		$	4,263		$	5,457		$	6,049		$	8,119
Ratios of expenses to average net assets (%)		0.71	5		0.71			0.70			0.70			0.70			0.70			1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		2.39	5		0.86			1.19			3.38	2		1.74			1.46			1.76	5		0.15			0.48			2.68	2		1.04			0.74
Portfolio turnover (%)6		48	4		63			73			57			63			48			48	4		63			73			57			63			48

				CLASS C
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.30		$	11.32		$	11.11		$	10.48		$	11.06		$	10.53
Income from Investment Operations:
Net investment income		0.09			0.01			0.04	1		0.29	1,2		0.11			0.08	1
Net realized and unrealized gain (loss) on investments		(1.08	)		0.64			0.48			0.682			(0.27	)		0.69
Total from investment operations		(0.99	)		0.65			0.52			0.97			(0.16	)		0.77
Less Distributions From:
Net investment income		(0.10	)		(0.09	)		(0.10	)		(0.05	)		(0.15	)		(0.09	)
Capital gains		(0.49	)		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)
Total distributions		(0.59	)		(0.67	)		(0.31	)		(0.34	)		(0.42	)		(0.24	)
Net increase (decrease) in net asset value		(1.58	)		(0.02	)		0.21			0.63			(0.58	)		0.53
Net Asset Value at end of period	$	9.72		$	11.30		$	11.32		$	11.11		$	10.48		$	11.06
Total Return (%)3		(9.04	)4		5.91			4.89			9.50			(1.51	)		7.46
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	16,222		$	20,154		$	20,137		$	20,303		$	20,001		$	20,960
Ratios of expenses to average net assets (%)		1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		1.71	5		0.11			0.45			2.60	2		0.99			0.71
Portfolio turnover (%)6		48	4		63			73			57			63			48

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

² In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.87, and 1.64%, respectively, for the class A Shares, $0.11, $0.86, and 0.90%, respectively, for the class B shares, and $0.10, $0.87, and 0.89%, respectively, for the class C shares.

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.

44 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding – continued

	MODERATE ALLOCATION FUND
				CLASS A																		CLASS B
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	12.22		$	11.85		$	11.76		$	11.59		$	12.20		$	11.18		$	12.08		$	11.69		$	11.60		$	11.46		$	12.06		$	11.05
Income from Investment Operations:
Net investment income		0.22			0.09			0.12	1		0.51	1,2		0.17			0.14	1		0.22			0.04			0.05	1		0.53	1,2		0.10			0.07	1
Net realized and unrealized gain (loss) on investments		(1.19	)		1.35			0.43			0.60	2		(0.17	)		1.35			(1.23	)		1.29			0.41			0.48	2		(0.18	)		1.33
Total from investment operations		(0.97	)		1.44			0.55			1.11			–			1.49			(1.01	)		1.33			0.46			1.01			(0.08	)		1.40
Less Distributions From:
Net investment income		(0.29	)		(0.13	)		(0.17	)		(0.17	)		(0.17	)		(0.15	)		(0.19	)		–			(0.08	)		(0.10	)		(0.08	)		(0.07	)
Capital gains		(0.64	)		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)		(0.64	)		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)
Total distributions		(0.93	)		(1.07	)		(0.46	)		(0.94	)		(0.61	)		(0.47	)		(0.83	)		(0.94	)		(0.37	)		(0.87	)		(0.52	)		(0.39	)
Net increase (decrease) in net asset value		(1.90	)		0.37			0.09			0.17			(0.61	)		1.02			(1.84	)		0.39			0.09			0.14			(0.60	)		1.01
Net Asset Value at end of period	$	10.32		$	12.22		$	11.85		$	11.76		$	11.59		$	12.20		$	10.24		$	12.08		$	11.69		$	11.60		$	11.46		$	12.06
Total Return (%)3		(8.40	)4		12.66			4.75			10.69			(0.12	)		13.88			(8.63	)4		11.80			4.00			9.79			(0.82	)		13.07
Ratios/Supplemental Data:
Net Assets at end of period (in 000‘s)	$	103,40	4	$	119,035		$	111,135		$	112,916		$	108,459		$	115,586		$	4,911		$	6,699		$	9,568		$	13,754		$	17,481		$	23,101
Ratios of expenses to average net assets (%)		0.71	5		0.71			0.70			0.70			0.70			0.70			1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		3.61	5		0.70			0.96			4.42	2		1.39			1.23			3.05	5		(0.01	)		0.27			4.01	2		0.73			0.56
Portfolio turnover (%)6		47	4		71			87			64			75			50			47	4		71			87			64			75			50

				CLASS C
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	12.09		$	11.70		$	11.61		$	11.47		$	12.07		$	11.06
Income from Investment Operations:
Net investment income		0.16			(0.01	)		0.02	1		0.42	1,2		0.08			0.06	1
Net realized and unrealized gain (loss) on investments		(1.17	)		1.34			0.44			0.59	2		(0.16	)		1.34
Total from investment operations		(1.01	)		1.33			0.46			1.01			(0.08	)		1.40
Less Distributions From:
Net investment income		(0.19	)		–			(0.08	)		(0.10	)		(0.08	)		(0.07	)
Capital gains		(0.64	)		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)
Total distributions		(0.83	)		(0.94	)		(0.37	)		(0.87	)		(0.52	)		(0.39	)
Net increase (decrease) in net asset value		(1.84	)		0.39			0.09			0.14			(0.60	)		1.01
Net Asset Value at end of period	$	10.25		$	12.09		$	11.70		$	11.61		$	11.47		$	12.07
Total Return (%)3		(8.70	)4		11.79			3.99			9.78			(0.82	)		13.06
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	7,467		$	8,849		$	9,230		$	9,607		$	9,338		$	9,625
Ratios of expenses to average net assets (%)		1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		2.89	5		(0.03	)		0.22			3.68	2		0.62			0.52
Portfolio turnover (%)6		47	4		71			87			64			75			50

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

² In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain (loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.17, $0.94, and 1.39%, respectively, for the class A Shares, $0.09, $0.92, and 0.67%, respectively, for the class B shares, and $0.08, $0.93, and 0.64%, respectively, for the class C shares.

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.

45 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	AGGRESSIVE ALLOCATION FUND
				CLASS A																		CLASS B
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	12.75		$	11.81		$	12.02		$	12.01		$	12.71		$	11.12		$	12.28		$	11.41		$	11.62		$	11.65		$	12.35		$	10.83
Income from Investment Operations:
Net investment income		0.28			0.08			0.10	1		0.56	1,2		0.14			0.13	1		0.10			(0.09	)		(0.06	)1		0.55	1,2		0.03			0.02	1
Net realized and unrealized gain (loss) on investments		(1.27	)		1.89			0.33			0.57	2		(0.11	)		1.88			(1.10	)		1.90			0.39			0.47	2		(0.10	)		1.85
Total from investment operations		(0.99	)		1.97			0.43			1.13			0.03			2.01			(1.00	)		1.81			0.33			1.02			(0.07	)		1.87
Less Distributions From:
Net investment income		(0.34	)		(0.09	)		(0.16	)		(0.14	)		(0.15	)		(0.13	)		(0.24	)		–			(0.06	)		(0.07	)		(0.05	)		(0.06	)
Capital gains		(0.78	)		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)		(0.78	)		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)
Total distributions		(1.12	)		(1.03	)		(0.64	)		(1.12	)		(0.73	)		(0.42	)		(1.02	)		(0.94	)		(0.54	)		(1.05	)		(0.63	)		(0.35	)
Net increase (decrease) in net asset value		(2.11	)		0.94			(0.21	)		0.01			(0.70	)		1.59			(2.02	)		0.87			(0.21	)		(0.03	)		(0.70	)		1.52
Net Asset Value at end of period	$	10.64		$	12.75		$	11.81		$	12.02		$	12.01		$	12.71		$	10.26		$	12.28		$	11.41		$	11.62		$	11.65		$	12.35
Total Return (%)3		(8.23	)4		17.33			3.59			10.93			0.06			18.66			(8.54)	4		16.40			2.88			10.12			(0.74	)		17.83
Ratios/Supplemental Data:
Net Assets at end of period (in 000‘s)	$	54,703		$	60,837		$	56,089		$	54,974		$	51,274		$	52,811		$	2,503		$	3,539		$	4,375		$	6,088		$	7,938		$	10,442
Ratios of expenses to average net assets (%)		0.71	5		0.71			0.70			0.70			0.70			0.70			1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		4.45	5		0.62			0.78			4.77	2		1.08			1.02			3.97	5		(0.10	)		0.11			4.50	2		0.45			0.35
Portfolio turnover (%)6		43	4		84			105			79			71			45			43	4		84			105			79			71			45

				CLASS C
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	12.29		$	11.42		$	11.63		$	11.66		$	12.36		$	10.84
Income from Investment Operations:
Net investment income		0.24			(0.01	)		0.03	1		0.48	1,2		0.04			0.02	1
Net realized and unrealized gain (loss) on investments		(1.24	)		1.82			0.30			0.54	2		(0.11	)		1.85
Total from investment operations		(1.00	)		1.81			0.33			1.02			(0.07	)		1.87
Less Distributions From:
Net investment income		(0.24	)		–			(0.06	)		(0.07	)		(0.05	)		(0.06	)
Capital gains		(0.78	)		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)
Total distributions		(1.02	)		(0.94	)		(0.54	)		(1.05	)		(0.63	)		(0.35	)
Net increase (decrease) in net asset value		(2.02	)		0.87			(0.21	)		(0.03	)		(0.70	)		1.52
Net Asset Value at end of period	$	10.27		$	12.29		$	11.42		$	11.63		$	11.66		$	12.36
Total Return (%)3		(8.54	)4		16.39			2.88			10.11			(0.74	)		17.81
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	2,671		$	3,082		$	2,655		$	2,263		$	2,160		$	2,300
Ratios of expenses to average net assets (%)		1.46	5		1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		3.78	5		(0.14	)		(0.01	)		4.15	2		0.32			0.45
Portfolio turnover (%)6		43	4		84			105			79			71			45

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

² In 2019, the Fund reported distributions of capital gains from investment companies as part of net investment income in the financial highlights. Had the Fund reported these capital gains as net realized and unrealized gain(loss) on investments, net investment income, net realized and unrealized gain (loss) on investments, and the ratio of net investment income to average net assets would have been; $0.15, $0.98, and 1.25%, respectively, for the class A Shares, $0.03, $0.99, and 0.52%, respectively, for the class B shares, and $0.07, $0.95, and 0.50%, respectively, for the class C shares.

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. 

46 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	TAX-FREE VIRGINIA FUND
				CLASS Y
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.71		$	11.89		$	11.71		$	11.08		$	11.49		$	11.67
Income from Investment Operations:
Net investment income		0.09			0.19			0.20	1		0.23	1		0.24			0.24	1
Net realized and unrealized gain (loss) on investments		(0.89	)		(0.17	)		0.18			0.63			(0.41	)		(0.16	)
Total from investment operations		(0.80	)		0.02			0.38			0.86			(0.17	)		0.08
Less Distributions From:
Net investment income		(0.09	)		(0.19	)		(0.20	)		(0.23	)		(0.24	)		(0.24	)
Capital gains		(0.04	)		(0.01	)		–			–			–			(0.02	)
Total distributions		(0.13	)		(0.20	)		(0.20	)		(0.23	)		(0.24	)		(0.26	)
Net increase (decrease) in net asset value		(0.93	)		(0.18	)		0.18			0.63			(0.41	)		(0.18	)
Net Asset Value at end of period	$	10.78		$	11.71		$	11.89		$	11.71		$	11.08		$	11.49
Total Return (%)2		(6.91	)3		0.10			3.24			7.78			(1.52	)		0.68
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	19,305		$	20,620		$	21,572		$	22,225		$	20,868		$	21,866
Ratios of expenses to average net assets (%)		0.86	4		0.86			0.85			0.85			0.85			0.86
Ratio of net investment income to average net assets (%)		1.60	4		1.57			1.66			1.96			2.09			2.06
Portfolio turnover (%)5		7	3		10			7			22			26			8

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.

	TAX-FREE NATIONAL  FUND
				CLASS Y
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	10.98		$	11.08		$	10.96		$	10.41		$	10.85		$	11.10
Income from Investment Operations:
Net investment income		0.09			0.18			0.21	1		0.24	1		0.24			0.25	1
Net realized and unrealized gain (loss) on investments		(0.78	)		(0.10	)		0.15			0.61			(0.41	)		(0.18	)
Total from investment operations		(0.69	)		0.08			0.36			0.85			(0.17	)		0.07
Less Distributions From:
Net investment income		(0.09	)		(0.18	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)
Capital gains		(0.10	)		–			(0.03	)		(0.06	)		(0.03	)		(0.07	)
Total distributions		(0.19	)		(0.18	)		(0.24	)		(0.30	)		(0.27	)		(0.32	)
Net increase (decrease) in net asset value		(0.88	)		(0.10	)		0.12			0.55			(0.44	)		(0.25	)
Net Asset Value at end of period	$	10.10		$	10.98		$	11.08		$	10.96		$	10.41		$	10.85
Total Return (%)2		(6.38	)3		0.75			3.36			8.20			(1.56	)		0.72
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	18,374		$	22,331		$	23,377		$	23,807		$	23,325		$	25,294
Ratios of expenses to average net assets (%)		0.76	4		0.76			0.75			0.75			0.75			0.75
Ratio of net investment income to average net assets (%)		1.67	4		1.65			1.91			2.19			2.25			2.30
Portfolio turnover (%)5		1	3		18			13			26			31			6

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.

47 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	HIGH QUALITY BOND FUND
				CLASS Y															CLASS I
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Period Ended 4/30/22* (unaudited)
Net Asset Value at beginning of period	$	11.15		$	11.42		$	11.11	$		10.64		$	10.93		$	11.06		$	10.84
Income from Investment Operations:
Net investment income		0.07			0.10			0.13 1			0.21	1		0.18			0.14	1		0.02
Net realized and unrealized gain (loss) on investments		(0.71	)		(0.24	)		0.32			0.47			(0.30	)		(0.12	)		(0.37	)
Total from investment operations		(0.64	)		(0.14	)		0.45			0.68			(0.12	)		0.02			(0.35	)
Less Distributions From:
Net investment income		(0.06	)		(0.10	)		(0.14	)		(0.21	)		(0.17	)		(0.14	)		(0.03	)
Capital gains		(0.06	)		(0.03	)		–			–			–			(0.01	)		–
Total distributions		(0.12	)		(0.13	)		(0.14	)		(0.21	)		(0.17	)		(0.15	)		(0.03	)
Net increase (decrease) in net asset value		(0.76	)		(0.27	)		0.31			0.47			(0.29	)		(0.13	)		(0.38	)
Net Asset Value at end of period	$	10.39		$	11.15		$	11.42		$	11.11		$	10.64		$	10.93		$	10.46
Total Return (%)2		(5.80	)3		(1.21	)		4.08			6.43			(1.09	)		0.25			(3.25 )	3
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	91,749		$	115,682		$	184,881		$	90,407		$	89,253		$	100,536		$	10
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.50	4		0.50			0.49			0.49			0.49			0.49			0.43	4
After reimbursement of expenses by Adviser (%)		0.43	4		0.40			0.46			0.49			0.49			0.49			0.43	4
Ratio of net investment income to average net assets
Before reimbursement of expenses by Adviser (%)		0.92	4		0.76			1.17			1.88			1.64			1.32			1.04	4
After reimbursement of expenses by Adviser (%)		0.99	4		0.86			1.20			1.88			1.64			1.32			1.04	4
Portfolio turnover (%)5		183			13			21			20			31			26			18	3

* Class I shares commenced operations effective March 1, 2022.

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.

48 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	CORE BOND FUND
				CLASS A																		CLASS B
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	10.45		$	10.78		$	10.28		$	9.55		$	10.03		$	10.20		$	10.45		$	10.78		$	10.29		$	9.55		$	10.03		$	10.21
Income from Investment Operations:
Net investment income		0.07			0.14			0.18	1		0.24	1		0.21			0.20	1		0.21			0.16			0.12	1		0.16	1		0.15			0.14	1
Net realized and unrealized gain (loss) on investments		(1.03	)		(0.12	)		0.53			0.74			(0.46	)		(0.10	)		(1.20	)		(0.22	)		0.51			0.75			(0.47	)		(0.12	)
Total from investment operations		(0.96	)		0.02			0.71			0.98			(0.25	)		0.10			(0.99	)		(0.06	)		0.63			0.91			(0.32	)		0.02
Less Distributions From:
Net investment income		(0.06	)		(0.14	)		(0.19	)		(0.25	)		(0.23	)		(0.22	)		(0.03	)		(0.06	)		(0.12	)		(0.17	)		(0.16	)		(0.15	)
Capital gains		(0.06	)		(0.21	)		(0.02	)		–			(0.00	)2		(0.05	)		(0.06	)		(0.21	)		(0.02	)		–			(0.00	) 2		(0.05	)
Total distributions		(0.12	)		(0.35	)		(0.21	)		(0.25	)		(0.23	)		(0.27	)		(0.09	)		(0.27	)		(0.14	)		(0.17	)		(0.16	)		(0.20	)
Net increase (decrease) in net asset value		(1.08	)		(0.33	)		0.50			0.73			(0.48	)		(0.17	)		(1.08	)		(0.33	)		0.49			0.74			(0.48	)		(0.18	)
Net Asset Value at end of period	$	9.37		$	10.45		$	10.78		$	10.28		$	9.55		$	10.03		$	9.37		$	10.45		$	10.78		$	10.29		$	9.55		$	10.03
Total Return (%)3		(9.30	)4		0.21			7.00			10.37			(2.45	)		1.05			(9.61)	4		(0.53	)		6.10			9.65			(3.18	)		0.20
Ratios/Supplemental Data:
Net Assets at end of period (in 000‘s)	$	37,304		$	43,577		$	47,304		$	28,902		$	29,605		$	33,738		$	339		$	510		$	1,088		$	1,272		$	1,466		$	2,004
Ratios of expenses to average net assets (%)		0.855			0.87			0.90			0.90			0.90			0.90			1.60	5		1.63			1.66			1.65			1.65			1.65
Ratio of net investment income to average net assets (%)		1.33	5		1.31			1.78			2.35			2.20			2.00			0.56	5		0.59			1.05			1.60			1.44			1.25
Portfolio turnover (%)6		12	4		30			61			36			26			27			12	4		30			61			36			26			27

				CLASS Y
	Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	10.39		$	10.71		$	10.25		$	9.52		$	9.99		$	10.17
Income from Investment Operations:
Net investment income (loss)		(0.07	)		(0.02	)		0.20	1		0.25	1		0.24			0.23	1
Net realized and unrealized gain (loss) on investments		(0.87	)		0.10			0.52			0.75			(0.45	)		(0.11	)
Total from investment operations		(0.94	)		0.08			0.72			1.00			(0.21	)		0.12
Less Distributions From:
Net investment income		(0.07	)		(0.19	)		(0.24	)		(0.27	)		(0.26	)		(0.25	)
Capital gains		(0.06	)		(0.21	)		(0.02	)		–			(0.00	)2		(0.05	)
Total distributions		(0.13	)		(0.40	)		(0.26	)		(0.27	)		(0.26	)		(0.30	)
Net increase (decrease) in net asset value		(1.07	)		(0.32	)		0.46			0.73			(0.47	)		(0.18	)
Net Asset Value at end of period	$	9.32		$	10.39		$	10.71		$	10.25		$	9.52		$	9.99
Total Return (%)3		(9.14	)4		0.73			7.13			10.67			(2.12	)		1.22
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	7,633		$	10,783		$	102,811		$	121,000		$	138,186		$	170,169
Ratios of expenses to average net assets (%)		0.60	5		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income to average net assets (%)		1.57	5		1.65			2.03			2.60			2.44			2.25
Portfolio turnover (%)6		12	4		30			61			36			26			27

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

² Amounts represent less than $0.005 per share.

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, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	CLASS I						CLASS R6
	Six-Months Ended 4/30/22 (unaudited)			Period Ended 10/31/2021*			Period Ended 4/30/22** (unaudited)
Net Asset Value at beginning of period	$	10.36		$	10.39		$	9.90
Income from Investment Operations:
Net investment income		0.08			0.11			0.03
Net realized and unrealized gain (loss) on investments		(1.07	)		(0.02	)		(0.63	)
Total from investment operations		(0.99	)		(0.09	)		(0.60)
Less Distributions From:
Net Investment Income		(0.09	)		(0.12	)		(0.03	)
Total distributions		(0.09	)		(0.12	)		(0.03	)
Net increase (decrease) in net asset value		(1.08	)		(0.03	)		(0.63	)
Net Asset Value at end of period	$	9.28		$	10.36		$	9.27
Total Return (%)1		(9.10	)2		(0.88	)		(6.04)	2
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)		$ 37,091		$	133,692		$	100,404
Ratios of expenses to average net assets (%)		0.50	3		0.50			0.42	3
Ratio of net investment income to average net assets (%)		1.63	3		1.57			1.97	3
Portfolio turnover (%)4		12	2		40			12	2

^* Class I shares commenced operations effective March 1, 2021.

^** Class R6 shares commenced operations effective March 1, 2022.

¹ Total return without applicable sales charge.

² Not annualized.

³ Annualized.

⁴ Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

50 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	DIVERSIFIED INCOME FUND
	CLASS A																		CLASS B
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	18.42		$	15.52		$	16.37		$	15.98		$	15.93		$	14.92		$	18.57		$	15.64		$	16.48		$	16.08		$	16.04		$	15.01
Income from Investment Operations:
Net investment income		0.12			0.23			0.261			0.28	1		0.28			0.26	1		0.09			0.11			0.14	1		0.16	1		0.16			0.14	1
Net realized and unrealized gain (loss) on investments		(0.81	)		3.11			(0.04	)		1.64			0.30			1.56			(0.85	)		3.12			(0.03	)		1.65			0.29			1.58
Total from investment operations		(0.69	)		3.34			0.22			1.92			0.58			1.82			(0.76	)		3.23			0.11			1.81			0.45			1.72
Less Distributions From:
Net investment income		(0.13	)		(0.24	)		(0.27	)		(0.29	)		(0.29	)		(0.27	)		(0.06	)		(0.10	)		(0.15	)		(0.17	)		(0.17	)		(0.15	)
Capital gains		(1.67	)		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)		(1.67	)		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)
Total distributions		(1.80	)		(0.44	)		(1.07	)		(1.53	)		(0.53	)		(0.81	)		(1.73	)		(0.30	)		(0.95	)		(1.41	)		(0.41	)		(0.69	)
Net increase (decrease) in net asset value		(2.49	)		2.90			(0.85	)		0.39			0.05			1.01			(2.49	)		2.93			(0.84	)		0.40			0.04			1.03
Net Asset Value at end of period	$	15.93		$	18.42		$	15.52		$	16.37		$	15.98		$	15.93		$	16.08		$	18.57		$	15.64		$	16.48		$	16.08		$	16.04
Total Return (%)2		(3.53	)3		21.74			1.27			13.51			3.63			12.57			(3.89	)3		20.83			0.56			12.64			2.77			11.79
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	148,540		$	158,336		$	134,213		$	139,683		$	131,127		$	137,863		$	3,805		$	5,082		$	6,591		$	9,612		$	10,832		$	12,702
Ratios of expenses to average net assets (%)		1.11	4		1.11			1.10			1.10			1.10			1.10			1.87	4		1.86			1.85			1.85			1.85			1.85
Ratio of net investment income to average net assets (%)		1.41	4		1.27			1.66			1.80			1.72			1.65			0.66	4		0.53			0.92			1.06			0.97			0.91
Portfolio turnover (%)5		17	3		34			31			34			27			21			17	3		34			31			34			27			21

	CLASS C
	Six-Months						Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	18.58		$	15.65		$	16.48		$	16.07		$	16.03		$	15.01
Income from Investment Operations:
Net investment income		0.06			0.09			0.151			0.161			0.16			0.14	1
Net realized and unrealized gain (loss) on investments		(0.83	)		3.14			(0.03	)		1.66			0.29			1.57
Total from investment operations		(0.77	)		3.23			0.12			1.82			0.45			1.71
Less Distributions From:
Net investment income		(0.06	)		(0.10	)		(0.15	)		(0.17	)		(0.17	)		(0.15	)
Capital gains		(1.67	)		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)
Total distributions		(1.73	)		(0.30	)		(0.95	)		(1.41	)		(0.41	)		(0.69	)
Net increase (decrease) in net asset value		(2.50	)		2.93			(0.83	)		0.41			0.04			1.02
Net Asset Value at end of period	$	16.08		$	18.58		$	15.65		$	16.48		$	16.07		$	16.03
Total Return (%)3		(3.95	)3		20.82			0.62			12.72			2.77			11.72
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	23,681		$	20,812		$	16,888		$	16,090		$	14,647		$	15,103
Ratios of expenses to average net assets (%)		1.86	4		1.85			1.85			1.84			1.85			1.85
Ratio of net investment income to average net assets (%)		0.66	4		0.52			0.91			1.05			0.97			0.89
Portfolio turnover (%)6		17	3		34			31			34			27			21

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.

51 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	COVERED CALL & EQUITY INCOME FUND
				CLASS A																		CLASS C
	Six-Months Ended 4/30/22			Year Ended October 31,															Six-Months Ended 4/30/22			Year Ended October 31,
	(unaudited)			2021			2020			2019			2018			2017			(unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	9.60		$	7.80		$	7.84		$	8.52		$	8.88		$	8.95		$	8.74		$	7.19		$	7.31		$	8.04		$	8.47		$	8.63
Income from Investment Operations:
Net investment income (loss)		0.01			0.02			(0.09	)1		0.03	1		0.06			0.07			(0.02	)		(0.08	)		(0.18	)1		(0.05	)1		(0.10	)		0.02
Net realized and unrealized gain (loss) on investments		0.03			2.37			0.60			0.05			0.30			0.46			0.02			2.21			0.60			0.07			0.38			0.42
Total from investment operations		0.04			2.39			0.51			0.08			0.36			0.53			0.00			2.13			0.42			0.02			0.28			0.44
Less Distributions From:
Net investment income		(0.15	)		(0.43	)		(0.39	)		(0.44	)		(0.43	)		(0.39	)		(0.14	)		(0.42	)		(0.38	)		(0.43	)		(0.42	)		(0.39	)
Capital gains		(0.16	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)		(0.16	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)
Total distributions		(0.31	)		(0.59	)		(0.55	)		(0.76	)		(0.72	)		(0.60	)		(0.30	)		(0.58	)		(0.54	)		(0.75	)		(0.71	)		(0.60	)
Net increase (decrease) in net asset value		(0.27	)		1.80			(0.04	)		(0.68	)		(0.36	)		(0.07	)		(0.30	)		1.55			(0.12	)		(0.73	)		(0.43	)		(0.16	)
Net Asset Value at end of period	$	9.33		$	9.60		$	7.80		$	7.84		$	8.52		$	8.88		$	8.44		$	8.74		$	7.19		$	7.31		$	8.04		$	8.47
Total Return (%)2		0.77	3		31.18			7.10			1.46			3.96			5.97			0.49	3		30.17			6.31			0.68			3.21			5.09
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	14,214		$	14,811		$	11,996	$		13,748	$		16,035		$	16,77			3 $ 8,402		$	8,336		$	7,156	$		8,191		$	9,638		$	13,299
Ratios of expenses to average net assets (%)		1.26	4		1.26			1.25			1.25			1.25			1.25			2.01	4		2.01			2.01			2.00			2.00			2.00
Ratio of net investment income to average net assets (%).		0.33	4		0.09			0.70			1.05			0.47			1.03			(0.43	)4		(0.66	)		(0.05	)		0.29			(0.28	)		0.28
Portfolio turnover (%)5		57	3		162			108			116			130			166			57	3		162			108			116			130			166

	CLASS Y																		CLASS I						CLASS R6
	Six-Months Ended 4/30/22			Year Ended October 31,															Period Ended 4/30/22*			Six-Months Ended 4/30/22			Year Ended October 31,
	(unaudited)			2021			2020			2019			2018			2017			(unaudited)			(unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	9.95		$	8.05		$	8.06		$	8.73		$	9.06		$	9.11		$	9.79		$	10.12		$	8.17		$	8.16		$	8.81		$	9.13		$	9.16
Income from Investment Operations:
Net investment income (loss)		0.03			0.04			(0.39	)1		0.12	1		0.10			0.14			0.12			0.10			0.17			(0.45	)1		0.18	1		0.06			0.14
Net realized and unrealized gain (loss) on investments		0.03			2.45			0.94			(0.02	)		0.29			0.42			(0.09	)		(0.04	)		2.37			1.02			(0.06	)		0.34			0.44
Total from investment operations		0.06			2.49			0.55			0.10			0.39			0.56			0.03			0.06			2.54			0.57			0.12			0.40			0.58
Less Distributions From:
Net investment income		(0.16	)		(0.43	)		(0.40	)		(0.45	)		(0.43	)		(0.40	)		(0.14	)		(0.17	)		(0.43	)		(0.40	)		(0.45	)		(0.43	)		(0.40	)
Capital gains		(0.16	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)		-			(0.16	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)
Total distributions		(0.32	)		(0.59	)		(0.56	)		(0.77	)		(0.72	)		(0.61	)		(0.14	)		(0.33	)		(0.59	)		(0.56	)		(0.77	)		(0.72	)		(0.61	)
Net increase (decrease) in net asset value		(0.26	)		1.90			(0.01	)		(0.67	)		(0.33	)		(0.05	)		(0.11	)		(0.27	)		1.95			0.01			(0.65	)		(0.32	)		(0.03	)
Net Asset Value at end of period	$	9.69		$	9.95		$	8.05		$	8.06		$	8.73		$	9.06		$	9.68		$	9.85		$	10.12		$	8.17		$	8.16		$	8.81		$	9.13
Total Return (%)2		1.00	3		31.54			7.34			1.60			4.29			6.15			0.35	3		1.04	3		31.69			7.51			1.82			4.37			6.34
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	80,849		$	66,982		$	59,966		$	102,018		$	106,576		$	95,640		$	54		$	775		$	544		$	1,439		$	2,385		$	2,388		$	2,531
Ratios of expenses to average net assets (%)		1.01	4		1.01			1.01			1.00			1.00			1.00			0.94	4		0.88	4		0.88			0.87			0.87			0.87			0.87
Ratio of net investment income to average net assets (%)		0.56	4		0.34			0.98			1.28			0.73			1.26			0.47	4		0.68	4		0.60			1.10			1.41			0.85			1.26
Portfolio turnover (%)5		57	3		162			108			116			130			166			57	3		57	3		162			108			116			130			166

^* Class I shares commenced operations effective March 1, 2022.

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.

52 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	DIVIDEND INCOME FUND
	CLASS A*												CLASS Y
	Six-Months Ended 4/30/22			Year Ended			Period Ended			Six-Months Ended 4/30/22  2021			Year Ended October 31,
	(unaudited)			2021			10/31/20201			(unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	34.13		$	26.10		$	25.17		$	34.19		$	26.14		$	27.65		$	27.01		$	26.18		$	22.38
Income from Investment Operations:
Net investment income		0.24			0.39			0.16	2		0.31			0.50			0.51	2		0.46	2		0.47			0.44	2
Net realized and unrealized gain (loss) on investments		(0.75	)		8.06			0.98			(0.78	)		8.03			(0.88	)		3.12			1.42			4.34
Total from investment operations		(0.51	)		8.45			1.14			(0.47	)		8.53			(0.37	)		3.58			1.89			4.78
Less Distributions From:
Net investment income .		(0.19	)		(0.42	)		(0.21	)		(0.27	)		(0.48	)		(0.45	)		(0.43	)		(0.47	)		(0.44	)
Capital gains		(2.85	)		–			–			(2.85	)		–			(0.69	)		(2.51	)		(0.59	)		(0.54	)
Total distributions		(3.04	)		(0.42	)		(0.21	)		(3.12	)		(0.48	)		(1.14	)		(2.94	)		(1.06	)		(0.98	)
Net Increase (decrease) in net asset value.		(3.55	)		8.03			0.93			(3.59	)		8.05			(1.51	)		0.64			0.83			3.80
Net Asset Value at end of period	$	30.58		$	34.13		$	26.10		$	30.60		$	34.19		$	26.14		$	27.65		$	27.01		$	26.18
Total Return (%)3		(0.84	)4		32.52			4.53	3		(0.71	)4		32.81			(1.42	)		15.48			7.35			21.85
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	59,528		$	62,716		$	51,207		$	164,271		$	188,287		$	171,733		$	220,725		$	111,457		$	107,411
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.16	5		1.16			1.17	4		0.91	5		0.91			1.02			1.10			1.10			1.10
After reimbursement of expenses by Adviser (%)		1.16	5		1.16			1.17	4		0.91	5		0.91			0.93			0.95			0.95			0.95
Ratio of net investment income (loss) to average net assets
Before reimbursement of expenses by Adviser (%)		1.46	5		1.25			1.09	4		1.71	5		1.50			1.72			1.64			1.60			1.66
After reimbursement and waiver of expenses by Adviser (%) .		1.46	5		1.25			1.09	4		1.71	5		1.50			1.81			1.79			1.75			1.81
Portfolio turnover (%)6		15	4		31			33	3		15	4		31			33			28			32			19

	CLASS I									CLASS R6
	Six-Months Ended4/30/22 (unaudited)			Year Ended 2021			Period Ended 10/31/2020*			Period Ended 4/30/2022** (Unaudited) 2020
Net Asset Value at beginning of period	$	34.20		$	26.14		$	27.19		$	31.05
Income from Investment Operations:
Net investment income		0.31			0.52			0.06	2		0.06
Net realized and unrealized gain (loss) on investments		(0.75	)		8.05			(1.02	)		(0.39	)
Total from investment operations		(0.44	)		8.57			(0.96	)		(0.33	)
Less Distributions From:
Net investment income		(0.33	)		(0.51	)		(0.09	)		(0.13	)
Capital gains		(2.85	)		–			–			-
Total distributions		(3.18	)		(0.51	)		(0.09	)		(0.13	)
Net Increase (decrease) in net asset value		(3.62	)		8.06			(1.05	)		(0.46	)
Net Asset Value at end of period	$	30.58		$	34.20		$	26.14		$	30.59
Total Return (%)3.		(0.65	)4		32.95			(3.53	)4		(1.08	)4
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	57,863		$	72,215		$	51,725		$	26,401
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		0.81	5		0.81			0.82	5		0.73	5
After reimbursement of expenses by Adviser (%)		0.81	5		0.81			0.82	5		0.73	5
Ratio of net investment income (loss) to average net assets
Before reimbursement of expenses by Adviser (%)		1.85	5		1.60			1.55	5		1.32	5
After reimbursement and waiver of expenses by Adviser (%)		1.85	5		1.60			1.55	5		1.32	5
Portfolio turnover (%)6		15	4		31			33	4		15	4

* Class I shares commenced operations effective September 1, 2020.

^** Class R6 shares commenced operations effective March 1, 2022.

¹ Class A shares commenced operations effective June 1, 2020.

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 Class R6 shares commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

53 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding – continued

	INVESTORS FUND
	CLASS A																		CLASS Y
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	28.72		$	23.81		$	23.76		$	23.85		$	23.22		$	19.57		$	28.78		$	23.84		$	23.83		$	23.92		$	23.29		$	19.62
Income from Investment Operations:
Net investment income (loss)		0.01			(0.01	)		0.04	1		0.06	1		0.05			0.03	1		0.10			0.12			0.14	1		0.121			0.11			0.09	1
Net realized and unrealized gain (loss) on investments		(2.11	)		7.29			1.31			3.39			1.87			4.23			(2.17	)		7.24			1.29			3.39			1.87			4.24
Total from investment operations		(2.10	)		7.28			1.35			3.45			1.92			4.26			(2.07	)		7.36			1.43			3.51			1.98			4.33
Less Distributions From:
Net investment income		–			–			–			(0.10	)		(0.03	)		–			(0.04	)		(0.05	)		(0.12	)		(0.16	)		(0.09	)		(0.05	)
Capital gains		(2.10	)		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)		(2.10	)		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)
Total distributions		(2.10	)		(2.37	)		(1.30	)		(3.54	)		(1.29	)		(0.61	)		(2.14	)		(2.42	)		(1.42	)		(3.60	)		(1.35	)		(0.66	)
Net increase (decrease) in net asset value		(4.20	)		4.91			0.05			(0.09	)		0.63			3.65			(4.21	)		4.94			0.01			(0.09	)		0.63			3.67
Net Asset Value at end of period	$	24.52		$	28.72		$	23.81		$	23.76		$	23.85		$	23.22		$	24.57		$	28.78		$	23.84		$	23.83		$	23.92		$	23.29
Total Return (%)2		(8.07	)3		32.37			5.75			18.37			8.50			22.30			(7.95	)3		32.72			6.06			18.63			8.75			22.62
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	94,994		$	108,515		$	88,934		$	86,476		$	78,043		$	77,891		$	96,610		$	112,166		$	157,991		$	244,443		$	208,942		$	222,363
Ratios of expenses to average net assets (%)		1.16	4		1.16			1.18			1.20			1.20			1.20			0.91	4		0.91			0.94			0.95			0.95			0.95
Ratio of net investment income to average net assets (%)		0.11	4		(0.03	)		0.18			0.23			0.22			0.14			0.37	4		0.25			0.54			0.47			0.47			0.39
Portfolio turnover (%)5		7	3		17			41			23			40			33			7	3		17			41			23			40			33

	CLASS I
	Six-Months									Six-Months			Year Ended October 31,
	Ended 4/30/22			Year Ended			Pried Ended			Ended 4/30/22
	(unaudited)			10/31/21			10/31/20*,6			(unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	28.75		$	23.84		$	24.51		$	29.09		$	24.12		$	24.06		$	24.07		$	23.44		$	19.74
Income from Investment Operations:
Net investment income		0.06			0.10			0.00	1,7		0.07			0.11			0.031			0.16	1		0.15			0.13	1
Net realized and unrealized gain (loss) on investments		(2.11	)		7.28			(0.67	)		(2.13	)		7.37			1.45			3.43			1.88			4.26
Total from investment operations		(2.05	)		7.38			(0.67	)		(2.06	)		7.48			1.48			3.59			2.03			4.39
Less Distributions From:
Net investment income		(0.10	)		(0.10	)		–			(0.15	)		(0.14	)		(0.12	)		(0.16	)		(0.14	)		(0.08	)
Capital gains		(2.10	)		(2.37	)		–			(2.10	)		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)
Total distributions		(2.20	)		(2.47	)		–			(2.25	)		(2.51	)		(1.42	)		(3.60	)		(1.40	)		(0.69	)
Net increase (decrease) in net asset value		(4.25	)		4.91			(0.67	)		(4.31	)		4.97			0.06			(0.01	)		0.63			3.70
Net Asset Value at end of period	$	24.50		$	28.75		$	23.84		$	24.78		$	29.09		$	24.12		$	24.06		$	24.07		$	23.44
Total Return (%)2		(7.91	)3		32.87			(2.73	)3		(7.88	)3		32.96			6.21			18.88			8.90			22.87
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	92,920		$	104,617		$	20,643		$	57,984		$	84,331		$	70,490		$	8,063		$	6,919		$	6,898
Ratios of expenses to average net assets (%)		0.81	4		0.81			0.82	4		0.73	4		0.73			0.74			0.77			0.77			0.77
Ratio of net investment income to average net assets (%)		0.47	4		0.30			0.02	4		0.55	4		0.39			0.26			0.65			0.64			0.56
Portfolio turnover (%)5		7	3		17			41	3		7	3		17			41			23			40			33

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.

⁶ Class I shares commenced operations effective September 1, 2020.

⁷ Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

54 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding – continued

	SUSTAINABLE EQUITY FUND
	CLASS Y			CLASS I
	Period			Period
	Ended 4/30/22			Ended 4/30/22
		(unaudited)1			(unaudited)1
Net Asset Value at beginning of period	$	10.00		$	10.00
Income from Investment Operations:
Net investment loss		—			0.01
Net realized and unrealized gain (loss) on investments		(1.39	)		(1.40	)
Total from investment operations		(1.39	)		(1.39	)
Less Distributions From:
Net investment income		—			—
Net increase (decrease) in net asset value		(1.39	)		(1.39	)
Net Asset Value at end of period	$	8.61		$	8.61
Total Return (%)2		(13.90	)3		(13.80	)3
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	86		$	7,692
Ratios of expenses to average net assets (%)		0.88	4		0.80	4
Ratio of net investment income to average net assets (%)		0.29	4		0.43	4
Portfolio turnover (%)3		3	3		3	3

¹ The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022

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.

55 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding – continued

MID CAP FUND
	CLASS A																		CLASS B
	Six-Months Ended 4/30/22			Year Ended October 31,															Six-Months Ended 4/30/22			Year Ended October 31,
	(unaudited)			2021			2020			2019			2018			2017			(unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	13.68		$	10.26		$	11.09		$	9.77		$	9.37		$	8.34		$	10.52		$	8.03		$	8.84		$	7.98		$	7.78		$	7.04
Income from Investment Operations:
Net investment loss		(0.01	)		(0.07	)		(0.08	)1		(0.07	)1		(0.06	)		(0.05	)1		(1.37	)		(0.68	)		(0.53	)1		(0.32	)1		(0.35	)		(0.20	)1
Net realized and unrealized gain (loss) on investments		(1.13	)		3.91			(0.32	)		2.07			0.81			1.46			0.47			3.59			0.15			1.86			0.90			1.32
Total from investment operations		(1.14	)		3.84			(0.40	)		2.00			0.75			1.41			(0.90	)		2.91			(0.38	)		1.54			0.55			1.12
Less Distributions From:
Capital gains		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)
Total distributions		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)
Net increase (decrease) in net asset value		(1.78	)		3.42			(0.83	)		1.32			0.40			1.03			(1.54	)		2.49			(0.81	)		0.86			0.20			0.74
Net Asset Value at end of period	$	11.90		$	13.68		$	10.26		$	11.09		$	9.77		$	9.37		$	8.984		$	10.52		$	8.03		$	8.84		$	7.98		$	7.78
Total Return (%)3		(8.94	)4		38.24			(3.81	)		22.65			8.15			17.40			(9.36	)		37.24			(4.59	)		21.91			7.21			16.46
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	74,276		$	76,625		$	58,782		$	66,250		$	59,519		$	59,175		$	755		$	1,180		$	1,191		$	1,730		$	1,891		$	2,550
Ratios of expenses to average net assets (%)		1.40	5		1.39			1.40			1.40			1.40			1.40			2.15	5		2.15			2.15			2.15			2.15			2.15
Ratio of net investment income to average net assets (%)		(0.52	)5		(0.50	)		(0.64	)		(0.59	)		(0.51	)		(0.53	)		(1.21	)5		(1.21	)		(1.37	)		(1.33	)		(1.26	)		(1.28	)
Portfolio turnover (%)6		12	4		24			24			25			27			22			12	4		24			24			25			27			22

	CLASS Y																		CLASS I*
	Six-Months Ended 4/30/22			Year Ended October 31,															Six-Months Ended 4/30/22			Year Ended			Period Ended
	(unaudited)			2021			2020			2019			2018			2017			(unaudited)			10/31/2021			10/31/2020*
Net Asset Value at beginning of period	$	14.62		$	10.89		$	11.71		$	10.23		$	9.76		$	8.64		$	14.64		$	10.90		$	11.21
Income from Investment Operations:
Net investment income (loss)		(0.01	)		0.02			(0.03	)1		(0.02	)1		(0.01	)		(0.01	)1		0.01			(0.03	)		(0.01	)1
Net realized and unrealized gain (loss) on investments		(1.19	)		4.13			(0.36	)		2.18			0.83			1.51			(1.20	)		4.19			(0.30	)
Total from investment operations.		(1.20	)		4.15			(0.39	)		2.16			0.82			1.50			(1.19	)		4.16			(0.31	)
Less Distributions From:
Net Investment Income		–			–			(0.00	)2		–			–			–			(0.02	)		(0.00)	2		–
Capital gains		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.64	)		(0.42	)		–
Total distributions		(0.64	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.66	)		(0.42	)		–
Net increase (decrease) in net asset value		(1.84	)		3.73			(0.82	)		1.48			0.47			1.12			(1.85	)		3.74			(0.31	)
Net Asset Value at end of period	$	12.78		$	14.62		$	10.89		$	11.71		$	10.23		$	9.76		$	12.79		$	14.64		$	10.90
Total Return (%)3		(8.74	)4		38.89			(3.52	)		23.27			8.55			17.85			(8.73	)4		39.01			(2.77	)3
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	243,874		$	263,892		$	323,841		$	463,768		$	351,716		$	270,989		$	262,874		$	286,235		$	61,805
Ratios of expenses to average net assets (%)		0.95	5		0.95			0.97			0.98			0.98			0.98			0.85	5		0.85			0.86	4
Ratio of net investment income to average net assets (%)		(0.06	)5		(0.04	)		(0.20	)		(0.18	)		(0.09	)		(0.11	)		0.04	5		(0.01	)		(0.43	)4
Portfolio turnover (%)4		12	4		24			24			25			27			22			12	4		24			24	3

	CLASS R6
	Six-Months				Year Ended October 31,
	Ended 4/30/22 (unaudited)				2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	15.04			$	11.19		$	11.99		$	10.44		$	9.94		$	8.77
Income from Investment Operations:
Net investment income (loss)		0.02				0.02			(0.02	)1		(0.10	)1		0.01			0.01	1
Net realized and unrealized gain (loss) on investments		(1.24	)			4.27			(0.35	)		2.33			0.84			1.54
Total from investment operations		(1.22	)			4.29			(0.37	)		2.23			0.85			1.55
Less Distributions From:
Net Investment Income		(0.04	)			(0.02	)		(0.00	)2		–			–			–
Capital gains		(0.64	)			(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)
Total distributions		(0.68	)			(0.44	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)
Net increase (decrease) in net asset value		(1.90	)			3.85			(0.80	)		1.55			0.50			1.17
Net Asset Value at end of period	$	13.14			$	15.04		$	11.19		$	11.99		$	10.44		$	9.94
Total Return (%)3		(8.68	)	4		39.20			(3.26	)		23.49			8.71			18.17
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	89,225			$	105,878		$	91,562		$	55,417		$	12,886		$	11,713
Ratios of expenses to average net assets (%)		0.77	5			0.77			0.77			0.76			0.77			0.77
Ratio of net investment income to average net assets (%)		0.14	5			0.14			(0.03	)		(0.06	)		0.12			0.10
Portfolio turnover (%)4		12	4			24			24			25			27			22

^* Class I shares commenced operations effective September 1, 2020

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

² Amounts represent less than $0.005 per share.

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.

56 

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Financial Highlights for a Share of Beneficial Interest Outstanding – continued

	SMALL CAP FUND
	CLASS A															CLASS Y
	Six-Months			Year Ended October 31,									Inception to			Six-Months			Year Ended October 31,						Period Ended October 31,						Year Ended September 30,
	Ended 4/30/22 (unaudited)			2021			2020			2019			September 30, 20191			Ended 4/30/22 (unaudited)			2021			2020			20192			2019			20184			20174
Net Asset Value at beginning of period	$	15.55		$	11.04		$	11.14		$	10.82		$	10.53		$	15.69		$	11.11		$	11.19		$	10.87		$	15.56		$	15.03		$	14.09
Income from Investment Operations:
Net investment income (loss)		(0.02	)		(0.09	)		(0.02	)4		(0.01	)4		(0.01	)2		(0.02	)		(0.07	)		0.02	4		(0.01	)4		(0.04	)4		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments		(1.94	)		5.46			0.36			0.33			0.30			(1.95	)		5.51			0.35			0.33			(1.39	)		2.21			1.70
Total from investment operations		(1.96	)		5.37			0.34			0.32			0.29			(1.97	)		5.44			0.37			0.32			(1.43	)		2.13			1.61
Less Distributions From:
Net investment income		–			–			–			–			–			–			–			(0.01	)		–			–			–			–
Capital gains.		(3.35	)		(0.86	)		(0.44	)		–			–			(3.35	)		(0.86	)		(0.44	)		–			(3.26	)		(1.60	)		(0.67	)
Total distributions		(3.35	)		(0.86	)		(0.44	)		–			–			(3.35	)		(0.86	)		(0.45	)		–			(3.26	)		(1.60	)		(0.67	)
Net increase (decrease) in net asset value		(5.31	)		4.51			(0.10	)		0.32			0.29			(5.32	)		4.58			(0.08	)		0.32			(4.69	)		0.53			0.94
Net Asset Value at end of period	$	10.24		$	15.55		$	11.04		$	11.14		$	10.82		$	10.37		$	15.69		$	11.11		$	11.19			10.87		$	15.56		$	15.03
Total Return (%)5		(15.31	)6		50.17			3.02			2.96	6		2.75	6		(15.21	)6		50.50			3.27			2.94	6		(8.81	)		15.29			11.58
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	3,896		$	4,847		$	2,958		$	3,457		$	3,420		$	195,500		$	253,625		$	215,890		$	263,527			274,824		$	543,961		$	611,730
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.35	7		1.39			1.51			1.50	7		1.50			1.10	7		1.15			1.26			1.25	7		1.29			1.21			1.23
After reimbursement of expenses by Adviser (%)		1.35	7		1.38			1.47			1.46	7		1.46			1.10	7		1.14			1.22			1.21	7		1.29			1.21			1.23
Ratio of net investment income to average net assets
Before reimbursement of expenses by Adviser (%)		(0.55	)7		(0.67	)		(0.18	)		(1.07	)7		(1.28	)		(0.30	)7		(0.42	)		0.08			(0.82	)7		(0.36	)		(0.57	)		(0.64	)
After reimbursement of expenses by Adviser (%)		(0.55	)7		(0.66	)		(0.14	)		(1.03	)7		(1.24	)		(0.30	)7		(0.40	)		0.12			(0.78	)7		(0.36	)		(0.57	)		(0.64	)
Portfolio turnover (%)8		18			44			47			3			73			18			44			47			3			73			49			53

	CLASS I						CLASS R6
	Six-Months
	Ended 4/30/22 (unaudited)			Period Ended 10/31/21*			Period Ended 10/31/22**
Net Asset Value at beginning of period	$	15.70		$	14.41		$	11.30
Income from Investment Operations:
Net investment income (loss)		(0.01	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(5.30	)		1.32			(0.91	)
Total from investment operations		(5.31	)		1.29			(0.92	)
Less Distributions From:
Net investment income		(0.02	)		–			–
Total distributions		(0.02	)		–			–
Net increase (decrease) in net asset value		(5.33	)		1.29			(0.92	)
Net Asset Value at end of period	$	10.37		$	15.70		$	10.38
Total Return (%)5		(15.18	)6		8.95	6		(8.14	)6
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	19,331		$	21,868		$	9
Before reimbursement of expenses by Adviser (%)		1.00	7		1.00	7		0.98	7
After reimbursement of expenses by Adviser (%)		1.00	7		1.00	7		0.98	7
Ratio of net investment income to average net assets
Before reimbursement of expenses by Adviser (%)		(0.19	)7		(0.36	)7		(0.37	)7
After reimbursement of expenses by Adviser (%)		(0.19	)7		(0.36	)7		(0.37	)7
Portfolio turnover (%)8		18			44			18

^* Class I shares commenced operations effective March 1, 2021.

^** Class R6 shares commenced operations effective March 1, 2022.

¹ For accounting purposes, the Small Cap Fund Class A is treated as having commenced investment operations on August 31, 2019.

² Disclosure represents the period October 1, 2019 to October 31, 2019.

³ The financial highlights prior to August 31, 2019 are those of the Broadview Opportunity Fund, the accounting survivor of the reorganization of the Madison Small Cap Fund and Broadview Opportunity Fund. The net asset values and other per share information of the Broadview Opportunity Fund have been restated by the conversion ratio of 2.469195 for Class Y shares to reflect those of the legal survivor of the reorganization, the Madison Small Cap Fund.

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 is not annualized for periods less than one year.

See accompanying Notes to Financial Statements.

57 

Madison Funds | April 30, 2022

Financial Highlights for a Share of Beneficial Interest Outstanding – continued

INTERNATIONAL STOCK FUND
	CLASS A																		CLASS B
	Six-Months			Year Ended October 31,															Six-Months			Year Ended October 31,
	Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017			Ended 4/30/22 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	13.67		$	11.83		$	13.53		$	12.92		$	14.00		$	12.03		$	13.20		$	11.47		$	13.14		$	12.56		$	13.63		$	11.73
Income from Investment Operations:
Net investment income (loss)		0.06			0.07			0.06	1		0.18	1		0.16			0.10	1		(0.16	)		(0.21	)		(0.08	)1		0.06	1		0.03			0.00	1,6
Net realized and unrealized gain (loss) on investments		(1.99	)		2.35			(0.89	)		0.99			(1.12	)		2.01			(1.74	)		2.46			(0.82	)		0.99			(1.07	)		1.97
Total from investment operations		(1.93	)		2.42			(0.83	)		1.17			(0.96	)		2.11			(1.90	)		2.25			(0.90	)		1.05			(1.04	)		1.97
Less Distributions From:
Net investment income		(0.07	)		(0.06	)		(0.19	)		(0.19	)		(0.12	)		(0.14	)		–			–			(0.09	)		(0.10	)		(0.03	)		(0.07	)
Capital gains		(3.30	)		(0.52	)		(0.68	)		(0.37	)		–			–			(3.30	)		(0.52	)		(0.68	)		(0.37	)		–			–
Total distributions		(3.37	)		(0.58	)		(0.87	)		(0.56	)		(0.12	)		(0.14	)		(3.30	)		(0.52	)		(0.77	)		(0.47	)		(0.03	)		(0.07	)
Net increase (decrease) in net asset value		(5.30	)		1.84			(1.70	)		0.61			(1.08	)		1.97			(5.20	)		1.73			(1.67	)		0.58			(1.07	)		1.90
Net Asset Value at end of period	$	8.37		$	13.67		$	11.83		$	13.53		$	12.92		$	14.00		$	8.00		$	13.20		$	11.47		$	13.14		$	12.56		$	13.63
Total Return (%)2		(16.21	)3		20.48			(6.78	)		9.85			(6.94	)		17.79			(16.49	)3		19.62			(7.49	)		9.04			(7.65	)		16.89
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	12,985		$	16,375		$	14,602		$	17,209		$	17,679		$	20,520		$	237		$	348		$	494		$	715		$	840		$	1,195
Ratios of expenses to average net assets (%)		1.61	4		1.61			1.60			1.60			1.60			1.60			2.37	4		2.36			2.36			2.35			2.35			2.35
Ratio of net investment income to average net assets (%)		0.13	4		0.53			0.50			1.42			1.14			0.82			(0.64	)4		(0.19	)		(0.26	)		0.65			0.36			0.05
Portfolio turnover (%)5		17	3		120			34			37			29			32			173			120			34			37			29			32

	CLASS Y
	Six-Months			Year Ended October 31,
	Ended 4/30/22			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	13.64		$	11.83		$	13.57		$	12.96		$	14.04		$	12.05
Income from Investment Operations:
Net investment income (loss)		(1.23	)		0.41			1.30	1		0.62	1		2.47			0.34	1
Net realized and unrealized gain (loss) on investments		(0.68	)		2.05			(2.10	)		0.58			(3.40	)		1.82
Total from investment operations		(1.91	)		2.46			(0.80	)		1.20			(0.93	)		2.16
Less Distributions From:
Net investment income		(0.13	)		(0.13	)		(0.26	)		(0.22	)		(0.15	)		(0.17	)
Capital gains		(3.30	)		(0.52	)		(0.68	)		(0.37	)		–			–
Total distributions		(3.43	)		(0.65	)		(0.94	)		(0.59	)		(0.15	)		(0.17	)
Net increase (decrease) in net asset value		(5.34	)		1.81			(1.74	)		0.61			(1.08	)		1.99
Net Asset Value at end of period	$	8.30		$	13.64		$	11.83		$	13.57		$	12.96		$	14.04
Total Return (%)2		(16.07	)3		20.83			(6.58	)		10.10			(6.72	)		18.18
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	757		$	888		$	823		$	1,310		$	1,434		$	10,098
Ratios of expenses to average net assets (%)		1.36	4		1.36			1.36			1.35			1.35			1.35
Ratio of net investment income to average net assets (%)		0.39	4		0.79			0.73			1.67			1.12			1.06
Portfolio turnover (%)5		17	3		120			34			37			29			32

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.

⁶ Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

58 

Madison Funds | April 30, 2022

Notes to the Financial Statements

1. ORGANIZATION

Madison Funds, a Delaware statutory 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 the following funds (individually, a “fund,” collectively, the “funds”), with the share classes listed:

Fund	Share Class(es) Offered1
Conservative Allocation2	Class A, Class B, Class C
Moderate Allocation2	Class A, Class B, Class C
Aggressive Allocation2	Class A, Class B, Class C
Tax-Free Virginia	Class Y
Tax-Free National	Class Y
High Quality Bond3	Class Y, Class I
Core Bond4	Class A, Class B, Class Y, Class I, Class R6
Diversified Income	Class A, Class B, Class C
Covered Call & Equity Income3	Class A, Class C, Class Y, Class I, Class R6
Dividend Income4	Class A, Class Y, Class I, Class R6
Investors	Class A, Class Y, Class I, Class R6
Sustainable Equity5	Class Y, Class I
Mid Cap	Class A, Class B, Class Y, Class I, Class R6
Small Cap4	Class A, Class Y, Class I, Class R6
International Stock	Class A, Class B, Class Y

¹ As of February 1, 2017, Class B shares of the funds may not be purchased or acquired, except by exchange from Class B shares of another Madison Fund, or through dividend and/or capital gains reinvestments. Shareholders with investments in Class B shares of the funds may continue to hold such shares until they convert to Class A shares.

² The Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds are collectively referred to herein as the "Allocation Funds".

³ The High Quality Bond, and Covered Call & Equity Income Funds launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

⁴ The Core Bond, Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

⁵ The Sustainable Equity Fund was launched on December 31, 2021 with Class Y and Class I which commenced operations effective January 3, 2022.

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 charge, if any; and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that Class or other Class-specific matters.

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”).

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.

Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies".

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 Depositary Receipts ("ADRs"), Global Depository 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. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. 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 Allocation Fund

59 

Madison Funds | April 30, 2022

Notes to the Financial Statements - continued

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 are valued on an amortized cost basis, which approximates fair 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. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. 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 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 fair 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 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 Fund to do the same because of delays in obtaining the Underlying Fund’s NAV. 

A fund's investments 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. In addition to the fair value decisions made by the Committee noted above, the Committee also engages 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 Board of Trustees. Such adjustments to the valuation of foreign securities are applied automatically upon market close if the parameters established are exceeded. A foreign security is also automatically fair valued if the exchange it is traded on is on holiday.

Recently Issued Accounting Pronouncements:

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The adoption of the ASU is elective. At this time, management is evaluating the implications of these changes on the financial statements.

On December 3, 2020, the Securities and Exchange Commission (SEC) adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Funds.

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. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the fund’s ex-distribution date. 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 funds are 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.

Share 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, 2022, 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

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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 fund's books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., fair 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 Tax-Free Virginia and Tax-Free National 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 International Stock Fund had net realized Loss of $(688) related to foreign currency transactions.

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 Tax-Free Virginia and Tax-Free National 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. During the period ended April 30, 2022, 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.

Illiquid Securities: Each fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Based upon the determination of the Board of Trustees, at April 30, 2022, there were no illiquid securities held in the funds.

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 fair 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, 2022, 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.

3. Fair Value Measurements

Each fund has adopted 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

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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, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs. 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, 2022, 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, 2022, 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):

							Value at
Fund1	Level 1		Level 2		Level 3		4/30/22
Conservative Allocation
Investment Companies	$	54,356,072	$	—	$	—	$	54,356,072
Short-Term Investments		12,387,934		—		—		12,387,934
		66,744,006		—		—		66,744,006
Moderate Allocation
Investment Companies		106,506,970		—		—		106,506,970
Short-Term Investments		16,507,718		—		—		16,507,718
		123,014,688		—		—		123,014,688
Aggressive Allocation
Investment Companies		55,545,112		—		—		55,545,112
Short-Term Investments		11,241,791		—		—		11,241,791
		66,786,903		—		—		66,786,903
Tax-Free Virginia								—
Municipal Bonds		—		18,420,482		—		18,420,482
Tax-Free National
Municipal Bonds		—		18,008,125		—		18,008,125
High Quality Bond				—				—
Corporate Notes and Bonds		—		34,235,665		—		34,235,665
U.S. Government and Agency Obligations		—		56,327,900		—		56,327,900
Short-Term Investments		1,801,705		—		—		1,801,705
		1,801,705		90,563,565		—		92,365,270
Core Bond
Asset Backed Securities		—		11,169,033		—		11,169,033
Collateralized Mortgage Obligations		—		12,443,614		—		12,443,614
Commercial Mortgage-Backed Securities		—		5,761,876		—		5,761,876
Corporate Notes and Bonds		—		57,895,301		—		57,895,301
Foreign Corporate Bonds		—		4,244,503		—		4,244,503
Mortgage Backed Securities		—		21,795,257		—		21,795,257
U.S. Government and Agency Obligations		—		65,618,896		—		65,618,896
Short-Term Investments		4,037,453		—		—		4,037,453
		4,037,453		178,928,480		—		182,965,933
Diversified Income
Common Stocks		119,010,081		—		—		119,010,081
Asset Backed Securities		—		1,938,208		—		1,938,208
Collateralized Mortgage Obligations		—		2,756,104		—		2,756,104
Commercial Mortgage-Backed Securities		—		1,850,159		—		1,850,159
Corporate Notes and Bonds		—		17,334,229		—		17,334,229
Foreign Corporate Bonds				1,205,906				1,205,906
Long Term Municipal Bonds		—		604,406		—		604,406
Mortgage Backed Securities		—		6,815,302		—		6,815,302
U.S. Government and Agency Obligations		—		20,037,567		—		20,037,567
Short-Term Investments		4,504,062		—		—		4,504,062
		123,514,143		52,541,881		—		176,056,024

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								Value at
Fund1	Level 1			Level 2		Level 3		4/30/22
Covered Call & Equity Income
Assets:
Common Stocks		79,562,769			—		—		79,562,769
Exchange Traded Funds		1,277,135			—		—		1,277,135
Short-Term Investments		24,964,621							24,964,621
Put Options Purchased		3,734,250			—		—		3,734,250
		109,538,775			—		—		109,538,775
Liabilities:
Call Options Written		(3,204,799	)		—		—		(3,204,799	)
Dividend Income
Common Stocks		300,664,116			—		—		300,664,116
Short-Term Investments		4,863,658			—		—		4,863,658
		305,527,774			—		—		305,527,774
Investors
Common Stocks		322,550,698			—		—		322,550,698
Short-Term Investments		21,700,699			—		—		21,700,699
		344,251,397			—		—		344,251,397
Sustainable Equity
Common Stocks		7,453,050			—		—		7,453,050
Short-Term Investments		446,786			—		—		446,786
		7,899,836			—		—		7,899,836
Mid Cap
Common Stocks		630,141,287			—		—		630,141,287
Short-Term Investments		36,162,737			—		—		36,162,737
		666,304,024			—		—		666,304,024
Small Cap
Common Stocks		206,675,670			—		—		206,675,670
Short-Term Investments		17,605,470			—		—		17,605,470
		224,281,140							224,281,140
International Stock
Common Stocks
Australia		—			409,068		—		409,068
Brazil		509,061			—		—		509,061
Canada		767,913			—		—		767,913
China		490,106			617,080		—		1,107,186
Denmark		—			215,179		—		215,179
France		—			1,156,636		—		1,156,636
Germany		161,280			978,853		—		1,140,133
Hong Kong		—			200,713		—		200,713
India		889,850			—		—		889,850
Ireland		153,334			267,453		—		420,787
Italy		188,137			—		—		188,137
Japan		—			1,853,131		—		1,853,131
Mexico		177,292			296,277		—		473,569
Netherlands		271,173			—		—		271,173
Norway		—			158,729				158,729
Singapore		—			244,634		—		244,634
South Korea		—			167,052		—		167,052
Spain		—			171,874		—		171,874
Sweden		—			216,820		—		216,820
Switzerland		—			908,352		—		908,352
Taiwan		203,052			—		—		203,052
United Kingdom		—			1,733,391		—		1,733,391
United States		211,039			—		—		211,039
Short-Term Investments		346,253			—		—		346,253
		4,368,490			9,595,242		—		13,963,732

¹See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying funds held in the Allocation 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.

4. Derivatives

The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a fund's financial position, and results of operations.

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The following table presents the types of derivatives in the fund by location and as presented on the Statements of Assets and Liabilities as of April 30, 2022.

	Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments
	Asset Derivatives				Liability Derivatives
Fund	Underlying Risk	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Covered Call & Equity Income	Equity	Options purchased	$	3,734,250	Options written	$	(3,204,799	)

The following table presents the effect of derivative instruments on the Statements of Operations for the period ended April 30, 2022.

Fund	Underlying Risk	Statement of Operations	Realized Gain (Loss) on Derivatives			Change in Unrealized Appreciation (Depreciation) on Derivatives
Covered Call & Equity Income	Equity	Option Purchased	$	(690,294	)	$	2,485,815
	Equity	Option Written		1,851,934			(214,629	)
Total			$	1,161,640		$	2,271,186

The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2022.

	Options Purchased Contracts(1)	Options Written Contracts(1)
Covered Call & Equity Income	29	3,734

⁽¹⁾Numbers of Contracts

There is no impact on the financial statement of the other funds as they did not hold derivative investments during the period ended April 30, 2022.

5. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS

Advisory Agreement. For its investment advisory services to the funds, pursuant to the terms of an Investment Advisory Agreement between Madison and the Trust, Madison 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, 2022:

Fund	Management Fee	Fund	Management Fee
Conservative Allocation	0.20%	Covered Call & Equity Income	0.85%
Moderate Allocation	0.20%	Dividend Income2	0.70%
Aggressive Allocation	0.20%	Investors2	0.70%
Tax-Free Virginia	0.50%	Sustainable Equity2	0.70%
Tax-Free National	0.40%	Mid Cap2	0.75%
High Quality Bond1	0.30%	Small Cap2	0.89%
Core Bond2	0.39%	International Stock2	1.05%
Diversified Income2	0.65%

¹ Effective February 28, 2021, Madison contractually agreed to waive 0.10% of its 0.30% annual management fee until at least February 27, 2022. Madison does not have the right to recoup any waived fees. The fee waiver was discontinued effective February 28, 2022. Total fees waived were $34,413.

² The fund’s management fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion.

Administrative Services Agreement. In addition to the management fee, the Investment Adviser is entitled to receive an administrative services fee from each fund pursuant to the terms of a separate Administrative Services Agreement. Under this fee 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.

During the period ended April 30, 2022, the funds and their respective share classes were charged the following fees under the Administrative Services Agreement:

Fund	Class A			Class B			Class C			Class Y			Class I			Class R6
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
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	%		0.10	%1		N/A
Core Bond		0.20	%		0.20	%		N/A			0.20	%		0.10	%		0.02	%2
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	%		0.10	%1		0.02	%
Dividend Income		0.20	%		N/A			N/A			0.20	%		0.10	%		0.02	%2
Investors		0.20	%		N/A			N/A			0.20	%		0.10	%		0.02	%
Sustainable Equity		N/A			N/A			N/A			0.20	%		0.10	%		N/A
Mid Cap		0.40	%		0.40	%		N/A			0.20	%		0.10	%		0.02	%
Small Cap		0.20	%		N/A			N/A			0.20	%		0.10	%		0.02	%2
International Stock		0.30	%		0.30	%		N/A			0.30	%		N/A			N/A

¹ The High Quality Bond and Covered Call & Equity Income Funds launched Class I shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

² The Core Bond, Dividend Income and Small Cap Funds launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

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Expenses that are not included under this fee agreement are paid directly by the funds. See “Other Expenses”.

The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of it's the administrative services fees and/or reimburse each fund's operating expenses to ensure that each fund's operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. Any fees waived will not be subject to later recoupment by Madison.

During the period ended April 30, 2022, the Investment Adviser did not waive Administrative Services fees for any of the funds.

Shareholder Service and Distribution Plans (Rule 12b-1). The Trust has adopted, on behalf of certain funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the 1940 Act. These plans permit the applicable share classes 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 Service 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. 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 distribution-related 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	%
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
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		0.25	%		N/A			N/A			N/A			N/A			0.25	%		N/A			N/A
Investors		0.25	%		N/A			N/A			N/A			N/A			0.25	%		N/A			N/A
Sustainable Equity		N/A			N/A			N/A			N/A			N/A			N/A			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	%		N/A			N/A			N/A			N/A			0.25	%		N/A			N/A
International Stock		0.25	%		0.25	%		N/A			0.75	%		N/A			0.25	%		1.00	%		N/A

MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the funds. For the year April 30, 2022, no fees were waived. MFD does not have the right to recoup waived fees.

Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Funds. Rather, they are deduced 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 ended April 30, 2021, were as follows:

	Amount Collected						Amount Retained
Fund	Class A		Class B		Class C		Class A		Class B		Class C
Conservative Allocation	$	57,792	$	0	$	839	$	8,184	$	0	$	839
Moderate Allocation		35,326	$	58	$	112		4,103	$	58	$	112
Aggressive Allocation		27,712	$	72	$	75		3,041	$	72	$	75
Core Bond		9,878	$	5		n/a		1,402	$	5		n/a
Diversified Income		56,241	$	194	$	0		6,991	$	194	$	0
Dividend Income		11,106		n/a		n/a		1,315		n/a		n/a
Covered Call & Equity Income		18,423		n/a	$	0		2,050		n/a	$	0
Investors		22,066		n/a		n/a		2,712		n/a		n/a
Mid Cap		16,428	$	5		n/a		1,876	$	5		n/a
Small Cap		1,254		n/a		n/a		143		n/a		n/a
International Stock		3,567	$	0		n/a		445	$	0		n/a

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Other Expenses: The funds are responsible for paying: (i) transaction-related expenses including, but not limited to, brokerage commissions paid in connection with fund transactions, interest or fees in connection with fund indebtedness or taxes paid in connection with portfolio securities held, (ii) Rule 12b-1 distribution and service fees, if any (iii) acquired fund fees, if any, (iv) any extraordinary or nonrecurring expenses (such as fees and expenses relating to any temporary line of credit the funds maintain for emergency or extraordinary purposes), and (v) Independent Trustee compensation, including Lead Independent Trustee compensation.

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 from the Funds.

6. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS

With respect to dividends from net investment income, Tax-Free Virginia, Tax-Free National, Core Bond and Diversified Income Funds declare and reinvest dividends, if any, monthly. The Conservative Allocation, High Quality Bond, Dividend Income and Covered Call & Equity Income Funds declare and reinvest dividends, if any, quarterly. The Moderate Allocation, Aggressive Allocation, Investors, Sustainable Equity, Mid Cap, Small Cap and International Stock Funds 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.

7. SECURITIES TRANSACTIONS

For the period ended April 30, 2022, 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	$	—	$	—	$	29,903,523	$	34,755,728
Moderate Allocation		—		—		56,928,705		63,306,283
Aggressive Allocation		—		—		26,945,304		27,367,608
Tax-Free Virginia		—		—		1,489,171		1,425,843
Tax-Free National		—		—		204,290		2,455,119
High Quality Bond		14,789,586		22,876,864		3,262,830		12,034,887
Core Bond		30,471,628		10,427,971		20,078,140		10,634,265
Diversified Income		10,462,516		3,650,981		22,239,735		27,581,780
Covered Call & Equity Income		—		—		60,595,355		42,974,694
Dividend Income		—		—		46,570,201		59,592,751
Investors		—		—		27,607,137		63,902,131
Sustainable Equity		—		—		8,316,099		140,280
Mid Cap		—		—		78,258,596		94,518,971
Small Cap		—		—		42,717,578		57,112,246
International Stock		—		—		2,606,447		3,656,434

8. 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 pursues 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 fair value of the option written. These liabilities are reflected as options written in the Statements 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. See Note 4 for information on derivatives.

9. 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.

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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 fair 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 liquid 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 Statements of Assets and Liabilities.

During the period ended April 30, 2022, the Fund did not enter into any futures contracts.

Options on Futures Contracts. The acquisition of put and call options on futures contracts will give the Core Bond Fund and Covered Call & Equity 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 Funds obtain 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 Funds’ assets. By writing a call option, the Funds become 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 put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that the Funds intend to purchase. However, the Funds become obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Funds in writing options on futures is potentially unlimited and may exceed the amount of the premium received.

During the period ended April 30, 2022, the Funds did not enter into any options on fututres contracts.

10. FOREIGN SECURITIES

Each fund, other than the Tax-Free Virginia and Tax-Free National Funds 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 Statements of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.

11. SECURITIES LENDING

The Board of Trustees has authorized the funds to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the "Agreement") and subject to certain securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S.government securities, initially equal to at least 102% of the value of domestic securities and 105% of non-domestic securities. The loaned securities and collateral are marked to market daily to maintain collateral at 102% of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The funds do not have a master netting agreement.

As of April 30, 2022, the aggregate fair value of securities on loan for the Madison fund family was $47,170,808. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S.treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund's portfolio of investments for individual securities identified on loan.

Fund	Market Value		Cash Collateral*		Non-Cash Collateral*
Conservative Allocation	$	9,667,392	$	8,133,863	$	1,865,248
Moderate Allocation		10,497,107		7,132,475		3,666,415
Aggressive Allocation		6,507,938		6,844,441		14,643
High Quality Bond		1,761,723		1,801,705		—
Core Bond		2,266,611		2,316,835		—
Diversified Income		1,522,029		1,563,315		—
Investors Fund		10,112,062		1,853,501		8,529,753
Small Cap		4,832,429		4,465,528		643,502
International Stock		3,517		3,650		—

*Collateral Represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned.

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The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the funds cannot repledge or resell this collateral.

	Remaining Contractual Maturity of the Agreements As of 4/30/2022
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions(1)
Conservative Allocation
Government Money Market	$	8,133,863	$	—	$	—	$	—	$	8,133,863
Total Borrowings	$	8,133,863	$	—	$	—	$	—	$	8,133,863
Gross amount of recognized liabilities for securities lending transactions									$	8,133,863
Moderate Allocation
Government Money Market	$	7,132,475	$	—	$	—	$	—	$	7,132,475
Total Borrowings	$	7,132,475	$	—	$	—	$	—	$	7,132,475
Gross amount of recognized liabilities for securities lending transactions									$	7,132,475
Aggressive Allocation
Government Money Market	$	6,844,441	$	—	$	—	$	—	$	6,844,441
Total Borrowings	$	6,844,441	$	—	$	—	$	—	$	6,844,441
Gross amount of recognized liabilities for securities lending transactions									$	6,844,441
High Quality Bond
Government Money Market	$	1,801,705	$	—	$	—	$	—	$	1,801,705
Total Borrowings	$	1,801,705	$	—	$	—	$	—	$	1,801,705
Gross amount of recognized liabilities for securities lending transactions									$	1,801,705
Core Bond
Government Money Market	$	2,316,835	$	—	$	—	$	—	$	2,316,835
Total Borrowings	$	2,316,835	$	—	$	—	$	—	$	2,316,835
Gross amount of recognized liabilities for securities lending transactions									$	2,316,835
Diversified Income
Government Money Market	$	1,563,315	$	—	$	—	$	—	$	1,563,315
Total Borrowings	$	1,563,315	$	—	$	—	$	—	$	1,563,315
Gross amount of recognized liabilities for securities lending transactions									$	1,563,315
Investor Fund Income
Government Money Market	$	1,853,501	$	—	$	—	$	—	$	1,853,501
Total Borrowings	$	1,853,501	$	—	$	—	$	—	$	1,853,501
Gross amount of recognized liabilities for securities lending transactions									$	1,853,501
Small Cap
Government Money Market	$	4,465,528	$	—	$	—	$	—	$	4,465,528
Total Borrowings	$	4,465,528	$	—	$	—	$	—	$	4,465,528
Gross amount of recognized liabilities for securities lending transactions									$	4,465,528
International Stock
Government Money Market	$	3,650	$	—	$	—	$	—	$	3,650
Total Borrowings	$	3,650	$	—	$	—	$	—	$	3,650
Gross amount of recognized liabilities for securities lending transactions									$	3,650

⁽¹⁾ Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the “Overnight and Continuous” column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.

12. 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, as amended 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, 2022. 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 October 31, 2018 through October 31, 2021.

For federal income tax purposes, the funds listed below have capital loss carryovers as of October 31, 2021, which are available to offset future capital gains, if any, realized through the fiscal year listed:

	No Expiration Date
Fund	Short-Term		Long-Term
Core Bond	$	348,969	$	1,644,468
Dividend Income		1,577,945		–

For Core Bond Fund and Dividend Income Fund, the inherited losses from mergers are subject to an annual limitation.

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At April 30, 2022, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each fund were as follows:

Fund	Appreciation		Depreciation			Net
Conservative Allocation	$	998,958	$	(3,046,329	)	$	(2,047,371	)
Moderate Allocation		4,481,594		(4,761,140	)		(279,546	)
Aggressive Allocation		3,468,160		(2,550,169	)		917,991
Tax-Free Virginia		82,152		(604,104	)		(521,952	)
Tax-Free National		161,590		(506,805	)		(345,215	)
High Quality Bond		36,437		(5,725,774	)		(5,689,337	)
Core Bond Fund		576,758		(15,411,756	)		(14,834,998	)
Diversified Income		32,776,188		(4,821,441	)		27,954,747
Covered Call & Equity Income		345,036		(18,997,315	)		(18,652,279	)
Dividend Income		63,361,339		(2,773,058	)		60,588,281
Investors		120,253,096		(8,698,462	)		111,554,634
Sustainable Equity		77,865		(775,234	)		(697,369	)
Mid Cap		266,894,496		(34,175,923	)		232,718,573
Small Cap		51,246,550		(20,771,543	)		30,475,007
International Stock		871,360		(3,279,205	)		(2,407,845	)

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

13. CERTAIN RISKS

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.

Slowing global economic growth, the risks associated with ongoing trade negotiations with China, the possibility of changes to some international trade agreements, tensions or open conflict between nations, such as between Russia and Ukraine, or political or economic dysfunction within some nations that are major producers of oil could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time.

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 fair 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 risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund’s investments and share price to decline. The Core Bond Fund 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 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 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 fair 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 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

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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 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.

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 and 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 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.

14. 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 Issuers"). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2022 follows:

Fund/Underlying Fund	Beginning value as of 10/31/2021		Gross Additions		Gross Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (depreciation)			Value at 10/31/2022		Shares		Dividend Income		Distributions Received1
Conservative Allocation Fund
Madison Core Bond Fund Class I2	$	15,701,268	$	1,025,000	$	(16,501,932	)	$	–		$	(224,336	)	$	–		–	$	75,092	$	88,637
Madison Core Bond Fund Class R6		–		16,528,616		–			–			(1,508,776	)		15,019,840		1,620,263		52,214		–
Madison Dividend Income Fund Class I2		1,344,272		99,564		(1,095,143	)		124,461			(473,154	)		–		–		5,859		93,705
Madison Dividend Income Fund Class R6		–		750,146		–			–			243,440			993,586		32,481		4,297		–
Madison Investors Fund Class R6		5,493,514		382,115		(2,959,436	)		571,356			(1,138,834	)		2,348,715		94,783		25,276		356,839
Totals	$	22,539,054	$	18,785,441	$	(20,556,511	)	$	695,817		$	(3,101,660	)	$	18,362,141			$	162,738	$	539,181
Moderate Allocation Fund
Madison Core Bond Fund Class I2	$	17,039,519	$	2,964,968	$	(19,524,950	)	$	–		$	(479,537	)	$	–		–	$	91,915		106,245
Madison Core Bond Fund Class R6		–		19,556,851		–			–			(1,599,734	)		17,957,117		1,937,122		62,425		–
Madison Dividend Income Fund Class I2		6,120,707		467,367		(5,385,455	)		1,016,911			(2,219,530	)		–		–		27,504		439,863
Madison Dividend Income Fund Class R6		–		2,414,130		–			–			753,569			3,167,699		103,553		13,699		–
Madison Investors Fund Class R6		17,078,788		1,305,780		(6,482,311	)		1,504,667			(3,693,626	)		9,713,298		391,981		86,374		1,219,406
Totals	$	40,239,014	$	26,709,096	$	(31,392,716	)	$	2,521,578		$	(7,238,858	)	$	30,838,114			$	281,917	$	1,765,514
Aggressive Allocation Fund
Madison Core Bond Fund Class I2	$	4,884,187	$	750,000	$	(5,522,090	)	$	(24,440	)	$	(87,657	)	$	–		–	$	25,721	$	30,306
Madison Core Bond Fund Class R6		–		5,280,396		–			–			(461,908	)		4,818,488		519,794		16,750		–
Madison Dividend Income Fund Class I2		4,705,036		304,349		(4,138,016	)		851,244			(1,722,613	)		–		–		17,910		286,438
Madison Dividend Income Fund Class R6		–		1,801,466		–			–			591,386			2,392,852		78,223		10,349		–
Madison Investors Fund Class R6		9,552,885		738,568		(1,739,023	)		163,602			(1,568,381	)		7,147,651		288,444		48,854		689,713
Totals	$	19,142,108	$	8,874,779	$	(11,399,129	)	$	990,406		$	(3,249,173	)	$	14,358,991			$	119,584	$	1,006,457

¹ Distributions received include distributions from net investment income and from capital gains from the Underlying Funds.

² During the period ended April 30, 2022, all Class I shares were exchanged tax-free into Class R6 shares.

15. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the funds through the date the financial statements were available for issue. 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 | Other Information (unaudited) | April 30, 2022

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, 2022. 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 181/365 (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, an $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	$	912.60		0.71	%	$	3.37	$	909.50		1.46	%	$	6.91
Moderate Allocation*	$	1,000	$	916.00		0.71	%	$	3.37	$	913.70		1.46	%	$	6.93
Aggressive Allocation*	$	1,000	$	917.70		0.71	%	$	3.38	$	914.60		1.46	%	$	6.93
Core Bond	$	1,000	$	907.00		0.85	%	$	4.02	$	903.90		1.60	%	$	7.55
Diversified Income	$	1,000	$	964.70		1.11	%	$	5.41	$	961.10		1.87	%	$	9.09
Dividend Income	$	1,000	$	991.60		1.16	%	$	5.73		N/A		N/A			$N/A
Covered Call & Equity Income	$	1,000	$	1,007.70		1.26	%	$	6.27		N/A		N/A			$N/A
Investors	$	1,000	$	919.30		1.16	%	$	5.52		N/A		N/A			$N/A
Mid Cap	$	1,000	$	910.60		1.40	%	$	6.63	$	906.40		2.15	%	$	10.16
Small Cap	$	1,000	$	846.90		1.35	%	$	6.18		N/A		N/A			$N/A
International Stock	$	1,000	$	837.90		1.61	%	$	7.34	$	835.10		2.37	%	$	10.78

	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation*	$	1,000	$	909.60		1.46	%	$	6.91
Moderate Allocation*	$	1,000	$	913.00		1.46	%	$	6.93
Aggressive Allocation*	$	1,000	$	914.60		1.46	%	$	6.93
Diversified Income	$	1,000	$	960.50		1.86	%	$	9.04
Covered Call & Equity Income	$	1,000	$	1,004.90		2.01	%	$	9.99

	Class Y
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Tax-Free Virginia	$	1,000	$	930.90		0.86	%	$	4.12
Tax-Free National	$	1,000	$	936.20		0.76	%	$	3.65
High Quality Bond	$	1,000	$	942.00		0.43	%	$	2.07
Core Bond	$	1,000	$	908.60		0.60	%	$	2.84
Covered Call & Equity Income	$	1,000	$	1,010.00		1.01	%	$	5.03
Dividend Income	$	1,000	$	992.90		0.91	%	$	4.50
Investors	$	1,000	$	920.50		0.91	%	$	4.33
Sustainable Equity Fund**	$	1,000	$	861.00		0.88	%	$	2.65
Mid Cap	$	1,000	$	912.60		0.95	%	$	4.51
Small Cap	$	1,000	$	847.90		1.10	%	$	5.04
International Stock	$	1,000	$	839.30		1.36	%	$	6.20

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Madison Funds | Other Information (unaudited) - continued | April 30, 2022

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	939.60		0.42	%	$	0.68
Covered Call & Equity Income	$	1,000	$	1,010.40		0.88	%	$	4.39
Investors	$	1,000	$	921.20		0.73	%	$	3.48
Mid Cap	$	1,000	$	913.20		0.77	%	$	3.65
Dividend Income Fund	$	1,000	$	989.20		0.73	%	$	1.21
Small Cap Fund	$	1,000	$	918.60		0.98	%	$	1.57

	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	909.00		0.50	%	$	2.37
Covered Call & Equity Income	$	1,000	$	1,013.50		0.94	%	$	1.57
Dividend Income	$	1,000	$	993.50		0.81	%	$	4.00
Investors	$	1,000	$	920.90		0.81	%	$	3.86
Sustainable Equity Fund**	$	1,000	$	862.00		0.80	%	$	2.41
Mid Cap	$	1,000	$	912.70		0.85	%	$	4.03
Small Cap	$	1,000	$	848.20		1.00	%	$	4.58

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

**Commenced investment operations on December 31, 2021. Expenses represent the 118 days period ending January 3, 2022.

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	$	1,021.27		0.71	%	$	3.56	$	1,017.55		1.46	%	$	7.30
Moderate Allocation*	$	1,000	$	1,021.27		0.71	%	$	3.56	$	1,017.55		1.46	%	$	7.30
Aggressive Allocation*	$	1,000	$	1,021.27		0.71	%	$	3.56	$	1,017.55		1.46	%	$	7.30
Core Bond	$	1,000	$	1,020.58		0.85	%	$	4.26	$	1,016.86		1.60	%	$	8.00
Diversified Income	$	1,000	$	1,019.29		1.11	%	$	5.56	$	1,015.52		1.87	%	$	9.35
Dividend Income	$	1,000	$	1,019.04		1.16	%	$	5.81		N/A		N/A		$	N/A
Covered Call & Equity Income	$	1,000	$	1,018.55		1.26	%	$	6.31		N/A		N/A		$	N/A
Investors	$	1,000	$	1,019.04		1.16	%	$	5.81		N/A		N/A		$	N/A
Mid Cap	$	1,000	$	1,017.85		1.40	%	$	7.00	$	1,014.13		2.15	%	$	10.74
Small Cap	$	1,000	$	1,018.10		1.35	%	$	6.76		N/A		N/A		$	N/A
International Stock	$	1,000	$	1,016.81		1.61	%	$	8.05	$	1,013.04		2.37	%	$	11.83

	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation	$	1,000	$	1,017.55		1.46	%	$	7.30
Moderate Allocation	$	1,000	$	1,017.55		1.46	%	$	7.30
Aggressive Allocation	$	1,000	$	1,017.55		1.46	%	$	7.30
Diversified Income	$	1,000	$	1,015.57		1.86	%	$	9.30
Covered Call & Equity Income	$	1,000	$	1,014.83		2.01	%	$	10.04

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Madison Funds | Other Information (unaudited) - continued | April 30, 2022

	Class Y
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Tax-Free Virginia	$	1,000	$	1,020.53		0.86	%	$	4.31
Tax-Free National	$	1,000	$	1,021.03		0.76	%	$	3.81
High Quality Bond	$	1,000	$	1,022.66		0.43	%	$	2.16
Core Bond	$	1,000	$	1,021.82		0.60	%	$	3.01
Covered Call & Equity Income	$	1,000	$	1,019.79		1.01	%	$	5.06
Dividend Income	$	1,000	$	1,020.28		0.91	%	$	4.56
Investors	$	1,000	$	1,020.28		0.91	%	$	4.56
Sustainable Equity Fund**	$	1,000	$	1,013.32		0.88	%	$	2.86
Mid Cap	$	1,000	$	1,020.08		0.95	%	$	4.76
Small Cap	$	1,000	$	1,019.34		1.10	%	$	5.51
International Stock	$	1,000	$	1,018.05		1.36	%	$	6.81

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,007.65		0.42	%	$	0.70
Covered Call & Equity Income	$	1,000	$	1,020.43		0.88	%	$	4.41
Investors	$	1,000	$	1,021.17		0.73	%	$	3.66
Mid Cap	$	1,000	$	1,020.98		0.77	%	$	3.86
Dividend Income Fund	$	1,000	$	1,007.14		0.73	%	$	1.22
Small Cap Fund	$	1,000	$	1,006.72		0.98	%	$	1.64

	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,022.32		0.50	%	$	2.51
Covered Call & Equity Income	$	1,000	$	1,020.13		0.94	%	$	4.71
Dividend Income	$	1,000	$	1,020.78		0.81	%	$	4.06
Investors	$	1,000	$	1,020.78		0.81	%	$	4.06
Sustainable Equity Fund**	$	1,000	$	1,020.83		0.80	%	$	4.01
Mid Cap	$	1,000	$	1,020.58		0.85	%	$	4.26
Small Cap	$	1,000	$	1,019.84		1.00	%	$	5.01

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

**Commenced investment operations on December 31, 2021. Expenses represent the 118 days period ending January 3, 2022.

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 NPORT-EX. Form NPORT-EX is available upon request to shareholders at no cost by calling 1-800-877-6089 or on the SEC's website at www.sec.gov. Form NPORT-EX 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 1-800-SEC-0330.

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 upon request by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. The proxy voting records for the funds for the most recent twelve-month period ended June 30 are available to shareholders at no cost upon request by calling 1-800-SEC-0330 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 "Management’s Discussion of Fund Performance" 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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Rev.0422

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1) Code of ethics - See Item 2.
	(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. – Filed herewith.
	(3) Not applicable.
	(4) There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - Filed herewith.

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

/s/ Steven J. Fredricks

Steven J. Fredricks, Chief Legal Officer & Chief Compliance Officer

Date: June 29, 2022

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.

/s/ Patrick F. Ryan

Patrick F. Ryan, Principal Executive Officer

Date: June 29, 2022

/s/ Greg Hoppe

Greg Hoppe, Principal Financial Officer and Principal Accounting Officer

Date: June 29, 2022