# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001753926-23-000245
**Filing Date:** 2023-3
**Character Count:** 530460
**Document Hash:** 4b0ad6bc09e6bb19b4497e2ddecf457e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-23-000245.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001753926-23-000245

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 23703100

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMBERS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19970609

## Series and Classes Contracts Data

### Madison Core Bond Fund (Series ID: S000020646)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000057637 | Core Bond Fund Class A | mboax           |
| C000057638 | Core Bond Fund Class B | mbobx           |
| C000057639 | Core Bond Fund Class Y | MBOYX           |
| C000227346 | Core Bond Fund Class I | MBOIX           |
| C000235944 | Core Bond Class R6     | MBORX           |

### Madison Mid Cap Fund (Series ID: S000020651)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000057652 | Mid Cap Fund Class A  | merax           |
| C000057653 | Mid Cap Fund Class B  | merbx           |
| C000057654 | Mid Cap Fund Class Y  | GTSGX           |
| C000124803 | Mid Cap Fund Class R6 | MMCRX           |
| C000221332 | Mid Cap Fund Class I  | MDCIX           |

### Madison International Stock Fund (Series ID: S000020652)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057655 | International Stock Fund Class A | minax           |
| C000057656 | International Stock Fund Class B | minbx           |
| C000057657 | International Stock Fund Class Y | MINYX           |

### Madison Diversified Income Fund (Series ID: S000020653)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000057658 | Diversified Income Fund Class A | mblax           |
| C000057659 | Diversified Income Fund Class B | mblnx           |
| C000116935 | Diversified Income Fund Class C | MBLCX           |

### Madison Small Cap Fund (Series ID: S000020659)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000057667 | Small Cap Fund Class A  | masmx           |
| C000057669 | Small Cap Fund Class Y  | bvaox           |
| C000227347 | Small Cap Fund Class I  | MSCIX           |
| C000235945 | Small Cap Fund Class R6 | MSCRX           |

### Madison Conservative Allocation Fund (Series ID: S000020660)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000057670 | Conservative Allocation Fund Class B | mcnbx           |
| C000057671 | Conservative Allocation Fund Class A | mcnax           |
| C000060603 | Conservative Allocation Fund Class C | mcocx           |

### Madison Moderate Allocation Fund (Series ID: S000020661)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057672 | Moderate Allocation Fund Class B | MMDRX           |
| C000057673 | Moderate Allocation Fund Class A | MMDAX           |
| C000060604 | Moderate Allocation Fund Class C | MMDCX           |

### Madison Aggressive Allocation Fund (Series ID: S000020662)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000057674 | Aggressive Allocation Fund Class B | magbx           |
| C000057675 | Aggressive Allocation Fund Class A | magsx           |
| C000060605 | Aggressive Allocation Fund Class C | maacx           |

### Madison Covered Call & Equity Income Fund (Series ID: S000026831)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000080723 | Covered Call & Equity Income Fund Class A  | menax           |
| C000080724 | Covered Call & Equity Income Fund Class Y  | menyx           |
| C000116936 | Covered Call & Equity Income Fund Class R6 | MENRX           |
| C000116937 | Covered Call & Equity Income Fund Class C  | MENCX           |
| C000235946 | Covered Call & Equity Income Fund Class I  | MENIX           |

### Madison High Quality Bond Fund (Series ID: S000040129)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124792 | High Quality Bond Fund Class Y | MIIBX           |
| C000235947 | High Quality Bond Fund Class I | MIIRX           |

### Madison Investors Fund (Series ID: S000040131)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000124794 | Investors Fund Class Y  | MINVX           |
| C000130690 | Investors Fund Class R6 | MNVRX           |
| C000130691 | Investors Fund Class A  | MNVAX           |
| C000221333 | Investors Fund Class I  | MIVIX           |

### Madison Dividend Income Fund (Series ID: S000040132)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000124795 | Dividend Income Fund Class Y | BHBFX           |
| C000221172 | Dividend Income Fund Class A | MADAX           |
| C000221334 | Dividend Income Fund Class I | MDMIX           |
| C000235948 | Dividend Income Fund Cass R6 | MADRX           |

### Madison Tax-Free National Fund (Series ID: S000040135)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124800 | Tax-Free National Fund Class Y | GTFHX           |

### Madison Tax-Free Virginia Fund (Series ID: S000040136)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124801 | Tax-Free Virginia Fund Class Y | GTVAX           |

### Madison Sustainable Equity Fund (Series ID: S000074726)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000232859 | Sustainable Equity Fund Class I | MFSIX           |
| C000232860 | Sustainable Equity Fund Class Y | MFSYX           |

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OMB Number: 3235-0570

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

**FORM N-CSR**

**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: October 31, 2022

Reason for filing form N-CSR/A: The following amends the N-CSR originally filed on December 30, 2022 (SEC Accession Number: 0001753926-22-001654). The purpose of this filing is to update the certification pages.

Form N-CSR 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-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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. Report to Shareholders.**

Annual Report

October 31, 2022

**Madison Conservative Allocation Fund** <br> **Madison Moderate Allocation Fund** <br> **Madison Aggressive Allocation Fund**<br>**Madison Tax-Free Virginia Fund** <br> **Madison Tax-Free National Fund**<br>**Madison High Quality Bond Fund** <br> **Madison Core Bond Fund**<br>**Madison Diversified Income Fund**<br> **Madison Covered Call & Equity Income Fund** <br> **Madison Dividend Income Fund**<br> **Madison Investors Fund**<br> **Madison Sustainable Equity Fund**<br> **Madison Mid Cap Fund**<br> **Madison Small Cap Fund**<br> **Madison International Stock Fund** <br>

**Madison Funds** \| October 31, 2022

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| [**Management's Discussion of Fund Performance**](#a_048) |  |
| &nbsp;&nbsp;&nbsp;[Period in Review](#a_001) | [2](#a_001) |
| &nbsp;&nbsp;&nbsp;[Allocation Funds Summary](#a_002) | [3](#a_002) |
| &nbsp;&nbsp;&nbsp;[Conservative Allocation Fund](#a_003) | [3](#a_003) |
| &nbsp;&nbsp;&nbsp;[Moderate Allocation Fund](#a_004) | [4](#a_004) |
| &nbsp;&nbsp;&nbsp;[Aggressive Allocation Fund](#a_005) | [5](#a_005) |
| &nbsp;&nbsp;&nbsp;[Tax-Free Virginia Fund](#a_006) | [6](#a_006) |
| &nbsp;&nbsp;&nbsp;[Tax-Free National Fund](#a_007) | [7](#a_007) |
| &nbsp;&nbsp;&nbsp;[High Quality Bond Fund](#a_008) | [8](#a_008) |
| &nbsp;&nbsp;&nbsp;[Core Bond Fund](#a_009) | [10](#a_009) |
| &nbsp;&nbsp;&nbsp;[Diversified Income Fund](#a_010) | [10](#a_010) |
| &nbsp;&nbsp;&nbsp;[Covered Call & Equity Income Fund](#a_011) | [12](#a_011) |
| &nbsp;&nbsp;&nbsp;[Dividend Income Fund](#a_012) | [13](#a_012) |
| &nbsp;&nbsp;&nbsp;[Investors Fund](#a_013) | [14](#a_013) |
| &nbsp;&nbsp;&nbsp;[Sustainable Equity Fund](#a_014) | [15](#a_014) |
| &nbsp;&nbsp;&nbsp;[Mid Cap Fund](#a_015) | [16](#a_015) |
| &nbsp;&nbsp;&nbsp;[Small Cap Fund](#a_016) | [17](#a_016) |
| &nbsp;&nbsp;&nbsp;[International Stock Fund](#a_017) | [18](#a_017) |
| &nbsp;&nbsp;&nbsp;[Notes to Management's Discussion of Fund Performance](#a_018) | [20](#a_018) |
| [**Portfolios of Investments**](#a_043) |  |
| &nbsp;&nbsp;&nbsp;[Conservative Allocation Fund](#a_043) | [22](#a_043) |
| &nbsp;&nbsp;&nbsp;[Moderate Allocation Fund](#a_044) | [22](#a_044) |
| &nbsp;&nbsp;&nbsp;[Aggressive Allocation Fund](#a_045) | [23](#a_045) |
| &nbsp;&nbsp;&nbsp;[Tax-Free Virginia Fund](#a_046) | [23](#a_046) |
| &nbsp;&nbsp;&nbsp;[Tax-Free National Fund](#a_047) | [24](#a_047) |
| &nbsp;&nbsp;&nbsp;[High Quality Bond Fund](#a_051) | [26](#a_051) |
| &nbsp;&nbsp;&nbsp;[Core Bond Fund](#a_052) | [27](#a_052) |
| &nbsp;&nbsp;&nbsp;[Diversified Income Fund](#a_053) | [31](#a_053) |
| &nbsp;&nbsp;&nbsp;[Covered Call & Equity Income Fund](#a_058) | [35](#a_058) |
| &nbsp;&nbsp;&nbsp;[Dividend Income Fund](#a_056) | [37](#a_056) |
| &nbsp;&nbsp;&nbsp;[Investors Fund](#a_057) | [37](#a_057) |
| &nbsp;&nbsp;&nbsp;[Sustainable Equity Fund](#a_031) | [38](#a_031) |
| &nbsp;&nbsp;&nbsp;[Mid Cap Fund](#a_032) | [39](#a_032) |
| &nbsp;&nbsp;&nbsp;[Small Cap Fund](#a_033) | [39](#a_033) |
| &nbsp;&nbsp;&nbsp;[International Stock Fund](#a_034) | [40](#a_034) |
| [**Financial Statements**](#a_061) |  |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#a_035) | [42](#a_035) |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#a_036) | [44](#a_036) |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#a_037) | [46](#a_037) |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#a_059) | [53](#a_059) |
| [**Notes to Financial Statements**](#a_039) | [68](#a_039) |
| [**Report of Independent Registered Public Accounting Firm**](#a_040) | [82](#a_040) |
| [**Discussion of Contract Renewal Process and Considerations**](#g_001) | [83](#g_001) |
| [**Other Information**](#a_041) | [85](#a_041) |
| [**Trustees and Officers**](#a_042) | [89](#a_042) |

---

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.

**Madison Funds** \| October 31, 2022

**Management's Discussion of Fund Performance (unaudited)**

**Period in Review**

Over the past 12 months, investors had their world turned upside down. Coming off a three-year stretch where the total return (price plus dividends) of the S&P 500<sup>®</sup> index doubled, few envisioned a vicious bear market lurking around the corner. And while stocks experienced a peak-to-trough decline of over 25% during the period, it was no match for the pain felt by bondholders. Stocks are expected to go through periods of extreme volatility over a market cycle, but high-quality fixed income investors expect more stable, if not boring results. However, due to rapidly increasing inflation the Federal Reserve (the Fed) was forced to increase interest rates with a speed and magnitude not witnessed since the early 1980's. The rapid rise in rates resulted in the benchmark Bloomberg US Aggregate Bond Index falling an eye-popping -15.7% over the period. Historical context is needed here, since 1975, and prior to 2022, the index had never experienced a 12 month decline of -10%, and only three times did the drawdown fall below -5%. In this upside-down period, the S&P 500 Index<sup>®</sup> held up a full percentage point better than bonds, falling -14.6%.

Underneath the surface there was a pronounced change in market leadership. US large cap growth stocks, which had been the dominant performers over the past five years, to the tune of +14% annualized over values stocks, became downside leaders as their elevated valuations came under heavy pressure from the outsized uptick in interest rates. Pulled down by heavy losses in Communication Services, Consumer Discretionary and Technology stocks, the Russell 1000 Growth Index fell -24.6%, whereas the Russell 1000 Value Index dropped only -7%, boosted by the meteoric rise of Energy stocks and positive return from Utilities.

Economic growth slowed throughout the period, and we witnessed two consecutive quarters of negative real GDP growth, traditionally the hallmark of a recession. However, the bulk of the decline could be attributed to the normalization of the economy after the serious distortions stemming from the pandemic. As supply chains normalized, it was apparent that too many goods were ordered, and inventories were overbuilt. The resulting destocking, along with reductions in government spending, provided large headwinds. Fortunately, the consumer remained resilient despite inflation constraining a growing portion of their budget. Consumption remained solid on the strength of the labor market, and the associated above average wage growth. The healthy labor market is complicating the Federal Reserve's attempt to slow the economy to combat inflation. Asset markets spent the last several months rallying on hopes of a less aggressive Fed, only to fall again once it was clear that the Fed would need to stick to the plan. The path of markets from here will be dictated by whether a recession can be avoided.

Monetary policy works with long lags, and the Fed has raised interest rates by 3.0% in the past eight months, comparatively it took the Fed over three years to increase rates by just 2.25% the last market cycle. Housing has clearly been impacted by mortgage rates eclipsing 6% and will likely continue to provide a material drag on the economy. Given the Fed's prior actions and the need to do more to squelch inflation, we fear a recession is quite likely in 2023. Although markets have already experienced substantial declines, equity prices don't appear to be accounting for the sizeable earnings declines that a recession would bring. Up to this point the decline in stock prices has been nearly wholly accounted for by a decline in valuations. We expect volatility and turbulent markets to remain with us until inflation is brought fully under control and the Fed can relax policy. In this environment we believe it is critical to lean on high quality companies with durable business models and proven management teams.

On a brighter note, the extreme repricing within the fixed income markets has returned a great amount of yield and value to high quality bonds. Investors no longer need to push further out in maturity or down in credit quality to find a fair yield. It is possible that bond yields could continue to rise, although we believe we are at, or near, the peak in long-term rates. With a higher yield cushion now in tow, high quality bonds will likely generate a positive 12 month return from here.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**![](g186295_img02.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A | -15.00% | -1.42% | 0.97% | 3.00% | -19.90% | -3.35% | -0.22% | 2.39% |
| Class B | -15.69% | -2.16% | 0.20% | 2.39% | -19.27% | -3.15% | -0.12% | 2.39% |
| Class C | -15.67% | -2.15% | 0.20% | 2.23% | -16.47% | -2.15% | 0.20% | 2.23% |
| *ICE Bank of America Merrill Lynch US Corp, Govt & Mortgage Index* | -15.96% | -3.89% | -0.56% | 0.75% | NA | NA | NA | NA |
| *Conservative Allocation Fund Custom Index* | -16.62% | 0.02% | 2.27% | 4.02% | NA | NA | NA | NA |

---

The Madison Conservative Allocation Fund (Class A at NAV) returned -15.00% for the one-year period, outperforming the Conservative Allocation Custom Index return of -16.62%. The Funds underperformed its peers as measured by the Morningstar U.S. Allocation 15%-30% Equity category, which returned -12.77%.

With double digit drawdowns in all major asset classes, the past 12 months was an incredibly challenging period. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Federal Reserve raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -15.7%, a full 1% worse than the S&P 500<sup>®</sup> Index's -14.6% decline. Negative returns in the mid-teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the Fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. Within equities, the Fund benefited from a material underweight to international stocks and below market exposure to domestic growth stocks. The fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the fund's long-term US Treasury position. Within equities, gold miners, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the period. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Federal Reserve that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks, although they have rerated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Alternative Funds | 2.0% |
| Bond Funds | 64.9% |
| Foreign Stock Funds | 2.0% |
| Short-Term Investments | 25.1% |
| Stock Funds | 25.7% |
| Net Other Assets and Liabilities | (19.7)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Madison Core Bond Fund | 26.5% |
| Schwab Intermediate-Term U.S. Treasury ETF | 15.5% |
| Vanguard Short-Term Corporate Bond ETF | 10.2% |
| Vanguard Information Technology ETF | 5.5% |
| Distillate U.S. Fundamental Stability & Value ETF | 5.4% |
| Madison Investors Fund | 5.3% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.6% |
| Vanguard Extended Duration Treasury ETF | 4.3% |
| iShares Treasury Floating Rate Bond ETF | 3.7% |
| Schwab U.S. Dividend Equity ETF | 2.7% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img03.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A | -14.88% | 0.15% | 2.12% | 4.97% | -19.80% | -1.81% | 0.92% | 4.35% |
| Class B | -15.50% | -0.62% | 1.34% | 4.34% | -19.03% | -1.59% | 1.04% | 4.34% |
| Class C | -15.47% | -0.58% | 1.36% | 4.18% | -16.26% | -0.58% | 1.36% | 4.18% |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | NA | NA | NA | NA |
| *Moderate Allocation Fund Custom Index* | -17.44% | 2.56% | 4.10% | 6.27% | NA | NA | NA | NA |

---

The Madison Moderate Allocation Fund (Class A at NAV) returned -14.88% for the one-year period, outperforming its blended benchmark, the Moderate Allocation Custom Index, which returned -17.44%. The Fund underperformed its peers as measured by the Morningstar Allocation 50-70% Equity category, which returned -14.40%.

With double digit drawdowns in all major asset classes, the past 12 months was an incredibly challenging period. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Federal Reserve raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -15.7%, a full 1% worse than the S&P 500<sup>®</sup> Index's -14.6% decline. Negative returns in the mid-teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which helped cushion the fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. Within equities, the fund benefited from

a material underweight to international stocks and below market exposure to domestic growth stocks. The fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the fund's long-term US Treasury position. Within equities, gold miners, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the period. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Federal Reserve that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks, although they have rerated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Alternative Funds | 3.6% |
| Bond Funds | 40.9% |
| Foreign Stock Funds | 4.0% |
| Short-Term Investments | 17.2% |
| Stock Funds | 43.5% |
| Net Other Assets and Liabilities | (9.2)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Madison Core Bond Fund | 16.2% |
| Vanguard Information Technology ETF | 10.1% |
| Schwab Intermediate-Term U.S. Treasury ETF | 9.9% |
| Madison Investors Fund | 8.8% |
| Distillate U.S. Fundamental Stability & Value ETF | 7.6% |
| Vanguard Short-Term Corporate Bond ETF | 5.7% |
| Schwab U.S. Dividend Equity ETF | 4.9% |
| Vanguard FTSE All World ex-U.S. ETF | 4.0% |
| iShares Treasury Floating Rate Bond ETF | 3.9% |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 3.6% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>** 

![](g186295_img04.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** |
| | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A | -15.22% | 1.00% | 2.72% | 6.39% | -20.11% | -0.96% | 1.51% | 5.76% |
| Class B | -15.85% | 0.26% | 1.95% | 5.76% | -19.31% | -0.70% | 1.67% | 5.76% |
| Class C | -15.84% | 0.26% | 1.95% | 5.60% | -16.61% | 0.26% | 1.95% | 5.60% |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | NA | NA | NA | NA |
| *Aggressive Allocation Fund Custom Index* | -18.18% | 4.48% | 5.45% | 8.01% | NA | NA | NA | NA |

---

The Madison Aggressive Allocation Fund (Class A at NAV) returned -15.22% for the one-year period, outperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned -18.18%. The Fund outperformed its peers as measured by the Morningstar Allocation: 70-85% Equity category, which returned -15.93%.

With double digit drawdowns in all major asset classes, the past 12 months was an incredibly challenging period. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Federal Reserve raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -15.7%, a full 1% worse than the S&P 500<sup>®</sup> Index's -14.6% decline. Negative returns in the mid-teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which helped cushion the fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. Within equities, the fund benefited from a material underweight to international stocks and below market exposure to domestic growth stocks. The fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the fund's long-term US Treasury position. Within equities, gold miners, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the period. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Federal Reserve that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks, although they have rerated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Alternative Funds | 4.9% |
| Bond Funds | 22.0% |
| Foreign Stock Funds | 5.4% |
| Short-Term Investments | 24.9% |
| Stock Funds | 59.8% |
| Net Other Assets and Liabilities | (17.0)% |
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** |  |
| Vanguard Information Technology ETF | 14.0% |
| Madison Investors Fund | 12.8% |
| Distillate U.S. Fundamental Stability & Value ETF | 8.6% |
| Madison Core Bond Fund | 8.4% |
| Schwab U.S. Dividend Equity ETF | 6.9% |
| Vanguard FTSE All World ex-U.S. ETF | 5.4% |
| iShares Core S&P Small-Cap ETF | 5.2% |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 4.8% |
| Schwab Intermediate-Term U.S. Treasury ETF | 4.5% |
| iShares Core S&P U.S. Growth ETF | 3.9% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>** 

![](g186295_img05.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** |
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Class Y | -10.01% | -2.39% | -0.26% | 0.79% |
| *ICE BofA ML 1-22 Yr Municipal Securities Index* | -9.80% | -1.53% | 0.61% | 1.65% |

---

The Madison Tax-Free Virginia Fund (Class Y) returned -10.01% for the one-year period, underperforming its benchmark, the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned -9.80%. The Fund outperformed its peers as measured by the Morningstar Municipal Single State Intermediate category, which returned -10.72% for the period.

The Fund's relative performance is attributable to yield curve positioning, sector allocation and the overall credit profile of the individual holdings. Specific to maturity profile, the Fund's underweight in the longer maturity range and overall shorter duration posture was accretive to performance as longer dated bonds experienced significant declining prices in response to a general increase in interest rates in 2022.

In addition, the municipal yield curve flattened significantly during the year in response to aggressive Federal Reserve rate hikes to the Federal Funds rate. Although the Fund's yield curve positioning was not immune to experiencing price declines in all maturity tenors in response to the Fed's actions, the overall shorter posture mitigated some of the negative performance. Higher quality bonds outperformed lower quality due to the uncertainty of the direction of the overall economy as the Fed fights decades high inflation. The Fund benefited from its higher credit quality profile and an overweighting in Pre-refunded and Escrowed to Maturity securities. The main detractor to performance in the Fund was a higher-than-benchmark weighting in lower coupon bonds which fell below par in response to much higher interest rates and, as a result, become subject to the De Minimis Tax Rule. Finally, the state-specific nature of the Virginia Fund lends itself to higher quality bonds and lower yields versus a national benchmark.

The municipal bond market experienced the most negative returns during the 12-month period in over four decades in response to a dramatic rise in interest rates during 2022. It is important to note that all major fixed income markets posted large negative total returns during the year. The municipal market outperformed broad-based Treasury and corporate bond indices despite record outflows in the municipal mutual fund space. Retail investors dominated the municipal bond market and responded to consistently negative returns by withdrawing funds which resulted in large bid lists exacerbating price declines.

Credit quality in the municipal bond market continued to trend in a positive direction as tax receipts increased in many states and the lag effects of Federal stimulus money from various pandemic-related packages bolstered reserves. However, with many economists predicting a slowing economy, if not outright recession in 2023, credit spreads may begin to widen in the more volatile sectors of the municipal market. We are also cognizant of the fact that a divided congress will make tax increases more difficult which may temper demand for municipal bonds as many participants in the market expected increased marginal tax rates.

The outlook for the municipal bond market seems to be trending in a positive direction. First, we believe that most of the pain from rising interest rates have been priced into the market. Yes, there will be volatility but the combination of a slowing economy and the Federal Reserve reaching its terminal rate sometime in 2023 should bring an element of stability to the rates market. Secondly, municipal bonds are attractive from a ratio standpoint versus Treasury bonds which often leads to increased demand for tax-free bonds. Thirdly, municipal bonds have a history of outperforming corporate bonds in a slowing or recessionary economy due to more stable credit trends.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

In general, we believe it is prudent to be conservatively positioned until we see interest rates stabilize but we will look to add duration to the Fund at the appropriate time to take advantage of the increased yields available in the market. Credit quality will remain conservative as we head into a period of expected slower economic growth. We will also consider adding to our revenue bond exposure to gain additional yield as compared to general obligation bonds without sacrificing credit quality.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Airport | 5.4% |
| Development | 4.0% |
| Education | 9.5% |
| Facilities | 9.4% |
| General Obligation | 39.7% |
| Medical | 4.2% |
| Multifamily Housing | 1.0% |
| Power | 4.5% |
| Transportation | 9.5% |
| Utilities | 1.7% |
| Water | 8.8% |
| Net Other Assets and Liabilities | 2.3% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Northern Virginia Transportation Authority, 5.0%, 6/1/30 | 4.5% |
| Arlington County, 5.0%, 8/15/30 | 3.6% |
| James City County Economic Development Authority, 5.0%, 6/15/30 | 3.1% |
| Commonwealth of Virginia, 5.0%, 6/1/23 | 2.8% |
| Virginia College Building Authority, 5.0%, 2/1/23 | 2.8% |
| Norfolk, 5.0%, 8/1/47 | 2.8% |
| Metropolitan Washington Airports Authority Aviation Revenue, 5.0%, 10/1/43 | 2.8% |
| Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42 | 2.7% |
| Norfolk Economic Development Authority, 5.0%, 11/1/36 | 2.7% |
| Hampton Roads Sanitation District, 5.0%, 10/1/35 | 2.5% |

---

**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.

**PERFORMANCE DISCUSSION**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** |
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Class Y | -8.98% | -1.77% | 0.19% | 1.16% |
| *ICE BofA ML 1-22 Yr Municipal Securities Index* | -9.80% | -1.53% | 0.61% | 1.65% |

---

The Madison Tax-Free National Fund (Class Y) returned -8.98% for the one-year period, outperforming its benchmark, the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned -9.80%. The Fund outperformed its peers as measured by the Morningstar Municipal National Intermediate category, which returned -11.21%.

The Fund's relative performance is attributable to yield curve positioning, sector allocation and the overall credit profile of the individual holdings. Specific to maturity profile, the Fund's underweight in the longer maturity range and overall shorter duration posture was accretive to performance as longer dated bonds experienced significant declining prices in response to a general increase in interest rates in 2022. In addition, the municipal yield curve flattened significantly during the year in response to aggressive Federal Reserve rate hikes to the Federal Funds rate. Although the Fund's yield curve positioning was not immune to experiencing price declines in all maturity tenors in response to the Fed's actions, the overall shorter posture mitigated some of the negative performance. Higher quality bonds outperformed lower quality due to the uncertainty of the direction of the overall economy as the Fed fights decades-high inflation. The Fund benefited from its higher credit quality profile as evidenced by a significant underweight in BBB-rated bonds. The main detractor to performance was a yield disadvantage which was expected due to conservative credit quality and shorter duration curve positioning.

The municipal bond market experienced the most negative returns during the 12-month period in over four decades in response to a dramatic rise in interest rates during 2022. It is important to note that all major fixed income markets posted large negative total returns during the year. The municipal market outperformed broad-based Treasury and corporate bond indices despite record outflows in the municipal mutual fund space. Retail investors dominated the municipal bond market and responded to consistently negative returns by withdrawing funds which resulted in large bid lists exacerbating price declines.

Credit quality in the municipal bond market continued to trend in a positive direction as tax receipts increased in many states and the lag effects of Federal stimulus money from various pandemic-related packages bolstered reserves. However, with many economists predicting a slowing economy, if not outright recession in 2023, credit spreads may begin to widen in the more volatile sectors of the municipal market. We are also cognizant of the fact that a divided congress will make tax increases more difficult which may temper demand for municipal bonds as many participants in the market expected increased marginal tax rates.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

The outlook for the municipal bond market seems to be trending in a positive direction. First, we believe that most of the pain from rising interest rates have been priced into the market. Yes, there will be volatility but the combination of a slowing economy and the Federal Reserve reaching its terminal rate sometime in 2023 should bring an element of stability to the rates market. Secondly, municipal bonds are attractive from a ratio standpoint versus Treasury bonds which often leads to increased demand for tax-free bonds. Thirdly, municipal bonds have a history of outperforming corporate bonds in a slowing or recessionary economy due to more stable credit trends.

In general, we believe it is prudent to be conservatively positioned until we see interest rates stabilize but we will look to add duration to the Fund at the appropriate time to take advantage of the increased yields available in the market. Credit quality will remain conservative as we head into a period of expected slower economic growth. We will also consider adding to our revenue bond exposure to gain additional yield as compared to general obligation bonds without sacrificing credit quality.

---

| | |
|:---|:---|
| **STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Alabama | 6.9% |
| Arkansas | 1.0% |
| California | 0.7% |
| Colorado | 3.7% |
| Florida | 2.1% |
| Georgia | 2.4% |
| Hawaii | 2.6% |
| Idaho | 2.9% |
| Illinois | 8.6% |
| Indiana | 6.2% |
| Kansas | 4.2% |
| Kentucky | 2.6% |
| Michigan | 1.5% |
| Mississippi | 2.8% |
| Missouri | 2.4% |
| Montana | 1.7% |
| New Jersey | 6.5% |
| New Mexico | 1.1% |
| New York | 4.1% |
| Ohio | 2.9% |
| Oklahoma | 3.9% |
| Pennsylvania | 3.6% |
| Tennessee | 0.7% |
| Texas | 6.8% |
| Utah | 3.2% |
| Virginia | 5.6% |
| Washington | 1.2% |
| West Virginia | 2.7% |
| Wisconsin | 4.0% |
| Net Other Assets and Liabilities | 1.4% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Mobile County, 5.0%, 2/1/39 | 3.6% |
| Cook County School District No. 111 Burbank, 5.0%, 12/1/35 | 3.3% |
| Austin, 5.0%, 9/1/26 | 3.3% |
| Wichita, 5.0%, 12/1/24 | 3.0% |
| Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26 | 3.0% |
| Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24 | 2.9% |
| Idaho Health Facilities Authority, 5.0%, 3/1/34 | 2.9% |
| Medical Center Educational Building Corp., 5.0%, 6/1/30 | 2.8% |
| West Virginia Economic Development Authority, 5.0%, 7/1/37 | 2.7% |
| Du Page County School District No. 45, 4.0%, 1/1/26 | 2.6% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img07.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** |
| |<br>1 Year |<br>3 Years |<br>5 Years |<br>10 Years | Since<br>Inception<br>02/28/2022 |
| Class Y | -8.88% | -2.15% | -0.27% | 0.23% | - |
| Class I | - | - | - | - | -6.44% |
| *Bloomberg US Intermediate Gov't Credit A+ Bond Index* | -9.52% | -1.91% | 0.21% | 0.76% | -7.74% |

---

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

The Madison High Quality Bond Fund (Class Y) returned -8.88% for the one-year period, outperforming its benchmark, the Bloomberg U.S. Intermediate Government/Credit A+ Bond Index, which returned -9.52%. The Fund underperformed its peers as measured by the Morningstar Short-Term Bond category, which returned -6.81%.

The last 12 months have been among the most volatile periods in the history of financial markets. The Federal Reserve (Fed) continues to aggressively combat the most significant surge in inflation measures since the early 1980's. Across financial markets volatility remained elevated as investors anticipated the impact of a severe and longer lasting monetary tightening. While we are beginning to see the effects of tighter monetary conditions it is likely too early to expect changes in the Fed in the near term. As such, we expect continued tightening, higher yields, increased volatility, and challenging markets in the months ahead.

After shifting to a more aggressive pace of tightening in the first half of the year the Fed remained resolute to normalize monetary policy combating stubborn price pressures across the economy. Headline inflation and long-term expectations, while still elevated, are showing initial signs that higher rates are having the desired impact. Meanwhile, employment data suggests the labor market is strong and not negatively impacted by monetary policy, yet. The strong labor market is allowing the Fed to remain restrictive without worrying about a slowing economy. However, as rates continue to head higher the likelihood of a more dramatic downturn in growth and labor markets will increase, especially if price pressures resist increasingly restrictive monetary policy.

Current market expectations have the terminal Fed Funds Rate at around 4.50% by mid-2023, with rate cuts starting in late-2023. This market pricing stands in sharp contrast to the Fed's dot plot which suggests higher rates over a longer time frame. The median rate at the end of 2023 is projected to be 4.625% and declining to 3.875% in 2024. This difference in forward expectations should continue to inject heightened volatility as additional economic data impacts expected Fed policy. The risk that the Fed may have to reverse course, or pivot, to avoid a recession will become a common refrain among market participants in the coming months. We choose to watch the fundamental data for clues as we try to gauge the path for Fed policy going forward.

The first ten months of 2022 have been difficult for all investors. The speed and magnitude of this year's move in yields compares with some of the worst periods in over 40 years. However, along with the volatility and negative price action come some opportunities that raise the prospects for better future returns. The upward move in rates has restored yield to fixed income investors after a prolonged period of lower-than-average Treasury yields. Alongside this rise in Treasury yields, valuations in credit markets brought about by widening spreads has brought corporate bond valuations back to more reasonable levels. With these more reasonable valuations we view present market conditions as providing more opportunities than we have seen in several years. While we have begun to take advantage of improved valuations as yields have risen, we view the coming months as likely to present even more opportunities.

Conservative duration positioning was additive to returns and to performance over the course of the period as interest rates moved sharply higher in response to the Fed's aggressive tightening campaign in the face of sharply rising inflation measures. Sector/quality was detractive to performance during the period as credit spreads moved wider anticipating potentially slower economic growth in future periods. Portfolio yield/income proved to be slightly additive to performance as higher yields contributed positively to performance. The meaningful flattening in the yield curve detracted from performance as yields on shorter maturities rose more than yields on longer maturities. Security selection contributed to portfolio returns over the period as risk premiums on high quality names widened less than lower quality issues and the portfolio continued to be overweighted in high quality issues.

Higher market yields have allowed the strategy to increase relative duration and add meaningful yield reflecting overall market yields. We will continue adding positions further out the curve should yields continue to rise. Recent corporate spread widening has confirmed our selective view on risk securities, and we are watching for opportunities to add to credit holdings at more attractive valuations. We continue to hold benchmark Agency issues in the portfolio although we have stepped back on new purchases as valuations remain near recent highs.

The past 12 months has, once again, reinforced the need for diversification and rewarded those who have maintained exposure to high quality fixed income within their overall portfolio. With the prospect of meaningful yield returning to fixed income assets we are optimistic about the future prospects for investors.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 2.5% |
| Consumer Discretionary | 3.4% |
| Consumer Staples | 5.3% |
| Fannie Mae | 8.5% |
| Financials | 19.1% |
| Freddie Mac | 6.1% |
| Health Care | 1.5% |
| Industrials | 1.1% |
| Information Technology | 4.2% |
| Short-Term Investments | 5.4% |
| U.S. Treasury Notes | 47.4% |
| Utilities | 0.6% |
| Net Other Assets and Liabilities | (5.1)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Federal Home Loan Mortgage Corp., 0.375%, 4/20/23 | 3.2% |
| U.S. Treasury Notes, 2.125%, 5/15/25 | 3.1% |
| Federal National Mortgage Association, 2.125%, 4/24/26 | 3.0% |
| U.S. Treasury Notes, 2.250%, 11/15/27 | 3.0% |
| Federal Home Loan Mortgage Corp., 0.375%, 7/21/25 | 2.9% |
| U.S. Treasury Notes, 0.375%, 1/31/26 | 2.9% |
| Federal National Mortgage Association, 0.750%, 10/8/27 | 2.8% |
| U.S. Treasury Notes, 1.875%, 2/28/29 | 2.8% |
| U.S. Treasury Notes, 0.625%, 3/31/27 | 2.8% |
| U.S. Treasury Notes, 1.250%, 8/31/24 | 2.8% |

---

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img08.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1 Year |<br>3 Years |<br>5 Years |<br>10 Years | Since<br>Inception<br>2/26/2021 | Since<br>Inception<br>2/26/2022 |<br>1 Year |<br>3 Years |<br>5 Years |<br>10 Years |
| Class A | -15.47% | -3.22% | -0.49% | 0.51% | - | - | -19.26% | -4.69% | -1.40% | 0.05% |
| Class B | -16.18% | -4.00% | -1.25% | -0.10% | - | - | -19.90% | -5.08% | -1.61% | -0.10% |
| Class Y | -15.25% | -2.94% | -0.19% | 0.78% | - | - | - | - | - | - |
| Class I | -15.20% | - | - | - | -8.88% | - | - | - | - | - |
| Class R6 | - | - | - | - | - | -12.22% | - | - | - | - |
| *Bloomberg US Aggregate Bond Index* | -15.68% | -3.77% | -0.54% | 0.74% | -9.41% | -12.89% | NA | NA | NA | NA |

---

The Madison Core Bond Fund (Class Y) returned -15.25% for the one-year period, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index®, which returned -15.68%. The Fund outperformed its peers as measured by the Morningstar Intermediate Core Bond category, which returned -15.94%.

The primary drivers of fund performance versus the benchmark were an underweight to agency mortgage-backed securities and a more conservative duration position throughout the year. Performance was also positively impacted by the yield advantage over the benchmark which averaged 15 basis points (bps) during the last year. The yield advantage has fallen over the past quarter given the yield curve inversion.

The fund greatly reduced its participation in the new issue corporate bond market during the last year. New issue concessions had fallen significantly, and deal performance was underwhelming for most of the year. During the last twelve months, the fund actively reduced its overall exposure to corporates and shifted into agency mortgagebacked securities. Finally, the fund reduced its high yield allocation during the year as fears of an economic slowdown in 2023 began to surface.

Looking at the securitized sector, the fund owned fewer low coupon agency mortgage-backed securities which benefited performance. Mortgages underperformed other sectors as the Federal Reserve's (Fed) quantitative tightening program started and increased loan growth by banks reduced the largest buyers of mortgages. Higher interest rate volatility due to a series of interest rate hikes by the Fed also pressured mortgage spreads. The fund reduced its overweight to asset-backed securities due to concerns about consumer balance sheets and collateral values.

Finally, fund performance was helped by having an overall lower duration over the prior year, ranging from 90 to 93% versus the benchmark. Since October 2021, the two-year, ten-year, and thirty-year Treasury yields increased 3.99%, 2.50% and 2.23% respectively. The fund's slightly long Treasury duration was offset by a lower duration within mortgage-backed securities.

In the coming year, the fund will continue to reduce exposure in corporate bonds given the worsening fundamental outlook. The fund also will look to shift some of its corporate exposure into financials versus industrials given better relative valuations.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Asset Backed Securities | 5.2% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Corporate Notes and Bonds | 26.4% |
| Foreign Corporate Bonds | 2.2% |
| Mortgage Backed Securities | 15.8% |
| Short-Term Investments | 2.1% |
| U.S. Government and Agency Obligations | 34.2% |
| Net Other Assets and Liabilities | 5.9% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| U.S. Treasury Notes, 2.250%, 11/15/25 | 3.5% |
| U.S. Treasury Notes, 2.375%, 5/15/27 | 3.1% |
| U.S. Treasury Notes, 2.250%, 12/31/24 | 3.0% |
| U.S. Treasury Notes, 2.625%, 2/15/29 | 3.0% |
| U.S. Treasury Notes, 0.375%, 1/31/26 | 2.7% |
| U.S. Treasury Notes, 1.375%, 11/15/31 | 2.7% |
| U.S. Treasury Notes, 1.500%, 8/15/26 | 2.5% |
| U.S. Treasury Notes, 0.625%, 8/15/30 | 1.9% |
| U.S. Treasury Notes, 2.875%, 5/15/28 | 1.8% |
| U.S. Treasury Notes, 2.750%, 2/15/24 | 1.8% |

---

**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

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

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 to 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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

 **![](g186295_img09.jpg)**

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| | 1<br>Year | 3<br>Years | 5<br>Years | 10<br>Years | 1<br>Year | 3<br>Years | 5<br>Years | 10<br>Years |
| Class A | -7.92% | 4.32% | 5.95% | 6.96% | -13.19% | 2.28% | 4.71% | 6.32% |
| Class B | -8.62% | 3.55% | 5.15% | 6.32% | -12.31% | 2.53% | 4.84% | 6.32% |
| Class C | -8.62% | 3.57% | 5.17% | 6.17% | -9.44% | 3.57% | 5.17% | 6.17% |
| *Custom Blended Index (50% Fixed 50% Equity)* | -14.95% | 3.38% | 5.20% | 6.88% | NA | NA | NA | NA |
| *ICE BofA US Corp. Govt. & Mtg. Index* | -15.96% | -3.89% | -0.56% | 0.75% | NA | NA | NA | NA |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | NA | NA | NA | NA |

---

The Madison Diversified Income Fund (Class A at NAV) returned -7.92% for the one-year period, outperforming its blended benchmark index (50% ICE Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500® Index) which returned -14.95%. The Fund outperformed its peers as measured by the Morningstar Moderate Allocation category, which returned -14.40%.

***Equity Allocation***

 ****

The equity portion of the Madison Diversified Income Fund returned -3.16% for the one-year period ending October 31, 2022, which outperformed the S&P 500<sup>®</sup> return of -14.6 1%. Relative to the index, sector allocation and stock selection were additive to results. For sector allocation, an overweight position in Energy and an underweight position in Communication Services positively impacted performance. In terms of stock selection, there were positive results in Consumer Discretionary, Health Care, Consumer Staples, Technology, Communication Services, Industrials, and Financials, which was partially offset by weakness in Energy, Utilities and Materials. Within Energy, oil and gas exploration and production firm EOG Resources (EOG) was the most additive stock in the portfolio. In Health Care, pharmaceutical manufacturer Bristol Myers-Squibb (BMY) contributed nicely to results. Within Consumer Staples, agricultural processor Archer-Daniels-Midland (ADM) was an outperforming stock. Other notable outperforming stocks were insurance companies Travelers (TRV) and Aflac (AFL). In general, these stocks had improving underlying fundamentals that benefited their businesses. On the negative side, in Materials, gold producer Newmont (NEM) was the most detractive stock in the portfolio. In Communication Services, media conglomerate Comcast (CMCSA) negatively impacted performance. Within Financials, asset management firm BlackRock (BLK) and asset custodian firm Northern Trust (NTRS) were underperforming stocks. Another notable underperforming stock was medical device manufacturer Medtronic (MDT). In general, these stocks had weak earnings results and deterioration in their businesses. The fund continues to hold all stocks mentioned above.

***Fixed Allocation***

 ****

During the fiscal year ended October 31, 2022 the fixed income portion of the Madison Diversified Income Fund (Class Y) underperformed by 1 basis point, returning -15.74% versus the Bloomberg U.S. Aggregate Index's return of -15.73%. The largest detractor to returns over the period was the funds overweight to credit holdings as risk premiums increased in anticipation of the Fed's efforts to combat inflation. The largest contributor to portfolio performance during the period was the portfolio's yield advantage which resulted from the portfolios overweight to credit holdings and increased weighting in mortgage-backed issues. The last 12 months have been among the most volatile periods in the history of financial markets. The Federal Reserve (Fed) continues to aggressively combat the most significant surge in inflation measures since the early 1980's. Across financial markets volatility remained elevated as investors anticipated the impact of a severe and longer lasting monetary tightening. While we are beginning to see the effects of tighter monetary conditions it is likely too early to expect changes in the Fed in the near term. As such, we expect continued tightening, higher yields, increased volatility, and challenging markets in the months ahead.

After shifting to a more aggressive pace of tightening in the first half of the year the Fed remained resolute to normalize monetary policy combating stubborn price pressures across the economy. Headline inflation and long-term expectations, while still elevated, are showing initial signs that higher rates are having the desired impact. Meanwhile, employment data suggests the labor market is strong and not negatively impacted by monetary policy, yet. The strong labor market is allowing the Fed to remain restrictive without worrying about a slowing economy. However, as rates continue to head higher the likelihood of a more dramatic downturn in growth and labor markets will increase, especially if price pressures resist increasingly restrictive monetary policy.

Current market expectations have the terminal Fed Funds Rate at around 4.50% by mid-2023, with rate cuts starting in late-2023. This market pricing stands in sharp contrast to the Fed's dot plot which suggests higher rates over a longer time frame. The median rate at the end of 2023 is projected to be 4.625% and declining to 3.875% in 2024. This difference in forward expectations should continue to inject heightened volatility as additional economic data impacts expected Fed policy. The risk that the Fed may have to reverse course, or pivot, to avoid a recession will become a common refrain among market participants in the coming months. We choose to watch the fundamental data for clues as we try to gauge the path for Fed policy going forward.

The first nine months of 2022 have been difficult for all investors. The speed and magnitude of this year's move in yields compares with some of the worst periods in over 40 years. However, along with the volatility and negative price action come some opportunities that raise the prospects for better future returns. The upward move in rates has

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

restored yield to fixed income investors after a prolonged period of lower-than-average Treasury yields. Alongside this rise in Treasury yields, valuations in credit markets brought about by widening spreads has brought corporate bond valuations back to more reasonable levels. With these more reasonable valuations we view present market conditions as providing more opportunities than we have seen in several years. While we have begun to take advantage of improved valuations as yields have risen, we view the coming months as likely to present even more opportunities.

Corporate spreads remained volatile as the period ended. Year-to-date, investment grade corporate bond spreads are wider by 67 bps underperforming Treasuries by -3.57%. The lower overall duration of high yield bonds has helped the relative performance versus the long durations in the investment grade index. The Fed has been transparent with its goal to cool demand through interest rate increases. A slowing economy should worsen corporate fundamentals over the coming quarters and is the biggest hinderance to tighter spreads going forward.

Mortgage-backed securities continued to underperform as the period ended. Quantitative tightening, reduced bank purchases and tight relative spreads are all contributors to mortgage underperformance. The marginal buyers of the asset class are money managers and until recently, the valuations had not been attractive enough. Currently, valuations are at levels not seen since before the financial crisis of 2008. With the recent stability in corporate bonds spreads, the relative value case for mortgage-backed securities has improved and makes adding to the asset class a possibility.

The Fund will continue its conservative duration positioning until market valuations better reflect the prospect of a higher-than-expected terminal Fed Fund rate or we have better visibility on economic fundamentals. For now, higher market yields have allowed the strategy to increase relative duration and add meaningful portfolio yield reflecting overall market yields. We will continue adding positions further out the curve as valuations improve. Recent corporate spread widening has confirmed our selective view on risk securities, and we are watching for opportunities to add to credit holdings at more attractive valuations. Additionally, we continue to add to selectively add to mortgage holdings as their valuations become more attractive.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Asset Backed Securities | 1.0% |
| Collateralized Mortgage Obligations | 1.4% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Common Stocks | 69.3% |
| Corporate Notes and Bonds | 8.4% |
| Foreign Corporate Bonds | 0.6% |
| Long Term Municipal Bonds | 0.3% |
| Mortgage Backed Securities | 5.3% |
| Short-Term Investments | 2.0% |
| U.S. Government and Agency Obligations | 11.0% |
| Net Other Assets and Liabilities | (0.1)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Travelers Cos., Inc. | 2.9% |
| Johnson & Johnson | 2.7% |
| Bristol-Myers Squibb Co. | 2.4% |
| CVS Health Corp. | 2.4% |
| Home Depot, Inc. | 2.4% |
| Dominion Energy, Inc. | 2.3% |
| EOG Resources, Inc. | 2.3% |
| Archer-Daniels-Midland Co. | 2.2% |
| PACCAR, Inc. | 2.2% |
| Chevron Corp. | 2.1% |

---

**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.

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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img10.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>02/28/2022 |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years |
| Class A | 2.50% | 12.93% | 8.72% | 7.44% | - | -3.43% | 10.71% | 7.44% | 6.80% |
| Class C | 1.92% | 12.15% | 7.95% | 6.65% | - | 0.97% | 12.15% | 7.95% | 6.65% |
| Class Y | 2.78% | 13.21% | 8.98% | 7.70% | - | - | - | - | - |
| Class R6 | 2.89% | 13.36% | 9.13% | 7.85% | - | - | - | - | - |
| Class I | - | - | - | - | 2.22% | - | - | - | - |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | -10.53% | NA | NA | NA | NA |
| *CBOE S&P 500 BuyWrite Index* | -9.97% | 1.80% | 3.04% | 5.46% | -9.05% | NA | NA | NA | NA |

---

Madison Covered Call & Equity Fund (Class Y) returned 2.78% for the one-year period, outperforming both of its benchmarks, S&P 500® return of -14.61% and CBOE S&P 500 BuyWrite Index of -9.97%. The Fund outperformed its peers as measured by the Morningstar Derivative Income category, which returned -9.64%.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

The last 2 months of calendar 2021 turned out to be the final lunge higher by equity markets that had been fueled by an unprecedented stream of fiscal and monetary stimulus prompted by the Covid crisis. The resulting inflationary impact of easy money and supply chain issues began tipping the market sentiment lower as we entered 2022. In addition, energy related commodities which had already moved significantly above pre-Covid levels were pushed even higher as geo-political risk was elevated due to Russia's invasion of Ukraine. These pressures along with rising interest rates, tipped the equity market into a significant downward trend throughout the rest of the year. The S&P 500<sup>®</sup> dropped -14.61% during the period while the CBOE S&P Buywrite Index (BXM) declined -9.97%. The Madison Covered Call & Equity Income Fund performed exceptionally well in this difficult investment environment, rising 2.78% for Class Y shares.

As one would expect in a falling market, defensive sectors were among the better relative performers. Consumer Staples, Utilities and Health Care sectors had slightly positive returns over the period but it was the Energy sector that was the runaway leader rising more than 64%. In prior years, leadership was clearly entrenched in mega-cap growth companies but that reversed in the 2022 downturns with many of these companies posting severely negative returns. The Fund has been over-exposed to the Energy sector and under-exposed to mega-cap growth for the past 2 years and, as such, benefitted greatly from this leadership rotation.

Given concerns over excessive valuations in the market run-up in 2021, the Fund entered the new year very defensively positioned via call writing and cash holdings. Even as the market was in decline, the Fund remained significantly covered with call options which were benefitting from higher option premiums due to the market's elevated volatility. From an attribution perspective relative to the S&P 500<sup>®</sup>, stock selection and sector allocation during the period were both very positive contributors to the Fund's outperformance. The call option overlay and higher cash levels were also very additive to overall returns. From an income generation perspective, the Fund has continued to generate a very attractive yield which has fallen within our expected range.

The defensive nature of Covered Call writing as a strategy, and our conservative approach to actively managing the strategy, combined to protect exceptionally well in a down market. Even as yields have increased in other areas, the Fund continues to offer an attractive yield alternative to investors. Although the market has declined significantly in 2022, we believe that we will continue to experience a challenging environment as the economy digests a much tighter monetary and fiscal environment over the coming year. A recession is likely at some point in 2023 and we are already seeing signs of a retreating housing market, higher layoff announcements and a general slowing of economic activity. Corporate earnings expectations remain too high in our estimation and a further reduction in expectations is very likely. This should put a limit on how much the market can rebound until we get signs that the Federal Reserve will end its tightening process.

---

| | |
|:---|:---|
| **ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 10/31/22** | |
| Communication Services | 6.3% |
| Consumer Discretionary | 9.0% |
| Energy | 8.3% |
| Exchange Traded Funds | 0.6% |
| Financials | 6.2% |
| Health Care | 9.5% |
| Industrials | 6.1% |
| Information Technology | 14.9% |
| Materials | 6.0% |
| Short-Term Investments | 27.7% |
| Real Estate | 1.2% |
| Utilities | 4.2% |

---

---

| | |
|:---|:---|
| **TOP TEN EQUITY HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| T-Mobile U.S., Inc. | 3.0% |
| Honeywell International, Inc. | 3.0% |
| Baker Hughes Co. | 2.9% |
| Las Vegas Sands Corp. | 2.8% |
| AES Corp. | 2.8% |
| Fiserv, Inc. | 2.7% |
| Gilead Sciences, Inc. | 2.6% |
| TJX Cos., Inc. | 2.6% |
| APA Corp. | 2.5% |
| Adobe, Inc. | 2.5% |

---

**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<sup>®</sup> 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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img11.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>05/29/2020 | Since<br>Inception<br>08/31/2020 |<br>Since<br>Inception<br>02/28/2022 |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>05/29/2020 |
| Class A | -4.23% | - | - | - | 12.39% | - | - | -9.73% | - | - | - | 9.67% |
| Class Y | -3.98% | 7.92% | 9.28% | 11.16% | - | - | - | - | - | - | - | - |
| Class I | -3.88% | - | - | - | - | 10.13% | - | - | - | - | - | - |
| Class R6 | - | - | - | - | - | - | -4.25% | - | - | - | - | - |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | 12.16% | 6.35% | -10.53% | NA | NA | NA | NA | NA |
| *Russell 1000® Value Index* | -7.00% | 7.31% | 7.21% | 10.30% | 14.39% | 12.35% | -6.07% | NA | NA | NA | NA | NA |
| *Lipper Equity Income Funds Index* | -4.47% | 8.14% | 8.05% | 10.18% | 13.70% | 11.33% | -4.63% | NA | NA | NA | NA | NA |

---

The Madison Dividend Income Fund (Class Y) returned -3.98% for the one-year period, outperforming its benchmark, the S&P 500® Index, which returned -14.61% and the Lipper Equity Income Funds Index, which returned -4.47%. The Fund outperformed its peers as measured by the Morningstar U.S. Large Cap Value category, which returned -4.60%.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

Relative to the index, sector allocation and stock selection were additive to results. For sector allocation, an overweight position in Energy and an underweight position in Communication Services positively impacted performance. In terms of stock selection, there were positive results in Consumer Discretionary, Health Care, Consumer Staples, Technology, Communication Services, Industrials, and Financials, which was partially offset by weakness in Energy, Utilities and Materials. Within Energy, oil and gas exploration and production firm EOG Resources (EOG) was the most additive stock in the portfolio. In Health Care, pharmaceutical manufacturer Bristol Myers-Squibb (BMY) contributed nicely to results. Within Consumer Staples, agricultural processor Archer-Daniels-Midland (ADM) was an outperforming stock. Other notable outperforming stocks were insurance companies Travelers (TRV) and Aflac (AFL). In general, these stocks had improving underlying fundamentals that benefited their businesses. On the negative side, in Materials, gold producer Newmont (NEM) was the most detractive stock in the portfolio. In Communication Services, media conglomerate Comcast (CMCSA) negatively impacted performance. Within Financials, asset management firm BlackRock (BLK) and asset custodian firm Northern Trust (NTRS) were underperforming stocks. Another notable underperforming stock was medical device manufacturer Medtronic (MDT). In general, these stocks had weak earnings results and deterioration in their businesses. The fund continues to hold all stocks mentioned above.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 2.5% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 8.2% |
| Energy | 11.6% |
| Financials | 19.1% |
| Health Care | 15.8% |
| Industrials | 14.0% |
| Information Technology | 9.3% |
| Materials | 4.0% |
| Real Estate | 2.1% |
| Short-Term Investments | 2.7% |
| Utilities | 3.3% |
| Net Other Assets and Liabilities | (1.3)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Travelers Cos., Inc. | 4.1% |
| Johnson & Johnson | 3.8% |
| Bristol-Myers Squibb Co. | 3.4% |
| CVS Health Corp. | 3.4% |
| Home Depot, Inc. | 3.3% |
| Dominion Energy, Inc. | 3.3% |
| EOG Resources, Inc. | 3.2% |
| Archer-Daniels-Midland Co. | 3.1% |
| PACCAR, Inc. | 3.1% |
| Chevron Corp. | 3.0% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>** 

![](g186295_img12.jpg)**** 

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>09/23/2013 | Since<br>Inception<br>08/31/2020 |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>09/23/2013 |
| Class A | -11.33% | 7.47% | 9.77% | - | 10.77% | - | -16.42% | 5.37% | 8.48% | - | 10.05% |
| Class Y | -11.13% | 7.75% | 10.05% | 12.20% | - | - | - | - | - | - | - |
| Class I | -11.03% | - | - | - | - | 6.65% | - | - | - | - | - |
| Class R6 | -10.96% | 7.93% | 10.23% | - | 11.25% | - | - | - | - | - | - |
| *S&P 500® Index* | -14.61% | 10.22% | 10.44% | 12.79% | 11.56% | 6.35% | NA | NA | NA | NA | NA |

---

The Madison Investors Fund (Class Y) returned -11.13% for the one-year period, outperforming its benchmark, the S&P 500<sup>®</sup> Index, which returned -14.61%. The Fund outperformed its peers as measured by the Morningstar U.S. Large Blend category, which returned -14.69%.

True to our bottom-up approach, stock selection accounted for all of the outperformance. Our strongest contributors came from stocks in a variety of sectors, including Consumer Discretionary, Financials and Information Technology. Our off-price retail stocks in the Consumer Discretionary sector performed particularly well, and, within Financials, our insurance related holdings were significant contributors. In the Information Technology sector, our payments-related stocks were the main positive contributors.

The primary detractors were our stocks in the Healthcare and Materials sectors underperforming sector peers, as well as not owning any stocks in the three best performing sectors – Energy, Utilities, and Consumer Staples.

Portfolio turnover was approximately 18%, which is slightly below our typical annual range of 20% - 30%. During the year, we established four new positions and exited five positions. We like what we own, so we found it best to mostly stay put and establish new positions at below-average weights in a rapidly changing environment. Two notable new positions were Nike and Ferguson. Both companies meet our three investment pillars: good business model, high-quality management, and attractive valuation.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

Nike is the largest seller of athletic footwear and apparel in the world. By remaining true to its innovative culture, the brand is as strong as ever and continues to generate attractive growth. In addition to its continuous investments in brand innovation and marketing, over the last few years Nike has invested heavily to lay the foundation for multi-channel commerce. We expect Nike's ongoing investments to drive overall revenue mix towards the direct-to-consumer channel which we estimate will result in substantial margin improvement over the coming years.

Ferguson is a distributor of plumbing and HVAC equipment. Over the last decade, Ferguson has divested lower quality international businesses such that they are now exclusively focused on the more attractive North American market. We believe growth will outpace the industry as Ferguson's digital tools and national network of stores and distribution centers provide best-in-class product selection and delivery. While higher interest rates negatively impact housing activity in the near term, we believe Ferguson is well positioned for long-term growth.

Three notable sales during the year – PPG Industries, Linde and Novartis - highlight our discipline when exiting investments. We sold PPG Industries as we became increasingly concerned that the company would not achieve our growth expectations and that margins would remain stubbornly low in a persistently elevated raw material input cost environment. We exited Linde as the stock price reached our estimate of intrinsic value. Linde is an excellent company that owns critical infrastructure assets and generates stable, contracted revenue. As such, we will continue to monitor the performance of this terrific company. We sold Novartis as we became concerned about the outlook for some of its recently launched therapeutics, as well as some generic competition in a few of its mature drugs.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 7.5% |
| Consumer Discretionary | 17.3% |
| Financials | 24.5% |
| Health Care | 9.9% |
| Industrials | 14.0% |
| Information Technology | 18.4% |
| Short-Term Investments | 2.9% |
| Stock Funds | 3.4% |
| Net Other Assets and Liabilities | 2.1% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Arch Capital Group Ltd. | 6.4% |
| Dollar Tree, Inc. | 5.3% |
| Alphabet, Inc., Class C | 4.8% |
| Lowe's Cos., Inc. | 4.6% |
| PACCAR, Inc. | 4.1% |
| Berkshire Hathaway, Inc., Class B | 4.1% |
| Marsh & McLennan Cos., Inc. | 4.0% |
| Progressive Corp. | 3.9% |
| Analog Devices, Inc. | 3.8% |
| TJX Cos., Inc. | 3.8% |

---

**Madison 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.

**PERFORMANCE DISCUSSION**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img13.jpg)

**** 

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>12/31/2021 |
| Class Y | - | - | - | - | -17.90% |
| Class I | - | - | - | - | -17.80% |
| *S&P 500<sup>®</sup> Index* | -14.61% | 10.22% | 10.44% | 12.79% | -17.70% |

---

The Madison Sustainable Equity Fund (Class Y) returned -17.90% for the 10-month period ending October 31, 2022. The fund underperformed the benchmark, the S&P 500® Index, which returned -17.70% during the same period. The Fund underperformed its peers as measured by the Morningstar Large Blend category, which returned -14.69%.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

Equity and fixed income markets were severely impacted this year by the Federal Reserve's aggressive interest rate increases in response to stubbornly high inflation rates. Other factors that have disrupted the overall markets this year include the War on Ukraine and the protracted lockdowns in China due to the zero Covid tolerance policies.

Sector allocation was positive in Healthcare, Consumer Staples, and Communication Services while sector allocation was negative in Energy, Financials, and Industrials. Stock selection was positive in Healthcare, Consumer Discretionary, and Technology with stock selection negative in Consumer Staples, Industrials, and Utilities.

We added Nike, Inc. to the portfolio. We believe that the company has enhanced its business model by selling more of its products directly to consumers via its apps, its own stores, and its websites. Our analysis shows that gross margins are higher when the company sells directly to consumers compared to selling through wholesale channels. We believe that this will result in a more profitable company over time. We eliminated three positions from the portfolio during the year due to a deterioration in fundamentals and poor capital allocation. Comcast was eliminated as the market for broadband subscriptions stalled after a few years of outsized growth during the pandemic and competition has increased from fixed wireless and fiber to the home providers. Lowe's was removed from the portfolio due to the concerns that the demand for home improvement would slow as discretionary spending would be impacted by the rise in interest rates but also because we owned Home Depot. We prefer Home Depot for its best-in-class retail fundamentals and its strong track record of sustainability. Adobe acquired a private software company for $20 billion earlier this Fall, the largest ever private software acquisition. We believe this was a defensive move as some of Adobe's products lack multi-user real time collaboration offered in a browser-based format. We are also concerned that the regulators may not approve the deal which increases the risk to Adobe's core franchise. As a result, Adobe was removed from the Fund. We used the proceeds from sales of these securities to add to existing high conviction positions such as Microsoft, Disney, Ecolab, Target, and JP Morgan.

The Fund remains broadly diversified; however, we continue to be positioned somewhat defensively versus the market with overweight positions in sectors such as Healthcare and Consumer Staples while remaining underweight the more economically sensitive sectors such as Consumer Discretionary, Technology, and Industrials. In our portfolio, we continue to invest in high quality companies with strong growth prospects that are integrating sustainability into their operations and strategies. We are using this year of volatility to upgrade our portfolio with companies that have become more attractively valued.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 6.5% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 8.1% |
| Financials | 9.3% |
| Health Care | 17.7% |
| Industrials | 5.6% |
| Information Technology | 23.6% |
| Materials | 4.5% |
| Real Estate | 1.4% |
| Short-Term Investments | 7.5% |
| Utilities | 2.5% |
| Net Other Assets and Liabilities | 4.4% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Microsoft Corp. | 5.0% |
| Eli Lilly & Co. | 4.6% |
| Apple, Inc. | 4.2% |
| Alphabet, Inc., Class C | 4.0% |
| Costco Wholesale Corp. | 3.9% |
| Visa, Inc., Class A | 3.8% |
| Danaher Corp. | 3.7% |
| UnitedHealth Group, Inc. | 3.7% |
| Target Corp. | 3.4% |
| Bristol-Myers Squibb Co. | 2.8% |

---

**Madison Mid Cap Fund**

**INVESTMENT STRATEGY HIGHLIGHTS**

The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such 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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

![](g186295_img14.jpg)

**** 

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | | | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>04/19/2013 | Since<br>Inception<br>08/31/2020 |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>04/19/2013 |
| Class A | -10.62% | 5.92% | 9.53% | - | 10.17% | - | -15.74% | 3.84% | 8.25% | - | 9.49% |
| Class B | -11.28% | 5.12% | 8.71% | - | 9.47% | - | -15.04% | 4.06% | 8.42% | - | 9.47% |
| Class Y | -10.17% | 6.38% | 10.01% | 11.24% | - | - | - | - | - | - | - |
| Class I | -10.08% | - | - | - | - | 9.40% | - | - | - | - | - |
| Class R6 | -10.07% | 6.59% | 10.21% | 11.53% | - | - | - | - | - | - | - |
| *Russell* |  |  |  |  |  |  |  |  |  |  |  |
| *Midcap® Index* | -17.17% | 7.84% | 7.95% | 11.36% | 10.29% | 8.29% | NA | NA | NA | NA | NA |

---

Madison Mid Cap Fund (Class Y) returned -10.17% for the one-year period, outperforming its benchmark for both its index and peer group. The Russell Midcap® Index returned -17.17% and the Morningstar Mid-Cap Blend peer group returned -12.61%.

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

True to our bottom-up approach, stock selection accounted for all of the outperformance. Our strongest contributors came from companies in multiple sectors, including Financials, Consumer Discretionary, Information Technology, and Industrials. That said, five of our ten best performing stocks were insurance companies. You may recall from last year's commentary that our insurance stocks did not keep pace with other financial-related companies for the year but were a significant outperformer during the last month of that period. The outperformance continued into 2022, culminating in significant outperformance versus the Financials sector and broader index. Sector allocation was a modest detractor, primarily from our zero weighting in the two best performing sectors – Energy and Utilities.

Portfolio turnover was 24%, which was in our typical annual range of 20% to 30%. During the year, we established six new positions and exited five positions. We like what we own, so we found it best to mostly stay put and establish new positions at below-average weights in a rapidly changing environment.

The six new positions met our three investment pillars: good business model, high-quality management team, and attractive valuation. Floor & Decor is a well-managed chain of hard flooring superstores with room to triple its store count in the coming decade. Liberty Formula One is an asset-light business holding the exclusive global commercial rights to promote and monetize the nine-month-long drivers' World Championship. The business sits at the intersection of several attractive secular growth trends and provides for an intuitive "self-help" improvement plan after years of undermanagement under the previous owner. Microchip Technology is a leading provider of semiconductor products serving a broad range of end markets, with products that get specified into their customers' devices for the life of the device. MKS Instruments is a provider of scientific measurement instruments and subsystems to the semiconductor and electronics industries, possessing a dominant market share in over a dozen categories of instruments that are critical to the semiconductor manufacturing process. Take-Two Interactive is a leading publisher of video games, known for the high quality of its games and managed by an owner-operator with a strong track record. Thor Industries is the leading RV maker in the U.S. with 40% market share, building its dominant position through an exceptional track record of acquisitions and appealing products, while maintaining high returns on capital and a conservative balance sheet.

We sold our remaining shares in IHS Markit shortly before S&P Global completed its acquisition. IHS Markit was originally purchased in January of 2015 and performed well over our seven year holding period. We exited Ollie's Bargain Outlet after losing confidence in management's ability to navigate difficult supply chain issues. We exited Vontier because the transformation we expected to occur after it was spun out of Fortive was taking longer than we thought, and while we might normally be more patient, the market downturn presented us with other attractive investment opportunities. We sold both Cannae Holdings and Clarivate to realize tax losses, with an expectation of repurchasing them in the near future.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 5.5% |
| Consumer Discretionary | 17.3% |
| Consumer Staples | 1.0% |
| Financials | 27.6% |
| Health Care | 3.5% |
| Industrials | 13.8% |
| Information Technology | 21.6% |
| Short-Term Investments | 4.9% |
| Stock Funds | 3.9% |
| Net Other Assets and Liabilities | 0.9% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Arch Capital Group Ltd. | 8.2% |
| Gartner, Inc. | 5.7% |
| Ross Stores, Inc. | 5.2% |
| Dollar Tree, Inc. | 5.2% |
| Brown & Brown, Inc. | 4.3% |
| iShares Russell Mid-Cap ETF | 3.9% |
| Carlisle Cos., Inc. | 3.7% |
| PACCAR, Inc. | 3.6% |
| Laboratory Corp. of America Holdings | 3.5% |
| CDW Corp. | 3.4% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>**

**** ![](g186295_img15.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | | | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** | **% Return After Sales Charge** |
| |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>08/31/2019 | Since<br>Inception<br>02/26/2021 | Since<br>Inception<br>02/28/2022 |<br>1<br>Year |<br>3<br>Years |<br>5<br>Years |<br>10<br>Years | Since<br>Inception<br>08/31/2019 |
| Class A | -23.74% | 5.66% | - | - | 7.24% | - | - | -28.14% | 3.60% | - | - | 5.26% |
| Class Y | -23.55% | 5.92% | 4.96% | 8.75% | - | - | - | - | - | - | - | - |
| Class I | -23.52% | - | - | - | - | -10.29% | - | - | - | - | - | - |
| Class R6 | - | - | - | - | - | - | -17.17% | - | - | - | - | - |
| *Russell 2000® Index* | -18.54% | 7.05% | 5.56% | 9.93% | 8.25% | -8.93% | -8.97% | NA | NA | NA | NA | NA |
| *Russell 2500<sup>®</sup> Index* | -17.58% | 7.94% | 7.07% | 10.70% | 8.76% | -6.01% | -10.17% | NA | NA | NA | NA | NA |

---

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

Madison Small Cap Fund (Class Y) returned -23.55% for the one-year period, which underperformed its benchmark, the Russell 2000® Index returned -18.54%. The Fund's peer group, Morningstar U.S. Small Blend, returned -13.81%.

After a strong year for equities in 2021, the markets and the fund struggled in fiscal year 2022. The unprecedented fiscal and monetary stimulus due to the Covid Crisis along with supply chain issues from reopening lead to material inflation exacerbated by an energy price spike that was worsened by the Russian invasion of Ukraine. While the Fed raised rates aggressively in response, labor remained tight due to the lingering effects of the pandemic. The combination of inflation and aggressive rate hikes lead to a severe sell-off in growth stocks, while value came into favor.

Looking forward, the market is anticipating the Fed's actions will pull the economy into a recession, or at least an economic slowdown. Counter intuitively, the best performing stocks have been deep cyclicals like industrials and energy. Typically, these stocks don't do well when recessionary worries are as elevated as they are currently.

We have viewed this pullback in growth companies as an opportunity. In 2022, we took our exposure to information technology to roughly 30% of the portfolio. There was a plethora of opportunities in the market. We believe our technology investments are higher quality that most depressed companies; however, they too have been out of favor in the current environment. These investments had a detrimental effect on fiscal year 2022 performance. We believe they will be a major driver of performance in future periods. We have balanced our opportunistic technology positions with very high-quality industrial investments that have strong balance sheets and resilient end markets. We believe these investments will comfortably weather the economic slowdown. Our financial investments also performed admirably in the current environment, and we continue to see opportunity in our insurance and banking positions.

Our defensive stocks in Consumer Staples were challenged in 2022 by the surprisingly persistent inflation and a factor in our underperformance. These staples companies have more growth characteristics than their larger counterparts but did not perform as well as expected in 2022. We slightly reduced our exposure throughout the fiscal year as we found better opportunities for capital deployment elsewhere. We are generally cautious of the consumer headed into fiscal year 2023.

We also reduced our exposure to healthcare to less than a quarter of the Russell 2000 weight. While it is a historically defensive sector, the lingering effects on the pandemic keep us cautious. Hospital balance sheets are still stretched and labor problems in healthcare services are among the most acute in the economy. Surgical volumes have been slow to recover due to these issues. We continue to evaluate opportunities in healthcare as valuations have come down materially.

The largest factor behind our underperformance was our lack of investment in the energy and utilities sector. While this was a difficult pill to swallow, we have not yet found companies in this space that fit our five-pillar process. We continue to evaluate these companies given the strong energy macro backdrop.

While we are disappointed in our fiscal year 2022 performance, we believe our portfolio is well positioned over the longer term. We are enthused with the investment opportunities in today's market, and we believe our current portfolio will bear fruit in the coming years.

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 7.4% |
| Consumer Discretionary | 7.4% |
| Consumer Staples | 9.3% |
| Financials | 9.3% |
| Health Care | 6.0% |
| Industrials | 16.6% |
| Information Technology | 30.2% |
| Materials | 6.4% |
| Short-Term Investments | 9.1% |
| Net Other Assets and Liabilities | (1.7)% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| WillScot Mobile Mini Holdings Corp. | 4.3% |
| Box, Inc., Class A | 3.7% |
| Encompass Health Corp. | 3.4% |
| Axis Capital Holdings Ltd. | 3.1% |
| PTC, Inc. | 2.9% |
| Model N, Inc. | 2.8% |
| Texas Capital Bancshares, Inc. | 2.6% |
| Primo Water Corp. | 2.6% |
| Simply Good Foods Co. | 2.5% |
| Entegris, Inc. | 2.5% |

---

**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**

**Cumulative Performance of $10,000 Investment<sup>1</sup>** 

![](g186295_img16.jpg)

**Average Annual Total Return through October 31, 2022<sup>1</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return Without Sales Charge** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** | **% Return After Sales Charge<sup>5</sup>** |
| | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A | -26.52% | -6.20% | -3.34% | 1.54% | -30.72% | -8.05% | -4.48% | 0.94% |
| Class B | -27.14% | -6.93% | -4.08% | 0.93% | -29.52% | -7.65% | -4.33% | 0.93% |
| Class Y | -26.39% | -5.99% | -3.12% | 1.78% | - | - | - | - |
| *MSCI AC World Ex USA Index (net)* | -24.73% | -1.68% | -0.60% | 3.27% | NA | NA | NA | NA |

---

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

Madison International Stock Fund (Class Y) returned -26.39% for the one-year period, underperforming its benchmark, the MSCI ACWI Ex USA Index (net), which returned -24.73%. The Fund's peer group, Morningstar Foreign Large Blend, returned -24.05%.

In general, international equity markets were negatively impacted by the mixture of persistently high inflation levels, major central banks raising interest rates with an aim to tame inflation, disruption caused by Russia's invasion of Ukraine, high energy prices, and fears of economic recession.

Upon review of the sector and regional category breakdown that make up the overall benchmark's performance over the period, all regions had a total return that was negative, with the largest decline in Emerging Markets. The sector with the lowest negative return was Information Technology, while Energy was the only one with a positive total return.

Over the one-year period, the Fund underperformed relative to the benchmark. The largest regional detractor was Europe which was driven by stock selection. This was somewhat offset by a positive effect from the Portfolio's relative overweight in the region. A relative underweight in Emerging Markets led to it being the region with the most positive contribution. From a sector view, Financials detracted the most while Information Technology was the largest contributor, both driven by stock selection. The cash position was additive because the benchmark performance was negative.

Portfolio sector and regional weights are determined through bottom-up stock selection, with internal sector and regional guardrails that keep exposure within modest tilts of the benchmark to ensure diversification and to manage risk. With this in mind, Portfolio composition did change to some extent over the period. Among the three geographic buckets the Portfolio is viewed on relative to the benchmark, there was little difference to the weightings, but from a sector perspective there were several notable changes. Materials went from underweight to overweight because of two new stocks. One less stock in Industrials, two fewer in Financials, and one reclassification in Consumer Discretionary repositioned all three sectors from overweight to underweight. The Consumer Staples overweight contracted to almost neutral because of two fewer stocks, and the Information Technology overweight increased because the benchmark weight declined and an increase in shares held for some Portfolio holdings. Lastly, the Communication Services underweight narrowed because one new name was added. Over the period, eight stocks were bought and ten were sold. Five were sold for a better opportunity, three were sold to take profits, and two were sold because of deteriorating fundamentals.

Looking ahead, our expectation for global growth in the short-term is that it will remain weak while inflation levels may begin to moderate in countries where central banks are actively implementing more restrictive monetary policies. Irrespective of the economic backdrop, our team will continue to manage the Portfolio so that it is comprised of a diversified collection of high-quality, profitable growth stocks.

**GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** 

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 11.0% |
| France | 10.3% |
| Germany | 8.4% |
| India | 8.3% |
| Switzerland | 7.2% |
| Canada | 6.0% |
| Brazil | 4.8% |
| China | 4.2% |
| Netherlands | 3.8% |
| Mexico | 3.5% |
| Singapore | 2.3% |
| United States | 2.3% |
| Denmark | 2.2% |
| Australia | 1.9% |
| Ireland | 1.7% |
| Israel | 1.7% |
| Italy | 1.5% |
| Hong Kong | 1.3% |
| Norway | 1.3% |
| Taiwan | 1.1% |
| Other Net Assets | 0.5% |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Communication Services | 4.6% |
| Consumer Discretionary | 9.7% |
| Consumer Staples | 9.1% |
| Energy | 6.3% |
| Financials | 18.3% |
| Health Care | 9.2% |
| Industrials | 11.1% |
| Information Technology | 18.1% |
| Materials | 10.8% |
| Short-Term Investments | 2.3% |
| Net Other Assets and Liabilities | 0.5% |

---

---

| | |
|:---|:---|
| **TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/22** | |
| Shell PLC | 3.8% |
| Larsen & Toubro Ltd. | 3.5% |
| HDFC Bank Ltd. | 3.0% |
| Airbus SE | 2.5% |
| Cameco Corp. | 2.5% |
| DBS Group Holdings Ltd. | 2.3% |
| AstraZeneca PLC | 2.3% |
| Genmab AS | 2.2% |
| Itau Unibanco Holding SA | 2.2% |
| Manulife Financial Corp. | 2.2% |

---

**Madison Funds** \| **Management's Discussion of Fund Performance** - continued \| October 31, 2022

**Notes to Management's Discussion of Fund Performance**

NA Not Applicable.

<sup>1</sup> Fund returns are calculated after fund expenses have been subtracted and assume that dividends and capital gains are reinvested in additional shares of a fund. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than original cost. Further information relating to the fund's performance is contained in the prospectus and elsewhere in this report. The fund's past performance is not indicative of future performance. Current performance may be lower or higher than the performance data cited. For fund performance data current to the most recent month-end, please call 1-800-877-6089 or visit www.madisonfunds.com. Indices are unmanaged and investors cannot invest in them directly. Index returns do not reflect sales charges, fees or expenses.

<sup>2</sup> Maximum sales charge is 5.75% for class A shares for the Conservative, Moderate and Aggressive Allocation Funds and the Diversified Income, Equity Income, Investors, Mid Cap, Small Cap and International Stock Funds. The maximum sales charge is 4.50% for the Core Bond Fund Class A shares.

<sup>3</sup> Maximum contingent deferred sales charge (CDSC) is 4.50% for Class B shares, which is reduced after 12 months and eliminated after six years.

<sup>4</sup> Maximum contingent deferred sales charge (CDSC) is 1% for Class C shares, which is eliminated after one year.

<sup>5</sup> Assumes maximum applicable sales charge.

<sup>6</sup> Class Y shares are only available for purchase by Madison Funds and other affiliated asset allocation funds, in managed account programs, and to certain other investors as described in the current prospectus.

<sup>7</sup> Class R6 and Class I shares are generally only available for purchase by retirement plan investors and certain other institutional investors, as described in the current prospectus.

**BENCHMARK DESCRIPTIONS**

**Allocation Fund Indexes\***

The Conservative Allocation Fund Custom Index consists of 65% Bloomberg 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 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 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® Index<sup>SM</sup> (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<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies to provide a comprehensive and unbiased barometer for the large-cap growth segment.

The Russell 1000<sup>®</sup> 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<sup>®</sup> Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000<sup>®</sup> Index.

The Russell 2500<sup>®</sup> 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 Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.

**Madison Funds** \| **Management's Discussion of Fund Performance** - concluded \| October 31, 2022

The S&P 500<sup>®</sup> 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).© 2020 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.

**Madison Funds** \| October 31, 2022

**Madison Conservative Allocation Fund Portfolio of Investments** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 94.6%** |  |  |
| **Alternative Funds - 2.0%** |  |  |
| Invesco Optimum Yield Diversified |  |  |
| Commodity Strategy ETF | 60964 | $1036388 |
| **Bond Funds - 64.9%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 37438 | 1891742 |
| Janus Henderson Mortgage-Backed Securities ETF | 52330 | 2317696 |
| Madison Core Bond Fund, Class R6 (B) | 1569138 | 13431820 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 161787 | 7875791 |
| Vanguard Extended Duration Treasury ETF | 28156 | 2202081 |
| Vanguard Short-Term Corporate Bond ETF (A) | 70152 | 5190547 |
|  |  | 32909677 |
| **Foreign Stock Funds - 2.0%** |  |  |
| Vanguard FTSE All World ex-U.S. ETF | 21973 | 1007901 |
| **Stock Funds - 25.7%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 68728 | 2760804 |
| Energy Select Sector SPDR Fund | 8642 | 777780 |
| iShares Core S&P Small-Cap ETF | 8380 | 820570 |
| iShares Core S&P U.S. Growth ETF | 12018 | 1010594 |
| Madison Dividend Income Fund, Class R6 (B) | 18349 | 537249 |
| Madison Investors Fund, Class R6 (B) | 112036 | 2683256 |
| Schwab U.S. Dividend Equity ETF | 18793 | 1388427 |
| VanEck Gold Miners ETF | 10674 | 257884 |
| Vanguard Information Technology ETF | 8418 | 2779623 |
|  |  | 13016187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,896,681) |  | 47970153 |
| **Short-Term Investments - 25.1%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (C), 3.01% | 2764674 | 2764674 |
| State Street Navigator Securities Lending |  |  |
| Government Money Market Portfolio, 3.12% (C) (D) | 9946617 | 9946617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,711,291) |  | 12711291 |
| **TOTAL INVESTMENTS - 119.7%** (Cost $65,607,972\*\*) |  | 60681444 |
| **NET OTHER ASSETS AND LIABILITIES - (19.7%)** |  | (9983198) |
| **TOTAL NET ASSETS - 100.0%** |  | $50698246 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $65,764,289. |
| (A) | All or a portion of these securities, with an aggregate fair value of $9,705,876, 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. |
| SPDR | Standard & Poor's Depositary Receipt. |

---

**Madison Moderate Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 92.0%** |  |  |
| **Alternative Funds - 3.6%** |  |  |
| Invesco Optimum Yield Diversified |  |  |
| Commodity Strategy ETF | 216537 | $3681129 |
| **Bond Funds - 40.9%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 79227 | 4003340 |
| Janus Henderson Mortgage-Backed Securities ETF | 56461 | 2500658 |
| Madison Core Bond Fund, Class R6 (B) | 1940414 | 16609945 |
| Schwab Intermediate-Term U.S. Treasury ETF | 208986 | 10173439 |
| Vanguard Extended Duration Treasury ETF | 35497 | 2776220 |
| Vanguard Short-Term Corporate Bond ETF (A) | 79213 | 5860970 |
|  |  | 41924572 |
| **Foreign Stock Funds - 4.0%** |  |  |
| Vanguard FTSE All World ex-U.S. ETF | 88410 | 4055367 |
| **Stock Funds - 43.5%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 193555 | 7775104 |
| Energy Select Sector SPDR Fund | 31835 | 2865150 |
| iShares Core S&P Small-Cap ETF | 32710 | 3202963 |
| iShares Core S&P U.S. Growth ETF (A) | 36261 | 3049187 |
| Madison Dividend Income Fund, Class R6 (B) | 36660 | 1073409 |
| Madison Investors Fund, Class R6 (B) | 377458 | 9040113 |
| Schwab U.S. Dividend Equity ETF (A) | 68236 | 5041276 |
| VanEck Gold Miners ETF | 42422 | 1024916 |
| Vanguard Health Care ETF (A) | 4568 | 1110161 |
| Vanguard Information Technology ETF (A) | 31297 | 10334269 |
|  |  | 44516548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $99,087,181) |  | 94177616 |
| **Short-Term Investments - 17.2%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, 3.01%, Premier Class (C) | 8279337 | 8279337 |
| State Street Navigator Securities Lending |  |  |
| Government Money Market Portfolio, 3.12% (C) (D) | 9381355 | 9381355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,660,692) |  | 17660692 |
| **TOTAL INVESTMENTS - 109.2%** |  |  |
| (Cost $116,747,873\*\*) |  | 111838308 |
| **NET OTHER ASSETS AND LIABILITIES - (9.2%)** |  | (9406096) |
| **TOTAL NET ASSETS - 100.0%** |  | $102432212 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $117,272,149. |
| (A) | All or a portion of these securities, with an aggregate fair value of $10,806,578, 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. |
| SPDR | Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Aggressive Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 92.1%** |  |  |
| **Alternative Funds - 4.9%** |  |  |
| Invesco Optimum Yield Diversified |  |  |
| Commodity Strategy ETF | 151209 | $2570553 |
| **Bond Funds - 22.0%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 40532 | 2048082 |
| Janus Henderson Mortgage-Backed Securities ETF | 11517 | 510088 |
| Madison Core Bond Fund, Class R6 (B) | 520677 | 4456998 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 48990 | 2384833 |
| Vanguard Extended Duration Treasury ETF (A) | 9895 | 773888 |
| Vanguard Short-Term Corporate Bond ETF (A) | 20724 | 1533369 |
|  |  | 11707258 |
| **Foreign Stock Funds - 5.4%** |  |  |
| Vanguard FTSE All World ex-U.S. ETF | 62963 | 2888113 |
| **Stock Funds - 59.8%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 113421 | 4556121 |
| Energy Select Sector SPDR Fund | 22354 | 2011860 |
| iShares Core S&P Small-Cap ETF | 28073 | 2748908 |
| iShares Core S&P U.S. Growth ETF (A) | 24957 | 2098634 |
| Madison Dividend Income Fund, Class R6 (B) | 28260 | 827443 |
| Madison Investors Fund, Class R6 (B) | 284510 | 6814011 |
| Schwab U.S. Dividend Equity ETF (A) | 49950 | 3690306 |
| VanEck Gold Miners ETF | 32619 | 788075 |
| Vanguard Health Care ETF (A) | 3524 | 856438 |
| Vanguard Information Technology ETF | 22494 | 7427519 |
|  |  | 31819315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $50,030,022) |  | 48985239 |
| **SHORT-TERM INVESTMENTS - 24.9%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (C), 3.01% | 4243726 | 4243726 |
| State Street Navigator Securities Lending |  |  |
| Government Money Market Portfolio, 3.12% (C) (D) | 9027676 | 9027676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,271,402) |  | 13271402 |
| **TOTAL INVESTMENTS - 117.0%** |  |  |
| (Cost $63,301,424\*\*) |  | 62256641 |
| **NET OTHER ASSETS AND LIABILITIES - (17.0%)** |  | (9060328) |
| **TOTAL NET ASSETS - 100.0%** |  | $53196313 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $63,504,794. |
| (A) | All or a portion of these securities, with an aggregate fair value of $8,801,868, 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. |
| SPDR | Standard & Poor's Depositary Receipt. |

---

**Madison Tax-Free Virginia Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **MUNICIPAL BONDS - 97.7%** |  |  |
| **Airport - 5.4%** |  |  |
| Manassas Park Economic Development Authority, 5%, 12/15/28 | $200000 | $214807 |
| Metropolitan Washington Airports Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43 | 500000 | 491610 |
| Norfolk Airport Authority, Series A, 4%, 7/1/23 | 255000 | 255935 |
|  |  | 962352 |
| **Development - 4.0%** |  |  |
| Fairfax County Economic Development Authority, Series A, (Prerefunded 10/1/24 @ $100), 5%, 10/1/26 | 150000 | 154849 |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/25 | 125000 | 131083 |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/30 | 165000 | 181211 |
| Manassas Park Economic Development Authority, 3%, 12/15/44 | 345000 | 240126 |
|  |  | 707269 |
| **Education - 9.5%** |  |  |
| Campbell County Industrial Development Authority, 3%, 6/1/48 | 415000 | 280550 |
| Richmond, Series A, (ST AID WITHHLDG), 3%, 7/15/34 | 435000 | 375354 |
| Virginia College Building Authority, Series E, 5%, 2/1/23 | 500000 | 502299 |
| Virginia College Building Authority, Series A, 5%, 9/1/34 | 125000 | 133138 |
| Virginia Commonwealth University, Series A, 5%, 5/1/26 | 385000 | 387402 |
|  |  | 1678743 |
| **Facilities - 9.4%** |  |  |
| Henry County Industrial Development Authority, 4.125%, 11/1/50 | 250000 | 216994 |
| Lynchburg, (ST AID WITHHLDG), 5%, 6/1/26 | 115000 | 118114 |
| New River Valley Regional Jail Authority, 5%, 10/1/25 | 100000 | 104115 |
| Prince Edward County Industrial Development Authority, 5%, 9/1/32 | 405000 | 416141 |
| Pulaski County, (ST AID WITHHLDG), 5%, 2/1/24 | 325000 | 331912 |
| Western Regional Jail Authority, 3.125%, 12/1/29 | 255000 | 242773 |
| Western Regional Jail Authority, (Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29 | 245000 | 242588 |
|  |  | 1672637 |
| **General Obligation - 39.7%** |  |  |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/27 | 150000 | 159001 |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/28 | 100000 | 107251 |
| Arlington County, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27 | 175000 | 180310 |
| Arlington County, Series A, (Prerefunded 8/15/26 @ $100) (A), 5%, 8/15/30 | 600000 | 636532 |
| Chesterfield County Economic Development Authority, Series B, 3%, 4/1/38 | 285000 | 223361 |
| Commonwealth of Virginia, Series A, 5%, 6/1/23 | 500000 | 505499 |
| Commonwealth of Virginia, Series A, 3%, 6/1/32 | 300000 | 275549 |
| County of Fairfax VA, Series A, (ST AID WITHHLDG), 5%, 10/1/36 | 270000 | 291525 |
| County of Loudoun VA, Series A, (ST AID WITHHLDG), 5%, 12/1/24 | 400000 | 414063 |
| Danville, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | 190000 | 192481 |
| Fairfax County, Series A, (ST AID WITHHLDG), 5%, 10/1/26 | 410000 | 436183 |
| James City County Economic Development Authority, 5%, 6/15/30 | 500000 | 541590 |
| Leesburg, (ST AID WITHHLDG), 5%, 1/15/25 | 90000 | 93377 |
| Norfolk, (Prerefunded 8/1/28 @ $100), (ST AID WITHHLDG), 5%, 8/1/47 | 455000 | 494632 |
| Poquoson, (ST AID WITHHLDG), 4%, 2/15/29 | 425000 | 438641 |
| Portsmouth, Series A, (Prerefunded 2/1/23 @ $100), (ST AID WITHHLDG), 5%, 2/1/31 | 75000 | 75341 |
| Spotsylvania County, (ST AID WITHHLDG), 5%, 1/15/24 | 200000 | 204276 |
| Suffolk, 5%, 2/1/29 | 100000 | 108169 |
| Town of Vienna VA, (ST AID WITHHLDG), 4%, 3/1/30 | 225000 | 232194 |
| Virginia Beach Development Authority, |  |  |
| Series A, 3.5%, 5/1/30 | 250000 | 245517 |
| Virginia Public Building Authority, Series A, 5%, 8/1/31 | 110000 | 120157 |
| Virginia Public Building Authority, Series B, 5%, 8/1/25 | 235000 | 245408 |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | 250000 | 252402 |
| Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | 5000 | 5007 |
| Virginia Resources Authority, Series A, 5%, 11/1/28 | 60000 | 61069 |
| Virginia Resources Authority, Series C, 5%, 11/1/30 | 250000 | 268846 |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34 | 125000 | 125306 |
| Wise County Industrial Development Authority, 5%, 11/1/22 | 100000 | 100000 |
|  |  | 7033687 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Tax-Free Virginia Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Medical - 4.2%** |  |  |
| Norfolk Economic Development Authority, Series B, 5%, 11/1/36 | 480000 | 480036 |
| Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | 260000 | 267852 |
|  |  | 747888 |
| **Multifamily Housing - 1.0%** |  |  |
| Virginia Housing Development Authority, Series K, (GNMA/FNMA/FHLMC COLL), 2.125%, 12/1/36 | 245000 | 178830 |
| **Power - 4.5%** |  |  |
| Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | 290000 | 294635 |
| Virginia Commonwealth Transportation Board, 5%, 5/15/26 | 220000 | 232068 |
| Virginia Small Business Financing Authority, 5%, 11/1/25 | 265000 | 276505 |
|  |  | 803208 |
| **Transportation - 9.5%** |  |  |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37 | 170000 | 180813 |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | 470000 | 487382 |
| Northern Virginia Transportation Authority, 5%, 6/1/30 | 780000 | 799421 |
| Virginia Commonwealth Transportation Board, 5%, 9/15/27 | 200000 | 214568 |
|  |  | 1682184 |
| **Utilities - 1.7%** |  |  |
| Richmond Public Utility Revenue, Series A, (Prerefunded 1/15/23 @ $100), 5%, 1/15/38 | 300000 | 301125 |
| **Water - 8.8%** |  |  |
| Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | 180000 | 181571 |
| Fairfax Sewer Revenue County, Series A, 4%, 7/15/41 | 210000 | 197669 |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | 410000 | 440299 |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 250000 | 269062 |
| Henrico Water & Sewer Revenue County, (Prerefunded 5/1/26 @ $100), 5%, 5/1/27 | 150000 | 158504 |
| Upper Occoquan Sewage Authority, 3%, 7/1/46 | 300000 | 217690 |
| Upper Occoquan Sewage Authority, 3%, 7/1/49 | 140000 | 98249 |
|  |  | 1563044 |
| **TOTAL INVESTMENTS - 97.7% (Cost $18,572,495)** |  | 17330967 |
| **NET OTHER ASSETS AND LIABILITIES - 2.3%** |  | 414772 |
| **TOTAL NET ASSETS - 100.0%** |  | $17745739 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $18,572,495. |
| (A) | Restricted. The cost of the security acquired on 6/13/19 is $672,537. The value is $636,532, representing 3.6% 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. |
| ST AID WITHHLDG | State Aid Withholding. |

---

**Madison Tax-Free National Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **MUNICIPAL BONDS - 98.6%** |  |  |
| **Alabama - 6.9%** |  |  |
| Butler County Board of Education, (AGM), (Prerefunded 1/1/25 @ $100), 5%, 7/1/37 | $235000 | $243521 |
| Mobile County, General Obligation, 5%, 2/1/39 | 610000 | 643048 |
| Pike Road, Authority Revenue, 4%, 9/1/31 | 170000 | 171465 |
| UAB Medicine Finance Authority Revenue, Series B, 5%, 9/1/27 | 150000 | 159268 |
|  |  | 1217302 |
| **Arkansas - 1.0%** |  |  |
| Arkansas Development Finance Authority, 5%, 2/1/26 | 175000 | 179910 |
| **California - 0.7%** |  |  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5%, 7/1/40 | 120000 | 124584 |
| **Colorado - 3.7%** |  |  |
| Colorado Springs Utilities System Revenue, Series A, 4%, 11/15/40 | 250000 | 229821 |
| El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27 | 400000 | 427338 |
|  |  | 657159 |
| **Florida - 2.1%** |  |  |
| City Of South Miami Health Facilities Authority, Inc., 5%, 8/15/24 | 100000 | 102227 |
| Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26 | 250000 | 260325 |
|  |  | 362552 |
| **Georgia - 2.4%** |  |  |
| Americus-Sumter Payroll Development Authority, Series A, 3.25%, 6/1/33 | 150000 | 137647 |
| Atlanta Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43 | 275000 | 286424 |
|  |  | 424071 |
| **Hawaii - 2.6%** |  |  |
| Hawaii, General Obligation, Series EY, 5%, 10/1/25 | 435000 | 455974 |
| **Idaho - 2.9%** |  |  |
| Idaho Health Facilities Authority, Series A, 5%, 3/1/34 | 500000 | 502763 |
| **Illinois - 8.6%** |  |  |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 5%, 12/1/35 | 545000 | 577920 |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 4%, 12/1/37 | 200000 | 183766 |
| Du Page County School District No. 45, 4%, 1/1/26 | 460000 | 465638 |
| Palatine Village, General Obligation, 2%, 12/1/28 | 175000 | 150506 |
| Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | 140000 | 145298 |
|  |  | 1523128 |
| **Indiana - 6.2%** |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series C, 5%, 2/1/24 | 275000 | 281018 |
| Lincoln Center Building Corp., 4%, 8/1/28 | 285000 | 289912 |
| Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26 | 500000 | 520981 |
|  |  | 1091911 |
| **Kansas - 4.2%** |  |  |
| Shawnee County Unified School District |  |  |
| No 437, General Obligation, 4%, 9/1/24 | 220000 | 222515 |
| Wichita, General Obligation, Series 816, 5%, 12/1/24 | 510000 | 526476 |
|  |  | 748991 |
| **Kentucky - 2.6%** |  |  |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33 | 445000 | 455302 |
| **Michigan - 1.5%** |  |  |
| Kalamazoo Public Schools, 5%, 5/1/26 | 250000 | 258926 |
| **Mississippi - 2.8%** |  |  |
| Medical Center Educational Building Corp., Series A, 5%, 6/1/30 | 475000 | 501593 |
| **Missouri - 2.4%** |  |  |
| Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25 | 400000 | 414372 |
| **Montana - 1.7%** |  |  |
| Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25 | 300000 | 303349 |
| **New Jersey - 6.5%** |  |  |
| New Jersey Economic Development Authority Revenue, Series NN, 5%, 3/1/26 | 450000 | 451465 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28 | 250000 | 270736 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29 | 250000 | 274934 |
| Union County Improvement Authority, Series A, 4%, 2/1/25 | 150000 | 151138 |
|  |  | 1148273 |
| **New Mexico - 1.1%** |  |  |
| Otero County, (BAM), 4%, 12/1/28 | 195000 | 195998 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Tax-Free National Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **New York - 4.1%** |  |  |
| Brookhaven Local Development Corp., 5%, 11/1/24 | 110000 | 110781 |
| New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31 | 250000 | 272676 |
| Port Authority of New York & New Jersey, Series 85th, (GO of AUTH), 5.375%, 3/1/28 | 325000 | 342780 |
|  |  | 726237 |
| **Ohio - 2.9%** |  |  |
| Cleveland-Cuyahoga County Port Authority (A), 5%, 7/1/24 | 500000 | 511581 |
| **Oklahoma - 3.9%** |  |  |
| Elk City Industrial Authority, 4%, 5/1/30 | 335000 | 333580 |
| Tulsa County Industrial Authority, 3%, 2/1/31 | 400000 | 358011 |
|  |  | 691591 |
| **Pennsylvania - 3.6%** |  |  |
| Commonwealth Financing Authority, Series A, 5%, 6/1/35 | 370000 | 381487 |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26 | 250000 | 253760 |
|  |  | 635247 |
| **Tennessee - 0.7%** |  |  |
| Decatur Water & Sewer Revenue, 3%, 6/1/24 | 120000 | 118918 |
| **Texas - 6.8%** |  |  |
| Austin, General Obligation, 5%, 9/1/26 | 550000 | 574744 |
| Center, General Obligation, 3%, 8/15/34 | 410000 | 344632 |
| Harris County Toll Road Authority, 4%, 8/15/38 | 300000 | 278008 |
|  |  | 1197384 |
| **Utah - 3.2%** |  |  |
| Ogden City Sewer & Water Revenue, Series A, 4%, 6/15/31 | 250000 | 255609 |
| Utah Transit Authority, Series A, (BHAC-CR), 5%, 6/15/35 | 280000 | 301221 |
|  |  | 556830 |
| **Virginia - 5.6%** |  |  |
| Southampton County Industrial Development Authority, 5%, 6/1/35 | 440000 | 460430 |
| Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34 | 250000 | 265297 |
| Western Regional Jail Authority, 5%, 12/1/34 | 250000 | 263833 |
|  |  | 989560 |
| **Washington - 1.2%** |  |  |
| Washington, General Obligation, Series E, 5%, 2/1/29 | 205000 | 209108 |
| **West Virginia - 2.7%** |  |  |
| West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | 450000 | 472146 |
| **Wisconsin - 4.0%** |  |  |
| Green Bay, Series A, 4%, 4/1/38 | 355000 | 326229 |
| Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | 400000 | 370522 |
|  |  | 696751 |
| **TOTAL INVESTMENTS - 98.6%** |  |  |
| (Cost $18,388,414\*\*) |  | 17371511 |
| **NET OTHER ASSETS AND LIABILITIES - 1.4%** |  | 249289 |
| **TOTAL NET ASSETS - 100.0%** |  | $17620800 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $18,388,414. |
| (A) | Restricted. The cost of the security acquired on 4/5/13 is $518,843. The value is $511,581, 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. |
| ST AID DIR DEP | State Aid Direct Deposit. |
| ST AID WITHHLDG | State Aid Withholding. |
| ST INTERCEPT | State Intercept. |
| TCRS | Transferable Custodial Receipts |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison High Quality Bond Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **CORPORATE NOTES AND BONDS - 37.7%** |  |  |
| **Communication Services - 2.5%** |  |  |
| Comcast Corp., 3.15%, 3/1/26 | $1000000 | $939098 |
| Walt Disney Co., 3.8%, 3/22/30 | 1100000 | 1001300 |
|  |  | 1940398 |
| **Consumer Discretionary - 3.4%** |  |  |
| Cummins, Inc., 1.5%, 9/1/30 | 1000000 | 761472 |
| Home Depot, Inc., 2.7%, 4/15/30 | 1100000 | 933436 |
| NIKE, Inc., 2.75%, 3/27/27 | 1000000 | 914491 |
|  |  | 2609399 |
| **Consumer Staples - 5.3%** |  |  |
| Coca-Cola Co., (A), 1%, 3/15/28 | 1000000 | 822524 |
| Hershey Co., 1.7%, 6/1/30 | 1300000 | 1015291 |
| Kimberly-Clark Corp., 1.05%, 9/15/27 | 1500000 | 1249759 |
| PepsiCo, Inc., 2.75%, 3/19/30 | 1100000 | 949542 |
|  |  | 4037116 |
| **Financials - 19.1%** |  |  |
| Bank of America Corp., (SOFR + 1.010%) (B), 1.197%, 10/24/26 | 1500000 | 1301010 |
| Bank of New York Mellon Corp., 2.2%, 8/16/23 | 1000000 | 980587 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 1000000 | 830363 |
| BlackRock, Inc., 3.5%, 3/18/24 | 1000000 | 980786 |
| Charles Schwab Corp., 0.9%, 3/11/26 | 1000000 | 864456 |
| Huntington National Bank, 3.55%, 10/6/23 | 1250000 | 1230472 |
| JPMorgan Chase & Co., (3 mo. USD LIBOR + 1.155%) (B), 3.22%, 3/1/25 | 1500000 | 1448704 |
| Mastercard, Inc., 3.3%, 3/26/27 | 1000000 | 936582 |
| Morgan Stanley, 6.296%, 10/18/28 | 1000000 | 1008400 |
| Public Storage, 1.95%, 11/9/28 | 1000000 | 822376 |
| State Street Corp., (SOFR + 0.940%) (B), 2.354%, 11/1/25 | 1500000 | 1409306 |
| Truist Financial Corp., 2.85%, 10/26/24 | 1250000 | 1192849 |
| Truist Financial Corp., (A), 1.95%, 6/5/30 | 1000000 | 768088 |
| Wells Fargo & Co., (SOFR + 1.087%) (B), 2.406%, 10/30/25 | 1000000 | 931127 |
|  |  | 14705106 |
| **Health Care - 1.5%** |  |  |
| UnitedHealth Group, Inc., 2.875%, 3/15/23 | 1200000 | 1192138 |
| **Industrials - 1.1%** |  |  |
| Emerson Electric Co., 2%, 12/21/28 | 1000000 | 832661 |
| **Information Technology - 4.2%** |  |  |
| Apple, Inc., 2.4%, 5/3/23 | 1000000 | 988856 |
| Salesforce, Inc., 3.25%, 4/11/23 | 1300000 | 1292080 |
| Texas Instruments, Inc., 1.375%, 3/12/25 | 1000000 | 924605 |
|  |  | 3205541 |
| **Utilities - 0.6%** |  |  |
| National Rural Utilities Cooperative Finance Corp., 1%, 6/15/26 | 500000 | 432777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,391,800) |  | 28955136 |
| **U.S. GOVERNMENT AND AGENCY** |  |  |
| **OBLIGATIONS - 62.0%** |  |  |
| **Fannie Mae - 8.5%** |  |  |
| 0.500%, 11/7/25 | 2250000 | 1998460 |
| 2.125%, 4/24/26 | 2500000 | 2314115 |
| 0.750%, 10/8/27 (A) | 2600000 | 2187301 |
|  |  | 6499876 |
| **Freddie Mac - 6.1%** |  |  |
| 0.375%, 4/20/23 | 2500000 | 2452115 |
| 0.375%, 7/21/25 | 2500000 | 2237482 |
|  |  | 4689597 |
| **U.S. Treasury Notes - 47.4%** |  |  |
| 2.750%, 11/15/23 | 2000000 | 1961406 |
| 2.125%, 2/29/24 | 2000000 | 1935000 |
| 1.750%, 6/30/24 | 2000000 | 1908281 |
| 2.375%, 8/15/24 | 2000000 | 1922734 |
| 1.250%, 8/31/24 | 2250000 | 2119043 |
| 0.375%, 9/15/24 | 2000000 | 1851250 |
| 2.250%, 11/15/24 | 2000000 | 1912031 |
| 2.125%, 5/15/25 | 2500000 | 2358887 |
| 0.250%, 10/31/25 | 2250000 | 1987383 |
| 0.375%, 1/31/26 | 2500000 | 2195019 |
| 1.625%, 5/15/26 | 2250000 | 2046533 |
| 1.500%, 8/15/26 | 2000000 | 1799375 |
| 1.500%, 1/31/27 | 2250000 | 2004434 |
| 0.625%, 3/31/27 | 2500000 | 2133008 |
| 2.375%, 5/15/27 | 2000000 | 1841016 |
| 2.250%, 11/15/27 | 2500000 | 2270996 |
| 1.875%, 2/28/29 | 2500000 | 2174414 |
| 1.375%, 11/15/31 | 2500000 | 1992383 |
|  |  | 36413193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,140,507) |  | 47602666 |
|  | Shares |  |
| **SHORT-TERM INVESTMENTS - 5.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.01% | 474870 | 474870 |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.12% (C) (D) | 3636243 | 3636243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,111,113) |  | 4111113 |
| **TOTAL INVESTMENTS - 105.1%** |  |  |
| (Cost $88,643,420\*\*) |  | 80668915 |
| **NET OTHER ASSETS AND LIABILITIES - (5.1%)** |  | (3883187) |
| **TOTAL NET ASSETS - 100.0%** |  | $76785728 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $88,689,431. |
| (A) | All or a portion of these securities, with an aggregate fair value of $3,549,265, 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 October 31, 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.

**Madison Funds** \| October 31, 2022

**Madison Core Bond Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **ASSET BACKED SECURITIES - 5.2%** |  |  |
| Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, 10/18/24 | $340827 | $340371 |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | 198906 | 194519 |
| Chesapeake Funding II LLC, Series 2018- 3A, Class B (A), 3.62%, 1/15/31 | 100000 | 99921 |
| Chesapeake Funding II LLC, Series 2020- 1A, Class A1 (A), 0.87%, 8/15/32 | 78962 | 76931 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 355882 | 355108 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 428116 | 411965 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 31782 | 31682 |
| Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.03%, 1/20/28 | 1000000 | 968636 |
| GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | 500000 | 498718 |
| GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25 | 1000000 | 962505 |
| JPMorgan Chase Bank NA, Series 2020-1, Class B (A), 0.991%, 1/25/28 | 235311 | 230856 |
| JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 417007 | 405474 |
| JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 410041 | 395172 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 364150 | 349214 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 450898 | 426194 |
| LAD Auto Receivables Trust, Series 2021- 1A, Class A (A), 1.3%, 8/17/26 | 348899 | 335403 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 1082259 | 1062472 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 500000 | 458017 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 1350000 | 1330478 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 350000 | 344579 |
| Wheels SPV 2 LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28 | 112909 | 112476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,771,980) |  | 9390691 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.7%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49 | 152558 | 140123 |
| Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55 | 139936 | 132625 |
| CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | 543396 | 468512 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 612977 | 27597 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 3.747%, 10/25/33 | 481443 | 473321 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C), 3.997%, 12/25/41 | 343642 | 332903 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 592709 | 50694 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 322386 | 307962 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 417785 | 405604 |
| Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 92425 | 93065 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 79437 | 80009 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 2593563 | 412431 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 50820 | 50055 |
| Flagstar Mortgage Trust, Series 2021- 9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41 | 597862 | 507412 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | 764326 | 638702 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 70812 | 1014 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (C) (D), 2.5%, 5/25/51 | 514803 | 405386 |
| JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D), 4%, 11/25/49 | 27590 | 26172 |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D), 3.5%, 2/25/50 | 99221 | 86824 |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | 693471 | 535885 |
| JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (C) (D), 2.5%, 7/25/51 | 905083 | 705293 |
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | 782361 | 663999 |
| JPMorgan Mortgage Trust, Series 2021- 14, Class A4 (A) (C) (D), 2.5%, 5/25/52 | 877071 | 742187 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | 150522 | 124339 |
| PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | 10221 | 9966 |
| PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | 129647 | 111835 |
| PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | 929217 | 797929 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | 679826 | 576976 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (C) (D), 2.5%, 1/25/52 | 469854 | 398771 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | 305860 | 264090 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | 182703 | 170271 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | 14122 | 13394 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (C) (D), 2.5%, 9/25/51 | 671177 | 517987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,404,839) |  | 10273333 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.5%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 220602 | 211610 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | 1000000 | 923514 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.305%, 9/25/26 | 15151605 | 142840 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 1000000 | 931145 |
| Federal National Mortgage Association- Aces, Series 2017-M15, Class ATS2 (C) (D), 3.158%, 11/25/27 | 807219 | 749925 |
| FREMF Mortgage Trust, Series 2013-K33, Class B (A) (C) (D), 3.495%, 8/25/46 | 900000 | 883604 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (C) (D), 3.719%, 1/25/48 | 750000 | 711925 |
| GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36 | 722000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,928,796) |  | 4554563 |
| **CORPORATE NOTES AND BONDS - 26.4%** |  |  |
| **Communication Services - 2.7%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 500000 | 375646 |
| AT&T, Inc., 4.75%, 5/15/46 | 500000 | 406323 |
| CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 300000 | 252120 |
| Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.908%, 7/23/25 | 500000 | 485571 |
| Discovery Communications LLC, 5%, 9/20/37 | 250000 | 192458 |
| eBay, Inc., 1.9%, 3/11/25 | 325000 | 300491 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 500000 | 402645 |
| Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 200000 | 190918 |
| Meta Platforms, Inc. (A), 3.85%, 8/15/32 | 250000 | 212837 |
| Netflix, Inc., 6.375%, 5/15/29 | 250000 | 254970 |
| SBA Communications Corp. (E), 3.875%, 2/15/27 | 350000 | 315894 |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | 400000 | 360988 |
| VeriSign, Inc. (E), 2.7%, 6/15/31 | 500000 | 387430 |
| Verizon Communications, Inc., 4.4%, 11/1/34 | 500000 | 432395 |
| Verizon Communications, Inc., 3.4%, 3/22/41 | 500000 | 354333 |
|  |  | 4925019 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Core Bond Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Consumer Discretionary - 1.9%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | 400000 | 294938 |
| 7-Eleven, Inc. (A), 2.5%, 2/10/41 | 250000 | 151450 |
| Advance Auto Parts, Inc., 1.75%, 10/1/27 | 250000 | 204082 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 350000 | 333992 |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 350000 | 344750 |
| Home Depot, Inc., 3.35%, 4/15/50 | 250000 | 172796 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 500000 | 298847 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 750000 | 555052 |
| QVC, Inc., 4.75%, 2/15/27 | 250000 | 199670 |
| Southwest Airlines Co., 5.125%, 6/15/27 | 500000 | 487723 |
| Tractor Supply Co., 1.75%, 11/1/30 | 550000 | 407857 |
|  |  | 3451157 |
| **Consumer Staples - 1.2%** |  |  |
| Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 500000 | 447368 |
| Conagra Brands, Inc., 0.5%, 8/11/23 | 600000 | 577273 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 200000 | 158515 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 300000 | 208238 |
| Mars, Inc. (A), 3.875%, 4/1/39 | 400000 | 319136 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 350000 | 222959 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 325000 | 307196 |
|  |  | 2240685 |
| **Energy - 2.7%** |  |  |
| Boardwalk Pipelines LP, 4.45%, 7/15/27 | 400000 | 369340 |
| Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 350000 | 294322 |
| Energy Transfer LP, 5.25%, 4/15/29 | 275000 | 257536 |
| EnLink Midstream Partners LP, 5.45%, 6/1/47 | 400000 | 304000 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 400000 | 344644 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 275000 | 269041 |
| Marathon Petroleum Corp., 3.8%, 4/1/28 | 600000 | 538372 |
| MPLX LP, 2.65%, 8/15/30 | 350000 | 275306 |
| ONEOK, Inc., 5.85%, 1/15/26 | 150000 | 148931 |
| Phillips 66, 0.9%, 2/15/24 | 500000 | 472988 |
| Phillips 66, 2.15%, 12/15/30 | 500000 | 387215 |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | 325000 | 251167 |
| Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 300000 | 292356 |
| Valero Energy Corp., 6.625%, 6/15/37 | 500000 | 500199 |
| Valero Energy Corp., 4%, 6/1/52 | 175000 | 123175 |
|  |  | 4828592 |
| **Financials - 8.2%** |  |  |
| Air Lease Corp., 2.875%, 1/15/26 | 500000 | 444379 |
| Air Lease Corp., 1.875%, 8/15/26 | 250000 | 209595 |
| American Express Co., 5.849%, 11/5/27 | 500000 | 500000 |
| American International Group, Inc., 4.75%, 4/1/48 | 150000 | 123342 |
| Athene Global Funding (A) (E), 1.45%, 1/8/26 | 500000 | 432329 |
| Bank of America Corp., Series N, (SOFR + 0.910%) (C), 1.658%, 3/11/27 | 400000 | 345361 |
| Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37 | 350000 | 280156 |
| Bank of New York Mellon Corp., 5.834%, 10/25/33 | 500000 | 500250 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 350000 | 259622 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 500000 | 415182 |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 350000 | 255860 |
| BlackRock, Inc., 2.1%, 2/25/32 | 350000 | 266938 |
| Bread Financial Holdings, Inc. (A) (F), 4.75%, 12/15/24 | 500000 | 436595 |
| Capital One Financial Corp., (SOFR + 2.057%) (C), 4.927%, 5/10/28 | 350000 | 325202 |
| Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30 | 350000 | 287621 |
| Citigroup, Inc., (SOFR + 2.086%) (C), 4.91%, 5/24/33 | 350000 | 317971 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 350000 | 197941 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 350000 | 305264 |
| Fifth Third Bancorp, (SOFR + 1.660%) (C), 4.337%, 4/25/33 | 350000 | 303168 |
| Five Corners Funding Trust II (A), 2.85%, 5/15/30 | 250000 | 203228 |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | 400000 | 298164 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 400000 | 360724 |
| Goldman Sachs Group, Inc., (SOFR + 0.913%) (C), 1.948%, 10/21/27 | 500000 | 424445 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (C), 2.487%, 8/15/36 | 700000 | 484539 |
| Huntington National Bank, (SOFR + 1.205%) (C), 4.008%, 5/16/25 | 500000 | 487183 |
| Intercontinental Exchange, Inc., 3.75%, 9/21/28 | 250000 | 227746 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 350000 | 321217 |
| Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31 | 450000 | 319743 |
| JPMorgan Chase & Co., (3 mo. USD SOFR + 0.695%) (C), 1.04%, 2/4/27 | 650000 | 552597 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250000 | 160251 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 150000 | 89962 |
| M&T Bank Corp., 3.55%, 7/26/23 | 250000 | 247291 |
| Morgan Stanley, (SOFR + 1.990%) (C), 2.188%, 4/28/26 | 175000 | 159656 |
| Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32 | 500000 | 361379 |
| MPT Operating Partnership LP/MPT Finance Corp. (E), 5%, 10/15/27 | 250000 | 214075 |
| NASDAQ, Inc., 1.65%, 1/15/31 | 450000 | 331253 |
| Old Republic International Corp., 3.85%, 6/11/51 | 300000 | 193775 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250000 | 187449 |
| PNC Bank NA, 2.7%, 10/22/29 | 250000 | 202595 |
| Public Storage, 1.95%, 11/9/28 | 250000 | 205594 |
| Regions Financial Corp., 1.8%, 8/12/28 | 500000 | 406232 |
| State Street Corp., (SOFR + 1.490%) (C), 3.031%, 11/1/34 | 250000 | 203057 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 300000 | 192037 |
| Truist Bank, 2.25%, 3/11/30 | 325000 | 252563 |
| Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27 | 500000 | 431315 |
| Wells Fargo & Co., (SOFR + 2.000%) (C), 2.188%, 4/30/26 | 350000 | 318376 |
| Welltower, Inc., 2.05%, 1/15/29 | 500000 | 393061 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 300000 | 239239 |
|  |  | 14675522 |
| **Health Care - 2.2%** |  |  |
| Baxter International, Inc., 2.272%, 12/1/28 | 400000 | 328771 |
| Block, Inc. (E), 2.75%, 6/1/26 | 450000 | 402462 |
| Centene Corp., 2.45%, 7/15/28 | 500000 | 411432 |
| Cigna Corp., 4.9%, 12/15/48 | 500000 | 422872 |
| CVS Health Corp., 5.125%, 7/20/45 | 500000 | 428603 |
| Gartner, Inc. (A), 4.5%, 7/1/28 | 400000 | 370692 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 250000 | 194672 |
| Humana, Inc., 1.35%, 2/3/27 | 250000 | 209407 |
| PerkinElmer, Inc., 0.55%, 9/15/23 | 425000 | 408486 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 250000 | 241875 |
| UnitedHealth Group, Inc., 2.3%, 5/15/31 | 300000 | 240206 |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | 250000 | 184702 |
| Zoetis, Inc., 3%, 5/15/50 | 250000 | 156932 |
|  |  | 4001112 |
| **Industrials - 3.1%** |  |  |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 600000 | 429942 |
| Ball Corp., 4.875%, 3/15/26 | 475000 | 455777 |
| Boeing Co., 2.196%, 2/4/26 | 400000 | 353742 |
| Boeing Co., 3.625%, 2/1/31 | 350000 | 290366 |
| Boeing Co., 5.805%, 5/1/50 | 350000 | 299932 |
| Carlisle Cos., Inc., 3.5%, 12/1/24 | 500000 | 479577 |
| Carrier Global Corp., 3.577%, 4/5/50 | 200000 | 133694 |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 500000 | 309834 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 350000 | 285062 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 500000 | 394186 |
| TD SYNNEX Corp., 1.75%, 8/9/26 | 500000 | 422224 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 250000 | 184502 |
| Textron, Inc., 2.45%, 3/15/31 | 250000 | 191406 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 475000 | 467566 |
| Vontier Corp., 1.8%, 4/1/26 | 300000 | 248535 |
| WRKCo, Inc., 3.9%, 6/1/28 | 350000 | 314496 |
| WRKCo, Inc., 3%, 6/15/33 | 300000 | 227368 |
|  |  | 5488209 |
| **Information Technology - 2.3%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 8151 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 87000 | 92180 |
| Dell International LLC/EMC Corp., (A), 3.45%, 12/15/51 | 625000 | 351862 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Core Bond Fund Portfolio of Investments** **- continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Fiserv, Inc., 3.5%, 7/1/29 | 750000 | 650246 |
| HP, Inc., 2.65%, 6/17/31 | 600000 | 439242 |
| Intuit, Inc., 1.65%, 7/15/30 | 250000 | 192352 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 275000 | 224019 |
| Lam Research Corp., 1.9%, 6/15/30 | 200000 | 156594 |
| Marvell Technology, Inc., 4.2%, 6/22/23 | 500000 | 496362 |
| Oracle Corp., 3.95%, 3/25/51 | 750000 | 487527 |
| Salesforce, Inc., 2.9%, 7/15/51 | 500000 | 320442 |
| VMware, Inc., 2.2%, 8/15/31 | 500000 | 363586 |
| Workday, Inc., 3.7%, 4/1/29 | 300000 | 267075 |
|  |  | 4049638 |
| **Materials - 0.6%** |  |  |
| Arconic Corp. (A), 6%, 5/15/25 | 250000 | 247547 |
| Celanese U.S. Holdings LLC, 6.165%, |  |  |
| 7/15/27 | 250000 | 236047 |
| International Flavors & Fragrances, Inc. |  |  |
| (A), 3.468%, 12/1/50 | 500000 | 310353 |
| LYB International Finance III LLC, 3.625%, |  |  |
| 4/1/51 | 400000 | 249040 |
|  |  | 1042987 |
| **Utilities - 1.5%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 400000 | 345387 |
| Berkshire Hathaway Energy Co., 1.65%, |  |  |
| 5/15/31 | 350000 | 261324 |
| Duke Energy Corp., 3.75%, 9/1/46 | 500000 | 342248 |
| Florida Power & Light Co., 2.875%, |  |  |
| 12/4/51 | 700000 | 444288 |
| Interstate Power & Light Co., 3.5%, |  |  |
| 9/30/49 | 250000 | 169408 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 1.9%, 6/15/28 | 600000 | 495076 |
| PECO Energy Co., 3.05%, 3/15/51 | 750000 | 478540 |
| Wisconsin Electric Power Co., 1.7%, |  |  |
| 6/15/28 | 300000 | 249265 |
|  |  | 2785536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $58,062,963) |  | 47488457 |
| **FOREIGN CORPORATE BONDS - 2.2%** |  |  |
| **Communication Services - 0.3%** |  |  |
| Alibaba Group Holding Ltd. (E), 2.125%, |  |  |
| 2/9/31 | 500000 | 359196 |
| Vodafone Group PLC, 5%, 5/30/38 | 250000 | 210853 |
|  |  | 570049 |
| **Consumer Discretionary - 0.1%** |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), |  |  |
| 4.75%, 10/20/28 | 250000 | 232506 |
| **Financials - 1.0%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global |  |  |
| Aviation Trust, 1.75%, 1/30/26 | 500000 | 425601 |
| AerCap Ireland Capital DAC/AerCap Global |  |  |
| Aviation Trust, 4.625%, 10/15/27 | 250000 | 224716 |
| Avolon Holdings Funding Ltd. (A), |  |  |
| 2.125%, 2/21/26 | 500000 | 409853 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 300000 | 269351 |
| UBS Group AG, (1 year CMT + 2.050%) (A) |  |  |
| (C), 4.703%, 8/5/27 | 400000 | 371650 |
|  |  | 1701171 |
| **Health Care - 0.6%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 500000 | 378080 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 500000 | 304115 |
| STERIS Irish FinCo UnLtd Co. (E), 3.75%, |  |  |
| 3/15/51 | 500000 | 330427 |
|  |  | 1012622 |
| **Information Technology - 0.2%** |  |  |
| Analog Devices, Inc., 1.7%, 10/1/28 | 500000 | 413208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,898,073) |  | 3929556 |
| **MORTGAGE BACKED SECURITIES - 15.8%** |  |  |
| **Fannie Mae - 9.8%** |  |  |
| 3%, 9/1/30 Pool # 890696 | 321733 | 302567 |
| 3%, 12/1/30 Pool # AL8924 | 161578 | 152369 |
| 7%, 11/1/31 Pool # 607515 | 3972 | 4042 |
| 3.5%, 12/1/31 Pool # MA0919 | 109090 | 103018 |
| 6.5%, 3/1/32 Pool # 631377 | 13245 | 13657 |
| 6.5%, 5/1/32 Pool # 636758 | 820 | 846 |
| 7%, 5/1/32 Pool # 644591 | 403 | 404 |
| 6.5%, 6/1/32 Pool # 545691 | 22402 | 23099 |
| 3.5%, 8/1/32 Pool # MA3098 | 141373 | 134335 |
| 3.5%, 9/1/32 Pool # MA3126 | 99278 | 94328 |
| 5.5%, 11/1/33 Pool # 555880 | 29113 | 29405 |
| 5%, 5/1/34 Pool # 780890 | 12965 | 12966 |
| 4%, 2/1/35 Pool # MA2177 | 275501 | 257878 |
| 5%, 8/1/35 Pool # 829670 | 27059 | 26771 |
| 5%, 9/1/35 Pool # 820347 | 43856 | 43859 |
| 5%, 9/1/35 Pool # 835699 | 38114 | 37203 |
| 3.5%, 12/1/35 Pool # MA2473 | 263306 | 244393 |
| 4.5%, 12/1/35 Pool # 745147 | 4497 | 4333 |
| 5%, 12/1/35 Pool # 850561 | 11198 | 11158 |
| 6%, 11/1/36 Pool # 902510 | 35034 | 36265 |
| 6%, 10/1/37 Pool # 947563 | 34864 | 36091 |
| 6.5%, 12/1/37 Pool # 889072 | 25701 | 26859 |
| 6.5%, 8/1/38 Pool # 987711 | 60098 | 62679 |
| 3%, 11/1/39 Pool # MA3831 | 109420 | 96349 |
| 4%, 9/1/40 Pool # AE3039 | 281764 | 263136 |
| 4%, 1/1/41 Pool # AB2080 | 207824 | 195266 |
| 2.5%, 5/1/41 Pool # MA4334 | 1371885 | 1165555 |
| 5.5%, 7/1/41 Pool # AL6588 | 202484 | 207435 |
| 4%, 9/1/41 Pool # AJ1406 | 96680 | 90351 |
| 4%, 10/1/41 Pool # AJ4046 | 287513 | 269915 |
| 3.5%, 11/1/41 Pool # AB3867 | 107514 | 97641 |
| 2.5%, 3/1/42 Pool # MA4571 | 1911944 | 1616054 |
| 2.5%, 3/1/42 Pool # CB3076 | 723624 | 608493 |
| 4%, 3/1/42 Pool # AL1998 | 424260 | 398622 |
| 3.5%, 6/1/42 Pool # AO4134 | 466611 | 423778 |
| 3.5%, 8/1/42 Pool # AP2133 | 221585 | 201244 |
| 3%, 9/1/42 Pool # AP6568 | 57864 | 50720 |
| 3.5%, 9/1/42 Pool # AB6228 | 138077 | 125402 |
| 4%, 10/1/42 Pool # AP7363 | 288244 | 270531 |
| 3.5%, 1/1/43 Pool # AQ9326 | 274236 | 249042 |
| 3%, 2/1/43 Pool # AL3072 | 442607 | 388005 |
| 3.5%, 3/1/43 Pool # AT0310 | 223924 | 203351 |
| 3.5%, 4/1/43 Pool # AT2887 | 219075 | 198814 |
| 4%, 1/1/45 Pool # AS4257 | 69695 | 65310 |
| 4.5%, 10/1/46 Pool # MA2783 | 35323 | 33740 |
| 3%, 1/1/47 Pool # BE0108 | 359109 | 312017 |
| 2.5%, 12/1/47 Pool # FM3165 | 721360 | 602567 |
| 3%, 8/1/48 Pool # FS0517 | 869007 | 755066 |
| 4%, 11/1/50 Pool # FM5530 | 646277 | 594321 |
| 4%, 5/1/52 Pool # CB3627 | 1234088 | 1124658 |
| 4%, 5/1/52 Pool # CB3678 | 991534 | 903314 |
| 4%, 5/1/52 Pool # FS1704 | 470208 | 430487 |
| 4%, 5/1/52 Pool # FS1818 | 744521 | 678270 |
| 3.5%, 6/1/52 Pool # CB3845 | 980681 | 865112 |
| 4.5%, 8/1/52 Pool # CB4383 | 996719 | 939465 |
| 4.5%, 8/1/52 Pool # FS2605 | 498722 | 468903 |
| 5.5%, 10/1/52 Pool # MA4786 | 991116 | 978039 |
|  |  | 17529498 |
| **Freddie Mac - 6.0%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 18616 | 18519 |
| 4.5%, 5/1/25 Pool # J12247 | 40648 | 40361 |
| 8%, 6/1/30 Pool # C01005 | 288 | 303 |
| 6.5%, 1/1/32 Pool # C62333 | 9480 | 9785 |
| 2.5%, 2/1/32 Pool # ZS8641 | 233202 | 216731 |
| 3.5%, 8/1/32 Pool # C91485 | 123874 | 117121 |
| 4%, 5/1/33 Pool # G18693 | 219764 | 212854 |
| 4.5%, 6/1/34 Pool # C01856 | 160829 | 155037 |
| 2.5%, 6/1/35 Pool # RC1421 | 355453 | 320927 |
| 6.5%, 11/1/36 Pool # C02660 | 3783 | 3983 |
| 5.5%, 1/1/37 Pool # G04593 | 107241 | 109978 |
| 5.5%, 11/1/37 Pool # A68787 | 66660 | 68374 |
| 5.5%, 12/1/38 Pool # G05267 | 167983 | 172276 |
| 4.5%, 8/1/39 Pool # G08361 | 170028 | 164720 |
| 3.5%, 11/1/40 Pool # G06168 | 153519 | 139435 |
| 2%, 3/1/41 Pool # RB5105 | 1026517 | 849592 |
| 2.5%, 6/1/41 Pool # SC0151 | 859847 | 730457 |
| 4%, 10/1/41 Pool # Q04092 | 309161 | 289077 |
| 4.5%, 3/1/42 Pool # G07491 | 189394 | 183557 |
| 3%, 9/1/42 Pool # C04233 | 259908 | 228137 |
| 3%, 2/1/43 Pool # Q15767 | 188280 | 164783 |
| 3%, 4/1/43 Pool # V80025 | 199481 | 174582 |
| 3%, 4/1/43 Pool # V80026 | 197117 | 172894 |
| 3.5%, 8/1/44 Pool # Q27927 | 212283 | 191969 |
| 3%, 7/1/45 Pool # G08653 | 308606 | 268779 |
| 3.5%, 8/1/45 Pool # Q35614 | 233783 | 210974 |
| 3%, 11/1/45 Pool # G08675 | 254845 | 221902 |
| 3%, 1/1/46 Pool # G08686 | 326457 | 284233 |
| 3%, 10/1/46 Pool # G60722 | 341916 | 297424 |
| 3.5%, 11/1/47 Pool # Q52079 | 280736 | 252619 |
| 2.5%, 4/1/48 Pool # QA2240 | 859623 | 717066 |
| 3%, 7/1/49 Pool # QA1033 | 389112 | 332695 |
| 3.5%, 4/1/52 Pool # SD0960 | 1231059 | 1091609 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Core Bond Fund Portfolio of Investments** **- continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 3.5%, 5/1/52 Pool # RA7380 | 731438 | 646884 |
| 5.5%, 11/1/52 Pool # SD8268 | 1750000 | 1729604 |
|  |  | 10789241 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 2/20/29 Pool # 2714 | 3737 | 3816 |
| 6.5%, 4/20/31 Pool # 3068 | 1845 | 1888 |
| 4%, 4/15/39 Pool # 698089 | 12134 | 11501 |
|  |  | 17205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,766,202) |  | 28335944 |
| **U.S. GOVERNMENT AND AGENCY** |  |  |
| **OBLIGATIONS - 34.2%** |  |  |
| **U.S. Treasury Bonds - 8.2%** |  |  |
| 6.625%, 2/15/27 | 2000000 | 2172734 |
| 5.375%, 2/15/31 | 1250000 | 1356445 |
| 4.500%, 5/15/38 | 1250000 | 1284180 |
| 2.250%, 5/15/41 | 4250000 | 3053027 |
| 3.750%, 8/15/41 | 2000000 | 1826797 |
| 3.000%, 5/15/45 | 1000000 | 785977 |
| 3.000%, 5/15/47 | 750000 | 587812 |
| 3.375%, 11/15/48 | 500000 | 425313 |
| 1.250%, 5/15/50 | 3000000 | 1537148 |
| 1.875%, 2/15/51 | 2750000 | 1674600 |
|  |  | 14704033 |
| **U.S. Treasury Notes - 26.0%** |  |  |
| 2.750%, 2/15/24 | 3250000 | 3171035 |
| 2.250%, 12/31/24 | 5750000 | 5483164 |
| 2.250%, 11/15/25 | 6750000 | 6327861 |
| 0.375%, 1/31/26 | 5500000 | 4829043 |
| 1.500%, 8/15/26 | 5000000 | 4498438 |
| 2.375%, 5/15/27 | 6000000 | 5523047 |
| 2.875%, 5/15/28 | 3500000 | 3256504 |
| 2.625%, 2/15/29 | 6000000 | 5462812 |
| 0.625%, 8/15/30 | 4500000 | 3472207 |
| 1.375%, 11/15/31 | 6000000 | 4781719 |
|  |  | 46805830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $70,958,150) |  | 61509863 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 2.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 3.01% | 1930847 | 1930847 |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.12% (G) (H) | 1807640 | 1807640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,738,487) |  | 3738487 |
| **TOTAL INVESTMENTS - 94.1%** |  |  |
| (Cost $196,529,490\*\*) |  | 169220894 |
| **NET OTHER ASSETS AND LIABILITIES - 5.9%** |  | 10574428 |
| **TOTAL NET ASSETS - 100.0%** |  | $179795322 |

---

\*\* Aggregate cost for Federal tax purposes was $196,751,318.

(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 October 31, 2022.

(C) Floating rate or variable rate note. Rate shown is as of October
31, 2022.

(D) Coupon rate may change based on changes of the underlying collateral
or prepayments of principal. The coupon rate shown represents the rate at October 31, 2022.

(E) All or a portion of these securities, with an aggregate fair
value of $1,761,280, 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 cost of the security acquired on 12/17/19 is
$500,00. The value is $436,595, representing 0.2% 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. |
| FREMF | Freddie Mac Multifamily Securities. |
| IO | Interest Only. |
| LLC | Limited Liability Company. |
| PLC | Public Limited Company. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| SOFR 30 A | 30-day SOFR Average. |
| STACR | Structured Agency Credit Risk |
| USD | United States Dollar. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Diversified Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **COMMON STOCKS - 69.3%** |  |  |
| **Communication Service - 1.8%** |  |  |
| Comcast Corp., Class A | 92500 | $2935950 |
| **Consumer Discretionary - 6.1%** |  |  |
| Home Depot, Inc. | 12900 | 3820077 |
| McDonald's Corp. | 11979 | 3266194 |
| Starbucks Corp. | 18950 | 1640880 |
| Target Corp. | 6915 | 1135789 |
|  |  | 9862940 |
| **Consumer Staples - 5.7%** |  |  |
| Archer-Daniels-Midland Co. | 36950 | 3583411 |
| Coca-Cola Co. | 32250 | 1930163 |
| PepsiCo, Inc. | 11125 | 2020077 |
| Procter & Gamble Co. | 13100 | 1764177 |
|  |  | 9297828 |
| **Energy - 8.2%** |  |  |
| Baker Hughes Co. | 110900 | 3067494 |
| Chevron Corp. | 19000 | 3437100 |
| EOG Resources, Inc. | 27100 | 3699692 |
| Kinder Morgan, Inc. | 167500 | 3035100 |
|  |  | 13239386 |
| **Financials - 13.4%** |  |  |
| Aflac, Inc. | 41300 | 2689043 |
| BlackRock, Inc. | 5000 | 3229550 |
| CME Group, Inc. | 17100 | 2963430 |
| JPMorgan Chase & Co. | 26600 | 3348408 |
| Morgan Stanley | 21400 | 1758438 |
| Northern Trust Corp. | 20500 | 1729175 |
| Travelers Cos., Inc. | 25400 | 4685284 |
| U.S. Bancorp | 31950 | 1356277 |
|  |  | 21759605 |
| **Health Care - 11.1%** |  |  |
| Bristol-Myers Squibb Co. | 50700 | 3927729 |
| CVS Health Corp. | 40600 | 3844820 |
| Johnson & Johnson | 24800 | 4314456 |
| Medtronic PLC | 35600 | 3109304 |
| Pfizer, Inc. | 59400 | 2765070 |
|  |  | 17961379 |
| **Industrials - 9.9%** |  |  |
| Caterpillar, Inc. | 15400 | 3333484 |
| Emerson Electric Co. | 21550 | 1866230 |
| Fastenal Co. | 44900 | 2170017 |
| Honeywell International, Inc. | 15800 | 3223516 |
| PACCAR, Inc. | 37000 | 3582710 |
| Union Pacific Corp. | 9100 | 1793974 |
|  |  | 15969931 |
| **Information Technology - 6.5%** |  |  |
| Analog Devices, Inc. | 8175 | 1165919 |
| Automatic Data Processing, Inc. | 6950 | 1679815 |
| Cisco Systems, Inc. | 74000 | 3361820 |
| Paychex, Inc. | 11200 | 1325072 |
| Texas Instruments, Inc. | 18500 | 2971655 |
|  |  | 10504281 |
| **Materials - 2.8%** |  |  |
| Air Products & Chemicals, Inc. | 12147 | 3041609 |
| Newmont Corp. | 36200 | 1531984 |
|  |  | 4573593 |
| **Real Estate - 1.5%** |  |  |
| American Tower Corp., REIT | 11300 | 2341247 |
| **Utilities - 2.3%** |  |  |
| Dominion Energy, Inc. | 53600 | 3750392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $87,453,214) |  | 112196532 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value |  |
| **ASSET BACKED SECURITIES - 1.0%** |  |  |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $92823 | 90775 |
| Chesapeake Funding II LLC, Series 2018- 3A, Class B (A), 3.62%, 1/15/31 | 100000 | 99921 |
| Chesapeake Funding II LLC, Series 2020- 1A, Class A1 (A), 0.87%, 8/15/32 | 39481 | 38466 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 120168 | 119907 |
| Dell Equipment Finance Trust, Series 2021- 1, Class A3 (A), 0.43%, 5/22/26 | 140000 | 136101 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 91739 | 88278 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 19069 | 19009 |
| GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24 | 150000 | 149616 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 121383 | 116405 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 131170 | 123984 |
| LAD Auto Receivables Trust, Series 2021- 1A, Class A (A), 1.3%, 8/17/26 | 116300 | 111801 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 194807 | 191245 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 150000 | 137405 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 91667 | 90341 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 100000 | 98451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,667,610) |  | 1611705 |
| **COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS - 1.4%** |  |  |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51 | 144906 | 124937 |
| Federal Home Loan Mortgage Corp. REMICS, Series 3187, Class Z, 5%, 7/15/36 | 99469 | 98333 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (B), 3.747%, 10/25/33 | 108325 | 106497 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (B), 3.997%, 12/25/41 | 137457 | 133161 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 73688 | 70391 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 104446 | 101401 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 37236 | 37504 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 884863 | 140712 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 20328 | 20022 |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41 | 85409 | 72487 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51 | 171601 | 135129 |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | 30487 | 26678 |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51 | 198135 | 153110 |
| JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51 | 113135 | 88162 |
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51 | 273826 | 232400 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50 | 60209 | 49735 |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | 2044 | 1993 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51 | 199968 | 171714 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51 | 181287 | 153860 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52 | 187942 | 159508 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43 | 146688 | 126656 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63 | 91351 | 85136 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49 | 23419 | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,643,861) |  | 2311739 |
| **COMMERCIAL MORTGAGE-BACKED** |  |  |
| **SECURITIES - 0.8%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 137876 | 132256 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 600000 | 558687 |
| Federal National Mortgage Association- Aces, Series 2013-M12, Class APT (B) (C), 2.444%, 3/25/23 | 81512 | 80684 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Diversified Income Fund Portfolio of Investments** **- continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Federal National Mortgage Association- Aces, Series 2017-M15, Class ATS2 (B) (C), 3.158%, 11/25/27 | 224227 | 208313 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (B) (C), 3.719%, 1/25/48 | 240000 | 227816 |
| GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | 534000 | _ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,294,524) |  | 1207756 |
| **CORPORATE NOTES AND BONDS - 8.4%** |  |  |
| **Communication Services - 1.0%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 150000 | 112694 |
| AT&T, Inc., 4.75%, 5/15/46 | 200000 | 162529 |
| Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.908%, 7/23/25 | 200000 | 194228 |
| Comcast Corp., 4.15%, 10/15/28 | 275000 | 258158 |
| Discovery Communications LLC, 5%, 9/20/37 | 125000 | 96229 |
| eBay, Inc., 1.9%, 3/11/25 | 50000 | 46229 |
| eBay, Inc. (D), 2.6%, 5/10/31 | 250000 | 196283 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 200000 | 161058 |
| Meta Platforms, Inc. (A), 3.85%, 8/15/32 | 100000 | 85135 |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | 100000 | 90247 |
| Verizon Communications, Inc., 4.329%, 9/21/28 | 150000 | 140570 |
| Verizon Communications, Inc., 3.875%, 2/8/29 | 100000 | 90551 |
|  |  | 1633911 |
| **Consumer Discretionary - 0.7%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | 100000 | 73734 |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 100000 | 98500 |
| Home Depot, Inc., 3.35%, 4/15/50 | 100000 | 69118 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 250000 | 149424 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 125000 | 92509 |
| McDonald's Corp., 4.875%, 12/9/45 | 300000 | 258686 |
| Southwest Airlines Co., 5.25%, 5/4/25 | 50000 | 49697 |
| Southwest Airlines Co., 5.125%, 6/15/27 | 200000 | 195089 |
| Tractor Supply Co., 1.75%, 11/1/30 | 125000 | 92695 |
|  |  | 1079452 |
| **Consumer Staples - 0.4%** |  |  |
| Conagra Brands, Inc., 0.5%, 8/11/23 | 150000 | 144318 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 100000 | 79258 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 75000 | 52059 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 250000 | 159257 |
| Mars, Inc. (A), 3.95%, 4/1/49 | 200000 | 152825 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 50000 | 47261 |
| Sysco Corp., 5.95%, 4/1/30 | 42000 | 42881 |
|  |  | 677859 |
| **Energy - 1.4%** |  |  |
| BP Capital Markets America, Inc., 3.119%, 5/4/26 | 200000 | 186333 |
| ConocoPhillips Co., 4.15%, 11/15/34 | 129000 | 108834 |
| Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 150000 | 126138 |
| Energy Transfer LP, 5.25%, 4/15/29 | 75000 | 70237 |
| Exxon Mobil Corp., 4.114%, 3/1/46 | 125000 | 99779 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 200000 | 172322 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 100000 | 97833 |
| MPLX LP, 4.8%, 2/15/29 | 150000 | 138604 |
| MPLX LP, 2.65%, 8/15/30 | 100000 | 78659 |
| Phillips 66, 2.15%, 12/15/30 | 200000 | 154886 |
| Phillips 66, 4.65%, 11/15/34 | 150000 | 134202 |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | 75000 | 57961 |
| Schlumberger Holdings Corp., (A), 4%, 12/21/25 | 20000 | 19226 |
| Schlumberger Holdings Corp., (A), 3.9%, 5/17/28 | 292000 | 265074 |
| Valero Energy Corp., 6.625%, 6/15/37 | 250000 | 250099 |
| Valero Energy Corp., 4%, 6/1/52 | 50000 | 35193 |
| Valero Energy Partners LP, 4.5%, 3/15/28 | 300000 | 282259 |
|  |  | 2277639 |
| **Financials - 2.4%** |  |  |
| Air Lease Corp., 1.875%, 8/15/26 | 100000 | 83838 |
| Bank of America Corp., Series N, (SOFR + 0.910%) (B), 1.658%, 3/11/27 | 200000 | 172681 |
| Bank of America Corp., (5 year CMT + 2.000%) (B), 3.846%, 3/8/37 | 150000 | 120067 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 100000 | 74178 |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 100000 | 73103 |
| BlackRock, Inc., 2.1%, 2/25/32 | 150000 | 114402 |
| Capital One Financial Corp., (SOFR + 2.057%) (B) (D), 4.927%, 5/10/28 | 125000 | 116144 |
| Capital One Financial Corp., (SOFR + 1.790%) (B), 3.273%, 3/1/30 | 100000 | 82177 |
| Cboe Global Markets, Inc., 3.65%, 1/12/27 | 130000 | 121646 |
| Citigroup, Inc., (SOFR + 2.086%) (B), 4.91%, 5/24/33 | 75000 | 68137 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 100000 | 56555 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 125000 | 109023 |
| Fifth Third Bancorp, (SOFR + 1.660%) (B), 4.337%, 4/25/33 | 125000 | 108274 |
| GLP Capital LP/GLP Financing II, Inc. (D), 3.25%, 1/15/32 | 100000 | 74541 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 100000 | 90181 |
| Goldman Sachs Group, Inc.,(SOFR + 0.913%) (B), 1.948%, 10/21/27 | 350000 | 297111 |
| Healthpeak Properties, Inc., 3.25%, 7/15/26 | 50000 | 45896 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (B) (D), 2.487%, 8/15/36 | 200000 | 138440 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 100000 | 91776 |
| Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31 | 125000 | 88817 |
| JPMorgan Chase & Co., (3 mo. USD SOFR + 0.695%) (B), 1.04%, 2/4/27 | 200000 | 170030 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 125000 | 80125 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 25000 | 14994 |
| Morgan Stanley, 3.875%, 1/27/26 | 100000 | 94476 |
| Morgan Stanley, (SOFR + 1.020%) (B), 1.928%, 4/28/32 | 100000 | 72276 |
| NASDAQ, Inc., 1.65%, 1/15/31 | 175000 | 128820 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 100000 | 74980 |
| PNC Financial Services Group, Inc., 3.45%, 4/23/29 | 300000 | 262986 |
| Public Storage, 1.85%, 5/1/28 | 200000 | 165880 |
| Synchrony Financial, 3.7%, 8/4/26 | 150000 | 134647 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 100000 | 64012 |
| Truist Bank, 2.25%, 3/11/30 | 50000 | 38856 |
| Truist Financial Corp., (SOFR + 0.609%) (B), 1.267%, 3/2/27 | 200000 | 172526 |
| Wells Fargo & Co., (SOFR + 2.100%) (B), 2.393%, 6/2/28 | 100000 | 85394 |
| Welltower, Inc., 2.05%, 1/15/29 | 100000 | 78612 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 150000 | 119619 |
|  |  | 3885220 |
| **Health Care - 0.7%** |  |  |
| Block, Inc. (D), 2.75%, 6/1/26 | 100000 | 89436 |
| Centene Corp., 2.45%, 7/15/28 | 150000 | 123430 |
| Cigna Corp., 4.375%, 10/15/28 | 50000 | 47049 |
| CVS Health Corp., 5.125%, 7/20/45 | 250000 | 214302 |
| Gartner, Inc. (A), 4.5%, 7/1/28 | 100000 | 92673 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 50000 | 38934 |
| PerkinElmer, Inc., 0.55%, 9/15/23 | 250000 | 240286 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 50000 | 48375 |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | 50000 | 36940 |
| Zoetis, Inc., 3%, 9/12/27 | 200000 | 179127 |
| Zoetis, Inc., 3%, 5/15/50 | 100000 | 62773 |
|  |  | 1173325 |
| **Industrials - 0.6%** |  |  |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 125000 | 89571 |
| Boeing Co., 2.196%, 2/4/26 | 100000 | 88435 |
| Boeing Co., 3.625%, 2/1/31 | 125000 | 103702 |
| Boeing Co., 5.805%, 5/1/50 | 50000 | 42848 |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 200000 | 123933 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 125000 | 101808 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 150000 | 118256 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 50000 | 36900 |
| Textron, Inc., 2.45%, 3/15/31 | 100000 | 76563 |
| TransDigm, Inc. (A) (D), 6.25%, 3/15/26 | 75000 | 73826 |
| Vulcan Materials Co., 3.5%, 6/1/30 | 100000 | 84843 |
| WRKCo, Inc., 3.9%, 6/1/28 | 125000 | 112320 |
|  |  | 1053005 |
| **Information Technology - 0.5%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 10000 | 6792 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 19000 | 20131 |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 150000 | 84447 |
| HP, Inc., 2.65%, 6/17/31 | 200000 | 146414 |
| Intel Corp., 3.734%, 12/8/47 | 272000 | 188577 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Diversified Income Fund Portfolio of Investments** **- continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Intuit, Inc., 1.65%, 7/15/30 | 125000 | 96176 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 50000 | 40731 |
| Oracle Corp., 3.95%, 3/25/51 | 150000 | 97506 |
| Salesforce, Inc., 2.9%, 7/15/51 | 100000 | 64088 |
|  |  | 744862 |
| **Materials - 0.3%** |  |  |
| Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 100000 | 94419 |
| DuPont de Nemours, Inc., 4.725%, 11/15/28 | 180000 | 172432 |
| International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27 | 250000 | 203785 |
|  |  | 470636 |
| **Utilities - 0.4%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 150000 | 129521 |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 125000 | 93330 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 150000 | 95205 |
| Interstate Power & Light Co., 3.5%, 9/30/49 | 100000 | 67763 |
| PECO Energy Co., 3.05%, 3/15/51 | 193000 | 123144 |
| Wisconsin Electric Power Co., 1.7%, 6/15/28 | 100000 | 83088 |
|  |  | 592051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,494,171) |  | 13587960 |
| **FOREIGN CORPORATE BONDS - 0.6%** |  |  |
| **Financials - 0.3%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 150000 | 127680 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 150000 | 134829 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 150000 | 122956 |
| Bank of Montreal, Series E, 3.3%, 2/5/24 | 110000 | 107289 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 100000 | 89784 |
|  |  | 582538 |
| **Health Care - 0.3%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 250000 | 189040 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 250000 | 152058 |
| STERIS Irish FinCo UnLtd Co. (D), 3.75%, 3/15/51 | 150000 | 99128 |
|  |  | 440226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,289,301) |  | 1022764 |
| **LONG TERM MUNICIPAL BONDS - 0.3%** |  |  |
| **General - 0.3%** |  |  |
| Hillsboro School District No 1J, General Obligation, 4.355%, 6/30/34 | 200000 | 191052 |
| Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325000 | 329688 |
| University of Massachusetts Building Authority Revenue, Series B, 6.573%, 5/1/39 | 35000 | 35029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Long Term Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $631,273) |  | 555769 |
| **MORTGAGE BACKED SECURITIES - 5.3%** |  |  |
| **Fannie Mae - 3.3%** |  |  |
| 3%, 9/1/30 Pool # 890696 | 67460 | 63441 |
| 3%, 12/1/30 Pool # AL8924 | 107719 | 101580 |
| 7%, 11/1/31 Pool # 607515 | 3972 | 4042 |
| 3.5%, 12/1/31 Pool # MA0919 | 173795 | 164121 |
| 7%, 5/1/32 Pool # 644591 | 646 | 647 |
| 3.5%, 8/1/32 Pool # MA3098 | 47124 | 44778 |
| 3.5%, 9/1/32 Pool # MA3126 | 40392 | 38378 |
| 5.5%, 10/1/33 Pool # 254904 | 20404 | 20831 |
| 4%, 2/1/35 Pool # MA2177 | 119384 | 111747 |
| 5%, 8/1/35 Pool # 829670 | 15732 | 15565 |
| 5%, 9/1/35 Pool # 835699 | 23724 | 23157 |
| 5%, 9/1/35 Pool # 820347 | 26159 | 26161 |
| 3%, 12/1/35 Pool # AS6267 | 87426 | 79911 |
| 5%, 12/1/35 Pool # 850561 | 6816 | 6792 |
| 4%, 6/1/36 Pool # AL8618 | 81383 | 76175 |
| 5.5%, 9/1/36 Pool # 831820 | 35929 | 36225 |
| 5.5%, 10/1/36 Pool # 901723 | 4428 | 4368 |
| 5.5%, 12/1/36 Pool # 903059 | 32980 | 32941 |
| 3%, 11/1/39 Pool # MA3831 | 54710 | 48174 |
| 2.5%, 5/1/41 Pool # MA4334 | 214357 | 182118 |
| 4.5%, 7/1/41 Pool # AB3274 | 60452 | 58513 |
| 5.5%, 7/1/41 Pool # AL6588 | 60745 | 62230 |
| 2.5%, 3/1/42 Pool # CB3076 | 241208 | 202831 |
| 2.5%, 3/1/42 Pool # MA4571 | 238993 | 202007 |
| 3.5%, 6/1/42 Pool # AO4134 | 109362 | 99323 |
| 4%, 6/1/42 Pool # MA1087 | 65115 | 61179 |
| 3.5%, 8/1/42 Pool # AP2133 | 66476 | 60373 |
| 3.5%, 8/1/42 Pool # AO8100 | 37041 | 33641 |
| 4%, 10/1/42 Pool # AP7363 | 123533 | 115942 |
| 3%, 2/1/43 Pool # AB8563 | 71155 | 62317 |
| 3%, 2/1/43 Pool # AL3072 | 135125 | 118455 |
| 3%, 2/1/43 Pool # AB8486 | 109162 | 95649 |
| 3%, 3/1/43 Pool # AB8818 | 105393 | 92312 |
| 3.5%, 3/1/43 Pool # AT0310 | 63978 | 58100 |
| 4%, 1/1/45 Pool # AS4257 | 36682 | 34374 |
| 4%, 1/1/45 Pool # MA2145 | 111774 | 104741 |
| 4.5%, 2/1/45 Pool # MA2193 | 71498 | 69205 |
| 3.5%, 12/1/45 Pool # AS6309 | 59776 | 53844 |
| 3%, 1/1/47 Pool # BE0108 | 119703 | 104006 |
| 2.5%, 12/1/47 Pool # FM3165 | 240453 | 200856 |
| 3.5%, 12/1/47 Pool # MA3210 | 114277 | 102507 |
| 4%, 7/1/48 Pool # MA3415 | 29511 | 27280 |
| 3%, 8/1/48 Pool # FS0517 | 217252 | 188767 |
| 4%, 11/1/50 Pool # FM5530 | 215426 | 198107 |
| 4%, 5/1/52 Pool # FS1818 | 248174 | 226090 |
| 4%, 5/1/52 Pool # FS1704 | 141062 | 129146 |
| 4%, 5/1/52 Pool # CB3678 | 247883 | 225828 |
| 4%, 5/1/52 Pool # CB3627 | 493635 | 449863 |
| 3.5%, 6/1/52 Pool # CB3845 | 245170 | 216278 |
| 4.5%, 8/1/52 Pool # CB4383 | 249180 | 234866 |
| 4.5%, 8/1/52 Pool # FS2605 | 249361 | 234452 |
| 5.5%, 10/1/52 Pool # MA4786 | 198223 | 195608 |
|  |  | 5399842 |
| **Freddie Mac - 2.0%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 4654 | 4630 |
| 4.5%, 5/1/25 Pool # J12247 | 4355 | 4324 |
| 8%, 6/1/30 Pool # C01005 | 533 | 560 |
| 6.5%, 1/1/32 Pool # C62333 | 14220 | 14678 |
| 2.5%, 2/1/32 Pool # ZS8641 | 155468 | 144488 |
| 2.5%, 6/1/35 Pool # RC1421 | 118484 | 106976 |
| 4.5%, 8/1/39 Pool # G08361 | 85014 | 82360 |
| 3.5%, 11/1/40 Pool # G06168 | 81435 | 73964 |
| 2%, 3/1/41 Pool # RB5105 | 410607 | 339837 |
| 2.5%, 6/1/41 Pool # SC0151 | 214962 | 182614 |
| 4.5%, 9/1/41 Pool # Q03516 | 50010 | 48323 |
| 4%, 10/1/41 Pool # Q04092 | 73074 | 68327 |
| 3%, 8/1/42 Pool # G08502 | 72326 | 63486 |
| 3%, 9/1/42 Pool # C04233 | 47851 | 42002 |
| 3%, 4/1/43 Pool # V80026 | 131411 | 115262 |
| 3%, 4/1/43 Pool # V80025 | 132987 | 116388 |
| 3.5%, 8/1/44 Pool # Q27927 | 164519 | 148776 |
| 3%, 7/1/45 Pool # G08653 | 102869 | 89593 |
| 3.5%, 8/1/45 Pool # Q35614 | 116892 | 105487 |
| 3%, 10/1/46 Pool # G60722 | 111123 | 96663 |
| 4%, 3/1/47 Pool # Q46801 | 41493 | 38647 |
| 3.5%, 12/1/47 Pool # Q52955 | 147976 | 133140 |
| 2.5%, 4/1/48 Pool # QA2240 | 191027 | 159348 |
| 3%, 7/1/49 Pool # QA1033 | 115682 | 98910 |
| 3.5%, 4/1/52 Pool # SD0960 | 492424 | 436644 |
| 3.5%, 5/1/52 Pool # RA7380 | 243813 | 215628 |
| 5.5%, 11/1/52 Pool # SD8268 | 250000 | 247086 |
|  |  | 3178141 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 2/20/29 Pool # 2714 | 5232 | 5343 |
| 6.5%, 4/20/31 Pool # 3068 | 3075 | 3147 |
|  |  | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,652,576) |  | 8586473 |
| **U.S. GOVERNMENT AND AGENCY** |  |  |
| **OBLIGATIONS - 11.0%** |  |  |
| **U.S. Treasury Bonds - 2.6%** |  |  |
| 6.625%, 2/15/27 | 700000 | 760457 |
| 2.250%, 5/15/41 | 1500000 | 1077539 |
| 3.750%, 8/15/41 | 400000 | 365359 |
| 3.000%, 5/15/42 | 400000 | 322875 |
| 2.500%, 2/15/45 | 500000 | 358418 |
| 2.500%, 5/15/46 | 200000 | 142164 |
| 3.000%, 2/15/48 | 250000 | 196602 |
| 1.250%, 5/15/50 | 1250000 | 640478 |
| 1.875%, 2/15/51 | 500000 | 304473 |
|  |  | 4168365 |
| **U.S. Treasury Notes - 8.4%** |  |  |
| 2.250%, 12/31/24 | 1250000 | 1191992 |
| 2.000%, 8/15/25 | 1750000 | 1636934 |
| 2.250%, 11/15/25 | 2000000 | 1874922 |
| 0.375%, 1/31/26 | 1500000 | 1317012 |
| 1.500%, 8/15/26 | 1500000 | 1349531 |
| 2.375%, 5/15/27 | 505000 | 464857 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Diversified Income Fund Portfolio of Investments** **- continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 0.375%, 9/30/27 | 1000000 | 828750 |
| 2.875%, 5/15/28 | 1100000 | 1023473 |
| 2.625%, 2/15/29 | 1750000 | 1593320 |
| 0.625%, 8/15/30 | 1500000 | 1157402 |
| 1.375%, 11/15/31 | 1400000 | 1115734 |
|  |  | 13553927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,759,673) |  | 17722292 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **SHORT-TERM INVESTMENTS - 2.0%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (E), |  |  |
| 3.01% | 2670763 | 2670763 |
| State Street Navigator Securities Lending |  |  |
| Government Money Market Portfolio, |  |  |
| 3.12% (E) (F) | 596503 | 596503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,267,266) |  | 3267266 |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| (Cost $145,153,469\*\*) |  | 162070256 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (228770) |
| **TOTAL NET ASSETS - 100.0%** |  | $161841486 |

---

\*\* Aggregate cost for Federal tax purposes was $145,284,902.

(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) Floating rate or variable rate note. Rate shown is as of October
31, 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) All or a portion of these securities, with an aggregate fair
value of $621,320, 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. |
| 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.

**Madison Funds** \| October 31, 2022

**Madison Covered Call & Equity Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **COMMON STOCKS - 73.0%** |  |  |
| **Communication Services - 6.4%** |  |  |
| Alphabet, Inc., Class C \* (A) | 24000 | $2271840 |
| Comcast Corp., Class A | 27500 | 872850 |
| Lumen Technologies, Inc. | 189000 | 1391040 |
| T-Mobile U.S., Inc. \* (A) | 27000 | 4092120 |
|  |  | 8627850 |
| **Consumer Discretionary - 9.1%** |  |  |
| Amazon.com, Inc. \* (A) | 15000 | 1536600 |
| Home Depot, Inc. (A) | 7000 | 2072910 |
| Las Vegas Sands Corp. \* | 99000 | 3762990 |
| Nordstrom, Inc. | 73000 | 1484820 |
| TJX Cos., Inc. (A) | 48500 | 3496850 |
|  |  | 12354170 |
| **Energy - 8.5%** |  |  |
| APA Corp. (A) | 74300 | 3377678 |
| Baker Hughes Co. | 140000 | 3872400 |
| EOG Resources, Inc. (A) | 8000 | 1092160 |
| Transocean Ltd. \* | 850000 | 3128000 |
|  |  | 11470238 |
| **Financials - 6.3%** |  |  |
| BlackRock, Inc. (A) | 3400 | 2196094 |
| CME Group, Inc. (A) | 9800 | 1698340 |
| JPMorgan Chase & Co. (A) | 21900 | 2756772 |
| Morgan Stanley (A) | 23000 | 1889910 |
|  |  | 8541116 |
| **Health Care - 9.7%** |  |  |
| CVS Health Corp. (A) | 35300 | 3342910 |
| Gilead Sciences, Inc. (A) | 45100 | 3538546 |
| Medtronic PLC (A) | 35100 | 3065634 |
| Stryker Corp. (A) | 13500 | 3094740 |
|  |  | 13041830 |
| **Industrials - 6.2%** |  |  |
| 3M Co. | 7000 | 880530 |
| Caterpillar, Inc. (A) | 7000 | 1515220 |
| FedEx Corp. (A) | 11900 | 1907332 |
| Honeywell International, Inc. (A) | 20000 | 4080400 |
|  |  | 8383482 |
| **Information Technology - 15.2%** |  |  |
| Adobe, Inc. \* (A) | 10500 | 3344250 |
| Analog Devices, Inc. (A) | 13500 | 1925370 |
| Ciena Corp. \* (A) | 43000 | 2059700 |
| Fiserv, Inc. \* (A) | 35000 | 3595900 |
| Microsoft Corp. (A) | 14000 | 3249820 |
| PayPal Holdings, Inc. \* | 40000 | 3343200 |
| Visa, Inc., Class A (A) | 14800 | 3065968 |
|  |  | 20584208 |
| **Materials - 6.1%** |  |  |
| Air Products & Chemicals, Inc. (A) | 8000 | 2003200 |
| Barrick Gold Corp. | 206000 | 3096180 |
| Newmont Corp. (A) | 74000 | 3131680 |
|  |  | 8231060 |
| **Real Estate - 1.2%** |  |  |
| American Tower Corp., REIT (A) | 8000 | 1657520 |
| **Utilities - 4.3%** |  |  |
| AES Corp. (A) | 143000 | 3740880 |
| NextEra Energy, Inc. (A) | 27000 | 2092500 |
|  |  | 5833380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $115,996,321) |  | 98724854 |
| **EXCHANGE TRADED FUNDS - 0.6%** |  |  |
| **Stock Funds - 0.6%** |  |  |
| VanEck Gold Miners ETF | 36500 | 881840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,399,224) |  | 881840 |
| **SHORT-TERM INVESTMENTS - 28.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.01% | 38077149 | 38077149 |
| **Total Short-Term Investments** |  |  |
| (Cost $38,077,149) |  | 38077149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.8% (Cost $155,472,694\*\*)** |  | 137683843 |
| **TOTAL CALL OPTIONS WRITTEN - (2.4%)** |  | (3267835) |
| **NET OTHER ASSETS AND LIABILITIES - 0.6%** |  | 782701 |
| **TOTAL NET ASSETS - 100.0%** |  | $135198709 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $155,662,363.

(A) All or a portion of these securities' positions, with a value of $76,892,844, represent covers (directly or through conversion rights) for outstanding options written.

(B) 7-day yield.

ETF Exchange Traded Fund. <br> PLC Public Limited Company. <br> REIT Real Estate Investment Trust.

**Written Option Contracts Outstanding** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> Description | <br> Exercise Price | <br> Expiration Date | <br> Number of Contracts | <br> Notional Amount | <br> Market Value | Premiums Paid<br> (Received) | Unrealized Appreciation<br> (Depreciation) |
| **Call Options Written** |  |  |  |  |  |  |  |
| Adobe, Inc. | $300.00 | 11/18/22 | (20) | $(600000) | $(47250) | $(19378) | $(27872) |
| Adobe, Inc. | 330.00 | 12/16/22 | (65) | (2145000) | (96688) | (68838) | (27850) |
| AES Corp. | 24.00 | 11/18/22 | (890) | (2136000) | (222500) | (78682) | (143818) |
| AES Corp. | 28.00 | 12/16/22 | (26) | (72800) | (1690) | (1663) | (27) |
| Air Products & Chemicals, Inc. | 250.00 | 11/18/22 | (80) | (2000000) | (65200) | (40717) | (24483) |
| Alphabet, Inc., Class C | 110.00 | 11/18/22 | (100) | (1100000) | (1500) | (26406) | 24906 |
| Amazon.com, Inc. | 125.00 | 11/18/22 | (142) | (1775000) | (1988) | (48133) | 46145 |
| American Tower Corp. | 200.00 | 11/18/22 | (80) | (1600000) | (90400) | (25672) | (64728) |
| Analog Devices, Inc. | 160.00 | 12/16/22 | (135) | (2160000) | (20924) | (40360) | 19436 |
| APA Corp. | 47.50 | 11/18/22 | (400) | (1900000) | (60000) | (50115) | (9885) |
| APA Corp. | 50.00 | 12/16/22 | (343) | (1715000) | (67743) | (85395) | 17652 |
| BlackRock, Inc. | 700.00 | 12/16/22 | (34) | (2380000) | (37060) | (45562) | 8502 |
| Caterpillar, Inc. | 220.00 | 11/18/22 | (70) | (1540000) | (34125) | (29327) | (4798) |
| Ciena Corp. | 45.00 | 12/16/22 | (215) | (967500) | (107500) | (43240) | (64260) |
| Ciena Corp. | 50.00 | 1/20/23 | (215) | (1075000) | (61813) | (24503) | (37310) |
| CME Group, Inc. | 180.00 | 12/16/22 | (98) | (1764000) | (34300) | (45985) | 11685 |
| CVS Health Corp. | 97.50 | 12/16/22 | (175) | (1706250) | (49350) | (34485) | (14865) |
| CVS Health Corp. | 100.00 | 12/16/22 | (178) | (1780000) | (34087) | (39430) | 5343 |
| EOG Resources, Inc. | 120.00 | 11/18/22 | (80) | (960000) | (142400) | (36574) | (105826) |
| Fedex Corp. | 165.00 | 11/18/22 | (119) | (1963500) | (38972) | (51396) | 12424 |
| Fiserv, Inc. | 100.00 | 11/18/22 | (175) | (1750000) | (79625) | (35468) | (44157) |
| Fiserv, Inc. | 105.00 | 12/16/22 | (175) | (1837500) | (58625) | (37110) | (21515) |
| Gilead Sciences, Inc. | 70.00 | 12/16/22 | (162) | (1134000) | (149445) | (37708) | (111737) |
| Gilead Sciences, Inc. | 80.00 | 12/16/22 | (63) | (504000) | (13387) | (9308) | (4079) |
| Home Depot, Inc. | 280.00 | 11/18/22 | (70) | (1960000) | (144550) | (50677) | (93873) |
| Honeywell International, Inc. | 190.00 | 11/18/22 | (45) | (855000) | (67050) | (16808) | (50242) |
| Honeywell International, Inc. | 190.00 | 12/16/22 | (80) | (1520000) | (135600) | (35917) | (99683) |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Covered Call & Equity Income Fund Portfolio of Investments** **- continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | | | | Premiums Paid | Unrealized Appreciation |
| Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | (Received) | (Depreciation) |
| Honeywell International, Inc. | 200.00 | 12/16/22 | (75) | (1500000) | (73875) | (39425) | (34450) |
| JPMorgan Chase & Co. | 130.00 | 12/16/22 | (110) | (1430000) | (39600) | (35636) | (3964) |
| JPMorgan Chase & Co. | 135.00 | 1/20/23 | (109) | (1471500) | (37605) | (38591) | 986 |
| Medtronic PLC | 90.00 | 12/16/22 | (351) | (3159000) | (88803) | (68440) | (20363) |
| Microsoft Corp. | 250.00 | 11/18/22 | (140) | (3500000) | (18270) | (74054) | 55784 |
| Morgan Stanley | 82.50 | 12/16/22 | (230) | (1897500) | (87975) | (53122) | (34853) |
| Newmont Corp. | 45.00 | 12/16/22 | (740) | (3330000) | (99900) | (95636) | (4264) |
| NextEra Energy, Inc. | 72.50 | 11/18/22 | (270) | (1957500) | (155250) | (60471) | (94779) |
| Stryker Corp. | 230.00 | 12/16/22 | (135) | (3105000) | (143775) | (67125) | (76650) |
| T-Mobile U.S., Inc. | 140.00 | 11/18/22 | (40) | (560000) | (50300) | (19158) | (31142) |
| T-Mobile U.S., Inc. | 145.00 | 12/16/22 | (230) | (3335000) | (235750) | (71094) | (164656) |
| TJX Cos., Inc. | 70.00 | 11/18/22 | (485) | (3395000) | (179450) | (70850) | (108600) |
| Visa, Inc. | 200.00 | 12/16/22 | (148) | (2960000) | (193510) | (84946) | (108564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options Written** |  |  |  |  | $(3267835) | $(1837405) | $(1430430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Options Written, at Value** |  |  |  |  | $(3267835) | $(1837405) | $(1430430) |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Dividend Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 98.6%** |  |  |
| **Communication Service - 2.5%** |  |  |
| Comcast Corp., Class A | 235000 | $7458900 |
| **Consumer Discretionary - 8.7%** |  |  |
| Home Depot, Inc. | 34000 | 10068420 |
| McDonald's Corp. | 31800 | 8670588 |
| Starbucks Corp. | 51100 | 4424749 |
| Target Corp. | 19000 | 3120750 |
|  |  | 26284507 |
| **Consumer Staples - 8.2%** |  |  |
| Archer-Daniels-Midland Co. | 97600 | 9465248 |
| Coca-Cola Co. | 86300 | 5165055 |
| PepsiCo, Inc. | 29800 | 5411084 |
| Procter & Gamble Co. | 34000 | 4578780 |
|  |  | 24620167 |
| **Energy - 11.6%** |  |  |
| Baker Hughes Co. | 293000 | 8104380 |
| Chevron Corp. | 50300 | 9099270 |
| EOG Resources, Inc. | 71000 | 9692920 |
| Kinder Morgan, Inc. | 440000 | 7972800 |
|  |  | 34869370 |
| **Financials - 19.1%** |  |  |
| Aflac, Inc. | 108500 | 7064435 |
| BlackRock, Inc. | 13200 | 8526012 |
| CME Group, Inc. | 45100 | 7815830 |
| JPMorgan Chase & Co. | 70500 | 8874540 |
| Morgan Stanley | 57000 | 4683690 |
| Northern Trust Corp. | 54500 | 4597075 |
| Travelers Cos., Inc. | 67000 | 12358820 |
| U.S. Bancorp | 86000 | 3650700 |
|  |  | 57571102 |
| **Health Care - 15.8%** |  |  |
| Bristol-Myers Squibb Co. | 134000 | 10380980 |
| CVS Health Corp. | 107500 | 10180250 |
| Johnson & Johnson | 65500 | 11395035 |
| Medtronic PLC | 94500 | 8253630 |
| Pfizer, Inc. | 157000 | 7308350 |
|  |  | 47518245 |
| **Industrials - 14.0%** |  |  |
| Caterpillar, Inc. | 41000 | 8874860 |
| Emerson Electric Co. | 56500 | 4892900 |
| Fastenal Co. | 119200 | 5760936 |
| Honeywell International, Inc. | 42000 | 8568840 |
| PACCAR, Inc. | 97500 | 9440925 |
| Union Pacific Corp. | 24400 | 4810216 |
|  |  | 42348677 |
| **Information Technology - 9.3%** |  |  |
| Analog Devices, Inc. | 22000 | 3137640 |
| Automatic Data Processing, Inc. | 18600 | 4495620 |
| Cisco Systems, Inc. | 195000 | 8858850 |
| Paychex, Inc. | 30000 | 3549300 |
| Texas Instruments, Inc. | 49000 | 7870870 |
|  |  | 27912280 |
| **Materials - 4.0%** |  |  |
| Air Products & Chemicals, Inc. | 32500 | 8138000 |
| Newmont Corp. | 96500 | 4083880 |
|  |  | 12221880 |
| **Real Estate - 2.1%** |  |  |
| American Tower Corp., REIT | 30000 | 6215700 |
| **Utilities - 3.3%** |  |  |
| Dominion Energy, Inc. | 142000 | 9935740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $251,980,623) |  | 296956568 |
| **SHORT-TERM INVESTMENTS - 2.7%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (A), |  |  |
| 3.01% | 8138000 | 8138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,138,000) |  | 8138000 |
| **TOTAL INVESTMENTS - 101.3%** |  |  |
| (Cost $260,118,623\*\*) |  | 305094568 |
| **NET OTHER ASSETS AND LIABILITIES - (1.3%)** |  | (3807040) |
| **TOTAL NET ASSETS - 100.0%** |  | $301287528 |

---

\*\* Aggregate cost for Federal tax purposes was $260,398,090.

(A) 7-day yield.

PLC Public Limited Company. <br> REIT Real Estate Investment Trust.

**Madison Investors Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 91.6%** |  |  |
| **Communication Services - 7.5%** |  |  |
| Alphabet, Inc., Class C \* | 152495 | $14435177 |
| Charter Communications, Inc., Class A \* | 21704 | 7978824 |
|  |  | 22414001 |
| **Consumer Discretionary - 17.3%** |  |  |
| Amazon.com, Inc. \* | 82925 | 8494837 |
| Dollar Tree, Inc. \* | 100324 | 15901354 |
| Lowe's Cos., Inc. | 70845 | 13811233 |
| NIKE, Inc., Class B | 27121 | 2513574 |
| TJX Cos., Inc. | 156439 | 11279252 |
|  |  | 52000250 |
| **Financials - 24.5%** |  |  |
| Arch Capital Group Ltd. \* | 332740 | 19132550 |
| Berkshire Hathaway, Inc., Class B \* | 41387 | 12212890 |
| Brookfield Asset Management, Inc., |  |  |
| Class A | 238685 | 9454313 |
| Marsh & McLennan Cos., Inc. | 74403 | 12015340 |
| Progressive Corp. | 92200 | 11838480 |
| US Bancorp | 208213 | 8838642 |
|  |  | 73492215 |
| **Health Care - 9.9%** |  |  |
| Alcon, Inc. | 182229 | 11057656 |
| Becton Dickinson & Co. | 46429 | 10955851 |
| Danaher Corp. | 30840 | 7761503 |
|  |  | 29775010 |
| **Industrials - 14.0%** |  |  |
| Copart, Inc. \* | 69671 | 8013558 |
| Ferguson PLC | 41342 | 4517027 |
| Jacobs Solutions, Inc. | 95109 | 10958459 |
| PACCAR, Inc. | 126531 | 12251997 |
| Parker-Hannifin Corp. | 22060 | 6411077 |
|  |  | 42152118 |
| **Information Technology - 18.4%** |  |  |
| Accenture PLC, Class A | 28697 | 8147078 |
| Adobe, Inc. \* | 10314 | 3285009 |
| Analog Devices, Inc. | 79517 | 11340715 |
| Black Knight, Inc. \* | 46282 | 2798673 |
| Fiserv, Inc. \* | 102176 | 10497562 |
| TE Connectivity Ltd. | 71082 | 8688353 |
| Visa, Inc., Class A | 51202 | 10607006 |
|  |  | 55364396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $173,373,881) |  | 275197990 |
| **INVESTMENT COMPANIES - 3.4%** |  |  |
| **Stock Funds - 3.4%** |  |  |
| SPDR S&P 500 ETF Trust | 26362 | 10181268 |
| **Total Investment Companies** |  |  |
| (Cost $10,245,999) |  | 10181268 |
| **SHORT-TERM INVESTMENTS - 2.9%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (A), |  |  |
| 3.01% | 8638153 | 8638153 |
| **Total Short-Term Investments** |  |  |
| (Cost $8,638,153) |  | 8638153 |
| **TOTAL INVESTMENTS - 97.9%** |  |  |
| (Cost $192,258,033\*\*) |  | 294017411 |
| **NET OTHER ASSETS AND LIABILITIES - 2.1%** |  | 6386694 |
| **TOTAL NET ASSETS - 100.0%** |  | $300404105 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $193,182,874.

(A) 7-day yield.

ETF Exchange Traded Fund. <br> PLC Public Limited Company. <br> SPDR Standard & Poor's Depositary Receipt.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Sustainable Equity Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 88.1%** |  |  |
| **Communication Services - 6.5%** |  |  |
| Alphabet, Inc., Class C \* | 3906 | $369742 |
| Walt Disney Co. \* | 2176 | 231831 |
|  |  | 601573 |
| **Consumer Discretionary - 8.9%** |  |  |
| Home Depot, Inc. | 745 | 220617 |
| McDonald's Corp. | 310 | 84525 |
| Target Corp. | 1921 | 315524 |
| TJX Cos., Inc. | 2922 | 210676 |
|  |  | 831342 |
| **Consumer Staples - 8.1%** |  |  |
| Costco Wholesale Corp. | 719 | 360579 |
| Estee Lauder Cos., Inc., Class A | 356 | 71374 |
| Nestle SA, ADR | 1226 | 133278 |
| PepsiCo, Inc. | 484 | 87885 |
| Procter & Gamble Co. | 712 | 95885 |
|  |  | 749001 |
| **Financials - 9.3%** |  |  |
| BlackRock, Inc. | 341 | 220255 |
| JPMorgan Chase & Co. | 1838 | 231367 |
| Progressive Corp. | 1938 | 248839 |
| U.S. Bancorp | 3941 | 167296 |
|  |  | 867757 |
| **Health Care - 17.7%** |  |  |
| Becton Dickinson & Co. | 893 | 210721 |
| Bristol-Myers Squibb Co. | 3330 | 257975 |
| Danaher Corp. | 1362 | 342774 |
| Eli Lilly & Co. | 1173 | 424732 |
| UnitedHealth Group, Inc. | 613 | 340307 |
| Vertex Pharmaceuticals, Inc. \* | 209 | 65208 |
|  |  | 1641717 |
| **Industrials - 5.6%** |  |  |
| Jacobs Solutions, Inc. | 1982 | 228366 |
| Union Pacific Corp. | 636 | 125381 |
| United Parcel Service, Inc., Class B | 967 | 162234 |
|  |  | 515981 |
| **Information Technology - 23.6%** |  |  |
| Accenture PLC, Class A | 689 | 195607 |
| Analog Devices, Inc. | 1196 | 170574 |
| Apple, Inc. | 2513 | 385343 |
| Automatic Data Processing, Inc. | 507 | 122542 |
| Cisco Systems, Inc. | 2157 | 97992 |
| Microsoft Corp. | 1985 | 460778 |
| QUALCOMM, Inc. | 1692 | 199081 |
| TE Connectivity Ltd. | 1673 | 204491 |
| Visa, Inc., Class A | 1700 | 352172 |
|  |  | 2188580 |
| **Materials - 4.5%** |  |  |
| Ecolab, Inc. | 1149 | 180473 |
| Linde PLC | 810 | 240854 |
|  |  | 421327 |
| **Real Estate - 1.4%** |  |  |
| American Tower Corp., REIT | 636 | 131773 |
| **Utilities - 2.5%** |  |  |
| NextEra Energy, Inc. | 2967 | 229943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,106,299) |  | 8178994 |
| **SHORT-TERM INVESTMENTS - 7.5%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class (A), |  |  |
| 3.01% | 691055 | 691055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $691,055) |  | 691055 |
| **TOTAL INVESTMENTS - 95.6%** |  |  |
| (Cost $9,797,354\*\*) |  | 8870049 |
| **NET OTHER ASSETS AND LIABILITIES - 4.4%** |  | 409828 |
| **TOTAL NET ASSETS - 100.0%** |  | $9279877 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $9,799,574.

(A) 7-day yield.

ADR American Depositary Receipt. <br> PLC Public Limited Company. <br> REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Madison Mid Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 90.3%** |  |  |
| **Communication Services - 5.5%** |  |  |
| Liberty Broadband Corp., Class C \* | 254325 | $21472660 |
| Liberty Media Corp.-Liberty Formula One, Class A \* | 133808 | 6960692 |
| Take-Two Interactive Software, Inc. \* | 77676 | 9203053 |
|  |  | 37636405 |
| **Consumer Discretionary - 17.3%** |  |  |
| CarMax, Inc. \* | 272683 | 17181756 |
| Dollar Tree, Inc. \* | 221411 | 35093644 |
| Floor & Decor Holdings, Inc., Class A \* | 249683 | 18319242 |
| Ross Stores, Inc. | 368821 | 35292481 |
| Thor Industries, Inc. | 150247 | 12240623 |
|  |  | 118127746 |
| **Consumer Staples - 1.0%** |  |  |
| Brown-Forman Corp., Class B | 102125 | 6944500 |
| **Financials - 27.6%** |  |  |
| *Capital Markets - 4.3%* |  |  |
| Brookfield Asset Management, Inc., Class A | 400771 | 15874540 |
| Moelis & Co., Class A | 313811 | 13324415 |
|  |  | 29198955 |
| *Commercial Banks - 2.0%* |  |  |
| Glacier Bancorp, Inc. | 238172 | 13642492 |
| *Insurance - 21.3%* |  |  |
| Arch Capital Group Ltd. \* | 975082 | 56067215 |
| Brown & Brown, Inc. | 492938 | 28979825 |
| Markel Corp. \* | 14400 | 17367840 |
| Progressive Corp. | 170790 | 21929436 |
| W R Berkley Corp. | 281595 | 20945036 |
|  |  | 145289352 |
| **Health Care - 3.5%** |  |  |
| Laboratory Corp. of America Holdings | 107649 | 23883007 |
| **Industrials - 13.8%** |  |  |
| Armstrong World Industries, Inc. | 133191 | 10065244 |
| Carlisle Cos., Inc. | 105843 | 25275308 |
| Copart, Inc. \* | 188265 | 21654240 |
| Expeditors International of Washington, |  |  |
| Inc. | 124012 | 12134574 |
| PACCAR, Inc. | 253485 | 24544953 |
|  |  | 93674319 |
| **Information Technology - 21.6%** |  |  |
| Amphenol Corp., Class A | 281925 | 21378373 |
| Arista Networks, Inc. \* | 188791 | 22817280 |
| Black Knight, Inc. \* | 259366 | 15683862 |
| CDW Corp. | 135586 | 23430617 |
| Gartner, Inc. \* | 127499 | 38494498 |
| Microchip Technology, Inc. | 110443 | 6818751 |
| MKS Instruments, Inc. | 221444 | 18191624 |
|  |  | 146815005 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $368,675,344) |  | 615211781 |
| **EXCHANGE TRADED FUNDS - 3.9%** |  |  |
| **Stock Funds - 3.9%** |  |  |
| iShares Russell Mid-Cap ETF | 389964 | 26365466 |
| &nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,835,239) |  | 26365466 |
| **SHORT-TERM INVESTMENTS - 4.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.01% | 33707859 | 33707859 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,707,859) |  | 33707859 |
| **TOTAL INVESTMENTS - 99.1% (Cost $427,218,442\*\*)** |  | 675285106 |
| **NET OTHER ASSETS AND LIABILITIES - 0.9%** |  | 5854740 |
| **TOTAL NET ASSETS - 100.0%** |  | $681139846 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $427,062,176.

(A) 7-day yield.

ETF Exchange Traded Fund.

**Madison Small Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 92.6%** |  |  |
| **Communication Services - 7.4%** |  |  |
| Cogent Communications Holdings, Inc. | 73151 | $3841159 |
| Gogo, Inc. \* | 258608 | 3677406 |
| Magnite, Inc. \* | 356998 | 2602515 |
| Radius Global Infrastructure, Inc., Class A \* | 363575 | 3399426 |
|  |  | 13520506 |
| **Consumer Discretionary - 7.4%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. \* | 31996 | 1791776 |
| OneSpaWorld Holdings Ltd. \* | 412424 | 3740686 |
| Revolve Group, Inc. \* (A) | 72118 | 1730832 |
| Shake Shack, Inc., Class A \* | 71815 | 3990760 |
| Xometry, Inc., Class A \* | 38640 | 2320718 |
|  |  | 13574772 |
| **Consumer Staples - 9.3%** |  |  |
| Edgewell Personal Care Co. | 118308 | 4636490 |
| Hain Celestial Group, Inc. \* | 161001 | 3012329 |
| Primo Water Corp. | 322398 | 4703787 |
| Simply Good Foods Co. \* | 122174 | 4679264 |
|  |  | 17031870 |
| **Financials - 9.3%** |  |  |
| Arch Capital Group Ltd. \* | 65456 | 3763720 |
| Axis Capital Holdings Ltd. | 103840 | 5676933 |
| BRP Group, Inc., Class A \* | 105302 | 2985312 |
| Texas Capital Bancshares, Inc. \* | 79207 | 4752420 |
|  |  | 17178385 |
| **Health Care - 6.0%** |  |  |
| Encompass Health Corp. | 116146 | 6322988 |
| Globus Medical, Inc., Class A \* | 69156 | 4633452 |
|  |  | 10956440 |
| **Industrials - 16.6%** |  |  |
| Armstrong World Industries, Inc. | 50054 | 3782581 |
| Carlisle Cos., Inc. | 15497 | 3700684 |
| Concrete Pumping Holdings, Inc. \* | 263413 | 1687160 |
| Crane Holdings Co. | 33169 | 3328177 |
| Helios Technologies, Inc. | 32740 | 1856031 |
| Hillman Solutions Corp. \* | 362277 | 2829383 |
| Robert Half International, Inc. | 35140 | 2686804 |
| Saia, Inc. \* | 13600 | 2704496 |
| WillScot Mobile Mini Holdings Corp. \* | 187794 | 7986879 |
|  |  | 30562195 |
| **Information Technology - 30.2%** |  |  |
| *Communications Equipment - 1.6%* |  |  |
| Ciena Corp. \* | 61275 | 2935072 |
| Electronic Equipment, Instruments & |  |  |
| *Components - 3.9%* |  |  |
| CTS Corp. | 85278 | 3370187 |
| National Instruments Corp. | 100724 | 3845642 |
|  |  | 7215829 |
| *IT Services - 2.6%* |  |  |
| BigCommerce Holdings, Inc., Series 1 \* | 150594 | 2237827 |
| LiveRamp Holdings, Inc. \* | 137341 | 2521581 |
|  |  | 4759408 |
| *Semiconductors & Semiconductor* |  |  |
| *Equipment - 5.1%* |  |  |
| Entegris, Inc. | 58957 | 4677648 |
| FormFactor, Inc. \* | 87545 | 1769285 |
| Power Integrations, Inc. | 44035 | 2937575 |
|  |  | 9384508 |
| *Software - 17.0%* |  |  |
| Alteryx, Inc., Class A \* | 50163 | 2444443 |
| Box, Inc., Class A \* | 234285 | 6805979 |
| CommVault Systems, Inc. \* | 66772 | 4065747 |
| Model N, Inc. \* | 136179 | 5174802 |
| New Relic, Inc. \* | 61602 | 3649303 |
| PTC, Inc. \* | 45199 | 5325798 |
| Varonis Systems, Inc. \* | 138809 | 3715917 |
|  |  | 31181989 |
| **Materials - 6.4%** |  |  |
| Chemours Co. | 79828 | 2285476 |
| Huntsman Corp. | 98542 | 2636984 |
| Olin Corp. | 56697 | 3002106 |
| Summit Materials, Inc., Class A \* | 144069 | 3796218 |
|  |  | 11720784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $155,264,461) |  | 170021758 |
| **SHORT-TERM INVESTMENTS - 9.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.01% | 16104214 | 16104214 |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.12% (B) (C) | 718085 | 718085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,822,299) |  | 16822299 |
| **TOTAL INVESTMENTS - 101.7%** (Cost $172,086,760\*\*) |  | 186844057 |
| **NET OTHER ASSETS AND LIABILITIES - (1.7%)** |  | (3165088) |
| **TOTAL NET ASSETS - 100.0%** |  | $183678969 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $172,382,142.

(A) All or a portion of these securities, with an aggregate fair value of $1,193,134 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.

**Madison Funds** \| October 31, 2022

**Madison International Stock Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 97.2%** |  |  |
| **Australia - 1.9%** |  |  |
| Treasury Wine Estates Ltd. | 27357 | $226611 |
| **Brazil - 4.8%** |  |  |
| Itau Unibanco Holding SA, ADR | 44215 | 257331 |
| Pagseguro Digital Ltd., Class A \* | 11819 | 161684 |
| XP, Inc., Class A \* | 7641 | 140060 |
|  |  | 559075 |
| **Canada - 6.0%** |  |  |
| Cameco Corp. | 12452 | 295362 |
| Canadian Pacific Railway Ltd. | 2125 | 158291 |
| Manulife Financial Corp. | 15317 | 253496 |
|  |  | 707149 |
| **China - 4.2%** |  |  |
| Alibaba Group Holding Ltd., ADR \* | 2161 | 137396 |
| Ping An Insurance Group Co. of China |  |  |
| Ltd., Class H | 42378 | 169520 |
| Tencent Holdings Ltd. | 6840 | 179155 |
|  |  | 486071 |
| **Denmark - 2.2%** |  |  |
| Genmab AS \* | 679 | 261712 |
| **France - 10.3%** |  |  |
| Air Liquide SA | 1486 | 194288 |
| Airbus SE | 2747 | 297479 |
| EssilorLuxottica SA | 1021 | 161793 |
| Hermes International | 118 | 152822 |
| LVMH Moet Hennessy Louis Vuitton SE | 258 | 162925 |
| Worldline SA \* | 5279 | 231216 |
|  |  | 1200523 |
| **Germany - 8.4%** |  |  |
| adidas AG | 1067 | 104371 |
| Deutsche Telekom AG | 12611 | 238838 |
| KION Group AG | 6478 | 143850 |
| SAP SE, ADR | 1889 | 181457 |
| Siemens AG | 1721 | 188174 |
| Symrise AG | 1275 | 130223 |
|  |  | 986913 |
| **Hong Kong - 1.3%** |  |  |
| AIA Group Ltd. | 19944 | 151047 |
| **India - 8.3%** |  |  |
| HDFC Bank Ltd., ADR | 5631 | 350868 |
| Infosys Ltd., ADR | 11217 | 210094 |
| Larsen & Toubro Ltd., GDR | 16777 | 404326 |
|  |  | 965288 |
| **Ireland - 1.7%** |  |  |
| Kerry Group PLC, Class A | 2330 | 202631 |
| **Israel - 1.7%** |  |  |
| CyberArk Software Ltd. \* | 1302 | 204297 |
| **Italy - 1.5%** |  |  |
| Ferrari NV | 870 | 171190 |
| **Japan - 14.7%** |  |  |
| CyberAgent, Inc. | 15784 | 129928 |
| Keyence Corp. | 467 | 176882 |
| Lasertec Corp. | 1500 | 214768 |
| Murata Manufacturing Co. Ltd. | 3388 | 166330 |
| Nidec Corp. | 2100 | 116344 |
| Pan Pacific International Holdings Corp. | 10700 | 175653 |
| Shin-Etsu Chemical Co. Ltd. | 1300 | 135862 |
| Shiseido Co. Ltd. | 3900 | 135206 |
| Sony Group Corp. | 3246 | 218037 |
| Toray Industries, Inc. | 50379 | 245466 |
|  |  | 1714476 |
| **Mexico - 3.5%** |  |  |
| Grupo Mexico SAB de CV, Series B | 61349 | 220990 |
| Wal-Mart de Mexico SAB de CV, ADR | 4886 | 189332 |
|  |  | 410322 |
| **Netherlands - 3.8%** |  |  |
| ASML Holding NV | 464 | 219203 |
| NXP Semiconductors NV | 1560 | 227885 |
|  |  | 447088 |
| **Norway - 1.3%** |  |  |
| Norsk Hydro ASA | 23100 | 146606 |
| **Singapore - 2.3%** |  |  |
| DBS Group Holdings Ltd. | 11100 | 268169 |
| **Switzerland - 7.2%** |  |  |
| Lonza Group AG | 335 | 172426 |
| Nestle SA | 1145 | 124683 |
| Partners Group Holding AG | 182 | 163470 |
| Roche Holding AG | 642 | 213209 |
| Sika AG | 773 | 174308 |
|  |  | 848096 |
| **Taiwan - 1.1%** |  |  |
| Taiwan Semiconductor Manufacturing |  |  |
| Co. Ltd., ADR | 2118 | 130363 |
| **United Kingdom - 11.0%** |  |  |
| AstraZeneca PLC | 2267 | 266583 |
| Diageo PLC | 4699 | 193890 |
| London Stock Exchange Group PLC | 2174 | 188631 |
| Prudential PLC | 20095 | 186848 |
| Shell PLC | 16148 | 445185 |
|  |  | 1281137 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,755,493) |  | 11368764 |
| **SHORT-TERM INVESTMENTS - 2.3%** |  |  |
| **United States - 2.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.01% | 273059 | 273059 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $273,059) |  | 273059 |
| **TOTAL INVESTMENTS - 99.5%** |  |  |
| (Cost $15,028,552\*\*) |  | 11641823 |
| **NET OTHER ASSETS AND LIABILITIES - 0.5%** |  | 58680 |
| **TOTAL NET ASSETS - 100.0%** |  | $11700503 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $15,072,576.

(A) 7-day yield.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

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**Madison Funds** \| October 31, 2022

**Statements of Assets and Liabilities as of October 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative<br>Allocation<br>Fund | Moderate<br>Allocation<br>Fund | Aggressive<br>Allocation<br>Fund | Tax-Free<br>Virginia<br>Fund | Tax-Free<br>National<br>Fund | High Quality<br>Bond<br>Fund | Core<br>Bond<br>Fund | Diversified<br>Income<br>Fund |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $44029119 | $85114841 | $50158189 | $17330967 | $17371511 | $80668915 | $169220894 | $162070256 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value<sup>1‡</sup> | 16652325 | 26723467 | 12098452 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 184994 | 21152 | 12030 | 416107 |  |
| Receivables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1278 | 13216 | 7105 | 50 |  | 179568 | 11568895 | 3467 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 27505 | 34013 | 9127 | 244262 | 243931 | 351568 | 1209209 | 593439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 60710227 | 111885537 | 62272873 | 17760273 | 17636594 | 81212081 | 182415105 | 162667162 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  |  |  |  |  |  | 499640 |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 25460 | 6089 | 15600 | 958 | 1583 | 758429 | 41343 | 62768 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned | 9946617 | 9381355 | 9027676 |  |  | 3636243 | 1807640 | 596503 |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 8588 | 17155 | 8822 | 7578 | 6042 | 19974 | 55993 | 85990 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 10735 | 21442 | 11027 | 5305 | 5287 | 11707 | 11401 | 26459 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class B | 826 | 2233 | 1215 |  |  |  | 159 | 1682 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 9078 | 3999 | 1422 |  |  |  |  | 13806 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 10677 | 21052 | 10798 |  |  |  | 7008 | 35833 |
| &nbsp;&nbsp;&nbsp;Dividends | – | – | – | 693 | 2882 | – | 196599 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10011981 | 9453325 | 9076560 | 14534 | 15794 | 4426353 | 2619783 | 825676 |
| **Net assets applicable to outstanding capital stock** | $50698246 | $102432212 | $53196313 | $17745739 | $17620800 | $76785728 | $179795322 | $161841486 |
| **Net assets consist of:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $57721475 | $108497578 | $55084893 | $19103076 | $18511311 | $85884836 | $210775978 | $135625983 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (7023229) | (6065366) | (1888580) | (1357337) | (890511) | (9099108) | (30980656) | 26215503 |
| **Net Assets** | $50698246 | $102432212 | $53196313 | $17745739 | $17620800 | $76785728 | $179795322 | $161841486 |
| **Class A Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $35083618 | $92668998 | $48969263 |  |  |  | $32990388 | $136578376 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3964416 | 9665214 | 4982870 |  |  |  | 3814937 | 9069608 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $8.85 | $9.59 | $9.83 |  |  |  | $8.65 | $15.06 |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>2</sup> | 0.54 | 0.59 | 0.60 |  |  |  | 0.41 | 0.92 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $9.39 | $10.18 | $10.43 |  |  |  | $9.06 | $15.98 |
| **Class B Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1299431 | $3518757 | $1943693 |  |  |  | $247832 | $2739069 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 144473 | 371462 | 205984 |  |  |  | 28668 | 180160 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>3</sup> | $8.99 | $9.47 | $9.44 |  |  |  | $8.64 | $15.20 |
| **Class C Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $14315197 | $6244457 | $2283357 |  |  |  |  | $22524041 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1590242 | 658294 | 241718 |  |  |  |  | 1481097 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>3</sup> | $9.00 | $9.49 | $9.45 |  |  |  |  | $15.21 |
| **Class Y Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  | $17745739 | $17620800 | $61707413 | $6953540 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding |  |  |  | 1717128 | 1811686 | 6179068 | 808627 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>3</sup> |  |  |  | $10.33 | $9.73 | $9.99 | $8.60 |  |
| **Class I Shares:<sup>5</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  |  | $15078315 | $45962562 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding |  |  |  |  |  | 1500219 | 5368070 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>3</sup> |  |  |  |  |  | $10.05 | $8.56 |  |
| **Class R6 Shares:<sup>4</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  |  |  | $93641000 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding |  |  |  |  |  |  | 10942676 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>3</sup> |  |  |  |  |  |  | $8.56 |  |
| † Cost of Investments in unaffiliated securities | $46254526 | $87943693 | $51568656 | $18572495 | $18388414 | $88643420 | $196529490 | $145153469 |
| ‡ Cost of investments in affiliated securities<sup>1</sup> | $19353446 | $28804180 | $11732768 | $– | $– | $– | $– | $– |
| § Fair Value of securities on loan | $9705876 | $10806578 | $8801868 | $– | $– | $3549265 | $1761280 | $621320 |

---

<sup>1</sup> See Note 14 for information on affiliated issuers.

<sup>2</sup> Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation, Aggressive Allocation and 4.50% for the Core Bond and Diversified Funds.

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

<sup>4</sup> The Core Bond Fund launched Class R6 shares on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

<sup>5</sup> The High Quality Bond Fund launched Class I on February 28, 2022, and the share Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Assets and Liabilities as of October 31, 2022 - continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Covered Call &<br>Equity Income<br>Fund | Dividend<br>Income<br>Fund |<br>Investors<br>Fund | Sustainable<br>Equity<br>Fund<sup>1</sup> |<br>Mid Cap<br>Fund |<br>Small Cap<br>Fund | International<br>Stock<br>Fund |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $137683843 | $305094568 | $294017411 | $8870049 | $675285106 | $186844057 | $11641823 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value<sup>2‡</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  |  |  |  | 4766 |
| &nbsp;&nbsp;&nbsp;Foreign currency (cost of $6,625) (Note 2) |  |  |  |  |  |  | 6559 |
| Receivables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  | 16236614 |  |  | 2407636 |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 843810 | 143225 | 202903 | 411728 | 6584539 | 31901 | 591 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 96294 | 731491 | 522690 | 3766 | 67611 | 4403 | 63662 |
| &nbsp;&nbsp;&nbsp;Other assets | 1045 | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 138624992 | 305969284 | 310979618 | 9285543 | 681937256 | 189287997 | 11717401 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  | 4335645 | 10245999 |  |  | 4613952 |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 43496 | 131561 | 104886 |  | 296883 | 112406 | 1297 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned |  |  |  |  |  | 718085 |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 91529 | 164288 | 171053 | 4952 | 402664 | 134763 | 10285 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 13744 | 39374 | 35662 | 714 | 84533 | 29117 | 2939 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class B |  |  |  |  | 370 |  | 87 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 5115 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 4564 | 10888 | 17913 |  | 12960 | 705 | 2290 |
| &nbsp;&nbsp;&nbsp;Options written, at value (premium received $1,837,405) | 3267835 | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3426283 | 4681756 | 10575513 | 5666 | 797410 | 5609028 | 16898 |
| **Net assets applicable to outstanding capital stock** | $135198709 | $301287528 | $300404105 | $9279877 | $681139846 | $183678969 | $11700503 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $151265672 | $236633955 | $180921380 | $10371473 | $421593064 | $160595485 | $15674009 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (16066963) | 64653573 | 119482725 | (1091596) | 259546782 | 23083484 | (3973506) |
| **Net Assets** | $135198709 | $301287528 | $300404105 | $9279877 | $681139846 | $183678969 | $11700503 |
| **Class A Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $14044241 | $55902308 | $88285826 |  | $63417222 | $3417373 | $10895870 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1528858 | 1909628 | 3733417 |  | 5428321 | 370629 | 1484964 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.19 | $29.27 | $23.65 |  | $11.68 | $9.22 | $7.34 |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>3</sup> | 0.56 | 1.79 | 1.44 |  | 0.71 | 0.56 | 0.45 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $9.75 | $31.06 | $25.09 |  | $12.39 | $9.78 | $7.79 |
| **Class B Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $605314 |  | $139011 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding |  |  |  |  | 68856 |  | 19908 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>4</sup> |  |  |  |  | $8.79 |  | $6.98 |
| **Class C Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $8364912 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1012083 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>4</sup> | $8.27 |  |  |  |  |  |  |
| **Class Y Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $36964002 | $165998189 | $89390872 | $82248 | $253476537 | $166237672 | $665622 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3861721 | 5667662 | 3768721 | 10012 | 20145018 | 17783211 | 91426 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>4</sup> | $9.57 | $29.29 | $23.72 | $8.21 | $12.58 | $9.35 | $7.28 |
| **Class I Shares:<sup>6</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $75060139 | $59811914 | $71884635 | $9197629 | $274917895 | $13862649 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 7842070 | 2043205 | 3037380 | 1118858 | 21822280 | 1481820 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>4</sup> | $9.57 | $29.27 | $23.67 | $8.22 | $12.60 | $9.36 |  |
| **Class R6 Shares:<sup>5</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $765415 | $19575117 | $50842772 |  | $88722878 | $161275 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 78553 | 668623 | 2123036 |  | 6854455 | 17223 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share<sup>4</sup> | $9.74 | $29.28 | $23.95 |  | $12.94 | $9.36 |  |
| † Cost of Investments in unaffiliated securities | $155472694 | $260118623 | $192258033 | $9797354 | $427218442 | $172086760 | $15028552 |
| ‡ Cost of investments in affiliated securities<sup>2</sup> | $– | $– | $– | $– | $– | $– | $– |
| § Fair Value of securities on loan | $– | $– | $– | $– | $– | $1193134 | $– |

---

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

<sup>2</sup> See Note 14 for information on affiliated issuers.

<sup>3</sup> 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.

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

<sup>5</sup> 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.

<sup>6</sup> 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.

**Madison Funds** \| October 31, 2022

**Statements of Operations for the Year Ended October 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative <br>Allocation Fund | Moderate <br>Allocation Fund | Aggressive <br>Allocation Fund | Tax-Free Virginia <br>Fund | Tax-Free National <br>Fund | High Quality <br>Bond <br>Fund | Core <br>Bond <br>Fund | Diversified <br>Income <br>Fund |
| **Investment Income:** |  |  |  |  |  |  |  |  |
| Interest | $18585 | $46160 | $23246 | $485344 | $474635 | $1429450 | $4436276 | $1363685 |
| Dividends |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1221464 | 3236480 | 1936996 |  |  |  |  | 3424013 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 336892 | 509682 | 190956 |  |  |  |  |  |
| Income from securities lending | 34623 | 65138 | 42550 | – | – | 6219 | 4734 | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1611564 | 3857460 | 2193748 | 485344 | 474635 | 1435669 | 4441010 | 4791959 |
| **Expenses:<sup>2</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 119655 | 236874 | 121354 | 96631 | 76041 | 279160 | 712367 | 1144444 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 149569 | 296093 | 151693 | 67642 | 66536 | 173431 | 179576 | 352137 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 6316 | 12475 | 6383 | 2008 | 1964 | 9915 | 18867 | 18351 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class B | 13392 | 37763 | 19940 |  |  |  | 2782 | 28827 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 126781 | 57550 | 20216 |  |  |  |  | 172434 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 102708 | 263410 | 137820 |  |  |  | 95727 | 371892 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class B | 4464 | 12562 | 6592 |  |  |  | 927 | 9584 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class C | 42110 | 18904 | 6639 |  |  |  |  | 56450 |
| &nbsp;&nbsp;&nbsp;Other expenses | 79 | 152 | 81 | 24 | 24 | 120 | 226 | 220 |
| &nbsp;&nbsp;&nbsp;Total expenses before reimbursement/waiver | 565074 | 935783 | 470718 | 166305 | 144565 | 462626 | 1010472 | 2154339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less reimbursement/waiver | – | – | – | – | – | (34413) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 565074 | 935783 | 470718 | 166305 | 144565 | 428213 | 1010472 | 2154339 |
| **Net Investment Income** | 1046490 | 2921677 | 1723030 | 319039 | 330070 | 1007456 | 3430538 | 2637620 |
| **Net Realized and Unrealized Gain (loss) on Investments** |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (3429430) | (6873734) | (3524318) | (117216) | 124906 | (1222043) | (1427445) | 9543799 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 834128 | 3347581 | 1437529 |  |  |  |  |  |
| Capital gain distributions received from underlying funds |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 17633 | 20212 | 3391 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 539181 | 1765514 | 1006457 |  |  |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (4280837) | (10197235) | (6245397) | (2252119) | (2209896) | (8236007) | (32166556) | (26835849) |
| &nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>1</sup> | (4446879) | (9900447) | (4393679) | – | – | – | – | – |
| **Net Realized and Unrealized (Loss) on Investments** | (10766204) | (21838109) | (11716017) | (2369335) | (2084990) | (9458050) | (33594001) | (17292050) |
| **Net (Decrease) in Net Assets from Operations** | $(9719714) | $(18916432) | $(9992987) | $(2050296) | $(1754920) | $(8450594) | $(30163463) | $(14654430) |

---

<sup>1</sup> See Note 14 for information on affiliated issuers.

<sup>2</sup> See Note 5 for information on expense, including any waivers.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Operations for the Year Ended October 31, 2022 - continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Covered Call &<br>Equity Income<br>Fund |<br>Dividend Income<br>Fund |<br>Investors<br>Fund | Sustainable<br>Equity<br>Fund<sup>1</sup> |<br>Mid Cap<br>Fund |<br>Small Cap<br>Fund | International<br>Stock<br>Fund |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest | $212832 | $27922 | $89810 | $2898 | $177426 | $105291 | $2475 |
| Dividends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1762562 | 8550222 | 3963344 | 82472 | 5404431 | 1773826 | 298434 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>2</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/reclaimed | (13844) |  | (105384) | (416) | (32447) | (11773) | (27628) |
| Income from securities lending | 493 | – | 8183 | – | 1371 | 11730 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1962043 | 8578144 | 3955953 | 84954 | 5550781 | 1879074 | 275630 |
| **Expenses:<sup>3</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 895715 | 2141670 | 2477112 | 42013 | 5072519 | 2001394 | 151479 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 152836 | 524049 | 501845 | 6076 | 1080135 | 431868 | 43280 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 10117 | 31799 | 37577 | 527 | 70936 | 24126 | 1540 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class B |  |  |  |  | 6226 |  | 1789 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 62187 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 35654 | 148116 | 244889 |  | 178321 | 9983 | 33482 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class B |  |  |  |  | 2072 |  | 596 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class C | 20729 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses. | 109 | 374 | 461 | 5 | 297 | 834 | 19 |
| &nbsp;&nbsp;&nbsp;Total expenses before reimbursement/waiver | 1177347 | 2846008 | 3261884 | 48621 | 6410506 | 2468205 | 232185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less reimbursement/waiver | – | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1177347 | 2846008 | 3261884 | 48621 | 6410506 | 2468205 | 232185 |
| **Net Investment Income (Loss)** | 784696 | 5732136 | 694069 | 36333 | (859725) | (589131) | 43445 |
| **Net Realized and Unrealized Gain (loss) on Investments** |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options purchased | 1614558 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | 4465789 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1976206 | 20856681 | 17929737 | (200624) | 13753629 | 9386807 | (576040) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>2</sup> |  |  |  |  |  |  |  |
| Capital gain distributions received from underlying funds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>2</sup> |  |  |  |  |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written | (833984) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (4836888) | (38239764) | (59414605) | (927305) | (87607703) | (70026964) | (3912758) |
| &nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>2</sup> | – | – | – | – | – | – | – |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 2385681 | (17383083) | (41484868) | (1127929) | (73854074) | (60640157) | (4488798) |
| **Net Increase (Decrease) in Net Assets from Operations** | $3170377 | $(11650947) | $(40790799) | $(1091596) | $(74713799) | $(61229288) | $(4445353) |

---

1 The Sustainable Equity Fund was launched on December 31, 2021, with Class Y and Class I shares 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.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative Allocation Fund | Conservative Allocation Fund | Moderate Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Aggressive Allocation Fund |
| **Year Ended October 31,** | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Net Assets at beginning of period** | $68674779 | $68546140 | $134584040 | $129932373 | $67457807 | $63118605 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1046490 | 418253 | 2921677 | 828206 | 1723030 | 368041 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2038488) | 3529009 | (1740427) | 7944022 | (1076941) | 4642898 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8727716) | 411153 | (20097682) | 7109626 | (10639076) | 5596080 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (9719714) | 4358415 | (18916432) | 15881854 | (9992987) | 10607019 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2896934) | (2991634) | (9265098) | (9947296) | (5578440) | (4829669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B | (124933) | (241397) | (461958) | (713541) | (293779) | (335113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1086716) | (1190848) | (630540) | (747499) | (267464) | (218193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (4108583) | (4423879) | (10357596) | (11408336) | (6139683) | (5382975) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3553577 | 5769718 | 5228672 | 7761126 | 2746022 | 4018237 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2893391 | 2985967 | 9241256 | 9924011 | 5574873 | 4828116 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7772703) | (6926542) | (14743825) | (13670851) | (5512896) | (8779980) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1325735) | 1829143 | (273897) | 4014286 | 2807999 | 66373 |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 23089 |  | 25082 |  | 54537 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 124209 | 241255 | 461958 | 713105 | 293779 | 335113 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1001064) | (1925117) | (2363573) | (3894208) | (1160857) | (1549614) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (876855) | (1660773) | (1901615) | (3156021) | (867078) | (1159964) |
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 148454 | 1461772 | 198048 | 477855 | 58419 | 147571 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1086000 | 1190550 | 630540 | 747499 | 267464 | 197304 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3180100) | (2626589) | (1530876) | (1905470) | (395628) | (136126) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1945646) | 25733 | (702288) | (680116) | (69745) | 208749 |
| **Total increase (decrease) from capital stock transactions** | (4148236) | 194103 | (2877800) | 178149 | 1871176 | (884842) |
| **Total increase (decrease) in net assets** | (17976533) | 128639 | (32151828) | 4651667 | (14261494) | 4339202 |
| **Net Assets at end of period** | $50698246 | $68674779 | $102432212 | $134584040 | $53196313 | $67457807 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 347177 | 521337 | 487941 | 647481 | 247936 | 323239 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 277414 | 273153 | 809217 | 856996 | 472047 | 408125 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (790078) | (624025) | (1374621) | (1137171) | (507542) | (708338) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | (165487) | 170465 | (77463) | 367306 | 212441 | 23026 |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 1994 |  | 2108 |  | 4522 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 11599 | 21715 | 40701 | 61901 | 25748 | 29217 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (96359) | (171432) | (223984) | (327720) | (107932) | (129065) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital shares trasactions | (84760) | (147723) | (183283) | (263711) | (82184) | (95326) |
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14568 | 130056 | 18435 | 39727 | 5478 | 12263 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 101369 | 107064 | 55456 | 64831 | 23421 | 17187 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (309187) | (233036) | (147467) | (161357) | (37876) | (11281) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (193250) | 4084 | (73576) | (56799) | (8977) | 18169 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Tax-Free Virginia Fund | Tax-Free Virginia Fund | Tax-Free National Fund | Tax-Free National Fund | High Quality Bond Fund | High Quality Bond Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Year Ended October 31,** |  |  |  |  |  |  |
| **Net Assets at beginning of period** | $20620165 | $21572312 | $22330541 | $23376610 | $115682091 | $184881456 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 319039 | 328654 | 330070 | 376725 | 1007456 | 1310134 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (117216) | 65429 | 124906 | 202460 | (1222043) | 589691 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) | (2252119) | (363257) | (2209896) | (420472) | (8236007) | (3725034) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (2050296) | 30826 | (1754920) | 158713 | (8450594) | (1825209) |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (386059) | (340711) | (511811) | (375173) | (1548617) | (1861048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |  |  | (48210) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (386059) | (340711) | (511811) | (375173) | (1596827) | (1861048) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1026139 | 728698 | 121515 | 587401 | 12678510 | 30517770 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 374618 | 328889 | 466025 | 335567 | 1462216 | 1774905 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1838828) | (1699849) | (3030550) | (1752577) | (58547690) | (97805783) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (438071) | (642262) | (2443010) | (829609) | (44406964) | (65513108) |
| &nbsp;&nbsp;&nbsp;**Class I Shares<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 16591606 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 48210 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (1081794) |  |
| &nbsp;&nbsp;&nbsp;Net increase from capital stock transactions |  |  |  |  | 15558022 |  |
| **Total (decrease) from capital stock transactions** | (438071) | (642262) | (2443010) | (829609) | (28848942) | (65513108) |
| **Total increase (decrease) in net assets** | (2874426) | (952147) | (4709741) | (1046069) | (38896363) | (69199365) |
| **Net Assets at end of period** | $17745739 | $20620165 | $17620800 | $22330541 | $76785728 | $115682091 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 91964 | 61207 | 11444 | 52825 | 1188647 | 2695363 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 33715 | 27733 | 44347 | 30251 | 136655 | 157142 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (169466) | (142493) | (278618) | (157496) | (5524145) | (8669665) |
| &nbsp;&nbsp;&nbsp;Net (decrease) in shares outstanding | (43787) | (53553) | (222827) | (74420) | (4198843) | (5817160) |
| &nbsp;&nbsp;&nbsp;**Class I Shares<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 1600987 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 4751 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (105519) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding |  |  |  |  | 1500219 |  |

---

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Core Bond Fund | Diversified Income Fund | Diversified Income Fund | Covered Call & Equity Income Fund | Covered Call & Equity Income Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Year Ended October 31,** |  |  |  |  |  |  |
| **Net Assets at beginning of period** | $188561966 | $151203152 | $184230359 | $157691661 | $90673553 | $80557303 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 3430538 | 2642999 | 2637620 | 2055494 | 784696 | 183169 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1427445) | 1361586 | 9543799 | 18231113 | 8056553 | 6698294 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (32166556) | (3216399) | (26835849) | 13312033 | (5670872) | 15880372 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (30163463) | 788186 | (14654430) | 33598640 | 3170377 | 22761835 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (811781) | (1546959) | (17995280) | (3735419) | (956245) | (894730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B | (5399) | (25215) | (509475) | (115248) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (2359561) | (328051) | (604419) | (551240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (203820) | (3007506) |  |  | (4920548) | (4021979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | (1495620) |  |  |  | (38689) | (47320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>2</sup> | (2094211) | (1440171) |  |  | (374635) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (4610831) | (6019851) | (20864316) | (4178718) | (6894536) | (5515269) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1547576 | 4060884 | 5843321 | 7842231 | 1383461 | 839893 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 802544 | 1529428 | 17918652 | 3715658 | 909181 | 865266 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5732779) | (7858376) | (15332901) | (12487945) | (2447952) | (1634055) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (3382659) | (2268064) | 8429072 | (930056) | (155310) | 71104 |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 48279 | 6834 |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 5399 | 25215 | 509475 | 115220 |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (199292) | (623518) | (2044670) | (2730475) |  |  |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (193893) | (550024) | (1528361) | (2615255) |  |  |
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 5510771 | 1638999 | 1200319 | 686500 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 2359561 | 328051 | 564331 | 514623 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (1641170) | (1302963) | (1269549) | (1550410) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions |  |  | 6229162 | 664087 | 495101 | (349287) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1603451 | 19571453 |  |  | 51694990 | 24357971 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 175815 | 377419 |  |  | 4897158 | 4017939 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4060800) | (107943577) |  |  | (81897013) | (34102987) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (2281534) | (87994705) |  |  | (25304865) | (5727077) |
| &nbsp;&nbsp;&nbsp;**Class I Shares<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 41315224 | 135475177 |  |  | 74565269 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 842112 | 219382 |  |  | 374635 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (116800578) | (2291287) |  |  | (1962558) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (74643242) | 133403272 |  |  | 72977346 |  |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 106822028 |  |  |  | 778390 | 89018 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 359960 |  |  |  | 38689 | 47320 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (673010) |  |  |  | (580036) | (1261394) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 106508978 |  |  |  | 237043 | (1125056) |
| **Total increase (decrease) from capital stock transactions** | 26007650 | 42590479 | 13129873 | (2881224) | 48249315 | (7130316) |
| **Total increase (decrease) in net assets** | (8766644) | 37358814 | (22388873) | 26538698 | 44525156 | 10116250 |
| **Net Assets at end of period** | $179795322 | $188561966 | $161841486 | $184230359 | $135198709 | $90673553 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Core Bond Fund | Diversified Income Fund | Diversified Income Fund | Covered Call & Equity Income Fund | Covered Call & Equity Income Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 155132 | 384731 | 356241 | 445855 | 148304 | 88654 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 82985 | 143778 | 1068262 | 217988 | 99627 | 93852 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (594846) | (745179) | (949568) | (715677) | (262224) | (177692) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | (356729) | (216670) | 474935 | (51834) | (14293) | 4814 |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 4490 | 407 |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 548 | 2362 | 29941 | 6808 |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20730) | (58965) | (123765) | (154521) |  |  |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital shares trasactions | (20182) | (52113) | (93417) | (147713) |  |  |
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 322310 | 94964 | 142295 | 79190 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 138984 | 19311 | 68398 | 61047 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (100492) | (73395) | (152399) | (181842) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding |  |  | 360802 | 40880 | 58294 | (41605) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 161349 | 1842539 |  |  | 5324240 | 2509893 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 18215 | 35784 |  |  | 518816 | 421067 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (408905) | (10437136) |  |  | (8712400) | (3645455) |
| &nbsp;&nbsp;&nbsp;Net (decrease) in shares outstanding | (229341) | (8558813) |  |  | (2869344) | (714495) |
| &nbsp;&nbsp;&nbsp;**Class I Shares<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4414200 | 13104681 |  |  | 8014034 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 89031 | 21053 |  |  | 42128 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12041206) | (219689) |  |  | (214092) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (7537975) | 12906045 |  |  | 7842070 |  |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10977262 |  |  |  | 79952 | 8851 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 38148 |  |  |  | 4021 | 5044 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (72734) |  |  |  | (59161) | (136246) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 10942676 |  |  |  | 24812 | (122351) |

---

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

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Dividend Income Fund | Dividend Income Fund | Investors Fund | Investors Fund | Sustainable Equity<sup>1</sup> |
|  | 2022 | 2021 | 2022 | 2021 | 2022 |
| **Year Ended October 31,** |  |  |  |  |  |
| **Net Assets at beginning of period** | $323218081 | $274664958 | $409629139 | $338058006 | $– |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 5732136 | 4806533 | 694069 | 840089 | 36333 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 20856681 | 32613517 | 17929737 | 30539926 | (200624) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (38239764) | 50170146 | (59414605) | 75885427 | (927305) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (11650947) | 87590196 | (40790799) | 107265442 | (1091596) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (6667407) | (790821) | (7952408) | (8787439) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y<sup>1</sup> | (20557682) | (3121769) | (8508606) | (11918197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>2</sup> | (338133) |  | (6338361) | (6777217) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (7455004) | (903227) | (8192065) | (6435009) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (35018226) | (4815817) | (30991440) | (33917862) |  |
| **Capital Stock transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1353503 | 1459428 | 2304397 | 3163891 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6648315 | 787728 | 7929632 | 8750372 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5685683) | (6157358) | (10848230) | (11602396) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 2316135 | (3910202) | (614201) | 311867 |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares**<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 67297042 | 65621467 | 11979387 | 18672740 | 751690 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 20231086 | 3076555 | 7809980 | 11152740 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (83610162) | (105011845) | (22273113) | (102239652) | (651589) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 3917966 | (36313823) | (2483746) | (72414172) | 100101 |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>2</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 31254703 |  | 4409527 | 14369294 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 247345 |  | 6338361 | 6777217 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10503607) |  | (31442698) | (22158440) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 20998441 |  | (20694810) | (1011929) |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares**<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40881645 | 30379706 | 22998164 | 112281830 | 10624016 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 7378193 | 898002 | 8192065 | 6429197 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50753760) | (25274939) | (44840267) | (47373240) | (352644) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (2493922) | 6002769 | (13650038) | 71337787 | 10271372 |
| **Total increase (decrease) from capital stock transactions** | 24738620 | (34221256) | (37442795) | (1776447) | 10371473 |
| **Total increase (decrease) in net assets** | (21930553) | 48553123 | (109225034) | 71571133 | 9279877 |
| **Net Assets at end of period** | $301287528 | $323218081 | $300404105 | $409629139 | $9279877 |
| **Capital Share transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 43919 | 46241 | 90971 | 120448 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 210630 | 25177 | 284624 | 359506 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (182749) | (195209) | (420299) | (437501) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | 71800 | (123791) | (44704) | 42453 |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares**<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2212227 | 2115583 | 454793 | 707367 | 75171 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 640928 | 97902 | 280028 | 458395 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2693339) | (3276567) | (863903) | (3896147) | (65159) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 159816 | (1063082) | (129082) | (2730385) | 10012 |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>2</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1012123 |  | 180272 | 499474 |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 8194 |  | 225404 | 275945 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (351693) |  | (1181769) | (798993) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 668624 |  | (776093) | (23574) |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares**<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1306452 | 915213 | 912090 | 4261808 | 1160479 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 234132 | 28401 | 294679 | 264685 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1608639) | (810833) | (1808445) | (1753224) | (41621) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (68055) | 132781 | (601676) | 2773269 | 1118858 |

---

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

<sup>2</sup> The Dividend Income launched Class R6 shares on February 28, 2022 and the class commenced operations effective March 1, 2021.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Mid Cap Fund | Mid Cap Fund | Small Cap Fund | Small Cap Fund | International Stock Fund | International Stock Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Year Ended October 31,** |  |  |  |  |  |  |
| **Net Assets at beginning of period** | $733809804 | $537181623 | $280340485 | $218848130 | $17610653 | $15919225 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (859725) | (365034) | (589131) | (1148584) | 43445 | 95673 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 13753629 | 34054633 | 9386807 | 63624609 | (576040) | 4609848 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (87607703) | 175673705 | (70026964) | 44695638 | (3912758) | (1469718) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (74713799) | 209363304 | (61229288) | 107171663 | (4445353) | 3235803 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3577154) | (2391040) | (1075866) | (236905) | (4272257) | (705083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (68390) | (61728) |  |  | (91028) | (21551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (11660270) | (9146175) | (55515240) | (16540430) | (243016) | (43074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | (4870186) | (3415023) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (12986283) | (6327888) | (4955880) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (33162283) | (21341854) | (61546986) | (16777335) | (4606301) | (769708) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10602851 | 5189997 | 258742 | 888201 | 424828 | 829276 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3562690 | 2379913 | 1073140 | 236219 | 4263291 | 703445 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (15290783) | (9338856) | (593902) | (537022) | (1761058) | (2029984) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1125242) | (1768946) | 737980 | 587398 | 2927061 | (497263) |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1125 | 15000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 68390 | 61728 |  |  | 91028 | 21551 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (468073) | (428012) |  |  | (135525) | (239518) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (398558) | (351284) |  |  | (44497) | (217967) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 66622409 | 65733029 | 7861874 | 16410494 | 89662 | 232872 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 11403175 | 8893537 | 54219458 | 16073049 | 243016 | 43074 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50798380) | (222535953) | (38826238) | (82275688) | (73738) | (335380) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 27227204 | (147909387) | 23255094 | (49792145) | 258940 | (59434) |
| &nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 101753752 | 221365026 | 6826690 | 21790469 |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 12839515 | 6327888 | 4955880 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (82754329) | (54599981) | (9830152) | (1487695) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 31838938 | 173092933 | 1952418 | 20302774 |  |  |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 20457282 | 19697591 | 188005 |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1715908 | 1103541 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (24509408) | (35257717) | (18739) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (2336218) | (14456585) | 169266 |  |  |  |
| **Total increase (decrease) from capital stock transactions** | 55206124 | 8606731 | 26114758 | (28901973) | 3141504 | (774664) |
| **Total increase (decrease) in net assets** | (52669958) | 196628181 | (96661516) | 61492355 | (5910150) | 1691431 |
| **Net Assets at end of period** | $681139846 | $733809804 | $183678969 | $280340485 | $11700503 | $17610656 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Mid Cap Fund | Mid Cap Fund | Small Cap Fund | Small Cap Fund | International Stock Fund | International Stock Fund |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 853186 | 416902 | 24838 | 61686 | 48354 | 60227 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 259293 | 208764 | 88543 | 18073 | 433261 | 51686 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1286440) | (754116) | (54458) | (35900) | (194563) | (148432) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | (173961) | (128450) | 58923 | 43859 | 287052 | (36519) |
| &nbsp;&nbsp;&nbsp;**Class B Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 121 | 1644 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6576 | 6999 |  |  | 9663 | 1630 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50037) | (44761) |  |  | (16156) | (18280) |
| &nbsp;&nbsp;&nbsp;Net (decrease) from capital shares trasactions | (43340) | (36118) |  |  | (6493) | (16650) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5111948 | 5099702 | 682696 | 1133998 | 10411 | 17090 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 773621 | 732581 | 4422468 | 1221356 | 24950 | 3179 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3784461) | (17514737) | (3490516) | (5623527) | (9025) | (24774) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 2101108 | (11682454) | 1614648 | (3268173) | 26336 | (4505) |
| &nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7687795 | 17408710 | 588372 | 1489779 |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 870476 | 521243 | 404232 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (6288127) | (4048722) | (903789) | (96774) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2270144 | 13881231 | 88815 | 1393005 |  |  |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares**<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1493443 | 1393584 | 19316 |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 113336 | 88567 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1793973) | (2620953) | (2093) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (187194) | (1138802) | 17223 |  |  |  |

---

<sup>1</sup> The Small Cap Fund launched Class R6 shares on February 28, 2022, and the Class commenced operations effective March 1, 2022.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** | **CONSERVATIVE ALLOCATION FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $11.12 | $11.15 | $10.96 | $10.39 | $10.97 | $11.29 | $11.31 | $11.10 | $10.47 | $11.05 | $11.30 | $11.32 | $11.11 | $10.48 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.10 | 0.13<sup>1</sup> | 0.36<sup>1,2</sup> | 0.19 | 0.26 | 0.06 | 0.06<sup>1</sup> | 0.31<sup>1,2</sup> | 0.12 | 0.13 | 0.01 | 0.04<sup>1</sup> | 0.29<sup>1,2</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.77) | 0.63 | 0.46 | 0.682 | (0.26) | (1.94) | 0.59 | 0.46 | 0.662 | (0.28) | (1.81) | 0.64 | 0.48 | 0.682 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.57) | 0.73 | 0.59 | 1.04 | (0.07) | (1.68) | 0.65 | 0.52 | 0.97 | (0.16) | (1.68) | 0.65 | 0.52 | 0.97 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.18) | (0.19) | (0.18) | (0.24) | (0.11) | (0.09) | (0.10) | (0.05) | (0.15) | (0.11) | (0.09) | (0.10) | (0.05) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.51) | (0.58) | (0.21) | (0.29) | (0.27) | (0.51) | (0.58) | (0.21) | (0.29) | (0.27) | (0.51) | (0.58) | (0.21) | (0.29) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.70) | (0.76) | (0.40) | (0.47) | (0.51) | (0.62) | (0.67) | (0.31) | (0.34) | (0.42) | (0.62) | (0.67) | (0.31) | (0.34) | (0.42) |
| Net increase (decrease) in net asset value | (2.27) | (0.03) | 0.19 | 0.57 | (0.58) | (2.30) | (0.02) | 0.21 | 0.63 | (0.58) | (2.30) | (0.02) | 0.21 | 0.63 | (0.58) |
| **Net Asset Value at end of period** | $8.85 | $11.12 | $11.15 | $10.96 | $10.39 | $8.99 | $11.29 | $11.31 | $11.10 | $10.47 | $9.00 | $11.30 | $11.32 | $11.11 | $10.48 |
| **Total Return** (%)<sup>3</sup>** | (15.00) | 6.72 | 5.62 | 10.37 | (0.75) | (15.69) | 5.91 | 4.89 | 9.51 | (1.51) | (15.67) | 5.91 | 4.89 | 9.50 | (1.51) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $35084 | $45932 | $44146 | $42662 | $42247 | $1299 | $2588 | $4263 | $5457 | $6049 | $14315 | $20154 | $20137 | $20303 | $20001 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income to average net assets (%) | 1.97 | 0.86 | 1.19 | 3.38<sup>2</sup> | 1.74 | 1.34 | 0.15 | 0.48 | 2.68<sup>2</sup> | 1.04 | 1.27 | 0.11 | 0.45 | 2.60<sup>2</sup> | 0.99 |
| Portfolio turnover (%)<sup>4</sup> | 84 | 63 | 73 | 57 | 63 | 84 | 63 | 73 | 57 | 63 | 84 | 63 | 73 | 57 | 63 |

---

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

<sup>2</sup> 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.

<sup>3</sup> Total return without applicable sales charge.

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** | **MODERATE ALLOCATION FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $12.22 | $11.85 | $11.76 | $11.59 | $12.20 | $12.08 | $11.69 | $11.60 | $11.46 | $12.06 | $12.09 | $11.70 | $11.61 | $11.47 | $12.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.28 | 0.09 | 0.12<sup>1</sup> | 0.51<sup>1,2</sup> | 0.17 | 0.28 | 0.04 | 0.05<sup>1</sup> | 0.53<sup>1,2</sup> | 0.10 | 0.19 | (0.01) | 0.02<sup>1</sup> | 0.42<sup>1,2</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.94) | 1.35 | 0.43 | 0.60<sup>2</sup> | (0.17) | (2.02) | 1.29 | 0.41 | 0.48<sup>2</sup> | (0.18) | (1.92) | 1.34 | 0.44 | 0.59<sup>2</sup> | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.66) | 1.44 | 0.55 | 1.11 |  | (1.74) | 1.33 | 0.46 | 1.01 | (0.08) | (1.73) | 1.33 | 0.46 | 1.01 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.13) | (0.17) | (0.17) | (0.17) | (0.19) |  | (0.08) | (0.10) | (0.08) | (0.19) |  | (0.08) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.68) | (0.94) | (0.29) | (0.77) | (0.44) | (0.68) | (0.94) | (0.29) | (0.77) | (0.44) | (0.68) | (0.94) | (0.29) | (0.77) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.97) | (1.07) | (0.46) | (0.94) | (0.61) | (0.87) | (0.94) | (0.37) | (0.87) | (0.52) | (0.87) | (0.94) | (0.37) | (0.87) | (0.52) |
| Net increase (decrease) in net asset value | (2.63) | 0.37 | 0.09 | 0.17 | (0.61) | (2.61) | 0.39 | 0.09 | 0.14 | (0.60) | (2.60) | 0.39 | 0.09 | 0.14 | (0.60) |
| **Net Asset Value at end of period** | $9.59 | $12.22 | $11.85 | $11.76 | $11.59 | $9.47 | $12.08 | $11.69 | $11.60 | $11.46 | $9.49 | $12.09 | $11.70 | $11.61 | $11.47 |
| **Total Return** (%)<sup>3</sup>** | (14.88) | 12.66 | 4.75 | 10.69 | (0.12) | (15.55) | 11.80 | 4.00 | 9.79 | (0.82) | (15.47) | 11.79 | 3.99 | 9.78 | (0.82) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $92669 | $119035 | $111135 | $112916 | $108459 | $3519 | $6699 | $9568 | $13754 | $17481 | $6244 | $8849 | $9230 | $9607 | $9338 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income to average net assets (%) | 2.54 | 0.70 | 0.96 | 4.42<sup>2</sup> | 1.39 | 2.02 | (0.01) | 0.27 | 4.01<sup>2</sup> | 0.73 | 1.83 | (0.03) | 0.22 | 3.68<sup>2</sup> | 0.62 |
| Portfolio turnover (%)<sup>4</sup> | 95 | 71 | 87 | 64 | 75 | 95 | 71 | 87 | 64 | 75 | 95 | 71 | 87 | 64 | 75 |

---

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

<sup>2</sup> 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.

<sup>3</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** | **AGGRESSIVE ALLOCATION FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $12.75 | $11.81 | $12.02 | $12.01 | $12.71 | $12.28 | $11.41 | $11.62 | $11.65 | $12.35 | $12.29 | $11.42 | $11.63 | $11.66 | $12.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.33 | 0.08 | 0.10<sup>1</sup> | 0.56<sup>1,2</sup> | 0.14 | 0.14 | (0.09) | (0.06)<sup>1</sup> | 0.55<sup>1,2</sup> | 0.03 | 0.24 | (0.01) | 0.03<sup>1</sup> | 0.48<sup>1,2</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.07) | 1.89 | 0.33 | 0.57<sup>2</sup> | (0.11) | (1.90) | 1.90 | 0.39 | 0.47<sup>2</sup> | (0.10) | (2.00) | 1.82 | 0.30 | 0.54<sup>2</sup> | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.74) | 1.97 | 0.43 | 1.13 | 0.03 | (1.76) | 1.81 | 0.33 | 1.02 | (0.07) | (1.76) | 1.81 | 0.33 | 1.02 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.09) | (0.16) | (0.14) | (0.15) | (0.24) |  | (0.06) | (0.07) | (0.05) | (0.24) |  | (0.06) | (0.07) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.84) | (0.94) | (0.48) | (0.98) | (0.58) | (0.84) | (0.94) | (0.48) | (0.98) | (0.58) | (0.84) | (0.94) | (0.48) | (0.98) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.18) | (1.03) | (0.64) | (1.12) | (0.73) | (1.08) | (0.94) | (0.54) | (1.05) | (0.63) | (1.08) | (0.94) | (0.54) | (1.05) | (0.63) |
| Net increase (decrease) in net asset value | (2.92) | 0.94 | (0.21) | 0.01 | (0.70) | (2.84) | 0.87 | (0.21) | (0.03) | (0.70) | (2.84) | 0.87 | (0.21) | (0.03) | (0.70) |
| **Net Asset Value at end of period** | $9.83 | $12.75 | $11.81 | $12.02 | $12.01 | $9.44 | $12.28 | $11.41 | $11.62 | $11.65 | $9.45 | $12.29 | $11.42 | $11.63 | $11.66 |
| **Total Return** (%)<sup>3</sup>** | (15.22) | 17.33 | 3.59 | 10.93 | 0.06 | (15.85) | 16.40 | 2.88 | 10.12 | (0.74) | (15.84) | 16.39 | 2.88 | 10.11 | (0.74) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $48969 | $60837 | $56089 | $54974 | $51274 | $1944 | $3539 | $4375 | $6088 | $7938 | $2283 | $3082 | $2655 | $2263 | $2160 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.71 | 0.70 | 0.70 | 0.70 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 | 1.46 | 1.46 | 1.45 | 1.45 | 1.45 |
| Ratio of net investment income to average net assets (%) | 2.89 | 0.62 | 0.78 | 4.77<sup>2</sup> | 1.08 | 2.48 | (0.10) | 0.11 | 4.50<sup>2</sup> | 0.45 | 2.23 | (0.14) | (0.01) | 4.15<sup>2</sup> | 0.32 |
| Portfolio turnover (%)<sup>4</sup> | 99 | 84 | 105 | 79 | 71 | 99 | 84 | 105 | 79 | 71 | 99 | 84 | 105 | 79 | 71 |

---

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

<sup>2</sup> 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.

<sup>3</sup> Total return without applicable sales charge.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE VIRGINIA FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** | **TAX-FREE NATIONAL FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $11.71 | $11.89 | $11.71 | $11.08 | $11.49 | $10.98 | $11.08 | $10.96 | $10.41 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.19 | 0.20<sup>1</sup> | 0.23<sup>1</sup> | 0.24 | 0.18 | 0.18 | 0.21<sup>1</sup> | 0.24<sup>1</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.34) | (0.17) | 0.18 | 0.63 | (0.41) | (1.15) | (0.10) | 0.15 | 0.61 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.16) | 0.02 | 0.38 | 0.86 | (0.17) | (0.97) | 0.08 | 0.36 | 0.85 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.19) | (0.20) | (0.23) | (0.24) | (0.18) | (0.18) | (0.21) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.04) | (0.01) | – | – | – | (0.10) | – | (0.03) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.20) | (0.20) | (0.23) | (0.24) | (0.28) | (0.18) | (0.24) | (0.30) | (0.27) |
| Net increase (decrease) in net asset value | (1.38) | (0.18) | 0.18 | 0.63 | (0.41) | (1.25) | (0.10) | 0.12 | 0.55 | (0.44) |
| **Net Asset Value at end of period** | $10.33 | $11.71 | $11.89 | $11.71 | $11.08 | $9.73 | $10.98 | $11.08 | $10.96 | $10.41 |
| **Total Return** (%)<sup>2</sup>** | (10.01) | 0.10 | 3.24 | 7.78 | (1.52) | (8.98) | 0.75 | 3.36 | 8.20 | (1.56) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $17746 | $20620 | $21572 | $22225 | $20868 | $17621 | $22331 | $23377 | $23807 | $23325 |
| Ratios of expenses to average net assets (%) | 0.86 | 0.86 | 0.85 | 0.85 | 0.85 | 0.76 | 0.76 | 0.75 | 0.75 | 0.75 |
| Ratio of net investment income (loss) to average net assets | 1.65 | 1.57 | 1.66 | 1.96 | 2.09 | 1.74 | 1.65 | 1.91 | 2.19 | 2.25 |
| Portfolio turnover (%)<sup>3</sup> | 17 | 10 | 7 | 22 | 26 | 10 | 18 | 13 | 26 | 31 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** | **HIGH QUALITY BOND FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $11.15 | $11.42 | $11.11 | $10.64 | $10.93 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.10 | 0.13<sup>1</sup> | 0.21<sup>1</sup> | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.11) | (0.24) | 0.32 | 0.47 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.98) | (0.14) | 0.45 | 0.68 | (0.12) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.10) | (0.14) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | (0.03) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.13) | (0.14) | (0.21) | (0.17) |
| Net increase (decrease) in net asset value | (1.16) | (0.27) | 0.31 | 0.47 | (0.29) |
| **Net Asset Value at end of period** | $9.99 | $11.15 | $11.42 | $11.11 | $10.64 |
| **Total Return (%)<sup>2</sup>** | (8.88) | (1.21) | 4.08 | 6.43 | (1.09) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $61707 | $115682 | $184881 | $90407 | $89253 |
| Ratios of expenses to average net assets (%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.50 | 0.50 | 0.49 | 0.49 | 0.49 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.46 | 0.40 | 0.46 | 0.49 | 0.49 |
| Ratio of net investment income (loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.04 | 0.76 | 1.17 | 1.88 | 1.64 |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 1.07 | 0.86 | 1.20 | 1.88 | 1.64 |
| Portfolio turnover (%)<sup>3</sup> | 23 | 13 | 21 | 20 | 31 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

---

| | |
|:---|:---|
|  | **HIGH QUALITY BOND FUND** |
|  | **CLASS I** |
|  | Period Ended October 31 |
|  | 2022\* |
| **Net Asset Value at beginning of period** | $10.84 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.70) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.09) |
| Net increase in net asset value | (0.79) |
| **Net Asset Value at end of period** | $10.05 |
| **Total Return** (%)<sup>2</sup>** | (6.44)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $1507<sup>8</sup> |
| Ratios of expenses to average net assets (%) |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.41<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.41<sup>4</sup> |
| Ratio of net investment income to average net assets |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.32<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.32<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 23<sup>3</sup> |

---

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

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

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.45 | $10.78 | $10.28 | $9.55 | $10.03 | $10.45 | $10.78 | $10.29 | $9.55 | $10.03 | $10.39 | $10.71 | $10.25 | $9.52 | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.14 | 0.18<sup>1</sup> | 0.24 | 0.21 | 0.24 | 0.16 | 0.12<sup>1</sup> | 0.16<sup>1</sup> | 0.15 | 0.13 | (0.02) | 0.20<sup>1</sup> | 0.25<sup>1</sup> | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.75) | (0.12) | 0.53 | 0.74 | (0.46) | (1.91) | (0.22) | 0.51 | 0.75 | (0.47) | (1.69) | 0.10 | 0.52 | 0.75 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.59) | 0.02 | 0.71 | 0.98 | (0.25) | (1.67) | (0.06) | 0.63 | 0.91 | (0.32) | (1.56) | 0.08 | 0.72 | 1.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.14) | (0.19) | (0.25) | (0.23) | (0.08) | (0.06) | (0.12) | (0.17) | (0.16) | (0.17) | (0.19) | (0.24) | (0.27) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | (0.21) | (0.02) | – | (0.00)<sup>2</sup> | (0.06) | (0.21) | (0.02) | – | (0.00)<sup>2</sup> | (0.06) | (0.21) | (0.02) | – | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.35) | (0.21) | (0.25) | (0.23) | (0.14) | (0.27) | (0.14) | (0.17) | (0.16) | (0.23) | (0.40) | (0.26) | (0.27) | (0.26) |
| Net increase (decrease) in net asset value | (1.80) | (0.33) | 0.50 | 0.73 | (0.48) | (1.81) | (0.33) | 0.49 | 0.74 | (0.48) | (1.79) | (0.32) | 0.46 | 0.73 | (0.47) |
| **Net Asset Value at end of period** | $8.65 | $10.45 | $10.78 | $10.28 | 9.55 | $8.64 | $10.45 | $10.78 | $10.29 | $9.55 | $8.60 | $10.39 | $10.71 | $10.25 | $9.52 |
| **Total Return** (%)<sup>3</sup>** | (15.47) | 0.21 | 7.00 | 10.37 | (2.45) | (16.18) | (0.53) | 6.10 | 9.65 | (3.18) | (15.25) | 0.73 | 7.13 | 10.67 | (2.12) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $32990 | $43577 | $47304 | $28902 | $29605 | $248 | $510 | $1088 | $1272 | $1466 | $6954 | $10783 | $102811 | $121000 | $138186 |
| Ratios of expenses to average net assets (%) | 0.85 | 0.87 | 0.90 | 0.90 | 0.90 | 1.60 | 1.63 | 1.66 | 1.65 | 1.65 | 0.60 | 0.65 | 0.65 | 0.65 | 0.65 |
| Ratio of net investment income to average net assets (%) | 1.57 | 1.31 | 1.78 | 2.35 | 2.20 | 0.76 | 0.59 | 1.05 | 1.60 | 1.44 | 1.80 | 1.65 | 2.03 | 2.60 | 2.44 |
| Portfolio turnover (%)<sup>4</sup> | 21 | 30 | 61 | 36 | 26 | 21 | 30 | 61 | 36 | 26 | 21 | 30 | 61 | 36 | 26 |

---

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

<sup>2</sup> Amounts represent less than $(0.005) per share.

<sup>3</sup> Total return without applicable sales charge.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS R6** |
|  | Year Ended<br>October 31, | Period Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022 | 20211 | 2022 |
| **Net Asset Value at beginning of period** | $10.36 | $10.39 | $9.90 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.17 | 0.11 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.72) | (0.02) | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.55) | 0.09 | (1.20) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.12) | (0.14) |
| Net increase (decrease) in net asset value | (1.80) | (0.03) | (1.34) |
| **Net Asset Value at end of period** | $8.56 | $10.36 | $8.56 |
| **Total Return** (%)<sup>2</sup>** | (15.20) | 0.883 | (12.22)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $45963 | $133692 | $93641 |
| Ratios of expenses to average net assets (%) | 0.50 | 0.50<sup>4</sup> | 0.42<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 1.77 | 1.57<sup>4</sup> | 2.20<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 21 | 30<sup>3</sup> | 21<sup>3</sup> |

---

<sup>1</sup> Class I shares commenced operations effective March 1, 2021.

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** | **DIVERSIFIED INCOME FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $18.42 | $15.52 | $16.37 | $15.98 | $15.93 | $18.57 | $15.64 | $16.48 | $16.08 | $16.04 | $18.58 | $15.65 | $16.48 | $16.07 | $16.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.27 | 0.23 | 0.261 | 0.28<sup>1</sup> | 0.28 | 0.18 | 0.11 | 0.14<sup>1</sup> | 0.16<sup>1</sup> | 0.16 | 0.14 | 0.09 | 0.15<sup>1</sup> | 0.16<sup>1</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.54) | 3.11 | (0.04) | 1.64 | 0.30 | (1.59) | 3.12 | (0.03) | 1.65 | 0.29 | (1.55) | 3.14 | (0.03) | 1.66 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.27) | 3.34 | 0.22 | 1.92 | 0.58 | (1.41) | 3.23 | 0.11 | 1.81 | 0.45 | (1.41) | 3.23 | 0.12 | 1.82 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.24) | (0.27) | (0.29) | (0.29) | (0.15) | (0.10) | (0.15) | (0.17) | (0.17) | (0.15) | (0.10) | (0.15) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.81) | (0.20) | (0.80) | (1.24) | (0.24) | (1.81) | (0.20) | (0.80) | (1.24) | (0.24) | (1.81) | (0.20) | (0.80) | (1.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.09) | (0.44) | (1.07) | (1.53) | (0.53) | (1.96) | (0.30) | (0.95) | (1.41) | (0.41) | (1.96) | (0.30) | (0.95) | (1.41) | (0.41) |
| Net increase (decrease) in net asset value | (3.36) | 2.90 | (0.85) | 0.39 | 0.05 | (3.37) | 2.93 | (0.84) | 0.40 | 0.04 | (3.37) | 2.93 | (0.83) | 0.41 | 0.04 |
| **Net Asset Value at end of period** | $15.06 | $18.42 | $15.52 | $16.37 | $15.98 | $15.20 | $18.57 | $15.64 | $16.48 | $16.08 | $15.21 | $18.58 | $15.65 | $16.48 | $16.07 |
| **Total Return** (%)<sup>2</sup>** | (7.92) | 21.74 | 1.27 | 13.51 | 3.63 | (8.62) | 20.83 | 0.56 | 12.64 | 2.77 | (8.62) | 20.82 | 0.62 | 12.72 | 2.77 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $136578 | $158336 | $134213 | $139683 | $131127 | $2739 | $5082 | $6591 | $9612 | $10832 | $22524 | $20812 | $16888 | $16090 | $14647 |
| Ratios of expenses to average net assets (%) | 1.11 | 1.11 | 1.10 | 1.10 | 1.10 | 1.86 | 1.86 | 1.85 | 1.85 | 1.85 | 1.86 | 1.85 | 1.85 | 1.84 | 1.85 |
| Ratio of net investment income to average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| net assets (%) | 1.61 | 1.27 | 1.66 | 1.80 | 1.72 | 0.83 | 0.53 | 0.92 | 1.06 | 0.97 | 0.88 | 0.52 | 0.91 | 1.05 | 0.97 |
| Portfolio turnover (%)<sup>3</sup> | 32 | 34 | 31 | 34 | 27 | 32 | 34 | 31 | 34 | 27 | 32 | 34 | 31 | 34 | 27 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $9.60 | $7.80 | $7.84 | $8.52 | $8.88 | $8.74 | $7.19 | $7.31 | $8.04 | $8.47 | $9.95 | $8.05 | $8.06 | $8.73 | $9.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.05 | 0.02 | (0.09)<sup>1</sup> | 0.03<sup>1</sup> | 0.06 | 0.05 | (0.08) | (0.18)<sup>1</sup> | (0.05)<sup>1</sup> | (0.10) | (0.21) | 0.04 | (0.39)<sup>1</sup> | 0.121 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.17 | 2.37 | 0.60 | 0.05 | 0.30 | 0.10 | 2.21 | 0.60 | 0.07 | 0.38 | 0.46 | 2.45 | 0.94 | (0.02) | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.22 | 2.39 | 0.51 | 0.08 | 0.36 | 0.15 | 2.13 | 0.42 | 0.02 | 0.28 | 0.2 5 | 2.49 | 0.55 | 0.10 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.43) | (0.39) | (0.44) | (0.43) | (0.42) | (0.42) | (0.38) | (0.43) | (0.42) | (0.43) | (0.43) | (0.40) | (0.45) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.20) | (0.16) | (0.16) | (0.32) | (0.29) | (0.20) | (0.16) | (0.16) | (0.32) | (0.29) | (0.20) | (0.16) | (0.16) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.63) | (0.59) | (0.55) | (0.76) | (0.72) | (0.62) | (0.58) | (0.54) | (0.75) | (0.71) | (0.63) | (0.59) | (0.56) | (0.77) | (0.72) |
| Net increase (decrease) in net asset value | (0.41) | 1.80 | (0.04) | (0.68) | (0.36) | (0.47) | 1.55 | (0.12) | (0.73) | (0.43) | (0.38) | 1.90 | (0.01) | (0.67) | (0.33) |
| **Net Asset Value at end of period** | $9.19 | $9.60 | $7.80 | $7.84 | $8.52 | $8.27 | $8.74 | $7.19 | $7.31 | $8.04 | $9.57 | $9.95 | $8.05 | $8.06 | $8.73 |
| **Total Return** (%)<sup>2</sup>** | 2.50 | 31.18 | 7.10 | 1.46 | 3.96 | 1.92 | 30.17 | 6.31 | 0.68 | 3.21 | 2.78 | 31.54 | 7.34 | 1.60 | 4.29 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $14044 | $14811 | $11996 | $13748 | $16035 | $8365 | $8336 | $7156 | $8191 | $9638 | $36964 | $66982 | $59966 | $102018 | $106576 |
| Ratios of expenses to average net assets (%) | 1.26 | 1.26 | 1.25 | 1.25 | 1.25 | 2.01 | 2.01 | 2.01 | 2.00 | 2.00 | 1.01 | 1.01 | 1.01 | 1.00 | 1.00 |
| Ratio of net investment income to average net assets (%) | 0.57 | 0.09 | 0.70 | 1.05 | 0.47 | (0.18) | (0.66) | (0.05) | 0.29 | (0.28) | 0.84 | 0.34 | 0.98 | 1.28 | 0.73 |
| Portfolio turnover (%)<sup>3</sup> | 99 | 162 | 108 | 116 | 130 | 99 | 162 | 108 | 116 | 130 | 99 | 162 | 108 | 116 | 130 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | |
|:---|:---|
|  | **COVERED CALL & EQUITY INCOME FUND** |
|  | **CLASS I 1** |
|  | Period Ended October 31, |
|  | 2022 |
| **Net Asset Value at beginning of period** | $9.79 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.42) |
| Net increase (decrease) in net asset value | (0.22) |
| **Net Asset Value at end of period** | $9.57 |
| **Total Return** (%)<sup>2</sup>** | 2.22 |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $75060 |
| Ratios of expenses to average net assets (%) | 0.96<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 1.06<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 99<sup>3</sup> |

---

<sup>1</sup> Class I shares commenced operations effective March 1, 2022.

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.12 | $8.17 | $8.16 | $8.81 | $9.13 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.17 | (0.45)<sup>1</sup> | 0.18<sup>1</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.23 | 2.37 | 1.02 | (0.06) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.27 | 2.54 | 0.57 | 0.12 | 0.40 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.43) | (0.40) | (0.45) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.20) | (0.16) | (0.16) | (0.32) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (0.59) | (0.56) | (0.77) | (0.72) |
| Net increase (decrease) in net asset value | (0.38) | 1.95 | 0.01 | (0.65) | (0.32) |
| **Net Asset Value at end of period** | $9.74 | $10.12 | $8.17 | $8.16 | $8.81 |
| **Total Return** (%)<sup>2</sup>** | 2.89 | 31.69 | 7.51 | 1.82 | 4.37 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $765 | $544 | $1439 | $2385 | $2388 |
| Ratios of expenses to average net assets (%) | 0.88 | 0.88 | 0.87 | 0.87 | 0.87 |
| Ratio of net investment income to average net assets (%) | 0.95 | 0.60 | 1.10 | 1.41 | 0.85 |
| Portfolio turnover (%)<sup>3</sup> | 99 | 162 | 108 | 116 | 130 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
|  | **CLASS A<sup>\*</sup>** | **CLASS A<sup>\*</sup>** | **CLASS A<sup>\*</sup>** |
|  | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022 | 2021 | 2020 |
| **Net Asset Value at beginning of period** | $34.13 | $26.10 | $25.17 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.52 | 0.39 | 0.16<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.73) | 8.06 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.21) | 8.45 | 1.14 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.42) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.21) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.65) | (0.42) | (0.21) |
| Net Increase (decrease) in net asset value | (4.86) | 8.03 | 0.93 |
| **Net Asset Value at end of period** | $29.27 | $34.13 | $26.10 |
| **Total Return** (%)<sup>2</sup>** | (4.23) | 32.52 | 4.53<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $55902 | $62716 | $51207 |
| Ratios of expenses to average net assets (%) | 1.16 | 1.16 | 1.17<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets | 1.64 | 1.25 | 1.09<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 33 | 31 | 33<sup>3</sup> |

---

<sup>\*</sup> Class A shares commenced operations effective June 1, 2020.

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

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $34.19 | $26.14 | $27.65 | $27.01 | $26.18 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.60 | 0.50 | 0.51<sup>1</sup> | 0.46<sup>1</sup> | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.73) | 8.03 | (0.88) | 3.12 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.13) | 8.53 | (0.37) | 3.58 | 1.89 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.48) | (0.45) | (0.43) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.21) | – | (0.69) | (2.51) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.77) | (0.48) | (1.14) | (2.94) | (1.06) |
| Net Increase (decrease) in net asset value | (4.90) | 8.05 | (1.51) | 0.64 | 0.83 |
| **Net Asset Value at end of period** | $29.29 | $34.19 | $26.14 | $27.65 | $27.01 |
| **Total Return** (%)<sup>2</sup>** | (3.98) | 32.81 | (1.42) | 15.48 | 7.35 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $165998 | $188287 | $171733 | $220725 | $111457 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.91 | 0.91 | 1.02 | 1.10 | 1.10 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.91 | 0.91 | 0.93 | 0.95 | 0.95 |
| Ratio of net investment income (loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.89 | 1.50 | 1.72 | 1.64 | 1.60 |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 1.89 | 1.50 | 1.81 | 1.79 | 1.75 |
| Portfolio turnover (%)<sup>5</sup> | 33 | 31 | 33 | 28 | 32 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** |
|  | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022 | 2021 | 2020<sup>1</sup> |
| **Net Asset Value at beginning of period** | $34.20 | $26.14 | $27.19 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.52 | 0.06<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.73) | 8.05 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.10) | 8.57 | (0.96) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.62) | (0.51) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.21) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.83) | (0.51) | (0.09) |
| Net Increase (decrease) in net asset value | (4.93) | 8.06 | (1.05) |
| **Net Asset Value at end of period** | $29.27 | $34.20 | $26.14 |
| **Total Return** (%)<sup>3</sup>** | (3.88) | 32.95 | (3.53)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $59812 | $72215 | $51725 |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.81 | 0.81 | 0.82<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.81 | 0.81 | 0.82<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 2.02 | 1.60 | 1.55<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 2.02 | 1.60 | 1.55<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 33 | 31 | 33<sup>4</sup> |

---

<sup>1</sup> Class I shares commenced operations effective September 1, 2020.

<sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>3</sup> Total return without applicable sales charge.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

---

| | |
|:---|:---|
|  | **DIVIDEND INCOME FUND** |
|  | **CLASS R6** |
|  | Period Ended<br>October 31, |
|  | 2022\* |
| **Net Asset Value at beginning of period** | $31.05 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.33) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.44) |
| Net Increase (decrease) in net asset value | (1.77) |
| **Net Asset Value at end of period** | $29.28 |
| **Total Return** (%)<sup>1</sup>** | (4.25)<sup>2</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $19575 |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.73<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.73<sup>3</sup> |
| Ratio of net investment income (loss) to average net assets |  |
| &nbsp;&nbsp;&nbsp;After reimbursement and waiver of expenses by Adviser (%) | 2.03 |
| Portfolio turnover (%)<sup>4</sup> | 33<sup>2</sup> |

---

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

<sup>1</sup> Total return without applicable sales charge.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $28.72 | $23.81 | $23.76 | $23.85 | $23.22 | $28.78 | $23.84 | $23.83 | $23.92 | $23.29 | $29.09 | $24.12 | $24.06 | $24.07 | $23.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.01) | (0.01) | 0.04<sup>1</sup> | 0.06<sup>1</sup> | 0.05 | 0.05 | 0.12 | 0.14<sup>1</sup> | 0.12<sup>1</sup> | 0.11 | 0.08 | 0.11 | 0.03<sup>1</sup> | 0.16<sup>1</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.92) | 7.29 | 1.31 | 3.39 | 1.87 | (2.93) | 7.24 | 1.29 | 3.39 | 1.87 | (2.93) | 7.37 | 1.45 | 3.43 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.93) | 7.28 | 1.35 | 3.45 | 1.92 | (2.88) | 7.36 | 1.43 | 3.51 | 1.98 | (2.85) | 7.48 | 1.48 | 3.59 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.10) | (0.03) | (0.04) | (0.05) | (0.12) | (0.16) | (0.09) | (0.15) | (0.14) | (0.12) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (2.14) | (2.37) | (1.30) | (3.44) | (1.26) | (2.14) | (2.37) | (1.30) | (3.44) | (1.26) | (2.14) | (2.37) | (1.30) | (3.44) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.14) | (2.37) | (1.30) | (3.54) | (1.29) | (2.18) | (2.42) | (1.42) | (3.60) | (1.35) | (2.29) | (2.51) | (1.42) | (3.60) | (1.40) |
| Net increase (decrease) in net asset value | (5.07) | 4.91 | 0.05 | (0.09) | 0.63 | (5.06) | 4.94 | 0.01 | (0.09) | 0.63 | (5.14) | 4.97 | 0.06 | (0.01) | 0.63 |
| **Net Asset Value at end of period** | $23.65 | $28.72 | $23.81 | $23.76 | $23.85 | $23.72 | $28.78 | $23.84 | $23.83 | $23.92 | $23.95 | $29.09 | $24.12 | $24.06 | $24.07 |
| **Total Return** (%)<sup>2</sup>** | (11.33) | 32.37 | 5.75 | 18.37 | 8.50 | (11.13) | 32.72 | 6.06 | 18.63 | 8.75 | (10.96) | 32.96 | 6.21 | 18.88 | 8.90 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $88286 | $108515 | $88934 | $86476 | $78043 | $89391 | $112166 | $157991 | $244443 | $208942 | $50843 | $84331 | $70490 | $8063 | $6919 |
| Ratios of expenses to average net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| assets (%) | 1.16 | 1.16 | 1.18 | 1.20 | 1.20 | 0.91 | 0.91 | 0.94 | 0.95 | 0.95 | 0.73 | 0.73 | 0.74 | 0.77 | 0.77 |
| Ratio of net investment income to average net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| assets (%) | (0.05) | (0.03) | 0.18 | 0.23 | 0.22 | 0.21 | 0.25 | 0.54 | 0.47 | 0.47 | 0.41 | 0.39 | 0.26 | 0.65 | 0.64 |
| Portfolio turnover (%)<sup>3</sup> | 18 | 17 | 41 | 23 | 40 | 18 | 17 | 41 | 23 | 40 | 18 | 17 | 41 | 23 | 40 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **INVESTORS FUND** | **INVESTORS FUND** | **INVESTORS FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** |
|  | Year Ended<br>October 31, | Year Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022 | 2021 | 2020<sup>1</sup> |
| **Net Asset Value at beginning of period** | $28.75 | $23.84 | $24.51 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.07 | 0.10 | 0.00<sup>2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.91) | 7.28 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.84) | 7.38 | (0.67) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (2.14) | (2.37) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.24) | (2.47) |  |
| Net Increase (decrease) in net asset value | (5.08) | 4.91 | (0.67) |
| **Net Asset Value at end of period** | $23.67 | $28.75 | $23.84 |
| **Total Return** (%)<sup>4</sup>** | (11.03) | 32.87 | (2.73)<sup>5</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $71885 | $104617 | $20643 |
| Ratios of expenses to average net assets (%) | 0.81 | 0.81 | 0.82<sup>6</sup> |
| Ratio of net investment income to average net assets | 0.31 | 0.30 | 0.02<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 18 | 17 | 41<sup>5</sup> |

---

<sup>1</sup> Class I shares commenced operations effective September 1, 2020.

<sup>2</sup> Amounts represent less than $0.005 per share.

<sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>4</sup> Total return without applicable sales charge.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | |
|:---|:---|:---|
|  | **SUSTAINABLE EQUITY FUND** | **SUSTAINABLE EQUITY FUND** |
|  | **CLASS Y** | **CLASS I** |
|  | Period Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022<sup>1</sup> | 2022<sup>1</sup> |
| **Net Asset Value at beginning of period** | $10.00 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.82) | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.79) | (1.78) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | – | – |
| Net increase (decrease) in net asset value | (1.79) | (1.78) |
| **Net Asset Value at end of period** | $8.21 | $8.22 |
| **Total Return** (%)<sup>2</sup>** | (17.90)<sup>3</sup> | (17.80)<sup>3</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net Assets at end of period (in 000's) | $82 | $9198 |
| Ratios of expenses to average net assets (%) | 0.89<sup>4</sup> | 0.81<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 0.46<sup>4</sup> | 0.60<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 12<sup>3</sup> | 12<sup>3</sup> |

---

<sup>1</sup> The Sustainable Equity Fund was launched on December 31, 2021 and commenced operations effective January 3, 2022.

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $13.68 | $10.26 | $11.09 | $9.77 | $9.37 | $10.52 | 8.03 | $8.84 | $7.98 | $7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.09) | (0.07) | (0.08)<sup>1</sup> | (0.07)<sup>1</sup> | (0.06) | (1.64) | (0.68) | (0.53)<sup>1</sup> | (0.32)<sup>1</sup> | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.27) | 3.91 | (0.32) | 2.07 | 0.81 | 0.55 | 3.59 | 0.15 | 1.86 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.36) | 3.84 | (0.40) | 2.00 | 0.75 | (1.09) | 2.91 | (0.38) | 1.54 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.00) | 3.42 | (0.83) | 1.32 | 0.40 | (1.73) | 2.49 | (0.81) | 0.86 | 0.20 |
| **Net Asset Value at end of period** | $11.68 | $13.68 | $10.26 | $11.09 | $9.77 | $8.79 | $10.52 | $8.03 | $8.84 | $7.98 |
| **Total Return** (%)<sup>2</sup>** | (10.62) | 38.24 | (3.81) | 22.65 | 8.15 | (11.28) | 37.24 | (4.59) | 21.91 | 7.21 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $63417 | $76625 | $58782 | $66250 | $59519 | $605 | $1180 | $1191 | $1730 | $1891 |
| Ratios of expenses to average net assets (%) | 1.40 | 1.39 | 1.40 | 1.40 | 1.40 | 2.15 | 2.15 | 2.15 | 2.15 | 2.15 |
| Ratio of net investment income to average net assets (%) | (0.59) | (0.50) | (0.64) | (0.59) | (0.51) | (1.29) | (1.21) | (1.37) | (1.33) | (1.26) |
| Portfolio turnover (%)<sup>3</sup> | 24 | 24 | 24 | 25 | 27 | 24 | 24 | 24 | 25 | 27 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $14.62 | $10.89 | $11.71 | $10.23 | $9.76 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | 0.02 | (0.03)<sup>1</sup> | (0.02)<sup>1</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.37) | 4.13 | (0.36) | 2.18 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.40) | 4.15 | (0.39) | 2.16 | 0.82 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.00)<sup>2</sup> |  | (0.00)<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.04) | 3.73 | (0.82) | 1.48 | 0.47 |
| **Net Asset Value at end of period** | $12.58 | $14.62 | $10.89 | $11.71 | $10.23 |
| **Total Return** (%)<sup>3</sup>** | (10.17) | 38.89 | (3.52) | 23.27 | 8.55 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $253477 | $263892 | $323841 | $463768 | $351716 |
| Ratios of expenses to average net assets (%) | 0.95 | 0.95 | 0.97 | 0.98 | 0.98 |
| Ratio of net investment income to average net assets (%) | (0.14) | (0.04) | (0.20) | (0.18) | (0.09) |
| Portfolio turnover (%)<sup>4</sup> | 24 | 24 | 24 | 25 | 27 |

---

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

<sup>2</sup> Amounts represent less than $(0.005) per share.

<sup>3</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** |
|  | Year Ended | Year Ended | Period Ended |
|  | October 31,<br>2022 | October 31,<br>2021 | October 31,<br>2020<sup>1</sup> |
| **Net Asset Value at beginning of period** | $14.64 | $10.90 | $11.21 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.00<sup>2</sup> | (0.03) | 0.01<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.38) | 4.19 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | 4.16 | (0.31) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.02) | (0.00)<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.42) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.66) | (0.42) |  |
| Net increase (decrease) in net asset value | (2.04) | 3.74 | (0.31) |
| **Net Asset Value at end of period** | $12.60 | $14.64 | $10.90 |
| **Total Return** (%)<sup>4</sup>** | (10.08) | 39.01 | (2.77)<sup>5</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Assets at end of period (in 000's) | $274, 918 | $286235 | $61805 |
| Ratios of expenses to average net assets (%) | 0.85 | 0.85 | 0.866 |
| Ratio of net investment income to average net assets (%) | (0.04) | (0.01) | (0.43)<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 24 | 24 | 24<sup>5</sup> |

---

<sup>1</sup> Class I shares commenced operations effective September 1, 2020.

<sup>2</sup> Amounts represent less than $(0.005) per share.

<sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>4</sup> Total return without applicable sales charge.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $15.04 | $11.19 | $11.99 | $10.44 | $9.94 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | 0.02 | (0.02)<sup>1</sup> | (0.10)<sup>1</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.43) | 4.27 | (0.35) | 2.33 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.42) | 4.29 | (0.37) | 2.23 | 0.85 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.04) | (0.02) | (0.00)<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.42) | (0.43) | (0.68) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (0.44) | (0.43) | (0.68) | (0.35) |
| Net increase (decrease) in net asset value | (2.10) | 3.85 | (0.80) | 1.55 | 0.50 |
| **Net Asset Value at end of period** | $12.94 | $15.04 | $11.19 | $11.99 | $10.44 |
| **Total Return** (%)<sup>3</sup>** | (10.07) | 39.20 | (3.26) | 23.49 | 8.71 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $88723 | $105878 | $91562 | $55417 | $12886 |
| Ratios of expenses to average net assets (%) | 0.77 | 0.77 | 0.77 | 0.76 | 0.77 |
| Ratio of net investment income to average net assets (%) | 0.05 | 0.14 | (0.03) | (0.06) | 0.12 |
| Portfolio turnover (%)<sup>4</sup> | 24 | 24 | 24 | 25 | 27 |

---

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

<sup>2</sup> Amounts represent less than $0.005 per share.

<sup>3</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | Period Ended October 31, | Period Ended October 31, | Period Ended October 31, | Period Ended<br>October 31, | Inception to<br>September 30, |
|  | 2022 | 2021 | 2020 | 2019<sup>7</sup> | 2019<sup>1</sup> |
| **Net Asset Value at beginning of period** | $15.55 | $11.04 | $11.14 | $10.82 | $10.53 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.05) | (0.09) | (0.02)<sup>2</sup> | (0.01)<sup>2</sup> | (0.01)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.81) | 5.46 | 0.36 | 0.33 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.86) | 5.37 | 0.34 | 0.32 | 0.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.47) | (0.86) | (0.44) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.47) | (0.86) | (0.44) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (6.33) | 4.51 | (0.10) | 0.32 | 0.29 |
| **Net Asset Value at end of period** | $9.22 | $15.55 | $11.04 | $11.14 | 10.82 |
| **Total Return** (%)<sup>3</sup>** | (23.74) | 50.17 | 3.02 | 2.96<sup>4</sup> | 2.75<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3417 | $4847 | $2958 | $3457 | $3420 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.35 | 1.39 | 1.51 | 1.50<sup>5</sup> | 1.50<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.35 | 1.38 | 1.47 | 1.46<sup>5</sup> | 1.46<sup>5</sup> |
| Ratio of net investment income to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.52) | (0.67) | (0.18) | (1.07)<sup>5</sup> | (1.28)<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%). | (0.52) | (0.66) | (0.14) | (1.03)<sup>5</sup> | (1.24)<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 41 | 44 | 47 | 3 | 73 |

---

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

<sup>2</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>3</sup> Total return without applicable sales charge.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year.

<sup>7</sup> Disclosure represents the period October 1, 2019 to October 31, 2019.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | | Period Ended<br>October 31, | Year Ended September 30, | Year Ended September 30, |
|  | 2022 | 2021 | 2020 | 2019<sup>1</sup> | 2019 | 2018<sup>2</sup> |
| **Net Asset Value at beginning of period** | $15.69 | $11.11 | $11.19 | $10.87 | $15.56 | $15.03 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | (0.07) | 0.02<sup>3</sup> | (0.01)<sup>3</sup> | (0.04)<sup>3</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.84) | 5.51 | 0.35 | 0.33 | (1.39) | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.87) | 5.44 | 0.37 | 0.32 | (1.43) | 2.13 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.00)<sup>4</sup> |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.47) | (0.86) | (0.44) | – | (3.26) | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.47) | (0.86) | (0.45) |  | (3.26) | (1.60) |
| Net increase (decrease) in net asset value | (6.34) | 4.58 | (0.08) | 0.32 | (4.69) | 0.53 |
| **Net Asset Value at end of period** | $9.35 | $15.69 | $11.11 | $11.19 | 10.87 | $15.56 |
| **Total Return** (%)<sup>5</sup>** | (23.55) | 50.50 | 3.27 | 2.94<sup>6</sup> | (8.81) | 15.29 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $166238 | $253625 | $215890 | $263527 | $274824 | $543961 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.10 | 1.15 | 1.26 | 1.25<sup>7</sup> | 1.29 | 1.21 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.10 | 1.14 | 1.22 | 1.21<sup>7</sup> | 1.29 | 1.21 |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.27) | (0.42) | 0.08 | (0.82)<sup>7</sup> | (0.36) | (0.57) |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.27) | (0.40) | 0.12 | (0.78)<sup>7</sup> | (0.36) | (0.57) |
| Portfolio turnover (%)<sup>8</sup> | 41 | 44 | 47 | 3 | 73 | 49 |

---

<sup>1</sup> Disclosure represents the period October 1, 2019 to October 31, 2019.

<sup>2</sup> 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.

<sup>3</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>4</sup> Amounts represent less than $(0.005) per share.

<sup>5</sup> Total return without applicable sales charge.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | |
|:---|:---|:---|
|  | **SMALL CAP FUND** | **SMALL CAP FUND** |
|  | **CLASS I** | **CLASS I** |
|  | Year Ended<br>October 31, | Period Ended<br>October 31, |
|  | 2022 | 2021<sup>1</sup> |
| **Net Asset Value at beginning of period** | $15.70 | $14.41 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.83) | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.85) | 1.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.47) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.49) |  |
| Net increase (decrease) in net asset value | (6.34) | 1.29 |
| **Net Asset Value at end of period** | $9.36 | $15.70 |
| **Total Return** (%)<sup>2</sup>** | (23.52) | 8.95<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net Assets at end of period (in 000's) | $13863 | $21868 |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.00 | 1.00<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 1.00 | 1.00<sup>3</sup> |
| Ratio of net investment income to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.16) | (0.36)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.16) | (0.36)<sup>3</sup> |
| Portfolio turnover (%) | 41 | 44<sup>4</sup> |

---

<sup>1</sup> Class I shares commenced operations effective March 1, 2021.

<sup>2</sup> Total return without applicable sales charge.

<sup>3</sup> Annualized.

<sup>4</sup> Not annualized.

---

| | |
|:---|:---|
|  | **SMALL CAP FUND** |
|  | **CLASS R6** |
|  | Period Ended<br>October 31, |
|  | 2022<sup>1</sup> |
| **Net Asset Value at beginning of period** | $11.30 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.94) |
| Net increase in net asset value | (1.94) |
| **Net Asset Value at end of period** | $9.36 |
| **Total Return (%)<sup>3</sup>** | (17.17)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Assets at end of period (in 000's) | $161 |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 0.92<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | 0.92<sup>5</sup> |
| Ratio of net investment income to average net assets |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.06)<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.06)<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 41<sup>4</sup> |

---

<sup>1</sup> Class R6 shares commenced operations effective March 1, 2022.

<sup>2</sup> Amounts represent less than $(0.005) per share.

<sup>3</sup> Total return without applicable sales charge.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** | **INTERNATIONAL STOCK FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $13.67 | $11.83 | $13.53 | $12.92 | $14.00 | $13.20 | $11.47 | $13.14 | $12.56 | $13.63 | $13.64 | $11.83 | $13.57 | $12.96 | $14.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.08 | 0.07 | 0.06<sup>1</sup> | 0.18<sup>1</sup> | 0.16 | (0.21) | (0.21) | (0.08)<sup>1</sup> | 0.06<sup>1</sup> | 0.03 | (1.21) | 0.41 | 1.30<sup>1</sup> | 0.62<sup>1</sup> | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.78) | 2.35 | (0.89) | 0.99 | (1.12) | (2.45) | 2.46 | (0.82) | 0.99 | (1.07) | (1.46) | 2.05 | (2.10) | 0.58 | (3.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.70) | 2.42 | (0.83) | 1.17 | (0.96) | (2.66) | 2.25 | (0.90) | 1.05 | (1.04) | (2.67) | 2.46 | (0.80) | 1.20 | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.06) | (0.19) | (0.19) | (0.12) |  |  | (0.09) | (0.10) | (0.03) | (0.13) | (0.13) | (0.26) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.56) | (0.52) | (0.68) | (0.37) | – | (3.56) | (0.52) | (0.68) | (0.37) | – | (3.56) | (0.52) | (0.68) | (0.37) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.63) | (0.58) | (0.87) | (0.56) | (0.12) | (3.56) | (0.52) | (0.77) | (0.47) | (0.03) | (3.69) | (0.65) | (0.94) | (0.59) | (0.15) |
| Net increase (decrease) in net asset value | (6.33) | 1.84 | (1.70) | 0.61 | (1.08) | (6.22) | 1.73 | (1.67) | 0.58 | (1.07) | (6.36) | 1.81 | (1.74) | 0.61 | (1.08) |
| **Net Asset Value at end of period** | $7.34 | $13.67 | $11.83 | $13.53 | $12.92 | $6.98 | $13.20 | $11.47 | $13.14 | $12.56 | $7.28 | $13.64 | $11.83 | $13.57 | $12.96 |
| **Total Return (%)<sup>2</sup>** | (26.52) | 20.48 | (6.78) | 9.85 | (6.94) | (27.14) | 19.62 | (7.49) | 9.04 | (7.65) | (26.39) | 20.83 | (6.58) | 10.10 | (6.72) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $10896 | $16375 | $14602 | $17209 | $17679 | $139 | $348 | $494 | $715 | $840 | $666 | $888 | $823 | $1310 | $1434 |
| Ratios of expenses to average net assets (%) | 1.61 | 1.61 | 1.60 | 1.60 | 1.60 | 2.37 | 2.36 | 2.36 | 2.35 | 2.35 | 1.36 | 1.36 | 1.36 | 1.35 | 1.35 |
| Ratio of net investment income to average net assets (%) | 0.30 | 0.53 | 0.50 | 1.42 | 1.14 | (0.44) | (0.19) | (0.26) | 0.65 | 0.36 | 0.55 | 0.79 | 0.73 | 1.67 | 1.12 |
| Portfolio turnover (%)<sup>3</sup> | 31 | 120 | 34 | 37 | 29 | 31 | 120 | 34 | 37 | 29 | 31 | 120 | 34 | 37 | 29 |

---

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

<sup>2</sup> Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 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) Offered<sup>1</sup>** |
| Conservative Allocation<sup>2</sup> | Class A, Class B, Class C |
| Moderate Allocation<sup>2</sup> | Class A, Class B, Class C |
| Aggressive Allocation<sup>2</sup> | Class A, Class B, Class C |
| Tax-Free Virginia | Class Y |
| Tax-Free National | Class Y |
| High Quality Bond<sup>3</sup> | Class Y, Class I |
| Core Bond<sup>4</sup> | Class A, Class B, Class Y, Class I, Class R6 |
| Diversified Income | Class A, Class B, Class C |
| Covered Call & Equity Income<sup>3</sup> | Class A, Class C, Class Y, Class I, Class R6 |
| Dividend Income<sup>4</sup> | Class A, Class Y, Class I, Class R6 |
| Investors | Class A, Class Y, Class I, Class R6 |
| Sustainable Equity<sup>5</sup> | Class Y, Class I |
| Mid Cap | Class A, Class B, Class Y, Class I, Class R6 |
| Small Cap<sup>4</sup> | Class A, Class Y, Class I, Class R6 |
| International Stock | Class A, Class B, Class Y |

---

<sup>1</sup> 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.

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

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

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

<sup>5</sup> The Sustainable Equity Fund was launched on December 31, 2021, and Class Y and Class I classes 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:), the Fund's investment adviser.

**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 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

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

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:** 

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. The Trust has adopted the new Valuation Rule as of the compliance date and approved new pricing and valuation procedure to comply.

**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.

**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 a net realized loss of $(569) related to foreign currency transactions.

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

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 year ended October 31, 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. At October 31, 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 may segregate 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 October 31, 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 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 year ended October 31, 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 October 31, 2022, none of the funds held securities deemed as a Level 3, and there were no transfers between Level 3 securities and other classification levels.

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

The following is a summary of the inputs used as of October 31, 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund<sup>1</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Value at**<br>**10/31/22** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | $47970153 | $— | $— | $47970153 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 12711291 |  |  | 12711291 |
|  | 60681444 |  |  | 60681444 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | 94177616 |  |  | 94177616 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 17660692 |  |  | 17660692 |
|  | 111838308 |  |  | 111838308 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | 48985239 |  |  | 48985239 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 13271402 |  |  | 13271402 |
|  | 62256641 |  |  | 62256641 |
| **Tax-Free Virginia** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 17330967 |  | 17330967 |
| **Tax-Free National** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 17371511 |  | 17371511 |
| **High Quality Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 28955136 |  | 28955136 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 47602666 |  | 47602666 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4111113 |  |  | 4111113 |
|  | 4111113 | 76557802 |  | 80668915 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 9390691 |  | 9390691 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 10273333 |  | 10273333 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 4554563 |  | 4554563 |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 47488457 |  | 47488457 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 3929556 |  | 3929556 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 28335944 |  | 28335944 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 61509863 |  | 61509863 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3738487 |  |  | 3738487 |
|  | 3738487 | 165482407 |  | 169220894 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 112196532 |  |  | 112196532 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 1611705 |  | 1611705 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 2311739 |  | 2311739 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 1207756 |  | 1207756 |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 13587960 |  | 13587960 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 1022764 |  | 1022764 |
| &nbsp;&nbsp;&nbsp;Long Term Municipal Bonds |  | 555769 |  | 555769 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 8586473 |  | 8586473 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 17722292 |  | 17722292 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3267266 |  |  | 3267266 |
|  | 115463798 | 46606458 |  | 162070256 |
| **Covered Call & Equity Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 98724854 |  |  | 98724854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 881840 |  |  | 881840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 38077149 |  |  | 38077149 |
|  | 137683843 |  |  | 137683843 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call Options Written | (3267835) |  |  | (3267835) |
| **Dividend Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 296956568 |  |  | 296956568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 8138000 |  |  | 8138000 |
|  | 305094568 |  |  | 305094568 |
| **Investors** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 275197990 |  |  | 275197990 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 10181268 |  |  | 10181268 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 8638153 |  |  | 8638153 |

---

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund<sup>1</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Value at**<br>**10/31/22** |
|  | 294017411 |  |  | 294017411 |
| **Sustainable Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 8178994 |  |  | 8178994 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 691055 |  |  | 691055 |
|  | 8870049 |  |  | 8870049 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 615211781 |  |  | 615211781 |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 26365466 |  |  | 26365466 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 33707859 |  |  | 33707859 |
|  | 675285106 |  |  | 675285106 |
| **Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 170021758 |  |  | 170021758 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 16822299 |  |  | 16822299 |
|  | 186844057 |  |  | 186844057 |
| **International Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 226611 |  |  | 226611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 559075 |  |  | 559075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 707149 |  |  | 707149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 486071 |  |  | 486071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 261712 |  |  | 261712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 1200523 |  |  | 1200523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 986913 |  |  | 986913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 151047 |  |  | 151047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 965288 |  |  | 965288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 202631 |  |  | 202631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 204297 |  |  | 204297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 171190 |  |  | 171190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 1714476 |  |  | 1714476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 410322 |  |  | 410322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 447088 |  |  | 447088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 146606 |  |  | 146606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 268169 |  |  | 268169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 848096 |  |  | 848096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 130363 |  |  | 130363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1281137 |  |  | 1281137 |
| Short-Term Investments | 273059 |  |  | 273059 |
|  | 11641823 |  |  | 11641823 |

---

<sup>1</sup> See 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. As of October 31, 2022 the Covered Call & Equity Income Fund has not offset any of the positions and the positions are presented gross on the statement of Assets and Liabilities.

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 October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** |
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Fund** | <br>**Underlying Risk** | **Statements of Assets and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities Location** | **Fair Value** |
| **Covered Call & Equity Income** | Equity | Options purchased | $— | Options written | $(3267835) |

---

The following table presents the effect of derivative instruments on the Statements of Operations for the year ended October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Underlying Risk** | <br>**Statement of Operations** | **Realized Gain**<br>**(Loss) on Derivatives** | **Change in Unrealized Appreciation**<br>**(Depreciation) on Derivatives** |
| **Covered Call & Equity Income** | Equity | Option Purchased | $1614558 | $— |
|  | Equity | Option Written | 4465789 | (833984) |
| **Total** |  |  | $6080347 | $(833984) |

---

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

The average volume (based on the open positions at each month-end) of derivative activity during the year ended October 31, 2022.

---

| | | |
|:---|:---|:---|
|  | **Options Purchased Contracts<sup>(1)</sup>** | **Options Written Contracts<sup>(1)</sup>** |
| Covered Call & Equity Income | 62 | (7416) |

---

<sup>(1)</sup> Numbers of Contracts

There is no impact on the financial statement of the other funds as they did not hold derivative investments during the year ended October 31, 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 October 31, 2022:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Conservative Allocation | 0.20% |
| Moderate Allocation | 0.20% |
| Aggressive Allocation | 0.20% |
| Tax-Free Virginia | 0.50% |
| Tax-Free National | 0.40% |
| High Quality Bond<sup>1</sup> | 0.30% |
| Core Bond<sup>2</sup> | 0.39% |
| Diversified Income<sup>2</sup> | 0.65% |

---

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Covered Call & Equity Income | 0.85% |
| Dividend Income<sup>2</sup> | 0.70% |
| Investors<sup>2</sup> | 0.70% |
| Sustainable Equity<sup>2</sup> | 0.70% |
| Mid Cap<sup>2</sup> | 0.75% |
| Small Cap<sup>2</sup> | 0.89% |
| International Stock<sup>2</sup> | 1.05% |

---

<sup>1</sup> 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.

<sup>2</sup> 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 year ended October 31, 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%<sup>1</sup> | N/A |
| Core Bond | 0.20% | 0.20% | N/A | 0.20% | 0.10% | 0.02%<sup>2</sup> |
| 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%<sup>1</sup> | 0.02% |
| Dividend Income | 0.20% | N/A | N/A | 0.20% | 0.10% | 0.02%<sup>2</sup> |
| 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%<sup>2</sup> |
| International Stock | 0.30% | 0.30% | N/A | 0.30% | N/A | N/A |

---

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

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

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 year ended October 31, 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:

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

***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 Servicingand** | **Total Shareholder Servicingand** | **Total Shareholder Servicingand** |
| | **Shareholder Servicing Fee** | **Shareholder Servicing Fee** | **Shareholder Servicing Fee** | **Distribution Fee** | **Distribution Fee** | **Distribution Fees (Rule 12b-1)** | **Distribution Fees (Rule 12b-1)** | **Distribution Fees (Rule 12b-1)** |
| <br>**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 October 31, 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 deducted from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A, B, and C shares), as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the year ended October 31, 2022, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Amount Collected** | **Amount Collected** | **Amount Collected** | **Amount Retained** | **Amount Retained** | **Amount Retained** |
| <br>**Fund** | **Class A** | **Class B** | **Class C** | **Class A** | **Class B** | **Class C** |
| Conservative Allocation | 69354 | 911 | 895 | 9723 | 911 | 895 |
| Moderate Allocation | 57833 | 618 | 409 | 6785 | 618 | 409 |
| Aggressive Allocation | 44455 | 489 | 94 | 5061 | 489 | 94 |
| Core Bond | 11340 | 80 | n/a | 1586 | 80 | n/a |
| Diversified Income | 85832 | 419 | 65 | 10523 | 419 | 65 |
| Dividend Income | 22027 | n/a | n/a | 2597 | n/a | n/a |
| Covered Call & Equity Income | 35009 | n/a | 175 | 3877 | n/a | 175 |
| Investors | 46570 | n/a | n/a | 5754 | n/a | n/a |
| Mid Cap | 27717 | 37 | n/a | 3274 | 37 | n/a |
| Small Cap | 3204 | n/a | n/a | 373 | n/a | n/a |
| International Stock | 6127 | 11 | n/a | 765 | 11 | n/a |

---

**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 overdraft fees or 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.

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

**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 year ended October 31, 2022, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other Investment Securities** | **Other Investment Securities** |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Conservative Allocation | $— | $— | $48391326 | $55334856 |
| Moderate Allocation |  |  | 106886835 | 116762843 |
| Aggressive Allocation |  |  | 57496914 | 59640384 |
| Tax-Free Virginia |  |  | 3261432 | 3618824 |
| Tax-Free National |  |  | 1886751 | 3940017 |
| High Quality Bond | 17311616 | 32162283 | 4259700 | 16954386 |
| Core Bond | 47906411 | 15336267 | 25595357 | 20916713 |
| Diversified Income | 14717486 | 5260572 | 40030167 | 49229302 |
| Covered Call & Equity Income |  |  | 118745077 | 81875182 |
| Dividend Income |  |  | 100108956 | 104042830 |
| Investors |  |  | 62478842 | 124752230 |
| Sustainable Equity |  |  | 10096689 | 789766 |
| Mid Cap |  |  | 165819992 | 160422673 |
| Small Cap |  |  | 87613171 | 117756685 |
| International Stock |  |  | 4306106 | 5880271 |

---

**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.

**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,

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

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 year ended October 31, 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 year ended October 31, 2022, the Funds did not enter into any options on futures 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 October 31, 2022, the aggregate fair value of securities on loan for the Madison fund family was $36,439,321. 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 | $9705876 | $9946617 | $— |
| Moderate Allocation | 10806578 | 9381355 | 1683703 |
| Aggressive Allocation | 8801868 | 9027676 |  |
| High Quality Bond | 3549265 | 3636243 |  |
| Core Bond | 1761280 | 1807640 |  |
| Diversified Income | 621320 | 596503 | 38971 |
| Small Cap | 1193134 | 718085 | 546166 |

---

\* 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.

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

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** | **Remaining Contractual Maturity of the** | **Remaining Contractual Maturity of the** | **Remaining Contractual Maturity of the** | **Remaining Contractual Maturity of the** |
|  | **Agreements As of October 31, 202 2** | **Agreements As of October 31, 202 2** | **Agreements As of October 31, 202 2** | **Agreements As of October 31, 202 2** | **Agreements As of October 31, 202 2** |
|  | **Overnight and**<br>**Continuous** |<br>**<30 days** | **Between**<br>**30 & 90 days** |<br>**>90 days** |<br>**Total** |
| **<u>Securities Lending Transactions<sup>1</sup></u>** |  |  |  |  |  |
| **Conservative Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $9946617 | $— | $— | $— | $9946617 |
| **Total Borrowings** | $9946617 | $— | $— | $— | $9946617 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $9946617 |
| **Moderate Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $9381355 | $— | $— | $— | $9381355 |
| **Total Borrowings** | $9381355 | $— | $— | $— | $9381355 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $9381355 |
| **Aggressive Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $9027676 | $— | $— | $— | $9027676 |
| **Total Borrowings** | $9027676 | $— | $— | $— | $9027676 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $9027676 |
| **High Quality Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $3636243 | $— | $— | $— | $3636243 |
| **Total Borrowings** | $3636243 | $— | $— | $— | $3636243 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $3636243 |
| **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $1807640 | $— | $— | $— | $1807640 |
| **Total Borrowings** | $1807640 | $— | $— | $— | $1807640 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $1807640 |
| **Diversified Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $596503 | $— | $— | $— | $596503 |
| **Total Borrowings** | $596503 | $— | $— | $— | $596503 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $596503 |
| **Small Cap** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $718085 | $— | $— | $— | $718085 |
| **Total Borrowings** | $718085 | $— | $— | $— | $718085 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $718085 |

---

<sup>1</sup> 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 October 31, 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, 2019 through October 31, 2022. The tax character of distributions paid during the years ended October 31, 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Ordinary Income** | **Long- Term Capital Gain** | **Long- Term Capital Gain** | **Long- Term Capital Gain** |
| <br>**Fund** | **2022** | **2021** | **2022** | **2022** | **2021** |
| Conservative Allocation | $1935908 | $1463938 | $— | 2172675 | $2959941 |
| Moderate Allocation | 5983947 | 2291576 |  | 4373649 | 9116760 |
| Aggressive Allocation | 3544594 | 430089 |  | 2595089 | 4952886 |
| High Quality Bond | 1007136 | 1415730 |  | 589691 | 445318 |
| Core Bond | 3579748 | 3624747 |  | 1031083 | 2395104 |
| Diversified Income | 4789374 | 2185309 |  | 16074942 | 1993409 |
| Covered Call & Equity Income | 6894536 | 5515269 |  |  |  |
| Dividend Income | 8845416 | 4815817 |  | 26172810 |  |
| Investors | 1535866 | 1642194 |  | 29455574 | 32275668 |
| Sustainable Equity |  |  |  |  |  |
| Mid Cap | 890613 | 259456 |  | 32271670 | 21082398 |
| Small Cap | 12170756 |  |  | 49376230 | 16777335 |
| International Stock | 895246 | 80397 |  | 3711055 | 689311 |

---

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Capital Gain** | **Capital Gain** |
| <br>**Fund** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| Tax-Free Virginia | $320631 | $327983 | $— | $— | $65428 | $12728 |
| Tax-Free National | 331863 | 375173 | 14769 |  | 165179 |  |

---

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Tax Exempt Income** | **Ordinary Income** | **Long-Term Capital Gain** |
| Conservative Allocation | $— | $59408 | $— |
| Moderate Allocation |  | 733683 |  |
| Aggressive Allocation |  | 302738 |  |
| Tax-Free Virginia | 2099 |  |  |
| Tax-Free National | 4367 |  | 124906 |
| High Quality Bond |  | 97441 |  |
| Core Bond |  | 204333 |  |
| Diversified Income |  | 2798 | 9429987 |
| Covered Call & Equity Income |  | 3341989 |  |
| Dividend Income |  | 737879 | 20310587 |
| Investors |  | 466867 | 18181319 |
| Sustainable Equity |  | 36333 |  |
| Mid Cap |  |  | 13295399 |
| Small Cap |  |  | 9250244 |
| International Stock |  | 36487 |  |

---

For federal income tax purposes, the funds listed below have capital loss carryovers as of October 31, 2022, which are available to offset future capital gains, if any, realized through the fiscal year listed:

---

| | | |
|:---|:---|:---|
| | **No Expiration Date** | **No Expiration Date** |
| <br>**Fund** | **Short-Term** | **Long-Term** |
| Conservative Allocation | $1869369 | $130421 |
| Moderate Allocation | 1365206 |  |
| Aggressive Allocation | 943165 |  |
| Tax-Free Virginia | 62710 | 54506 |
| High Quality Bond | 185195 | 990837 |
| Core Bond | 848181 | 2609785 |
| Dividend Income | 1091372 |  |
| Sustainable Equity | 198405 |  |
| International Stock | 35220 | 534487 |

---

The loss carryovers for Core Bond Fund and Dividend Income Fund include losses from prior-year mergers. The utilization of these inherited losses are subject to an annual limitation.

For the year-ended October 31, 2022, capital losses utilized for each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount Utilized** |
| Dividend Income | $486573 |

---

Certain ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first day of the Funds' next taxable year, if the Funds so elect. Amount deferred is as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount Deferred** |
| Mid Cap | $1971546 |
| Small Cap | 628673 |

---

At October 31, 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 | $394387 | $(5477232) | $(5082845) |
| Moderate Allocation | 1884875 | (7318715) | (5433840) |
| Aggressive Allocation | 1784366 | (3032519) | (1248153) |
| Tax-Free Virginia | 2433 | (1243961) | (1241528) |
| Tax-Free National | 21494 | (1038397) | (1016903) |
| High Quality Bond | 11522 | (8032038) | (8020516) |
| Core Bond | 36629 | (27567053) | (27530424) |
| Diversified Income | 28331585 | (11546231) | 16785354 |
| Covered Call & Equity Income | 3033301 | (22442251) | (19408950) |
| Dividend Income | 54627187 | (9930709) | 44696478 |
| Investors | 107138510 | (6303973) | 100834537 |

---

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Appreciation** | **Depreciation** | **Net** |
| Sustainable Equity | 265614 | (1195139) | (929525) |
| Mid Cap | 264296485 | (16073555) | 248222930 |
| Small Cap | 33932395 | (19470480) | 14461915 |
| International Stock | 655688 | (4086441) | (3430753) |

---

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

Reclassification Adjustments. Paid-in capital, undistributed net investment income, and accumulated net realized gain (loss) have been adjusted in the Statements of Assets and Liabilities for permanent book-tax differences for all funds.

Differences primarily relate to the tax treatment of net operating losses, paydown gains and losses, foreign currency gains and losses, return of capital and other distributions from real estate investment trusts and non-REITs, securities adjustments related to Treasury Inflation Protected securities (TIPS), and distribution re-designations from investments in other regulated investment companies.

To the extent these book and tax differences are permanent in nature, such amounts are reclassified at the end of the fiscal year among paid-in capital in excess of par value, accumulated undistributed net investment income (loss) and accumulated net realized gain (loss) on investments and foreign currency translations. Accordingly, at October 31, 2022, reclassifications were recorded as follows

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Paid-in Capital** | **Undistributed**<br>**Net Investment**<br>**Income (Loss)** | **Accumulated Net**<br>**Realized**<br>**Gain (Loss)** |
| Conservative Allocation | $— | $12743 | $(12743) |
| Moderate Allocation |  | 72687 | (72687) |
| Aggressive Allocation | (2) | 46604 | (46602) |
| Tax-Free Virginia |  |  |  |
| Tax-Free National |  |  |  |
| High Quality Bond |  |  |  |
| Core Bond |  | 128189 | (128189) |
| Diversified Income |  | 80120 | (80120) |
| Covered Call & Equity Income |  | 4279128 | (4279128) |
| Dividend Income |  | (5262) | 5262 |
| Investors |  |  |  |
| Sustainable Equity |  |  |  |
| Mid Cap |  | (397045) | 397045 |
| Small Cap |  | (5677) | 5677 |
| International Stock |  | (6958) | 6958 |

---

**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

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

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 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.

**Madison Funds** \| October 31, 2022

**Notes to the Financial Statements - continued**

**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 year ended October 31, 2022 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund/Underlying Fund** |<br>**Beginning**<br>**value as of**<br>**10/31/2021** |<br>**Gross**<br>**Additions** |<br>**Gross**<br>**Sales** |<br>**Realized**<br>**Gain (Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(depreciation)** |<br>**Value at**<br>**10/31/2022** |<br><br>**Shares** |<br><br>**Dividend Income** |<br>**Distributions**<br>**Received**<sup>1</sup>** |
| **Conservative Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class I<sup>2</sup> | $15701268 | $1025000 | $(16501932) | $– | $(224336) | $– | $– | $75092 | $88637 |
| Madison Core Bond Fund Class R6 |  | 16554145 | (496767) | (90453) | (2535105) | 13431820 | 1569138 | 217626 |  |
| Madison Dividend Income Fund Class I<sup>2</sup> | 1344272 | 99565 | (1095143) | 124461 | (473155) |  |  | 5859 | 93705 |
| Madison Dividend Income Fund Class R6 |  | 934355 | (584111) | 140613 | 46392 | 537249 | 18349 | 13039 |  |
| Madison Investors Fund Class R6 | 5493514 | 1248580 | (3457670) | 659507 | (1260675) | 2683256 | 112036 | 25276 | 356839 |
| **Totals** | $22539054 | $19861645 | $(22135623) | $834128 | $(4446879) | $16652325 | 1699523 | $336892 | $539181 |
| **Moderate Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class I<sup>2</sup> | $17039519 | $2964968 | $(19524950) | $– | $(479537) | $– |  | $91914 | 106245 |
| Madison Core Bond Fund Class R6 |  | 19587374 |  |  | (2977429) | 16609945 | 1940414 | 266976 |  |
| Madison Dividend Income Fund Class I<sup>2</sup> | 6120707 | 467367 | (5385454) | 1016911 | (2219531) |  |  | 27504 | 439863 |
| Madison Dividend Income Fund Class R6 |  | 2738534 | (2212407) | 531025 | 16257 | 1073409 | 36660 | 36914 |  |
| Madison Investors Fund Class R6 | 17078788 | 1880780 | (7478893) | 1799645 | (4240207) | 9040113 | 377458 | 86374 | 1219406 |
| **Totals** | $40239014 | $27639023 | $(34601704) | $3347581 | $(9900447) | $26723467 | 2354532 | $509682 | $1765514 |
| **Aggressive Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class I<sup>2</sup> | $4884187 | $750000 | $(5522090) | $(24440) | $(87657) | $– |  | $25721 | $30306 |
| Madison Core Bond Fund Class R6 |  | 5288586 |  |  | (831588) | 4456998 | 520677 | 71638 |  |
| Madison Dividend Income Fund Class I<sup>2</sup> | 4705036 | 304349 | (4138016) | 851244 | (1722613) |  |  | 17910 | 286438 |
| Madison Dividend Income Fund Class R6 |  | 1813588 | (1435232) | 338246 | 110841 | 827443 | 28260 | 26833 |  |
| Madison Investors Fund Class R6 | 9552885 | 1088566 | (2237257) | 272479 | (1862662) | 6814011 | 284510 | 48854 | 689713 |
| **Totals** | $19142108 | $9245089 | $(13332595) | $1437529 | $(4393679) | $12098452 | 833447 | $190956 | $1006457 |

---

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

<sup>2</sup> During the year ended October 31, 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. On November 10, 2022, the Board of Trustees approved the conversion of oustanding Class B shares of certain Madison Funds into Class A shares of such Funds effective as of February 6, 2022, and the termination of Class B shares offered as part of the Trust. The conversion will take place after the close of business February 6, 2023. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.

**Madison Funds** \| October 31, 2022

**Report of Independent Registered Public Accounting Firm**

To the shareholders and the Board of Trustees of Madison Funds:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Madison Funds (the "Funds") comprising 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, Madison Mid Cap Fund, Madison Small Cap, and Madison International Stock Fund, including the portfolios of investments as of October 31, 2022, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds constituting the Madison Funds, as of October 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Comprising Madison Funds** | **Statements of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Madison Conservative Allocation Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Moderate Allocation Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Aggressive Allocation Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Tax-Free Virginia Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Tax-Free National Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison High Quality Bond Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Core Bond Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Diversified Income Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Covered Call & Equity Income Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Dividend Income Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Investors Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Sustainable Equity Fund | For the period January 3, 2022 (commencement of operations) through October 31, 2022. | For the period January 3, 2022 (commencement of operations) through October 31, 2022. | For the period January 3, 2022 (commencement of operations) through October 31, 2022. |
| Madison Mid Cap Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |
| Madison Small Cap Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the three years in the period ended October 31, 2022, and for the period from October 1, 2019 through October 31, 2019, and the year ended September 30, 2019. |
| Madison International Stock Fund | For the year ended October 31, 2022. | For the two years in the period ended October 31, 2022. | For the five years in the period ended October 31, 2022. |

---

The financial highlights for the year ended September 30, 2018, for Madison Small Cap Fund, before the effects of adjustments to retrospectively adjust the financial highlights to give effect to the reorganization that took place as of August 30, 2019, were audited by other auditors whose report, dated November 20, 2018, expressed an unqualified opinion on those financial highlights. We have audited the adjustments to the financial highlights for the year ended September 30, 2018, to retrospectively adjust the financial highlights to give effect to the reorganization. In our opinion, such retrospective adjustments are appropriate and have been appropriately applied. However, we were not engaged to audit, review, or reperform any procedures to the financial statements and financial highlights for periods prior to October 1, 2018 other than with respect to the retrospective adjustments described herein, and accordingly, we do not express an opinion or any other form of assurance on the financial statements and financial highlights of Madison Small Cap Fund for periods prior to October 1, 2018.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, IL

December 22, 2022

We have served as the auditor of one or more Madison Funds investment companies since 2009.

**Madison Funds** \| October 31, 2022

**Discussion of Contract Renewal Process and Considerations**

At a meeting of the Board of Trustees (the "Board" or "Trustees") of the Madison Funds (the "Trust") held on August 9, 2022, the Board, and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement (the "Agreement") between the Trust and Madison Asset Management, LLC (the "Adviser") with respect to the individual series of the Trust (each a "fund" and together, the "funds").

In determining whether to approve the continuation of the Investment Advisory Agreement, the Adviser furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Agreement was in the best interests of the respective funds and their shareholders. The information provided to the Board included: (1) data comparing management fees and expense ratios of comparable investment companies; (2) comparative performance information; (3) the Adviser's and its affiliates' revenues and costs of providing services to the funds; and (4) information about the Adviser's personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Agreement with management and independent legal counsel to the Independent Trustees and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Agreement. The Independent Trustees also reviewed the proposed continuation of the Agreement with independent legal counsel in a private session at which no representatives of management were present. The Independent Trustees made a variety of additional inquiries regarding the written materials provided by the Adviser and representatives of the Adviser and discussed with the Independent Trustees each of those additional inquiries during the meeting.

In approving the continuance of the Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided by the Adviser; (2) the investment performance of each fund; (3) the costs of the services to be provided and the profits to be realized by the Adviser and their respective affiliates; (4) economies of scale; and (5) the terms of the Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

With regard to the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the biographies and tenure of the personnel involved in Trust management and the experience of the Adviser and its affiliates as investment manager to other investment companies with similar investment strategies or to individual clients or institutions with similar investment strategies. They recognized the wide array of investment professionals employed by the Adviser, and their varying levels of experience and qualifications. They reviewed changes to the portfolio management teams that had occurred during the year, and the rationale therefor. Representatives of the Adviser discussed or otherwise presented their investment philosophies and strategies intended to provide investment performance consistent with each fund's investment objectives in a variety of market environments. The Trustees also noted their familiarity with the Adviser, due to the Adviser's long history of providing advisory services to the funds.

The Board also discussed the quality of services provided by the Trust by its applicable transfer agent, sub-administrator and custodian as well as the various administrative services provided directly by the Adviser.

Based on their review of the information provided, the Board determined with respect to each fund that the nature, extent and quality of services provided by the Adviser to the funds were satisfactory.

With regard to the investment performance of the Trust and the investment adviser, the Board reviewed current performance information provided in the written Board materials. They discussed the reasons for both outperformance and underperformance compared with peer groups and applicable indices and benchmarks. They recognized that the usefulness of comparative performance data as a frame of reference to measure a fund's performance may be limited because the performance peer group, among other things, may not precisely reflect the objectives and strategies of the fund, may have a different investable universe, or the composition of the peer group may be limited in size or number as well as other factors. They discussed the unique aspects of the securities markets applicable to particular funds so that the performance of any such funds could be reviewed in context. They reviewed both long-term and short-term performance and considered the effect on long-term performance that may have been attributable to any previous investment advisers/sub-advisers/portfolio managers to any fund or to a different investment strategy. They recognized that the performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. They considered that a different performance period, however, could generate significantly different results. Further, they noted that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

The Board also noted that on a quarterly basis, they review detailed information for each fund, including investment performance results, portfolio composition and investment philosophies, processes, and strategies. In addition, the Board also considered the Adviser's quarterly portfolio commentary and discussion of each fund's performance, as well as the Investment Strategy Oversight Committee's overviews. They also considered whether any relative underperformance was appropriate in view of the Adviser's conservative investment philosophy. The Board noted the type of market environments that favor the funds' strategies and discussed the funds' performance in such market environments. Representatives of the Adviser discussed with the Board the methodology for arriving at peer groups and indices used for performance comparisons which, with respect to peer groups, followed the same process as the prior year. The Board also considered that sometimes, the Morningstar categories the funds fall into do not precisely match a fund's investment strategy and philosophy.

Based on their review, the Board determined that, given the totality of the above factors and considerations, each fund's overall investment performance had been satisfactory.

With regard to the costs of the services to be provided and the profits to be realized by the investment adviser from the relationship with the Trust, the Board reviewed the expense ratios for a variety of other funds in each fund's peer group with similar investment objectives. Like the performance comparisons described above, the expense comparisons followed the same methodology as last year in terms of peer group selection.

The Board noted that the Adviser or its affiliates, provided investment management services to other investment company and/or non-investment company clients and considered the advisory fees charged by the Adviser to such funds and clients for purposes of determining whether the given advisory fee was disproportionately large under

**Madison Funds** \| October 31, 2022

**Discussion of Contract Renewal Process and Considerations - continued**

the so-called Gartenberg standard traditionally used by investment company boards in connection with advisory contract renewal considerations. The Board took those fees into account and considered the differences in services and time required by the various types of funds and clients to which the Adviser provided services. The Board recognized that significant differences may exist between the services provided to one type of fund or client and those provided to others, such as those resulting from a greater frequency of shareholder redemptions in a mutual fund, the higher turnover of mutual fund assets and the additional compliance and regulatory work associated with managing a 1940 Act fund. The Board gave such comparisons the weight that they merit in light of the similarities and differences between the services that the various funds require. They considered that, if the services rendered by the Adviser to one type of fund or client differed significantly from others, then the comparison should be given less weight. In the case of non-investment company clients for which the Adviser acts as an investment adviser, the Board noted that the fee may be lower than the fee charged to the Trust. The Board noted too the various administrative, operational, compliance, legal and corporate communication services required to be handled by the Adviser which are performed for investment company clients but are not typically performed for non-investment company clients.

The Trustees compared each fund's total expense ratio and advisory fee to those of comparable funds with similar investment objectives and strategies. The Board noted the relatively simple expense structure maintained by the Trust, an advisory fee and a capped administrative "services" fee, plus expenses for Trustee compensation which are not covered by the administrative services fee. The Board reviewed total expense ratios paid by other funds with similar investment objectives and asset size, recognizing that such a comparison, while not dispositive, was an important consideration. The Trustees also considered the experiation of the contractual fee waivers that had been in place for the Madison High Quality Bond Fund (waiver of 0.10% of the management fee).

With regard to the administrative services provided by the Adviser under a separate Services Agreement, the Board acknowledged that the Adviser is compensated for the administrative services it provides or arranges to provide to each of these funds and that such compensation does not always cover all costs incurred by the Adviser because the Services Agreement effectively acts as a cap on administrative expenses. Therefore, the Board recognized that some of the administrative, operational, regulatory or compliance fees or costs in excess of the Services Agreement fees are paid by the Adviser from investment advisory fees earned. In this regard, the Trustees noted that examination of each fund's total expense ratio compared to those of other investment companies was more meaningful than a simple comparison of basic "investment management only" fee schedules.

In addition, the Board recognized that to the extent a fund invests in other mutual funds also managed by the Adviser, the Adviser receives investment advisory fees from both the fund and the underlying mutual fund. The Board were satisfied in this regard that the Adviser provides separate services to each respective Trust's "fund of funds" portfolios and the underlying mutual funds in which each such fund invests in exchange for the fees received from them.

In reviewing costs and profits, the Board noted that for some smaller funds, the salaries of all portfolio management personnel, trading desk personnel, corporate accounting personnel and employees of the Adviser who serve as Trust officers, as well as facility costs (e.g., rent, etc.), could not be supported by fees received from such portfolios alone. However, the Board recognized that the Trust is profitable to the Adviser because such salaries and fixed costs are already paid in whole or in part from revenue generated by management of other client assets managed by the Adviser, including the Trust as a consolidated family of investment companies. The Trustees noted that total assets managed by the Adviser and its affiliates were approximately $19.8 billion as of May 31, 2021, and approximately $22 billion as of May 31, 2022. As a result, although the fees paid by an individual fund at its present size might not be sufficient to profitably support a stand-alone fund, each Trust is reasonably profitable to the Adviser as part of its larger, diversified organization. In sum, the Trustees recognized that the Trust is important to the Adviser and is managed with the attention given to the Adviser's other clients.

Following their review, the Board concluded that the costs for services provided by, and the level of profitability to, the Adviser with respect to the Investment Advisory and Services Agreement were reasonable considering the services provided.

With regard to the extent to which economies of scale would be realized as each fund's assets increase, the Trustees recognized that at their current asset levels, it was premature to discuss any economies of scale not already factored into the compensation payable under existing Investment Advisory and Services Agreement.

The Board recognized that another method to help ensure the shareholders share in any economies of scale is to include breakpoints in the advisory fee schedules. Based on their review, the Board concluded that the current advisory fee schedules and fee arrangements were appropriate and reflect economies of scale to be shared with shareholders when assets under management increase.

Counsel to the Independent Trustees confirmed that the Trust's Independent Trustees had met previously and reviewed the Section 15(c) materials. Counsel noted that the Independent Trustees had considered such materials in light of the Gartenberg standard as well as criteria either set forth or discussed in the Supreme Court decision in Jones v. Harris regarding the investment company contract renewal process under Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees made several additional inquiries regarding such written materials to the Adviser and representatives of the Adviser provided satisfactory responses thereto.

In considering the renewal of the funds' Investment Advisory and Services Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately with respect to each fund. The Board reached the following conclusions regarding each fund's Investment Advisory and Services Agreement, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory and Services Agreement; (b) the Adviser is qualified to manage the fund's assets in accordance with the fund's investment objective and strategies; (c) the overall investment performance of each fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices and benchmarks; (d) the fund's advisory and services fee is reasonable in light of the services received by the fund from the Adviser and other factors considered; and (e) the Adviser's investment strategies are appropriate for pursuing the investment objectives of each fund. Based on the foregoing conclusions, the Board determined with respect to each fund that continuation of the Investment Advisory Agreement with the Adviser was in the best interests of the fund and its shareholders. Moreover, the Board determined that renewal of the Services Agreement for the applicable funds with such agreements currently in place was in the best interests of each respective fund and its shareholders.

**Madison Funds** \| October 31, 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 October 31, 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 184/365 (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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | | **Class B** | **Class B** | **Class B** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Conservative Allocation\* | $1000 | $931.40 | 0.71% | $3.46 | $927.00 | 1.46% | $7.09 |
| Moderate Allocation\* | 1000 | 929.30 | 0.71% | 3.45 | 924.80 | 1.46% | 7.08 |
| Aggressive Allocation\* | 1000 | 923.90 | 0.71% | 3.44 | 920.10 | 1.46% | 7.07 |
| Core Bond | 1000 | 931.90 | 0.85% | 4.14 | 927.30 | 1.60% | 7.77 |
| Diversified Income | 1000 | 954.60 | 1.11% | 5.47 | 950.70 | 1.86% | 9.15 |
| Dividend Income | 1000 | 965.80 | 1.16% | 5.75 | N/A | N/A | N/A |
| Covered Call & Equity Income | 1000 | 1017.20 | 1.26% | 6.41 | N/A | N/A | N/A |
| Investors | 1000 | 964.50 | 1.16% | 5.74 | N/A | N/A | N/A |
| Mid Cap | 1000 | 981.50 | 1.40% | 6.99 | 978.80 | 2.15% | 10.72 |
| Small Cap | 1000 | 900.40 | 1.35% | 6.47 | N/A | N/A | N/A |
| International Stock | 1000 | 876.90 | 1.61% | 7.62 | 872.50 | 2.37% | 11.19 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Conservative Allocation\* | $1000 | $927.10 | 1.46% | $7.09 |
| Moderate Allocation\* | 1000 | 925.90 | 1.45% | 7.04 |
| Aggressive Allocation\* | 1000 | 920.20 | 1.45% | 7.02 |
| Diversified Income | 1000 | 951.40 | 1.86% | 9.15 |
| Covered Call & Equity Income | 1000 | 1014.20 | 2.01% | 10.13 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Tax-Free Virginia | $1000 | $966.70 | 0.86% | $4.26 |
| Tax-Free National | 1000 | 972.30 | 0.76% | 3.78 |
| High Quality Bond | 1000 | 967.30 | 0.50% | 2.48 |
| Core Bond | 1000 | 932.70 | 0.60% | 2.92 |
| Covered Call & Equity Income | 1000 | 1017.60 | 1.01% | 5.14 |
| Dividend Income | 1000 | 967.00 | 0.91% | 4.51 |
| Investors | 1000 | 965.40 | 0.91% | 4.51 |
| Sustainable Equity | 1000 | 953.50 | 0.91% | 4.48 |
| Mid Cap | 1000 | 984.40 | 0.95% | 4.75 |
| Small Cap | 1000 | 901.60 | 1.10% | 5.27 |
| International Stock | 1000 | 877.10 | 1.36% | 6.43 |

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**Madison Funds** \| October 31, 2022

**Other Information (unaudited) - continued**

**FUND EXPENSES PAID BY SHAREHOLDERS -** continued

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| High Quality Bond | $1000 | $967.00 | 0.41% | $2.03 |
| Core Bond | 1000 | 932.90 | 0.50% | 2.44 |
| Covered Call & Equity Income | 1000 | 1018.70 | 0.96% | 4.88 |
| Dividend Income | 1000 | 967.50 | 0.81% | 4.02 |
| Investors | 1000 | 966.10 | 0.81% | 4.01 |
| Sustainable Equity | 1000 | 953.60 | 0.81% | 3.99 |
| Mid Cap | 1000 | 985.10 | 0.85% | 4.25 |
| Small Cap | 1000 | 901.60 | 1.00% | 4.79 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Core Bond | $1000 | $934.30 | 0.42% | $2.05 |
| Covered Call & Equity Income | 1000 | 1018.30 | 0.88% | 4.48 |
| Dividend Income | 1000 | 967.90 | 0.73% | 3.62 |
| Investors | 1000 | 966.50 | 0.73% | 3.62 |
| Mid Cap | 1000 | 984.80 | 0.77% | 3.85 |
| Small Cap | 1000 | 901.70 | 0.91% | 4.36 |

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

**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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class B** | **Class B** | **Class B** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Conservative Allocation\* | $1000 | $1021.63 | 0.71% | $3.62 | $1017.85 | 1.46% | $7.43 |
| Moderate Allocation\* | 1000 | 1021.63 | 0.71% | 3.62 | 1017.85 | 1.46% | 7.43 |
| Aggressive Allocation\* | 1000 | 1021.63 | 0.71% | 3.62 | 1017.85 | 1.46% | 7.43 |
| Core Bond | 1000 | 1020.92 | 0.85% | 4.33 | 1017.14 | 1.60% | 8.13 |
| Diversified Income | 1000 | 1019.61 | 1.11% | 5.65 | 1015.83 | 1.86% | 9.45 |
| Dividend Income | 1000 | 1019.36 | 1.16% | 5.90 | N/A | N/A | N/A |
| Covered Call & Equity Income | 1000 | 1018.85 | 1.26% | 6.41 | N/A | N/A | N/A |
| Investors | 1000 | 1019.36 | 1.16% | 5.90 | N/A | N/A | N/A |
| Mid Cap | 1000 | 1018.15 | 1.40% | 7.12 | 1014.37 | 2.15% | 10.92 |
| Small Cap | 1000 | 1018.40 | 1.35% | 6.87 | N/A | N/A | N/A |
| International Stock | 1000 | 1017.09 | 1.61% | 8.19 | 1013.26 | 2.37% | 12.03 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Conservative Allocation\* | $1000 | $1017.85 | 1.46% | $7.43 |
| Moderate Allocation\* | 1000 | 1017.90 | 1.45% | 7.38 |
| Aggressive Allocation\* | 1000 | 1017.90 | 1.45% | 7.38 |
| Diversified Income | 1000 | 1015.83 | 1.86% | 9.45 |
| Covered Call & Equity Income | 1000 | 1015.07 | 2.01% | 10.21 |

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**Madison Funds** \| October 31, 2022

**Other Information (unaudited) - continued**

**FUND EXPENSES PAID BY SHAREHOLDERS -** continued

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Tax-Free Virginia | $1000 | $1020.87 | 0.86% | $4.38 |
| Tax-Free National | 1000 | 1021.37 | 0.76% | 3.87 |
| High Quality Bond | 1000 | 1022.68 | 0.50% | 2.55 |
| Core Bond | 1000 | 1022.18 | 0.60% | 3.06 |
| Covered Call & Equity Income | 1000 | 1020.11 | 1.01% | 5.14 |
| Dividend Income | 1000 | 1020.62 | 0.91% | 4.63 |
| Investors | 1000 | 1020.62 | 0.91% | 4.63 |
| Sustainable Equity | 1000 | 1020.62 | 0.91% | 4.63 |
| Mid Cap | 1000 | 1020.42 | 0.95% | 4.84 |
| Small Cap | 1000 | 1019.66 | 1.10% | 5.60 |
| International Stock | 1000 | 1018.35 | 1.36% | 6.92 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| High Quality Bond | $1000 | $1023.14 | 0.41% | $2.09 |
| Core Bond | 1000 | 1022.68 | 0.50% | 2.55 |
| Covered Call & Equity Income | 1000 | 1020.37 | 0.96% | 4.89 |
| Dividend Income | 1000 | 1021.12 | 0.81% | 4.13 |
| Investors | 1000 | 1021.12 | 0.81% | 4.13 |
| Sustainable Equity | 1000 | 1021.12 | 0.81% | 4.13 |
| Mid Cap | 1000 | 1020.92 | 0.85% | 4.33 |
| Small Cap | 1000 | 1020.16 | 1.00% | 5.09 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| <br>**Fund** |<br>**Beginning**<br>**Account**<br>**Value** |<br>**Ending**<br>**Account**<br>**Value** |<br>**Annual**<br>**Expense**<br>**Ratio** | **Expenses**<br>**Paid**<br>**During**<br>**Period** |
| Core Bond | $1000 | $1023.09 | 0.42% | $2.14 |
| Covered Call & Equity Income | 1000 | 1020.77 | 0.88% | 4.48 |
| Dividend Income | 1000 | 1021.53 | 0.73% | 3.72 |
| Investors | 1000 | 1021.53 | 0.73% | 3.72 |
| Mid Cap | 1000 | 1021.32 | 0.77% | 3.92 |
| Small Cap | 1000 | 1020.62 | 0.91% | 4.63 |

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

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

**Statement Regarding Liquidity Risk Management Program**

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Madison Funds (the "Trust") has adopted and implemented a liquidity risk management program (the "Program"). The Program seeks to promote effective liquidity risk management for each series of the Trust (individually, a "fund" and collectively, the "funds") and to protect fund shareholders from dilution of their interests. The Board of Trustees of the Trust (the "Board") has appointed the funds' Chief Compliance Officer as the program administrator (the "Program Administrator"). The Program Administrator is required to provide an annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquidity investment minimum ("HLIM"), if applicable, and any material changes to the Program.

On May 2 5, 2021 , the Board reviewed the Program Administrator's annual written report for the period of the first quarter of 2021 through the fourth quarter of 2021 (the "Report"). The Report provided an assessment of each fund's liquidity risk: the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors' interests in the fund. The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator uses State Street Bank and Trust Company, a third-party vendor, to provide portfolio investment classification services, and the Report noted that each fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each fund's portfolio is expected to primarily hold highly liquid investments and each fund will be considered a "primarily highly liquid fund" (as defined in the Program) and can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a HLIM for each fund and to adopt policies and procedures for responding to a HLIM shortfall. None of the funds held a significant portion of illiquid investments and the Trust was not required to file Form N-LIQUID during the review period. The Report noted that no material changes had been made to the Program since the Board's initial approval of the Program.

**Madison Funds** \| October 31, 2022

**Other Information (unaudited) - continued**

The Program Administrator concluded that each fund has been able to meet redemption requests in all market conditions during the review period without significant dilution to the fund's remaining investors. The Program Administrator determined that the Program is functioning properly.

**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.

**TAX INFORMATION**

**Foreign Tax Credits:** The funds expect to make an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the funds to their shareholders. For the year ended 2022, the following funds intend to pass through foreign tax credits and have derived gross income from foreign countries amounting to:

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| | | |
|:---|:---|:---|
| **Fund** | **Foreign Tax Credit Pass-Through** | **Foreign Source Income** |
| International Stock | $21506 | $286135 |

---

Complete information regarding the funds' foreign tax credit pass through to shareholders for the year ended October 31, 2022, will be reported in conjunction with Form 1099-DIV.

**Corporate Dividends Received Deduction**: For the taxable year ended 2022, the following percentage of income dividends paid by the fund qualify for the dividends received deduction available to corporations:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Percentage** | **Fund** | **Percentage** |
| Conservative Allocation | 16.08% | Dividend Income | 95.88% |
| Moderate Allocation | 14.75% | Investors | 100.00% |
| Aggressive Allocation | 20.15% | Mid Cap | 100.00% |
| Diversified Income | 86.03% | Small cap | 15.14% |
| Covered Call Equity Income | 17.76% |  |  |

---

**Qualified Dividend Income**: For the taxable year ended 2022, the funds hereby designate the maximum amount of dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income ("QDI") eligible for reduced tax rates (the rates range from 5% to 15% depending upon individual's tax bracket). Complete information regarding each fund's income distributions paid during the calendar year 2022, including the portion, if any, which qualify as QDI, will be reported in conjunction with Form 1099-DIV.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Amount** | **Fund** | **Amount** |
| Conservative Allocation | $349440 | Investors | $694069 |
| Moderate Allocation | 1161563 | Sustainable Equity | 36333 |
| Aggressive Allocation | 768728 | Mid Cap | 890613 |
| Diversified Income | 2717740 | Small Cap | 4949 |
| Covered Call & Equity Income | 1623024 | International Stock | 57993 |
| Dividend Income | 5726874 |  |  |

---

**Madison Funds** \| October 31, 2022

**Trustees and Officers** 

The address of each Trustee and officer is 550 Science Drive, Madison, WI 53711. The Statement of Additional Information, which includes additional information about the Trustees and officers, is available at no cost on the Fund's website at www.madisonfunds.com or by calling 1-800-877-6089. The information in this table is as of December 1, 2022.

***Interested Trustees and Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and Age | Position(s) Held, Length of Time<br> Served and Term of Office | Principal Occupation(s) During Past Five Years | Portfolios Overseen<br> in Fund Complex by<br> Director/Trustee<sup>1</sup> | Other Directorships Held<br> by Director/ Trustee |
| Paul A. Lefurgey<sup>2</sup> 57 | Trustee, 2020 – Present; Vice President, 2009 - Present | Madison Investment Holdings, Inc. ("MIH"), Madison Asset Management, LLC ("Madison") and Madison Investment Advisors, LLC ("MIA"), CEO, 2017 – Present; Co-Head of Fixed Income, 2019 – 2021; Director of Fixed Income Investments, 2016 - 2019; Executive Director and Head of Fixed Income Investments, 2013 – 2016; Chairman - Executive Committee, 2015 - 2017 | 30 | Madison Covered Call & Equity Strategy Fund, 2021 - Present; Ultra Series Fund (14), 2022 - Present |
|  |  | Ultra Series Fund (14 portfolios), Vice President, 2009 - Present; Madison Covered Call & Equity Strategy Fund, Vice President, 2012 – Present; Madison Strategic Sector Premium Fund, Vice President, 2010 – 2018 |  |  |
| Patrick F. Ryan<br> 42 | President, 2020 - Present | MIH, MIA and Madison, Head of Multi-Asset Solutions and Portfolio Manager, 2018 – Present; Co-Head of Multi-Asset Solutions and Portfolio Manager, 2016 – 2017 | N/A | N/A |
|  |  | Ultra Series Fund (14) portfolios and Madison Covered Call & Equity Strategy Fund, President, 2020 - Present |  |  |
| Greg D. Hoppe<br> 53 | Vice President, 2020 – Present; Chief Financial Officer 2019 – Present; Treasurer, 2009 – 2019 | MIH and MIA, Vice President, 1999 - Present; Madison, Vice President, 2009 – Present<br>Ultra Series Fund (14 portfolios), Vice President, 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2009 - 2019; Madison Covered Call & Equity Strategy Fund, Vice President, March 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2012 – 2019; Madison Strategic Sector Premium Fund, Treasurer, 2009 – 2018 | N/A | N/A |
| Holly S. Baggot<br> 61 | Secretary, 1999 – Present; Assistant Treasurer, 1999 – 2007 and 2009 – Present | MIH and MIA, Vice President, 2010 – Present; Madison, Vice President, 2009 – Present; MFD Distributor, LLC ("MFD") (an affiliated brokerage firm of Madison), Vice President, 2012 – Present | N/A | N/A |
|  |  | Ultra Series Fund (14) portfolios, Secretary, 1999 – Present and Assistant Treasurer, 2009 - Present; Madison Covered Call & Equity Strategy Fund, Secretary and Assistant Treasurer, 2012 – Present; Ultra Series Fund and Madison Covered Call & Equity Strategy Fund, Anti-Money Laundering Officer, 2019 – 2020; Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2010 – 2018 |  |  |
| Steve J. Fredricks<br> 52 | Chief Compliance Officer and Assistant Secretary, 2018 - Present | MIH, MIA and Madison, Chief Legal Officer, 2020 – Present; Chief Compliance Officer, 2018 – Present | N/A | N/A |
|  |  | Ultra Series Fund (14 portfolios) and Madison Covered Call & Equity Strategy Fund, Chief Compliance Officer and Assistant Secretary, 2018 – Present; Madison Strategic Sector Premium Fund, Chief Compliance Officer during 2018 |  |  |
|  |  | Jackson National Asset Management, LLC, Senior Vice President and Chief Compliance Officer, 2005 - 2018 |  |  |
| Terri A. Wilhelm<br> 53 | Assistant Secretary, November 2022 - Present | MIH, MIA and Madison, Senior Compliance Analyst, September 2022 - Present | N/A | N/A |
|  |  | Ultra Series Fund (14) portfolios and Madison Covered Call & Equity Strategy Fund, Assistant Secretary, November 2022 - Present |  |  |
|  |  | State of Wisconsin Investment Board, Senior Paralegal, 2017 – 2022 |  |  |

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<sup>1</sup> As of the date of this report, the fund complex consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 30 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the "Fund Complex" in the following tables have the meaning disclosed in this paragraph.

<sup>2</sup> "Interested person" as defined in the 1940 Act. Considered an interested Trustee because of the position held with the investment adviser of Madison Funds.

**Madison Funds** \| October 31, 2022

**Trustees and Officers** 

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and<br> Age | Position(s) Held, First Elected<br> and Term of Office<sup>1</sup> | Principal Occupation(s) During Past Five Years | Portfolios Overseen<br> in Fund Complex by<br> Director/Trustee<sup>2</sup> | Other Directorships Held by Director/ Trustee |
| Scott C. Jones<br> 60 | Trustee, 2019 – 2034 | Managing Director, Carne Global Financial Services (US) LLC (a provider of independent governance and distribution support for the asset management industry), 2013 – Present | 16 | XAI Octagon Floating Rate & Alternative Income Term Trust (2 portfolios), 2017 – Present |
|  |  | Managing Director, Park Agency, Inc., 2020 – Present |  | Manager Directed Portfolios (open-end fund family, 9 portfolios), 2016 - Present and Lead Independent Trustee since 2017 |
|  |  |  |  | Guestlogix Inc. (a provider of ancillary-focused technology to the travel industry), 2015 – 2016 |
|  |  |  |  | Madison Covered Call & Equity Strategy Fund, 2021 – Present |
| Steven P. Riege<br> 68 | Trustee, 2005 - 2028 | Ovation Leadership (management consulting) Milwaukee, WI, Owner/ President, 2001 - Present | 30 | Ultra Series Fund (14 portfolios), 2005 - Present |
|  |  | Robert W. Baird & Company (financial services), Milwaukee, WI, Senior Vice President-Marketing and Vice President-Human Resources, 1986 - 2001 |  | Madison Covered Call & Equity Strategy Fund, 2015 - Present |
| Richard E. Struthers<br> 70 | Trustee, 2004 – 2028 | Clearwater Capital Management (investment advisory firm), Naples, FL, Chair and Chief Executive Officer 1998 - Present | 30 | Ultra Series Fund (14 portfolios), 2004 – Present |
|  |  | Park Nicollet Health Services, Minneapolis, MN, Chairman, Finance and Investment Committee, 2006 - 2012 |  | Madison Covered Call & Equity Strategy Fund, 2017 – Present |

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<sup>1</sup> A Trustee must retire at the end of the calendar year in which the first of the following two events occurs: (1) they attain the age of seventy-six (76), or (2) they have served on the Board for a total of fifteen (15) years, subject in the latter case to extension by unanimous vote of the remaining Trustees on an annual basis. The fifteen (15) year term limitation shall commence on the later of April 19, 2013 or the date of the Trustee's initial election or appointment as a trustee. Board terms end on December 31 of the year noted.

<sup>2</sup> As of the date of this report, the fund complex consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 30 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the "Fund Complex" in the preceding tables have the meaning disclosed in this paragraph.

**Madison Funds** \| October 31, 2022

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**Madison Funds** \| October 31, 2022

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**Madison Funds** \| October 31, 2022

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4460-P1053

Rev. 1022

**Item 2. Code of Ethics.**

(a) The Trust has adopted a code of ethics that applies to the Trust's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.

(c) During the period covered by the report, registrant did not make any substantive amendments to the Code.

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(f) Any person may obtain a complete copy of the code without charge by calling the Adviser at 800-767-0300 and requesting a copy of "the Madison Funds Sarbanes Oxley Code of Ethics."

**Item 3. Audit Committee Financial Expert.**

In August 2022, Richard Struthers, an "independent" Trustee and a member of the Trust's audit committee, was appointed to serve as the Trust's audit committee financial expert among the three independent Trustees who so qualify to serve in that capacity.

**Item 4. Principal Accountant Fees and Services.**

**(a) <u>Audit Fees</u>.** Total audit fees paid (or to be paid) to the registrant's principal accountant for the fiscal years ended October 31, 2022 and 2021, respectively were $225,000 ($451,950 including the Ultra Series Fund and the Madison Covered Call & Equity Strategy Fund, all affiliated investment companies "together, the "Affiliated Funds") and $198,000 ($416,030 including the Affiliated Funds).

**(b) <u>Audit-Related Fees</u>.** For the fiscal years ended October 31, 2022 and October 31, 2021, the aggregate fees for professional services rendered by Deloitte & Touche for assurance and related services by such firm that were reasonably related to the performance of the audit of the Trust's annual financial statements other than those referenced in paragraph (a) above, totaled $0 and $0, respectively.

**(c) <u>Tax-Fees</u>.** For the fiscal years ended October 31, 2022 and October 31, 2021, the aggregate fees paid (or to be paid) for professional services rendered by Deloitte & Touche for tax compliance, tax advice and tax planning are approximately $47,723 ($86,625 including the Affiliated Funds) and $42,336 ($79,706 including the Affiliated Funds), respectively.

In the scope of services comprising the fees disclosed under this Item 4(c) were the following services:

-Review and sign as signature preparer for U.S. Income Tax Return for Regulated Investment Companies, Form 1120-RIC, Return of Excise Tax on Undistributed Income of Regulated Investment Companies, Form 8613 and appropriate State tax returns.

**(d) <u>All Other Fees</u>.** None**.**

(e) (1) Before any accountant is engaged by the registrant to render audit or non-audit services, the engagement must be approved by the audit committee as contemplated by paragraph (c)(7)(i)(A) of Rule 2-01of Regulation S-X.

(2) The Audit Committee has pre-approved, as required by Rule 2-01(c)(7)(i)(C) of Regulation S-X, 100% of the services described in this Item 4(b) through (d), which such services are described above.

(f) None.

(g) None.

(h) None.

**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**.

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| | | |
|:---|:---|:---|
| (a) | (1) | Code of ethics - See Item 2. |
|  | [(2)](g186295_ex99cert.htm) | [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. – *Filed herewith.*](g186295_ex99cert.htm) |
|  | (3) | Not applicable. |
|  | (4) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| [(b)](g186295_ex906cert.htm) |  | [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - *Filed herewith.*](g186295_ex906cert.htm) |

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**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/ Steve J. Fredricks |
| Steve J. Fredricks, Chief Legal Officer & Chief Compliance Officer |

---

Date: <u>December 30, 2022</u>

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: <u>December 30, 2022</u>

---

| |
|:---|
| /s/ Greg D. Hoppe |
| Greg D. Hoppe, Principal Financial Officer & Principal Accounting Officer |

---

Date: <u>December 30, 2022</u>

## Ex-99

**Exhibit 99cert**

**Form N-CSR Certifications**

I, Greg D. Hoppe, certify that:

1. I have reviewed this report on Form N-CSR of Madison Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly represent in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>March 3, 2023</u>

<u>/s/ Greg D. Hoppe</u>

Greg D. Hoppe<br> Principal Financial Officer and Principal Accounting Officer

I, Patrick F. Ryan, certify that:

1. I have reviewed this report on Form N-CSR of Madison Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly represent in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>March 3, 2023</u>

<u>/s/ Patrick F. Ryan</u>

Patrick F. Ryan<br> Principal Executive Officer

## Ex-99

**Exhibit 906cert**

**Certification under Section 906 of Sarbanes Oxley (18 USC 1350)**

**Madison Funds<br> Annual Report dated October 31, 2022**

The undersigned certify that this periodic report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)) and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

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| | |
|:---|:---|
| /s/ Patrick F. Ryan | /s/ Greg D. Hoppe |
| Patrick F. Ryan | Greg D. Hoppe |
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |

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Dated this 30th day of December, 2022

*A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Madison Funds and will be retained by Madison Funds and furnished to the SEC or its staff upon request.*