# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001753926-26-000073
**Filing Date:** 2026-1
**Character Count:** 492920
**Document Hash:** be5463184d549fd846905f4304c2b959
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-26-000073.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001753926-26-000073

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612

**ORGANIZATION NAME:**
- **EIN:** 391894316
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 26518606

**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           |
| 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           |
| C000057654 | Mid Cap Fund Class Y  | GTSGX           |
| C000124803 | Mid Cap Fund Class R6 | MMCRX           |
| C000221332 | Mid Cap Fund Class I  | MDCIX           |

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

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000057658 | Diversified Income Fund Class A | mblax           |

### 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   |
|:---|:---|:---|
| C000057671 | Conservative Allocation Fund Class A | mcnax           |

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

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057673 | Moderate Allocation Fund Class A | MMDAX           |

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

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000057675 | Aggressive Allocation Fund Class A | magsx           |

### 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           |
| 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 Large Cap Fund (Series ID: S000040131)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000124794 | Large Cap Fund Class Y  | MINVX           |
| C000130690 | Large Cap Fund Class R6 | MNVRX           |
| C000130691 | Large Cap Fund Class A  | MNVAX           |
| C000221333 | Large Cap 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           |

?xml version='1.0' encoding='ASCII'?

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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, 2025

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. Reports to Shareholders.**

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Conservative Allocation Fund Class A**

Madison Conservative Allocation Fund

MCNAX

**Fund Overview**

This annual shareholder report contains important information about Conservative Allocation Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $74 | 0.71% |

---

**How did the Fund perform last year and what affected its performance?**

All three major asset classes posted positive results over the trailing twelve months, led by international equities, then US equities, followed by fixed income. The primary driver of the relative underperformance was attributable to positioning within US Equities. The fund was underweight mega-cap and high-beta stocks, which significantly outperformed more attractively valued and higher-quality stocks that were emphasized in the fund. Results within international equities were mixed as overweight positions in Asian emerging markets and Japan were additive; however, this positive impact was offset by exposure to broader European equities. The fund benefited from strong results within fixed income, specifically an overweight to the securitized sector as well as strong performance from a core fixed income holding.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img008_v1.jpg)

Conservative Allocation Fund Class A MCNAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 7.64% | 2.46% | 3.85% |
| Class A with load<sup>2</sup> | 1.40% | 1.26% | 3.23% |
| Conservative Allocation Fund Custom Index<sup>3</sup> | 11.66% | 5.09% | 5.62% |
| ICE BofA U.S. Corporate, Government & Mortgage Index<sup>4</sup> | 6.13% | (0.33%) | 1.89% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Conservative Allocation Fund Custom Index consists of 65% Bloomberg Barclays US Aggregate Bond Index, 24.5% Russell 3000 Index and 10.5% MSCI ACWI ex-US Index.

<sup>4</sup> The ICE BofA U.S. Corporate, Government & Mortgage Index is a broad-based measure of the US investment grade bond markets. The index is a capitalization-weighted aggregation of outstanding US treasury, agency, and supranational mortgage pass-through, and investment grade corporate bonds meeting specified selection criteria.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $37458689 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $80493 |

---

**What does the Fund invest in?**

The Fund invested primarily in shares of other registered investment companies. The Fund's total net assets were allocated among various asset classes and underlying funds, with target allocations over time of approximately 35% equity investments and 65% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 45.0% |
| Invesco S&P 500 Quality ETF | 7.7% |
| Janus Henderson Mortgage-Backed Securities ETF | 7.3% |
| Distillate U.S. Fundamental Stability & Value ETF | 5.2% |
| Schwab Intermediate-Term U.S. Treasury ETF | 5.1% |
| Madison Large Cap Fund, Class R6 | 3.5% |
| iShares MSCI Emerging Markets Asia ETF | 3.3% |
| Vanguard FTSE Europe ETF | 3.2% |
| Vanguard Information Technology ETF | 3.1% |
| State Street SPDR S&P Bank ETF | 2.6% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Investment Companies | 48.6% |
| Exchange Traded Funds | 48.1% |
| Short-Term Investments | 13.7% |
| Other Assets and Liabilities, Net | (10.4%) |

---

Conservative Allocation Fund Class A MCNAX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img009_v1.jpg) |

---

Conservative Allocation Fund Class A MCNAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Moderate Allocation Fund Class A**

Madison Moderate Allocation Fund

MMDAX

**Fund Overview**

This annual shareholder report contains important information about Moderate Allocation Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $74 | 0.71% |

---

**How did the Fund perform last year and what affected its performance?**

All three major asset classes posted positive results over the trailing twelve months, led by international equities, then US equities, followed by fixed income. The primary driver of the relative underperformance was attributable to positioning within US Equities. The fund was underweight mega-cap and high-beta stocks, which significantly outperformed more attractively valued and higher-quality stocks that were emphasized in the fund. Results within international equities were mixed as overweight positions in Asian emerging markets and Japan were additive; however, this positive impact was offset by exposure to broader European equities. The fund benefited from strong results within fixed income, specifically an overweight to the securitized sector as well as strong performance from a core fixed income holding.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img006_v1.jpg)

Moderate Allocation Fund Class A MMDAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.28% | 4.76% | 5.53% |
| Class A with load<sup>2</sup> | 3.00% | 3.53% | 4.91% |
| Moderate Allocation Fund Custom Index<sup>3</sup> | 15.66% | 8.93% | 8.21% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Moderate Allocation Fund Custom Index consists of 42% Russell 3000 Index, 40% Bloomberg Barclays US Aggregate Bond Index and 18% MSCI ACWI ex-US Index.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $88094435 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $179469 |

---

**What does the Fund invest in?**

The Fund invested primarily in shares of other registered investment companies. The Fund's total net assets were allocated among various asset classes and underlying funds, with target allocations over time of approximately 60% equity investments and 40% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 27.6% |
| Invesco S&P 500 Quality ETF | 11.6% |
| Distillate U.S. Fundamental Stability & Value ETF | 7.9% |
| Madison Large Cap Fund, Class R6 | 7.0% |
| Vanguard Information Technology ETF | 6.6% |
| Vanguard FTSE Europe ETF | 5.7% |
| iShares MSCI Emerging Markets Asia ETF | 5.6% |
| State Street SPDR S&P Bank ETF | 4.7% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.6% |
| Schwab Intermediate-Term U.S. Treasury ETF | 4.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 62.3% |
| Investment Companies | 34.6% |
| Short-Term Investments | 11.8% |
| Other Assets and Liabilities, Net | (8.7%) |

---

Moderate Allocation Fund Class A MMDAX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img007_v1.jpg) |

---

Moderate Allocation Fund Class A MMDAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Aggressive Allocation Fund Class A**

Madison Aggressive Allocation Fund

MAGSX

**Fund Overview**

This annual shareholder report contains important information about Aggressive Allocation Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $74 | 0.71% |

---

**How did the Fund perform last year and what affected its performance?**

All three major asset classes posted positive results over the trailing twelve months, led by international equities, then US equities, followed by fixed income. The primary driver of the relative underperformance was attributable to positioning within US Equities. The fund was underweight mega-cap and high-beta stocks, which significantly outperformed more attractively valued and higher-quality stocks that were emphasized in the fund. Results within international equities were mixed as overweight positions in Asian emerging markets and Japan were additive; however, this positive impact was offset by exposure to broader European equities. The fund benefited from a slight underweight to the fixed income asset class and also benefited from an overweight to the securitized sector.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img002a_v1.jpg)

Aggressive Allocation Fund Class A MAGSX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 10.20% | 6.41% | 6.69% |
| Class A with load<sup>2</sup> | 3.89% | 5.16% | 6.06% |
| Aggressive Allocation Fund Custom Index<sup>3</sup> | 18.91% | 12.03% | 10.23% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Aggressive Allocation Fund Custom Index consists of 56% Russell 3000 Index, 24% MSCI ACWI ex-US Index and 20% Bloomberg Barclays US Aggregate Bond Index.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $55001487 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $107252 |

---

**What does the Fund invest in?**

The Fund invested primarily in shares of other registered investment companies. The Fund's total net assets were allocated among various asset classes and underlying funds, with target allocations over time of approximately 80% equity investments and 20% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 14.3% |
| Invesco S&P 500 Quality ETF | 13.6% |
| Distillate U.S. Fundamental Stability & Value ETF | 11.3% |
| Madison Large Cap Fund, Class R6 | 10.5% |
| Vanguard FTSE Europe ETF | 8.4% |
| Vanguard Information Technology ETF | 8.4% |
| iShares MSCI Emerging Markets Asia ETF | 7.1% |
| State Street SPDR S&P Bank ETF | 6.3% |
| iShares Core S&P Small-Cap ETF | 4.5% |
| Vanguard FTSE All-World ex-U.S. ETF | 3.7% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 72.4% |
| Investment Companies | 24.8% |
| Short-Term Investments | 12.7% |
| Other Assets and Liabilities, Net | (9.9%) |

---

Aggressive Allocation Fund Class A MAGSX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img003_v1.jpg) |

---

Aggressive Allocation Fund Class A MAGSX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Diversified Income Fund Class A**

Madison Diversified Income Fund

MBLAX

**Fund Overview**

This annual shareholder report contains important information about Diversified Income Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $68 | 0.66% |

---

**How did the Fund perform last year and what affected its performance?**

The trailing twelve months have proved favorable for fixed income investors as intermediate-term investment grade bonds posted strong absolute returns. However, absolute returns for dividend paying stocks over the same period were challenged, with the benchmark having posted a slightly negative return. The fund benefited from strong results within the fixed income allocation, with positioning in the securitized sector and corporate credit delivering favorable results relative to the benchmark. Positioning within equities was not as favorable, as the hedged equity position lagged during the time period and performance across dividend strategies was mixed.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img004_v1.jpg)

Diversified Income Fund Class A MBLAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.89% | 5.65% | 6.40% |
| Class A with load<sup>2</sup> | (1.14%) | 4.41% | 5.77% |
| Madison Diversifed Income Custom Bechmark Index<sup>3</sup> | 5.09% | 6.07% | 5.91% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |
| ICE BofA U.S. Corporate, Government & Mortgage Index<sup>5</sup> | 6.13% | (0.33%) | 1.89% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Diversified Income Custom Benchmark consists of 50% Bloomberg US Intermediate Aggregate Bond Index; 30% Dow Jones US Dividend 100 Index; 20% CBOE S&P 500 BuyWrite Index.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

<sup>5</sup> The ICE BofA U.S. Corporate, Government & Mortgage Index is a broad-based measure of the US investment grade bond markets. The index is a capitalization-weighted aggregation of outstanding US treasury, agency, and supranational mortgage pass-through, and investment grade corporate bonds meeting specified selection criteria.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $116057991 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $257952 |

---

**What does the Fund invest in?**

The Fund invested primarily in shares of other registered investment companies. The Fund's total net assets were allocated among various asset classes and underlying funds, with target allocations over time of approximately 50% equity investments and 50% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Short-Term Strategic Income ETF | 24.2% |
| Madison Dividend Value ETF | 19.6% |
| Madison Aggregate Bond ETF | 15.9% |
| Madison Covered Call ETF | 15.7% |
| State Street SPDR Portfolio High Yield Bond ETF | 10.7% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.4% |
| Schwab U.S. Dividend Equity ETF | 4.0% |
| Global X MLP ETF | 3.6% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 1.3% |
| Federal National Mortgage Association, 7.000%, due 11/01/31 | 0.0% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 99.4% |
| Short-Term Investments | 5.5% |
| Mortgage Backed Securities | 0.0% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Other Assets and Liabilities, Net | (4.9%) |

---

Diversified Income Fund Class A MBLAX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img005_v1.jpg) |

---

Diversified Income Fund Class A MBLAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Tax-Free National Fund Class Y**

Madison Tax-Free National Fund

GTFHX

**Fund Overview**

This annual shareholder report contains important information about Tax-Free National Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $75 | 0.74% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's fiscal year, the municipal market posted modest gains in comparison to the US Treasury market. While 10-year Treasury yields have declined precipitously since January, municipal yields have not kept pace. A deluge of municipal new issuance supply, already at a record high for 2025, and continuing concerns related to fiscal funding at the federal level has resulted in a cautious tone from investors. In fact, municipal total returns were basically flat through August 2025 at which time ratios to comparable Treasuries became historically elevated and a very steep yield curve compelled market participants to start allocating cash to longer dated tax-free offerings. The underperformance was primarily due to a shorter duration posture throughout the one-year period and an overweight to the shorter tenors of the yield curve.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img062_v1.jpg)

Tax-Free National Fund Class Y GTFHX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 3.75% | 0.51% | 1.67% |
| ICE BofA 1-22 Yr Municipal Securities Index<sup>2</sup> | 4.49% | 1.41% | 2.38% |
| Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | 6.16% | (0.24%) | 1.90% |

---

<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.**

<sup>2</sup> The ICE BofA 1-22 Yr Municipal Securities Index tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, their political subdivisions, in the US domestic market, with a remaining term to final maturity less than 22 years.

<sup>3</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $18885938 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $74660 |

---

**What does the Fund invest in?**

The Fund invested in intermediate and long-term bonds with average aggregate maturities of 7 to 15 years in municipal bonds that were exempt from federal income taxes.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Mobile County, 5.000%, due 02/01/39 | 3.5% |
| City of Burlington WI, 4.000%, due 04/01/36 | 3.2% |
| Cook County School District No. 111 Burbank, 5.000%, due 12/01/35 | 3.0% |
| Medical Center Educational Building Corp., 5.000%, due 06/01/30 | 2.6% |
| Southampton County Industrial Development Authority, 5.000%, due 06/01/35 | 2.6% |
| West Virginia Economic Development Authority, 5.000%, due 07/01/37 | 2.4% |
| Eastern Kentucky University, 5.000%, due 04/01/33 | 2.4% |
| Hialeah Utility System, 5.000%, due 10/01/35 | 2.3% |
| El Paso County Facilities Corp., 5.000%, due 12/01/27 | 2.2% |
| Tulsa County Industrial Authority, 3.000%, due 02/01/31 | 2.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Municipal Bonds | 98.6% |
| Other Assets and Liabilities, Net | 1.4% |

---

Tax-Free National Fund Class Y GTFHX

**Material Fund Changes** 

This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.

Effective September 2, 2025, the administrative services fee of the Fund was reduced from 0.35% to 0.20%.

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img063_v1.jpg) |

---

Tax-Free National Fund Class Y GTFHX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**High Quality Bond Fund Class Y**

Madison High Quality Bond Fund

MIIBX

**Fund Overview**

This annual shareholder report contains important information about High Quality Bond Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $52 | 0.50% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's recent fiscal year, U.S. fixed income markets posted welcome gains despite a challenging landscape marked by evolving policy initiatives, continued inflation concerns, and deteriorating labor market health. After shifting higher early in the period, interest rates declined steadily as the Fed focused on labor market weakness and resumed lowering the Fed Funds rate. The fund benefited from falling rates and healthy economic growth, which produced stable conditions in the corporate credit market. Looking forward, the Fed remains true to its dual mandate, and markets appear priced consistently with communicated policy. We expect the investment landscape to remain challenging as markets interpret incoming data and trade policies. However, at current levels, fixed income markets provide attractive yield, and though some volatility may occur in the months ahead, we believe opportunities will emerge to add meaningful yield and duration at attractive levels.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img036_v1.jpg)

High Quality Bond Fund Class Y MIIBX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 5.42% | 0.73% | 1.47% |
| Bloomberg US Govt/Credit A+Interim USD Index<sup>2</sup> | 5.93% | 0.73% | 1.89% |
| Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | 6.16% | (0.24%) | 1.90% |

---

<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.**

<sup>2</sup> The Bloomberg US Intermediate Govt/Credit A+ Index measures the performance of US dollar denominated US Treasuries,government related and investment grade US corporate securities with quality ratings of A3/A- or better and maturities between one and 10 years.

<sup>3</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $60435390 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $172850 |

---

**What does the Fund invest in?**

The Fund invested in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments, while maintaining an overall portfolio quality rating of A by Standard & Poor's and/or A2 by Moody's.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.875%, due 10/31/28 | 4.3% |
| U.S. Treasury Notes, 3.625%, due 05/31/28 | 4.1% |
| U.S. Treasury Notes, 4.500%, due 05/31/29 | 3.8% |
| U.S. Treasury Notes, 4.000%, due 07/31/30 | 3.8% |
| U.S. Treasury Notes, 4.000%, due 07/31/29 | 3.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 3.8% |
| U.S. Treasury Notes, 3.875%, due 12/31/29 | 3.7% |
| U.S. Treasury Notes, 4.000%, due 06/30/28 | 3.6% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 3.6% |
| U.S. Treasury Notes, 3.875%, due 09/30/29 | 3.5% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Government and Agency Obligations | 63.6% |
| Corporate Notes and Bonds | 34.0% |
| Foreign Corporate Bonds | 1.2% |
| Short-Term Investments | 0.5% |
| Other Assets and Liabilities, Net | 0.7% |

---

High Quality Bond Fund Class Y MIIBX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img037_v1.jpg) |

---

High Quality Bond Fund Class Y MIIBX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**High Quality Bond Fund Class I**

Madison High Quality Bond Fund

MIIRX

**Fund Overview**

This annual shareholder report contains important information about High Quality Bond Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $42 | 0.41% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's recent fiscal year, U.S. fixed income markets posted welcome gains despite a challenging landscape marked by evolving policy initiatives, continued inflation concerns, and deteriorating labor market health. After shifting higher early in the period, interest rates declined steadily as the Fed focused on labor market weakness and resumed lowering the Fed Funds rate. The fund benefited from falling rates and healthy economic growth, which produced stable conditions in the corporate credit market. Looking forward, the Fed remains true to its dual mandate, and markets appear priced consistently with communicated policy. We expect the investment landscape to remain challenging as markets interpret incoming data and trade policies. However, at current levels, fixed income markets provide attractive yield, and though some volatility may occur in the months ahead, we believe opportunities will emerge to add meaningful yield and duration at attractive levels.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img034_v1.jpg)

High Quality Bond Fund Class I MIIRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/22** |
| Class I | 5.58% | 2.16% |
| Bloomberg US Govt/Credit A+Interim USD Index<sup>2</sup> | 5.93% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | 6.16% | 0.70% |

---

<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.**

<sup>2</sup> The Bloomberg US Intermediate Govt/Credit A+ Index measures the performance of US dollar denominated US Treasuries,government related and investment grade US corporate securities with quality ratings of A3/A- or better and maturities between one and 10 years.

<sup>3</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $60435390 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $172850 |

---

**What does the Fund invest in?**

The Fund invested in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments, while maintaining an overall portfolio quality rating of A by Standard & Poor's and/or A2 by Moody's.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.875%, due 10/31/28 | 4.3% |
| U.S. Treasury Notes, 3.625%, due 05/31/28 | 4.1% |
| U.S. Treasury Notes, 4.500%, due 05/31/29 | 3.8% |
| U.S. Treasury Notes, 4.000%, due 07/31/30 | 3.8% |
| U.S. Treasury Notes, 4.000%, due 07/31/29 | 3.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 3.8% |
| U.S. Treasury Notes, 3.875%, due 12/31/29 | 3.7% |
| U.S. Treasury Notes, 4.000%, due 06/30/28 | 3.6% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 3.6% |
| U.S. Treasury Notes, 3.875%, due 09/30/29 | 3.5% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Government and Agency Obligations | 63.6% |
| Corporate Notes and Bonds | 34.0% |
| Foreign Corporate Bonds | 1.2% |
| Short-Term Investments | 0.5% |
| Other Assets and Liabilities, Net | 0.7% |

---

High Quality Bond Fund Class I MIIRX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img035_v1.jpg) |

---

High Quality Bond Fund Class I MIIRX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Core Bond Fund Class A**

Madison Core Bond Fund

MBOAX

**Fund Overview**

This annual shareholder report contains important information about Core Bond Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $85 | 0.83% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's fiscal year, U.S. fixed income markets delivered solid gains amid shifting monetary and fiscal dynamics. Short-term and intermediate Treasury yields declined following Federal Reserve rate cuts, while longer-term yields moved higher, reflecting increased fiscal concerns. These crosscurrents contributed to a meaningful steepening of the 2- to 10-year Treasury curve. Risk assets performed well, with corporate credit spreads tightening modestly over the period and agency mortgage-backed securities tightening and outperforming corporate credit. Against this backdrop, Treasury and agency mortgage-backed segments generated solid returns. Within the fund, yield-curve positioning was additive to relative performance, as was security selection within agency mortgage-backed holdings.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img010_v1.jpg)

Core Bond Fund Class A MBOAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 5.86% | (0.17%) | 1.86% |
| Class A with load<sup>2</sup> | 1.04% | (1.09%) | 1.39% |
| Bloomberg U.S. Aggregate Bond Index<sup>3</sup> | 6.16% | (0.24%) | 1.90% |

---

<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.**

<sup>2</sup> Maximum sales charge is 4.50% for class A shares.

<sup>3</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $222002324 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $747916 |

---

**What does the Fund invest in?**

The Fund invested primary in fixed income securities such as Corporate, U.S. Government, Foreign, Non-Rated debt securities. In additional the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.625%, due 09/30/28 | 2.8% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 2.3% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 2.0% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.9% |
| U.S. Treasury Notes, 4.250%, due 06/30/31 | 1.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 1.8% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.7% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.6% |
| U.S. Treasury Bonds, 4.625%, due 05/15/44 | 1.6% |
| Federal National Mortgage Association, 5.500%, due 07/01/53 | 1.4% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 35.1% |
| U.S. Government and Agency Obligations | 28.5% |
| Corporate Notes and Bonds | 24.1% |
| Collateralized Mortgage Obligations | 5.0% |
| Foreign Corporate Bonds | 2.3% |
| Asset Backed Securities | 2.0% |
| Short-Term Investments | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Core Bond Fund Class A MBOAX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img011_v1.jpg) |

---

Core Bond Fund Class A MBOAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Core Bond Fund Class Y**

Madison Core Bond Fund

MBOYX

**Fund Overview**

This annual shareholder report contains important information about Core Bond Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a<br> percentage of a<br> $10,000 investment** |
| Class Y | $60 | 0.58% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's fiscal year, U.S. fixed income markets delivered solid gains amid shifting monetary and fiscal dynamics. Short-term and intermediate Treasury yields declined following Federal Reserve rate cuts, while longer-term yields moved higher, reflecting increased fiscal concerns. These crosscurrents contributed to a meaningful steepening of the 2- to 10-year Treasury curve. Risk assets performed well, with corporate credit spreads tightening modestly over the period and agency mortgage-backed securities tightening and outperforming corporate credit. Against this backdrop, Treasury and agency mortgage-backed segments generated solid returns. Within the fund, yield-curve positioning was additive to relative performance, as was security selection within agency mortgage-backed holdings.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img016_v1.jpg)

Core Bond Fund Class Y MBOYX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 6.16% | 0.13% | 2.13% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | 6.16% | (0.24%) | 1.90% |

---

<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.**

<sup>2</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $222002324 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $747916 |

---

**What does the Fund invest in?**

The Fund invested primary in fixed income securities such as Corporate, U.S. Government, Foreign, Non-Rated debt securities. In additional the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.625%, due 09/30/28 | 2.8% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 2.3% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 2.0% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.9% |
| U.S. Treasury Notes, 4.250%, due 06/30/31 | 1.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 1.8% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.7% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.6% |
| U.S. Treasury Bonds, 4.625%, due 05/15/44 | 1.6% |
| Federal National Mortgage Association, 5.500%, due 07/01/53 | 1.4% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 35.1% |
| U.S. Government and Agency Obligations | 28.5% |
| Corporate Notes and Bonds | 24.1% |
| Collateralized Mortgage Obligations | 5.0% |
| Foreign Corporate Bonds | 2.3% |
| Asset Backed Securities | 2.0% |
| Short-Term Investments | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Core Bond Fund Class Y MBOYX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img017_v1.jpg) |

---

Core Bond Fund Class Y MBOYX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Core Bond Fund Class I**

Madison Core Bond Fund

MBOIX

**Fund Overview**

This annual shareholder report contains important information about Core Bond Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $49 | 0.47% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's fiscal year, U.S. fixed income markets delivered solid gains amid shifting monetary and fiscal dynamics. Short-term and intermediate Treasury yields declined following Federal Reserve rate cuts, while longer-term yields moved higher, reflecting increased fiscal concerns. These crosscurrents contributed to a meaningful steepening of the 2- to 10-year Treasury curve. Risk assets performed well, with corporate credit spreads tightening modestly over the period and agency mortgage-backed securities tightening and outperforming corporate credit. Against this backdrop, Treasury and agency mortgage-backed segments generated solid returns. Within the fund, yield-curve positioning was additive to relative performance, as was security selection within agency mortgage-backed holdings.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img012_v1.jpg)

Core Bond Fund Class I MBOIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/26/21** |
| Class I | 6.30% | 0.26% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | 6.16% | (0.03%) |

---

<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.**

<sup>2</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $222002324 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $747916 |

---

**What does the Fund invest in?**

The Fund invested primary in fixed income securities such as Corporate, U.S. Government, Foreign, Non-Rated debt securities. In additional the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.625%, due 09/30/28 | 2.8% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 2.3% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 2.0% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.9% |
| U.S. Treasury Notes, 4.250%, due 06/30/31 | 1.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 1.8% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.7% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.6% |
| U.S. Treasury Bonds, 4.625%, due 05/15/44 | 1.6% |
| Federal National Mortgage Association, 5.500%, due 07/01/53 | 1.4% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 35.1% |
| U.S. Government and Agency Obligations | 28.5% |
| Corporate Notes and Bonds | 24.1% |
| Collateralized Mortgage Obligations | 5.0% |
| Foreign Corporate Bonds | 2.3% |
| Asset Backed Securities | 2.0% |
| Short-Term Investments | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Core Bond Fund Class I MBOIX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img013_v1.jpg) |

---

Core Bond Fund Class I MBOIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Core Bond Fund Class R6**

Madison Core Bond Fund

MBORX

**Fund Overview**

This annual shareholder report contains important information about Core Bond Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $41 | 0.40% |

---

**How did the Fund perform last year and what affected its performance?**

During the fund's fiscal year, U.S. fixed income markets delivered solid gains amid shifting monetary and fiscal dynamics. Short-term and intermediate Treasury yields declined following Federal Reserve rate cuts, while longer-term yields moved higher, reflecting increased fiscal concerns. These crosscurrents contributed to a meaningful steepening of the 2- to 10-year Treasury curve. Risk assets performed well, with corporate credit spreads tightening modestly over the period and agency mortgage-backed securities tightening and outperforming corporate credit. Against this backdrop, Treasury and agency mortgage-backed segments generated solid returns. Within the fund, yield-curve positioning was additive to relative performance, as was security selection within agency mortgage-backed holdings.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img014_v1.jpg)

Core Bond Fund Class R6 MBORX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/22** |
| Class R6 | 6.27% | 1.08% |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | 6.16% | 0.70% |

---

<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.**

<sup>2</sup> The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $222002324 |
| # of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $747916 |

---

**What does the Fund invest in?**

The Fund invested primary in fixed income securities such as Corporate, U.S. Government, Foreign, Non-Rated debt securities. In additional the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.625%, due 09/30/28 | 2.8% |
| U.S. Treasury Notes, 4.000%, due 02/29/28 | 2.3% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 2.0% |
| U.S. Treasury Notes, 4.125%, due 11/15/32 | 1.9% |
| U.S. Treasury Notes, 4.250%, due 06/30/31 | 1.8% |
| U.S. Treasury Notes, 3.875%, due 11/30/29 | 1.8% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.7% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.6% |
| U.S. Treasury Bonds, 4.625%, due 05/15/44 | 1.6% |
| Federal National Mortgage Association, 5.500%, due 07/01/53 | 1.4% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 35.1% |
| U.S. Government and Agency Obligations | 28.5% |
| Corporate Notes and Bonds | 24.1% |
| Collateralized Mortgage Obligations | 5.0% |
| Foreign Corporate Bonds | 2.3% |
| Asset Backed Securities | 2.0% |
| Short-Term Investments | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Core Bond Fund Class R6 MBORX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective September 2, 2025, the management fee of the Fund was reduced from 0.39% to 0.25% and in connection therewith the Fund's management fee breakpoints were eliminated. |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img015_v1.jpg) |

---

Core Bond Fund Class R6 MBORX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Covered Call & Equity Income Fund Class A**

Madison Covered Call & Equity Income Fund

MENAX

**Fund Overview**

This annual shareholder report contains important information about Covered Call & Equity Income Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $127 | 1.26% |

---

**How did the Fund perform last year and what affected its performance?**

With the Fund's focus on income generation and risk limitation, its ability to keep up in a concentrated, high beta market was challenged. Given its defensive posture, it lagged as the market moved toward all-time highs early in the year. When sentiment soured from February to April due to tariff concerns, the Fund performed very well. Since that decline, however, the market refocused on "AI" and the surge in mega-cap growth stocks reaccelerated, bordering on parabolic. During that period, the Fund was unable to keep up. While sector positioning was fruitful during the downturn, it became a headwind due to overrepresentation in traditionally defensive Health Care and Consumer Staples. The Fund's cash position also dragged on relative performance in an upward-trending market. Call option coverage remained high, and given the hedged nature of covered call writing, was detractive relative to the long-only market. Income generation has remained strong.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img018_v1.jpg)

Covered Call & Equity Income Fund Class A MENAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.62% | 10.21% | 7.33% |
| Class A with load<sup>2</sup> | (4.19%) | 8.90% | 6.70% |
| CBOE S&P 500 BuyWrite BXM PR USD<sup>3</sup> | 11.48% | 10.91% | 6.88% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The CBOE S&P 500 Buy Write Index (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.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $197126212 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $1815053 |

---

**What does the Fund invest in?**

The Fund invested in large- and mid-cap U.S. equities, as defined by the S&P 500 and Russell Midcap Index, respectively. To generate additional income, the Fund employed a covered call strategy, selling call options on some of its holdings to provide investment income and downside protection while maintaining equity exposure.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| AES Corp. | 4.2% |
| Las Vegas Sands Corp. | 4.2% |
| Danaher Corp. | 4.0% |
| PepsiCo, Inc. | 3.8% |
| Transocean Ltd. | 3.3% |
| Agilent Technologies, Inc. | 3.2% |
| ConocoPhillips | 3.1% |
| CME Group, Inc. | 3.1% |
| CVS Health Corp. | 3.1% |
| Honeywell International, Inc. | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Short-Term Investments | 19.0% |
| Health Care | 14.1% |
| Consumer Staples | 11.6% |
| Energy | 11.5% |
| Information Technology | 11.3% |
| Financials | 11.1% |
| Consumer Discretionary | 9.4% |
| Industrials | 4.6% |
| Utilities | 4.2% |
| Communication Services | 2.5% |
| Equity Real Estate Investment Trusts (REITs) | 1.5% |
| Other investments less than 1% | 0.2% |
| Other Assets and Liabilities, Net | (1.0%) |

---

Covered Call & Equity Income Fund Class A MENAX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img019_v1.jpg) |

---

Covered Call & Equity Income Fund Class A MENAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Covered Call & Equity Income Fund Class Y**

Madison Covered Call & Equity Income Fund

MENYX

**Fund Overview**

This annual shareholder report contains important information about Covered Call & Equity Income Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $102 | 1.01% |

---

**How did the Fund perform last year and what affected its performance?**

With the Fund's focus on income generation and risk limitation, its ability to keep up in a concentrated, high beta market was challenged. Given its defensive posture, it lagged as the market moved toward all-time highs early in the year. When sentiment soured from February to April due to tariff concerns, the Fund performed very well. Since that decline, however, the market refocused on "AI" and the surge in mega-cap growth stocks reaccelerated, bordering on parabolic. During that period, the Fund was unable to keep up. While sector positioning was fruitful during the downturn, it became a headwind due to overrepresentation in traditionally defensive Health Care and Consumer Staples. The Fund's cash position also dragged on relative performance in an upward-trending market. Call option coverage remained high, and given the hedged nature of covered call writing, was detractive relative to the long-only market. Income generation has remained strong.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img024_v1.jpg)

Covered Call & Equity Income Fund Class Y MENYX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 1.80% | 10.49% | 7.60% |
| CBOE S&P 500 BuyWrite BXM PR USD<sup>2</sup> | 11.48% | 10.91% | 6.88% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The CBOE S&P 500 Buy Write Index (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.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $197126212 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $1815053 |

---

**What does the Fund invest in?**

The Fund invested in large- and mid-cap U.S. equities, as defined by the S&P 500 and Russell Midcap Index, respectively. To generate additional income, the Fund employed a covered call strategy, selling call options on some of its holdings to provide investment income and downside protection while maintaining equity exposure.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| AES Corp. | 4.2% |
| Las Vegas Sands Corp. | 4.2% |
| Danaher Corp. | 4.0% |
| PepsiCo, Inc. | 3.8% |
| Transocean Ltd. | 3.3% |
| Agilent Technologies, Inc. | 3.2% |
| ConocoPhillips | 3.1% |
| CME Group, Inc. | 3.1% |
| CVS Health Corp. | 3.1% |
| Honeywell International, Inc. | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Short-Term Investments | 19.0% |
| Health Care | 14.1% |
| Consumer Staples | 11.6% |
| Energy | 11.5% |
| Information Technology | 11.3% |
| Financials | 11.1% |
| Consumer Discretionary | 9.4% |
| Industrials | 4.6% |
| Utilities | 4.2% |
| Communication Services | 2.5% |
| Equity Real Estate Investment Trusts (REITs) | 1.5% |
| Other investments less than 1% | 0.2% |
| Other Assets and Liabilities, Net | (1.0%) |

---

Covered Call & Equity Income Fund Class Y MENYX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img025_v1.jpg) |

---

Covered Call & Equity Income Fund Class Y MENYX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Covered Call & Equity Income Fund Class I**

Madison Covered Call & Equity Income Fund

MENIX

**Fund Overview**

Thisannual shareholder report contains important information about Covered Call & Equity Income Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $97 | 0.96% |

---

**How did the Fund perform last year and what affected its performance?**

With the Fund's focus on income generation and risk limitation, its ability to keep up in a concentrated, high beta market was challenged. Given its defensive posture, it lagged as the market moved toward all-time highs early in the year. When sentiment soured from February to April due to tariff concerns, the Fund performed very well. Since that decline, however, the market refocused on "AI" and the surge in mega-cap growth stocks reaccelerated, bordering on parabolic. During that period, the Fund was unable to keep up. While sector positioning was fruitful during the downturn, it became a headwind due to overrepresentation in traditionally defensive Health Care and Consumer Staples. The Fund's cash position also dragged on relative performance in an upward-trending market. Call option coverage remained high, and given the hedged nature of covered call writing, was detractive relative to the long-only market. Income generation has remained strong.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img020_v1.jpg)

Covered Call & Equity Income Fund Class I MENIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/22** |
| Class I | 1.81% | 6.19% |
| CBOE S&P 500 BuyWrite BXM PR USD<sup>2</sup> | 11.48% | 7.17% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 14.67% |

---

<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.**

<sup>2</sup> The CBOE S&P 500 Buy Write Index (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.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $197126212 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $1815053 |

---

**What does the Fund invest in?**

The Fund invested in large- and mid-cap U.S. equities, as defined by the S&P 500 and Russell Midcap Index, respectively. To generate additional income, the Fund employed a covered call strategy, selling call options on some of its holdings to provide investment income and downside protection while maintaining equity exposure.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| AES Corp. | 4.2% |
| Las Vegas Sands Corp. | 4.2% |
| Danaher Corp. | 4.0% |
| PepsiCo, Inc. | 3.8% |
| Transocean Ltd. | 3.3% |
| Agilent Technologies, Inc. | 3.2% |
| ConocoPhillips | 3.1% |
| CME Group, Inc. | 3.1% |
| CVS Health Corp. | 3.1% |
| Honeywell International, Inc. | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Short-Term Investments | 19.0% |
| Health Care | 14.1% |
| Consumer Staples | 11.6% |
| Energy | 11.5% |
| Information Technology | 11.3% |
| Financials | 11.1% |
| Consumer Discretionary | 9.4% |
| Industrials | 4.6% |
| Utilities | 4.2% |
| Communication Services | 2.5% |
| Equity Real Estate Investment Trusts (REITs) | 1.5% |
| Other investments less than 1% | 0.2% |
| Other Assets and Liabilities, Net | (1.0%) |

---

Covered Call & Equity Income Fund Class I MENIX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img021_v1.jpg) |

---

Covered Call & Equity Income Fund Class I MENIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Covered Call & Equity Income Fund Class R6**

Madison Covered Call & Equity Income Fund

MENRX

**Fund Overview**

This annual shareholder report contains important information about Covered Call & Equity Income Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $89 | 0.88% |

---

**How did the Fund perform last year and what affected its performance?**

With the Fund's focus on income generation and risk limitation, its ability to keep up in a concentrated, high beta market was challenged. Given its defensive posture, it lagged as the market moved toward all-time highs early in the year. When sentiment soured from February to April due to tariff concerns, the Fund performed very well. Since that decline, however, the market refocused on "AI" and the surge in mega-cap growth stocks reaccelerated, bordering on parabolic. During that period, the Fund was unable to keep up. While sector positioning was fruitful during the downturn, it became a headwind due to overrepresentation in traditionally defensive Health Care and Consumer Staples. The Fund's cash position also dragged on relative performance in an upward-trending market. Call option coverage remained high, and given the hedged nature of covered call writing, was detractive relative to the long-only market. Income generation has remained strong.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img022_v1.jpg)

Covered Call & Equity Income Fund Class R6 MENRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 1.90% | 10.63% | 7.74% |
| CBOE S&P 500 BuyWrite BXM PR USD<sup>2</sup> | 11.48% | 10.91% | 6.88% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The CBOE S&P 500 Buy Write Index (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.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $197126212 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $1815053 |

---

**What does the Fund invest in?**

The Fund invested in large- and mid-cap U.S. equities, as defined by the S&P 500 and Russell Midcap Index, respectively. To generate additional income, the Fund employed a covered call strategy, selling call options on some of its holdings to provide investment income and downside protection while maintaining equity exposure.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| AES Corp. | 4.2% |
| Las Vegas Sands Corp. | 4.2% |
| Danaher Corp. | 4.0% |
| PepsiCo, Inc. | 3.8% |
| Transocean Ltd. | 3.3% |
| Agilent Technologies, Inc. | 3.2% |
| ConocoPhillips | 3.1% |
| CME Group, Inc. | 3.1% |
| CVS Health Corp. | 3.1% |
| Honeywell International, Inc. | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Short-Term Investments | 19.0% |
| Health Care | 14.1% |
| Consumer Staples | 11.6% |
| Energy | 11.5% |
| Information Technology | 11.3% |
| Financials | 11.1% |
| Consumer Discretionary | 9.4% |
| Industrials | 4.6% |
| Utilities | 4.2% |
| Communication Services | 2.5% |
| Equity Real Estate Investment Trusts (REITs) | 1.5% |
| Other investments less than 1% | 0.2% |
| Other Assets and Liabilities, Net | (1.0%) |

---

Covered Call & Equity Income Fund Class R6 MENRX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img003_v1.jpg) |

---

Covered Call & Equity Income Fund Class R6 MENRX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Dividend Income Fund Class A**

Madison Dividend Income Fund

MADAX

**Fund Overview**

This annual shareholder report contains important information about Dividend Income Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $118 | 1.16% |

---

**How did the Fund perform last year and what affected its performance?**

Relative to the index, sector allocation and stock selection were detractive to results. For sector allocation, an underweight position in Technology and an overweight position in Energy negatively impacted performance. In terms of stock selection, there were positive results in Financials and Health Care, which was more than offset by weakness in Consumer Discretionary, Technology, Communication Services, and Industrials. Notable outperforming stocks were T.E Connectivity (TEL), Morgan Stanley (MS), J.P. Morgan (JPM), Caterpillar (CAT) and Cummins (CMI). Notable underperforming stocks were Comcast (CMCSA), Texas Instruments (TXN), Elevance Health (ELV), Automatic Data Processing (ADP) and EOG Resources (EOG). The fund continues to hold all stocks mentioned except for CMCSA.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img026_v1.jpg)

Dividend Income Fund Class A MADAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 5/29/2020** |
| Class A | 3.12% | 8.53% | 8.73% |
| Class A with load<sup>2</sup> | (2.82%) | 7.25% | 7.55% |
| Russell 1000<sup>®</sup> Value Index<sup>3</sup> | 11.15% | 14.28% | 13.83% |
| Lipper Equity Income Funds Index<sup>4</sup> | 10.86% | 13.72% | 13.30% |
| S&P 500<sup>®</sup> Index<sup>5</sup> | 21.45% | 17.64% | 17.87% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Russell 1000 Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

<sup>4</sup> The Lipper US Index - 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.

<sup>5</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $111605419 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $880426 |

---

**What does the Fund invest in?**

The Fund invested in equity securities with a market capitalization of over a $1 billion and a history of paying dividends.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Johnson & Johnson | 4.6% |
| Morgan Stanley | 4.3% |
| NextEra Energy, Inc. | 4.1% |
| Blackrock, Inc. | 3.9% |
| Chevron Corp. | 3.6% |
| CME Group, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| TE Connectivity PLC | 3.3% |
| Honeywell International, Inc. | 3.2% |
| Medtronic PLC | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 19.8% |
| Financials | 19.3% |
| Health Care | 14.9% |
| Information Technology | 10.3% |
| Consumer Discretionary | 10.2% |
| Energy | 9.0% |
| Consumer Staples | 7.1% |
| Utilities | 4.1% |
| Equity Real Estate Investment Trusts (REITs) | 2.3% |
| Materials | 1.8% |
| Short-Term Investments | 1.4% |
| Other Assets and Liabilities, Net | (0.2%) |

---

Dividend Income Fund Class A MADAX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img027_v1.jpg) |

---

Dividend Income Fund Class A MADAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Dividend Income Fund Class Y**

Madison Dividend Income Fund

BHBFX

**Fund Overview**

This annual shareholder report contains important information about Dividend Income Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $93 | 0.91% |

---

**How did the Fund perform last year and what affected its performance?**

Relative to the index, sector allocation and stock selection were detractive to results. For sector allocation, an underweight position in Technology and an overweight position in Energy negatively impacted performance. In terms of stock selection, there were positive results in Financials and Health Care, which was more than offset by weakness in Consumer Discretionary, Technology, Communication Services, and Industrials. Notable outperforming stocks were T.E Connectivity (TEL), Morgan Stanley (MS), J.P. Morgan (JPM), Caterpillar (CAT) and Cummins (CMI). Notable underperforming stocks were Comcast (CMCSA), Texas Instruments (TXN), Elevance Health (ELV), Automatic Data Processing (ADP) and EOG Resources (EOG). The fund continues to hold all stocks mentioned except for CMCSA.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img032_v1.jpg)

Dividend Income Fund Class Y BHBFX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 3.41% | 8.80% | 9.19% |
| Russell 1000<sup>®</sup> Value Index<sup>2</sup> | 11.15% | 14.28% | 9.97% |
| Lipper Equity Income Funds Index<sup>3</sup> | 10.86% | 13.72% | 10.29% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The Russell 1000 Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

<sup>3</sup> The Lipper US Index - 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.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $111605419 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $880426 |

---

**What does the Fund invest in?**

The Fund invested in equity securities with a market capitalization of over a $1 billion and a history of paying dividends.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Johnson & Johnson | 4.6% |
| Morgan Stanley | 4.3% |
| NextEra Energy, Inc. | 4.1% |
| Blackrock, Inc. | 3.9% |
| Chevron Corp. | 3.6% |
| CME Group, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| TE Connectivity PLC | 3.3% |
| Honeywell International, Inc. | 3.2% |
| Medtronic PLC | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 19.8% |
| Financials | 19.3% |
| Health Care | 14.9% |
| Information Technology | 10.3% |
| Consumer Discretionary | 10.2% |
| Energy | 9.0% |
| Consumer Staples | 7.1% |
| Utilities | 4.1% |
| Equity Real Estate Investment Trusts (REITs) | 2.3% |
| Materials | 1.8% |
| Short-Term Investments | 1.4% |
| Other Assets and Liabilities, Net | (0.2%) |

---

Dividend Income Fund Class Y BHBFX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img033_v1.jpg) |

---

Dividend Income Fund Class Y BHBFX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Dividend Income Fund Class I**

Madison Dividend Income Fund

MDMIX

**Fund Overview**

This annual shareholder report contains important information about Dividend Income Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $83 | 0.81% |

---

**How did the Fund perform last year and what affected its performance?**

Relative to the index, sector allocation and stock selection were detractive to results. For sector allocation, an underweight position in Technology and an overweight position in Energy negatively impacted performance. In terms of stock selection, there were positive results in Financials and Health Care, which was more than offset by weakness in Consumer Discretionary, Technology, Communication Services, and Industrials. Notable outperforming stocks were T.E Connectivity (TEL), Morgan Stanley (MS), J.P. Morgan (JPM), Caterpillar (CAT) and Cummins (CMI). Notable underperforming stocks were Comcast (CMCSA), Texas Instruments (TXN), Elevance Health (ELV), Automatic Data Processing (ADP) and EOG Resources (EOG). The fund continues to hold all stocks mentioned except for CMCSA.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img028_v1.jpg)

Dividend Income Fund Class I MDMIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 8/31/20** |
| Class I | 3.49% | 8.91% | 7.85% |
| Russell 1000<sup>®</sup> Value Index<sup>2</sup> | 11.15% | 14.28% | 12.95% |
| Lipper Equity Income Funds Index<sup>3</sup> | 10.86% | 13.72% | 12.28% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 15.55% |

---

<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.**

<sup>2</sup> The Russell 1000 Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

<sup>3</sup> The Lipper US Index - 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.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $111605419 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $880426 |

---

**What does the Fund invest in?**

The Fund invested in equity securities with a market capitalization of over a $1 billion and a history of paying dividends.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Johnson & Johnson | 4.6% |
| Morgan Stanley | 4.3% |
| NextEra Energy, Inc. | 4.1% |
| Blackrock, Inc. | 3.9% |
| Chevron Corp. | 3.6% |
| CME Group, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| TE Connectivity PLC | 3.3% |
| Honeywell International, Inc. | 3.2% |
| Medtronic PLC | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 19.8% |
| Financials | 19.3% |
| Health Care | 14.9% |
| Information Technology | 10.3% |
| Consumer Discretionary | 10.2% |
| Energy | 9.0% |
| Consumer Staples | 7.1% |
| Utilities | 4.1% |
| Equity Real Estate Investment Trusts (REITs) | 2.3% |
| Materials | 1.8% |
| Short-Term Investments | 1.4% |
| Other Assets and Liabilities, Net | (0.2%) |

---

Dividend Income Fund Class I MDMIX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img029_v1.jpg) |

---

Dividend Income Fund Class I MDMIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Dividend Income Fund Class R6**

Madison Dividend Income Fund

MADRX

**Fund Overview**

This annual shareholder report contains important information about Dividend Income Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $74 | 0.73% |

---

**How did the Fund perform last year and what affected its performance?**

Relative to the index, sector allocation and stock selection were detractive to results. For sector allocation, an underweight position in Technology and an overweight position in Energy negatively impacted performance. In terms of stock selection, there were positive results in Financials and Health Care, which was more than offset by weakness in Consumer Discretionary, Technology, Communication Services, and Industrials. Notable outperforming stocks were T.E Connectivity (TEL), Morgan Stanley (MS), J.P. Morgan (JPM), Caterpillar (CAT) and Cummins (CMI). Notable underperforming stocks were Comcast (CMCSA), Texas Instruments (TXN), Elevance Health (ELV), Automatic Data Processing (ADP) and EOG Resources (EOG). The fund continues to hold all stocks mentioned except for CMCSA.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img030_v1.jpg)

Dividend Income Fund Class R6 MADRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/22** |
| Class R6 | 3.64% | 3.91% |
| Russell 1000<sup>®</sup> Value Index<sup>2</sup> | 11.15% | 8.95% |
| Lipper Equity Income Funds Index<sup>3</sup> | 10.86% | 9.07% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 14.67% |

---

<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.**

<sup>2</sup> The Russell 1000 Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

<sup>3</sup> The Lipper US Index - 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.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $111605419 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $880426 |

---

**What does the Fund invest in?**

The Fund invested in equity securities with a market capitalization of over a $1 billion and a history of paying dividends.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Johnson & Johnson | 4.6% |
| Morgan Stanley | 4.3% |
| NextEra Energy, Inc. | 4.1% |
| Blackrock, Inc. | 3.9% |
| Chevron Corp. | 3.6% |
| CME Group, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| TE Connectivity PLC | 3.3% |
| Honeywell International, Inc. | 3.2% |
| Medtronic PLC | 3.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 19.8% |
| Financials | 19.3% |
| Health Care | 14.9% |
| Information Technology | 10.3% |
| Consumer Discretionary | 10.2% |
| Energy | 9.0% |
| Consumer Staples | 7.1% |
| Utilities | 4.1% |
| Equity Real Estate Investment Trusts (REITs) | 2.3% |
| Materials | 1.8% |
| Short-Term Investments | 1.4% |
| Other Assets and Liabilities, Net | (0.2%) |

---

Dividend Income Fund Class R6 MADRX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img031_v1.jpg) |

---

Dividend Income Fund Class R6 MADRX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Large Cap Fund Class A**

Madison Large Cap Fund

MNVAX

**Fund Overview**

This annual shareholder report contains important information about Large Cap Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $117 | 1.16% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Large Cap fund trailed the S&P 500, during the fund's fiscal 2025. The past year was largely dominated by two forces- AI and President Trump. During the first half of the fiscal year, the portfolio performed well, both relative and absolute. The second half was challenging. Shortly after Trump's 'Liberation Day' the market's character changed to speculative- which only intensified as the second half progressed. The Fund's returns have historically trailed those of broader market indices during periods when the prevailing sentiment is speculative or risk-seeking. This most meaningfully detracted from performance in the IT sector, where AI is a force believed by some to have nearly limitless potential. Less anticipated was our poor relative performance in Financials, typically one of our strongest stock-picking sectors. We are disappointed to have lagged, but we remain focused on producing good results through a full market cycle rather than individual years.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img038_v1.jpg)

Large Cap Fund Class A MNVAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.77% | 11.67% | 11.87% |
| Class A with load<sup>2</sup> | (5.02%) | 10.36% | 11.21% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $356094484 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2864259 |

---

**What does the Fund invest in?**

The Fund invested primarily in common stocks of large-cap companies as defined as those in the S&P 500 Index.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 9.1% |
| Amazon.com, Inc. | 6.4% |
| Arch Capital Group Ltd. | 6.2% |
| Ferguson Enterprises, Inc. | 5.8% |
| Parker-Hannifin Corp. | 4.5% |
| Keysight Technologies, Inc. | 4.4% |
| PACCAR, Inc. | 4.4% |
| Danaher Corp. | 4.4% |
| Texas Instruments, Inc. | 4.1% |
| Visa, Inc., Class A | 4.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.0% |
| Information Technology | 18.5% |
| Consumer Discretionary | 17.5% |
| Health Care | 9.4% |
| Communication Services | 9.0% |
| Other investments less than 1% | 0.7% |
| Other Assets and Liabilities, Net | 0.0% |

---

Large Cap Fund Class A MNVAX

---

| | |
|:---|:---|
| **Material Fund Changes** <br>This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089. <br>Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). | **Material Fund Changes** <br>This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089. <br>Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img039_v1.jpg) |

---

Large Cap Fund Class A MNVAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Large Cap Fund Class Y**

Madison Large Cap Fund

MINVX

**Fund Overview**

This annual shareholder report contains important information about Large Cap Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $92 | 0.91% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Large Cap fund trailed the S&P 500, during the fund's fiscal 2025. The past year was largely dominated by two forces- AI and President Trump. During the first half of the fiscal year, the portfolio performed well, both relative and absolute. The second half was challenging. Shortly after Trump's 'Liberation Day' the market's character changed to speculative- which only intensified as the second half progressed. The Fund's returns have historically trailed those of broader market indices during periods when the prevailing sentiment is speculative or risk-seeking. This most meaningfully detracted from performance in the IT sector, where AI is a force believed by some to have nearly limitless potential. Less anticipated was our poor relative performance in Financials, typically one of our strongest stock-picking sectors. We are disappointed to have lagged, but we remain focused on producing good results through a full market cycle rather than individual years.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img044_v1.jpg)

Large Cap Fund Class Y MINVX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 0.99% | 11.95% | 12.15% |
| S&P 500<sup>®</sup> Index<sup>2</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $356094484 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2864259 |

---

**What does the Fund invest in?**

The Fund invested primarily in common stocks of large-cap companies as defined as those in the S&P 500 Index.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 9.1% |
| Amazon.com, Inc. | 6.4% |
| Arch Capital Group Ltd. | 6.2% |
| Ferguson Enterprises, Inc. | 5.8% |
| Parker-Hannifin Corp. | 4.5% |
| Keysight Technologies, Inc. | 4.4% |
| PACCAR, Inc. | 4.4% |
| Danaher Corp. | 4.4% |
| Texas Instruments, Inc. | 4.1% |
| Visa, Inc., Class A | 4.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.0% |
| Information Technology | 18.5% |
| Consumer Discretionary | 17.5% |
| Health Care | 9.4% |
| Communication Services | 9.0% |
| Other investments less than 1% | 0.7% |
| Other Assets and Liabilities, Net | 0.0% |

---

Large Cap Fund Class Y MINVX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089. <br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089. <br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img045_v1.jpg) |

---

Large Cap Fund Class Y MINVX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Large Cap Fund Class I**

Madison Large Cap Fund

MIVIX

**Fund Overview**

This annual shareholder report contains important information about Large Cap Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $82 | 0.81% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Large Cap fund trailed the S&P 500, during the fund's fiscal 2025. The past year was largely dominated by two forces- AI and President Trump. During the first half of the fiscal year, the portfolio performed well, both relative and absolute. The second half was challenging. Shortly after Trump's 'Liberation Day' the market's character changed to speculative- which only intensified as the second half progressed. The Fund's returns have historically trailed those of broader market indices during periods when the prevailing sentiment is speculative or risk-seeking. This most meaningfully detracted from performance in the IT sector, where AI is a force believed by some to have nearly limitless potential. Less anticipated was our poor relative performance in Financials, typically one of our strongest stock-picking sectors. We are disappointed to have lagged, but we remain focused on producing good results through a full market cycle rather than individual years.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img040_v1.jpg)

Large Cap Fund Class I MIVIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 8/31/20** |
| Class I | 1.11% | 12.06% | 11.05% |
| S&P 500<sup>®</sup> Index<sup>2</sup> | 21.45% | 17.64% | 15.55% |

---

<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.**

<sup>2</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $356094484 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2864259 |

---

**What does the Fund invest in?**

The Fund invested primarily in common stocks of large-cap companies as defined as those in the S&P 500 Index.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 9.1% |
| Amazon.com, Inc. | 6.4% |
| Arch Capital Group Ltd. | 6.2% |
| Ferguson Enterprises, Inc. | 5.8% |
| Parker-Hannifin Corp. | 4.5% |
| Keysight Technologies, Inc. | 4.4% |
| PACCAR, Inc. | 4.4% |
| Danaher Corp. | 4.4% |
| Texas Instruments, Inc. | 4.1% |
| Visa, Inc., Class A | 4.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.0% |
| Information Technology | 18.5% |
| Consumer Discretionary | 17.5% |
| Health Care | 9.4% |
| Communication Services | 9.0% |
| Other investments less than 1% | 0.7% |
| Other Assets and Liabilities, Net | 0.0% |

---

Large Cap Fund Class I MIVIX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img041_v1.jpg) |

---

Large Cap Fund Class I MIVIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Large Cap Fund Class R6**

Madison Large Cap Fund

MNVRX

**Fund Overview**

This annual shareholder report contains important information about Large Cap Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $74 | 0.73% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Large Cap fund trailed the S&P 500, during the fund's fiscal 2025. The past year was largely dominated by two forces- AI and President Trump. During the first half of the fiscal year, the portfolio performed well, both relative and absolute. The second half was challenging. Shortly after Trump's 'Liberation Day' the market's character changed to speculative- which only intensified as the second half progressed. The Fund's returns have historically trailed those of broader market indices during periods when the prevailing sentiment is speculative or risk-seeking. This most meaningfully detracted from performance in the IT sector, where AI is a force believed by some to have nearly limitless potential. Less anticipated was our poor relative performance in Financials, typically one of our strongest stock-picking sectors. We are disappointed to have lagged, but we remain focused on producing good results through a full market cycle rather than individual years.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img042_v1.jpg)

Large Cap Fund Class R6 MNVRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 1.18% | 12.15% | 12.35% |
| S&P 500<sup>®</sup> Index<sup>2</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $356094484 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $2864259 |

---

**What does the Fund invest in?**

The Fund invested primarily in common stocks of large-cap companies as defined as those in the S&P 500 Index.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 9.1% |
| Amazon.com, Inc. | 6.4% |
| Arch Capital Group Ltd. | 6.2% |
| Ferguson Enterprises, Inc. | 5.8% |
| Parker-Hannifin Corp. | 4.5% |
| Keysight Technologies, Inc. | 4.4% |
| PACCAR, Inc. | 4.4% |
| Danaher Corp. | 4.4% |
| Texas Instruments, Inc. | 4.1% |
| Visa, Inc., Class A | 4.1% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.0% |
| Information Technology | 18.5% |
| Consumer Discretionary | 17.5% |
| Health Care | 9.4% |
| Communication Services | 9.0% |
| Other investments less than 1% | 0.7% |
| Other Assets and Liabilities, Net | 0.0% |

---

Large Cap Fund Class R6 MNVRX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br> Effective February 28, 2025, the Fund's name changed from Madison Investors Fund to Madison Large Cap Fund and the Fund's principal investment strategy was modified to comply with the amended Names Rules (Rule 35d-1). |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img043_v1.jpg) |

---

Large Cap Fund Class R6 MNVRX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Mid Cap Fund Class A**

Madison Mid Cap Fund

MERAX

**Fund Overview**

This annual shareholder report contains important information about Mid Cap Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089. **This report describes certain changes to the Fund that occurred during the reporting period.** 

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $132 | 1.31% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Mid Cap fund's total return was positive but trailed the Russell Midcap Index (RMC) during the fund's fiscal year. From beginning of period to the market bottom on April 8th, our portfolio outperformed the RMC. Then, from April 8th to period end, our portfolio lagged the RMC's strong rebound, which was fueled by returns in companies we avoid, such as those with unproven business models or risky financial profiles (i.e., profitless or high debt). While underperforming is disappointing, recall that our portfolios have historically trailed when market sentiment is heavily risk-on. Regardless of which investment strategy is in favor at the moment, our strategy remains rooted in investing in high-quality companies with shareholder-oriented management teams selling below our appraisal of intrinsic value. Our portfolio has a multi-decade track record of outperforming after market sentiment cools, and we are confident that this full market cycle will be no different.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img046_v1.jpg)

Mid Cap Fund Class A MERAX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.78% | 11.79% | 10.43% |
| Class A with load<sup>2</sup> | (4.09%) | 10.47% | 9.78% |
| Russell Midcap<sup>®</sup> Index<sup>3</sup> | 10.79% | 12.33% | 10.63% |
| S&P 500<sup>®</sup> Index<sup>4</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Russell Midcap Index is a mid-cap market index which measures the performance of the mid-cap segment of the US equity universe.

<sup>4</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2143664317 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $14632450 |

---

**What does the Fund invest in?**

The Fund invested in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Ross Stores, Inc. | 6.2% |
| Amphenol Corp., Class A | 4.7% |
| Medpace Holdings, Inc. | 4.2% |
| Carlisle Cos., Inc. | 4.0% |
| PACCAR, Inc. | 4.0% |
| CDW Corp. | 4.0% |
| Brown & Brown, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.5% |
| Copart, Inc. | 3.5% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 22.8% |
| Financials | 22.4% |
| Industrials | 16.3% |
| Consumer Discretionary | 16.1% |
| Health Care | 12.3% |
| Short-Term Investments | 5.5% |
| Communication Services | 5.2% |
| Other Assets and Liabilities, Net | (0.6%) |

---

Mid Cap Fund Class A MERAX

---

| | |
|:---|:---|
| **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br>Effective September 2, 2025, the administrative services fee of for Mid Cap Fund Class A was reduced from 0.40% to 0.20%. | **Material Fund Changes**<br> This is a summary of certain changes of the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 27, 2026 at www.madisonfunds.com or upon request by calling 1-800-877-6089.<br>Effective September 2, 2025, the administrative services fee of for Mid Cap Fund Class A was reduced from 0.40% to 0.20%. |
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img047_v1.jpg) |

---

Mid Cap Fund Class A MERAX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Mid Cap Fund Class Y**

Madison Mid Cap Fund

GTSGX

**Fund Overview**

This annual shareholder report contains important information about Mid Cap Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $91 | 0.90% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Mid Cap fund's total return was positive but trailed the Russell Midcap Index (RMC) during the fund's fiscal year. From beginning of period to the market bottom on April 8th, our portfolio outperformed the RMC. Then, from April 8th to period end, our portfolio lagged the RMC's strong rebound, which was fueled by returns in companies we avoid, such as those with unproven business models or risky financial profiles (i.e., profitless or high debt). While underperforming is disappointing, recall that our portfolios have historically trailed when market sentiment is heavily risk-on. Regardless of which investment strategy is in favor at the moment, our strategy remains rooted in investing in high-quality companies with shareholder-oriented management teams selling below our appraisal of intrinsic value. Our portfolio has a multi-decade track record of outperforming after market sentiment cools, and we are confident that this full market cycle will be no different.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img052_v1.jpg)

Mid Cap Fund Class Y GTSGX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 2.18% | 12.30% | 10.89% |
| Russell Midcap<sup>®</sup> Index<sup>2</sup> | 10.79% | 12.33% | 10.63% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The Russell Midcap Index is a mid-cap market index which measures the performance of the mid-cap segment of the US equity universe.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2143664317 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $14632450 |

---

**What does the Fund invest in?**

The Fund invested in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Ross Stores, Inc. | 6.2% |
| Amphenol Corp., Class A | 4.7% |
| Medpace Holdings, Inc. | 4.2% |
| Carlisle Cos., Inc. | 4.0% |
| PACCAR, Inc. | 4.0% |
| CDW Corp. | 4.0% |
| Brown & Brown, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.5% |
| Copart, Inc. | 3.5% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 22.8% |
| Financials | 22.4% |
| Industrials | 16.3% |
| Consumer Discretionary | 16.1% |
| Health Care | 12.3% |
| Short-Term Investments | 5.5% |
| Communication Services | 5.2% |
| Other Assets and Liabilities, Net | (0.6%) |

---

Mid Cap Fund Class Y GTSGX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img053_v1.jpg) |

---

Mid Cap Fund Class Y GTSGX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Mid Cap Fund Class I**

Madison Mid Cap Fund

MDCIX

**Fund Overview**

This annual shareholder report contains important information about Mid Cap Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $81 | 0.80% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Mid Cap fund's total return was positive but trailed the Russell Midcap Index (RMC) during the fund's fiscal year. From beginning of period to the market bottom on April 8th, our portfolio outperformed the RMC. Then, from April 8th to period end, our portfolio lagged the RMC's strong rebound, which was fueled by returns in companies we avoid, such as those with unproven business models or risky financial profiles (i.e., profitless or high debt). While underperforming is disappointing, recall that our portfolios have historically trailed when market sentiment is heavily risk-on. Regardless of which investment strategy is in favor at the moment, our strategy remains rooted in investing in high-quality companies with shareholder-oriented management teams selling below our appraisal of intrinsic value. Our portfolio has a multi-decade track record of outperforming after market sentiment cools, and we are confident that this full market cycle will be no different.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img048_v1.jpg)

Mid Cap Fund Class I MDCIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 8/31/20** |
| Class I | 2.28% | 12.39% | 11.36% |
| Russell Midcap<sup>®</sup> Index<sup>2</sup> | 10.79% | 12.33% | 11.62% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 15.55% |

---

<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.**

<sup>2</sup> The Russell Midcap Index is a mid-cap market index which measures the performance of the mid-cap segment of the US equity universe.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2143664317 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $14632450 |

---

**What does the Fund invest in?**

The Fund invested in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Ross Stores, Inc. | 6.2% |
| Amphenol Corp., Class A | 4.7% |
| Medpace Holdings, Inc. | 4.2% |
| Carlisle Cos., Inc. | 4.0% |
| PACCAR, Inc. | 4.0% |
| CDW Corp. | 4.0% |
| Brown & Brown, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.5% |
| Copart, Inc. | 3.5% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 22.8% |
| Financials | 22.4% |
| Industrials | 16.3% |
| Consumer Discretionary | 16.1% |
| Health Care | 12.3% |
| Short-Term Investments | 5.5% |
| Communication Services | 5.2% |
| Other Assets and Liabilities, Net | (0.6%) |

---

Mid Cap Fund Class I MDCIX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img049_v1.jpg) |

---

Mid Cap Fund Class I MDCIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Mid Cap Fund Class R6**

Madison Mid Cap Fund

MMCRX

**Fund Overview**

This annual shareholder report contains important information about Mid Cap Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $73 | 0.72% |

---

**How did the Fund perform last year and what affected its performance?**

The Madison Mid Cap fund's total return was positive but trailed the Russell Midcap Index (RMC) during the fund's fiscal year. From beginning of period to the market bottom on April 8th, our portfolio outperformed the RMC. Then, from April 8th to period end, our portfolio lagged the RMC's strong rebound, which was fueled by returns in companies we avoid, such as those with unproven business models or risky financial profiles (i.e., profitless or high debt). While underperforming is disappointing, recall that our portfolios have historically trailed when market sentiment is heavily risk-on. Regardless of which investment strategy is in favor at the moment, our strategy remains rooted in investing in high-quality companies with shareholder-oriented management teams selling below our appraisal of intrinsic value. Our portfolio has a multi-decade track record of outperforming after market sentiment cools, and we are confident that this full market cycle will be no different.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img050_v1.jpg)

Mid Cap Fund Class R6 MMCRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 2.36% | 12.50% | 11.12% |
| Russell Midcap<sup>®</sup> Index<sup>2</sup> | 10.79% | 12.33% | 10.63% |
| S&P 500<sup>®</sup> Index<sup>3</sup> | 21.45% | 17.64% | 14.64% |

---

<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.**

<sup>2</sup> The Russell Midcap Index is a mid-cap market index which measures the performance of the mid-cap segment of the US equity universe.

<sup>3</sup> The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2143664317 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $14632450 |

---

**What does the Fund invest in?**

The Fund invested in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Ross Stores, Inc. | 6.2% |
| Amphenol Corp., Class A | 4.7% |
| Medpace Holdings, Inc. | 4.2% |
| Carlisle Cos., Inc. | 4.0% |
| PACCAR, Inc. | 4.0% |
| CDW Corp. | 4.0% |
| Brown & Brown, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.5% |
| Copart, Inc. | 3.5% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 22.8% |
| Financials | 22.4% |
| Industrials | 16.3% |
| Consumer Discretionary | 16.1% |
| Health Care | 12.3% |
| Short-Term Investments | 5.5% |
| Communication Services | 5.2% |
| Other Assets and Liabilities, Net | (0.6%) |

---

Mid Cap Fund Class R6 MMCRX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img051_v1.jpg) |

---

Mid Cap Fund Class R6 MMCRX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Small Cap Fund Class A**

Madison Small Cap Fund

MASMX

**Fund Overview**

This annual shareholder report contains important information about Small Cap Fund Class A for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class A | $133 | 1.35% |

---

**How did the Fund perform last year and what affected its performance?**

The Russell 2000 bottomed on April 8th and moved sharply higher through the end of the fiscal year, returning 41% off the bottom. For the fiscal year, the benchmark returned 14.4%, primarily driven by Industrials and IT, which combined for 10.5% of total performance. The small cap fund performed poorly, with almost every sector a relative drag. Consumer Staples, Industrials, and IT were the largest drivers of underperformance, contributing 6.5, 4, and 5 points of underperformance. Given the fund's high active share, most of the underperformance was driven by stock selection and exacerbated by a speculative market. We don't own the low-quality, unprofitable companies driving this market, and too many of our investments had negative absolute performance. Despite this tough backdrop, we maintained discipline, challenged our theses, and adjusted.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img054_v1.jpg)

Small Cap Fund Class A MASMX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 8/31/19** |
| Class A | (3.84%) | 8.25% | 8.14% |
| Class A with load<sup>2</sup> | (9.39%) | 6.98% | 7.11% |
| Russell 2000 Index<sup>3</sup> | 14.41% | 11.50% | 10.03% |
| Russell 2500 Index<sup>4</sup> | 11.94% | 11.84% | 10.52% |
| Russell 3000<sup>®</sup> Index<sup>5</sup> | 20.81% | 16.74% | 15.89% |

---

<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.**

<sup>2</sup> Maximum sales charge is 5.75% for class A shares.

<sup>3</sup> The Russell 2000 Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000 Index.

<sup>4</sup> The Russell 2500 Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the US equity universe.

<sup>5</sup> The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents 98% of the investable US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $159190669 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $1565516 |

---

**What does the Fund invest in?**

The Fund invested primarily in a diversified mix of common stocks of small cap U.S. companies that is defined as those companies with market capitalization of between $100 million and $15 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Encompass Health Corp. | 4.5% |
| Hayward Holdings, Inc. | 3.9% |
| Core & Main, Inc., Class A | 3.3% |
| Scotts Miracle-Gro Co. | 3.2% |
| FormFactor, Inc. | 3.2% |
| HealthEquity, Inc. | 3.1% |
| Entegris, Inc. | 3.1% |
| Box, Inc., Class A | 2.8% |
| Knowles Corp. | 2.8% |
| Texas Capital Bancshares, Inc. | 2.8% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Industrials | 20.6% |
| Health Care | 13.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.5% |
| Materials | 5.3% |
| Short-Term Investments | 5.1% |
| Consumer Staples | 4.6% |
| Communication Services | 1.9% |
| Energy | 1.2% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Small Cap Fund Class A MASMX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img055_v1.jpg) |

---

Small Cap Fund Class A MASMX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Small Cap Fund Class Y**

Madison Small Cap Fund

BVAOX

**Fund Overview**

This annual shareholder report contains important information about Small Cap Fund Class Y for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class Y | $108 | 1.10% |

---

**How did the Fund perform last year and what affected its performance?**

The Russell 2000 bottomed on April 8th and moved sharply higher through the end of the fiscal year, returning 41% off the bottom. For the fiscal year, the benchmark returned 14.4%, primarily driven by Industrials and IT, which combined for 10.5% of total performance. The small cap fund performed poorly, with almost every sector a relative drag. Consumer Staples, Industrials, and IT were the largest drivers of underperformance, contributing 6.5, 4, and 5 points of underperformance. Given the fund's high active share, most of the underperformance was driven by stock selection and exacerbated by a speculative market. We don't own the low-quality, unprofitable companies driving this market, and too many of our investments had negative absolute performance. Despite this tough backdrop, we maintained discipline, challenged our theses, and adjusted.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $10,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img060_v1.jpg)

Small Cap Fund Class Y BVAOX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | (3.70%) | 8.50% | 7.49% |
| Russell 2000 Index<sup>2</sup> | 14.41% | 11.50% | 9.36% |
| Russell 2500 Index<sup>3</sup> | 11.94% | 11.84% | 9.99% |
| Russell 3000<sup>®</sup> Index<sup>4</sup> | 20.81% | 16.74% | 14.08% |

---

<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.**

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

<sup>3</sup> The Russell 2500 Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the US equity universe.

<sup>4</sup> The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents 98% of the investable US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $159190669 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $1565516 |

---

**What does the Fund invest in?**

The Fund invested primarily in a diversified mix of common stocks of small cap U.S. companies that is defined as those companies with market capitalization of between $100 million and $15 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Encompass Health Corp. | 4.5% |
| Hayward Holdings, Inc. | 3.9% |
| Core & Main, Inc., Class A | 3.3% |
| Scotts Miracle-Gro Co. | 3.2% |
| FormFactor, Inc. | 3.2% |
| HealthEquity, Inc. | 3.1% |
| Entegris, Inc. | 3.1% |
| Box, Inc., Class A | 2.8% |
| Knowles Corp. | 2.8% |
| Texas Capital Bancshares, Inc. | 2.8% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Industrials | 20.6% |
| Health Care | 13.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.5% |
| Materials | 5.3% |
| Short-Term Investments | 5.1% |
| Consumer Staples | 4.6% |
| Communication Services | 1.9% |
| Energy | 1.2% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Small Cap Fund Class Y BVAOX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img061_v1.jpg) |

---

Small Cap Fund Class Y BVAOX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Small Cap Fund Class I**

Madison Small Cap Fund

MSCIX

**Fund Overview**

This annual shareholder report contains important information about Small Cap Fund Class I for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class I | $99 | 1.00% |

---

**How did the Fund perform last year and what affected its performance?**

The Russell 2000 bottomed on April 8th and moved sharply higher through the end of the fiscal year, returning 41% off the bottom. For the fiscal year, the benchmark returned 14.4%, primarily driven by Industrials and IT, which combined for 10.5% of total performance. The small cap fund performed poorly, with almost every sector a relative drag. Consumer Staples, Industrials, and IT were the largest drivers of underperformance, contributing 6.5, 4, and 5 points of underperformance. Given the fund's high active share, most of the underperformance was driven by stock selection and exacerbated by a speculative market. We don't own the low-quality, unprofitable companies driving this market, and too many of our investments had negative absolute performance. Despite this tough backdrop, we maintained discipline, challenged our theses, and adjusted.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $250,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img056_v1.jpg)

Small Cap Fund Class I MSCIX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/26/21** |
| Class I | (3.50%) | 1.94% |
| Russell 2000 Index<sup>2</sup> | 14.41% | 3.99% |
| Russell 2500 Index<sup>3</sup> | 11.94% | 5.45% |
| Russell 3000<sup>®</sup> Index<sup>4</sup> | 20.81% | 13.45% |

---

<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.**

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

<sup>3</sup> The Russell 2500 Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the US equity universe.

<sup>4</sup> The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents 98% of the investable US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $159190669 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $1565516 |

---

**What does the Fund invest in?**

The Fund invested primarily in a diversified mix of common stocks of small cap U.S. companies that is defined as those companies with market capitalization of between $100 million and $15 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Encompass Health Corp. | 4.5% |
| Hayward Holdings, Inc. | 3.9% |
| Core & Main, Inc., Class A | 3.3% |
| Scotts Miracle-Gro Co. | 3.2% |
| FormFactor, Inc. | 3.2% |
| HealthEquity, Inc. | 3.1% |
| Entegris, Inc. | 3.1% |
| Box, Inc., Class A | 2.8% |
| Knowles Corp. | 2.8% |
| Texas Capital Bancshares, Inc. | 2.8% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Industrials | 20.6% |
| Health Care | 13.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.5% |
| Materials | 5.3% |
| Short-Term Investments | 5.1% |
| Consumer Staples | 4.6% |
| Communication Services | 1.9% |
| Energy | 1.2% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Small Cap Fund Class I MSCIX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img057_v1.jpg) |

---

Small Cap Fund Class I MSCIX

---

| | |
|:---|:---|
| ![](img001a_v1.jpg) | Annual Shareholder Report<br> October 31, 2025 |

---

**Small Cap Fund Class R6**

Madison Small Cap Fund

MSCRX

**Fund Overview**

This annual shareholder report contains important information about Small Cap Fund Class R6 for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/#documents. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a <br> percentage of a <br> $10,000 investment** |
| Class R6 | $91 | 0.92% |

---

**How did the Fund perform last year and what affected its performance?**

The Russell 2000 bottomed on April 8th and moved sharply higher through the end of the fiscal year, returning 41% off the bottom. For the fiscal year, the benchmark returned 14.4%, primarily driven by Industrials and IT, which combined for 10.5% of total performance. The small cap fund performed poorly, with almost every sector a relative drag. Consumer Staples, Industrials, and IT were the largest drivers of underperformance, contributing 6.5, 4, and 5 points of underperformance. Given the fund's high active share, most of the underperformance was driven by stock selection and exacerbated by a speculative market. We don't own the low-quality, unprofitable companies driving this market, and too many of our investments had negative absolute performance. Despite this tough backdrop, we maintained discipline, challenged our theses, and adjusted.

**Fund Performance**

The chart below illustrates the total value of a hypothetical $500,000 investment in the Fund over the past 10 years (or for the life of the Fund if shorter).

![](img058_v1.jpg)

Small Cap Fund Class R6 MSCRX

**Average Annual Total Returns (%)<sup>1</sup>**

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/28/22** |
| Class R6 | (3.41%) | 2.38% |
| Russell 2000 Index<sup>2</sup> | 14.41% | 6.89% |
| Russell 2500 Index<sup>3</sup> | 11.94% | 6.88% |
| Russell 3000<sup>®</sup> Index<sup>4</sup> | 20.81% | 13.77% |

---

<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.**

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

<sup>3</sup> The Russell 2500 Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the US equity universe.

<sup>4</sup> The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents 98% of the investable US.

**Key Fund Statistics (As of October 31, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $159190669 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $1565516 |

---

**What does the Fund invest in?**

The Fund invested primarily in a diversified mix of common stocks of small cap U.S. companies that is defined as those companies with market capitalization of between $100 million and $15 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Encompass Health Corp. | 4.5% |
| Hayward Holdings, Inc. | 3.9% |
| Core & Main, Inc., Class A | 3.3% |
| Scotts Miracle-Gro Co. | 3.2% |
| FormFactor, Inc. | 3.2% |
| HealthEquity, Inc. | 3.1% |
| Entegris, Inc. | 3.1% |
| Box, Inc., Class A | 2.8% |
| Knowles Corp. | 2.8% |
| Texas Capital Bancshares, Inc. | 2.8% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Industrials | 20.6% |
| Health Care | 13.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.5% |
| Materials | 5.3% |
| Short-Term Investments | 5.1% |
| Consumer Staples | 4.6% |
| Communication Services | 1.9% |
| Energy | 1.2% |
| Other Assets and Liabilities, Net | (0.1%) |

---

Small Cap Fund Class R6 MSCRX

---

| | |
|:---|:---|
| **Additional Information**<br>If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/#documents.<br>Phone: 1-800-877-6089 | ![](img059_v1.jpg) |

---

Small Cap Fund Class R6 MSCRX

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics that applies to the registrant'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 registrant or a third party.

(b) The code of ethics is filed as an exhibit to this Form N-CSR.

(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.

(e) 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.**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Richard E. Struthers is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N CSR.

**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, 2025,
 and 2024, respectively were $197,000 ($379,800 including the Ultra Series Fund, all affiliated
 investment companies "together, the "Affiliated Funds") and $244,000
 ($458,910 including the Affiliated Funds).

(b) <u>Audit-Related Fees</u>. For the fiscal years ended October 31, 2025 and October 31, 2024, 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 registrant'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, 2025 and October 31, 2024, 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 $40,509
($71,631 including the Affiliated Funds) and $50,636 ($86,945) 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) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
to work performed by full-time permanent employees of the principal accountant.

(g) None.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence
and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued
by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting
Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

(a) Not applicable.

(b) Not applicable.

**Item 6. Schedule of Investments**

(a) Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment
Companies filed under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are attached herewith.

---

| | |
|:---|:---|
| ![](img001_v1.jpg) | **Annual Financial Statements and Other Information** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUNDS<sup>®</sup>** | **October 31, 2025** |

---

**Madison Conservative Allocation Fund**

 **Madison Moderate Allocation Fund**

 **Madison Aggressive Allocation Fund**

 **Madison Diversified Income Fund**

 **Madison Tax-Free National Fund**

 **Madison High Quality Bond Fund**

 **Madison Core Bond Fund**

 **Madison Covered Call & Equity Income Fund**

 **Madison Dividend Income Fund**

 **Madison Large Cap Fund**

 **Madison Mid Cap Fund**

 **Madison Small Cap Fund**

![](img002_v1.jpg)

55O SCIENCE DRIVE, MADISON, WI 53711 \| 800.877.6089 \| MADISONFUNDS.COM

**Madison Funds** \| October 31, 2025

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| **Portfolios of Investments** |  |
| &nbsp;&nbsp;&nbsp;[**Conservative Allocation Fund**](#a001_v1) | **1** |
| &nbsp;&nbsp;&nbsp;[**Moderate Allocation Fund**](#a002_v1) | **2** |
| &nbsp;&nbsp;&nbsp;[**Aggressive Allocation Fund**](#a003_v1) | **3** |
| &nbsp;&nbsp;&nbsp;[**Diversified Income Fund**](#a004_v1) | **4** |
| &nbsp;&nbsp;&nbsp;[**Tax-Free National Fund**](#a005_v1) | **5** |
| &nbsp;&nbsp;&nbsp;[**High Quality Bond Fund**](#a006_v1) | **7** |
| &nbsp;&nbsp;&nbsp;[**Core Bond Fund**](#a007_v1) | **9** |
| &nbsp;&nbsp;&nbsp;[**Covered Call & Equity Income Fund**](#a008_v1) | **15** |
| &nbsp;&nbsp;&nbsp;[**Dividend Income Fund**](#a009_v1) | **17** |
| &nbsp;&nbsp;&nbsp;[**Large Cap Fund**](#a010_v1) | **18** |
| &nbsp;&nbsp;&nbsp;[**Mid Cap Fund**](#a011_v1) | **19** |
| &nbsp;&nbsp;&nbsp;[**Small Cap Fund**](#a012_v1) | **20** |

---

---

| | |
|:---|:---|
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;[**Statements of Assets and Liabilities**](#a013_v1) | **21** |
| &nbsp;&nbsp;&nbsp;[**Statements of Operations**](#a014_v1) | **23** |
| &nbsp;&nbsp;&nbsp;[**Statements of Changes in Net Assets**](#a015_v1) | **25** |
| &nbsp;&nbsp;&nbsp;[**Financial Highlights**](#a016_v1) | **32** |
| &nbsp;&nbsp;&nbsp;[**Notes to the Financial Statements**](#a017_v1) | **50** |
| &nbsp;&nbsp;&nbsp;[**Report of Independent Registered Public Accounting Firm**](#a018_v1) | **66** |
| &nbsp;&nbsp;&nbsp;[**Statement Regarding Basis for Approval of Investment Advisory Contract**](#a019_v1) | **67** |
| &nbsp;&nbsp;&nbsp;[**Other Information (unaudited)**](#a020_v1) | **70** |

---

ii

**Madison Funds** \| October 31, 2025

**Conservative Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 48.1%** |  |  |
| **Bond Funds - 16.9%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 15318 | $828244 |
| Janus Henderson Mortgage-Backed Securities ETF (A) | 59271 | 2719354 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 76275 | 1921367 |
| Vanguard Short-Term Corporate Bond ETF | 10676 | 853012 |
|  |  | 6321977 |
| **Foreign Stock Funds - 10.2%** |  |  |
| Franklin FTSE Japan ETF | 12547 | 447301 |
| iShares MSCI Emerging Markets Asia ETF | 12770 | 1224898 |
| iShares MSCI Eurozone ETF | 4573 | 284303 |
| Vanguard FTSE All-World ex-U.S. ETF | 8875 | 644858 |
| Vanguard FTSE Europe ETF | 15029 | 1206829 |
|  |  | 3808189 |
| **Stock Funds - 21.0%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 34050 | 1940510 |
| Energy Select Sector SPDR Fund ETF | 2291 | 201906 |
| Invesco S&P 500 Quality ETF | 38757 | 2870343 |
| iShares Core S&P Small-Cap ETF | 5991 | 705740 |
| State Street SPDR S&P Bank ETF | 17159 | 973602 |
| Vanguard Information Technology ETF | 1473 | 1168398 |
|  |  | 7860499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,892,936) |  | 17990665 |
| **INVESTMENT COMPANIES - 48.6%** |  |  |
| **Bond Funds - 45.0%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 1849641 | 16868725 |
| **Stock Funds - 3.6%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 45511 | 1324827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,511,361) |  | 18193552 |
| **SHORT-TERM INVESTMENTS - 13.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.010% | 1242416 | 1242416 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.060% | 3909315 | 3909315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,151,731) |  | 5151731 |
| **TOTAL INVESTMENTS - 110.4%** |  |  |
| (Cost $40,556,028\*\*) |  | 41335948 |
| **NET OTHER ASSETS AND LIABILITIES - (10.4%)** |  | (3877259) |
| **TOTAL NET ASSETS - 100.0%** |  | $37458689 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $40,655,986. |
| (A) | All or a portion of these securities, with an aggregate fair value of $3,820,164, are on loan as part of a securities lending program. See Note 11 for details on the securities lending program. |
| (B) | Greater than 25% of the portfolio. For more information refer the website madisonfunds.com/individual/core-bond-fund/. |
| (C) | Affiliated Company see Note 14 |
| (D) | 7-day yield. |
| (E) | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Moderate Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 62.3%** |  |  |
| **Bond Funds - 9.7%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 16529 | $893723 |
| Janus Henderson Mortgage-Backed Securities ETF (A) | 88203 | 4046754 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 142219 | 3582496 |
|  |  | 8522973 |
| **Foreign Stock Funds - 17.6%** |  |  |
| Franklin FTSE Japan ETF | 49454 | 1763035 |
| iShares MSCI Emerging Markets Asia ETF (A) | 51285 | 4919257 |
| iShares MSCI Eurozone ETF | 14270 | 887166 |
| Vanguard FTSE All-World ex-U.S. ETF | 39780 | 2890415 |
| Vanguard FTSE Europe ETF | 62436 | 5013611 |
|  |  | 15473484 |
| **Stock Funds - 35.0%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 121671 | 6934030 |
| Energy Select Sector SPDR Fund ETF | 10459 | 921752 |
| Invesco S&P 500 Quality ETF | 137799 | 10205394 |
| iShares Core S&P Small-Cap ETF | 24282 | 2860420 |
| State Street SPDR S&P Bank ETF (A) | 72991 | 4141509 |
| Vanguard Information Technology ETF | 7294 | 5785674 |
|  |  | 30848779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $45,734,031) |  | 54845236 |
| **INVESTMENT COMPANIES - 34.6%** |  |  |
| **Bond Funds - 27.6%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 2662261 | 24279819 |
| **Stock Funds - 7.0%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 213071 | 6202502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,269,476) |  | 30482321 |
| **SHORT-TERM INVESTMENTS - 11.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.010% | 2750295 | 2750295 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.060% | 7654101 | 7654101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,404,396) |  | 10404396 |
| **TOTAL INVESTMENTS - 108.7%** |  |  |
| (Cost $86,407,903\*\*) |  | 95731953 |
| **NET OTHER ASSETS AND LIABILITIES - (8.7%)** |  | (7637518) |
| **TOTAL NET ASSETS - 100.0%** |  | $88094435 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $86,807,463. |
| (A) | All or a portion of these securities, with an aggregate fair value of $7,533,288, are on loan as part of a securities lending program. See Note 11 for details on the securities lending program. |
| (B) | Greater than 25% of the portfolio. For more information refer the website madisonfunds.com/individual/core-bond-fund/. |
| (C) | Affiliated Company see Note 14 |
| (D) | 7-day yield. |
| (E) | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | organ Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Aggressive Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 72.4%** |  |  |
| **Bond Funds - 3.6%** |  |  |
| Janus Henderson Mortgage-Backed Securities ETF (A) | 19386 | $889430 |
| Schwab Intermediate-Term U.S. Treasury ETF | 43580 | 1097780 |
|  |  | 1987210 |
| **Foreign Stock Funds - 23.3%** |  |  |
| Franklin FTSE Japan ETF (A) | 43060 | 1535089 |
| iShares MSCI Emerging Markets Asia ETF (A) | 40916 | 3924663 |
| iShares MSCI Eurozone ETF | 11112 | 690833 |
| Vanguard FTSE All-World ex-U.S. ETF | 28057 | 2038621 |
| Vanguard FTSE Europe ETF | 57750 | 4637325 |
|  |  | 12826531 |
| **Stock Funds - 45.5%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 108698 | 6194699 |
| Energy Select Sector SPDR Fund ETF | 8985 | 791848 |
| Invesco S&P 500 Quality ETF | 100869 | 7470358 |
| iShares Core S&P Small-Cap ETF | 20945 | 2467321 |
| State Street SPDR S&P Bank ETF (A) | 60691 | 3443608 |
| Vanguard Information Technology ETF | 5817 | 4614103 |
|  |  | 24981937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $32,469,445) |  | 39795678 |
| **INVESTMENT COMPANIES - 24.8%** |  |  |
| **Bond Funds - 14.3%** |  |  |
| Madison Core Bond Fund, Class R6 (B) | 863241 | 7872754 |
| **Stock Funds - 10.5%** |  |  |
| Madison Large Cap Fund, Class R6 (B) | 199114 | 5796218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,108,335) |  | 13668972 |
| **SHORT-TERM INVESTMENTS - 12.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 4.010% | 1563185 | 1563185 |
| State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 4.060% | 5417816 | 5417816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,981,001) |  | 6981001 |
| **TOTAL INVESTMENTS - 109.9%** |  |  |
| (Cost $51,558,781\*\*) |  | 60445651 |
| **NET OTHER ASSETS AND LIABILITIES - (9.9%)** |  | (5444164) |
| **TOTAL NET ASSETS - 100.0%** |  | $55001487 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $51,732,920. |
| (A) | All or a portion of these securities, with an aggregate fair value of $5,302,079, are on loan as part of a securities lending program. See 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. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Diversified Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **COMMERCIAL MORTGAGE- BACKED SECURITIES - 0.0%** |  |  |
| GSAMP Trust, Series 2006-S5, Class M5 (A) (B) (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 $–) |  |  |
| **MORTGAGE BACKED SECURITIES - 0.0%** |  |  |
| **Fannie Mae - 0.0%** |  |  |
| 7.000%, 11/1/31 Pool # 607515 | 1717 | 1793 |
| 7.000%, 5/1/32 Pool # 644591 | 178 | 187 |
|  |  | 1980 |
| **Freddie Mac - 0.0%** |  |  |
| 8.000%, 6/1/30 Pool # C01005 | 327 | 341 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 2/20/29 Pool # 2714 | 1702 | 1753 |
| 6.500%, 4/20/31 Pool # 3068 | 1486 | 1549 |
|  |  | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,420) |  | 5623 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **EXCHANGE TRADED FUNDS - 99.4%** |  |  |
| **Bond Funds - 56.5%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 27605 | 1492602 |
| Janus Henderson Mortgage-Backed Securities ETF (D) | 110419 | 5066024 |
| Madison Aggregate Bond ETF (D) (E) | 900000 | 18490500 |
| Madison Short-Term Strategic Income ETF (E) | 1362500 | 28087938 |
| State Street SPDR Portfolio High Yield Bond ETF (D) | 521954 | 12422505 |
|  |  | 65559569 |
| **Stock Funds - 42.9%** |  |  |
| Global X MLP ETF | 86949 | 4177899 |
| Madison Covered Call ETF (E) | 985000 | 18182213 |
| Madison Dividend Value ETF (E) | 1010000 | 22774490 |
| Schwab U.S. Dividend Equity ETF | 172202 | 4606404 |
|  |  | 49741006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $112,131,805) |  | 115300575 |
| **SHORT-TERM INVESTMENTS - 5.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 4.010% | 971947 | 971947 |
| State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 4.060% | 5468070 | 5468070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,440,017) |  | 6440017 |
| **TOTAL INVESTMENTS - 104.9%** |  |  |
| (Cost $118,577,242\*\*) |  | 121746215 |
| **NET OTHER ASSETS AND LIABILITIES - (4.9%)** |  | (5688224) |
| **TOTAL NET ASSETS - 100.0%** |  | $116057991 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $118,312,463. |
| (A) | Floating rate or variable rate note. Rate shown is as of October 31, 2025. |
| (B) | 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, 2025. |
| (C) | Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued. |
| (D) | All or a portion of these securities, with an aggregate fair value of $11,633,694, are on loan as part of a securities lending program. See Note 11 for details on the securities lending program. |
| (E) | Affiliated Company see Note 14 |
| (F) | 7-day yield. |
| (G) | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **MUNICIPAL BONDS - 98.6%** |  |  |
| **Alabama - 7.0%** |  |  |
| Mobile County, General Obligation, 5.000%, 2/1/39 | $610000 | $655305 |
| Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42 | 315000 | 336664 |
| Pike Road, Authority Revenue, 4.000%, 9/1/31 | 170000 | 170129 |
| UAB Medicine Finance Authority Revenue, Series B, 5.000%, 9/1/27 | 150000 | 155779 |
|  |  | 1317877 |
| **Arkansas - 0.9%** |  |  |
| Arkansas Development Finance Authority, 5.000%, 2/1/26 | 175000 | 175318 |
| **California - 0.6%** |  |  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5.000%, 7/1/40 | 120000 | 123449 |
| **Colorado - 3.6%** |  |  |
| Colorado Springs Utilities System Revenue, Series A, 4.000%, 11/15/40 | 250000 | 253099 |
| El Paso County Facilities Corp., Series A, 5.000%, 12/1/27 | 400000 | 418228 |
|  |  | 671327 |
| **Florida - 5.4%** |  |  |
| County of Polk Utility System Revenue, 5.000%, 10/1/54 | 350000 | 367522 |
| Hialeah Utility System, 5.000%, 10/1/35 | 400000 | 436945 |
| Tampa Bay Water, Series A, 5.250%, 10/1/54 | 200000 | 213831 |
|  |  | 1018298 |
| **Georgia - 0.8%** |  |  |
| Americus-Sumter Payroll Development Authority, Series A, 3.250%, 6/1/33 | 150000 | 150257 |
| **Illinois - 10.3%** |  |  |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 5.000%, 12/1/35 | 545000 | 565367 |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 4.000%, 12/1/37 | 200000 | 202473 |
| Palatine Village, General Obligation, 2.000%, 12/1/28 | 175000 | 166103 |
| Village of Bourbonnais, (BAM), 5.250%, 12/1/46 | 325000 | 339154 |
| Village of Buffalo Grove, 5.000%, 12/30/38 | 300000 | 330818 |
| Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, (BAM), 5.000%, 11/1/42 | 325000 | 344916 |
|  |  | 1948831 |
| **Indiana - 6.7%** |  |  |
| Indiana Finance Authority, Series A, 5.000%, 10/1/46 | 140000 | 146514 |
| Indiana Finance Authority, 5.250%, 3/1/54 | 240000 | 250608 |
| Lincoln Center Building Corp., 4.000%, 8/1/28 | 285000 | 293007 |
| Vanderburgh County Redevelopment District, Tax Allocation, (AG), 5.000%, 2/1/26 | 300000 | 301371 |
| **Indiana - 6.7%** |  |  |
| Whitestown Redevelopment Authority, 5.000%, 7/15/38 | 260000 | 271056 |
|  |  | 1262556 |
| **Kansas - 1.3%** |  |  |
| Sedgwick County, Series A, 4.000%, 8/1/40 | 250000 | 255611 |
| **Kentucky - 2.4%** |  |  |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5.000%, 4/1/33 | 445000 | 445571 |
| **Louisiana - 1.3%** |  |  |
| Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26 | 85000 | 86088 |
| Lafourche Parish School Board, 4.000%, 3/1/33 | 150000 | 157726 |
|  |  | 243814 |
| **Michigan - 4.0%** |  |  |
| City of Wayland MI, (AG), 4.000%, 10/1/40 | 185000 | 187132 |
| Kalamazoo Public Schools, 5.000%, 5/1/26 | 250000 | 250385 |
| Warren Woods Public Schools, (BAM), 4.000%, 5/1/35 | 300000 | 317384 |
|  |  | 754901 |
| **Mississippi - 2.6%** |  |  |
| Medical Center Educational Building Corp., Series A, 5.000%, 6/1/30 | 475000 | 491088 |
| **Nebraska - 1.7%** |  |  |
| Elkhorn School District, 4.000%, 12/15/36 | 315000 | 321289 |
| **New Jersey - 2.8%** |  |  |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/28 | 250000 | 264219 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/29 | 250000 | 270396 |
|  |  | 534615 |
| **New Mexico - 1.1%** |  |  |
| Otero County, (BAM), 4.000%, 12/1/28 | 195000 | 200118 |
| **New York - 2.4%** |  |  |
| New York State Dormitory Authority, Series 1, (BHAC-CR), 5.500%, 7/1/31 | 250000 | 273189 |
| Port Authority of New York & New Jersey, Series 85TH, (GO of AUTH), 5.375%, 3/1/28 | 175000 | 182294 |
|  |  | 455483 |
| **Ohio - 1.4%** |  |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44 | 250000 | 271207 |
| **Oklahoma - 4.0%** |  |  |
| Elk City Industrial Authority, 4.000%, 5/1/30 | 335000 | 345377 |
| Tulsa County Industrial Authority, 3.000%, 2/1/31 | 400000 | 401414 |
|  |  | 746791 |
| **Oregon - 2.0%** |  |  |
| City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49 | 350000 | 371199 |
| **Pennsylvania - 6.2%** |  |  |
| City of Pittsburgh, 4.000%, 9/1/35 | 350000 | 354578 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **Pennsylvania - 6.2%** |  |  |
| Commonwealth Financing Authority, Series A, 5.000%, 6/1/35 | $370000 | $371856 |
| Philadelphia Gas Works Co., Series A, 5.000%, 8/1/40 | 170000 | 187775 |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4.000%, 2/15/26 | 250000 | 250734 |
|  |  | 1164943 |
| **Texas - 5.0%** |  |  |
| Center, General Obligation, 3.000%, 8/15/34 | 410000 | 378608 |
| City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49 | 250000 | 269065 |
| Harris County Toll Road Authority, 4.000%, 8/15/38 | 300000 | 304377 |
|  |  | 952050 |
| **Utah - 3.1%** |  |  |
| Ogden City Sewer & Water Revenue, Series A, 4.000%, 6/15/31 | 250000 | 265054 |
| Utah Transit Authority, Series A, (BHAC- CR), 5.000%, 6/15/35 | 280000 | 326371 |
|  |  | 591425 |
| **Virginia - 7.0%** |  |  |
| Alexandria Sanitation Authority, 5.000%, 7/15/54 | 200000 | 211475 |
| Fairfax County Economic Development Authority, Series A, 5.000%, 9/1/38 | 90000 | 94235 |
| Roanoke Economic Development Authority, Series A, 5.000%, 7/1/47 | 250000 | 274104 |
| Southampton County Industrial Development Authority, 5.000%, 6/1/35 | 440000 | 488897 |
| Western Regional Jail Authority, 5.000%, 12/1/34 | 250000 | 254119 |
|  |  | 1322830 |
| **Washington - 0.5%** |  |  |
| State of Washington, Series R-2023A, |  |  |
| 5.000%, 8/1/36 | 80000 | 90858 |
| **West Virginia - 3.9%** |  |  |
| West Virginia Economic Development Authority, Series A, 5.000%, 7/1/37 | 450000 | 462270 |
| West Virginia University, Series A, 4.000%, 10/1/39 | 265000 | 267733 |
|  |  | 730003 |
| **Wisconsin - 10.6%** |  |  |
| City of Burlington WI, Series A, (BAM), 4.000%, 4/1/36 | 580000 | 601778 |
| City of Green Bay WI, Series A, 4.000%, 4/1/38 | 355000 | 361903 |
| City of Whitewater, Series A, (BAM), 5.000%, 6/1/38 | 290000 | 317253 |
| Public Finance Authority, Series A, 5.000%, 10/1/32 | 200000 | 217603 |
| Wisconsin Department of Transportation, Series A, 4.000%, 7/1/39 | 100000 | 101439 |
| **Wisconsin - 10.6%** |  |  |
| Wisconsin Health & Educational Facilities Authority, Series A, 4.000%, 11/15/35 | 400000 | 400796 |
|  |  | 2000772 |
| **TOTAL INVESTMENTS - 98.6%** |  |  |
| (Cost $18,756,292\*\*) |  | 18612481 |
| **NET OTHER ASSETS AND** |  |  |
| **LIABILITIES - 1.4%** |  | 273457 |
| **TOTAL NET ASSETS - 100.0%** |  | $18885938 |

---

---

| | |
|:---|:---|
| \*\* | Aggregate cost for Federal tax purposes was $18,756,238. |
| BAM | Build America Mutual Assurance Co. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. |
| GO of AUTH | General Obligation of the Authority. |
| ST AID | State Aid Withholding. |
| ST | State Intercept. |
| TCRS | Transferable Custodial Receipts. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**High Quality Bond Fund Portfolio of Investments - concluded**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **CORPORATE NOTES AND BONDS - 34.0%** |  |  |
| **Communication Services - 3.7%** |  |  |
| Cisco Systems, Inc., 4.950%, 2/26/31 | $750000 | $774946 |
| Comcast Corp., 3.150%, 3/1/26 | 750000 | 747717 |
| Walt Disney Co., 3.800%, 3/22/30 | 750000 | 743019 |
|  |  | 2265682 |
| **Consumer Discretionary - 2.1%** |  |  |
| Home Depot, Inc., 4.500%, 9/15/32 | 750000 | 760220 |
| NIKE, Inc., 2.750%, 3/27/27 | 500000 | 492730 |
|  |  | 1252950 |
| **Consumer Staples - 6.3%** |  |  |
| AbbVie, Inc., 4.800%, 3/15/29 | 750000 | 767145 |
| Hershey Co., 4.750%, 2/24/30 | 800000 | 818794 |
| Mars, Inc., 5.200%, 3/1/35 | 750000 | 769749 |
| PepsiCo, Inc., 4.450%, 5/15/28 | 750000 | 760993 |
| PepsiCo, Inc., 2.750%, 3/19/30 | 750000 | 709717 |
|  |  | 3826398 |
| **Financials - 17.3%** |  |  |
| American Express Co., (1 day USD SOFR Index + 1.090%) (A) (B), 5.532%, 4/25/30 | 800000 | 834411 |
| Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (A) (B), 3.194%, 7/23/30 | 800000 | 771298 |
| Bank of New York Mellon Corp., (1 day USD SOFR Index + 1.802%) (A) (B), 5.802%, 10/25/28 | 850000 | 878537 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 750000 | 698914 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.310%) (A) (B), 5.012%, 1/23/30 | 850000 | 870414 |
| Marsh & McLennan Cos., Inc., 4.650%, 3/15/30 | 800000 | 812862 |
| Mastercard, Inc., 3.300%, 3/26/27 | 750000 | 744490 |
| Morgan Stanley, (1 day USD SOFR + 2.240%) (A) (B), 6.296%, 10/18/28 | 750000 | 779848 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 1.841%) (A) (B), 5.582%, 6/12/29 | 850000 | 879284 |
| Simon Property Group LP, 2.450%, 9/13/29 | 750000 | 704703 |
| State Street Corp., 4.330%, 10/22/27 | 750000 | 756676 |
| Truist Financial Corp., (1 day USD SOFR + 1.435%) (A) (B), 4.873%, 1/26/29 | 500000 | 506808 |
| Truist Financial Corp., 1.950%, 6/5/30 | 500000 | 450648 |
| U.S. Bancorp, (1 day USD SOFR + 1.660%) (A) (B), 4.548%, 7/22/28 | 750000 | 754768 |
|  |  | 10443661 |
| **Health Care - 1.3%** |  |  |
| UnitedHealth Group, Inc., 5.250%, 2/15/28 | 750000 | 769855 |
| **Industrials - 3.3%** |  |  |
| Caterpillar Financial Services Corp., 4.800%, 1/6/26 | 750000 | 750861 |
| Emerson Electric Co., 2.000%, 12/21/28 | 500000 | 471253 |
| John Deere Capital Corp., 4.750%, 1/20/28 | 750000 | 762979 |
|  |  | 1985093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,458,178) |  | 20543639 |
| **FOREIGN CORPORATE BONDS - 1.2%** |  |  |
| **Health Care - 1.2%** |  |  |
| Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/33 | 750000 | 758878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $744,215) |  | 758878 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.6%** |  |  |
| **Fannie Mae - 4.5%** |  |  |
| 0.500%, 11/7/25 | 1250000 | 1249491 |
| 2.125%, 4/24/26 | 1000000 | 991983 |
| 0.750%, 10/8/27 (C) | 500000 | 473069 |
|  |  | 2714543 |
| **U.S. Treasury Notes - 59.1%** |  |  |
| 4.500%, 11/15/25 | 1250000 | 1250179 |
| 3.875%, 1/15/26 | 1000000 | 999844 |
| 3.750%, 4/15/26 | 1250000 | 1249548 |
| 4.125%, 1/31/27 | 1000000 | 1005000 |
| 3.250%, 6/30/27 | 1250000 | 1242432 |
| 4.000%, 2/29/28 | 2150000 | 2168813 |
| 3.625%, 5/31/28 | 2500000 | 2501270 |
| 4.000%, 6/30/28 | 2150000 | 2171500 |
| 4.875%, 10/31/28 | 2500000 | 2588184 |
| 4.500%, 5/31/29 | 2250000 | 2313457 |
| 4.000%, 7/31/29 | 2250000 | 2276279 |
| 3.875%, 9/30/29 | 2125000 | 2140688 |
| 3.875%, 11/30/29 | 2250000 | 2266611 |
| 3.875%, 12/31/29 | 2250000 | 2266260 |
| 4.000%, 7/31/30 | 2250000 | 2277422 |
| 4.375%, 11/30/30 | 1500000 | 1543828 |
| 4.125%, 2/29/32 | 500000 | 507734 |
| 4.125%, 11/15/32 | 1000000 | 1013867 |
| 3.375%, 5/15/33 | 2000000 | 1927187 |
| 4.000%, 2/15/34 | 2000000 | 2000391 |
|  |  | 35710494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,013,776) |  | 38425037 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.010% | 140282 | 140282 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.060% | 168128 | 168128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $308,410) |  | 308410 |
| **TOTAL INVESTMENTS - 99.3%** |  |  |
| (Cost $59,524,579\*\*) |  | 60035964 |
| **NET OTHER ASSETS AND LIABILITIES - 0.7%** |  | 399426 |
| **TOTAL NET ASSETS - 100.0%** |  | $60435390 |

---

\*\* Aggregate cost for Federal tax purposes was $59,541,532.

(A) Floating rate or variable rate note. Rate shown is as of October 31, 2025.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**High Quality Bond Fund Portfolio of Investments - concluded**

---

| | |
|:---|:---|
| (B) | 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, 2025. |
| (C) | All or a portion of these securities, with an aggregate fair value of $164,747, are on loan as part of a securities lending program. See Note (11) for details on the securities lending program. |
| (D) | 7-day yield. |
| (E) | Represents investments of cash collateral received in connection with securities lending. |
| LP | Limited Partnership. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Core Bond Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **ASSET BACKED SECURITIES - 2.0%** |  |  |
| CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28  | $368371 | $370764 |
| Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.650%, 5/15/35 | 302963 | 304643 |
| Chesapeake Funding II LLC, Series 2023- 2A, Class A1 (A), 6.160%, 10/15/35 | 233233 | 236232 |
| Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.510%, 1/22/29  | 89864 | 90046 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29  | 150074 | 150784 |
| Evergreen Credit Card Trust, Series 2025- 1A, Class B, 4.240%, 10/15/29  | 500000 | 499220 |
| John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28 | 498406 | 501737 |
| Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29 | 200000 | 200658 |
| Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B) (C), 5.848%, 1/25/64  | 761773 | 765953 |
| Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30 | 1250000 | 1272410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,375,649) |  | 4392447 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (D), 2.879%, 7/25/49 | 48059 | 47125 |
| Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (B) (C), 1.724%,2/25/55 | 10554 | 10493 |
| CIM Trust, Series 2021-J2, Class A4 (A)(B) (C), 2.500%, 4/25/51 | 430282 | 388377 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27 | 96377 | 1351 |
| Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49 | 294096 | 293756 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1 (A) (B) (C), 5.183%, 12/25/41 | 66566 | 66565 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30 | 260890 | 11392 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31 | 154523 | 151862 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31 | 213682 | 212367 |
| Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31 | 42322 | 43755 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35 | 45922 | 47603 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35 | 1181404 | 168053 |
| Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48  | 461088 | 471936 |
| Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51  | 607491 | 614759 |
| Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51  | 830144 | 839785 |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.500%, 9/25/41  | 421249 | 382203 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (B) (C), 0.874%, 1/25/66  | 459365 | 411092 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44 | 12509 | 60 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.500%, 5/25/51 | 428814 | 354326 |
| JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (C), 4.000%, 11/25/49 | 15114 | 14277 |
| JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.458%, 2/25/50  | 71145 | 64454 |
| JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.500%, 6/25/51  | 564008 | 473128 |
| JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.500%, 7/25/51  | 757665 | 637475 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.500%, 10/25/51  | 601384 | 540853 |
| JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B) (C), 2.500%, 5/25/52  | 648165 | 579896 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B) (C), 6.000%, 11/25/54  | 575670 | 581784 |
| JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3.000%, 2/25/50  | 119056 | 104608 |
| PSMC Trust, Series 2020-2, Class A2 (A) (B) (C), 3.000%, 5/25/50 | 82491 | 73480 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.500%, 3/25/51 | 717609 | 641710 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.500%, 12/25/51 | 520164 | 464231 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.500%, 1/25/52 | 358864 | 319741 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3.000%, 6/25/43 | 217977 | 196919 |
| Towd Point Mortgage Trust, Series 2024-4, Class A1A (B) (C), 4.552%, 10/27/64  | 1470732 | 1477282 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4.000%, 4/25/49  | 7942 | 7555 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B) (C), 2.500%, 9/25/51 | 525610 | 441915 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,278,958) |  | 11136168 |

---

See accompanying Notes to Financial Statements. <br> 9

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.5%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B) (C), 0.247%, 9/25/26 | $13197493 | $17307 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31  | 505000 | 448794 |
| Federal National Mortgage Association- ACES, Series 2022-M1, Class A2 (B) (C), 1.668%, 10/25/31 | 1250000 | 1081482 |
| FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B) (C), 3.737%, 9/25/49<br>| 320000 | 317289 |
| FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B) (C), 3.563%, 3/25/53 | 750000 | 708354 |
| Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65 | 724739 | 717936 |
| GSAMP Trust, Series 2006-S5, Class M5 (B) (C) (E), 7.488%, 9/25/36 | 772000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage- Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,267,187) |  | 3291162 |
| **CORPORATE NOTES AND BONDS - 24.1%** |  |  |
| **Basic Materials - 0.2%** |  |  |
| Rio Tinto Finance USA PLC, 5.000%, 3/14/32 | 500000 | 514780 |
| **Communication Services - 0.8%** |  |  |
| AT&T, Inc., 4.750%, 5/15/46 | 500000 | 441988 |
| Expedia Group, Inc., 3.250%, 2/15/30 | 250000 | 238757 |
| SBA Communications Corp., 3.875%, 2/15/27 | 350000 | 346114 |
| VeriSign, Inc., 2.700%, 6/15/31 | 500000 | 452665 |
| Verizon Communications, Inc., 3.400%, 3/22/41 | 500000 | 392589 |
|  |  | 1872113 |
| **Communications - 0.5%** |  |  |
| Meta Platforms, Inc., 4.875%, 11/15/35 | 500000 | 500990 |
| NTT Finance Corp., 5.502%, 7/16/35 | 500000 | 519510 |
|  |  | 1020500 |
| **Consumer Discretionary - 1.2%** |  |  |
| Advance Auto Parts, Inc., 1.750%, 10/1/27 | 250000 | 233710 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26 | 58333 | 58484 |
| BorgWarner, Inc. (F), 5.400%, 8/15/34 | 250000 | 257481 |
| Home Depot, Inc., 3.350%, 4/15/50 | 250000 | 180417 |
| Lowe's Cos., Inc., 3.000%, 10/15/50 | 500000 | 323955 |
| Lowe's Cos., Inc., 4.250%, 4/1/52  | 750000 | 599384 |
| Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 250000 | 264116 |
| Tractor Supply Co., 5.250%, 5/15/33 | 150000 | 155194 |
| Walmart, Inc., 4.900%, 4/28/35 | 500000 | 513916 |
|  |  | 2586657 |
| **Consumer Staples - 1.3%**<br>|  |  |
| Diageo Investment Corp., 5.125%, 8/15/30 | 400000 | 414495 |
| GE HealthCare Technologies, Inc., 4.800%, 8/14/29 | 500000 | 509912 |
| Keurig Dr. Pepper, Inc., 3.800%, 5/1/50 | 300000 | 221843 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 250000 | 250464 |
| Mars, Inc., 5.200%, 3/1/35 | 225000 | 230925 |
| Mars, Inc., 5.700%, 5/1/55 | 600000 | 609670 |
| PayPal Holdings, Inc., 5.100%, 4/1/35 | 250000 | 255082 |
| Performance Food Group, Inc. (A), 5.500%, 10/15/27 | 325000 | 325067 |
|  |  | 2817458 |
| **Energy - 3.0%** |  |  |
| B5oardwalk Pipelines LP, 4.450%, 7/15/27 | 400000 | 401133 |
| Devon Energy Corp. (F), 5.200%, 9/15/34 | 800000 | 794187 |
| Diamondback Energy, Inc., 5.400%, 4/18/34 | 550000 | 560931 |
| Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29 | 350000 | 334270 |
| Energy Transfer LP, 5.250%, 4/15/29 | 275000 | 282596 |
| Energy Transfer LP, 6.550%, 12/1/33 | 300000 | 327748 |
| Kinder Morgan, Inc., 5.850%, 6/1/35 | 250000 | 263465 |
| Kinder Morgan, Inc., 5.550%, 6/1/45 | 400000 | 388852 |
| Marathon Petroleum Corp., 3.800%, 4/1/28 | 350000 | 346133 |
| Marathon Petroleum Corp., 5.150%, 3/1/30 | 250000 | 256691 |
| MPLX LP, 2.650%, 8/15/30 | 350000 | 322184 |
| ONEOK, Inc., 5.850%, 1/15/26 | 150000 | 150275 |
| ONEOK, Inc., 5.450%, 6/1/47 | 400000 | 367835 |
| Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27 | 400000 | 400566 |
| Valero Energy Corp., 5.150%, 2/15/30 | 650000 | 668289 |
| Valero Energy Corp., 6.625%, 6/15/37 | 500000 | 552441 |
| Valero Energy Corp., 4.000%, 6/1/52 | 175000 | 129480 |
|  |  | 6547076 |
| **Financials - 10.5%** |  |  |
| Air Lease Corp., 2.875%, 1/15/26 | 500000 | 498231 |
| Air Lease Corp., 1.875%, 8/15/26 | 250000 | 245449 |
| American Express Co., (1 day USD SOFR + 1.940%) (B) (C), 6.489%, 10/30/31 | 500000 | 546543 |
| American International Group, Inc., 4.750%, 4/1/48 | 150000 | 134780 |
| Athene Holding Ltd., 6.250%, 4/1/54  | 250000 | 248754 |
| Bank of America Corp., (1 day USD SOFR + 1.910%) (B) (C), 5.288%, 4/25/34 | 350000 | 362078 |
| Bank of America Corp., (1 day USD SOFR + 1.650%) (B) (C), 5.468%, 1/23/35 | 250000 | 260963 |
| Bank of America Corp., Series N, (1 day USD SOFR + 0.910%) (B) (C), 1.658%, 3/11/27 | 400000 | 396269 |
| Bank of New York Mellon Corp., (1 day USD SOFR Index + 2.074%) (B) (C), 5.834%, 10/25/33 | 500000 | 538300 |
| Berkshire Hathaway Finance Corp., 3.850%, 3/15/52 | 350000 | 275625 |
| Capital One Financial Corp., (1 day USD SOFR + 2.057%) (B) (C), 4.927%, 5/10/28  | 350000 | 353316 |
| Capital One Financial Corp., (1 day USD SOFR + 2.640%) (B) (C), 6.312%, 6/8/29 | 400000 | 419182 |
| Capital One Financial Corp., (1 day USD |  |  |
| SOFR + 1.790%) (B) (C), 3.273%, 3/1/30 | 350000 | 337749 |
| CBRE Services, Inc., 4.800%, 6/15/30 | 250000 | 253779 |
| Citibank NA, 5.803%, 9/29/28  | 250000 | 262025 |
| Citigroup, Inc., (1 day USD SOFR + 2.086%) (B) (C), 4.910%, 5/24/33 | 350000 | 353938 |
| Citigroup, Inc., (5 yr. CMT + 1.730%) (B) (C), 5.411%, 9/19/39 | 400000 | 401771 |

---

See accompanying Notes to Financial Statements. <br> 10

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | $350000 | $231003 |
| Fifth Third Bancorp, 2.550%, 5/5/27 | 350000 | 341896 |
| Fifth Third Bancorp, (1 day USD SOFR + 2.340%) (B) (C), 6.339%, 7/27/29 | 400000 | 420469 |
| Fifth Third Bancorp, (1 day USD SOFR + 1.660%) (B) (C), 4.337%, 4/25/33 | 350000 | 340618 |
| Five Corners Funding Trust II (A), 2.850%, 5/15/30 | 250000 | 234659 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32 | 400000 | 358972 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26  | 400000 | 398332 |
| Goldman Sachs Group, Inc., (1 day USD SOFR + 0.913%) (B) (C), 1.948%, 10/21/27 | 500000 | 489026 |
| Huntington Bancshares, Inc., (1 day USD SOFR + 2.020%) (B) (C), 6.208%, 8/21/29 | 350000 | 367340 |
| Intercontinental Exchange, Inc., 4.600%, 3/15/33 | 350000 | 352481 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.620%) (B) (C), 5.336%, 1/23/35  | 500000 | 518840 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.680%) (B) (C), 5.572%, 4/22/36 | 500000 | 526677 |
| KeyBank NA, 5.000%, 1/26/33 | 250000 | 251675 |
| KeyCorp, 4.100%, 4/30/28 | 400000 | 398712 |
| KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50 | 250000 | 178469 |
| Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60 | 150000 | 106714 |
| LPL Holdings, Inc. (A), 4.000%, 3/15/29 | 350000 | 341968 |
| Morgan Stanley, (1 day USD SOFR + 1.830%) (B) (C), 6.407%, 11/1/29  | 450000 | 476914 |
| Morgan Stanley, (1 day USD SOFR + 1.108%) (B) (C), 5.230%, 1/15/31 | 350000 | 361176 |
| Morgan Stanley, (1 day USD SOFR + 1.020%) (B) (C), 1.928%, 4/28/32 | 500000 | 437312 |
| Morgan Stanley, (1 day USD SOFR + 1.730%) (B) (C), 5.466%, 1/18/35 | 500000 | 519830 |
| Nasdaq, Inc., 1.650%, 1/15/31 | 450000 | 395241 |
| Old Republic International Corp., 3.850%, 6/11/51 | 300000 | 220178 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250000 | 231671 |
| PNC Bank NA, 2.700%, 10/22/29 | 250000 | 235065 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 1.333%) (B) (C), 4.899%, 5/13/31 | 540000 | 550650 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 2.284%) (B) (C), 6.875%, 10/20/34 | 300000 | 339539 |
| Realty Income Corp. (F), 4.850%, 3/15/30 | 400000 | 409903 |
| Realty Income Corp., 5.125%, 4/15/35 | 250000 | 253940 |
| Regions Financial Corp., 1.800%, 8/12/28 | 500000 | 468493 |
| Simon Property Group LP, 5.125%, 10/1/35 | 500000 | 506198 |
| State Street Corp., (1 day USD SOFR + 1.490%) (B) (C), 3.031%, 11/1/34 | 250000 | 234810 |
| Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50 | 300000 | 207814 |
| Truist Bank, 2.250%, 3/11/30 | 325000 | 296860 |
| Truist Financial Corp., (1 day USD SOFR + 1.309%) (B) (C), 5.071%, 5/20/31 | 250000 | 255732 |
| Truist Financial Corp., (1 day USD SOFR + 1.852%) (B) (C), 5.122%, 1/26/34 | 400000 | 404961 |
| Truist Financial Corp., (1 day USD SOFR + 2.361%) (B) (C), 5.867%, 6/8/34 | 600000 | 634998 |
| U.S. Bancorp, (1 day USD SOFR + 1.660%) (B) (C), 4.548%, 7/22/28 | 500000 | 503179 |
| U.S. Bancorp, (1 day USD SOFR + 1.560%) (B) (C), 5.384%, 1/23/30 | 250000 | 258267 |
| U.S. Bancorp, (1 day USD SOFR+ 1.600%) (B) (C), 4.839%, 2/1/34  | 525000 | 527199 |
| Wells Fargo & Co., (1 day USD SOFR + 1.740%) (B) (C), 5.574%, 7/25/29 | 500000 | 517201 |
| Wells Fargo & Co., (1 day USD SOFR + 1.500%) (B) (C), 5.198%, 1/23/30 | 600000 | 617229 |
| Wells Fargo & Co., (1 day USD SOFR + 1.110%) (B) (C), 5.244%, 1/24/31 | 500000 | 517361 |
| Wells Fargo & Co., (1 day USD SOFR + 2.020%) (B) (C), 5.389%, 4/24/34 | 350000 | 363373 |
| Welltower OP LLC, 2.050%, 1/15/29 | 500000 | 469039 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 300000 | 273606 |
|  |  | 23234342 |
| **Health Care - 1.1%** |  |  |
| AbbVie, Inc., 5.400%, 3/15/54 | 675000 | 671150 |
| Amgen, Inc., 5.650%, 3/2/53 | 150000 | 149590 |
| Block, Inc., 2.750%, 6/1/26 | 450000 | 444851 |
| Centene Corp., 2.450%, 7/15/28 | 500000 | 465789 |
| GE HealthCare Technologies, Inc., 6.377%, 11/22/52 | 250000 | 274703 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30 | 250000 | 226616 |
| Humana, Inc., 5.375%, 4/15/31 | 250000 | 258058 |
|  |  | 2490757 |
| **Industrials - 2.0%** |  |  |
| Ashtead Capital, Inc. (A), 2.450%, 8/12/31 | 600000 | 531899 |
| Ball Corp., 4.875%, 3/15/26 | 475000 | 474819 |
| Boeing Co., 6.858%, 5/1/54 | 500000 | 566860 |
| Carrier Global Corp., 3.577%, 4/5/50 | 68000 | 51265 |
| Carrier Global Corp., 6.200%, 3/15/54 | 174000 | 191973 |
| Nordson Corp., 5.800%, 9/15/33 | 100000 | 106924 |
| Norfolk Southern Corp., 5.950%, 3/15/64 | 250000 | 264280 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 350000 | 326758 |
| Quanta Services, Inc., 2.900%, 10/1/30 | 500000 | 467638 |
| TD SYNNEX Corp., 1.750%, 8/9/26 | 500000 | 490362 |
| Textron, Inc., 2.450%, 3/15/31  | 250000 | 225467 |
| United Rentals North America, Inc., 5.500%, 5/15/27 | 500000 | 500163 |
| Vontier Corp., 1.800%, 4/1/26 | 300000 | 296831 |
|  |  | 4495239 |
| **Information Technology - 1.3%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 10229 |
| Dell International LLC/EMC Corp., 8.350%, 7/15/46 | 87000 | 112493 |
| Dell International LLC/EMC Corp., 3.450%, 12/15/51 | 625000 | 437847 |
| Fiserv, Inc., 3.500%, 7/1/29 | 250000 | 240417 |
| Gartner, Inc. (A), 4.500%, 7/1/28 | 400000 | 396599 |
| HP, Inc., 2.650%, 6/17/31 | 600000 | 541006 |
| Iron Mountain, Inc. (A), 4.500%, 2/15/31 | 275000 | 263671 |
| Oracle Corp., 3.950%, 3/25/51 | 750000 | 536051 |
| VMware LLC, 2.200%, 8/15/31 | 500000 | 441859 |
|  |  | 2980172 |

---

See accompanying Notes to Financial Statements. <br> 11

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **Materials - 0.2%** |  |  |
| Celanese U.S. Holdings LLC, 6.665%, 7/15/27 | $160000 | $164232 |
| LYB International Finance III LLC,3.625%, 4/1/51 | 400000 | 266147 |
|  |  | 430379 |
| **Technology - 0.5%** |  |  |
| Micron Technology, Inc., 5.650%, 11/1/32 | 250000 | 262296 |
| NetApp, Inc., 5.500%, 3/17/32 | 400000 | 416269 |
| Paychex, Inc., 5.600%, 4/15/35 | 500000 | 522013 |
|  |  | 1200578 |
| **Utilities - 1.5%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 400000 | 397477 |
| Berkshire Hathaway Energy Co., 1.650%, 5/15/31 | 350000 | 303515 |
| DTE Electric Co., 5.400%, 4/1/53 | 250000 | 248670 |
| Duke Energy Corp., 3.750%, 9/1/46 | 500000 | 385061 |
| Duke Energy Progress LLC, 3.700%, 10/15/46 | 500000 | 389111 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 700000 | 455804 |
| Interstate Power & Light Co., 3.500%, 9/30/49 | 250000 | 182447 |
| NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28 | 500000 | 473770 |
| PECO Energy Co., 3.050%, 3/15/51 | 750000 | 501494 |
|  |  | 3337349 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $55,616,482) |  | 53527400 |
| **FOREIGN CORPORATE BONDS - 2.3%** |  |  |
| **Consumer Discretionary - 0.1%** |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28 | 250000 | 251685 |
| **Energy - 0.1%** |  |  |
| Enbridge, Inc., 5.700%, 3/8/33 | 250000 | 263227 |
| **Financials - 1.2%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/26 | 500000 | 496857 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 250000 | 251835 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 201000 | 199513 |
| Mitsubishi UFJ Financial Group, Inc., (1 yr. CMT + 1.530%) (B) (C), 5.475%, 2/22/31 | 500000 | 521201 |
| Royal Bank of Canada, 5.150%, 2/1/34 | 400000 | 417718 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 300000 | 299912 |
| UBS Group AG, (1 yr. CMT + 2.050%) (A) (B) (C), 4.703%, 8/5/27 | 400000 | 401010 |
|  |  | 2588046 |
| **Health Care - 0.5%** |  |  |
| Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53 | 400000 | 385998 |
| Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63 | 250000 | 237136 |
| Royalty Pharma PLC, 2.200%, 9/2/30 | 200000 | 180282 |
| STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51 | 500000 | 369159 |
|  |  | 1172575 |
| **Industrials - 0.3%** |  |  |
| BAE Systems PLC (A), 5.300%, 3/26/34 | 500000 | 518368 |
| **Materials - 0.1%** |  |  |
| Nutrien Ltd., 5.800%, 3/27/53 | 250000 | 254870 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,134,620) |  | 5048771 |
| **MORTGAGE BACKED SECURITIES - 35.1%** |  |  |
| **Fannie Mae - 19.1%** |  |  |
| 3.000%, 9/1/30 Pool # 890696 | 142142 | 139390 |
| 3.000%, 12/1/30 Pool # AL8924 | 59671 | 58748 |
| 7.000%, 11/1/31 Pool # 607515 | 1717 | 1793 |
| 3.500%, 12/1/31 Pool # MA0919 | 55462 | 54530 |
| 6.500%, 3/1/32 Pool # 631377 | 6425 | 6771 |
| 6.500%, 5/1/32 Pool # 636758 | 339 | 351 |
| 7.000%, 5/1/32 Pool # 644591 | 112 | 117 |
| 6.500%, 6/1/32 Pool # 545691 | 12574 | 13075 |
| 3.500%, 8/1/32 Pool # MA3098 | 78386 | 77335 |
| 3.500%, 9/1/32 Pool # MA3126 | 52253 | 51615 |
| 5.500%, 11/1/33 Pool # 555880 | 16805 | 17236 |
| 4.000%, 2/1/35 Pool # MA2177 | 164264 | 163346 |
| 3.500%, 12/1/35 Pool # MA2473 | 168462 | 163992 |
| 4.500%, 12/1/35 Pool # 745147 | 2679 | 2701 |
| 2.500%, 9/1/36 Pool # FS4049 | 482141 | 457059 |
| 6.000%, 11/1/36 Pool # 902510 | 21193 | 22282 |
| 6.000%, 10/1/37 Pool # 947563 | 26094 | 27518 |
| 6.500%, 12/1/37 Pool # 889072 | 16946 | 17976 |
| 4.500%, 5/1/38 Pool # MA5013 | 815554 | 815330 |
| 6.500%, 8/1/38 Pool # 987711 | 46329 | 49034 |
| 3.000%, 11/1/39 Pool # MA3831 | 78623 | 73696 |
| 4.000%, 9/1/40 Pool # AE3039 | 171827 | 168819 |
| 4.000%, 1/1/41 Pool # AB2080 | 141435 | 138595 |
| 2.500%, 5/1/41 Pool # MA4334 | 1057005 | 946853 |
| 5.500%, 7/1/41 Pool # AL6588 | 128189 | 133506 |
| 2.500%, 8/1/41 Pool # FM8460 | 207695 | 187976 |
| 4.000%, 9/1/41 Pool # AJ1406 | 62471 | 61217 |
| 4.000%, 10/1/41 Pool # AJ4046 | 196768 | 193683 |
| 3.500%, 11/1/41 Pool # AB3867 | 73178 | 70229 |
| 2.500%, 3/1/42 Pool # MA4571 | 2683412 | 2401188 |
| 4.000%, 3/1/42 Pool # AL1998 | 295304 | 289069 |
| 3.500%, 6/1/42 Pool # AO4134 | 311096 | 297403 |
| 3.500%, 8/1/42 Pool # AP2133 | 165460 | 157972 |
| 3.000%, 9/1/42 Pool # AP6568 | 44353 | 41093 |
| 3.500%, 9/1/42 Pool # AB6228 | 92940 | 88446 |
| 4.000%, 10/1/42 Pool # AP7363 | 218597 | 213935 |
| 3.500%, 1/1/43 Pool # AQ9326 | 193279 | 184175 |
| 3.000%, 2/1/43 Pool # AL3072 | 308805 | 286107 |
| 3.500%, 3/1/43 Pool # AT0310 | 148292 | 141306 |
| 3.500%, 4/1/43 Pool # AT2887 | 158343 | 150638 |
| 5.000%, 11/1/44 Pool # MA5539 | 642563 | 650975 |
| 4.000%, 1/1/45 Pool # AS4257 | 47581 | 46144 |
| 5.000%, 9/1/45 Pool # MA5833 | 731795 | 735178 |
| 4.500%, 10/1/46 Pool # MA2783 | 27056 | 26945 |
| 3.000%, 1/1/47 Pool # BE0108 | 285215 | 260851 |
| 2.500%, 12/1/47 Pool # FM3165 | 859157 | 751612 |
| 3.000%, 1/1/48 Pool # FM1303 | 938827 | 858665 |
| 3.000%, 8/1/48 Pool # FS0517 | 643380 | 586794 |
| 3.000%, 1/1/49 Pool # FS4296 | 618863 | 573283 |
| 4.000%, 11/1/50 Pool # FM5530 | 486214 | 465668 |
| 3.000%, 12/1/51 Pool # FS3478 | 824204 | 731726 |
| 2.000%, 1/1/52 Pool # FS0173 | 938864 | 776157 |

---

See accompanying Notes to Financial Statements. <br> 12

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| 2.500%, 1/1/52 Pool # CB2548 | $410793 | $352256 |
| 2.000%, 3/1/52 Pool # CB3105 | 393418 | 325235 |
| 2.500%, 3/1/52 Pool # BV4133 | 488050 | 414348 |
| 3.000%, 3/1/52 Pool # CB3115 | 753844 | 678257 |
| 2.500%, 4/1/52 Pool # FS4138 | 1526065 | 1322124 |
| 3.500%, 5/1/52 Pool # FS1866 | 818351 | 756912 |
| 4.000%, 5/1/52 Pool # FS1818 | 2876925 | 2743083 |
| 3.500%, 6/1/52 Pool # CB3845 | 784239 | 725348 |
| 3.500%, 7/1/52 Pool # FS2812 | 488317 | 456512 |
| 3.500%, 8/1/52 Pool # CB4361 | 1659063 | 1532895 |
| 4.500%, 8/1/52 Pool # FS2605 | 1255212 | 1232479 |
| 4.000%, 9/1/52 Pool # MA4732 | 609832 | 581844 |
| 4.500%, 9/1/52 Pool # FS2821 | 587182 | 577548 |
| 4.000%, 10/1/52 Pool # MA4783 | 1064077 | 1014490 |
| 4.500%, 10/1/52 Pool # MA4784 | 573610 | 562011 |
| 5.000%, 10/1/52 Pool # MA4785 | 2234897 | 2238380 |
| 5.500%, 10/1/52 Pool # MA4786 | 696838 | 706914 |
| 5.000%, 11/1/52 Pool # MA4806 | 785823 | 787209 |
| 5.000%, 12/1/52 Pool # MA4841 | 2822985 | 2822726 |
| 5.500%, 12/1/52 Pool # MA4842 | 838374 | 852067 |
| 4.500%, 7/1/53 Pool # FS4996 | 539804 | 530707 |
| 5.500%, 7/1/53 Pool # MA5072 | 3167506 | 3201649 |
| 5.500%, 9/1/53 Pool # FS5575 | 566554 | 579160 |
| 5.500%, 5/1/54 Pool # FS7759 | 911626 | 924872 |
| 5.000%, 1/1/55 Pool # MA5585 | 948867 | 944621 |
| 4.000%, 7/1/55 Pool # FA2986 | 745399 | 707375 |
|  |  | 42401125 |
| **Freddie Mac - 16.0%** |  |  |
| 8.000%, 6/1/30 Pool # C01005 | 177 | 184 |
| 6.500%, 1/1/32 Pool # C62333 | 4080 | 4222 |
| 2.500%, 2/1/32 Pool # ZS8641 | 127711 | 123081 |
| 3.500%, 8/1/32 Pool # C91485 | 70204 | 68972 |
| 4.000%, 5/1/33 Pool # G18693 | 114889 | 114913 |
| 4.500%, 6/1/34 Pool # C01856 | 106251 | 106252 |
| 2.500%, 6/1/35 Pool # RC1421 | 229566 | 216881 |
| 2.000%, 1/1/36 Pool # SB0546 | 590022 | 547803 |
| 6.500%, 11/1/36 Pool # C02660 | 1928 | 2038 |
| 5.500%, 1/1/37 Pool # G04593 | 62992 | 65679 |
| 5.500%, 11/1/37 Pool # A68787 | 41551 | 43262 |
| 5.500%, 12/1/38 Pool # G05267 | 120564 | 125307 |
| 4.500%, 8/1/39 Pool # G08361 | 116190 | 117283 |
| 5.000%, 5/1/40 Pool # SB8384 | 901729 | 910756 |
| 3.500%, 11/1/40 Pool # G06168 | 109510 | 105456 |
| 2.000%, 3/1/41 Pool # RB5105 | 799887 | 692997 |
| 2.500%, 6/1/41 Pool # SC0151 | 627831 | 568220 |
| 4.000%, 10/1/41 Pool # Q04092 | 272803 | 267382 |
| 4.500%, 3/1/42 Pool # G07491 | 131139 | 131955 |
| 2.500%, 9/1/42 Pool # SC0314 | 401157 | 360080 |
| 3.000%, 9/1/42 Pool # C04233 | 199692 | 185268 |
| 3.000%, 2/1/43 Pool # Q15767 | 137840 | 128514 |
| 3.000%, 4/1/43 Pool # V80026 | 1097140 | 1016539 |
| 3.500%, 8/1/44 Pool # Q27927 | 165160 | 156703 |
| 3.000%, 7/1/45 Pool # G08653 | 236634 | 217039 |
| 3.500%, 8/1/45 Pool # Q35614 | 168769 | 160040 |
| 3.000%, 11/1/45 Pool # G08675 | 195647 | 179021 |
| 3.000%, 1/1/46 Pool # G08686 | 247593 | 226455 |
| 3.000%, 10/1/46 Pool # G60722 | 253443 | 231385 |
| 3.500%, 11/1/47 Pool # Q52079 | 208595 | 196146 |
| 2.500%, 4/1/48 Pool # QA2240 | 1986846 | 1736839 |
| 3.000%, 7/1/49 Pool # QA1033 | 290147 | 260934 |
| 2.500%, 6/1/51 Pool # QC2842 | 795671 | 679020 |
| 2.500%, 1/1/52 Pool # SD7552 | 3149503 | 2724279 |
| 3.500%, 4/1/52 Pool # SD0960 | 1089207 | 1018346 |
| 3.500%, 5/1/52 Pool # RA7380 | 1150800 | 1063115 |
| 3.000%, 8/1/52 Pool # SD7556 | 1309286 | 1173884 |
| 4.000%, 9/1/52 Pool # SD8244 | 504816 | 481181 |
| 4.500%, 9/1/52 Pool # SD8245 | 599482 | 587360 |
| 4.500%, 10/1/52 Pool # SD8257 | 1945506 | 1904761 |
| 4.500%, 11/1/52 Pool # SD8266 | 1807974 | 1769924 |
| 5.000%, 11/1/52 Pool # SD8267 | 2363993 | 2366202 |
| 5.500%, 11/1/52 Pool # SD8268 | 2069691 | 2109084 |
| 4.500%, 12/1/52 Pool # SD1921 | 1139745 | 1122170 |
| 5.000%, 12/1/52 Pool # RA8278 | 2416583 | 2419401 |
| 5.500%, 12/1/52 Pool # SD8277 | 1138938 | 1157541 |
| 5.000%, 2/1/53 Pool # SD8299 | 704073 | 704529 |
| 5.500%, 2/1/53 Pool # SD2172 | 479340 | 491260 |
| 5.000%, 5/1/53 Pool # SD2875 | 1249323 | 1261237 |
| 5.500%, 6/1/53 Pool # SD3174 | 823099 | 841480 |
| 5.500%, 8/1/53 Pool # SD8349 | 610389 | 616969 |
| 6.000%, 9/1/53 Pool # SD3739 | 1070048 | 1103828 |
| 5.500%, 2/1/54 Pool # SD4901 | 588536 | 599211 |
|  |  | 35462388 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 2/20/29 Pool # 2714 | 1215 | 1252 |
| 6.500%, 4/20/31 Pool # 3068 | 891 | 929 |
| 4.000%, 4/15/39 Pool # 698089 | 8291 | 8101 |
|  |  | 10282 |
| &nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $78,655,647) |  | 77873795 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 28.5%**<br>|  |  |
| **U.S. Treasury Bonds - 10.1%** |  |  |
| 6.625%, 2/15/27 | 2000000 | 2079141 |
| 5.375%, 2/15/31 | 2000000 | 2154219 |
| 4.500%, 5/15/38 | 1250000 | 1282520 |
| 2.250%, 5/15/41 | 3000000 | 2238164 |
| 3.750%, 8/15/41 | 4250000 | 3880615 |
| 4.625%, 5/15/44 | 3500000 | 3499180 |
| 3.000%, 5/15/45 | 1000000 | 785742 |
| 3.000%, 5/15/47 | 500000 | 384570 |
| 1.250%, 5/15/50 | 1500000 | 744609 |
| 1.875%, 2/15/51 | 1500000 | 866426 |
| 4.125%, 8/15/53 | 2000000 | 1823203 |
| 4.250%, 8/15/54 | 3000000 | 2795273 |
|  |  | 22533662 |
| **U.S. Treasury Notes - 18.4%** |  |  |
| 4.625%, 6/15/27 | 3000000 | 3045938 |
| 4.000%, 2/29/28 | 5000000 | 5043750 |
| 4.625%, 9/30/28 | 6000000 | 6167344 |
| 2.625%, 2/15/29 | 1000000 | 969023 |
| 3.875%, 11/30/29 | 4000000 | 4029531 |
| 4.000%, 7/31/30 | 3000000 | 3036562 |
| 4.000%, 1/31/31 | 2250000 | 2276631 |
| 4.250%, 6/30/31 | 4000000 | 4094062 |
| 4.125%, 11/15/32 | 4250000 | 4308936 |
| 4.000%, 2/15/34 | 3500000 | 3500684 |
| 4.375%, 5/15/34 | 4300000 | 4411699 |
|  |  | 40884160 |
| &nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,168,892) |  | 63417822 |

---

---

| | |
|:---|:---|
|  | Shares |
| **SHORT-TERM INVESTMENTS - 1.6%** |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.010% | 2675048 |

---

See accompanying Notes to Financial Statements. <br> 13

**Madison Funds** \| October 31, 2025

**Core Bond Fund Portfolio of Investments - concluded**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.060% | 797228 | $797228 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,472,276) |  | 3472276 |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| (Cost $227,969,711\*\*) |  | 222159841 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (157517) |
| **TOTAL NET ASSETS - 100.0%** |  | $222002324 |

---

\*\* Aggregate cost for Federal tax purposes was $228,101,923.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Floating
 rate or variable rate note. Rate shown is as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Stepped
 rate security. Rate shown is as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Defaulted
 Security. Security was deemed illiquid by Madison. Interest is not being accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) All
 or a portion of these securities, with an aggregate fair value of $780,182, are on loan
 as part of a securities lending program. See Note 11 for
 details on the securities lending program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) 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 Securities. |
| IO | Interest Only. |
| LLC | Limited Liability Corporation. |
| LP | Limited Partnership. |
| PLC | Public Limited Company. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |

---

See accompanying Notes to Financial Statements. <br> 14

**Madison Funds** \| October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 82.0%** |  |  |
| **Communication Services - 2.5%** |  |  |
| T-Mobile U.S., Inc. (A) | 23000 | $4831150 |
| **Consumer Discretionary - 9.4%** |  |  |
| Amazon.com, Inc.\* (A) | 15000 | 3663300 |
| Las Vegas Sands Corp. (A) | 138000 | 8190300 |
| Lowe's Cos., Inc. (A) | 12200 | 2905186 |
| NIKE, Inc., Class B (A) | 59500 | 3843105 |
|  |  | 18601891 |
| **Consumer Staples - 11.6%** |  |  |
| Archer-Daniels-Midland Co. (A) | 96000 | 5810880 |
| Constellation Brands, Inc., Class A (A) | 32100 | 4217298 |
| Hershey Co. (A) | 31000 | 5258530 |
| PepsiCo, Inc. (A) | 51900 | 7582071 |
|  |  | 22868779 |
| **Energy - 11.5%** |  |  |
| APA Corp. (A) | 205000 | 4643250 |
| ConocoPhillips (A) | 69200 | 6149112 |
| Matador Resources Co. (A) | 137000 | 5406020 |
| Transocean Ltd.\* | 1700000 | 6528000 |
|  |  | 22726382 |
| **Equity Real Estate Investment Trusts (REITs) - 1.5%** |  |  |
| Weyerhaeuser Co., REIT (A) | 125000 | 2875000 |
| **Financials - 11.1%** | **Financials - 11.1%** | **Financials - 11.1%** |
| CME Group, Inc. (A) | 23100 | 6132819 |
| Fiserv, Inc.\* | 33500 | 2234115 |
| Marsh & McLennan Cos., Inc. (A) | 26300 | 4685345 |
| PayPal Holdings, Inc.\* (A) | 82000 | 5680140 |
| Visa, Inc., Class A (A) Health Care - 14.1% | 9500 | 3237030 |
|  |  | 21969449 |
| **Health Care - 14.1%** |  |  |
| Agilent Technologies, Inc. (A) | 43000 | 6293480 |
| CVS Health Corp. (A) | 78100 | 6103515 |
| Danaher Corp. (A) | 36600 | 7882908 |
| Johnson & Johnson (A) | 23500 | 4438445 |
| Pfizer, Inc. | 123000 | 3031950 |
|  |  | 27750298 |
| **Industrials - 4.6%** |  |  |
| Honeywell International, Inc. (A) | 30100 | 6060033 |
| Illinois Tool Works, Inc. (A) | 12100 | 2951432 |
|  |  | 9011465 |
| **Information Technology - 11.3%** |  |  |
| Accenture PLC, Class A (A) | 13100 | 3276310 |
| Adobe, Inc.\* (A) | 11600 | 3947596 |
| Keysight Technologies, Inc.\* (A) | 18000 | 3293280 |
| Microchip Technology, Inc. (A) | 78000 | 4868760 |
| Microsoft Corp. (A) | 6200 | 3210422 |
| Texas Instruments, Inc. (A) | 22800 | 3681288 |
|  |  | 22277656 |
| **Materials - 0.2%** |  |  |
| Solstice Advanced Materials, Inc.\* | 7525 | 339152 |
| **Utilities - 4.2%** |  |  |
| AES Corp. (A) | 602000 | 8349740 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $195,021,970) |  | 161600962 |
| **SHORT-TERM INVESTMENTS - 19.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.010% | 37496193 | 37496193 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,496,193) |  | 37496193 |
| **TOTAL INVESTMENTS - 101.0%** |  |  |
| (Cost $232,518,163\*\*) |  | 199097155 |
| **TOTAL CALL AND PUT OPTIONS WRITTEN - (1.2%)** |  | (2433503) |
| **NET OTHER ASSETS AND LIABILITIES - 0.2%** |  | 462560 |
| **TOTAL NET ASSETS - 100.0%** |  | $197126212 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $229,351,809.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities' positions, with a value of $149,467,745, represent
 covers (directly or through conversion rights) for outstanding options written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day
 yield.

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

**Written Option Contracts Outstanding at October 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desription**<br>| **Exercise**<br>**Price**  | **Expiration**<br>**Date**<br>| **Number of**<br>**Contracts**  | **Notional**<br>**Amount** | **Value** | **Premiums Paid**<br>**(Received)** | **Unrealized Appreciation**<br>**(Depreciation)** |
| **Call Options Written** |  |  |  |  |  |  |  |
| <br>Accenture PLC  | $300.00 | 1/16/26 | (131) | $(3930000) | $(41920) | $(61436) | $19516 |
| Adobe, Inc. | 400.00 | 1/16/26 | (116) | (4640000) | (100340) | (98482) | (1858) |
| AES Corp. | 17.00 | 1/16/26 | (1988) | (3379600) | (69580) | (47665) | (21915) |
| Agilent Technologies, Inc. | 150.00 | 12/19/25 | (430) | (6450000) | (260150) | (203389) | (56761) |
| Amazon.com, Inc. | 250.00 | 12/19/25 | (150) | (3750000) | (138750) | (74846) | (63904) |
| APA Corp. | 27.50 | 11/21/25 | (1025) | (2818750) | (12813) | (78901) | 66088 |
| APA Corp. | 32.50 | 1/16/26 | (1025) | (3331250) | (15375) | (53635) | 38260 |
| Archer-Daniels-Midland Co. | 67.50 | 12/19/25 | (960) | (6480000) | (79200) | (130277) | 51077 |
| CME Group, Inc. | 270.00 | 11/21/25 | (231) | (6237000) | (86625) | (180312) | 93687 |
| ConocoPhillips | 100.00 | 11/21/25 | (692) | (6920000) | (15570) | (94892) | 79322 |
| Constellation Brands, Inc. | 150.00 | 12/19/25 | (100) | (1500000) | (13000) | (36898) | 23898 |
| CVS Health Corp. | 90.00 | 1/16/26 | (781) | (7029000) | (76147) | (170335) | 94188 |
| Danaher Corp. | 230.00 | 12/19/25 | (314) | (7222000) | (98910) | (135350) | 36440 |

---

See accompanying Notes to Financial Statements. <br> 15

**Madison Funds** \| October 31, 2025

**Covered Call & Equity Income Fund Portfolio of Investments - concluded**

**Written Option Contracts Outstanding at October 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desription**<br>| **Exercise**<br>**Price**  | **Expiration**<br>**Date**<br>| **Number of**<br>**Contracts**  | **Notional**<br>**Amount** | **Value** | **Premiums Paid**<br>**(Received)** | **Unrealized Appreciation**<br>**(Depreciation)** |
| Danaher Corp. | 200.00 | 12/19/25 | (52) | (1040000) | (99580) | (23711) | (75869) |
| Hershey Co. | 190.00 | 11/21/25 | (82) | (1558000) | (4100) | (39677) | 35577 |
| Hershey Co. | 195.00 | 11/21/25 | (228) | (4446000) | (6840) | (106926) | 100086 |
| Honeywell International, Inc. | 230.00 | 12/19/25 | (60) | (1380000) | (11100) | (24539) | 13439 |
| Honeywell International, Inc. | 220.00 | 1/16/26 | (241) | (5302000) | (132550) | (108204) | (24346) |
| Illinois Tool Works, Inc. | 270.00 | 12/19/25 | (121) | (3267000) | (15125) | (72476) | 57351 |
| Johnson & Johnson | 180.00 | 11/21/25 | (235) | (4230000) | (239113) | (86560) | (152553) |
| Keysight Technologies, Inc. | 190.00 | 12/19/25 | (180) | (3420000) | (126000) | (71816) | (54184) |
| Las Vegas Sands Corp. | 57.50 | 11/21/25 | (1380) | (7935000) | (416070) | (183322) | (232748) |
| Lowe's Cos., Inc. | 270.00 | 11/21/25 | (122) | (3294000) | (4331) | (64535) | 60204 |
| Marsh & McLennan Cos., Inc. | 210.00 | 12/19/25 | (263) | (5523000) |  | (104535) | 104535 |
| Matador Resources Co. | 55.00 | 1/16/26 | (1370) | (7535000) | (58225) | (190555) | 132330 |
| Microchip Technology, Inc. | 75.00 | 12/19/25 | (780) | (5850000) | (78000) | (194205) | 116205 |
| Microsoft Corp. | 550.00 | 12/19/25 | (62) | (3410000) | (43400) | (55117) | 11717 |
| NIKE, Inc. | 75.00 | 11/21/25 | (165) | (1237500) | (2393) | (41082) | 38689 |
| NIKE, Inc. | 75.00 | 12/19/25 | (430) | (3225000) | (39990) | (70955) | 30965 |
| PayPal Holdings, Inc. | 80.00 | 11/21/25 | (820) | (6560000) | (29520) | (136920) | 107400 |
| PepsiCo, Inc. | 150.00 | 11/21/25 | (138) | (2070000) | (22356) | (34083) | 11727 |
| PepsiCo, Inc. | 160.00 | 11/21/25 | (381) | (6096000) | (9144) | (91862) | 82718 |
| T-Mobile U.S., Inc. | 250.00 | 11/21/25 | (100) | (2500000) | (1100) | (59703) | 58603 |
| T-Mobile U.S., Inc. | 240.00 | 1/16/26 | (130) | (3120000) | (27755) | (89568) | 61813 |
| Texas Instruments, Inc. | 200.00 | 11/21/25 | (228) | (4560000) | (2394) | (124928) | 122534 |
| Visa, Inc. | 350.00 | 11/21/25 | (95) | (3325000) | (37287) | (71152) | 33865 |
| Weyerhaeuser Co. | 27.00 | 11/21/25 | (625) | (1687500) | (6250) | (36867) | 30617 |
| Weyerhaeuser Co. | 28.00 | 1/16/26 | (625) | (1750000) | (12500) | (39.985) | 27485 |
| &nbsp;&nbsp;&nbsp;**Total Call Options Written** |  |  |  |  | $(2433503) | $(3489701) | $1056198 |
| &nbsp;&nbsp;&nbsp;**Total Options Written, at Value** |  |  |  |  | $(2433503) | $(3489701) | $1056198 |

---

See accompanying Notes to Financial Statements. <br> 16

**Madison Funds** \| October 31, 2025

**Dividend Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 98.8%** |  |  |
| **Consumer Discretionary - 10.2%** |  |  |
| Home Depot, Inc. | 10300 | $3909777 |
| Lowe's Cos., Inc. | 12700 | 3024251 |
| McDonald's Corp. | 5200 | 1551836 |
| NIKE, Inc., Class B | 25623 | 1654990 |
| Starbucks Corp. | 15300 | 1237311 |
|  |  | 11378165 |
| **Consumer Staples - 7.1%** |  |  |
| Colgate-Palmolive Co. | 21800 | 1679690 |
| Hershey Co. | 10050 | 1704781 |
| PepsiCo, Inc. | 16200 | 2366658 |
| Procter & Gamble Co. | 14400 | 2165328 |
|  |  | 7916457 |
| **Energy - 9.0%** |  |  |
| Chevron Corp. | 25300 | 3990316 |
| EOG Resources, Inc. | 27400 | 2900016 |
| Exxon Mobil Corp. | 27000 | 3087720 |
|  |  | 9978052 |
| **Equity Real Estate Investment Trusts (REITs) - 2.3%** |  |  |
| American Tower Corp., REIT | 14000 | 2505720 |
| **Financials - 19.3%** |  |  |
| Bank of America Corp. | 64300 | 3436835 |
| Blackrock, Inc. | 4000 | 4331240 |
| CME Group, Inc. | 14800 | 3929252 |
| JPMorgan Chase & Co. | 10325 | 3212314 |
| Marsh & McLennan Cos., Inc. | 10350 | 1843853 |
| Morgan Stanley | 29200 | 4788800 |
|  |  | 21542294 |
| **Health Care - 14.9%** |  |  |
| Abbott Laboratories | 25750 | 3183215 |
| AbbVie, Inc. | 15000 | 3270600 |
| Elevance Health, Inc. | 5000 | 1586000 |
| Johnson & Johnson | 26900 | 5080603 |
| Medtronic PLC | 38500 | 3491950 |
|  |  | 16612368 |
| **Industrials - 19.8%** |  |  |
| Automatic Data Processing, Inc. | 12800 | 3331840 |
| Caterpillar, Inc. | 3150 | 1818369 |
| Cummins, Inc. | 4725 | 2068038 |
| Fastenal Co. | 60600 | 2493690 |
| Honeywell International, Inc. | 17600 | 3543408 |
| Illinois Tool Works, Inc. | 13200 | 3219744 |
| Rockwell Automation, Inc. | 5900 | 2173324 |
| Union Pacific Corp. | 15750 | 3470827 |
|  |  | 22119240 |
| **Information Technology - 10.3%** |  |  |
| Analog Devices, Inc. | 10500 | 2458365 |
| QUALCOMM, Inc. | 12600 | 2279340 |
| TE Connectivity PLC | 15100 | 3729851 |
| Texas Instruments, Inc. | 18900 | 3051594 |
|  |  | 11519150 |
| **Materials - 1.8%** |  |  |
| Air Products & Chemicals, Inc. | 7500 | 1819425 |
| Solstice Advanced Materials, Inc.\* | 4400 | 198308 |
|  |  | 2017733 |
| **Utilities - 4.1%** |  |  |
| NextEra Energy, Inc. | 56400 | 4590960 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $80,697,609) |  | 110180139 |
| **SHORT-TERM INVESTMENTS - 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.010% | 1606846 | 1606846 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,606,846) |  | 1606846 |
| **TOTAL INVESTMENTS - 100.2%** |  |  |
| (Cost $82,304,455\*\*) |  | 111786985 |
| **NET OTHER ASSETS AND LIABILITIES - (0.2%)** |  | (181566) |
| **TOTAL NET ASSETS - 100.0%** |  | $111605419 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $83,249,396.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 7-day
 yield.

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

See accompanying Notes to Financial Statements. <br> 17

**Madison Funds** \| October 31, 2025

**Large Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Communication Services - 9.0%** |  |  |
| Alphabet, Inc., Class C | 114403 | $32241053 |
| **Consumer Discretionary - 17.5%** |  |  |
| Airbnb, Inc., Class A\* | 78226 | 9898718 |
| Amazon.com, Inc.\* | 93613 | 22862167 |
| Lowe's Cos., Inc. | 58808 | 14003949 |
| Starbucks Corp. | 80416 | 6503242 |
| TJX Cos., Inc. | 64191 | 8995727 |
|  |  | 62263803 |
| **Financials - 24.9%** |  |  |
| Arch Capital Group Ltd. | 255953 | 22091304 |
| Brookfield Corp. (A) | 297208 | 13686428 |
| Charles Schwab Corp. | 110664 | 10459961 |
| Marsh & McLennan Cos., Inc. | 46607 | 8303037 |
| MSCI, Inc. | 13971 | 8222632 |
| Progressive Corp. | 56189 | 11574934 |
| Visa, Inc., Class A | 42505 | 14483154 |
|  |  | 88821450 |
| **Health Care - 9.4%** |  |  |
| Agilent Technologies, Inc. | 89587 | 13111953 |
| Alcon AG (A) | 66275 | 4897060 |
| Danaher Corp. | 71949 | 15496376 |
|  |  | 33505389 |
| **Industrials - 20.0%** |  |  |
| Copart, Inc.\* | 231369 | 9951181 |
| Deere & Co. | 19605 | 9050256 |
| Ferguson Enterprises, Inc. | 83038 | 20634943 |
| PACCAR, Inc. | 157556 | 15503510 |
| Parker-Hannifin Corp. | 20859 | 16120461 |
|  |  | 71260351 |
| **Information Technology - 18.5%** |  |  |
| Accenture PLC, Class A | 34235 | 8562173 |
| Analog Devices, Inc. | 47427 | 11104084 |
| CDW Corp. | 64018 | 10202549 |
| Keysight Technologies, Inc.\* | 84803 | 15515557 |
| Texas Instruments, Inc. | 91168 | 14719985 |
| Workday, Inc., Class A\* | 23395 | 5612928 |
|  |  | 65717276 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $183,586,818) |  | 353809322 |
| **SHORT-TERM INVESTMENTS - 0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.010% | 2433500 | 2433500 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,433,500) |  | 2433500 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $186,020,318\*\*) |  | 356242822 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | (148338) |
| **TOTAL NET ASSETS - 100.0%** |  | $356094484 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $186,423,498.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities, with an aggregate fair value of $13,969,527, are on
 loan as part of a securities lending program. See Note 11 for details on the securities lending program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day
 yield.

MSCI Morgan Stanley Capital International. <br> PLC Public Limited Company.

See accompanying Notes to Financial Statements. <br> 18

**Madison Funds** \| October 31, 2025

**Mid Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 95.1%** |  |  |
| **Communication Services - 5.2%** |  |  |
| Liberty Broadband Corp., Class C\* | 721078 | $38808418 |
| Liberty Media Corp.-Liberty Formula One, Class A\* | 454863 | 41383436 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 322165 | 32168175 |
|  |  | 112360029 |
| **Consumer Discretionary - 16.1%** |  |  |
| Asbury Automotive Group, Inc.\* | 199878 | 46891379 |
| Floor & Decor Holdings, Inc., Class A\* | 884850 | 55285428 |
| Lithia Motors, Inc. | 150917 | 47400011 |
| Ross Stores, Inc. | 842858 | 133946993 |
| Thor Industries, Inc. (A) | 586242 | 61174353 |
|  |  | 344698164 |
| **Financials - 22.4%** |  |  |
| Arch Capital Group Ltd. | 1797607 | 155151460 |
| Brookfield Asset Management Ltd., Class A | 1008895 | 54540864 |
| Brown & Brown, Inc. | 999354 | 79688488 |
| Cullen/Frost Bankers, Inc. | 201078 | 24760745 |
| Glacier Bancorp, Inc. | 549185 | 22434207 |
| Kinsale Capital Group, Inc. | 86499 | 34553756 |
| Moelis & Co., Class A | 645956 | 40908393 |
| W.R. Berkley Corp. | 960845 | 68546682 |
|  |  | 480584595 |
| **Health Care - 12.3%** |  |  |
| Bio-Techne Corp. | 659175 | 41244580 |
| Labcorp Holdings, Inc. | 291849 | 74117972 |
| Medpace Holdings, Inc.\* | 154229 | 90210084 |
| Waters Corp.\* | 163925 | 57308180 |
|  |  | 262880816 |
| **Industrials - 16.3%** |  |  |
| Carlisle Cos., Inc. | 263912 | 85784596 |
| Copart, Inc.\* | 1720948 | 74017973 |
| Expeditors International of Washington, Inc. | 283401 | 34546582 |
| Graco, Inc. | 264104 | 21595784 |
| PACCAR, Inc. | 868922 | 85501925 |
| Trex Co., Inc.\* | 1010047 | 48805471 |
|  |  | 350252331 |
| **Information Technology - 22.8%** |  |  |
| Amphenol Corp., Class A | 721061 | 100472640 |
| Arista Networks, Inc.\* | 296493 | 46753981 |
| CDW Corp. | 534256 | 85144379 |
| Gartner, Inc.\* | 291369 | 72358577 |
| Microchip Technology, Inc. | 771671 | 48167704 |
| MKS, Inc. | 508730 | 73109588 |
| Teledyne Technologies, Inc.\* | 118180 | 62259588 |
|  |  | 488266457 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,618,504,182) |  | 2039042392 |
| **SHORT-TERM INVESTMENTS - 5.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.010% | 103028320 | 103028320 |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.060% | 13984447 | 13984447 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $117,012,767) |  | 117012767 |
| **TOTAL INVESTMENTS - 100.6%** |  |  |
| (Cost $1,735,516,949\*\*) |  | 2156055159 |
| **NET OTHER ASSETS AND LIABILITIES - (0.6%)** |  | (12390842) |
| **TOTAL NET ASSETS - 100.0%** |  | $2143664317 |

---

\* Non-income producing.

\*\* &nbsp;&nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $1,734,613,173.

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
or a portion of these securities, with an aggregate fair value of $13,832,010, are on loan as part of a securities lending program.
See Note 11 for details on the securities lending program.

&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day
yield.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Small Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 95.0%** |  |  |
| **Communication Services - 1.9%** |  |  |
| Cogent Communications Holdings, Inc. | 72077 | $2973176 |
| **Consumer Discretionary - 9.5%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 19920 | 2406535 |
| OneSpaWorld Holdings Ltd. | 134043 | 3119181 |
| Revolve Group, Inc.\* | 111734 | 2471556 |
| Shake Shack, Inc., Class A\* | 44653 | 4309461 |
| VF Corp. | 203318 | 2854585 |
|  |  | 15161318 |
| **Consumer Staples - 4.6%** |  |  |
| Edgewell Personal Care Co. | 115839 | 2246118 |
| Primo Brands Corp. | 123523 | 2713800 |
| Simply Good Foods Co.\* | 123980 | 2426289 |
|  |  | 7386207 |
| **Energy - 1.2%** |  |  |
| Chord Energy Corp. | 21395 | 1940954 |
| **Financials - 10.4%** |  |  |
| Axis Capital Holdings Ltd. | 44521 | 4169837 |
| Baldwin Insurance Group, Inc.\* | 90359 | 1996934 |
| Hanover Insurance Group, Inc. | 15367 | 2625913 |
| Moelis & Co., Class A | 53688 | 3400061 |
| Texas Capital Bancshares, Inc.\* | 52364 | 4390197 |
|  |  | 16582942 |
| **Health Care - 13.0%** |  |  |
| Charles River Laboratories International, Inc.\* | 10641 | 1916125 |
| Encompass Health Corp. | 62988 | 7171184 |
| Globus Medical, Inc., Class A\* | 12968 | 783138 |
| HealthEquity, Inc.\* | 52394 | 4955424 |
| Medpace Holdings, Inc.\* | 3743 | 2189318 |
| Option Care Health, Inc.\* | 140623 | 3660417 |
|  |  | 20675606 |
| **Industrials - 20.6%** |  |  |
| Advanced Drainage Systems, Inc. | 19978 | 2797919 |
| Carlisle Cos., Inc. | 11694 | 3801135 |
| Core & Main, Inc., Class A\* | 99659 | 5200207 |
| Crane Co. | 19151 | 3638690 |
| Hayward Holdings, Inc.\* | 363575 | 6169868 |
| Hexcel Corp. | 22187 | 1584152 |
| Leonardo DRS, Inc. | 90484 | 3308095 |
| Mueller Water Products, Inc., Class A | 87599 | 2247790 |
| WillScot Holdings Corp. | 182426 | 3967765 |
|  |  | 32715621 |
| **Information Technology -28.5%** |  |  |
| *Communications Equipment - 4.2%* |  |  |
| Ciena Corp.\* | 21390 | 4062389 |
| Viavi Solutions, Inc.\* | 144663 | 2560535 |
|  |  | 6622924 |
| *Electronic Equipment, Instruments &* |  |  |
| *Components - 6.0%* |  |  |
| Crane NXT Co. | 38846 | 2457009 |
| CTS Corp. | 62452 | 2592382 |
| Knowles Corp.\* | 188621 | 4453342 |
|  |  | 9502733 |
| *Semiconductors & Semiconductor* |  |  |
| *Equipment - 8.7%* |  |  |
| Entegris, Inc. | 53840 | 4930129 |
| FormFactor, Inc.\* | 92739 | 5096008 |
| Power Integrations, Inc. | 88947 | 3725990 |
|  |  | 13752127 |
| *Software - 9.6%* |  |  |
| Box, Inc., Class A\* | 139751 | 4484610 |
| CommVault Systems, Inc.\* | 20582 | 2865426 |
| Confluent, Inc., Class A\* | 179058 | 4184585 |
| Workiva, Inc.\* | 45556 | 3872716 |
|  |  | 15407337 |
|  |  | 45285121 |
| **Materials - 5.3%** |  |  |
| Eagle Materials, Inc. | 7283 | 1546327 |
| Olin Corp. | 86140 | 1783098 |
| Scotts Miracle-Gro Co. | 96443 | 5161629 |
|  |  | 8491054 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $119,455,623) |  | 151211999 |
| **SHORT-TERM INVESTMENTS - 5.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.010% | 8110219 | 8110219 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,110,219) |  | 8110219 |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| (Cost $127,565,842\*\*) |  | 159322218 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (131549) |
| **TOTAL NET ASSETS - 100.0%** |  | $159190669 |

---

\* Non-income producing.

\*\* &nbsp;&nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $127,301,077.

&nbsp;&nbsp;&nbsp;&nbsp;(A) 7-day
yield.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Statements of Assets and Liabilities as of October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Diversified Income Fund | Tax-Free National Fund | High Quality Bond Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $23142396 | $65249632 | $46776679 | $34211074 | $18612481 | $60035964 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value<sup>1‡</sup> | 18193552 | 30482321 | 13668972 | 87535141 |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  |  | 52065 |  |
| Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 100 | 6793 | 8784 | 1773 |  | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | 56958 | 81982 | 26583 | 31 | 237466 | 587184 |
| &nbsp;&nbsp;&nbsp;Other Assets |  |  |  | 230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 41393006 | 95820728 | 60481018 | 121748249 | 18902012 | 60630207 |
| **Liabilities:** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 2946 | 21174 | 30123 | 151440 | 1906 | 2758 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned | 3909315 | 7654101 | 5417816 | 5468070 |  | 168128 |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 6418 | 15050 | 9361 | 20008 | 6426 | 15230 |
| &nbsp;&nbsp;&nbsp;Administrative service agreement fees | 8024 | 18813 | 11701 | 20009 | 3213 | 8701 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 7614 | 17155 | 10530 | 27329 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends |  |  |  | 3402 | 4529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3934317 | 7726293 | 5479531 | 5690258 | 16074 | 194817 |
| **Net assets applicable to outstanding capital stock** | $37458689 | $88094435 | $55001487 | $116057991 | $18885938 | $60435390 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $38016643 | $74698145 | $43470745 | $112542152 | $19085927 | $65826034 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (557954) | 13396290 | 11530742 | 3515839 | (199989) | (5390644) |
| **Net Assets** | $37458689 | $88094435 | $55001487 | $116057991 | $18885938 | $60435390 |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $37458689 | $88094435 | $55001487 | $116057991 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3660298 | 7495274 | 4387973 | 9004693 |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $10.23 | $11.75 | $12.53 | $12.89 |  |  |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>2</sup> | 0.62 | 0.72 | 0.76 | 0.79 |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $10.85 | $12.47 | $13.29 | $13.68 |  |  |
| **Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $18885938 | $48079224 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>3</sup> |  |  |  |  | 1868044 | 4526726 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share <sup>3</sup> |  |  |  |  | $10.11 | $10.62 |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  |  | $12356166 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>3</sup> |  |  |  |  |  | 1155134 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share <sup>3</sup> |  |  |  |  |  | $10.70 |
| † Cost of Investments in unaffiliated securities | $21044667 | $56138427 | $39450446 | $33483935 | $18756292 | $59524579 |
| ‡ Cost of investments in affiliated securities<sup>1</sup> | $19511361 | $30269476 | $12108335 | $85093307 | $— | $— |
| &nbsp;&nbsp;&nbsp;§ Fair Value of securities on loan | $3820164 | $7533288 | $5302079 | $11633694 | $— | $164747 |

---

 

<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 Diversified Funds.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Statements of Assets and Liabilities as of October 31, 2025 - concluded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Large Cap Fund | Mid Cap Fund | Small Cap Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $222159841 | $199097155 | $111786985 | $356242822 | $2156055159 | $159322218 |
| Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 134755 | 553820 | 10758 | 35096 | 4625388 | 16183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | 1727213 | 342039 | 181187 | 620561 | 377474 | 5384 |
| &nbsp;&nbsp;&nbsp;Other Assets |  | 89669 | 387 |  |  | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 224021809 | 200082683 | 111979317 | 356898479 | 2161058021 | 159345654 |
| **Liabilities:** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | 499910 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 299387 | 349163 | 277166 | 516433 | 1907905 | 6201 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned | 797228 |  |  |  | 13984447 |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 47368 | 148231 | 68191 | 218948 | 1281320 | 121863 |
| &nbsp;&nbsp;&nbsp;Administrative service agreement fees | 14399 | 19281 | 18186 | 47003 | 203120 | 26213 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 5786 | 6293 | 10355 | 21611 | 16912 | 708 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 718 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 354689 |  |  |  |  |  |
| Options written, at value (premiums received $3,489,701) |  | 2433503 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 2019485 | 2956471 | 373898 | 803995 | 17393704 | 154985 |
| **Net assets applicable to outstanding capital stock** | $222002324 | $197126212 | $111605419 | $356094484 | $2143664317 | $159190669 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $241245108 | $223101331 | $72537184 | $163299035 | $1656976056 | $113171238 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (19242784) | (25975119) | 39068235 | 192795449 | 486688261 | 46019431 |
| **Net Assets** | $222002324 | $197126212 | $111605419 | $356094484 | $2143664317 | $159190669 |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $27715081 | $29242361 | $49981738 | $102481115 | $79843936 | $3305198 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3003843 | 3320477 | 1890841 | 3558790 | 5284945 | 320967 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.23 | $8.81 | $26.43 | $28.80 | $15.11 | $10.30 |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>1</sup> | 0.43 | 0.54 | 1.61 | 1.76 | 0.92 | 0.63 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $9.66 | $9.35 | $28.04 | $30.56 | $16.03 | $10.93 |
| **Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3979283 | $15144956 | $49016043 | $115281643 | $396578581 | $142716658 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 433835 | 1622688 | 1853319 | 3988644 | 24031714 | 13537000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share <sup>2</sup> | $9.17 | $9.33 | $26.45 | $28.90 | $16.50 | $10.54 |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $84152692 | $151580899 | $10669366 | $93374085 | $1298743190 | $12507959 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 9219494 | 16222094 | 403705 | 3248142 | 78504849 | 1182677 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share <sup>2</sup> | $9.13 | $9.34 | $26.43 | $28.75 | $16.54 | $10.58 |
| **Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $106155268 | $1157996 | $1938272 | $44957641 | $368498610 | $660854 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 11636706 | 120979 | 73279 | 1544533 | 21626794 | 62307 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share <sup>2</sup> | $9.12 | $9.57 | $26.45 | $29.11 | $17.04 | $10.61 |
| † Cost of Investments in unaffiliated securities | $227969711 | $232518163 | $82304455 | $186020318 | $1735516949 | $127565842 |
| &nbsp;&nbsp;&nbsp;§ Fair Value of securities on loan | 780182 | $— | $— | $13969527 | $13832010 | $— |

---

<sup>1</sup>Sales charge of offering price is 4.5% for Core Bond Fund and 5.75% for Covered Call & Equity Income, Dividend Income, Large Cap, Mid Cap and Small Cap funds.

<sup>2</sup>If applicable, redemption price per share may be reduced by a contingent deferred sales charge.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Statements of Operations for the Year Ended October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Diversified Income Fund | Tax-Free National Fund | High Quality Bond Fund |
| **Investment Income:** |  |  |  |  |  |  |
| Interest | $38434 | $117232 | $83632 | $57504 | $604158 | $2210928 |
| Dividends |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 617241 | 1308314 | 748052 | 1816635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 673709 | 1001781 | 361744 | 3984809 |  |  |
| Income from securities lending | 7267 | 23199 | 17196 | 20311 |  | 3653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1336651 | 2450526 | 1210624 | 5879259 | 604158 | 2214581 |
| **Expenses:<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 80493 | 179469 | 107252 | 257952 | 74660 | 172850 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 100615 | 224337 | 134064 | 257952 | 60667 | 98216 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 4387 | 9621 | 5664 | 14043 | 1850 | 5786 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C<sup>3</sup> | 27623 | 12577 | 4789 | 47081 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 89769 | 214588 | 128824 | 303284 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class C<sup>3</sup> | 9208 | 4192 | 1596 | 15693 |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 514 | 1210 | 753 | 1608 | 258 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 312609 | 645994 | 382942 | 897613 | 137435 | 277674 |
| **Net Investment Income (loss)** | 1024042 | 1804532 | 827682 | 4981646 | 466723 | 1936907 |
| **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 | 516856 | 1327967 | 1177087 | 1213707 | (12793) | (903617) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 253875 | 1175282 | 582654 | (650608) |  |  |
| Capital gain distributions received from underlying funds Affiliated issuers | 172177 | 604041 | 462292 | 690083 |  |  |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 970241 | 4114818 | 3097195 | (592125) | 216998 | 2008985 |
| &nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>1</sup> | (51883) | (1203844) | (836133) | 466580 |  |  |
| **Net Realized and Unrealized Gain on Investments** | 1861266 | 6018264 | 4483095 | 1127637 | 204205 | 1105368 |
| **Net Increase in Net Assets from Operations** | $2885308 | $7822796 | $5310777 | $6109283 | $670928 | $3042275 |

---

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

<sup>2</sup>See Note 5 for information on expenses.

<sup>3</sup>As of the close of business on February 14, 2025, outstanding Class C shares of the Madison Funds converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**Statements of Operations for the Year Ended October 31, 2025 - concluded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Covered Call & Equity <br> Income Fund | Dividend Income Fund | Large Cap Fund | Mid Cap Fund | Small Cap Fund |
| **Investment Income:** |  |  |  |  |  |  |
| Interest | $8950810 | $2156834 | $84615 | $564320 | $4527555 | $506839 |
| Dividends |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers |  | 3972144 | 3324146 | 6212002 | 32242180 | 1716072 |
| &nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/reclaimed |  | (24072) | 4034 | (11225) | (244969) | (18085) |
| Income from securities lending | 2970 | 1770 |  | 9419 | 16304 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 8953780 | 6106676 | 3412795 | 6774516 | 36541070 | 2205051 |
| **Expenses:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 747916 | 1815053 | 880426 | 2864259 | 14632450 | 1565516 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 154782 | 239707 | 230687 | 598381 | 2526413 | 336870 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 20508 | 23860 | 14402 | 45271 | 213052 | 20364 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C<sup>2</sup> |  | 34087 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 70007 | 68508 | 126027 | 273496 | 211195 | 9240 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class C<sup>2</sup> |  | 11362 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 3055 | 2744 | 1564 | 5042 | 30128 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 996268 | 2195321 | 1253106 | 3786449 | 17613238 | 1934206 |
| **Net Investment Income (loss)** | 7957512 | 3911355 | 2159689 | 2988067 | 18927832 | 270845 |
| **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 |  | (999854) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  | 9147732 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (844637) | 4933096 | 10985022 | 22442567 | 60262974 | 16204343 |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  | 434150 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 5491450 | (14094307) | (9227236) | (20851265) | (40136076) | (22864727) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 4646813 | (579183) | 1757786 | 1591302 | 20126898 | (6660384) |
| **Net Increase (Decrease) in Net Assets from Operations** | $12604325 | $3332172 | $3917475 | $4579369 | $39054730 | $(6389539) |

---

 

<sup>1</sup>See Note 5 for information on expenses.

<sup>2</sup>As of the close of business on February 14, 2025, outstanding Class C shares of the Madison Funds converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

**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,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Net Assets at beginning of period** | $43095706 | $43068158 | $92341391 | $90736221 | $54212672 | $50844640 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1024042 | 1119391 | 1804532 | 2154359 | 827682 | 1069073 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 942908 | 704299 | 3107290 | 3008695 | 2222033 | 1993022 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 918358 | 3959115 | 2910974 | 10092175 | 2261062 | 6886469 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 2885308 | 5782805 | 7822796 | 15255229 | 5310777 | 9948564 |
| **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 | (928554) | (839705) | (3061418) | (1934212) | (2123078) | (986302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | (113595) | (234687) | (163729) | (81838) | (77218) | (24923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (1042149) | (1074392) | (3225147) | (2016050) | (2200296) | (1011225) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13344798 | 1124442 | 9029431 | 3578914 | 5687839 | 2362924 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 926707 | 838187 | 3058612 | 1929329 | 2120931 | 985451 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9133064) | (5274909) | (15256235) | (16527990) | (8043919) | (8711190) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions. | 5138441 | (3312280) | (3168192) | (11019747) | (235149) | (5362815) |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2682 | 24965 | 17356 | 238501 | 24316 | 52699 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 113595 | 234687 | 163729 | 81838 | 77218 | 24923 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12734894) | (1628237) | (5857498) | (934601) | (2188051) | (284114) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (12618617) | (1368585) | (5676413) | (614262) | (2086517) | (206492) |
| **Total decrease from capital stock transactions** | (7480176) | (4680865) | (8844605) | (11634009) | (2321666) | (5569307) |
| **Total increase (decrease) in net assets** | (5637017) | 27548 | (4246956) | 1605170 | 788815 | 3368032 |
| **Net Assets at end of period** | $37458689 | $43095706 | $88094435 | $92341391 | $55001487 | $54212672 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1358899 | 117061 | 814877 | 333691 | 492632 | 208301 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 93952 | 87076 | 284787 | 185157 | 186702 | 90493 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (922758) | (549279) | (1372884) | (1534482) | (684130) | (763858) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 530093 | (345142) | (273220) | (1015634) | (4796) | (465064) |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 266 | 2569 | 1551 | 22394 | 2122 | 5011 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 11580 | 23974 | 15345 | 7899 | 7052 | 2371 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1274216) | (170192) | (534116) | (87289) | (193326) | (25716) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (1262370) | (143649) | (517220) | (56996) | (184152) | (18334) |

---

<sup>1</sup>As of the close of business on February 14, 2025, outstanding Class C shares of the Madison Funds converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Diversified Income Fund** | **Diversified Income Fund** | **Tax-Free National Fund** | **Tax-Free National Fund** | **High Quality Bond Fund** | **High Quality Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Net Assets at beginning of period** | $137625353 | $140229091 | $17478684 | $17114330 | $61517774 | $53555404 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 4981646 | 8123807 | 466723 | 382445 | 1936907 | 1724511 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1253182 | 1770451 | (12793) | (22466) | (903617) | (670019) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (125545) | 7985791 | 216998 | 787256 | 2008985 | 2902681 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 6109283 | 17880049 | 670928 | 1147235 | 3042275 | 3957173 |
| **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 | (6407264) | (21591879) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | (412124) | (3525283) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  |  | (466234) | (382340) | (1499082) | (1288219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |  |  | (415132) | (398668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (6819388) | (25117162) | (466234) | (382340) | (1914214) | (1686887) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 22757487 | 1327885 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6349124 | 21457591 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (28748107) | (20366378) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase from capital stock transactions | 358504 | 2419098 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3640 | 1441637 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 412124 | 3525283 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (21631525) | (2752643) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (21215761) | 2214277 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 2317236 | 48204 | 13297394 | 15120191 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 413171 | 342563 | 1384726 | 1188877 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (1527847) | (791308) | (14524982) | (13334123) |
| &nbsp;&nbsp;&nbsp;Net increase from capital stock transactions |  |  | 1202560 | (400541) | 157138 | 2974945 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 468069 | 4028101 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 414982 | 398668 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (3250634) | (1709630) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions |  |  |  |  | (2367583) | 2717139 |
| **Total increase (decrease) from capital stock transactions** | (20857257) | 4633375 | 1202560 | (400541) | (2210445) | 5692084 |
| **Total increase (decrease) in net assets** | (21567362) | (2603738) | 1407254 | 364354 | (1082384) | 7962370 |
| **Net Assets at end of period** | $116057991 | $137625353 | $18885938 | $17478684 | $60435390 | $61517774 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1774187 | 101496 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 495693 | 1656435 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2229458) | (1553011) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 40422 | 204920 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 274 | 106938 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 31843 | 268884 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1665359) | (204553) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (1633242) | 171269 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 231260 | 4763 | 1265099 | 1462617 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 41461 | 34099 | 132120 | 114874 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (153481) | (79045) | (1391006) | (1293405) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions |  |  | 119240 | (40183) | 6213 | 284086 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Diversified Income Fund** | **Diversified Income Fund** | **Tax-Free National Fund** | **Tax-Free National Fund** | **High Quality Bond Fund** | **High Quality Bond Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 44214 | 387641 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 39341 | 38257 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (308779) | (164457) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions |  |  |  |  | (225224) | 261441 |

---

 

<sup>1</sup>As of the close of business on February 14, 2025, outstanding Class C shares of the Madison Funds converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Covered Call & Equity** | **Covered Call & Equity** | | |
|  | **Core Bond Fund** | **Core Bond Fund** | **Income Fund** | **Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Net Assets at beginning of period** | $196092853 | $181585537 | $251965586 | $244288430 | $148930034 | $197520501 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 7957512 | 6943236 | 3911355 | 5103704 | 2159689 | 3512497 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (844637) | (3597252) | 13080974 | 13437491 | 10985022 | 14910125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5491450 | 15537583 | (13660157) | 8234736 | (9227236) | 15739058 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 12604325 | 18883567 | 3332172 | 26775931 | 3917475 | 34161680 |
| **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 | (957672) | (963636) | (2148833) | (1753271) | (6226050) | (2860161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> |  |  | (559459) | (1431825) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (158841) | (212476) | (1753582) | (3775564) | (7782622) | (5054599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2652132) | (2030406) | (12284810) | (12761040) | (2567813) | (2203122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (4005073) | (3555734) | (72646) | (82462) | (310959) | (550222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (7773718) | (6762252) | (16819330) | (19804162) | (16887444) | (10668104) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1601833 | 677669 | 15589220 | 3937498 | 1936500 | 797271 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 942886 | 950092 | 2086545 | 1690012 | 6197388 | 2848427 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4474752) | (4133261) | (9003461) | (4849189) | (6224432) | (6734953) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1930033) | (2505500) | 8672304 | 778321 | 1909456 | (3089255) |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 115500 | 3308936 |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 554638 | 1380200 |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (16257209) | (2342152) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions. |  |  | (15587071) | 2346984 |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 430079 | 375095 | 2645683 | 18593662 | 5169443 | 11874471 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 148708 | 191280 | 1650085 | 3606025 | 7564809 | 4925453 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2006774) | (2171078) | (25131455) | (42804065) | (27033126) | (56981653) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (1427987) | (1604703) | (20835687) | (20604378) | (14298874) | (40181729) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 38216835 | 11025905 | 56364268 | 82010196 | 2848177 | 8528699 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2652028 | 1922222 | 12284810 | 12760484 | 2567813 | 2180144 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (17578821) | (10092065) | (82601929) | (76233129) | (16984644) | (29662824) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions. | 23290042 | 2856062 | (13952851) | 18537551 | (11568654) | (18953981) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6428700 | 18581724 | 949991 | 131654 | 2979369 | 348063 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 82446 | 98287 | 72646 | 82462 | 310959 | 159794 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5364304) | (15039869) | (671548) | (567207) | (3686902) | (10366935) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 1146842 | 3640142 | 351089 | (353091) | (396574) | (9859078) |
| **Total increase (decrease) from capital stock transactions** | 21078864 | 2386001 | (41352216) | 705387 | (24354646) | (72084043) |
| **Total increase (decrease) in net assets** | 25909471 | 14507316 | (54839374) | 7677156 | (37324615) | (48590467) |
| **Net Assets at end of period** | $222002324 | $196092853 | $197126212 | $251965586 | $111605419 | $148930034 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 177559 | 75294 | 1770642 | 421432 | 72989 | 29505 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 103961 | 105792 | 237790 | 180948 | 241446 | 106342 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (494458) | (459691) | (1024923) | (519234) | (234691) | (248200) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (212938) | (278605) | 983509 | 83146 | 79744 | (112353) |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Covered Call & Equity** | **Covered Call & Equity** | | |
|  | **Core Bond Fund** | **Core Bond Fund** | **Income Fund** | **Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 13964 | 399739 |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 71659 | 167977 |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (2110306) | (285193) |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions |  |  | (2024683) | 282523 |  |  |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 47602 | 41967 | 281875 | 1888146 | 195448 | 439594 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 16513 | 21431 | 177286 | 368090 | 294649 | 183942 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (223865) | (243557) | (2650561) | (4400619) | (1019973) | (2116801) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (159750) | (180159) | (2191400) | (2144383) | (529876) | (1493265) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4260181 | 1228231 | 6098928 | 8368172 | 103024 | 320517 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 295295 | 216196 | 1320312 | 1300815 | 100129 | 81507 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1963954) | (1135386) | (8810015) | (7754598) | (633439) | (1100182) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 2591522 | 309041 | (1390775) | 1914389 | (430286) | (698158) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 715923 | 2076996 | 95308 | 13153 | 100365 | 12859 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 9207 | 11057 | 7631 | 8240 | 12108 | 5956 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (597629) | (1730107) | (66798) | (56708) | (125995) | (391925) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions. | 127501 | 357946 | 36141 | (35315) | (13522) | (373110) |

---

 

<sup>1</sup>As of the close of business on February 14, 2025, outstanding Class C shares of the Madison Funds converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated.

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Net Assets at beginning of period** | $418113988 | $333251378 | $1885497410 | $818178739 | $188004390 | $159012042 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 2988067 | 1291485 | 18927832 | 5183463 | 270845 | 10917 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 22442567 | 21811552 | 60262974 | 92580444 | 16204343 | 18708098 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (20851265) | 75613657 | (40136076) | 151051194 | (22864727) | 37899373 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 4579369 | 98716694 | 39054730 | 248815101 | (6389539) | 56618388 |
| **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 | (6186434) | (7677989) | (4818773) | (922221) | (369451) | (11238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (7698895) | (8573541) | (27551588) | (4031088) | (15176024) | (472024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6440794) | (7275766) | (57207979) | (6314641) | (1345844) | (38271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (4017316) | (5271656) | (19807116) | (1990864) | (45902) | (762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (24343439) | (28798952) | (109385456) | (13258814) | (16937221) | (522295) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5544685 | 3411398 | 7376586 | 15243003 | 498075 | 272005 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6148831 | 7630977 | 4803988 | 917461 | 368001 | 11197 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (16465596) | (11218364) | (17079511) | (10928286) | (1086221) | (723805) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (4772080) | (175989) | (4898937) | 5232178 | (220145) | (440603) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18659273 | 25895387 | 147487876 | 249264325 | 5534076 | 6098137 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 7028872 | 7829873 | 27187188 | 3945121 | 14808585 | 460853 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (35495503) | (21354862) | (240487356) | (104769135) | (25314022) | (32180477) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (9807358) | 12370398 | (65812292) | 148440311 | (4971361) | (25621487) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 27065974 | 32570300 | 693112749 | 670718017 | 2442743 | 4545491 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6440794 | 7087145 | 57137375 | 6189298 | 1345844 | 38271 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (42723286) | (29268742) | (404581564) | (181335879) | (4323094) | (5814930) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (9216518) | 10388703 | 345668560 | 495571436 | (534507) | (1231168) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10331600 | 11322207 | 178656282 | 219018810 | 779708 | 265362 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3814534 | 5271656 | 9737256 | 846593 | 45902 | 762 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (32605612) | (24232107) | (134853236) | (37346944) | (586558) | (76611) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (18459478) | (7638244) | 53540302 | 182518459 | 239052 | 189513 |
| **Total increase (decrease) from capital stock transactions** | (42255434) | 14944868 | 328497633 | 831762384 | (5486961) | (27103745) |
| **Total increase (decrease) in net assets** | (62019504) | 84862610 | 258166907 | 1067318671 | (28813721) | 28992348 |
| **Net Assets at end of period** | $356094484 | $418113988 | $2143664317 | $1885497410 | $159190669 | $188004390 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 187844 | 119633 | 482734 | 1010839 | 45869 | 26003 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 209572 | 288621 | 316677 | 63361 | 32975 | 1111 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (558495) | (394961) | (1125813) | (731646) | (99412) | (68365) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (161079) | 13293 | (326402) | 342554 | (20568) | (41251) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 629295 | 930821 | 8875012 | 15264555 | 497379 | 568853 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 239159 | 295802 | 1646710 | 251282 | 1297860 | 44917 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1202720) | (745573) | (14607610) | (6382084) | (2326933) | (3039480) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (334266) | 481050 | (4085888) | 9133753 | (531694) | (2425710) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 922636 | 1166586 | 41962602 | 40898038 | 226718 | 424466 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 220500 | 269268 | 3454497 | 393721 | 117747 | 3723 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1466970) | (1041176) | (24646454) | (10948520) | (394985) | (562237) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (323834) | 394678 | 20770645 | 30343239 | (50520) | (134048) |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 330168 | 407765 | 10288654 | 12774619 | 62318 | 22854 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 129044 | 198034 | 571771 | 52388 | 4005 | 74 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1097762) | (838754) | (7956682) | (2184721) | (45319) | (6859) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (638550) | (232955) | 2903743 | 10642286 | 21004 | 16069 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| October 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $9.76 | $8.78 | $8.85 | $11.12 | $11.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.26<sup>1</sup> | 0.26<sup>1</sup> | 0.21 | 0.20 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.47 | 0.97 | (0.08) | (1.77) | 0.63 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.73 | 1.23 | 0.13 | (1.57) | 0.73 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.25) | (0.20) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.51) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.25) | (0.20) | (0.70) | (0.76) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.47 | 0.98 | (0.07) | (2.27) | (0.03) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.23 | $9.76 | $8.78 | $8.85 | $11.12 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 7.64 | 14.12 | 1.36 | (15.00) | 6.72 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $37459 | $30555 | $30510 | $35084 | $45932 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.70 | 0.71 | 0.71 | 0.71 |
| Ratio of net investment income to average net assets (%) | 2.60 | 2.73 | 2.24 | 1.97 | 0.86 |
| Portfolio turnover (%)<sup>3</sup> | 30 | 51 | 53 | 84 | 63 |

---

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $11.15 | $9.70 | $9.59 | $12.22 | $11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.22<sup>1</sup> | 0.25<sup>1</sup> | 0.20 | 0.28 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.78 | 1.42 | 0.04 | (1.94) | 1.35 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.00 | 1.67 | 0.24 | (1.66) | 1.44 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.22) | (0.13) | (0.29) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.14) |  |  | (0.68) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.22) | (0.13) | (0.97) | (1.07) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.60 | 1.45 | 0.11 | (2.63) | 0.37 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $11.75 | $11.15 | $9.70 | $9.59 | $12.22 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 9.28 | 17.42 | 2.55 | (14.88) | 12.66 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $88094 | $86640 | $85230 | $92669 | $119035 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 |
| Ratio of net investment income to average net assets (%) | 2.02 | 2.29 | 1.97 | 2.54 | 0.70 |
| Portfolio turnover (%)<sup>3</sup> | 38 | 51 | 67 | 95 | 71 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $11.86 | $10.06 | $9.83 | $12.75 | $11.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.19<sup>1</sup> | 0.22<sup>1</sup> | 0.18 | 0.33 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.97 | 1.79 | 0.17 | (2.07) | 1.89 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.16 | 2.01 | 0.35 | (1.74) | 1.97 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.21) | (0.12) | (0.34) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.26) |  |  | (0.84) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.49) | (0.21) | (0.12) | (1.18) | (1.03) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.67 | 1.80 | 0.23 | (2.92) | 0.94 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $12.53 | $11.86 | $10.06 | $9.83 | $12.75 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 10.20 | 20.11 | 3.62 | (15.22) | 17.33 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $55001 | $52116 | $48888 | $48969 | $60837 |
| Ratios of expenses to average net assets (%) | 0.71 | 0.70 | 0.70 | 0.71 | 0.71 |
| Ratio of net investment income to average net assets (%) | 1.55 | 1.97 | 1.74 | 2.89 | 0.62 |
| Portfolio turnover (%)<sup>3</sup> | 45 | 55 | 71 | 99 | 84 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $12.96 | $13.70 | $15.06 | $18.42 | $15.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.53<sup>1</sup> | 0.76<sup>1</sup> | 0.31 | 0.27 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.08 | 0.97 | (0.47) | (1.54) | 3.11 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.61 | 1.73 | (0.16) | (1.27) | 3.34 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.80) | (0.31) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.11) | (1.67) | (0.89) | (1.81) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (2.47) | (1.20) | (2.09) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.07) | (0.74) | (1.36) | (3.36) | 2.90 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $12.89 | $12.96 | $13.70 | $15.06 | $18.42 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 4.89 | 13.50 | (1.35) | (7.92) | 21.74 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $116058 | $116187 | $119989 | $136578 | $158336 |
| Ratios of expenses to average net assets (%) | 0.66 | 0.66 | 1.00 | 1.11 | 1.11 |
| Ratio of net investment income to average net assets (%) | 4.05 | 5.85 | 2.14 | 1.61 | 1.27 |
| Portfolio turnover (%)<sup>3</sup> | 24 | 8 | 118 | 32 | 34 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $9.99 | $9.57 | $9.73 | $10.98 | $11.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.25<sup>1</sup> | 0.22<sup>1</sup> | 0.20 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.12 | 0.42 | (0.09) | (1.15) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.64 | 0.11 | (0.97) | 0.08 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.22) | (0.20) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  | (0.07) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.22) | (0.27) | (0.28) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.12 | 0.42 | (0.16) | (1.25) | (0.10) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.11 | $9.99 | $9.57 | $9.73 | $10.98 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 3.75 | 6.66 | 1.06 | (8.98) | 0.75 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $18886 | $17479 | $17114 | $17621 | $22331 |
| Ratios of expenses to average net assets (%) | 0.74 | 0.76 | 0.76 | 0.76 | 0.76 |
| Ratio of net investment income to average net assets (%) | 2.50 | 2.15 | 2.02 | 1.74 | 1.65 |
| Portfolio turnover (%)<sup>3</sup> | 9 | 13 | 16 | 10 | 18 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $10.41 | $9.99 | $9.99 | $11.15 | $11.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.35<sup>1</sup> | 0.29<sup>1</sup> | 0.20 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | 0.42 | (0.01) | (1.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.71 | 0.19 | (0.98) | (0.14) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.29) | (0.19) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.29) | (0.19) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.21 | 0.42 |  | (1.16) | (0.27) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.62 | $10.41 | $9.99 | $9.99 | $11.15 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 5.42 | 7.20 | 1.92 | (8.88) | (1.21) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $48079 | $47051 | $42307 | $61707 | $115682 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.50 | 0.50 | 0.50 | 0.46 | 0.40 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 3.34 | 2.84 | 1.91 | 1.04 | 0.76 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 3.34 | 2.84 | 1.91 | 1.07 | 0.86 |
| Portfolio turnover (%)<sup>3</sup> | 26 | 33 | 45 | 23 | 13 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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** | **High Quality Bond Fund** | **High Quality Bond Fund** | **High Quality Bond Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **Period**<br>**Ended<br> October 31,<br> 2022<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $10.48 | $10.05 | $10.05 | $10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.37<sup>2</sup> | 0.31<sup>2</sup> | 0.22 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | 0.42 | (0.02) | (0.79) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.58 | 0.73 | 0.20 | (0.70) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.30) | (0.20) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.30) | (0.20) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.22 | 0.43 |  | (0.79) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.70 | $10.48 | $10.05 | $10.05 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 5.58 | 7.35 | 2.00 | (6.44)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net Assets at end of period (in 000's) | $12356 | $14466 | $11248 | $15078 |
| Ratios of expenses to average net assets (%) | 0.41 | 0.41 | 0.41 | 0.41<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 3.43 | 2.94 | 2.00 | 1.32<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 26 | 33 | 45 | 23<sup>4</sup> |

---

<sup>1</sup>Class I shares commenced investment operations on March 1, 2025

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $9.02 | $8.43 | $8.65 | $10.45 | $10.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.33<sup>1</sup> | 0.30<sup>1</sup> | 0.24 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | 0.58 | (0.23) | (1.75) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 0.88 | 0.01 | (1.59) | 0.02 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.29) | (0.23) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.06) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.31) | (0.29) | (0.23) | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.21 | 0.59 | (0.22) | (1.80) | (0.33) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.23 | $9.02 | $8.43 | $8.65 | $10.45 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 5.86 | 10.48 | 0.07 | (15.47) | 0.21 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $27715 | $29007 | $29453 | $32990 | $43577 |
| Ratios of expenses to average net assets (%) | 0.83 | 0.85 | 0.85 | 0.85 | 0.87 |
| Ratio of net investment income to average net assets (%) | 3.54 | 3.33 | 2.65 | 1.57 | 1.31 |
| Portfolio turnover (%)<sup>3</sup> | 10 | 23 | 30 | 21 | 30 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $8.96 | $8.38 | $8.60 | $10.39 | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.34<sup>1</sup> | 0.32<sup>1</sup> | 0.25 | 0.13 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.20 | 0.57 | (0.21) | (1.69) | 0.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.54 | 0.89 | 0.04 | (1.56) | 0.08 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.31) | (0.26) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.06) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.31) | (0.26) | (0.23) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.21 | 0.58 | (0.22) | (1.79) | (0.32) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.17 | $8.96 | $8.38 | $8.60 | $10.39 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 6.16 | 10.70 | 0.32 | (15.25) | 0.73 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3979 | $5320 | $6482 | $6954 | $10783 |
| Ratios of expenses to average net assets (%) | 0.58 | 0.60 | 0.60 | 0.60 | 0.65 |
| Ratio of net investment income to average net assets (%) | 3.79 | 3.57 | 2.90 | 1.80 | 1.65 |
| Portfolio turnover (%)<sup>3</sup> | 10 | 23 | 30 | 21 | 30 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period**<br>**Ended <br> October 31,<br> 2021<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $8.92 | $8.34 | $8.56 | $10.36 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.35<sup>2</sup> | 0.33<sup>2</sup> | 0.27 | 0.17 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.20 | 0.57 | (0.22) | (1.72) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 0.90 | 0.05 | (1.55) | 0.09 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.32) | (0.27) | (0.19) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.32) | (0.27) | (0.25) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.21 | 0.58 | (0.22) | (1.80) | (0.03) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.13 | $8.92 | $8.34 | $8.56 | $10.36 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 6.30 | 10.86 | 0.42 | (15.20) | 0.88 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $84153 | $59134 | $52699 | $45963 | $133692 |
| Ratios of expenses to average net assets (%) | 0.47 | 0.50 | 0.50 | 0.50 | 0.50<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 3.89 | 3.68 | 3.01 | 1.77 | 1.57<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 10 | 23 | 30 | 21 | 30<sup>4</sup> |

---

<sup>1</sup>Class I shares commenced investment operations on March 1, 2021

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **Period**<br>**Ended<br> October 31,<br> 2022<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $8.92 | $8.34 | $8.56 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.35<sup>2</sup> | 0.33<sup>2</sup> | 0.27 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.20 | 0.58 | (0.22) | (1.33) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 0.91 | 0.05 | (1.20) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.33) | (0.27) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.33) | (0.27) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | 0.20 | 0.58 | (0.22) | (1.34) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.12 | $8.92 | $8.34 | $8.56 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 6.27 | 10.95 | 0.50 | (12.22)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net Assets at end of period (in 000's) | $106155 | $102632 | $92952 | $93641 |
| Ratios of expenses to average net assets (%) | 0.40 | 0.42 | 0.42 | 0.42<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 3.97 | 3.75 | 3.09 | 2.20<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 10 | 23 | 30 | 21<sup>4</sup> |

---

<sup>1</sup>Class R6 shares commenced investment operations on February 28, 2022

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $9.41 | $9.18 | $9.19 | $9.60 | $7.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.14<sup>1</sup> | 0.17<sup>1</sup> | 0.32 | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.01) | 0.81 | 0.33 | 0.17 | 2.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 0.98 | 0.65 | 0.22 | 2.39 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.75) | (0.66) | (0.43) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.75) | (0.66) | (0.63) | (0.59) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.60) | 0.23 | (0.01) | (0.41) | 1.80 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $8.81 | $9.41 | $9.18 | $9.19 | $9.60 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.62 | 11.01 | 7.18 | 2.50 | 31.18 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $29242 | $21991 | $20690 | $14044 | $14811 |
| Ratios of expenses to average net assets (%) | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 |
| Ratio of net investment income to average net assets (%) | 1.55 | 1.81 | 1.50 | 0.57 | 0.09 |
| Portfolio turnover (%)<sup>3</sup> | 78 | 144 | 102 | 99 | 162 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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** |
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $9.91 | $9.61 | $9.57 | $9.95 | $8.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18<sup>1</sup> | 0.21<sup>1</sup> | 0.17 | (0.21) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.03) | 0.85 | 0.54 | 0.46 | 2.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.15 | 1.06 | 0.71 | 0.25 | 2.49 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.76) | (0.67) | (0.43) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.76) | (0.67) | (0.63) | (0.59) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.58) | 0.30 | 0.04 | (0.38) | 1.90 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.33 | $9.91 | $9.61 | $9.57 | $9.95 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.80 | 11.32 | 7.49 | 2.78 | 31.54 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $15145 | $37801 | $57277 | $36964 | $66982 |
| Ratios of expenses to average net assets (%) | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
| Ratio of net investment income to average net assets (%) | 1.92 | 2.14 | 1.75 | 0.84 | 0.34 |
| Portfolio turnover (%)<sup>3</sup> | 78 | 144 | 102 | 99 | 162 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Covered Call & Equity Income Fund** | **Covered Call & Equity Income Fund** | **Covered Call & Equity Income Fund** | **Covered Call & Equity Income Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **Period**<br>**Ended<br> October 31,<br> 2022<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $9.92 | $9.62 | $9.57 | $9.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18<sup>2</sup> | 0.21<sup>2</sup> | 0.29 | 0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.85 | 0.43 | (0.18) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.16 | 1.06 | 0.72 | 0.20 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.74) | (0.76) | (0.67) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.74) | (0.76) | (0.67) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.58) | 0.30 | 0.05 | (0.22) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.34 | $9.92 | $9.62 | $9.57 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 1.81 | 11.33 | 7.61 | 2.22<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net Assets at end of period (in 000's) | $151581 | $174678 | $150951 | $75060 |
| Ratios of expenses to average net assets (%) | 0.96 | 0.96 | 0.96 | 0.96<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 1.89 | 2.09 | 1.80 | 1.06<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 78 | 144 | 102 | 99<sup>4</sup> |

---

<sup>1</sup>Class I shares commenced investment operations on February 28, 2022

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $10.14 | $9.81 | $9.74 | $10.12 | $8.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.19<sup>1</sup> | 0.22<sup>1</sup> | 0.03 | 0.04 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.87 | 0.71 | 0.23 | 2.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.17 | 1.09 | 0.74 | 0.27 | 2.54 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.74) | (0.76) | (0.67) | (0.45) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.74) | (0.76) | (0.67) | (0.65) | (0.59) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.57) | 0.33 | 0.07 | (0.38) | 1.95 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $9.57 | $10.14 | $9.81 | $9.74 | $10.12 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.90 | 11.44 | 7.71 | 2.89 | 31.69 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $1158 | $860 | $1178 | $765 | $544 |
| Ratios of expenses to average net assets (%) | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 |
| Ratio of net investment income to average net assets (%) | 1.90 | 2.23 | 1.85 | 0.95 | 0.60 |
| Portfolio turnover (%)<sup>3</sup> | 78 | 144 | 102 | 99 | 162 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $29.11 | $25.34 | $29.27 | $34.13 | $26.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.41<sup>1</sup> | 0.50<sup>1</sup> | 0.56 | 0.52 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.36 | 4.77 | (1.90) | (1.73) | 8.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.77 | 5.27 | (1.34) | (1.21) | 8.45 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.50) | (0.58) | (0.44) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.45) | (1.50) | (2.59) | (3.65) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (2.68) | 3.77 | (3.93) | (4.86) | 8.03 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $26.43 | $29.11 | $25.34 | $29.27 | $34.13 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 3.12 | 21.41 | (5.23) | (4.23) | 32.52 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $49982 | $52720 | $48746 | $55902 | $62716 |
| Ratios of expenses to average net assets (%) | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 |
| Ratio of net investment income to average net assets (%) | 1.55 | 1.85 | 1.97 | 1.64 | 1.25 |
| Portfolio turnover (%)<sup>3</sup> | 19 | 28 | 26 | 33 | 31 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $29.12 | $25.36 | $29.29 | $34.19 | $26.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.48<sup>1</sup> | 0.58<sup>1</sup> | 0.69 | 0.60 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.37 | 4.75 | (1.96) | (1.73) | 8.03 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.85 | 5.33 | (1.27) | (1.13) | 8.53 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.57) | (0.65) | (0.56) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.52) | (1.57) | (2.66) | (3.77) | (0.48) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (2.67) | 3.76 | (3.93) | (4.90) | 8.05 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $26.45 | $29.12 | $25.36 | $29.29 | $34.19 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 3.41 | 21.65 | (4.99) | (3.98) | 32.81 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $49016 | $69409 | $98291 | $165998 | $188287 |
| Ratios of expenses to average net assets (%) | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 |
| Ratio of net investment income to average net assets (%) | 1.80 | 2.13 | 2.23 | 1.89 | 1.50 |
| Portfolio turnover (%)<sup>3</sup> | 19 | 28 | 26 | 33 | 31 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $29.11 | $25.34 | $29.27 | $34.20 | $26.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.51<sup>1</sup> | 0.61<sup>1</sup> | 0.67 | 0.63 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.36 | 4.76 | (1.91) | (1.73) | 8.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.87 | 5.37 | (1.24) | (1.10) | 8.57 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.60) | (0.68) | (0.62) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) | (3.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.55) | (1.60) | (2.69) | (3.83) | (0.51) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (2.68) | 3.77 | (3.93) | (4.93) | 8.06 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $26.43 | $29.11 | $25.34 | $29.27 | $34.20 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 3.49 | 21.84 | (4.90) | (3.88) | 32.95 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $10669 | $24274 | $38826 | $59812 | $72215 |
| Ratios of expenses to average net assets (%) | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
| Ratio of net investment income to average net assets (%) | 1.91 | 2.24 | 2.34 | 2.02 | 1.60 |
| Portfolio turnover (%)<sup>3</sup> | 19 | 28 | 26 | 33 | 31 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** | **Dividend Income Fund** |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **Period**<br>**Ended<br> October 31,<br> 2022<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $29.11 | $25.35 | $29.28 | $31.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.53<sup>2</sup> | 0.65<sup>2</sup> | 0.63 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.38 | 4.73 | (1.85) | (1.72) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.91 | 5.38 | (1.22) | (1.33) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.62) | (0.70) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.57) | (1.62) | (2.71) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (2.66) | 3.76 | (3.93) | (1.77) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $26.45 | $29.11 | $25.35 | $29.28 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 3.64 | 21.88 | (4.82) | (4.25)<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net Assets at end of period (in 000's) | $1938 | $2527 | $11657 | $19575 |
| Ratios of expenses to average net assets (%) | 0.73 | 0.73 | 0.73 | 0.73<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 1.98 | 2.42 | 2.41 | 2.03<sup>5</sup> |
| Portfolio turnover (%)<sup>5</sup> | 19 | 28 | 26 | 33<sup>4</sup> |

---

<sup>1</sup>Class R6 shares commenced investment operations on March 1, 2022

<sup>2</sup>Per share amounts have been calculated using the average shares method.

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

<sup>4</sup>Not annualized.

<sup>5</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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $30.23 | $25.28 | $23.65 | $28.72 | $23.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15<sup>1</sup> | 0.02<sup>1</sup> | (0.01) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.11 | 7.03 | 3.09 | (2.92) | 7.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.26 | 7.05 | 3.08 | (2.93) | 7.28 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.69) | (2.10) | (1.45) | (2.14) | (2.37) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.43) | 4.95 | 1.63 | (5.07) | 4.91 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $28.80 | $30.23 | $25.28 | $23.65 | $28.72 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 0.77 | 29.08 | 13.75 | (11.33) | 32.37 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $102481 | $112454 | $93711 | $88286 | $108515 |
| Ratios of expenses to average net assets (%) | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 |
| Ratio of net investment income to average net assets (%) | 0.49 | 0.09 | (0.03) | (0.05) | (0.03) |
| Portfolio turnover (%)<sup>3</sup> | 21 | 16 | 22 | 18 | 17 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $30.34 | $25.36 | $23.72 | $28.78 | $23.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.22<sup>1</sup> | 0.09<sup>1</sup> | 0.06 | 0.05 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.11 | 7.06 | 3.09 | (2.93) | 7.24 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.33 | 7.15 | 3.15 | (2.88) | 7.36 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.07) | (0.06) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.77) | (2.17) | (1.51) | (2.18) | (2.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.44) | 4.98 | 1.64 | (5.06) | 4.94 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $28.90 | $30.34 | $25.36 | $23.72 | $28.78 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 0.99 | 29.43 | (14.03) | (11.13) | 32.72 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $115282 | $131142 | $97446 | $89391 | $112166 |
| Ratios of expenses to average net assets (%) | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 |
| Ratio of net investment income to average net assets (%) | 0.75 | 0.32 | 0.22 | 0.21 | 0.25 |
| Portfolio turnover (%)<sup>3</sup> | 21 | 16 | 22 | 18 | 17 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $30.19 | $25.28 | $23.67 | $28.75 | $23.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.24<sup>1</sup> | 0.12<sup>1</sup> | 0.10 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.12 | 7.01 | 3.07 | (2.91) | 7.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.36 | 7.13 | 3.17 | (2.84) | 7.38 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.12) | (0.11) | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.80) | (2.22) | (1.56) | (2.24) | (2.47) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.44) | 4.91 | 1.61 | (5.08) | 4.91 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $28.75 | $30.19 | $25.28 | $23.67 | $28.75 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.11 | 29.51 | 14.17 | (11.03) | 32.87 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $93374 | $107831 | $80308 | $71885 | $104617 |
| Ratios of expenses to average net assets (%) | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
| Ratio of net investment income to average net assets (%) | 0.82 | 0.42 | 0.31 | 0.31 | 0.30 |
| Portfolio turnover (%)<sup>3</sup> | 21 | 16 | 22 | 18 | 17 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large Cap Fund** | **Large 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $30.55 | $25.57 | $23.95 | $29.09 | $24.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.28<sup>1</sup> | 0.15<sup>1</sup> | 0.11 | 0.08 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.11 | 7.10 | 3.10 | (2.93) | 7.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.39 | 7.25 | 3.21 | (2.85) | 7.48 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.17) | (0.14) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.83) | (2.27) | (1.59) | (2.29) | (2.51) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.44) | 4.98 | 1.62 | (5.14) | 4.97 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $29.11 | $30.55 | $25.57 | $23.95 | $29.09 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.18 | 29.66 | 14.23 | (10.96) | 32.96 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $44958 | $66687 | $61787 | $50843 | $84331 |
| Ratios of expenses to average net assets (%) | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| Ratio of net investment income to average net assets (%) | 0.96 | 0.52 | 0.40 | 0.41 | 0.39 |
| Portfolio turnover (%)<sup>3</sup> | 21 | 16 | 22 | 18 | 17 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $15.69 | $12.66 | $11.68 | $13.68 | $10.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.07<sup>1</sup> | (0.01)<sup>1</sup> | (0.04) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | 3.21 | 1.27 | (1.27) | 3.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 3.20 | 1.23 | (1.36) | 3.84 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.17) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.58) | 3.03 | 0.98 | (2.00) | 3.42 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $15.11 | $15.69 | $12.66 | $11.68 | $13.68 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 1.78 | 25.43 | 10.68 | (10.62) | 38.24 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $79844 | $88044 | $66717 | $63417 | $76625 |
| Ratios of expenses to average net assets (%) | 1.31 | 1.36 | 1.39 | 1.40 | 1.39 |
| Ratio of net investment income to average net assets (%) | 0.47 | (0.08) | (0.25) | (0.59) | (0.50) |
| Portfolio turnover (%)<sup>3</sup> | 17 | 16 | 10 | 24 | 24 |

---

 

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $17.07 | $13.72 | $12.58 | $14.62 | $10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15<sup>1</sup> | 0.06<sup>1</sup> | 0.03 | (0.03) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.22 | 3.48 | 1.36 | (1.37) | 4.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 3.54 | 1.39 | (1.40) | 4.15 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.02) |  | (0.00)<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.94) | (0.19) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.57) | 3.35 | 1.14 | (2.04) | 3.73 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $16.50 | $17.07 | $13.72 | $12.58 | $14.62 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 2.18 | 25.97 | 11.20 | (10.17) | 38.89 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $396579 | $479998 | $260474 | $253477 | $263892 |
| Ratios of expenses to average net assets (%) | 0.90 | 0.91 | 0.94 | 0.95 | 0.95 |
| Ratio of net investment income to average net assets (%) | 0.90 | 0.34 | 0.20 | (0.14) | (0.04) |
| Portfolio turnover (%)<sup>4</sup> | 17 | 16 | 10 | 24 | 24 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $17.11 | $13.75 | $12.60 | $14.64 | $10.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15<sup>1</sup> | 0.07<sup>1</sup> | 0.04 | 0.00<sup>2</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.24 | 3.49 | 1.36 | (1.38) | 4.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.39 | 3.56 | 1.40 | (1.38) | 4.16 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.03) |  | (0.02) | (0.00)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.96) | (0.20) | (0.25) | (0.66) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.57) | 3.36 | 1.15 | (2.04) | 3.74 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $16.54 | $17.11 | $13.75 | $12.60 | $14.64 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | 2.28 | 26.09 | 11.26 | (10.08) | 39.01 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $1298743 | $987984 | $376668 | $274918 | $286235 |
| Ratios of expenses to average net assets (%) | 0.80 | 0.81 | 0.84 | 0.85 | 0.85 |
| Ratio of net investment income to average net assets (%) | 0.87 | 0.41 | 0.28 | (0.04) | (0.01) |
| Portfolio turnover (%)<sup>4</sup> | 17 | 16 | 10 | 24 | 24 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $17.60 | $14.15 | $12.94 | $15.04 | $11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18<sup>1</sup> | 0.08<sup>1</sup> | 0.04 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.23 | 3.60 | 1.42 | (1.43) | 4.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.41 | 3.68 | 1.46 | (1.42) | 4.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.06) |  | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.97) | (0.23) | (0.25) | (0.68) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (0.56) | 3.45 | 1.21 | (2.10) | 3.85 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $17.04 | $17.60 | $14.15 | $12.94 | $15.04 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | 2.36 | 26.18 | 11.43 | (10.07) | 39.20 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $368499 | $329471 | $114320 | $88723 | $105878 |
| Ratios of expenses to average net assets (%) | 0.72 | 0.73 | 0.76 | 0.77 | 0.77 |
| Ratio of net investment income to average net assets (%) | 1.01 | 0.48 | 0.37 | 0.05 | 0.14 |
| Portfolio turnover (%)<sup>3</sup> | 17 | 16 | 10 | 24 | 24 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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, 2025

**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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $11.75 | $8.56 | $9.22 | $15.55 | $11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01)<sup>1</sup> | (0.03)<sup>1</sup> | (0.04) | (0.05) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36) | 3.25 | (0.14) | (2.81) | 5.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.37) | 3.22 | (0.18) | (2.86) | 5.37 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.45) | 3.19 | (0.66) | (6.33) | 4.51 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.30 | $11.75 | $8.56 | $9.22 | $15.55 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>2</sup>** | (3.84) | 37.67 | (1.94) | (23.74) | 50.17 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3305 | $4014 | $3275 | $3417 | $4847 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 1.35 | 1.35 | 1.35 | 1.35 | 1.39 |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 1.35 | 1.35 | 1.35 | 1.35 | 1.38 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | (0.10) | (0.25) | (0.42) | (0.52) | (0.67) |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | (0.10) | (0.25) | (0.42) | (0.52) | (0.66) |
| Portfolio turnover (%)<sup>3</sup> | 35 | 39 | 39 | 41 | 44 |

---

 

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value at beginning of period** | $11.99 | $8.71 | $9.35 | $15.69 | $11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.02<sup>1</sup> | 0.00<sup>1,2</sup> | (0.02) | (0.03) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.38) | 3.31 | (0.14) | (2.84) | 5.51 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.36) | 3.31 | (0.16) | (2.87) | 5.44 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) |  |  | 0.00<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.09) | (0.03) | (0.48) | (3.47) | (0.86) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.45) | 3.28 | (0.64) | (6.34) | 4.58 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.54 | $11.99 | $8.71 | $9.35 | $15.69 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | (3.70) | 38.06 | (1.69) | (23.55) | 50.50 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $142717 | $168664 | $143591 | $166238 | $253625 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 1.10 | 1.10 | 1.10 | 1.10 | 1.15 |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 1.10 | 1.10 | 1.10 | 1.10 | 1.14 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 0.15 | 0.004 | (0.17) | (0.27) | (0.42) |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 0.15 | 0.004 | (0.17) | (0.27) | (0.40) |
| Portfolio turnover (%)<sup>5</sup> | 35 | 39 | 39 | 41 | 44 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

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

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

<sup>4</sup>Amounts represent less than 0.01%.

<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, 2025

**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 I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period**<br>**Ended**<br>**October 31,**<br>**20211** |
| **Net Asset Value at beginning of period** | $12.02 | $8.72 | $9.36 | $15.70 | $14.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.03<sup>2</sup> | 0.01<sup>2</sup> | (0.01) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.37) | 3.32 | (0.15) | (2.83) | 1.32 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.34) | 3.33 | (0.16) | (2.85) | 1.29 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.058) | (0.03) | (0.48) | (3.47) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.10) | (0.03) | (0.48) | (3.49) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.44) | 3.30 | (0.64) | (6.34) | 1.29 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.58 | $12.02 | $8.72 | $9.36 | $15.70 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>3</sup>** | (3.50) | 38.24 | (1.58) | (23.52) | 8.95<sup>4</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $12508 | $14828 | $11925 | $13863 | $21868 |
| Ratios of expenses to average net assets (%) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 0.25 | 0.10 | (0.07) | (0.16) | (0.36)<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 35 | 39 | 39 | 41 | 44<sup>4</sup> |

---

 

<sup>1</sup>Class I shares commenced investment operations on February 26, 2021

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2025** | **2024** | **2023** | **Period**<br>**Ended**<br>**October 31,**<br>**20221** |
| **Net Asset Value at beginning of period** | $12.05 | $8.74 | $9.36 | $11.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.03<sup>2</sup> | 0.02<sup>2</sup> |  | 0.00<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36) | 3.32 | (0.14) | (1.94) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.33) | 3.34 | (0.14) | (1.94) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.08) | (0.03) | (0.48) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.11) | (0.03) | (0.48) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net asset value | (1.44) | 3.31 | (0.62) | (1.94) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value at end of period** | $10.61 | $12.05 | $8.74 | $9.36 |
| &nbsp;&nbsp;&nbsp;**Total Return (%)<sup>4</sup>** | (3.41) | 38.27 | (1.46) | (17.17)<sup>5</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net Assets at end of period (in 000's) | $661 | $498 | $220 | $161 |
| Ratios of expenses to average net assets (%) | 0.92 | 0.92 | 0.92 | 0.92<sup>6</sup> |
| Ratio of net investment income to average net assets (%) | 0.29 | 0.16 | (0.01) | (0.06)<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 35 | 39 | 39 | 41<sup>5</sup> |

---

 

<sup>1</sup>Class R6 shares commenced investment operations on February 28, 2022

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<sup>3</sup>Amounts represent less than $(0.005) per share.

<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, 2025

**Notes to 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** |
| Conservative Allocation<sup>1</sup> | Class A |
| Moderate Allocation<sup>1</sup> | Class A |
| Aggressive Allocation<sup>1</sup> | Class A |
| Diversified Income<sup>1</sup> | Class A |
| Tax-Free National | Class Y |
| High Quality Bond | Class Y, Class I |
| Core Bond | Class A, Class Y, Class I, Class R6 |
| Covered Call & Equity Income | Class A, Class Y, Class I, Class R6 |
| Dividend Income | Class A, Class Y, Class I, Class R6 |
| Large Cap<sup>2</sup> | Class A, Class Y, Class I, Class R6 |
| Mid Cap | Class A, Class Y, Class I, Class R6 |
| Small Cap | Class A, Class Y, Class I, Class R6 |

---

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

2 Prior to February 28, 2025 Madison Large Cap Fund was known as Madison Investors Fund.

Each Class of shares represents an interest in the net 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 Funds' investment adviser.

**Class C to Class A Share Conversion:** At the close of business on February 14, 2025, outstanding Class C shares of the Madison Conservative Allocation Fund, Madison Moderate Allocation Fund, Madison Aggressive Allocation Fund, Madison Diversified Income Fund and Madison Covered Call & Equity Income Fund converted into Class A shares of each respective fund, and Class C shares of the Trust were terminated. The conversion occurred on a tax-free basis, and the cash value of a shareholder's investment was not changed as a result of the share class conversion. No action was required by shareholders to effect the conversion.

The following table summarizes the number of Class C shares converted and their aggregate net asset value, as well as the number of Class A shares issued and their aggregate net asset value as a result of the conversion:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Class C Shares**<br>**Converted**  | **Net Asset Value of Class**<br>**C Shares ($)**  | **Class A Shares Issued**<br>| **Net Asset Value of Class**<br>**A Shares ($)**  |
| Madison Conservative Allocation Fund | 1224716 | $12241040 | 1246212 | $12241040 |
| Madison Moderate Allocation Fund | 510593 | $5597427 | 506779 | $5597427 |
| Madison Aggressive Allocation Fund | 189757 | $2147894 | 182590 | $2147894 |
| Madison Diversified Income Fund | 1567573 | $20357136 | 1587412 | $20357136 |
| Madison Covered Call & Equity Income Fund | 1686584 | $12930531 | 1464867 | $12930531 |

---

Within the Statements of Changes in Net Assets, the conversion from Class C Shares is reflected in Shares redeemed and the conversion to Class A shares is reflected in Shares sold. The conversion did not result in a change in the net assets of the Funds.

**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.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

The Funds are investment companies that apply the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services—Investment Companies (ASC 946).

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 last available 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 approved by the Trust 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 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 market value, are appraised at their fair values as determined in good faith by the Pricing Committee (the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation 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.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

Rule 2a-5 under the 1940 Act (the "Valuation Rule") establishes requirements for determining fair value in good faith, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available," which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits a board of trustees to designate a fund's investment adviser as valuation designee to perform a fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee a fund's investment adviser fair value determinations. The Board has designated the Funds' investment adviser as Valuation Designee and the Valuation Designee has delegated valuation decisions to the Committee.

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 a 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.

**Segment Reporting:** During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their respective operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Management Committee of the Trust's Investment Adviser acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions and profitability to the Investment Adviser, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and peers to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

**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.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

**Foreign Currency Transactions:** The Funds' 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.

The Funds may invest in foreign currency transactions. The Funds report 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". As of October 31, 2025, none of the Funds had entered into foreign currency transactions.

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

**Forward Foreign Currency Exchange Contracts:** The 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 October 31, 2025, 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 Funds' custodian in an amount equal to the value of the Funds' 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 Funds' 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.

**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 Funds' 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. At October 31, 2025, 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

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.)

&nbsp;&nbsp;&nbsp;&nbsp;● 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, 2025 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, 2025, none of the Funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of October 31, 2025, 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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at <br>10/31/25** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $17990665 | $— | $— | $17990665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 18193552 |  |  | 18193552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5151731 |  |  | 5151731 |
|  | 41335948 |  |  | 41335948 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 54845236 |  |  | 54845236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 30482321 | **—** | **—** | 30482321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 10404396 |  |  | 10404396 |
|  | 95731953 |  |  | 95731953 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 39795678 |  |  | 39795678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 13668972 |  |  | 13668972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6981001 |  |  | 6981001 |
|  | 60445651 |  |  | 60445651 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 115300575 |  |  | 115300575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 5623 |  | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6440017 |  |  | 6440017 |
|  | 121740592 | 5623 |  | 121746215 |
| **Tax-Free National** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 18612481 |  | 18612481 |
|  |  | 18612481 |  | 18612481 |
| **High Quality Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 20543639 |  | 20543639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 758878 |  | 758878 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 38425037 |  | 38425037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 308410 |  |  | 308410 |
|  | 308410 | 59727554 |  | 60035964 |

---

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** |  | **Level 3** | **Value at <br>10/31/25** |
| **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;<br>Asset Backed Securities<br>| $— | $4392447 | $| $— | $4392447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 11136168 |  |  | 11136168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 3291162 |  |  | 3291162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 53527400 |  |  | 53527400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 5048771 |  |  | 5048771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 77873795 |  |  | 77873795 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 63417822 |  |  | 63417822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3472276 |  |  |  | 3472276 |
|  | 3472276 | 218687565 |  |  | 222159841 |
| **Covered Call & Equity Income** |  |  |  |  |  |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 161600962 |  |  |  | 161600962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 37496193 |  |  |  | 37496193 |
|  | 199097155 |  |  |  | 199097155 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | (2433503) |  |  |  | (2433503) |
|  | (2433503) |  |  |  | (2433503) |
| **Dividend Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 110180139 |  |  |  | 110180139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1606846 |  |  |  | 1606846 |
|  | 111786985 |  |  |  | 111786985 |
| **Large Cap** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 353809322 |  |  |  | 353809322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2433500 |  |  |  | 2433500 |
|  | 356242822 |  |  |  | 356242822 |
| **Mid Cap** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 2039042392 |  |  |  | 2039042392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 117012767 |  |  |  | 117012767 |
|  | 2156055159 |  |  |  | 2156055159 |
| **Small Cap** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 151211999 |  |  |  | 151211999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 8110219 |  |  |  | 8110219 |
|  | 159322218 |  |  |  | 159322218 |

---

<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, 2025, the Covered Call & Equity Income Fund has not offset any of the positions and the positions are presented gross on the Statements 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, 2025.

 **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**<br> **Liabilities**<br> **Location**  | **Fair Value** | **Statements of Assets and <br>Liabilities <br>Location** | **Fair Value** |
| Covered Call & Equity Income | Equity | Options Purchased | $&nbsp;&nbsp;&nbsp;&nbsp;– | Options Written | $(2433503) |

---

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

The following table presents the effect of derivative instruments on the Statements of Operations for the year ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Risk** | **Statements of** <br> **Operations**  | **Realized Gain** <br> **(Loss) on**<br> **Derivatives** | **Change in**<br> **Unrealized** <br> **Appreciation**<br> **(Depreciation) on Derivatives** |
| Covered Call & Equity Income |  |  |  |  |
|  | Equity | Option Purchased | $(999854) | $— |
|  | Equity | Option Written | 9147732 | 434150 |
| Total |  |  | 8147878 | 434150 |

---

The average volume (based on the open positions at each month-end) of derivative activity during the year ended October 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Options Purchased Contracts<sup>1</sup>** | **Options Written Contracts<sup>1</sup>** |
| Covered Call & Equity Income | $&nbsp;&nbsp;&nbsp;&nbsp;– | $18161 |

---

<sup>1</sup> Number of Contracts

There is no impact on the financial statements of the other funds as they did not hold derivative investments during the year ended October 31, 2025.

**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, 2025:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Conservative Allocation | 0.20% |
| Moderate Allocation | 0.20% |
| Aggressive Allocation | 0.20% |
| Diversified Income<sup>1</sup> | 0.20% |
| Tax-Free National | 0.40% |
| High Quality Bond | 0.30% |
| Core Bond<sup>2</sup> | 0.25% |
| Covered Call & Equity Income | 0.85% |
| Dividend Income<sup>1</sup> | 0.70% |
| Large Cap<sup>1</sup> | 0.70% |
| Mid Cap<sup>1</sup> | 0.75% |
| Small Cap<sup>1</sup> | 0.89% |

---

---

| | |
|:---|:---|
| 1 | 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. |

---

---

| | |
|:---|:---|
| 2 | Effective September 2, 2025, Madison agreed to reduce its management fee for the Fund from 0.39% to 0.25% in conjunction with eliminating the Fund's breakpoints. |

---

**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 October 31, 2025, the Funds and their respective share classes were charged the following fees under the Administrative Services Agreement.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class Y** | **Class I** | **Class R6** |
| Conservative Allocation | 0.25% | 0.25% | N/A | N/A | N/A |
| Moderate Allocation | 0.25% | 0.25% | N/A | N/A | N/A |
| Aggressive Allocation | 0.25% | 0.25% | N/A | N/A | N/A |
| Diversified Income | 0.20% | 0.20% | N/A | N/A | N/A |
| Tax-Free National | N/A | N/A | 0.20%<sup>1</sup> | N/A | N/A |
| High Quality Bond | N/A | N/A | 0.19% | 0.10% | N/A |
| Core Bond | 0.20% | N/A | 0.20% | 0.10% | 0.02% |
| Covered Call & Equity Income | 0.15% | 0.15% | 0.15% | 0.10% | 0.02% |
| Dividend Income | 0.20% | N/A | 0.20% | 0.10% | 0.02% |
| Large Cap | 0.20% | N/A | 0.20% | 0.10% | 0.02% |
| Mid Cap | 0.20%<sup>2</sup> | N/A | 0.20% | 0.10% | 0.02% |
| Small Cap | 0.20% | N/A | 0.20% | 0.10% | 0.02% |

---

---

| | |
|:---|:---|
| 1 | Effective September 2, 2025, Madison agreed to reduce its administrative services fee for the Fund from 0.35% to 0.20%. |

---

---

| | |
|:---|:---|
| 2 | Effective September 2, 2025, Madison agreed to reduce its administrative services fee for the Fund from 0.40% to 0.20%. |

---

Expenses that are not included under this fee agreement are paid directly by the Funds. See "Other Expenses".

**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 funds' assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected funds and share classes. These plans are described below:

***Shareholder Service Fees (Class A).*** Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A 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.

Front-end sales charges 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) 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 collected and retained for the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount Collected** | **Amount Retained** |
| **Fund** | **Class A** | **Class A** |
| Conservative Allocation | $9042 | $1166 |
| Moderate Allocation | 35600 | 4367 |
| Aggressive Allocation | 27701 | 3422 |
| Diversified Income | 36236 | 4512 |
| Core Bond | 4832 | 621 |
| Covered Call & Equity Income | 60092 | 6454 |
| Dividend Income | 17751 | 2250 |
| Large Cap | 40302 | 5162 |
| Mid Cap | 56593 | 7038 |
| Small Cap | 4310 | 482 |
|  | 292460 | 35475 |

---

**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.

In addition, effective September 2, 2025, the Funds are also responsible for paying the following fees and expenses directly: (a) Independent Trustee legal counsel fees, (b) out of pocket and incidental expenses incurred by Independent Trustees (e.g., travel expenses), (c) costs related to technology solutions requested by the Independent Trustees to assist them with the performance of their functions as Board members, and (d) Independent Trustee education and training costs and expenses.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

**Officers and Trustees:** Certain officers and trustees of the Funds are also officers of the Investment Adviser. The Funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated from the Funds.

**6.** **DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS** 

With respect to dividends from net investment income, Tax-Free 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, Large Cap, Mid Cap, and Small Cap 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, 2025, 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 | $— | $— | $11839405 | $19676226 |
| Moderate Allocation |  |  | 33096598 | 44920280 |
| Aggressive Allocation |  |  | 23528081 | 27235299 |
| Diversified Income |  | 81 | 30418260 | 49356320 |
| Tax-Free National |  |  | 3057534 | 1663417 |
| High Quality Bond | 9003942 | 10081533 | 6164292 | 7223383 |
| Core Bond | 45351683 | 14217102 | 10654813 | 5727862 |
| Covered Call & Equity Income |  |  | 134370132 | 154625971 |
| Dividend Income |  |  | 24253558 | 62513840 |
| Large Cap |  |  | 82694541 | 139678605 |
| Mid Cap |  |  | 593827780 | 349413351 |
| Small Cap |  |  | 57569295 | 75104379 |

---

**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.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

**9.** **FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS** 

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

During the year ended October 31, 2025, 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 Core Bond Fund and Covered Call & Equity Income 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, 2025, the Funds did not enter into any options on futures contracts.

**10.** **FOREIGN SECURITIES** 

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

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

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, 2025, the aggregate fair value of securities on loan for the Trust was $57,035,691. 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 US treasuries or other US 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<sup>1</sup>** | **Non-Cash Collateral<sup>1</sup>** |
| Conservative Allocation | $3820164 | $3909315 | $— |
| Moderate Allocation | 7533288 | 7654101 | 35998 |
| Aggressive Allocation | 5302079 | 5417816 |  |
| Diversified Income | 11633694 | 5468070 | 6422927 |
| High Quality Bond | 164747 | 168128 |  |
| Core Bond | 780182 | 797228 |  |
| Large Cap | 13969527 |  | 17789972 |
| Mid Cap | 13832010 | 13984447 |  |

---

<sup>1</sup> Collateral represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior day's market value for securities loaned.

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 <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** |
| | **Overnight and Continuous** | **<30 days** | **Between 30 & 90 days** | **>90 Days** | **Total** |
| <br>**Securities Lending Transactions<sup>1</sup>** |  |  |  |  |  |
| **Conservative Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3909315 | $— | $— | $— | $3909315 |
| **Total Borrowings** | $3909315 | $— | $— | $— | $3909315 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $3909315 |
| **Moderate Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $7654101 | $— | $— | $— | $7654101 |
| **Total Borrowings** | $7654101 | $— | $— | $— | $7654101 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $7654101 |
| **Aggressive Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $5417816 | $— | $— | $— | $5417816 |
| **Total Borrowings** | $5417816 | $— | $— | $— | $5417816 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $5417816 |
| **Diversified Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $5468070 | $— | $— | $— | $5468070 |
| **Total Borrowings** | $5468070 | $— | $— | $— | $5468070 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $5468070 |
| **High Quality Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations | $168128 | $— | $— | $— | $168128 |
| **Total Borrowings** | $168128 | $— | $— | $— | $168128 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $168128 |

---

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** | **Remaining Contractual Maturity of the <br> Agreements As of October 31, 2025** |
|  | **Overnight and Continuous** | **<30 days** | **Between 30 & 90 days** | **>90 Days** | **Total** |
| **Core Bond Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds | $797228 | $— | $— | $— | $797228 |
| **Total Borrowings** | $797228 | $— | $— | $— | $797228 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $797228 |
| **Mid Cap Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $13984447 | $— | $— | $— | $13984447 |
| **Total Borrowings** | $13984447 | $— | $— | $— | $13984447 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $13984447 |

---

<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, 2025. 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 December 31, 2022 through October 31, 2025.

The tax character of distributions paid during the years ended October 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain** | **Long-Term Capital Gain** |
| <br>**Fund** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Conservative Allocation | $— | $— | $1042149 | $1074392 | $— | $— |
| Moderate Allocation |  |  | 2091181 | 2016050 | 1133966 |  |
| Aggressive Allocation |  |  | 1024095 | 1011225 | 1176201 |  |
| Diversified Income |  |  | 5468076 | 8486392 | 1351312 | 16630770 |
| Tax-Free National | 466234 | 382340 |  |  |  |  |
| High Quality Bond |  |  | 1914214 | 1686887 |  |  |
| Core Bond |  |  | 7773718 | 6762252 |  |  |
| Covered Call & Equity Income |  |  | 16819330 | 19804162 |  |  |
| Dividend Income |  |  | 2013727 | 3452332 | 14873717 | 7215772 |
| Large Cap |  |  | 2742371 | 3348138 | 21601068 | 25450814 |
| Mid Cap |  |  | 15185125 | 3892595 | 94200331 | 9366219 |
| Small Cap |  |  |  |  | 16937221 | 522295 |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Tax Exempt Income** | **Income Ordinary** | **Long-Term Capital Gain** |
| Conservative Allocation\* | $— | $163733 | $— |
| Moderate Allocation |  | 1242933 | 3228867 |
| Aggressive Allocation\* |  | 514759 | 2303252 |
| Diversified Income\* |  |  | 85490 |
| Tax-Free National\* | 6715 |  |  |
| High Quality Bond\* |  | 186662 |  |
| Core Bond\* |  | 374667 |  |
| Covered Call & Equity Income |  | 6713038 |  |
| Dividend Income\* |  | 205974 | 10324671 |
| Large Cap\* |  | 1111867 | 21864255 |
| Mid Cap |  | 9387316 | 55858959 |
| Small Cap\* |  |  | 14128465 |

---

\*The difference between the accumulated distributable earnings on the Statements of Assets and Liabilities and the components of distributable earnings on a tax basis is due to Other temporary differences not included on this table.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

For federal income tax purposes, the Funds listed below have capital loss carryforwards as October 31, 2025, 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 | $1401646 | $— |
| Tax-Free National |  | 58418 |
| High Quality Bond | 337139 | 5734598 |
| Core Bond | 529719 | 12790962 |

---

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

For the year October 31, 2025, capital losses utilized for each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount Utilized** |
| Conservative Allocation | $869759 |
| High Quality Bond | 1972 |
| Core Bond Fund | 50807 |
| Dividend Income | 118226 |

---

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:

---

| | |
|:---|:---|
|  | **Amount Deferred** |
| Small Cap | $130173 |

---

Certain specified losses incurred after October 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. For the year ended October 31, 2025, none of the Funds elected to defer post- October losses.

At October 31, 2025, 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 | $2275651 | $(1595689) | $679962 |
| Moderate Allocation | 11228390 | (2303900) | 8924490 |
| Aggressive Allocation | 9516558 | (803826) | 8712732 |
| Diversified Income | 4782547 | (1348795) | 3433752 |
| Tax-Free National | 147781 | (291538) | (143757) |
| High Quality Bond | 765875 | (271443) | 494432 |
| Core Bond | 2600148 | (8542230) | (5942082) |
| Covered Call & Equity Income | 3991817 | (36679974) | (32688157) |
| Dividend Income | 31354896 | (2822700) | 28532196 |
| Large Cap | 172046568 | (2227244) | 169819324 |
| Mid Cap | 494241907 | (72799921) | 421441986 |
| Small Cap | 42012697 | (9991556) | 32021141 |

---

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-REIT, securities adjustments related to Treasury Inflation Protected securities (TIPS), distribution re-designations from investments in other regulated investment companies and unusable capital carry loss carryforwards.

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, 2025, reclassifications were recorded as follows:

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| **Paid-in Capital** | **Undistributed Net**<br> **Investment Income**<br>**(Loss)** | **Accumulated**<br> **Realized Gain**<br>**(Loss)** |
| Conservative Allocation | $— | $2578 | $(2578) |
| Moderate Allocation |  | 9046 | (9046) |
| Aggressive Allocation |  | 6925 | (6925) |
| Diversified Income | 219796 | 683115 | (902911) |
| Tax-Free National |  | (54) | 54 |
| Core Bond Fund |  | (179040) | 179040 |
| Covered Call & Equity Income |  | 12907975 | (12907975) |
| Dividend Income |  | (1) | 1 |
| Mid Cap |  | (1254350) | 1254350 |
| Small Cap | (71450) | (203511) | 274961 |

---

**13.**  **CONCENTRATION OF 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.

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 U.S. trade and tariff policies, 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 National Fund invests in municipal securities. Municipal securities generally are subject to possible default, bankruptcy or insolvency of the issuer. Principal and interest repayment may be affected by federal, state and local legislation, referendums, judicial decisions and executive acts. The tax-exempt status of municipal securities may be affected by future changes in the tax laws, litigation involving the tax status of the securities and errors and omissions by issuers and their counsel. Madison will not attempt to make an independent determination of the present or future tax-exempt status of municipal securities acquired for the Fund. 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 Fund to sell large blocks of municipal securities advantageously than would be the case with comparable taxable securities.

The Core Bond Fund and Covered Call & Equity Income 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.

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-continued**

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.

**14.** **CAPITAL SHARES AND AFFILIATED OWNERSHIP** 

The Allocation Funds invest in Underlying Funds, including the Madison Funds and Madison ETFs Trust, (the "Affiliated Underlying Funds"), 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. Historical financial information regarding the Affiliated Underlying Funds is available to you at no cost on the SEC's website at www.sec.gov, by calling 1-800-877-6089 or by visiting the Funds' website at www.madisonfunds.com. A summary of the transactions with each Affiliated Underlying Fund during the year ended October 31, 2025 follows:

**Madison Funds** \| October 31, 2025

**Notes to Financial Statements-concluded**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning**<br> **value as of 10/31/2024** | **Gross** <br> **Additions** | **Gross**<br> **Sale** | **Realized**<br> **Gross (loss)** | **Change in**<br>**Unrealized**<br> **Appreciation**<br>**(Depreciation)** | **Value at**<br>**10/31/2025**  | **Shares** | **Dividend**<br> **Income** | <br> **Distributions**<br> **Received<sup>11</sup>** |
| **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | | | | | | | |
| Madison Core Bond Fund Class R6 | $16747681 | $– | $(251117) | $(52980) | $425141 | $16868725 | 1849641 | $648232 | $— |
| Madison Large Cap Fund Class R6 | 3022004 | 647654 | (2174662) | 306855 | (477024) | 1324827 | 45511 | 25477 | 172177 |
| **Totals** | $19769685 | $647654 | $(2425779) | $253875 | $(51883) | 18193552 | 1895152 | $673709 | $172177 |
| **Moderate Allocation Fund** | **Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class R6 | 23353112 | 400000 |  |  | 526707 | 24279819 | 2662261 | 912403 |  |
| Madison Large Cap Fund Class R6 | 11588254 | 1293419 | (6123902) | 1175282 | (1730551) | 6202502 | 213071 | 89378 | 604041 |
| **Totals** | $34941366 | $1693419 | $(6123902) | $1175282 | $(1203844) | 30482321 | 2875332 | $1001781 | $604041 |
| **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class R6 | 7101233 | 596906 |  |  | 174615 | 7872754 | 863241 | 293340 |  |
| Madison Large Cap Fund Class R6 | 8705111 | 855696 | (3336495) | 582654 | (1010748) | 5796218 | 199114 | 68404 | 462292 |
| **Totals** | $15806344 | $1452602 | $(3336495) | $582654 | $(836133) | 13668972 | 1062355 | $361744 | $462292 |
| **Diversified Income Fund** | **Diversified Income Fund** |  |  |  |  |  |  |  |  |
| Madison Aggregate Bond ETF | 23903730 |  | (5603208) | 35145 | 154833 | 18490500 | 900000 | 1053139 | 32759 |
| Madison Covered Call ETF | 30897224 |  | (11369655) | (1045269) | (300087) | 18182213 | 985000 | 994500 | 657324 |
| Madison Dividend Value ETF | 24090000 | 758363 | (2806563) | 322875 | 409815 | 22774490 | 1010000 | 456829 |  |
| Madison Short-Term Strategic Income ETF | 29390981 |  | (1541703) | 36641 | 202019 | 28087938 | 1362500 | 1480341 |  |
| **Totals** | $108281935 | $758363 | $(21321129) | $(650608) | $466580 | 87535141 | 4257500 | $3984809 | $690083 |

---

 

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

**15.** **SUBSEQUENT EVENTS** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issue. No other events have taken place that meet the definition of a subsequent event that requires adjustment to, or disclosure in the financial statements.

**Madison Funds** \| October 31, 2025

**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 the Madison Conservative Allocation Fund, Madison Moderate Allocation Fund, Madison Aggressive Allocation Fund, Madison Diversified Income Fund, Madison Tax-Free National Fund, Madison High Quality Bond Fund, Madison Core Bond Fund, Madison Covered Call & Equity Income Fund, Madison Dividend Income Fund, Madison Large Cap Fund (formerly Madison Investors Fund), Madison Mid Cap Fund, and Madison Small Cap Fund, including the portfolios of investments as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Madison Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**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, 2025, 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 23, 2025

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

**Madison Funds** \| October 31, 2025

**Statement Regarding Basis for Approval of Investment Advisory Contract**

At a meeting of the Board of Trustees (the "Board" or "Trustees") of the Madison Funds (the "Trust") held on August 19, 2025, 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").

Prior to the meeting, the Independent Trustees received and considered information from the Adviser designed to provide them with the information necessary to evaluate the Agreement. Before voting to approve the Agreement, the Independent Trustees reviewed these materials with management of the Adviser and with counsel to the Independent Trustees, and received advice from such counsel regarding the legal standards for the Independent Trustees' consideration of the approval of the Agreement. This information, togeth- er with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determination.

In determining whether to approve the Agreement, the Trustees considered all factors they believed relevant, including the following with respect to each Fund: (1) the nature, extent, and quality of the services to be provided by the Adviser with respect to the Fund; (2) the Fund's historical performance compared to relevant benchmarks and peer groups; (3) the Fund's management fee and overall expense ratio compared to relevant peer groups; (4) the costs of the services provided by the Adviser and the profits realized by the Adviser from those services; (5) the extent to which economies of scale may be realized as each Fund grows, and whether the manage- ment fee for each Fund reflects such economies of scale for the Fund's benefit; and (6) other financial benefits to the Adviser resulting from services rendered to the Fund. In their deliberations, the Trustees weighed to varying degrees the importance of the information provided to them, did not identify any particular information that was all-important or controlling, and considered the information and made their determinations for each Fund separately and independently of the other Funds.

Based upon the information provided to the Board throughout the course of the year, including a presentation to the Board by rep- resentatives of the Adviser and the supporting materials provided at the August 19, 2025 meeting, the Board concluded that the Agreement, as it relates to each Fund, is fair and reasonable in light of the services the Adviser performs, the management fees that each Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees' determination to approve the Agreement are summarized below.

*Nature, Extent and Quality of Services Provided*. The Trustees considered the scope of services that the Adviser provides under the Agreement, noting that such services include but are not limited to investing each Fund's assets consistent with the Fund's investment objective and investment policies, determining the portfolio securities to be purchased, sold, or otherwise disposed of and the timing of such transactions, and selecting broker-dealers to execute orders on behalf of each Fund. The Trustees considered the qualifications, experience, and responsibilities of the portfolio managers to each Fund, and the Adviser's resources and compliance structure, includ- ing information regarding its compliance program and compliance record, and the Trustees' familiarity with the Adviser due to the Adviser's long history of providing investment management services to the Funds. The Trustees also discussed the quality of services provided to the Trust by its transfer agent, sub-administrator, and custodian as well as the various administrative services provided by the Adviser pursuant to a separate administrative services agreement (the "Services Agreement"). The Trustees concluded that the Adviser has the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Agreement and that the nature, overall quality and extent of such management services is satisfactory.

*Fund Historical Performance and the Overall Performance of Adviser*. In assessing the quality of the portfolio management delivered by the Adviser, the Trustees reviewed the performance of each Fund on both an absolute basis and in comparison to an appropriate benchmark index and peer group. The Trustees noted the reasons for both outperformance and underperformance compared with benchmarks and peer groups. 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 objec- tives 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 noted 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 consid- ered 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 and considered that a different performance period could generate significantly different results. Further, they noted that long-term perfor- mance 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.

**Madison Funds** \| October 31, 2025

**Statement Regarding Basis for Approval of Investment Advisory Contract - continued**

The Trustees 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, they considered the Adviser's quar- terly portfolio commentary and discussion of each Fund's performance, as well as the overviews provided by the Adviser's Invest- ment Strategy and Oversight Committee. They also considered whether any relative underperformance was appropriate in view of the Adviser's conservative investment philosophy. The Trustees 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 Trustees the methodology for arriving at benchmark indices and peer groups used for performance comparisons which, with respect to peer groups, followed the same process used the last time the Trustees reviewed and approved the Agreement. The Trustees 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 Trustees determined that, given the totality of the above factors and considerations, each Fund's overall investment performance had been satisfactory.

*Comparative Fee and Expense Data*. In considering each Fund's fees and expenses, the Trustees reviewed the expense ratios for a va- riety 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 in terms of peer group selection used the last time the Trustees reviewed and approved the Agreement. The Trustees considered these comparisons in determining whether the management fee charged to each Fund under the Agreement applicable to such Fund was disproportionately large under the so-called "Gartenberg" standard tradition- ally used by investment company boards in connection with advisory contract renewal considerations. The Trustees noted that the Adviser or its affiliates provide investment management services to other investment company and/or non-investment company clients and acknowledged that the Adviser believes the management fees charged to such other clients are not comparable to the management fees paid by the Funds due to the difference in services provided and the different regulatory requirements of the Funds. Therefore, the Trustees did not consider comparative fee information for the Adviser's other clients.

The Trustees compared each Fund's total expense ratio and management fee to those of comparable funds with similar investment objectives and strategies. The Trustees noted the relatively simple expense structure maintained by the Trust, which consists of a management fee and a capped 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 proposed reduction in the MF Core Bond Fund management fee from 0.39% to 0.25% of the Fund's average daily net assets. The Trustees noted that in connection with this fee reduction, the existing fee breakpoint structure will be removed, but determined that the reduced management fee is more beneficial to shareholders than the higher management fee with the possibility for breakpoints, given the 0.25% management fee is lower than the management fee floor that could have been achieved with breakpoints.

With regard to the administrative services provided by the Adviser under the Services Agreement, the Trustees acknowledged that the Adviser is compensated for the administrative services it provides or arranges to provide to each of the Funds and that such compensa- tion does not always cover all costs incurred by the Adviser because the Services Agreement effectively acts as a cap on administrative expenses. Therefore, the Trustees 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 management 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. The Trustees also considered the proposed changes to the Services Agreement which would (i) reduce the existing services fee for the MF Mid Cap Fund (Class A shares) from 0.40% to 0.20%, (ii) reduce the existing services fee for the MF Tax-Free National Fund (Class Y shares) from 0.35% to 0.20%, and (iii) shift certain fees and expenses from the Adviser to the Funds so that the Funds would be required to pay the following fees and expenses directly: (a) Independent Trustee legal counsel fees, (b) out of pocket and incidental expenses incurred by Independent Trustees (e.g., travel expenses), (c) costs related to technology solutions requested by the Independent Trustees to assist them with the performance of their functions as Board members, and (d) Independent Trustee education and training costs and expenses (e.g., costs associated with atten- dance at industry conferences). The Trustees concluded that the aggregate effect of the proposed changes on the affected Funds would be immaterial.

In addition, the Trustees recognized that to the extent a Fund invests in other registered investment companies also managed by the Adviser, the Adviser receives investment management fees from both the Fund and the underlying registered investment company. The Trustees were satisfied in this regard that the Adviser provides separate services to each Fund which is operated as a "fund of funds" and the underlying registered investment company in which each such Fund invests in exchange for the fees received.

**Madison Funds** \| October 31, 2025

**Statement Regarding Basis for Approval of Investment Advisory Contract - concluded**

While recognizing that it is difficult to compare management fees because the scope of investment management services provided may vary from one investment adviser to another and from one client to another, the Trustees concluded that the Adviser's management fee for each Fund is reasonable.

*Cost of Advisory Services and Profitability*. The Trustees considered the management fee that each Fund pays to the Adviser under the Agreement, as well as the Adviser's profitability from services rendered to each Fund during the 12-month period ended December 31, 2024. In reviewing costs and profits, the Trustees noted that for some smaller Funds, the salaries of all portfolio management person- nel, trading desk personnel, corporate accounting personnel and employees of the Adviser who serve as Trust officers, as well as facil- ity costs (e.g., rent, etc.), could not be supported by fees received from such portfolios alone. However, the Trustees 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 $25.7 billion as of May 31, 2024, and approximately $28.8 billion as of May 31, 2025. 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 Fund is reasonably profitable to the Adviser as part of its larger, diversi- fied 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 Trustees concluded that the costs for services provided by, and the level of profitability to, the Adviser was reasonable considering the services provided. The Trustees also considered the effect of the proposed changes to the Services Agreement (as described above) on the Adviser's profitability, and was satisfied that the changes would not have a material effect on the Adviser's profitability.

*Economies of Scale*. The Trustees considered whether the Funds would benefit from any economies of scale as Fund assets increase, noting that the management fee schedules for several of the Funds already contain breakpoints. The Trustees noted that at current asset levels, it was premature to discuss any economies of scale not already factored into the compensation payable to the Adviser under the Agreement. Based on their review, the Trustees concluded that the current management fees for each Fund were appropriate.

*Other Benefits*. The Trustees considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the Funds. The Trustees considered the extent to which the Adviser utilizes soft dollar arrangements with respect to portfolio trans- actions, noting that the Adviser's soft dollar budget has decreased over time. The Trustees also considered that the Adviser does not utilize any affiliated brokers to execute the Funds' portfolio transactions. While the Trustees noted Rule 12b-1 fees may be paid for shareholder and distribution services performed on behalf of the Funds, the Trustees also observed that the Adviser was incurring its own distribution expenses on behalf of certain Funds. The Trustees considered that the Adviser may receive some form of reputational benefit from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that the additional benefits the Adviser receives from its relationship with the Funds are reasonable and appropriate.

*Conclusion*. The Trustees reached the following conclusions, among others, regarding the Agreement with the Trust: (i) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Agreement; (ii) the Adviser is qualified to manage each Fund's assets in accordance with the Fund's investment objective and strategies; (iii) the overall investment performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant bench- mark indices; (iv) each Fund's management fee is reasonable in light of the services received by the Fund from the Adviser and other factors considered; and (v) the Adviser's investment strategies are appropriate for pursuing the investment objectives of each Fund. Based on all of the information presented to and considered by the Board and the foregoing conclusions, the Board of Trustees of the Trust, including the Independent Trustees of the Trust, unanimously approved the renewal of the Agreement on the basis that its terms and conditions are fair and reasonable and in the best interests of the Funds and their respective shareholders.

**Madison Funds** \| October 31, 2025

**Other Information (unaudited)**

**AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES**

The Trust files its 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 Trust to vote proxies related to portfolio securities is available to shareholders at no cost on the Fund's website at www.madisonfunds.com or upon request by calling 1-800-877-6089 or on the SEC's website at www.sec.gov. and is also located in the funds' Statement of Additional Information. The proxy voting records for the Trust for the most recent twelve-month period ended May 30 are available to shareholders, upon request, at no cost by calling 1-800-SEC-0330 on the SEC's website at www.sec.gov.

**TAX INFORMATION**

Complete information regarding the Funds' foreign tax credit pass through to shareholders for the year ended October 31, 2025, will be reported in conjunction with Form 1099-DIV.

**Corporate Dividends Received Deduction:** For the taxable year ended October 31, 2025, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
| Conservative Allocation | 21.95% |
| Aggressive Allocation | 61.77% |
| Diversified Income | 0.80% |
| Covered Call & Equity Income | 19.90% |
| Dividend Income | 100.00% |
| Large Cap | 100.00% |
| Mid Cap | 100.00% |

---

**Qualified Dividend Income:** For the taxable year ended October 31, 2025, 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 2025, including the portion, if any, which qualify as QDI, will be reported in conjunction with Form 1099-DIV.

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Conservative Allocation | $124080 |
| Aggressive Allocation | 379057 |
| Diversified Income | 955180 |
| Covered Call & Equity Income | 3737949 |
| Dividend Income | 2270519 |
| Large Cap | 6102080 |
| Mid Cap | 15225872 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

The registrant has had no changes in or disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable..

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The registrant discloses remuneration paid to directors, officers, and others as part of the financial statements included in item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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

**Item 16. Controls and Procedures.**

(a) The registrant's President (principal executive officer) and Treasurer (principal financial officer) determined that
the registrant'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 registrant'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 registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under
the Act) that occurred during 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.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

The registrant did not require an accounting restatement that required recovery of erroneously awarded compensation pursuant to the registrant's compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1.

**Item 19. Exhibits**.

(a) (1) Code of ethics – See Item 2.

(2) Not applicable.

[(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. – *Filed herewith.*](g211434_ex99302cert.htm)

(4) Not applicable.

(5) There was no change in the registrant's independent public accountant for the period covered by this report.

(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - Filed herewith.](g211434_ex99906cert.htm)

**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 23, 2025</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 23, 2025</u>

/s/ Greg D. Hoppe

Greg D. Hoppe, Principal Financial Officer & Principal Accounting Officer

Date: <u>December 23, 2025</u>

## Exhibit 99.302

**Exhibit 99-302.Cert**

**Financial Statement Certifications**

I, Greg 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report there were no changes in the registrant's internal control over financial reporting during 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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: December 23, 2025

/s/ Greg Hoppe

Greg 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) 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:<br>(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report there were no changes in the registrant's internal control over financial reporting during 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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: December 23, 2025

/s/ Patrick F. Ryan

Patrick F. Ryan<br> Principal Executive Officer

## Exhibit 99.906

**Exhibit 99-906.Cert**

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

**Madison Funds <br> Annual Report dated October 31, 2025**

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.

---

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

---

Dated this 23rd day of December, 2025

*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 Funs and furnished to the SEC or its staff upon request.*