# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001753926-25-001062
**Filing Date:** 2025-7
**Character Count:** 354970
**Document Hash:** 34fd58ea44e9eec401fad6f9fb29d8fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-25-001062.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001753926-25-001062

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 251104535

**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: April 30, 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.**

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Aggressive Allocation Fund Class A**

Madison Aggressive Allocation Fund

MAGSX

**Fund Overview** 

This semi-annual shareholder report contains important information about Aggressive Allocation Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $34 | 0.70% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $51103337 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $52860 |

---

**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 Large Cap Fund, Class R6 | 16.8% |
| Madison Core Bond Fund, Class R6 | 14.6% |
| Invesco S&P 500 Quality ETF | 14.2% |
| Distillate U.S. Fundamental Stability & Value ETF | 9.5% |
| Vanguard FTSE Europe ETF | 8.2% |
| Vanguard Information Technology ETF | 6.3% |
| Franklin FTSE Japan ETF | 5.8% |
| iShares MSCI Emerging Markets Asia ETF | 5.4% |
| SPDR S&P Bank ETF | 4.7% |
| iShares Core S&P Small-Cap ETF | 4.5% |

---

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

---

| | |
|:---|:---|
| Exchange Traded Funds | 66.7% |
| Investment Companies | 31.4% |
| Short-Term Investments | 12.8% |
| Other Assets and Liabilities, Net | (10.9%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Aggressive Allocation Fund Class A MAGSX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Diversified Income Fund Class A**

Madison Diversified Income Fund

MBLAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Diversified Income Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $33 | 0.66% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $126995205 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $132213 |

---

**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 | 22.9% |
| Madison Dividend Value ETF | 18.3% |
| Madison Aggregate Bond ETF | 17.6% |
| Madison Covered Call ETF | 15.6% |
| SPDR Portfolio High Yield Bond ETF | 9.9% |
| Janus Henderson Mortgage-Backed Securities ETF | 5.0% |
| Global X MLP ETF | 4.0% |
| Schwab U.S. Dividend Equity ETF | 3.5% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 2.0% |
| Janus Henderson AAA CLO ETF | 0.6% |

---

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

---

| | |
|:---|:---|
| Exchange Traded Funds | 99.5% |
| Short-Term Investments | 0.7% |
| Mortgage Backed Securities | 0.0% |
| Collateralized Mortgage Obligations | 0.0% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Other Assets and Liabilities, Net | (0.2%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Diversified Income Fund Class A MBLAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Dividend Income Fund Class A**

Madison Dividend Income Fund

MADAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Dividend Income Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $56 | 1.16% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $117794670 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $462891 |

---

**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)** 

---

| | |
|:---|:---|
| Automatic Data Processing, Inc. | 4.6% |
| CME Group, Inc. | 4.4% |
| NextEra Energy, Inc. | 3.6% |
| Medtronic PLC | 3.6% |
| Home Depot, Inc. | 3.6% |
| Honeywell International, Inc. | 3.5% |
| Johnson & Johnson | 3.5% |
| Blackrock, Inc. | 3.5% |
| Morgan Stanley | 3.3% |
| Fastenal Co. | 3.3% |

---

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

---

| | |
|:---|:---|
| Industrials | 19.7% |
| Financials | 19.2% |
| Health Care | 15.4% |
| Energy | 9.1% |
| Consumer Discretionary | 9.1% |
| Consumer Staples | 7.3% |
| Information Technology | 6.6% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 3.1% |
| Communication Services | 2.8% |
| Short-Term Investments | 2.1% |
| Materials | 1.9% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Dividend Income Fund Class A MADAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Dividend Income Fund Class I**

Madison Dividend Income Fund

MDMIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Dividend Income Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $39 | 0.81% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $117794670 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $462891 |

---

**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)** 

---

| | |
|:---|:---|
| Automatic Data Processing, Inc. | 4.6% |
| CME Group, Inc. | 4.4% |
| NextEra Energy, Inc. | 3.6% |
| Medtronic PLC | 3.6% |
| Home Depot, Inc. | 3.6% |
| Honeywell International, Inc. | 3.5% |
| Johnson & Johnson | 3.5% |
| Blackrock, Inc. | 3.5% |
| Morgan Stanley | 3.3% |
| Fastenal Co. | 3.3% |

---

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

---

| | |
|:---|:---|
| Industrials | 19.7% |
| Financials | 19.2% |
| Health Care | 15.4% |
| Energy | 9.1% |
| Consumer Discretionary | 9.1% |
| Consumer Staples | 7.3% |
| Information Technology | 6.6% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 3.1% |
| Communication Services | 2.8% |
| Short-Term Investments | 2.1% |
| Materials | 1.9% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Dividend Income Fund Class I MDMIX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Dividend Income Fund Class R6**

Madison Dividend Income Fund

MADRX

**Fund Overview** 

This semi-annual shareholder report contains important information about Dividend Income Fund Class R6 for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $35 | 0.72% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $117794670 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $462891 |

---

**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)** 

---

| | |
|:---|:---|
| Automatic Data Processing, Inc. | 4.6% |
| CME Group, Inc. | 4.4% |
| NextEra Energy, Inc. | 3.6% |
| Medtronic PLC | 3.6% |
| Home Depot, Inc. | 3.6% |
| Honeywell International, Inc. | 3.5% |
| Johnson & Johnson | 3.5% |
| Blackrock, Inc. | 3.5% |
| Morgan Stanley | 3.3% |
| Fastenal Co. | 3.3% |

---

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

---

| | |
|:---|:---|
| Industrials | 19.7% |
| Financials | 19.2% |
| Health Care | 15.4% |
| Energy | 9.1% |
| Consumer Discretionary | 9.1% |
| Consumer Staples | 7.3% |
| Information Technology | 6.6% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 3.1% |
| Communication Services | 2.8% |
| Short-Term Investments | 2.1% |
| Materials | 1.9% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Dividend Income Fund Class R6 MADRX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Dividend Income Fund Class Y**

Madison Dividend Income Fund

BHBFX

**Fund Overview** 

This semi-annual shareholder report contains important information about Dividend Income Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $44 | 0.91% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $117794670 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $462891 |

---

**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)** 

---

| | |
|:---|:---|
| Automatic Data Processing, Inc. | 4.6% |
| CME Group, Inc. | 4.4% |
| NextEra Energy, Inc. | 3.6% |
| Medtronic PLC | 3.6% |
| Home Depot, Inc. | 3.6% |
| Honeywell International, Inc. | 3.5% |
| Johnson & Johnson | 3.5% |
| Blackrock, Inc. | 3.5% |
| Morgan Stanley | 3.3% |
| Fastenal Co. | 3.3% |

---

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

---

| | |
|:---|:---|
| Industrials | 19.7% |
| Financials | 19.2% |
| Health Care | 15.4% |
| Energy | 9.1% |
| Consumer Discretionary | 9.1% |
| Consumer Staples | 7.3% |
| Information Technology | 6.6% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 3.1% |
| Communication Services | 2.8% |
| Short-Term Investments | 2.1% |
| Materials | 1.9% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Dividend Income Fund Class Y BHBFX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Large Cap Fund Class A**

Madison Large Cap Fund

MNVAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Large Cap Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $57 | 1.16% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $401956444 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1478337 |

---

**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 | 7.4% |
| Arch Capital Group Ltd. | 6.2% |
| Fiserv, Inc. | 5.4% |
| Amazon.com, Inc. | 4.7% |
| Progressive Corp. | 4.3% |
| Alcon AG | 4.0% |
| Visa, Inc., Class A | 4.0% |
| Danaher Corp. | 3.9% |
| PACCAR, Inc. | 3.8% |
| Copart, Inc. | 3.8% |

---

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

---

| | |
|:---|:---|
| Financials | 30.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.9% |
| Information Technology | 14.3% |
| Health Care | 12.7% |
| Communication Services | 9.3% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Large Cap Fund Class A MNVAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Large Cap Fund Class I**

Madison Large Cap Fund

MIVIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Large Cap Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $40 | 0.81% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $401956444 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1478337 |

---

**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 | 7.4% |
| Arch Capital Group Ltd. | 6.2% |
| Fiserv, Inc. | 5.4% |
| Amazon.com, Inc. | 4.7% |
| Progressive Corp. | 4.3% |
| Alcon AG | 4.0% |
| Visa, Inc., Class A | 4.0% |
| Danaher Corp. | 3.9% |
| PACCAR, Inc. | 3.8% |
| Copart, Inc. | 3.8% |

---

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

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| | |
|:---|:---|
| Financials | 30.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.9% |
| Information Technology | 14.3% |
| Health Care | 12.7% |
| Communication Services | 9.3% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

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Large Cap Fund Class I MIVIX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Large Cap Fund Class R6**

Madison Large Cap Fund

MNVRX

**Fund Overview** 

This semi-annual shareholder report contains important information about Large Cap Fund Class R6 for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $36 | 0.73% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $401956444 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1478337 |

---

**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 | 7.4% |
| Arch Capital Group Ltd. | 6.2% |
| Fiserv, Inc. | 5.4% |
| Amazon.com, Inc. | 4.7% |
| Progressive Corp. | 4.3% |
| Alcon AG | 4.0% |
| Visa, Inc., Class A | 4.0% |
| Danaher Corp. | 3.9% |
| PACCAR, Inc. | 3.8% |
| Copart, Inc. | 3.8% |

---

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

---

| | |
|:---|:---|
| Financials | 30.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.9% |
| Information Technology | 14.3% |
| Health Care | 12.7% |
| Communication Services | 9.3% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

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Large Cap Fund Class R6 MNVRX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Large Cap Fund Class Y**

Madison Large Cap Fund

MINVX

**Fund Overview** 

This semi-annual shareholder report contains important information about Large Cap Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $45 | 0.91% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $401956444 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1478337 |

---

**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 | 7.4% |
| Arch Capital Group Ltd. | 6.2% |
| Fiserv, Inc. | 5.4% |
| Amazon.com, Inc. | 4.7% |
| Progressive Corp. | 4.3% |
| Alcon AG | 4.0% |
| Visa, Inc., Class A | 4.0% |
| Danaher Corp. | 3.9% |
| PACCAR, Inc. | 3.8% |
| Copart, Inc. | 3.8% |

---

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

---

| | |
|:---|:---|
| Financials | 30.3% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.9% |
| Information Technology | 14.3% |
| Health Care | 12.7% |
| Communication Services | 9.3% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

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Large Cap Fund Class Y MINVX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Moderate Allocation Fund Class A**

Madison Moderate Allocation Fund

MMDAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Moderate Allocation Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $35 | 0.71% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $86718858 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $90251 |

---

**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 | 27.1% |
| Madison Large Cap Fund, Class R6 | 13.0% |
| Invesco S&P 500 Quality ETF | 11.1% |
| Distillate U.S. Fundamental Stability & Value ETF | 7.0% |
| Vanguard FTSE Europe ETF | 5.2% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.9% |
| Vanguard Information Technology ETF | 4.6% |
| Franklin FTSE Japan ETF | 4.4% |
| iShares MSCI Emerging Markets Asia ETF | 4.0% |
| Schwab Intermediate-Term U.S. Treasury ETF | 3.5% |

---

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

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| | |
|:---|:---|
| Exchange Traded Funds | 58.0% |
| Investment Companies | 40.1% |
| Short-Term Investments | 13.0% |
| Other Assets and Liabilities, Net | (11.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Moderate Allocation Fund Class A MMDAX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Small Cap Fund Class A**

Madison Small Cap Fund

MASMX

**Fund Overview** 

This semi-annual shareholder report contains important information about Small Cap Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $64 | 1.35% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $162118751 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $818529 |

---

**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% |
| Core & Main, Inc., Class A | 3.9% |
| Globus Medical, Inc., Class A | 3.3% |
| Simply Good Foods Co. | 3.2% |
| Axis Capital Holdings Ltd. | 3.2% |
| Box, Inc., Class A | 3.2% |
| HealthEquity, Inc. | 3.2% |
| Scotts Miracle-Gro Co. | 3.0% |
| WillScot Holdings Corp. | 2.8% |
| Option Care Health, Inc. | 2.8% |

---

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

---

| | |
|:---|:---|
| Information Technology | 22.0% |
| Industrials | 19.7% |
| Health Care | 14.8% |
| Financials | 12.1% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 8.6% |
| Short-Term Investments | 6.3% |
| Materials | 4.1% |
| Communication Services | 2.4% |
| Other investments less than 1% | 0.9% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

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Small Cap Fund Class A MASMX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Small Cap Fund Class I**

MSCIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Small Cap Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $48 | 1.00% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $162118751 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $818529 |

---

**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% |
| Core & Main, Inc., Class A | 3.9% |
| Globus Medical, Inc., Class A | 3.3% |
| Simply Good Foods Co. | 3.2% |
| Axis Capital Holdings Ltd. | 3.2% |
| Box, Inc., Class A | 3.2% |
| HealthEquity, Inc. | 3.2% |
| Scotts Miracle-Gro Co. | 3.0% |
| WillScot Holdings Corp. | 2.8% |
| Option Care Health, Inc. | 2.8% |

---

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

---

| | |
|:---|:---|
| Information Technology | 22.0% |
| Industrials | 19.7% |
| Health Care | 14.8% |
| Financials | 12.1% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 8.6% |
| Short-Term Investments | 6.3% |
| Materials | 4.1% |
| Communication Services | 2.4% |
| Other investments less than 1% | 0.9% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Small Cap Fund Class I MSCIX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Small Cap Fund Class R6**

MSCRX

**Fund Overview** 

This semi-annual shareholder report contains important information about Small Cap Fund Class R6 for the period of November 1, 2024 to April 30, 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.

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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $43 | 0.91% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $162118751 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $818529 |

---

**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% |
| Core & Main, Inc., Class A | 3.9% |
| Globus Medical, Inc., Class A | 3.3% |
| Simply Good Foods Co. | 3.2% |
| Axis Capital Holdings Ltd. | 3.2% |
| Box, Inc., Class A | 3.2% |
| HealthEquity, Inc. | 3.2% |
| Scotts Miracle-Gro Co. | 3.0% |
| WillScot Holdings Corp. | 2.8% |
| Option Care Health, Inc. | 2.8% |

---

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

---

| | |
|:---|:---|
| Information Technology | 22.0% |
| Industrials | 19.7% |
| Health Care | 14.8% |
| Financials | 12.1% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 8.6% |
| Short-Term Investments | 6.3% |
| Materials | 4.1% |
| Communication Services | 2.4% |
| Other investments less than 1% | 0.9% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Small Cap Fund Class R6 MSCRX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Small Cap Fund Class Y**

Madison Small Cap Fund

BVAOX

**Fund Overview** 

This semi-annual shareholder report contains important information about Small Cap Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $52 | 1.10% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $162118751 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $818529 |

---

**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% |
| Core & Main, Inc., Class A | 3.9% |
| Globus Medical, Inc., Class A | 3.3% |
| Simply Good Foods Co. | 3.2% |
| Axis Capital Holdings Ltd. | 3.2% |
| Box, Inc., Class A | 3.2% |
| HealthEquity, Inc. | 3.2% |
| Scotts Miracle-Gro Co. | 3.0% |
| WillScot Holdings Corp. | 2.8% |
| Option Care Health, Inc. | 2.8% |

---

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

---

| | |
|:---|:---|
| Information Technology | 22.0% |
| Industrials | 19.7% |
| Health Care | 14.8% |
| Financials | 12.1% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 8.6% |
| Short-Term Investments | 6.3% |
| Materials | 4.1% |
| Communication Services | 2.4% |
| Other investments less than 1% | 0.9% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Small Cap Fund Class Y BVAOX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Tax-Free National Fund Class Y**

MadisonTax-Free National Fund

GTFHX

**Fund Overview** 

This semi-annual shareholder report contains important information about Tax-Free National Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $38 | 0.76% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $19076268 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $36456 |

---

**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 | 3.4% |
| City of Burlington WI , 4.000%, due 04/01/36 | 3.0% |
| Cook County School District No. 111 Burbank , 5.000%, due 12/01/35 | 2.9% |
| Vanderburgh County Redevelopment District, Tax Allocation , 5.000%, due 02/01/26 | 2.7% |
| Medical Center Educational Building Corp. , 5.000%, due 06/01/30 | 2.6% |
| Southampton County Industrial Development Authority , 5.000%, due 06/01/35 | 2.5% |
| West Virginia Economic Development Authority , 5.000%, due 07/01/37 | 2.4% |
| Eastern Kentucky University , 5.000%, due 04/01/33 | 2.3% |
| Hialeah Utility System , 5.000%, due 10/01/35 | 2.2% |
| El Paso County Facilities Corp. , 5.000%, due 12/01/27 | 2.2% |

---

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

---

| | |
|:---|:---|
| Municipal Bonds | 98.5% |
| Other Assets and Liabilities, Net | 1.5% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Tax-Free National Fund Class Y GTFHX

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| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

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**Conservative Allocation Fund Class A**

Madison Conservative Allocation Fund

MCNAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Conservative Allocation Fund Class A for the period of November 1, 2024 to April 30, 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.

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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $35 | 0.71% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $39733359 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $41264 |

---

**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 | 42.4% |
| Madison Large Cap Fund, Class R6 | 8.0% |
| Schwab Intermediate-Term U.S. Treasury ETF | 8.0% |
| Janus Henderson Mortgage-Backed Securities ETF | 8.0% |
| Invesco S&P 500 Quality ETF | 7.0% |
| Distillate U.S. Fundamental Stability & Value ETF | 4.6% |
| Vanguard FTSE Europe ETF | 2.8% |
| Franklin FTSE Japan ETF | 2.4% |
| iShares MSCI Emerging Markets Asia ETF | 2.3% |
| Vanguard Short-Term Corporate Bond ETF | 2.2% |

---

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

---

| | |
|:---|:---|
| Investment Companies | 50.4% |
| Exchange Traded Funds | 48.1% |
| Short-Term Investments | 5.0% |
| Other Assets and Liabilities, Net | (3.5%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Conservative Allocation Fund Class A MCNAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Core Bond Fund Class A**

MBOAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Core Bond Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $43 | 0.85% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $201554055 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $384440 |

---

**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 | 2.4% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 2.1% |
| U.S. Treasury Notes , 4.375%, due 05/15/34 | 2.1% |
| U.S. Treasury Bonds , 3.750%, due 08/15/41 | 1.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 1.9% |
| U.S. Treasury Notes , 4.000%, due 02/15/34 | 1.6% |
| Federal National Mortgage Association , 5.500%, due 07/01/53 | 1.6% |
| Federal National Mortgage Association , 5.000%, due 12/01/52 | 1.5% |
| Federal Home Loan Mortgage Corp. , 2.500%, due 01/01/52 | 1.4% |
| U.S. Treasury Notes , 4.625%, due 06/15/27 | 1.3% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed Securities | 34.7% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 24.7% |
| Collateralized Mortgage Obligations | 6.0% |
| Foreign Corporate Bonds | 2.6% |
| Asset Backed Securities | 2.6% |
| Short-Term Investments | 1.7% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other Assets and Liabilities, Net | 0.3% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Core Bond Fund Class A MBOAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Core Bond Fund Class I**

Madison Core Bond Fund

MBOIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Core Bond Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $25 | 0.50% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $201554055 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $384440 |

---

**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 | 2.4% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 2.1% |
| U.S. Treasury Notes , 4.375%, due 05/15/34 | 2.1% |
| U.S. Treasury Bonds , 3.750%, due 08/15/41 | 1.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 1.9% |
| U.S. Treasury Notes , 4.000%, due 02/15/34 | 1.6% |
| Federal National Mortgage Association , 5.500%, due 07/01/53 | 1.6% |
| Federal National Mortgage Association , 5.000%, due 12/01/52 | 1.5% |
| Federal Home Loan Mortgage Corp. , 2.500%, due 01/01/52 | 1.4% |
| U.S. Treasury Notes , 4.625%, due 06/15/27 | 1.3% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed Securities | 34.7% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 24.7% |
| Collateralized Mortgage Obligations | 6.0% |
| Foreign Corporate Bonds | 2.6% |
| Asset Backed Securities | 2.6% |
| Short-Term Investments | 1.7% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other Assets and Liabilities, Net | 0.3% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Core Bond Fund Class I MBOIX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Core Bond Fund Class R6**

MBORX

**Fund Overview** 

This semi-annual shareholder report contains important information about Core Bond Fund Class R6 for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $21 | 0.42% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $201554055 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $384440 |

---

**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 | 2.4% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 2.1% |
| U.S. Treasury Notes , 4.375%, due 05/15/34 | 2.1% |
| U.S. Treasury Bonds , 3.750%, due 08/15/41 | 1.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 1.9% |
| U.S. Treasury Notes , 4.000%, due 02/15/34 | 1.6% |
| Federal National Mortgage Association , 5.500%, due 07/01/53 | 1.6% |
| Federal National Mortgage Association , 5.000%, due 12/01/52 | 1.5% |
| Federal Home Loan Mortgage Corp. , 2.500%, due 01/01/52 | 1.4% |
| U.S. Treasury Notes , 4.625%, due 06/15/27 | 1.3% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed Securities | 34.7% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 24.7% |
| Collateralized Mortgage Obligations | 6.0% |
| Foreign Corporate Bonds | 2.6% |
| Asset Backed Securities | 2.6% |
| Short-Term Investments | 1.7% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other Assets and Liabilities, Net | 0.3% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Core Bond Fund Class R6 MBORX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Core Bond Fund Class Y**

MBOYX

**Fund Overview** 

This semi-annual shareholder report contains important information about Core Bond Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $30 | 0.60% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $201554055 |
| # of Portfolio Holdings | 386 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $384440 |

---

**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 | 2.4% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 2.1% |
| U.S. Treasury Notes , 4.375%, due 05/15/34 | 2.1% |
| U.S. Treasury Bonds , 3.750%, due 08/15/41 | 1.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 1.9% |
| U.S. Treasury Notes , 4.000%, due 02/15/34 | 1.6% |
| Federal National Mortgage Association , 5.500%, due 07/01/53 | 1.6% |
| Federal National Mortgage Association , 5.000%, due 12/01/52 | 1.5% |
| Federal Home Loan Mortgage Corp. , 2.500%, due 01/01/52 | 1.4% |
| U.S. Treasury Notes , 4.625%, due 06/15/27 | 1.3% |

---

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

---

| | |
|:---|:---|
| Mortgage Backed Securities | 34.7% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 24.7% |
| Collateralized Mortgage Obligations | 6.0% |
| Foreign Corporate Bonds | 2.6% |
| Asset Backed Securities | 2.6% |
| Short-Term Investments | 1.7% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other Assets and Liabilities, Net | 0.3% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Core Bond Fund Class Y MBOYX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

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

Madison Covered Call & Equity Income Fund

MENAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Covered Call & Equity Income Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $60 | 1.26% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $193182889 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $930529 |

---

**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)** 

---

| | |
|:---|:---|
| Las Vegas Sands Corp. | 4.1% |
| Barrick Gold Corp. | 3.8% |
| Medtronic PLC | 3.8% |
| American Tower Corp. | 3.4% |
| ConocoPhillips | 3.2% |
| CVS Health Corp. | 3.1% |
| AES Corp. | 3.1% |
| Dollar Tree, Inc. | 3.1% |
| Honeywell International, Inc. | 2.8% |
| Matador Resources Co. | 2.8% |

---

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

---

| | |
|:---|:---|
| Short-Term Investments | 16.1% |
| Health Care | 15.5% |
| Information Technology | 15.3% |
| Consumer Staples | 13.0% |
| Energy | 10.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.0% |
| Industrials | 4.8% |
| Financials | 4.7% |
| Materials | 3.8% |
| Equity Real Estate Investment Trusts (REITs) | 3.4% |
| Utilities | 3.1% |
| Other Assets and Liabilities, Net | (1.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Covered Call & Equity Income Fund Class A MENAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

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

Madison Covered Call & Equity Income Fund

MENIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Covered Call & Equity Income Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $46 | 0.96% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $193182889 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $930529 |

---

**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)** 

---

| | |
|:---|:---|
| Las Vegas Sands Corp. | 4.1% |
| Barrick Gold Corp. | 3.8% |
| Medtronic PLC | 3.8% |
| American Tower Corp. | 3.4% |
| ConocoPhillips | 3.2% |
| CVS Health Corp. | 3.1% |
| AES Corp. | 3.1% |
| Dollar Tree, Inc. | 3.1% |
| Honeywell International, Inc. | 2.8% |
| Matador Resources Co. | 2.8% |

---

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

---

| | |
|:---|:---|
| Short-Term Investments | 16.1% |
| Health Care | 15.5% |
| Information Technology | 15.3% |
| Consumer Staples | 13.0% |
| Energy | 10.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.0% |
| Industrials | 4.8% |
| Financials | 4.7% |
| Materials | 3.8% |
| Equity Real Estate Investment Trusts (REITs) | 3.4% |
| Utilities | 3.1% |
| Other Assets and Liabilities, Net | (1.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Covered Call & Equity Income Fund Class I MENIX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

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

Madison Covered Call & Equity Income Fund

MENRX

**Fund Overview** 

This semi-annual shareholder report contains important information about Covered Call & Equity Income Fund Class R6 for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $42 | 0.88% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $193182889 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $930529 |

---

**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)** 

---

| | |
|:---|:---|
| Las Vegas Sands Corp. | 4.1% |
| Barrick Gold Corp. | 3.8% |
| Medtronic PLC | 3.8% |
| American Tower Corp. | 3.4% |
| ConocoPhillips | 3.2% |
| CVS Health Corp. | 3.1% |
| AES Corp. | 3.1% |
| Dollar Tree, Inc. | 3.1% |
| Honeywell International, Inc. | 2.8% |
| Matador Resources Co. | 2.8% |

---

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

---

| | |
|:---|:---|
| Short-Term Investments | 16.1% |
| Health Care | 15.5% |
| Information Technology | 15.3% |
| Consumer Staples | 13.0% |
| Energy | 10.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.0% |
| Industrials | 4.8% |
| Financials | 4.7% |
| Materials | 3.8% |
| Equity Real Estate Investment Trusts (REITs) | 3.4% |
| Utilities | 3.1% |
| Other Assets and Liabilities, Net | (1.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Covered Call & Equity Income Fund Class R6 MENRX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

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

Madison Covered Call & Equity Income Fund

MENYX

**Fund Overview** 

This semi-annual shareholder report contains important information about Covered Call & Equity Income Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $48 | 1.01% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $193182889 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $930529 |

---

**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)** 

---

| | |
|:---|:---|
| Las Vegas Sands Corp. | 4.1% |
| Barrick Gold Corp. | 3.8% |
| Medtronic PLC | 3.8% |
| American Tower Corp. | 3.4% |
| ConocoPhillips | 3.2% |
| CVS Health Corp. | 3.1% |
| AES Corp. | 3.1% |
| Dollar Tree, Inc. | 3.1% |
| Honeywell International, Inc. | 2.8% |
| Matador Resources Co. | 2.8% |

---

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

---

| | |
|:---|:---|
| Short-Term Investments | 16.1% |
| Health Care | 15.5% |
| Information Technology | 15.3% |
| Consumer Staples | 13.0% |
| Energy | 10.7% |
| Consumer Discretionary | 5.7% |
| Communication Services | 5.0% |
| Industrials | 4.8% |
| Financials | 4.7% |
| Materials | 3.8% |
| Equity Real Estate Investment Trusts (REITs) | 3.4% |
| Utilities | 3.1% |
| Other Assets and Liabilities, Net | (1.1%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Covered Call & Equity Income Fund Class Y MENYX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**High Quality Bond Fund Class I**

Madison High Quality Bond Fund

MIIRX

**Fund Overview** 

This semi-annual shareholder report contains important information about High Quality Bond Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $21 | 0.41% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $57874734 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $83932 |

---

**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 | 4.5% |
| U.S. Treasury Notes , 3.625%, due 05/31/28 | 4.3% |
| U.S. Treasury Notes , 4.000%, due 07/31/30 | 3.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 3.9% |
| U.S. Treasury Notes , 3.875%, due 12/31/29 | 3.9% |
| U.S. Treasury Notes , 4.500%, due 05/31/29 | 3.6% |
| U.S. Treasury Notes , 4.000%, due 06/30/28 | 3.5% |
| U.S. Treasury Notes , 4.000%, due 07/31/29 | 3.5% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 3.5% |
| U.S. Treasury Notes , 3.875%, due 09/30/29 | 3.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government and Agency Obligations | 60.9% |
| Corporate Notes and Bonds | 36.4% |
| Short-Term Investments | 2.2% |
| Foreign Corporate Bonds | 1.3% |
| Other Assets and Liabilities, Net | (0.8%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

High Quality Bond Fund Class I MIIRX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**High Quality Bond Fund Class Y**

Madison High Quality Bond Fund

MIIBX

**Fund Overview** 

This semi-annual shareholder report contains important information about High Quality Bond Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $25 | 0.50% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $57874734 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $83932 |

---

**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 | 4.5% |
| U.S. Treasury Notes , 3.625%, due 05/31/28 | 4.3% |
| U.S. Treasury Notes , 4.000%, due 07/31/30 | 3.9% |
| U.S. Treasury Notes , 3.875%, due 11/30/29 | 3.9% |
| U.S. Treasury Notes , 3.875%, due 12/31/29 | 3.9% |
| U.S. Treasury Notes , 4.500%, due 05/31/29 | 3.6% |
| U.S. Treasury Notes , 4.000%, due 06/30/28 | 3.5% |
| U.S. Treasury Notes , 4.000%, due 07/31/29 | 3.5% |
| U.S. Treasury Notes , 4.000%, due 02/29/28 | 3.5% |
| U.S. Treasury Notes , 3.875%, due 09/30/29 | 3.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government and Agency Obligations | 60.9% |
| Corporate Notes and Bonds | 36.4% |
| Short-Term Investments | 2.2% |
| Foreign Corporate Bonds | 1.3% |
| Other Assets and Liabilities, Net | (0.8%) |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

High Quality Bond Fund Class Y MIIBX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Mid Cap Fund Class A**

Madison Mid Cap Fund

MERAX

**Fund Overview** 

This semi-annual shareholder report contains important information about Mid Cap Fund Class A for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class A | $66 | 1.35% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2077283385 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6998204 |

---

**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. | 7.7% |
| Gartner, Inc. | 5.8% |
| Ross Stores, Inc. | 5.5% |
| Brown & Brown, Inc. | 5.3% |
| Copart, Inc. | 4.9% |
| Carlisle Cos., Inc. | 4.7% |
| Amphenol Corp., Class A | 4.7% |
| CDW Corp. | 4.0% |
| PACCAR, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.3% |

---

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Information Technology | 23.5% |
| Industrials | 18.6% |
| Consumer Discretionary | 13.6% |
| Health Care | 8.2% |
| Communication Services | 6.2% |
| Short-Term Investments | 3.8% |
| Consumer Staples | 1.7% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Mid Cap Fund Class A MERAX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Mid Cap Fund Class I**

Madison Mid Cap Fund

MDCIX

**Fund Overview** 

This semi-annual shareholder report contains important information about Mid Cap Fund Class I for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $39 | 0.80% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2077283385 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6998204 |

---

**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. | 7.7% |
| Gartner, Inc. | 5.8% |
| Ross Stores, Inc. | 5.5% |
| Brown & Brown, Inc. | 5.3% |
| Copart, Inc. | 4.9% |
| Carlisle Cos., Inc. | 4.7% |
| Amphenol Corp., Class A | 4.7% |
| CDW Corp. | 4.0% |
| PACCAR, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.3% |

---

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Information Technology | 23.5% |
| Industrials | 18.6% |
| Consumer Discretionary | 13.6% |
| Health Care | 8.2% |
| Communication Services | 6.2% |
| Short-Term Investments | 3.8% |
| Consumer Staples | 1.7% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Mid Cap Fund Class I MDCIX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Mid Cap Fund Class R6**

Madison Mid Cap Fund

MMCRX

**Fund Overview** 

This semi-annual shareholder report contains important information about Mid Cap Fund Class R6 for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class R6 | $35 | 0.72% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2077283385 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6998204 |

---

**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. | 7.7% |
| Gartner, Inc. | 5.8% |
| Ross Stores, Inc. | 5.5% |
| Brown & Brown, Inc. | 5.3% |
| Copart, Inc. | 4.9% |
| Carlisle Cos., Inc. | 4.7% |
| Amphenol Corp., Class A | 4.7% |
| CDW Corp. | 4.0% |
| PACCAR, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.3% |

---

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Information Technology | 23.5% |
| Industrials | 18.6% |
| Consumer Discretionary | 13.6% |
| Health Care | 8.2% |
| Communication Services | 6.2% |
| Short-Term Investments | 3.8% |
| Consumer Staples | 1.7% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Mid Cap Fund Class R6 MMCRX

---

| | |
|:---|:---|
| ![](g207335_img01.jpg) | Semi-Annual Shareholder Report<br> April 30, 2025 |

---

**Mid Cap Fund Class Y**

Madison Mid Cap Fund

GTSGX

**Fund Overview** 

This semi-annual shareholder report contains important information about Mid Cap Fund Class Y for the period of November 1, 2024 to April 30, 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 period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Expense Example | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class Y | $44 | 0.90% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of April 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $2077283385 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6998204 |

---

**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. | 7.7% |
| Gartner, Inc. | 5.8% |
| Ross Stores, Inc. | 5.5% |
| Brown & Brown, Inc. | 5.3% |
| Copart, Inc. | 4.9% |
| Carlisle Cos., Inc. | 4.7% |
| Amphenol Corp., Class A | 4.7% |
| CDW Corp. | 4.0% |
| PACCAR, Inc. | 3.7% |
| Labcorp Holdings, Inc. | 3.3% |

---

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Information Technology | 23.5% |
| Industrials | 18.6% |
| Consumer Discretionary | 13.6% |
| Health Care | 8.2% |
| Communication Services | 6.2% |
| Short-Term Investments | 3.8% |
| Consumer Staples | 1.7% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **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 | ![](g207335_img02.jpg) |

---

Mid Cap Fund Class Y GTSGX

**Item 2. Code of Ethics.**

Not applicable in semi-annual report.

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

Not applicable in semi-annual report.

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

Not applicable in semi-annual report.

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

Not applicable in semi-annual report.

**Item 6. Schedule of Investments**

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

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

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

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

---

| | |
|:---|:---|
| ![](g207335_img03.jpg) | **Semi-Annual Financial Statements**<br> **and Other Information** |
|  | **(unaudited)** |
|  | **April 30, 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** |

---

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

**Madison Funds** \| April 30, 2025

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| **Portfolios of Investments** |  |
| &nbsp;&nbsp;&nbsp;[Conservative Allocation Fund](#a_001) | [2](#a_001) |
| &nbsp;&nbsp;&nbsp;[Moderate Allocation Fund](#a_002) | [2](#a_002) |
| &nbsp;&nbsp;&nbsp;[Aggressive Allocation Fund](#a_003) | [3](#a_003) |
| &nbsp;&nbsp;&nbsp;[Diversified Income Fund](#a_004) | [3](#a_004) |
| &nbsp;&nbsp;&nbsp;[Tax-Free National Fund](#a_005) | [4](#a_005) |
| &nbsp;&nbsp;&nbsp;[High Quality Bond Fund](#a_006) | [6](#a_006) |
| &nbsp;&nbsp;&nbsp;[Core Bond Fund](#a_007) | [7](#a_007) |
| &nbsp;&nbsp;&nbsp;[Covered Call & Equity Income Fund](#a_008) | [11](#a_008) |
| &nbsp;&nbsp;&nbsp;[Dividend Income Fund](#a_009) | [13](#a_009) |
| &nbsp;&nbsp;&nbsp;[Large Cap Fund](#a_010) | [14](#a_010) |
| &nbsp;&nbsp;&nbsp;[Mid Cap Fund](#a_011) | [15](#a_011) |
| &nbsp;&nbsp;&nbsp;[Small Cap Fund](#a_012) | [16](#a_012) |
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#a_013) | [17](#a_013) |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#a_014) | [19](#a_014) |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#a_015) | [21](#a_015) |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#a_016) | [26](#a_016) |
| [**Notes to Financial Statements**](#a_017) | [39](#a_017) |

---

**Madison Funds** \| April 30, 2025

**Conservative Allocation Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 48.1%** |  |  |
| **Bond Funds - 20.9%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 7576 | $397664 |
| Janus Henderson Mortgage-Backed Securities ETF | 70522 | 3180542 |
| Schwab Intermediate-Term U.S. Treasury ETF | 126979 | 3187173 |
| SPDR Portfolio Long Term Treasury ETF | 25061 | 674141 |
| Vanguard Short-Term Corporate Bond ETF | 10676 | 845326 |
|  |  | 8284846 |
| **Foreign Stock Funds - 9.3%** |  |  |
| Franklin FTSE Japan ETF | 31703 | 968844 |
| iShares MSCI Emerging Markets Asia ETF | 12261 | 901429 |
| iShares MSCI Eurozone ETF (A) | 12789 | 712603 |
| Vanguard FTSE Europe ETF | 15029 | 1095764 |
|  |  | 3678640 |
| **Stock Funds - 17.9%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 34691 | 1823706 |
| Energy Select Sector SPDR Fund ETF | 4575 | 368287 |
| Invesco S&P 500 Quality ETF (A) | 41747 | 2761564 |
| iShares Core S&P Small-Cap ETF | 5991 | 599879 |
| SPDR S&P Bank ETF (A) | 15004 | 759653 |
| Vanguard Information Technology ETF | 1473 | 809340 |
|  |  | 7122429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,519,257) |  | 19085915 |
| **INVESTMENT COMPANIES - 50.4%** |  |  |
| **Bond Funds - 42.4%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 1877543 | 16841558 |
| **Stock Funds - 8.0%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 112734 | 3189257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,482,837) |  | 20030815 |
| **SHORT-TERM INVESTMENTS - 5.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.290% | 633503 | 633503 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.360% | 1370796 | 1370796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,004,299) |  | 2004299 |
| **TOTAL INVESTMENTS - 103.5%** |  |  |
| (Cost $42,006,393\*\*) |  | 41121029 |
| **NET OTHER ASSETS AND LIABILITIES - (3.5%)** |  | (1387670) |
| **TOTAL NET ASSETS - 100.0%** |  | $39733359 |

---

\*\* Aggregate cost for Federal tax purposes was $42,166,724.

(A) All or a portion of these securities, with an aggregate fair value of $1,818,434, are on loan as part of a securities lending program.
See footnote (D) and 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.

**Moderate Allocation Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 58.0%** |  |  |
| **Bond Funds - 10.7%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 16504 | $866295 |
| Janus Henderson Mortgage-Backed Securities ETF | 94347 | 4255050 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 121026 | 3037752 |
| SPDR Portfolio Long Term Treasury ETF | 40163 | 1080385 |
|  |  | 9239482 |
| **Foreign Stock Funds - 16.8%** |  |  |
| Franklin FTSE Japan ETF (A) | 124124 | 3793229 |
| iShares MSCI Emerging Markets Asia ETF | 47433 | 3487274 |
| iShares MSCI Eurozone ETF (A) | 49554 | 2761149 |
| Vanguard FTSE Europe ETF (A) | 62436 | 4552209 |
|  |  | 14593861 |
| **Stock Funds - 30.5%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 116208 | 6109055 |
| Energy Select Sector SPDR Fund ETF | 15280 | 1230040 |
| Invesco S&P 500 Quality ETF | 145115 | 9599357 |
| iShares Core S&P Small-Cap ETF | 26074 | 2610790 |
| SPDR S&P Bank ETF (A) | 57827 | 2927781 |
| Vanguard Information Technology ETF | 7294 | 4007688 |
|  |  | 26484711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $47,133,784) |  | 50318054 |
| **INVESTMENT COMPANIES - 40.1%** |  |  |
| **Bond Funds - 27.1%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 2618062 | 23484015 |
| **Stock Funds - 13.0%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 399832 | 11311259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,168,329) |  | 34795274 |
| **SHORT-TERM INVESTMENTS - 13.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.290% | 1704206 | 1704206 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.360% | 9515218 | 9515218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,219,424) |  | 11219424 |
| **TOTAL INVESTMENTS - 111.1%** |  |  |
| (Cost $92,521,537\*\*) |  | 96332752 |
| **NET OTHER ASSETS AND LIABILITIES - (11.1%)** |  | (9613894) |
| **TOTAL NET ASSETS - 100.0%** |  | $86718858 |

---

\*\* Aggregate cost for Federal tax purposes was $92,942,367.

(A) All or a portion of these securities, with an aggregate fair value of $9,268,719, are on loan as part of a securities lending program.
See footnote (D) and 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** \| April 30, 2025

**Aggressive Allocation Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **EXCHANGE TRADED FUNDS - 66.7%** |  |  |
| **Bond Funds - 2.8%** |  |  |
| Janus Henderson Mortgage-Backed Securities ETF | 18274 | $824158 |
| SPDR Portfolio Long Term Treasury ETF | 22548 | 606541 |
|  |  | 1430699 |
| **Foreign Stock Funds - 22.8%** |  |  |
| Franklin FTSE Japan ETF (A) | 96500 | 2949040 |
| iShares MSCI Emerging Markets Asia ETF | 37691 | 2771042 |
| iShares MSCI Eurozone ETF (A) | 31057 | 1730496 |
| Vanguard FTSE Europe ETF (A) | 57750 | 4210553 |
|  |  | 11661131 |
| **Stock Funds - 41.1%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 92013 | 4837123 |
| Energy Select Sector SPDR Fund ETF | 12061 | 970910 |
| Invesco S&P 500 Quality ETF | 109651 | 7253414 |
| iShares Core S&P Small-Cap ETF | 23021 | 2305093 |
| SPDR S&P Bank ETF (A) | 47574 | 2408671 |
| Vanguard Information Technology ETF | 5817 | 3196151 |
|  |  | 20971362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,471,205) |  | 34063192 |
| **INVESTMENT COMPANIES - 31.4%** |  |  |
| **Bond Funds - 14.6%** |  |  |
| Madison Core Bond Fund, Class R6 (B) | 833988 | 7480878 |
| **Stock Funds - 16.8%** |  |  |
| Madison Large Cap Fund, Class R6 (B) | 303509 | 8586275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,326,596) |  | 16067153 |
| **SHORT-TERM INVESTMENTS - 12.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 4.290% | 1031202 | 1031202 |
| State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 4.360% | 5521766 | 5521766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,552,968) |  | 6552968 |
| **TOTAL INVESTMENTS - 110.9%** |  |  |
| (Cost $52,350,769\*\*) |  | 56683313 |
| **NET OTHER ASSETS AND LIABILITIES - (10.9%)** |  | (5579976) |
| **TOTAL NET ASSETS - 100.0%** |  | $51103337 |

---

\*\* Aggregate cost for Federal tax purposes was $52,542,297.

(A) All or a portion of these securities, with an aggregate fair value of $5,394,508, are on loan as part of a securities lending program.
See footnote (D) and Note 11 for details on the securities lending program.

(B) Affiliated Company(see Note 14 .)

(C) 7-day yield.

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

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

MSCI Morgan Stanley Capital International.

S&P Standard & Poor's.

SPDR Standard & Poor's Depository Receipts.

**Diversified Income Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS - 0.0%** |  |  |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.500%, 10/25/49 | $170 | $169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $173) |  | 169 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%** |  |  |
| GSAMP Trust, Series 2006-S5, Class M5 (A) (B) (D), 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 | 1936 | 2019 |
| 7.000%, 5/1/32 Pool # 644591 | 196 | 205 |
|  |  | 2224 |
| **Freddie Mac - 0.0%** |  |  |
| 4.500%, 5/1/25 Pool # J12247 | 31 | 31 |
| 8.000%, 6/1/30 Pool # C01005 | 360 | 377 |
|  |  | 408 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 2/20/29 Pool # 2714 | 2075 | 2128 |
| 6.500%, 4/20/31 Pool # 3068 | 1778 | 1858 |
|  |  | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,389) |  | 6618 |
| **EXCHANGE TRADED FUNDS - 99.5%** |  |  |
| **Bond Funds - 58.1%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 48457 | 2543508 |
| Janus Henderson AAA CLO ETF | 14937 | 754916 |
| Janus Henderson Mortgage-Backed Securities ETF | 141625 | 6387287 |
| Madison Aggregate Bond ETF (E) (F) | 1100000 | 22358930 |
| Madison Short-Term Strategic Income ETF (E) | 1412500 | 29018965 |
| SPDR Portfolio High Yield Bond ETF | 542954 | 12623681 |
|  |  | 73687287 |
| **Stock Funds - 41.4%** |  |  |
| Global X MLP ETF | 102449 | 5044589 |
| Madison Covered Call ETF (E) | 1155000 | 19871313 |
| Madison Dividend Value ETF (E) | 1100000 | 23212860 |
| Schwab U.S. Dividend Equity ETF | 172293 | 4448605 |
|  |  | 52577367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $126,855,373) |  | 126264654 |
| **SHORT-TERM INVESTMENTS - 0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.290% | 941451 | 941451 |
| State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.360% | 2075 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $943,526) |  | 943526 |
| **TOTAL INVESTMENTS - 100.2%** |  |  |
| (Cost $127,805,461\*\*) |  | 127214967 |
| **NET OTHER ASSETS AND LIABILITIES - (0.2%)** |  | (219762) |
| **TOTAL NET ASSETS - 100.0%** |  | $126995205 |

---

\*\* Aggregate cost for Federal tax purposes was $127,805,461.

(A) Floating rate or variable rate note. Rate shown is as of April 30, 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 April 30, 2025.

(C) 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."

(D) Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued.

(E) Affiliated Company(see Note 14 .)

(F) All or a portion of these securities, with an aggregate fair value of $2,033, are on loan as part of a securities lending program.

See footnote (D) and Note 11 for details on the securities lending program.

(G) 7-day yield.

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

CLO Collateralized Loan Obligation

ETF Exchange Traded Fund.

SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **MUNICIPAL BONDS - 98.5%** |  |  |
| **Alabama - 6.8%** |  |  |
| Mobile County, General Obligation, 5.000%, 2/1/39 | $610000 | $647061 |
| Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42 | 315000 | 333873 |
| Pike Road, Authority Revenue, 4.000%, 9/1/31 | 170000 | 170011 |
| UAB Medicine Finance Authority Revenue, Series B, 5.000%, 9/1/27 | 150000 | 155909 |
|  |  | 1306854 |
| **Arkansas - 0.9%** |  |  |
| Arkansas Development Finance Authority, 5.000%, 2/1/26 | 175000 | 175609 |
| **California - 0.6%** |  |  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5.000%, 7/1/40 | 120000 | 122581 |
| **Colorado - 3.5%** |  |  |
| Colorado Springs Utilities System Revenue, Series A, 4.000%, 11/15/40 | 250000 | 243053 |
| El Paso County Facilities Corp., Series A, 5.000%, 12/1/27 | 400000 | 418156 |
|  |  | 661209 |
| **Florida - 5.2%** |  |  |
| County of Polk Utility System Revenue, 5.000%, 10/1/54 | 350000 | 361437 |
| Hialeah Utility System, 5.000%, 10/1/35 | 400000 | 423504 |
| Tampa Bay Water, Series A, 5.250%, 10/1/54 | 200000 | 209703 |
|  |  | 994644 |
| **Georgia - 0.8%** |  |  |
| Americus-Sumter Payroll Development Authority, Series A, 3.250%, 6/1/33 | 150000 | 144027 |
| **Illinois - 12.1%** |  |  |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 5.000%, 12/1/35 | 545000 | 560938 |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 4.000%, 12/1/37 | 200000 | 199587 |
| Du Page County School District No. 45, 4.000%, 1/1/26 | 400000 | 401811 |
| Palatine Village, General Obligation, 2.000%, 12/1/28 | 175000 | 160874 |
| Village of Bourbonnais, (BAM), 5.250%, 12/1/46 | 325000 | 334902 |
| Village of Buffalo Grove, 5.000%, 12/30/38 | 300000 | 322179 |
| Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, (BAM), 5.000%, 11/1/42 | 325000 | 336578 |
|  |  | 2316869 |
| **Indiana - 7.6%** |  |  |
| Indiana Finance Authority, Series A, 5.000%, 10/1/46 | 140000 | 144664 |
| Indiana Finance Authority, 5.250%, 3/1/54 | 240000 | 241198 |
| Lincoln Center Building Corp., 4.000%, 8/1/28 | 285000 | 290264 |
| Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5.000%, 2/1/26 | 500000 | 505874 |
| **Indiana - 7.6%** |  |  |
| Whitestown Redevelopment Authority, 5.000%, 7/15/38 | 260000 | 268105 |
|  |  | 1450105 |
| **Kansas - 1.3%** |  |  |
| Sedgwick County, Series A, 4.000%, 8/1/40 | 250000 | 247948 |
| **Kentucky - 2.3%** |  |  |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5.000%, 4/1/33 | 445000 | 445431 |
| **Louisiana - 1.3%** |  |  |
| Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26 | 85000 | 86354 |
| Lafourche Parish School Board, 4.000%, 3/1/33 | 150000 | 153681 |
|  |  | 240035 |
| **Michigan - 3.8%** |  |  |
| City of Wayland MI, (AGC), 4.000%, 10/1/40 | 185000 | 176327 |
| Kalamazoo Public Schools, 5.000%, 5/1/26 | 250000 | 250331 |
| Warren Woods Public Schools, (BAM), 4.000%, 5/1/35 | 300000 | 304237 |
|  |  | 730895 |
| **Mississippi - 2.6%** |  |  |
| Medical Center Educational Building Corp., Series A, 5.000%, 6/1/30 | 475000 | 490036 |
| **Nebraska - 1.6%** |  |  |
| Elkhorn School District, 4.000%, 12/15/36 | 315000 | 314790 |
| **New Jersey - 2.8%** |  |  |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.250%, 1/1/28 | 250000 | 264700 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.250%, 1/1/29 | 250000 | 269484 |
|  |  | 534184 |
| **New Mexico - 1.0%** |  |  |
| Otero County, (BAM), 4.000%, 12/1/28 | 195000 | 197704 |
| **New York - 2.7%** |  |  |
| New York State Dormitory Authority, Series 1, (BHAC-CR), 5.500%, 7/1/31 | 250000 | 270500 |
| Port Authority of New York & New Jersey, Series 85TH, (GO of AUTH), 5.375%, 3/1/28 | 230000 | 238582 |
|  |  | 509082 |
| **Ohio - 1.4%** |  |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44 | 250000 | 264795 |
| **Oklahoma - 3.8%** |  |  |
| Elk City Industrial Authority, 4.000%, 5/1/30 | 335000 | 339965 |
| Tulsa County Industrial Authority, 3.000%, 2/1/31 | 400000 | 385944 |
|  |  | 725909 |
| **Oregon - 1.9%** |  |  |
| City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49 | 350000 | 363641 |
| **Pennsylvania - 6.0%** |  |  |
| City of Pittsburgh, 4.000%, 9/1/35 | 350000 | 350853 |
| Commonwealth Financing Authority, Series A, 5.000%, 6/1/35 | 370000 | 370108 |
| Philadelphia Gas Works Co., Series A, 5.000%, 8/1/40 | 170000 | 178203 |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4.000%, 2/15/26 | 250000 | 251487 |
|  |  | 1150651 |
| **Texas - 4.8%** |  |  |
| Center, General Obligation, 3.000%, 8/15/34 | 410000 | 354102 |
| City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49 | 250000 | 264676 |
| Harris County Toll Road Authority, 4.000%, 8/15/38 | 300000 | 294157 |
|  |  | 912935 |
| **Utah - 3.0%** |  |  |
| Ogden City Sewer & Water Revenue, Series A, 4.000%, 6/15/31 | 250000 | 256337 |
| Utah Transit Authority, Series A, (BHAC- CR), 5.000%, 6/15/35 | 280000 | 309306 |
|  |  | 565643 |
| **Virginia - 6.8%** |  |  |
| Alexandria Sanitation Authority, 5.000%, 7/15/54 | 200000 | 208382 |
| Fairfax County Economic Development Authority, Series A, 5.000%, 9/1/38 | 90000 | 92734 |
| Roanoke Economic Development Authority, Series A, 5.000%, 7/1/47 | 250000 | 264693 |
| Southampton County Industrial Development Authority, 5.000%, 6/1/35 | 440000 | 471868 |
| Western Regional Jail Authority, 5.000%, 12/1/34 | 250000 | 256127 |
|  |  | 1293804 |
| **Washington - 0.5%** |  |  |
| State of Washington, Series R-2023A, 5.000%, 8/1/36 | 80000 | 88103 |
| **West Virginia - 3.8%** |  |  |
| West Virginia Economic Development Authority, Series A, 5.000%, 7/1/37 | 450000 | 459784 |
| West Virginia University, Series A, |  |  |
| 4.000%, 10/1/39 | 265000 | 257677 |
|  |  | 717461 |
| **Wisconsin - 9.6%** |  |  |
| City of Burlington WI, Series A, (BAM), 4.000%, 4/1/36 | 580000 | 573806 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Tax-Free National Fund Portfolio of Investments (unaudited) – concluded**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| City of Green Bay WI, Series A, 4.000%, 4/1/38 | $355000 | $349712 |
| City of Whitewater, Series A, (BAM), 5.000%, 6/1/38 | 290000 | 304491 |
| Public Finance Authority, Series A, 5.000%, 10/1/32 | 200000 | 210038 |
| **Wisconsin - 9.6%** |  |  |
| Wisconsin Health & Educational Facilities Authority, Series A, 4.000%, 11/15/35 | 400000 | 387717 |
|  |  | 1825764 |
| **TOTAL INVESTMENTS - 98.5%** |  |  |
| (Cost $19,419,307\*\*) |  | 18790709 |
| **NET OTHER ASSETS AND LIABILITIES - 1.5%** |  | 285559 |
| **TOTAL NET ASSETS - 100.0%** |  | $19076268 |

---

\*\* Aggregate cost for Federal tax purposes was $19,419,307.

AGM Assured Guaranty Municipal Corp.

BAM Build America Mutual Assurance Co.

BHAC-CR Berkshire Hathaway Assurance Corp.

GO of AUTH General Obligation of the Authority.

STAID State Aid Withholding.

ST State Intercept.

TCRS Transferable Custodial Receipts.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**High Quality Bond Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **CORPORATE NOTES AND BONDS - 36.4%** |  |  |
| **Communication Services - 3.9%** |  |  |
| Cisco Systems, Inc., 4.950%, 2/26/31 | $750000 | $770101 |
| Comcast Corp., 3.150%, 3/1/26 | 750000 | 741741 |
| Walt Disney Co., 3.800%, 3/22/30 | 750000 | 733102 |
|  |  | 2244944 |
| **Consumer Discretionary - 2.1%** |  |  |
| Home Depot, Inc., 4.500%, 9/15/32 | 750000 | 745574 |
| NIKE, Inc., 2.750%, 3/27/27 | 500000 | 487642 |
|  |  | 1233216 |
| **Consumer Staples - 6.5%** |  |  |
| AbbVie, Inc., 4.800%, 3/15/29 | 750000 | 763969 |
| Hershey Co., 4.750%, 2/24/30 | 800000 | 817219 |
| Mars, Inc., 5.200%, 3/1/35 | 750000 | 751791 |
| PepsiCo, Inc., 4.450%, 5/15/28 | 750000 | 760825 |
| PepsiCo, Inc., 2.750%, 3/19/30 | 750000 | 700315 |
|  |  | 3794119 |
| **Financials - 18.2%** |  |  |
| American Express Co., (Secured Overnight Financing Index + 1.090%) (A) (B), 5.532%, 4/25/30 | 800000 | 826497 |
| Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (A) (B), 3.194%, 7/23/30 | 800000 | 754113 |
| Bank of New York Mellon Corp., (Secured Overnight Financing Index + 1.802%) (A) (B), 5.802%, 10/25/28 | 850000 | 880458 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 750000 | 686059 |
| JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.310%) (A) (B), 5.012%, 1/23/30 | 850000 | 862784 |
| Marsh & McLennan Cos., Inc., 4.650%, 3/15/30 | 800000 | 805614 |
| Mastercard, Inc., 3.300%, 3/26/27 | 750000 | 741460 |
| Morgan Stanley, (Secured Overnight Financing Rate + 2.240%) (A) (B), 6.296%, 10/18/28 | 750000 | 781000 |
| PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 1.841%) (A) (B), 5.582%, 6/12/29 | 850000 | 875620 |
| Simon Property Group LP, 2.450%, 9/13/29 | 750000 | 689690 |
| State Street Corp., 4.330%, 10/22/27 | 750000 | 753795 |
| Truist Financial Corp., (Secured Overnight Financing Rate + 1.435%) (A) (B), 4.873%, 1/26/29 | 500000 | 503478 |
| Truist Financial Corp., 1.950%, 6/5/30 | 750000 | 652296 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.660%) (A) (B), 4.548%, 7/22/28 | 750000 | 751698 |
|  |  | 10564562 |
| **Health Care - 1.8%** |  |  |
| UnitedHealth Group, Inc., 5.250%, 2/15/28 | 1000000 | 1028869 |
| **Industrials - 3.9%** |  |  |
| Caterpillar Financial Services Corp., 4.800%, 1/6/26 | 750000 | 752137 |
| Emerson Electric Co., 2.000%, 12/21/28 | 500000 | 463156 |
| John Deere Capital Corp., 4.750%, 1/20/28 | 1000000 | 1019010 |
|  |  | 2234303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,239,470) |  | 21100013 |
| **FOREIGN CORPORATE BONDS - 1.3%** |  |  |
| **Health Care - 1.3%** |  |  |
| Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/33 | 750000 | 739658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $743,900) |  | 739658 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 60.9%** |  |  |
| **Fannie Mae - 5.4%** |  |  |
| 0.500%, 11/7/25 | 1250000 | 1226540 |
| 2.125%, 4/24/26 | 1000000 | 982686 |
| 0.750%, 10/8/27 (C) | 1000000 | 932863 |
|  |  | 3142089 |
| **U.S. Treasury Notes - 55.5%** |  |  |
| 4.500%, 11/15/25 | 1500000 | 1502520 |
| 3.875%, 1/15/26 | 1250000 | 1248740 |
| 3.750%, 4/15/26 | 1125000 | 1123022 |
| 4.125%, 1/31/27 | 1000000 | 1007383 |
| 3.250%, 6/30/27 | 1500000 | 1488750 |
| 4.000%, 2/29/28 | 2000000 | 2019922 |
| 3.625%, 5/31/28 | 2500000 | 2499512 |
| 4.000%, 6/30/28 | 2000000 | 2022656 |
| 4.875%, 10/31/28 | 2500000 | 2598242 |
| 4.500%, 5/31/29 | 2000000 | 2059922 |
| 4.000%, 7/31/29 | 2000000 | 2022578 |
| 3.875%, 9/30/29 | 2000000 | 2012188 |
| 3.875%, 11/30/29 | 2250000 | 2263096 |
| 3.875%, 12/31/29 | 2250000 | 2262744 |
| 4.000%, 7/31/30 | 2250000 | 2271885 |
| 3.375%, 5/15/33 | 2000000 | 1906484 |
| 4.000%, 2/15/34 | 1800000 | 1783406 |
|  |  | 32093050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,932,342) |  | 35235139 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 2.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.290% | 336366 | 336366 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.360% | 932225 | 932225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,268,591) |  | 1268591 |
| **TOTAL INVESTMENTS - 100.8%** |  |  |
| (Cost $58,184,303\*\*) |  | 58343401 |
| **NET OTHER ASSETS AND LIABILITIES - (0.8%)** |  | (468667) |
| **TOTAL NET ASSETS - 100.0%** |  | $57874734 |

---

\*\* Aggregate cost for Federal tax purposes was $58,201,255.

(A) Floating rate or variable rate note. Rate shown is as of April 30, 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 April 30, 2025.

(C) All or a portion of these securities, with an aggregate fair value of $915,270, are on loan as part of a securities lending program.
See footnote (D) and 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.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Core Bond Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| **ASSET BACKED SECURITIES - 2.6%** |  |  |
| CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28 | $500000 | $503578 |
| Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.650%, 5/15/35 | 455528 | 458139 |
| Chesapeake Funding II LLC, Series 2023- 2A, Class A1 (A), 6.160%, 10/15/35 | 323759 | 328302 |
| Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.030%, 1/20/28 | 16796 | 16780 |
| Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.510%, 1/22/29 | 187645 | 188202 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29 | 385500 | 387219 |
| John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28 | 728854 | 733437 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.860%, 2/26/29 | 3955 | 3943 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.210%, 6/15/27 | 109943 | 110038 |
| LAD Auto Receivables Trust, Series 2023- 2A, Class A2 (A), 5.930%, 6/15/27 | 21252 | 21269 |
| Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29 | 200000 | 200508 |
| Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.440%, 9/15/27 | 58438 | 58322 |
| Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B) (C), 5.848%, 1/25/64 | 918724 | 922130 |
| Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30 | 1250000 | 1271799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,182,391) |  | 5203666 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.0%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (D), 2.879%, 7/25/49 | 66875 | 65193 |
| Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (B) (C), 1.724%, 2/25/55 | 30847 | 30329 |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.500%, 4/25/51 | 446107 | 399342 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27 | 153036 | 2917 |
| Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49 | 337107 | 336789 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1 (A) (B) (C), 5.354%, 12/25/41 | 116149 | 115932 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30 | 298886 | 14878 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31 | 180799 | 177636 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31 | 242649 | 242714 |
| Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31 | 49034 | 50731 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35 | 52747 | 55042 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35 | 1353872 | 196839 |
| Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48 | 494426 | 498466 |
| Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51 | 698146 | 707432 |
| Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51 | 959182 | 971873 |
| Flagstar Mortgage Trust, Series 2021- 9INV, Class A1 (A) (B) (C), 2.500%, 9/25/41 | 450946 | 404842 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (B) (C), 0.874%, 1/25/66 | 491147 | 427185 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44 | 25276 | 233 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.500%, 5/25/51 | 445548 | 364228 |
| JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (C), 4.000%, 11/25/49 | 18282 | 17213 |
| JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.459%, 2/25/50 | 72278 | 65266 |
| JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.500%, 6/25/51 | 594989 | 483312 |
| JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.500%, 7/25/51 | 788675 | 641067 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.500%, 10/25/51 | 635211 | 566698 |
| JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B) (C), 2.500%, 5/25/52 | 684858 | 609219 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B) (C), 6.000%, 11/25/54 | 717086 | 722506 |
| JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3.000%, 2/25/50 | 124182 | 108055 |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.500%, 10/25/49 | 850 | 845 |
| PSMC Trust, Series 2020-2, Class A2 (A) (B) (C), 3.000%, 5/25/50 | 89015 | 79258 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.500%, 3/25/51 | 746106 | 662863 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.500%, 12/25/51 | 559606 | 494400 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.500%, 1/25/52 | 377063 | 334608 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3.000%, 6/25/43 | 234462 | 209592 |
| Towd Point Mortgage Trust, Series 2024-4, Class A1A (B) (C), 4.447%, 10/27/64 | 1615407 | 1600635 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4.000%, 4/25/49 | 9334 | 8864 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B) (C), 2.500%, 9/25/51 | 550893 | 447816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,439,454) |  | 12114818 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.7%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 3476 | 3455 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B) (C), 0.410%, 9/25/26 | 13896834 | 37078 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31 | 505000 | 438873 |
| Federal National Mortgage Association-ACES, Series 2022-M1, Class A2 (B) (C), 1.724%, 10/25/31 | 1250000 | 1059964 |
| FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B) (C), 3.865%, 9/25/49 | 320000 | 315617 |
| FREMF Mortgage Trust, Series 2020- K106, Class B (A) (B) (C), 3.685%, 3/25/53 | 750000 | 701714 |
| Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65 | 746441 | 738504 |
| GSAMP Trust, Series 2006-S5, Class M5 (B) (C) (E), 7.488%, 9/25/36 | 772000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,296,386) |  | 3295205 |
| **CORPORATE NOTES AND BONDS - 25.7%** |  |  |
| **Basic Materials - 0.2%** |  |  |
| Rio Tinto Finance USA PLC, 5.000%, 3/14/32 | 500000 | 502716 |
| **Communication Services - 0.9%** |  |  |
| AT&T, Inc., 4.750%, 5/15/46 | 500000 | 425725 |
| Expedia Group, Inc., 3.250%, 2/15/30 | 250000 | 233319 |
| SBA Communications Corp., 3.875%, 2/15/27 | 350000 | 341826 |
| VeriSign, Inc., 2.700%, 6/15/31  | 500000 | 441048 |
| Verizon Communications, Inc., 3.400%, 3/22/41 | 500000 | 381430 |
|  |  | 1823348 |
| **Consumer Discretionary - 1.4%** |  |  |
| Advance Auto Parts, Inc., 1.750%, 10/1/27 | 250000 | 225220 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26 | 116667 | 115962 |
| BorgWarner, Inc. (F), 5.400%, 8/15/34 | 250000 | 247373 |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 350000 | 350000 |
| Home Depot, Inc., 3.350%, 4/15/50 | 250000 | 173122 |
| Lowe's Cos., Inc., 3.000%, 10/15/50 | 500000 | 305666 |
| Lowe's Cos., Inc., 4.250%, 4/1/52 | 750000 | 572901 |
| Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 250000 | 262131 |
| Tractor Supply Co., 5.250%, 5/15/33 | 150000 | 150494 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Core Bond Fund Portfolio of Investments (unaudited) – continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| Walmart, Inc., 4.900%, 4/28/35 | $500000 | $505845 |
|  |  | 2908714 |
| **Consumer Staples - 1.4%** |  |  |
| Diageo Investment Corp., 5.125%, 8/15/30 | 400000 | 409521 |
| GE HealthCare Technologies, Inc., 4.800%, 8/14/29 | 500000 | 503020 |
| Keurig Dr. Pepper, Inc., 3.800%, 5/1/50 | 300000 | 218802 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 250000 | 246340 |
| Mars, Inc., 5.200%, 3/1/35 | 225000 | 225537 |
| Mars, Inc., 5.700%, 5/1/55 | 600000 | 592143 |
| PayPal Holdings, Inc., 5.100%, 4/1/35 | 250000 | 248510 |
| Performance Food Group, Inc. (A), 5.500%, 10/15/27 | 325000 | 322291 |
|  |  | 2766164 |
| **Energy - 3.3%** |  |  |
| Boardwalk Pipelines LP, 4.450%, 7/15/27 | 400000 | 399594 |
| Devon Energy Corp., 5.200%, 9/15/34 | 800000 | 747562 |
| Diamondback Energy, Inc., 5.400%, 4/18/34 | 550000 | 537510 |
| Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29 | 350000 | 329357 |
| Energy Transfer LP, 5.250%, 4/15/29 | 275000 | 278215 |
| Energy Transfer LP, 6.550%, 12/1/33 | 300000 | 316577 |
| Kinder Morgan, Inc., 5.850%, 6/1/35 | 250000 | 252687 |
| Kinder Morgan, Inc., 5.550%, 6/1/45 | 400000 | 366205 |
| Marathon Petroleum Corp., 4.700%, 5/1/25 | 275000 | 275000 |
| Marathon Petroleum Corp., 3.800%, 4/1/28 | 350000 | 343465 |
| Marathon Petroleum Corp., 5.150%, 3/1/30 | 250000 | 251455 |
| MPLX LP, 2.650%, 8/15/30 | 350000 | 312421 |
| ONEOK, Inc., 5.850%, 1/15/26 | 150000 | 150782 |
| ONEOK, Inc., 5.450%, 6/1/47 | 400000 | 343134 |
| Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27 | 400000 | 398643 |
| Valero Energy Corp., 5.150%, 2/15/30 | 650000 | 656167 |
| Valero Energy Corp., 6.625%, 6/15/37 | 500000 | 517927 |
| Valero Energy Corp., 4.000%, 6/1/52 | 175000 | 120944 |
|  |  | 6597645 |
| **Financials - 10.9%** |  |  |
| Air Lease Corp., 2.875%, 1/15/26 | 500000 | 492887 |
| Air Lease Corp., 1.875%, 8/15/26 | 250000 | 241155 |
| American Express Co., (Secured Overnight Financing Rate + 1.940%) (B) (C), 6.489%, 10/30/31 | 500000 | 541569 |
| American International Group, Inc., 4.750%, 4/1/48 | 150000 | 129867 |
| Athene Holding Ltd., 6.250%, 4/1/54 | 250000 | 242678 |
| Bank of America Corp., (Secured Overnight Financing Rate + 1.910%) (B) (C), 5.288%, 4/25/34 | 350000 | 350687 |
| Bank of America Corp., (Secured Overnight Financing Rate + 1.650%) (B) (C), 5.468%, 1/23/35 | 250000 | 253066 |
| Bank of America Corp., Series N, (Secured Overnight Financing Rate + 0.910%) (B) (C), 1.658%, 3/11/27 | 400000 | 390147 |
| Bank of New York Mellon Corp., (Secured Overnight Financing Index + 2.074%) (B) (C), 5.834%, 10/25/33 | 500000 | 526845 |
| Berkshire Hathaway Finance Corp., 3.850%, 3/15/52 | 350000 | 268116 |
| Capital One Financial Corp., (Secured Overnight Financing Rate + 2.057%) (B) (C), 4.927%, 5/10/28 | 350000 | 351228 |
| Capital One Financial Corp., (Secured Overnight Financing Rate + 2.640%) (B) (C), 6.312%, 6/8/29 | 400000 | 416425 |
| Capital One Financial Corp., (Secured Overnight Financing Rate + 1.790%) (B) (C), 3.273%, 3/1/30 | 350000 | 329368 |
| CBRE Services, Inc., 4.800%, 6/15/30 | 250000 | 248272 |
| Citibank NA, 5.803%, 9/29/28 | 250000 | 261538 |
| Citigroup, Inc., (Secured Overnight Financing Rate + 2.086%) (B) (C), 4.910%, 5/24/33 | 350000 | 343724 |
| Citigroup, Inc., (5 year CMT + 1.730%) (B) (C), 5.411%, 9/19/39 | 400000 | 381229 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 350000 | 219634 |
| Fifth Third Bancorp, 2.550%, 5/5/27 | 350000 | 336815 |
| Fifth Third Bancorp, (Secured Overnight Financing Rate + 2.340%) (B) (C), 6.339%, 7/27/29 | 400000 | 419092 |
| Fifth Third Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.337%, 4/25/33 | 350000 | 327683 |
| Five Corners Funding Trust II (A), 2.850%, 5/15/30 | 250000 | 229138 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32 | 400000 | 344634 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 400000 | 394286 |
| Goldman Sachs Group, Inc., (Secured Overnight Financing Rate + 0.913%) (B) (C), 1.948%, 10/21/27 | 500000 | 481453 |
| Huntington Bancshares, Inc., (Secured Overnight Financing Rate + 2.020%) (B) (C), 6.208%, 8/21/29 | 350000 | 363637 |
| Intercontinental Exchange, Inc., 4.600%, 3/15/33 | 350000 | 344596 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 450000 | 378598 |
| Jefferies Financial Group, Inc., 6.200%, 4/14/34 | 200000 | 202334 |
| JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.620%) (B) (C), 5.336%, 1/23/35 | 500000 | 503477 |
| JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.680%) (B) (C), 5.572%, 4/22/36 | 500000 | 510366 |
| KeyBank NA, 5.000%, 1/26/33 | 250000 | 240396 |
| KeyCorp, 4.100%, 4/30/28 | 400000 | 394075 |
| KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50 | 250000 | 165982 |
| Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60 | 150000 | 99097 |
| LPL Holdings, Inc. (A), 4.000%, 3/15/29 | 350000 | 336744 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.830%) (B) (C), 6.407%, 11/1/29 | 450000 | 475850 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.108%) (B) (C), 5.230%, 1/15/31 | 350000 | 356221 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.020%) (B) (C), 1.928%, 4/28/32 | 500000 | 420548 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.730%) (B) (C), 5.466%, 1/18/35 | 500000 | 504149 |
| Nasdaq, Inc., 1.650%, 1/15/31 | 450000 | 383998 |
| Old Republic International Corp., 3.850%, 6/11/51 | 300000 | 206930 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250000 | 226095 |
| PNC Bank NA, 2.700%, 10/22/29 | 250000 | 229873 |
| PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 2.284%) (B) (C), 6.875%, 10/20/34 | 300000 | 329335 |
| Realty Income Corp., 4.850%, 3/15/30 | 400000 | 404082 |
| Realty Income Corp., 5.125%, 4/15/35 | 250000 | 247105 |
| Regions Financial Corp., 1.800%, 8/12/28 | 500000 | 455823 |
| State Street Corp., (Secured Overnight Financing Rate + 1.490%) (B) (C), 3.031%, 11/1/34 | 250000 | 228283 |
| Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50 | 300000 | 200135 |
| Truist Bank, 2.250%, 3/11/30 | 325000 | 285829 |
| Truist Financial Corp., (Secured Overnight Financing Rate + 1.852%) (B) (C), 5.122%, 1/26/34 | 400000 | 391175 |
| Truist Financial Corp., (Secured Overnight Financing Rate + 2.361%) (B) (C), 5.867%, 6/8/34 | 600000 | 614039 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.548%, 7/22/28 | 500000 | 501132 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.560%) (B) (C), 5.384%, 1/23/30 | 250000 | 255705 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.600%) (B) (C), 4.839%, 2/1/34 | 525000 | 508735 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 1.740%) (B) (C), 5.574%, 7/25/29 | 500000 | 513893 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 1.500%) (B) (C), 5.198%, 1/23/30 | 600000 | 611466 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 1.110%) (B) (C), 5.244%, 1/24/31 | 500000 | 509638 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 2.020%) (B) (C), 5.389%, 4/24/34 | 350000 | 351110 |
| Welltower OP LLC, 2.050%, 1/15/29 | 500000 | 458157 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 300000 | 264506 |
|  |  | 21994650 |
| **Health Care - 1.6%** |  |  |
| AbbVie, Inc., 5.400%, 3/15/54 | 675000 | 648092 |
| Amgen, Inc., 5.650%, 3/2/53 | 150000 | 144106 |
| Block, Inc., 2.750%, 6/1/26 | 450000 | 439226 |
| Centene Corp., 2.450%, 7/15/28 | 500000 | 459392 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Core Bond Fund Portfolio of Investments (unaudited) – continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| GE HealthCare Technologies, Inc., 5.600%, 11/15/25 | $750000 | $753423 |
| GE HealthCare Technologies, Inc., 6.377%, 11/22/52 | 250000 | 263092 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30 | 250000 | 221931 |
| Humana, Inc., 5.375%, 4/15/31 | 250000 | 252785 |
|  |  | 3182047 |
| **Industrials - 2.2%** |  |  |
| Ashtead Capital, Inc. (A), 2.450%, 8/12/31 | 600000 | 509052 |
| Ball Corp., 4.875%, 3/15/26 | 475000 | 471304 |
| Boeing Co., 6.858%, 5/1/54 | 500000 | 534467 |
| Carrier Global Corp., 3.577%, 4/5/50 | 68000 | 48779 |
| Carrier Global Corp., 6.200%, 3/15/54 | 174000 | 182755 |
| Nordson Corp., 5.800%, 9/15/33 | 100000 | 102385 |
| Norfolk Southern Corp., 5.950%, 3/15/64 | 250000 | 253504 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 350000 | 319267 |
| Quanta Services, Inc., 2.900%, 10/1/30 | 500000 | 451844 |
| TD SYNNEX Corp., 1.750%, 8/9/26 | 500000 | 478253 |
| Textron, Inc., 2.450%, 3/15/31 | 250000 | 217608 |
| United Rentals North America, Inc., 5.500%, 5/15/27 | 500000 | 498920 |
| Vontier Corp., 1.800%, 4/1/26 | 300000 | 291474 |
|  |  | 4359612 |
| **Information Technology - 1.4%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 9781 |
| Dell International LLC/EMC Corp., 8.350%, 7/15/46 | 87000 | 105673 |
| Dell International LLC/EMC Corp., 3.450%, 12/15/51 | 625000 | 413642 |
| Fiserv, Inc., 3.500%, 7/1/29 | 250000 | 237973 |
| Gartner, Inc. (A), 4.500%, 7/1/28 | 400000 | 394253 |
| HP, Inc., 2.650%, 6/17/31 | 600000 | 518313 |
| Iron Mountain, Inc. (A), 4.500%, 2/15/31 | 275000 | 254694 |
| Oracle Corp., 3.950%, 3/25/51 | 750000 | 540009 |
| VMware LLC, 2.200%, 8/15/31 | 500000 | 424537 |
|  |  | 2898875 |
| **Materials - 0.2%** |  |  |
| Celanese U.S. Holdings LLC, 6.415%, 7/15/27 | 160000 | 161522 |
| LYB International Finance III LLC, 3.625%, 4/1/51 | 400000 | 258733 |
|  |  | 420255 |
| **Technology - 0.6%** |  |  |
| Micron Technology, Inc., 5.650%, 11/1/32 | 250000 | 252803 |
| NetApp, Inc., 5.500%, 3/17/32 | 400000 | 404120 |
| Paychex, Inc., 5.600%, 4/15/35 | 500000 | 508591 |
|  |  | 1165514 |
| **Utilities - 1.6%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 400000 | 390048 |
| Berkshire Hathaway Energy Co., 1.650%, 5/15/31 | 350000 | 294634 |
| DTE Electric Co., 5.400%, 4/1/53 | 250000 | 240803 |
| Duke Energy Corp., 3.750%, 9/1/46 | 500000 | 361316 |
| Duke Energy Progress LLC, 3.700%, 10/15/46 | 500000 | 373891 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 700000 | 440869 |
| Interstate Power & Light Co., 3.500%, 9/30/49 | 250000 | 173393 |
| NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28 | 500000 | 463673 |
| PECO Energy Co., 3.050%, 3/15/51 | 750000 | 481067 |
|  |  | 3219694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $55,395,447) |  | 51839234 |
| **FOREIGN CORPORATE BONDS - 2.6%** |  |  |
| **Consumer Discretionary - 0.1%** |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28 | 250000 | 248237 |
| **Energy - 0.1%** |  |  |
| Enbridge, Inc., 5.700%, 3/8/33 | 250000 | 254830 |
| **Financials - 1.4%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/26 | 500000 | 488784 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 250000 | 249355 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 500000 | 487513 |
| Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.530%) (B) (C), 5.475%, 2/22/31 | 500000 | 514692 |
| Royal Bank of Canada, 5.150%, 2/1/34 | 400000 | 405173 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 300000 | 291326 |
| UBS Group AG, (1 year CMT + 2.050%) (A) (B) (C), 4.703%, 8/5/27 | 400000 | 399812 |
|  |  | 2836655 |
| **Health Care - 0.6%** |  |  |
| Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53 | 400000 | 371190 |
| Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63 | 250000 | 227312 |
| Royalty Pharma PLC, 2.200%, 9/2/30 | 200000 | 173239 |
| STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51 | 500000 | 348190 |
|  |  | 1119931 |
| **Industrials - 0.3%** |  |  |
| BAE Systems PLC (A), 5.300%, 3/26/34 | 500000 | 505647 |
| **Materials - 0.1%** |  |  |
| Nutrien Ltd., 5.800%, 3/27/53 | 250000 | 243173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,431,421) |  | 5208473 |
| **MORTGAGE BACKED SECURITIES - 34.7%** |  |  |
| **Fannie Mae - 18.7%** |  |  |
| 3.000%, 9/1/30 Pool # 890696 | 166460 | 162930 |
| 3.000%, 12/1/30 Pool # AL8924 | 73939 | 72632 |
| 7.000%, 11/1/31 Pool # 607515 | 1935 | 2019 |
| 3.500%, 12/1/31 Pool # MA0919 | 63181 | 62141 |
| 6.500%, 3/1/32 Pool # 631377 | 7616 | 7862 |
| 6.500%, 5/1/32 Pool # 636758 | 428 | 441 |
| 7.000%, 5/1/32 Pool # 644591 | 123 | 128 |
| 6.500%, 6/1/32 Pool # 545691 | 13787 | 14372 |
| 3.500%, 8/1/32 Pool # MA3098 | 86653 | 85425 |
| 3.500%, 9/1/32 Pool # MA3126 | 58763 | 58005 |
| 5.500%, 11/1/33 Pool # 555880 | 18594 | 19077 |
| 4.000%, 2/1/35 Pool # MA2177 | 182668 | 181375 |
| 3.500%, 12/1/35 Pool # MA2473 | 181351 | 176710 |
| 4.500%, 12/1/35 Pool # 745147 | 2911 | 2879 |
| 2.500%, 9/1/36 Pool # FS4049 | 530786 | 496240 |
| 6.000%, 11/1/36 Pool # 902510 | 24446 | 25486 |
| 6.000%, 10/1/37 Pool # 947563 | 27455 | 28711 |
| 6.500%, 12/1/37 Pool # 889072 | 18175 | 19193 |
| 4.500%, 5/1/38 Pool # MA5013 | 902603 | 895647 |
| 6.500%, 8/1/38 Pool # 987711 | 47494 | 50045 |
| 3.000%, 11/1/39 Pool # MA3831 | 83471 | 77541 |
| 4.000%, 9/1/40 Pool # AE3039 | 193487 | 186619 |
| 4.000%, 1/1/41 Pool # AB2080 | 150658 | 145185 |
| 2.500%, 5/1/41 Pool # MA4334 | 1113440 | 980278 |
| 5.500%, 7/1/41 Pool # AL6588 | 144311 | 148441 |
| 2.500%, 8/1/41 Pool # FM8460 | 217750 | 191593 |
| 4.000%, 9/1/41 Pool # AJ1406 | 66374 | 63983 |
| 4.000%, 10/1/41 Pool # AJ4046 | 211158 | 204526 |
| 3.500%, 11/1/41 Pool # AB3867 | 79540 | 74316 |
| 2.500%, 3/1/42 Pool # MA4571 | 2278280 | 1997137 |
| 4.000%, 3/1/42 Pool # AL1998 | 325056 | 313245 |
| 3.500%, 6/1/42 Pool # AO4134 | 339054 | 316781 |
| 3.500%, 8/1/42 Pool # AP2133 | 172827 | 161474 |
| 3.000%, 9/1/42 Pool # AP6568 | 45594 | 41458 |
| 3.500%, 9/1/42 Pool # AB6228 | 98823 | 92330 |
| 4.000%, 10/1/42 Pool # AP7363 | 224058 | 215590 |
| 3.500%, 1/1/43 Pool # AQ9326 | 207331 | 193710 |
| 3.000%, 2/1/43 Pool # AL3072 | 328752 | 298968 |
| 3.500%, 3/1/43 Pool # AT0310 | 159072 | 148621 |
| 3.500%, 4/1/43 Pool # AT2887 | 174137 | 162696 |
| 5.000%, 11/1/44 Pool # MA5539 | 697439 | 693431 |
| 4.000%, 1/1/45 Pool # AS4257 | 49714 | 47250 |
| 4.500%, 10/1/46 Pool # MA2783 | 28748 | 27991 |
| 3.000%, 1/1/47 Pool # BE0108 | 294101 | 261043 |
| 2.500%, 12/1/47 Pool # FM3165 | 892273 | 760833 |
| 3.000%, 1/1/48 Pool # FM1303 | 984425 | 873868 |
| 3.000%, 8/1/48 Pool # FS0517 | 679048 | 602334 |
| 3.000%, 1/1/49 Pool # FS4296 | 654461 | 592615 |
| 4.000%, 11/1/50 Pool # FM5530 | 505591 | 473449 |
| 2.000%, 1/1/52 Pool # FS0173 | 989000 | 798020 |
| 2.000%, 3/1/52 Pool # CB3105 | 410707 | 331394 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Core Bond Fund Portfolio of Investments (unaudited) – concluded**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2, 3) |
| 2.500%, 3/1/52 Pool # BV4133 | $508294 | $423270 |
| 3.000%, 3/1/52 Pool # CB3115 | 799938 | 701093 |
| 2.500%, 4/1/52 Pool # FS4138 | 1608609 | 1355670 |
| 3.500%, 5/1/52 Pool # FS1866 | 850884 | 769158 |
| 4.000%, 5/1/52 Pool # FS1818 | 3006043 | 2804842 |
| 3.500%, 6/1/52 Pool # CB3845 | 825193 | 745946 |
| 3.500%, 7/1/52 Pool # FS2812 | 513812 | 469021 |
| 3.500%, 8/1/52 Pool # CB4361 | 866526 | 783320 |
| 4.500%, 8/1/52 Pool # FS2605 | 1316596 | 1262133 |
| 4.000%, 9/1/52 Pool # MA4732 | 424046 | 394995 |
| 4.500%, 9/1/52 Pool # FS2821 | 642756 | 616375 |
| 5.000%, 10/1/52 Pool # MA4785 | 2018259 | 1979177 |
| 5.500%, 10/1/52 Pool # MA4786 | 750104 | 749518 |
| 5.000%, 11/1/52 Pool # MA4806 | 829349 | 814615 |
| 5.000%, 12/1/52 Pool # MA4841 | 2979394 | 2924346 |
| 5.500%, 12/1/52 Pool # MA4842 | 811817 | 811246 |
| 4.500%, 7/1/53 Pool # FS4996 | 558391 | 535741 |
| 5.500%, 7/1/53 Pool # MA5072 | 3198751 | 3195982 |
| 5.500%, 9/1/53 Pool # FS5575 | 605887 | 609117 |
| 5.500%, 5/1/54 Pool # FS7759 | 963323 | 963251 |
| 5.000%, 1/1/55 Pool # MA5585 | 981735 | 959895 |
|  |  | 37706749 |
| **Freddie Mac - 16.0%** |  |  |
| 4.500%, 5/1/25 Pool # J12247 | 290 | 290 |
| 8.000%, 6/1/30 Pool # C01005 | 195 | 204 |
| 6.500%, 1/1/32 Pool # C62333 | 4453 | 4587 |
| 2.500%, 2/1/32 Pool # ZS8641 | 143983 | 138428 |
| 3.500%, 8/1/32 Pool # C91485 | 78342 | 77030 |
| 4.000%, 5/1/33 Pool # G18693 | 124837 | 124834 |
| 4.500%, 6/1/34 Pool # C01856 | 112114 | 110948 |
| 2.500%, 6/1/35 Pool # RC1421 | 247614 | 231067 |
| 2.000%, 1/1/36 Pool # SB0546 | 650588 | 595149 |
| 6.500%, 11/1/36 Pool # C02660 | 2240 | 2358 |
| 5.500%, 1/1/37 Pool # G04593 | 69271 | 71361 |
| 5.500%, 11/1/37 Pool # A68787 | 43193 | 44152 |
| 5.500%, 12/1/38 Pool # G05267 | 126802 | 129165 |
| 4.500%, 8/1/39 Pool # G08361 | 124218 | 123229 |
| 5.000%, 5/1/40 Pool # SB8384 | 1000000 | 1004686 |
| 3.500%, 11/1/40 Pool # G06168 | 117098 | 109547 |
| 2.000%, 3/1/41 Pool # RB5105 | 839387 | 722622 |
| 2.500%, 6/1/41 Pool # SC0151 | 658299 | 579387 |
| 4.000%, 10/1/41 Pool # Q04092 | 284505 | 274508 |
| 4.500%, 3/1/42 Pool # G07491 | 138719 | 137342 |
| 2.500%, 9/1/42 Pool # SC0314 | 419571 | 368589 |
| 3.000%, 9/1/42 Pool # C04233 | 209310 | 190628 |
| 3.000%, 2/1/43 Pool # Q15767 | 146261 | 133453 |
| 3.000%, 4/1/43 Pool # V80026 | 520130 | 471940 |
| 3.500%, 8/1/44 Pool # Q27927 | 176190 | 163180 |
| 3.000%, 7/1/45 Pool # G08653 | 248333 | 221097 |
| 3.500%, 8/1/45 Pool # Q35614 | 174880 | 161695 |
| 3.000%, 11/1/45 Pool # G08675 | 204703 | 182039 |
| 3.000%, 1/1/46 Pool # G08686 | 259942 | 231109 |
| 3.000%, 10/1/46 Pool # G60722 | 266651 | 236821 |
| 3.500%, 11/1/47 Pool # Q52079 | 217738 | 199405 |
| 2.500%, 4/1/48 Pool # QA2240 | 871655 | 742671 |
| 3.000%, 7/1/49 Pool # QA1033 | 303437 | 266193 |
| 2.500%, 6/1/51 Pool # QC2842 | 831151 | 693845 |
| 2.500%, 1/1/52 Pool # SD7552 | 3312493 | 2785048 |
| 3.500%, 4/1/52 Pool # SD0960 | 1124471 | 1027768 |
| 3.500%, 5/1/52 Pool # RA7380 | 1205260 | 1087330 |
| 3.000%, 8/1/52 Pool # SD7556 | 1372841 | 1203213 |
| 4.500%, 9/1/52 Pool # SD8245 | 630236 | 602680 |
| 4.500%, 11/1/52 Pool # SD8266 | 1891172 | 1808619 |
| 5.000%, 11/1/52 Pool # SD8267 | 2479051 | 2430408 |
| 5.500%, 11/1/52 Pool # SD8268 | 2211801 | 2216068 |
| 4.500%, 12/1/52 Pool # SD1921 | 1046260 | 1006483 |
| 5.000%, 12/1/52 Pool # RA8278 | 2543556 | 2493646 |
| 5.500%, 12/1/52 Pool # SD8277 | 1002559 | 1002240 |
| 5.000%, 2/1/53 Pool # SD8299 | 742814 | 727872 |
| 5.500%, 2/1/53 Pool # SD2172 | 508928 | 511741 |
| 5.000%, 5/1/53 Pool # SD2875 | 1337706 | 1327055 |
| 5.500%, 6/1/53 Pool # SD3174 | 855348 | 858909 |
| 5.500%, 8/1/53 Pool # SD8349 | 646033 | 644746 |
| 6.000%, 9/1/53 Pool # SD3739 | 1140698 | 1162607 |
| 5.500%, 2/1/54 Pool # SD4901 | 640635 | 641280 |
|  |  | 32281272 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 2/20/29 Pool # 2714 | 1482 | 1519 |
| 6.500%, 4/20/31 Pool # 3068 | 1067 | 1115 |
| 4.000%, 4/15/39 Pool # 698089 | 8758 | 8401 |
|  |  | 11035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $72,364,875) |  | 69999056 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 24.7%** |  |  |
| **U.S. Treasury Bonds - 9.1%** |  |  |
| 6.625%, 2/15/27 | 2000000 | 2108984 |
| 5.375%, 2/15/31 | 1250000 | 1347852 |
| 4.500%, 5/15/38 | 1250000 | 1270020 |
| 2.250%, 5/15/41 | 3000000 | 2196445 |
| 3.750%, 8/15/41 | 4250000 | 3837451 |
| 4.625%, 5/15/44 | 1150000 | 1141016 |
| 3.000%, 5/15/45 | 1000000 | 773828 |
| 3.000%, 5/15/47 | 500000 | 378809 |
| 1.250%, 5/15/50 | 1500000 | 731602 |
| 1.875%, 2/15/51 | 1500000 | 854238 |
| 4.125%, 8/15/53 | 2000000 | 1814844 |
| 4.250%, 8/15/54 | 2000000 | 1857812 |
|  |  | 18312901 |
| **U.S. Treasury Notes - 15.6%** |  |  |
| 4.625%, 6/15/27 | 2500000 | 2551074 |
| 4.000%, 2/29/28 | 4250000 | 4292334 |
| 4.625%, 9/30/28 | 4750000 | 4897510 |
| 2.625%, 2/15/29 | 1000000 | 962812 |
| 3.875%, 11/30/29 | 3750000 | 3771826 |
| 4.000%, 7/31/30 | 2500000 | 2524316 |
| 4.250%, 6/30/31 | 2500000 | 2547852 |
| 4.125%, 11/15/32 | 2500000 | 2520117 |
| 4.000%, 2/15/34 | 3250000 | 3220039 |
| 4.375%, 5/15/34 | 4100000 | 4171270 |
|  |  | 31459150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,797,727) |  | 49772051 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 1.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.290% | 3302200 | 3302200 |
| State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.360% | 250513 | 250513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,552,713) |  | 3552713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $210,460,414\*\*) |  | 200985216 |
| **NET OTHER ASSETS AND LIABILITIES - 0.3%** |  | 568839 |
| **TOTAL NET ASSETS - 100.0%** |  | $201554055 |

---

\*\* Aggregate cost for Federal tax purposes was $210,582,851.

(A) Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or other qualified institutional buyers."

(B) Floating rate or variable rate note. Rate shown is as of April 30, 2025.

(C) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents
the rate at April 30, 2025.

(D) Stepped rate security. Rate shown is as of April 30, 2025.

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

(F) All or a portion of these securities, with an aggregate fair value of $245,182, are on loan as part of a securities lending program.
See footnote (D) and Note 11 for details on the securities lending program.

(G) 7-day yield.

(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.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 85.0%** |  |  |
| **Communication Services - 5.0%** |  |  |
| Alphabet, Inc., Class C (A) | 18000 | $2896020 |
| Comcast Corp., Class A (A) | 86000 | 2941200 |
| T-Mobile U.S., Inc. (A) | 15500 | 3827725 |
|  |  | 9664945 |
| **Consumer Discretionary - 5.7%** |  |  |
| Las Vegas Sands Corp. (A) | 216000 | 7920720 |
| Lowe's Cos., Inc. (A) | 14000 | 3129840 |
|  |  | 11050560 |
| **Consumer Staples - 13.0%** |  |  |
| Archer-Daniels-Midland Co. (A) | 96000 | 4584000 |
| Constellation Brands, Inc., Class A (A) | 22100 | 4144634 |
| Dollar Tree, Inc.\* (A) | 73000 | 5969210 |
| Hershey Co. (A) | 31000 | 5182890 |
| PepsiCo, Inc. (A) | 38100 | 5165598 |
|  |  | 25046332 |
| **Energy - 10.7%** |  |  |
| APA Corp. (A) | 205000 | 3185700 |
| Cameco Corp. (A) | 50000 | 2257500 |
| ConocoPhillips (A) | 69200 | 6167104 |
| Matador Resources Co. (A) | 137000 | 5416980 |
| Transocean Ltd.\* | 1700000 | 3621000 |
|  |  | 20648284 |
| **Equity Real Estate Investment Trusts** |  |  |
| **(REITs) - 3.4%** |  |  |
| American Tower Corp., REIT (A) | 29500 | 6649595 |
| **Financials - 4.7%** |  |  |
| Charles Schwab Corp. (A) | 45000 | 3663000 |
| PayPal Holdings, Inc.\* (A) | 82000 | 5398880 |
|  |  | 9061880 |
| **Health Care - 15.5%** |  |  |
| Agilent Technologies, Inc. | 43000 | 4626800 |
| CVS Health Corp. (A) | 90300 | 6023913 |
| Danaher Corp. (A) | 25000 | 4983250 |
| Johnson & Johnson | 25000 | 3907750 |
| Medtronic PLC (A) | 86100 | 7297836 |
| Pfizer, Inc. | 123000 | 3002430 |
|  |  | 29841979 |
| **Industrials - 4.8%** |  |  |
| Honeywell International, Inc. (A) | 26000 | 5473000 |
| Rockwell Automation, Inc. (A) | 15300 | 3789504 |
|  |  | 9262504 |
| **Information Technology - 15.3%** |  |  |
| Accenture PLC, Class A (A) | 12600 | 3769290 |
| Adobe, Inc.\* (A) | 11600 | 4349768 |
| Advanced Micro Devices, Inc.\* (A) | 28000 | 2725800 |
| Amphenol Corp., Class A (A) | 45000 | 3462750 |
| ASML Holding NV (A) | 6500 | 4342520 |
| Microchip Technology, Inc. (A) | 78000 | 3594240 |
| MKS Instruments, Inc. (A) | 50000 | 3507000 |
| Texas Instruments, Inc. (A) | 24100 | 3857205 |
|  |  | 29608573 |
| **Materials - 3.8%** |  |  |
| Barrick Gold Corp. (A) | 385000 | 7330400 |
| **Utilities - 3.1%** |  |  |
| AES Corp. (A) | 602000 | 6020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $212,508,716) |  | 164185052 |
| **SHORT-TERM INVESTMENTS - 16.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.290% | 31086432 | 31086432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,086,432) |  | 31086432 |
| **TOTAL INVESTMENTS - 101.1%** |  |  |
| (Cost $243,595,148\*\*) |  | 195271484 |
| **TOTAL CALL AND PUT OPTIONS WRITTEN - (1.0%)** |  | (2007265) |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (81330) |
| **TOTAL NET ASSETS - 100.0%** |  | $193182889 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $243,945,208.

(A) All or a portion of these securities' positions, with a value of $149,027,072, represent covers (directly or through conversion
rights) for outstanding options written.

(B) 7-day yield.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Covered Call & Equity Income Fund Portfolio of Investments (unaudited) – concluded**

**Written Option Contracts Outstanding at April 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desription** | **Exercise Price** | **Expiration Date** | **Number of Contracts** | **Notional Amount** | **Market Value** | **Premiums Paid** <br> **(Received)** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)** |
| **Call Options Written** |  |  |  |  |  |  |  |
| Accenture PLC | $330.00 | 6/20/25 | (126) | $(4158000) | $(57330) | $(99968) | $42638 |
| Adobe, Inc. | 450.00 | 6/20/25 | (116) | (5220000) | (26622) | (92104) | 65482 |
| Advanced Micro Devices, Inc. | 120.00 | 5/16/25 | (280) | (3360000) | (13440) | (70830) | 57390 |
| AES Corp. | 14.00 | 6/20/25 | (3010) | (4214000) |  | (107610) | 107610 |
| Alphabet, Inc. | 170.00 | 6/20/25 | (180) | (3060000) | (66600) | (71146) | 4546 |
| American Tower Corp. | 230.00 | 6/20/25 | (295) | (6785000) | (172575) | (185595) | 13020 |
| Amphenol Corp. | 70.00 | 5/16/25 | (450) | (3150000) | (308250) | (134534) | (173716) |
| APA Corp. | 25.00 | 6/20/25 | (1025) | (2562500) | (3587) | (39791) | 36204 |
| APA Corp. | 25.00 | 7/18/25 | (1025) | (2562500) |  | (55156) | 55156 |
| Archer-Daniels-Midland Co. | 52.50 | 6/20/25 | (960) | (5040000) | (52800) | (88359) | 35559 |
| ASML Holding NV | 760.00 | 5/16/25 | (65) | (4940000) | (6988) | (191030) | 184042 |
| Barrick Gold Corp. | 22.00 | 6/20/25 | (3850) | (8470000) | (80850) | (204812) | 123962 |
| Cameco Corp. | 44.00 | 5/16/25 | (500) | (2200000) | (136000) | (69784) | (66216) |
| Charles Schwab Corp. | 85.00 | 5/16/25 | (450) | (3825000) | (21375) | (72116) | 50741 |
| Comcast Corp. | 40.00 | 6/20/25 | (860) | (3440000) | (6880) | (45169) | 38289 |
| ConocoPhillips | 100.00 | 6/20/25 | (692) | (6920000) | (83386) | (129512) | 46126 |
| Constellation Brands, Inc. | 200.00 | 6/20/25 | (221) | (4420000) | (61327) | (81540) | 20213 |
| CVS Health Corp. | 72.50 | 5/16/25 | (903) | (6546750) | (47408) | (139937) | 92529 |
| Danaher Corp. | 230.00 | 6/20/25 | (250) | (5750000) | (15000) | (119740) | 104740 |
| Dollar Tree, Inc. | 80.00 | 5/16/25 | (730) | (5840000) | (312075) | (160093) | (151982) |
| Hershey Co. | 180.00 | 5/16/25 | (82) | (1476000) | (7585) | (21534) | 13949 |
| Hershey Co. | 180.00 | 6/20/25 | (228) | (4104000) | (59850) | (83910) | 24060 |
| Honeywell International, Inc. | 220.00 | 5/16/25 | (150) | (3300000) | (18375) | (64348) | 45973 |
| Honeywell International, Inc. | 220.00 | 6/20/25 | (110) | (2420000) | (43450) | (60078) | 16628 |
| Las Vegas Sands Corp. | 52.50 | 5/16/25 | (744) | (3906000) |  | (78372) | 78372 |
| Lowe's Cos., Inc. | 250.00 | 6/20/25 | (140) | (3500000) | (23730) | (69854) | 46124 |
| Matador Resources Co. | 60.00 | 6/20/25 | (1370) | (8220000) |  | (163014) | 163014 |
| Medtronic PLC | 95.00 | 6/20/25 | (861) | (8179500) | (28413) | (125558) | 97145 |
| Microchip Technology, Inc. | 70.00 | 5/16/25 | (480) | (3360000) |  | (71504) | 71504 |
| MKS Instruments, Inc. | 100.00 | 5/16/25 | (500) | (5000000) |  | (122732) | 122732 |
| PayPal Holdings, Inc. | 80.00 | 6/20/25 | (820) | (6560000) | (16810) | (164325) | 147515 |
| PepsiCo, Inc. | 155.00 | 6/20/25 | (381) | (5905500) | (9144) | (111238) | 102094 |
| Rockwell Automation, Inc. | 300.00 | 7/18/25 | (153) | (4590000) | (31365) | (100602) | 69237 |
| T-Mobile U.S., Inc. | 230.00 | 5/16/25 | (155) | (3565000) | (296050) | (118413) | (177637) |
| Texas Instruments, Inc. | 200.00 | 5/16/25 | (241) | (4820000) | – | (84109) | 84109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options Written** |  |  |  |  | $(2007265) | $(3598417) | $1591152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Options Written, at Value** |  |  |  |  | $(2007265) | $(3598417) | $1591152 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Dividend Income Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 97.8%** |  |  |
| **Communication Services - 2.8%** |  |  |
| Comcast Corp., Class A | 96100 | $3286620 |
| **Consumer Discretionary - 9.1%** |  |  |
| Home Depot, Inc. | 11750 | 4235757 |
| Lowe's Cos., Inc. | 14350 | 3208086 |
| McDonald's Corp. | 5700 | 1822005 |
| Starbucks Corp. | 17800 | 1424890 |
|  |  | 10690738 |
| **Consumer Staples - 7.3%** |  |  |
| Colgate-Palmolive Co. | 24800 | 2286312 |
| Hershey Co. | 11500 | 1922685 |
| PepsiCo, Inc. | 18600 | 2521788 |
| Procter & Gamble Co. | 11500 | 1869555 |
|  |  | 8600340 |
| **Energy - 9.1%** |  |  |
| Chevron Corp. | 22100 | 3006926 |
| ConocoPhillips | 21300 | 1898256 |
| EOG Resources, Inc. | 31500 | 3475395 |
| Exxon Mobil Corp. | 22700 | 2397801 |
|  |  | 10778378 |
| **Equity Real Estate Investment Trusts** |  |  |
| **(REITs) - 3.1%** |  |  |
| American Tower Corp., REIT | 16000 | 3606560 |
| **Financials - 19.2%** |  |  |
| Bank of America Corp. | 72400 | 2887312 |
| Blackrock, Inc. | 4475 | 4091314 |
| CME Group, Inc. | 18600 | 5153688 |
| JPMorgan Chase & Co. | 13700 | 3351294 |
| Marsh & McLennan Cos., Inc. | 12000 | 2705640 |
| Morgan Stanley | 33400 | 3855028 |
| U.S. Bancorp | 15000 | 605100 |
|  |  | 22649376 |
| **Health Care - 15.4%** |  |  |
| Abbott Laboratories | 23700 | 3098775 |
| AbbVie, Inc. | 17100 | 3336210 |
| Elevance Health, Inc. | 7950 | 3343611 |
| Johnson & Johnson | 26300 | 4110953 |
| Medtronic PLC | 50100 | 4246476 |
|  |  | 18136025 |
| **Industrials - 19.7%** |  |  |
| Automatic Data Processing, Inc. | 18000 | 5410800 |
| Caterpillar, Inc. | 3700 | 1144299 |
| Cummins, Inc. | 5450 | 1601428 |
| Fastenal Co. | 47600 | 3854172 |
| Honeywell International, Inc. | 19750 | 4157375 |
| Paychex, Inc. | 15900 | 2339208 |
| Rockwell Automation, Inc. | 6500 | 1609920 |
| Union Pacific Corp. | 14225 | 3067763 |
|  |  | 23184965 |
| **Information Technology - 6.6%** |  |  |
| Accenture PLC, Class A | 3700 | 1106855 |
| Analog Devices, Inc. | 7400 | 1442408 |
| TE Connectivity PLC | 12450 | 1822431 |
| Texas Instruments, Inc. | 21250 | 3401063 |
|  |  | 7772757 |
| **Materials - 1.9%** |  |  |
| Air Products & Chemicals, Inc. | 8450 | 2290711 |
| **Utilities - 3.6%** |  |  |
| NextEra Energy, Inc. | 63800 | 4266944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $90,045,252) |  | 115263414 |
| **SHORT-TERM INVESTMENTS - 2.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.290% | 2437701 | 2437701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,437,701) |  | 2437701 |
| **TOTAL INVESTMENTS - 99.9%** |  |  |
| (Cost $92,482,953\*\*) |  |  |
|  |  | 117701115 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 93555 |
| **TOTAL NET ASSETS - 100.0%** |  | $117794670 |

---

\*\* Aggregate cost for Federal tax purposes was $93,714,019.

(A) 7-day yield.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

**Madison Funds \| April 30, 2025**

**Large Cap Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 98.8%** |  |  |
| **Communication Services - 9.3%** |  |  |
| Alphabet, Inc., Class C | 184863 | $29742608 |
| Liberty Broadband Corp., Class C\* | 82684 | 7473807 |
|  |  | 37216415 |
| **Consumer Discretionary - 14.9%** |  |  |
| Airbnb, Inc., Class A\* | 52618 | 6415187 |
| Amazon.com, Inc.\* | 101538 | 18725638 |
| Lowe's Cos., Inc. | 63788 | 14260445 |
| NIKE, Inc., Class B | 78353 | 4419109 |
| Starbucks Corp. | 87225 | 6982361 |
| TJX Cos., Inc. | 69627 | 8959603 |
|  |  | 59762343 |
| **Financials -30.3%** |  |  |
| *Capital Markets - 5.3%* |  |  |
| Brookfield Corp. | 214918 | 11534649 |
| Charles Schwab Corp. | 120034 | 9770768 |
|  |  | 21305417 |
| *Financial Services - 11.8%* |  |  |
| Berkshire Hathaway, Inc., Class B\* | 18124 | 9664623 |
| Fiserv, Inc.\* | 118047 | 21787935 |
| Visa, Inc., Class A | 46105 | 15929277 |
|  |  | 47381835 |
| *Insurance - 13.2%* |  |  |
| Arch Capital Group Ltd. | 276047 | 25031942 |
| Marsh & McLennan Cos., Inc. | 48673 | 10974301 |
| Progressive Corp. | 60947 | 17171208 |
|  |  | 53177451 |
|  |  | 121864703 |
| **Health Care - 12.7%** |  |  |
| Agilent Technologies, Inc. | 93557 | 10066733 |
| Alcon AG | 166764 | 16277834 |
| Danaher Corp. | 77714 | 15490731 |
| Elevance Health, Inc. | 22139 | 9311221 |
|  |  | 51146519 |
| **Industrials - 17.3%** |  |  |
| Copart, Inc.\* | 250961 | 15316150 |
| Deere & Co. | 21265 | 9857603 |
| Ferguson Enterprises, Inc. | 89953 | 15261426 |
| PACCAR, Inc. | 170897 | 15416618 |
| Parker-Hannifin Corp. | 22625 | 13689483 |
|  |  | 69541280 |
| **Information Technology - 14.3%** |  |  |
| Accenture PLC, Class A | 37134 | 11108636 |
| Analog Devices, Inc. | 71598 | 13955882 |
| CDW Corp. | 39460 | 6335698 |
| Keysight Technologies, Inc.\* | 91985 | 13374619 |
| Texas Instruments, Inc. | 79359 | 12701408 |
|  |  | 57476243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $227,796,557) |  | 397007503 |
| **SHORT-TERM INVESTMENTS - 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.290% | 4425934 | 4425934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,425,934) |  | 4425934 |
| **TOTAL INVESTMENTS - 99.9%** |  |  |
| (Cost $232,222,491\*\*) |  | 401433437 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 523007 |
| **TOTAL NET ASSETS - 100.0%** |  | $401956444 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $232,703,863.

(A) 7-day yield.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Mid Cap Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 96.1%** |  |  |
| **Communication Services - 6.2%** |  |  |
| Liberty Broadband Corp., Class C\* | 705012 | $63726035 |
| Liberty Media Corp.-Liberty Formula One, Class A\* | 454863 | 36639214 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 308794 | 27380764 |
|  |  | 127746013 |
| **Consumer Discretionary - 13.6%** |  |  |
| Asbury Automotive Group, Inc.\* | 195425 | 42630009 |
| Floor & Decor Holdings, Inc., Class A\* | 557880 | 39854947 |
| Lithia Motors, Inc. | 147554 | 43197909 |
| Ross Stores, Inc. | 824078 | 114546842 |
| Thor Industries, Inc. | 573180 | 41509696 |
|  |  | 281739403 |
| **Consumer Staples - 1.7%** |  |  |
| Brown-Forman Corp., Class B | 989138 | 34461568 |
| **Financials - 24.3%** |  |  |
| Arch Capital Group Ltd. | 1757554 | 159374997 |
| Brookfield Asset Management Ltd., Class A | 986416 | 52605565 |
| Brown & Brown, Inc. | 999354 | 110528552 |
| Cullen/Frost Bankers, Inc. | 196598 | 22897769 |
| Glacier Bancorp, Inc. | 536948 | 21886001 |
| Kinsale Capital Group, Inc. | 84571 | 36810373 |
| Moelis & Co., Class A | 631563 | 33839146 |
| W.R. Berkley Corp. | 939437 | 67348239 |
|  |  | 505290642 |
| **Health Care - 8.2%** |  |  |
| Labcorp Holdings, Inc. | 285346 | 68771240 |
| Medpace Holdings, Inc.\* | 151021 | 46573366 |
| Waters Corp.\* | 160273 | 55731730 |
|  |  | 171076336 |
| **Industrials - 18.6%** |  |  |
| Carlisle Cos., Inc. | 258032 | 97917984 |
| Copart, Inc.\* | 1682604 | 102689322 |
| Expeditors International of Washington, Inc. | 277086 | 30454522 |
| Graco, Inc. | 258220 | 21073334 |
| PACCAR, Inc. | 849562 | 76638988 |
| Trex Co., Inc.\* | 987794 | 57114249 |
|  |  | 385888399 |
| **Information Technology - 23.5%** |  |  |
| Amphenol Corp., Class A | 1259841 | 96944765 |
| Arista Networks, Inc.\* | 602790 | 49591533 |
| CDW Corp. | 522850 | 83948796 |
| Gartner, Inc.\* | 284877 | 119956007 |
| Microchip Technology, Inc. | 754478 | 34766346 |
| MKS Instruments, Inc. | 708972 | 49727296 |
| Teledyne Technologies, Inc.\* | 115546 | 53847903 |
|  |  | 488782646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,650,607,335) |  | 1994985007 |
| **SHORT-TERM INVESTMENTS - 3.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.290% | 79420791 | 79420791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $79,420,791) |  | 79420791 |
| **TOTAL INVESTMENTS - 99.9%** |  |  |
| (Cost $1,730,028,126\*\*) |  | 2074405798 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 2877587 |
| **TOTAL NET ASSETS - 100.0%** |  | $2077283385 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $1,730,625,940.

(A) 7-day yield.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Small Cap Fund Portfolio of Investments (unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2, 3) |
| **COMMON STOCKS - 93.8%** |  |  |
| **Communication Services - 2.4%** |  |  |
| Cogent Communications Holdings, Inc. | 70653 | $3839991 |
| **Consumer Discretionary - 9.2%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 23027 | 2443395 |
| OneSpaWorld Holdings Ltd. | 233935 | 3906714 |
| Revolve Group, Inc.\* | 111734 | 2221272 |
| Shake Shack, Inc., Class A\* | 44509 | 3905220 |
| VF Corp. | 203318 | 2415418 |
|  |  | 14892019 |
| **Consumer Staples - 8.6%** |  |  |
| Edgewell Personal Care Co. | 100196 | 3060988 |
| Hain Celestial Group, Inc.\* | 487759 | 1482787 |
| Primo Brands Corp. | 126517 | 4133311 |
| Simply Good Foods Co.\* | 145830 | 5265921 |
|  |  | 13943007 |
| **Energy - 0.9%** |  |  |
| Chord Energy Corp. | 16812 | 1516947 |
| **Financials - 12.1%** |  |  |
| Axis Capital Holdings Ltd. | 53982 | 5199546 |
| Baldwin Insurance Group, Inc.\* | 98205 | 4087292 |
| Hanover Insurance Group, Inc. | 9702 | 1611502 |
| Moelis & Co., Class A | 46756 | 2505187 |
| Texas Capital Bancshares, Inc.\* | 48282 | 3290418 |
| Western Alliance Bancorp | 40890 | 2850442 |
|  |  | 19544387 |
| **Health Care - 14.8%** |  |  |
| Encompass Health Corp. | 62988 | 7368966 |
| Globus Medical, Inc., Class A\* | 74095 | 5317798 |
| HealthEquity, Inc.\* | 60262 | 5165659 |
| Medpace Holdings, Inc.\* | 5281 | 1628608 |
| Option Care Health, Inc.\* | 140623 | 4543529 |
|  |  | 24024560 |
| **Industrials - 19.7%** |  |  |
| Carlisle Cos., Inc. | 11694 | 4437639 |
| Core & Main, Inc., Class A\* | 120975 | 6372963 |
| Crane Co. | 19151 | 3082928 |
| Hayward Holdings, Inc.\* | 319686 | 4261414 |
| Hillman Solutions Corp.\* | 148046 | 1034841 |
| Legalzoom.com, Inc.\* | 165705 | 1212961 |
| Leonardo DRS, Inc. | 100859 | 3727749 |
| Mueller Water Products, Inc., Class A | 87599 | 2298598 |
| Saia, Inc.\* | 3673 | 896212 |
| WillScot Holdings Corp. | 182426 | 4582541 |
|  |  | 31907846 |
| **Information Technology - 22.0%** |  |  |
| Box, Inc., Class A\* | 166226 | 5189576 |
| Ciena Corp.\* | 35559 | 2388142 |
| CommVault Systems, Inc.\* | 20582 | 3439870 |
| Confluent, Inc., Class A\* | 148097 | 3526190 |
| Crane NXT Co. | 25707 | 1206172 |
| CTS Corp. | 41304 | 1572856 |
| Entegris, Inc. | 40040 | 3167965 |
| FormFactor, Inc.\* | 129038 | 3631129 |
| Knowles Corp.\* | 188621 | 2968894 |
| Power Integrations, Inc. | 88947 | 4369077 |
| Workiva, Inc.\* | 55096 | 4147076 |
|  |  | 35606947 |
| **Materials - 4.1%** |  |  |
| Olin Corp. | 86140 | 1862347 |
| Scotts Miracle-Gro Co. | 96443 | 4858798 |
|  |  | 6721145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $126,725,521) |  | 151996849 |
| **SHORT-TERM INVESTMENTS - 6.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.290% | 10265058 | 10265058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,265,058) |  | 10265058 |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| (Cost $136,990,579\*\*) |  | 162261907 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (143156) |
| **TOTAL NET ASSETS - 100.0%** |  | $162118751 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $139,140,641.

(A) 7-day yield.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Statements of Assets and Liabilities as of April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative<br> Allocation<br> Fund | Moderate <br>Allocation<br> Fund | Aggressive<br> Allocation<br> Fund | Diversified <br>Income Fund | Tax-Free <br>National<br> Fund | High Quality Bond<br> Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $21090214 | $61537478 | $40616160 | $32752899 | $18790709 | $58343401 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value<sup>1</sup>‡ | 20030815 | 34795274 | 16067153 | 94462068 |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  |  | 60593 |  |
| Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 353 | 9209 | 1567 | 4022 |  | 26492 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 53225 | 74219 | 23643 | 36 | 243329 | 538766 |
| &nbsp;&nbsp;&nbsp;Other Assets |  | 41 |  | 81 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 41174607 | 96416221 | 56708523 | 127219106 | 19094631 | 58908659 |
| **Liabilities:** |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 47108 | 132008 | 54282 | 145409 | 1549 | 77917 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned | 1370796 | 9515218 | 5521766 | 2075 |  | 932225 |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 6464 | 14001 | 8152 | 20729 | 6263 | 14243 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1097 | 2408 | 1418 | 3515 | 463 | 1448 |
| &nbsp;&nbsp;&nbsp;Administrative service agreement fees | 8080 | 17501 | 10189 | 20728 | 5480 | 8092 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 7703 | 16227 | 9379 | 28644 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends |  |  |  | 2801 | 4608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1441248 | 9697363 | 5605186 | 223901 | 18363 | 1033925 |
| &nbsp;&nbsp;&nbsp;Net assets applicable to outstanding capital stock | $39733359 | $86718858 | $51103337 | $126995205 | $19076268 | $57874734 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $42376221 | $81559029 | $45572489 | $127183514 | $19756305 | $63559938 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (2642862) | 5159829 | 5530848 | (188309) | (680037) | (5685204) |
| &nbsp;&nbsp;&nbsp;Net Assets | $39733359 | $86718858 | $51103337 | $126995205 | $19076268 | $57874734 |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $39733359 | $86718858 | $51103337 | $126995205 |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4095317 | 8099473 | 4562127 | 10151291 |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.70 | $10.71 | $11.20 | $12.51 |  |  |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>2</sup> | 0.59 | 0.65 | 0.68 | 0.76 |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $10.29 | $11.36 | $11.88 | $13.27 |  |  |
| **Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $19076268 | $45266159 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>3</sup> |  |  |  |  | 1935329 | 4282187 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share |  |  |  |  | $9.86 | $10.57 |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  |  | $12608575 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>3</sup> |  |  |  |  |  | 1184506 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share |  |  |  |  |  | $10.64 |
| &nbsp;&nbsp;&nbsp;†Cost of Investments in unaffiliated securities | $20523556 | $58353208 | $38024173 | $32474980 | $19419307 | $58184303 |
| &nbsp;&nbsp;&nbsp;‡Cost of investments in affiliated securities<sup>1</sup> | $21482837 | $34168329 | $14326596 | $95330481 | $— | $— |
| &nbsp;&nbsp;&nbsp;§Fair Value of securities on loan | $1818434 | $9268719 | $5394508 | $2033 | $— | $915270 |

---

 

<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** \| April 30, 2025

**Statements of Assets and Liabilities as of April 30, 2025 (unaudited) – concluded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond <br>Fund | Covered Call & <br>Equity Income Fund | Dividend <br>Income Fund | Large Cap <br>Fund | Mid Cap <br>Fund | Small Cap <br>Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $200985216 | $195271484 | $117701115 | $401433437 | $2074405798 | $162261907 |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  |  |  |  |
| Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 292086 | 106795 | 66864 | 245643 | 5583485 | 24349 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 1489469 | 212916 | 201533 | 603084 | 71012 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 202766771 | 195591195 | 117969512 | 402282164 | 2080060295 | 162290260 |
| **Liabilities:** |  |  |  |  |  |  |
| **Payables:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | 496873 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 57266 | 239235 | 77038 | 19059 | 1376680 | 25444 |
| &nbsp;&nbsp;&nbsp;Upon return of securities loaned | 250513 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 64081 | 132569 | 67142 | 227807 | 1134048 | 115432 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 5132 | 5971 | 3604 | 11329 | 53667 | 5097 |
| &nbsp;&nbsp;&nbsp;Administrative service agreement fees | 12332 | 17477 | 17608 | 46561 | 196879 | 24873 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 5635 | 5789 | 9450 | 20964 | 15636 | 663 |
| &nbsp;&nbsp;&nbsp;Dividends | 320884 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written, at value (premiums received $3,598,417) |  | 2007265 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1212716 | 2408306 | 174842 | 325720 | 2776910 | 171509 |
| **Net assets applicable to outstanding capital stock** | $201554055 | $193182889 | $117794670 | $401956444 | $2077283385 | $162118751 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $224507488 | $233923275 | $86378433 | $220842254 | $1712854292 | $124804599 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (22953433) | (40740386) | 31416237 | 181114190 | 364429093 | 37314152 |
| **Net Assets** | $201554055 | $193182889 | $117794670 | $401956444 | $2077283385 | $162118751 |
| **Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $27884808 | $28285855 | $48495100 | $105583048 | $80654080 | $3374320 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3074859 | 3445154 | 1954245 | 3764119 | 5634938 | 344723 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.07 | $8.21 | $24.82 | $28.05 | $14.31 | $9.79 |
| &nbsp;&nbsp;&nbsp;Sales charge of offering price<sup>1</sup> | 0.43 | 0.50 | 1.51 | 1.71 | 0.87 | 0.60 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share | $9.50 | $8.71 | $26.33 | $29.76 | $15.18 | $10.39 |
| **Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $4246364 | $19133699 | $51815246 | $120911039 | $429893245 | $145410093 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 471072 | 2205570 | 2086917 | 4300605 | 27549908 | 14528163 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.01 | $8.68 | $24.83 | $28.11 | $15.60 | $10.01 |
| **Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $66384548 | $144872225 | $15320353 | $112656237 | $1228229730 | $12734814 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 7400183 | 16685334 | 617490 | 4030276 | 78554179 | 1269010 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $8.97 | $8.68 | $24.81 | $27.95 | $15.64 | $10.04 |
| **Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $103038335 | $891110 | $2163971 | $62806120 | $338506330 | $599524 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<sup>2</sup> | 11492173 | 100301 | 87146 | 2219840 | 21028766 | 59596 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $8.97 | $8.88 | $24.83 | $28.29 | $16.10 | $10.06 |
| †Cost of Investments in unaffiliated securities | $210460414 | $243595148 | $92482953 | $232222491 | $1730028126 | $136990579 |
| §Fair Value of securities on loan | $245182 | $— | $— | $— | $— | $— |

---

 

<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** \| April 30, 2025

**Statements of Operations for the Period Ended April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Conservative <br>Allocation <br>Fund | Moderate <br>Allocation <br>Fund | Aggressive <br>Allocation <br>Fund | Diversified <br>Income <br>Fund | Tax-Free <br>National <br>Fund | High Quality Bond <br>Fund |
| **Investment Income:** |  |  |  |  |  |  |
| Interest | $18094 | $43630 | $29119 | $44821 | $287575 | $1050625 |
| Dividends |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 339914 | 709955 | 402111 | 841411 |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 346258 | 536679 | 210486 | 1966060 |  |  |
| Income from securities lending | 3475 | 12574 | 9412 | 12883 |  | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 707741 | 1302838 | 651128 | 2865175 | 287575 | 1053790 |
| **Expenses:<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 41264 | 90251 | 52860 | 132213 | 36456 | 83932 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 51579 | 112813 | 66075 | 132214 | 31899 | 47503 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 2188 | 4799 | 2826 | 7005 | 922 | 2886 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C<sup>3</sup> | 27623 | 12577 | 4789 | 47081 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 41520 | 105983 | 62803 | 147972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees - Class C<sup>3</sup> | 9208 | 4192 | 1596 | 15693 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 173382 | 330615 | 190949 | 482178 | 69277 | 134321 |
| **Net Investment Income (loss)** | 534359 | 972223 | 460179 | 2382997 | 218298 | 919469 |
| **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 | 370933 | 610769 | 681863 | 1134119 | (8007) | (840317) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | (143) | 1161 | (187) | (736284) |  |  |
| Capital gain distributions received from underlying funds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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 | (560830) | (1812117) | (1637051) | (1041345) | (267789) | 1656698 |
| &nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>1</sup> | (186096) | (789744) | (656213) | (2843667) |  |  |
| **Net Realized and Unrealized Gain (Loss) on Investments** | (203959) | (1385890) | (1149296) | (2797094) | (275796) | 816381 |
| **Net Increase (Decrease) in Net Assets from Operations** | $330400 | $(413667) | $(689117) | $(414097) | $(57498) | $1735850 |

---

 

<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** \| April 30, 2025

**Statements of Operations for the Period Ended April 30, 2025 (unaudited) – concluded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond <br>Fund | Covered Call & <br>Equity Income Fund | Dividend <br>Income <br>Fund | Large Cap <br>Fund | Mid Cap <br>Fund | Small Cap <br>Fund |
| **Investment Income:** |  |  |  |  |  |  |
| Interest | $4313417 | $1241799 | $44204 | $357044 | $2677340 | $286411 |
| Dividends |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers |  | 1977233 | 1820110 | 3870751 | 18550878 | 896926 |
| &nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/reclaimed |  | (15119) | 4034 | 2653 | (114028) | (18085) |
| Income from securities lending | 1881 | 1757 |  | 1492 | 11706 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 4315298 | 3205670 | 1868348 | 4231940 | 21125896 | 1165439 |
| **Expenses:**<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 384440 | 930529 | 462891 | 1478337 | 6998204 | 818529 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees | 74410 | 124024 | 120352 | 305321 | 1248125 | 176256 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 10230 | 11901 | 7183 | 22581 | 106272 | 10158 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C<sup>2</sup> |  | 34087 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class A | 35169 | 30404 | 62895 | 139477 | 107479 | 4818 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Class C<sup>2</sup> |  | 11362 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 504249 | 1142307 | 653321 | 1945716 | 8460080 | 1009761 |
| **Net Investment Income (loss)** | 3811049 | 2063363 | 1215027 | 2286224 | 12665816 | 155678 |
| **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 written |  | 4916098 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (790111) | 3421540 | 7566122 | 12474707 | 20426358 | 14170729 |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  | 969104 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1826122 | (28996963) | (13491604) | (21862823) | (116296614) | (29349775) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 1036011 | (19690221) | (5925482) | (9388116) | (95870256) | (15179046) |
| **Net Increase (Decrease) in Net Assets from Operations** | $4847060 | $(17626858) | $(4710455) | $(7101892) | $(83204440) | $(15023368) |

---

 

<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** \| April 30, 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 |
|  | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>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 | 534359 | 1119391 | 972223 | 2154359 | 460179 | 1069073 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 542967 | 704299 | 1215971 | 3008695 | 1143968 | 1993022 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (746926) | 3959115 | (2601861) | 10092175 | (2293264) | 6886469 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 330400 | 5782805 | (413667) | 15255229 | (689117) | 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 | (458554) | (839705) | (3061416) | (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** | (572149) | (1074392) | (3225145) | (2016050) | (2200296) | (1011225) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13116958 | 1124442 | 7808633 | 3578914 | 4599931 | 2362924 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 457666 | 838187 | 3058612 | 1929329 | 2120931 | 985451 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4076605) | (5274909) | (7174553) | (16527990) | (4854266) | (8711190) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 9498019 | (3312280) | 3692692 | (11019747) | 1866596 | (5362815) |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2682 | 24965 | 17356 | 238501 | 24315 | 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) | (2086518) | (206492) |
| **Total decrease from capital stock transactions** | (3120598) | (4680865) | (1983721) | (11634009) | (219922) | (5569307) |
| **Total increase (decrease) in net assets** | (3362347) | 27548 | (5622533) | 1605170 | (3109335) | 3368032 |
| **Net Assets at end of period** | $39733359 | $43095706 | $86718858 | $92341391 | $51103337 | $54212672 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1336263 | 117061 | 707307 | 333691 | 403035 | 208301 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 47423 | 87076 | 284787 | 185157 | 186702 | 90493 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (418574) | (549279) | (661115) | (1534482) | (420379) | (763858) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 965112 | (345142) | 330979 | (1015634) | 169358 | (465064) |
| &nbsp;&nbsp;&nbsp;**Class C Shares:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Shares sold** | 266 | 2569 | 1551 | 22394 | 2123 | 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) | (193327) | (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** \| April 30, 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 |
|  | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>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 | 2382998 | 8123807 | 218298 | 382445 | 919469 | 1724511 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1087918 | 1770451 | (8007) | (22466) | (840317) | (670019) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3885012) | 7985791 | (267789) | 787256 | 1656698 | 2902681 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (414096) | 17880049 | (57498) | 1147235 | 1735850 | 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 | (3807829) | (21591879) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | (412124) | (3525283) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y |  |  | (217856) | (382340) | (702734) | (1288219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |  |  | (199615) | (398668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (4219953) | (25117162) | (217856) | (382340) | (902349) | (1686887) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21907162 | 1327885 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3776308 | 21457591 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10463808) | (20366378) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase from capital stock transactions | 15219662 | 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 |  |  | 2271355 | 48204 | 7689999 | 15120191 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 192965 | 342563 | 648917 | 1188877 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (591382) | (791308) | (10759245) | (13334123) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions |  |  | 1872938 | (400541) | (2420329) | 2974945 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 221352 | 4028101 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 199615 | 398668 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (2477179) | (1709630) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions |  |  |  |  | (2056212) | 2717139 |
| **Total increase (decrease) from capital stock transactions** | (5996099) | 4633375 | 1872938 | (400541) | (4476541) | 5692084 |
| **Total increase (decrease) in net assets** | (10630148) | (2603738) | 1597584 | 364354 | (3643040) | 7962370 |
| **Net Assets at end of period** | $126995205 | $137625353 | $19076268 | $17478684 | $57874734 | $61517774 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1708397 | 101496 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 296084 | 1656435 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (817461) | (1553011) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1187020 | 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 |  |  | 226608 | 4763 | 735062 | 1462617 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  | 19331 | 34099 | 62509 | 114874 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (59414) | (79045) | (1035897) | (1293405) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions |  |  | 186525 | (40183) | (238326) | 284086 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 21073 | 387641 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  |  |  |  | 19100 | 38257 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (236025) | (164457) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions |  |  |  |  | (195852) | 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** \| April 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Core Bond Fund | Covered Call & Equity Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Dividend Income Fund |
|  | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>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 | 3811049 | 6943236 | 2063363 | 5103704 | 1215027 | 3512497 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (790111) | (3597252) | 8337638 | 13437491 | 7566122 | 14910125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1826122 | 15537583 | (28027859) | 8234736 | (13491604) | 15739058 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 4847060 | 18883567 | (17626858) | 26775931 | (4710455) | 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 | (478620) | (963636) | (1195601) | (1753271) | (5843892) | (2860161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> |  |  | (559459) | (1431825) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (85740) | (212476) | (1253895) | (3775564) | (7335937) | (5054599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1192049) | (2030406) | (7573948) | (12761040) | (2441443) | (2203122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (1970693) | (3555734) | (42664) | (82462) | (290240) | (550222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (3727102) | (6762252) | (10625567) | (19804162) | (15911512) | (10668104) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 791360 | 677669 | 13406967 | 3937498 | 1240772 | 797271 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 471195 | 950092 | 1161987 | 1690012 | 5817199 | 2848427 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2538936) | (4133261) | (4760459) | (4849189) | (3473257) | (6734953) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1276381) | (2505500) | 9808495 | 778321 | 3584714 | (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 | 280502 | 375095 | 1866927 | 18593662 | 3637560 | 11874471 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 80602 | 191280 | 1181388 | 3606025 | 7133449 | 4925453 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1455762) | (2171078) | (18431134) | (42804065) | (18935200) | (56981653) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (1094658) | (1604703) | (15382819) | (20604378) | (8164191) | (40181729) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16865172 | 11025905 | 30507652 | 82010196 | 2282282 | 8528699 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1191945 | 1922222 | 7573947 | 12760484 | 2441443 | 2180144 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11178014) | (10092065) | (47600413) | (76233129) | (10636612) | (29662824) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 6879103 | 2856062 | (9518814) | 18537551 | (5912887) | (18953981) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4044782 | 18581724 | 644146 | 131654 | 2883422 | 348063 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 49266 | 98287 | 42664 | 82462 | 290240 | 159794 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4260868) | (15039869) | (536873) | (567207) | (3194695) | (10366935) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (166820) | 3640142 | 149937 | (353091) | (21033) | (9859078) |
| **Total increase (decrease) from capital stock transactions** | 4341244 | 2386001 | (30530272) | 705387 | (10513397) | (72084043) |
| **Total increase (decrease) in net assets** | 5461202 | 14507316 | (58782697) | 7677156 | (31135364) | (48590467) |
| **Net Assets at end of period** | $201554055 | $196092853 | $193182889 | $251965586 | $117794670 | $148930034 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Core Bond Fund | Core Bond Fund | Covered Call & Equity Income Fund | Covered Call & Equity Income Fund | Dividend Income Fund | Dividend Income Fund |
|  | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 88018 | 75294 | 1519314 | 421432 | 46988 | 29505 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 52248 | 105792 | 132566 | 180948 | 227135 | 106342 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (282188) | (459691) | (543694) | (519234) | (130975) | (248200) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (141922) | (278605) | 1108186 | 83146 | 143148 | (112353) |
| &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 | 31206 | 41967 | 199397 | 1888146 | 137392 | 439594 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 9001 | 21431 | 126856 | 368090 | 278417 | 183942 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (162720) | (243557) | (1934771) | (4400619) | (712087) | (2116801) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (122513) | (180159) | (1608518) | (2144383) | (296278) | (1493265) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1893630 | 1228231 | 3315167 | 8368172 | 81592 | 320517 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 133610 | 216196 | 814831 | 1300815 | 95364 | 81507 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1255029) | (1135386) | (5057533) | (7754598) | (393457) | (1100182) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 772211 | 309041 | (927535) | 1914389 | (216501) | (698158) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 451905 | 2076996 | 63510 | 13153 | 96746 | 12859 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 5526 | 11057 | 4492 | 8240 | 11327 | 5956 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (474463) | (1730107) | (52539) | (56708) | (107728) | (391925) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (17032) | 357946 | 15463 | (35315) | 345 | (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** \| April 30, 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 |
|  | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>2024 | (unaudited) <br>Six-Months <br>Ended <br>4/30/25 | Year Ended <br>October 31, <br>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 | 2286224 | 1291485 | 12665816 | 5183463 | 155678 | 10917 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12474707 | 21811552 | 20426358 | 92580444 | 14170729 | 18708098 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (21862823) | 75613657 | (116296614) | 151051194 | (29349775) | 37899373 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (7101892) | 98716694 | (83204440) | 248815101 | (15023368) | 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 | (6186432) | (7677989) | (4818771) | (922221) | (369450) | (11238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (7698894) | (8573541) | (27551589) | (4031088) | (15176025) | (472024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6440795) | (7275766) | (57207978) | (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** | (24343437) | (28798952) | (109385454) | (13258814) | (16937221) | (522295) |
| **Capital Stock transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4204372 | 3411398 | 4271714 | 15243003 | 325792 | 272005 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6148831 | 7630977 | 4803988 | 917461 | 368001 | 11197 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9146652) | (11218364) | (8645469) | (10928286) | (668087) | (723805) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 1206551 | (175989) | 430233 | 5232178 | 25706 | (440603) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10797607 | 25895387 | 117433667 | 249264325 | 2747241 | 6098137 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 7028872 | 7829873 | 27187188 | 3945121 | 14808585 | 460853 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (18562875) | (21354862) | (151612197) | (104769135) | (12092702) | (32180477) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (736396) | 12370398 | (6991342) | 148440311 | 5463124 | (25621487) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 20018707 | 32570300 | 486429521 | 670718017 | 1482001 | 4545491 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 6440795 | 7087145 | 57137375 | 6189298 | 1345844 | 38271 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12997455) | (29268742) | (196137967) | (181335879) | (2450122) | (5814930) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 13462047 | 10388703 | 347428929 | 495571436 | 377723 | (1231168) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7946264 | 11322207 | 123155399 | 219018810 | 712184 | 265362 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3814534 | 5271656 | 9737256 | 846593 | 45902 | 762 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10405215) | (24232107) | (89384606) | (37346944) | (549689) | (76611) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | 1355583 | (7638244) | 43508049 | 182518459 | 208397 | 189513 |
| **Total increase (decrease) from capital stock transactions** | 15287785 | 14944868 | 384375869 | 831762384 | 6074950 | (27103745) |
| **Total increase (decrease) in net assets** | (16157544) | 84862610 | 191785975 | 1067318671 | (25885639) | 28992348 |
| **Net Assets at end of period** | $401956444 | $418113988 | $2077283385 | $1885497410 | $162118751 | $188004390 |
| **Capital Share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 141838 | 119633 | 278293 | 1010839 | 29432 | 26003 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 209572 | 288621 | 316677 | 63361 | 32975 | 1111 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (307160) | (394961) | (571379) | (731646) | (59219) | (68365) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 44250 | 13293 | 23591 | 342554 | 3188 | (41251) |
| &nbsp;&nbsp;&nbsp;**Class Y Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 359308 | 930821 | 7053267 | 15264555 | 233454 | 568853 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 239159 | 295802 | 1646710 | 251282 | 1297860 | 44917 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (620772) | (745573) | (9267671) | (6382084) | (1071845) | (3039480) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (22305) | 481050 | (567694) | 9133753 | 459469 | (2425710) |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 679317 | 1166586 | 29489417 | 40898038 | 136110 | 424466 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 220500 | 269268 | 3454497 | 393721 | 117747 | 3723 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (441517) | (1041176) | (12123939) | (10948520) | (218044) | (562237) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 458300 | 394678 | 20819975 | 30343239 | 35813 | (134048) |
| &nbsp;&nbsp;&nbsp;**Class R6 Shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 249182 | 407765 | 7036681 | 12774619 | 56105 | 22854 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 129044 | 198034 | 571771 | 52388 | 4005 | 74 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (341469) | (838754) | (5302737) | (2184721) | (41817) | (6859) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 36757 | (232955) | 2305715 | 10642286 | 18293 | 16069 |

---

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **CONSERVATIVE ALLOCATION FUND** |
|  | **CLASS A** | **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,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $9.76 | $8.78 | $8.85 | $11.12 | $11.15 | $10.96 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.14<sup>1</sup> | 0.26<sup>1</sup> | 0.21 | 0.20 | 0.10 | 0.13<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.06) | 0.97 | (0.08) | (1.77) | 0.63 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.08 | 1.23 | 0.13 | (1.57) | 0.73 | 0.59 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.25) | (0.20) | (0.19) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.51) | (0.58) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.25) | (0.20) | (0.70) | (0.76) | (0.40) |
| Net increase (decrease) in net asset value | (0.06) | 0.98 | (0.07) | (2.27) | (0.03) | 0.19 |
| **Net Asset Value at end of period** | $9.70 | $9.76 | $8.78 | $8.85 | $11.12 | $11.15 |
| **Total Return (%)**<sup>3</sup>** | 0.83<sup>4</sup> | 14.12 | 1.36 | (15.00) | 6.72 | 5.62 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $39733 | $30555 | $30510 | $35084 | $45932 | $44146 |
| Ratios of expenses to average net assets (%) | 0.71<sup>5</sup> | 0.70 | 0.71 | 0.71 | 0.71 | 0.70 |
| Ratio of net investment income to average net assets (%) | 2.72<sup>5</sup> | 2.73 | 2.24 | 1.97 | 0.86 | 1.19 |
| Portfolio turnover (%)<sup>6</sup> | 23<sup>4</sup> | 51 | 53 | 84 | 63 | 73 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **MODERATE ALLOCATION FUND** |
|  | **CLASS A** | **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,** |
|  | **(unaudited)** <br>**Six-Months** <br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $11.15 | $9.70 | $9.59 | $12.22 | $11.85 | $11.76 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.12<sup>1</sup> | 0.25<sup>1</sup> | 0.20 | 0.28 | 0.09 | 0.12<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.16) | 1.42 | 0.04 | (1.94) | 1.35 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.04) | 1.67 | 0.24 | (1.66) | 1.44 | 0.55 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.22) | (0.13) | (0.29) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.14) | – | – | (0.68) | (0.94) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.22) | (0.13) | (0.97) | (1.07) | (0.46) |
| Net increase (decrease) in net asset value | (0.44) | 1.45 | 0.11 | (2.63) | 0.37 | 0.09 |
| **Net Asset Value at end of period** | $10.71 | $11.15 | $9.70 | $9.59 | $12.22 | $11.85 |
| **Total Return (%)**<sup>3</sup>** | (0.39)<sup>4</sup> | 17.42 | 2.55 | (14.88) | 12.66 | 4.75 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $86719 | $86640 | $85230 | $92669 | $119035 | $111135 |
| Ratios of expenses to average net assets (%) | 0.71<sup>5</sup> | 0.70 | 0.70 | 0.71 | 0.71 | 0.70 |
| Ratio of net investment income to average net assets (%) | 2.18<sup>5</sup> | 2.29 | 1.97 | 2.54 | 0.70 | 0.96 |
| Portfolio turnover (%)<sup>6</sup> | 27<sup>4</sup> | 51 | 67 | 95 | 71 | 87 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **AGGRESSIVE ALLOCATION FUND** |
|  | **CLASS A** | **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,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $11.86 | $10.06 | $9.83 | $12.75 | $11.81 | $12.02 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10<sup>1</sup> | 0.22<sup>1</sup> | 0.18 | 0.33 | 0.08 | 0.10<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.27) | 1.79 | 0.17 | (2.07) | 1.89 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.17) | 2.01 | 0.35 | (1.74) | 1.97 | 0.43 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.21) | (0.12) | (0.34) | (0.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.26) | – | – | (0.84) | (0.94) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.49) | (0.21) | (0.12) | (1.18) | (1.03) | (0.64) |
| Net increase (decrease) in net asset value | (0.66) | 1.80 | 0.23 | (2.92) | 0.94 | (0.21) |
| **Net Asset Value at end of period** | $11.20 | $11.86 | $10.06 | $9.83 | $12.75 | $11.81 |
| **Total Return (%)**<sup>3</sup>** | (1.50)<sup>4</sup> | 20.11 | 3.62 | (15.22) | 17.33 | 3.59 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $51103 | $52116 | $48888 | $48969 | $60837 | $56089 |
| Ratios of expenses to average net assets (%) | 0.70<sup>5</sup> | 0.70 | 0.70 | 0.71 | 0.71 | 0.70 |
| Ratio of net investment income to average net assets (%) | 1.75<sup>5</sup> | 1.97 | 1.74 | 2.89 | 0.62 | 0.78 |
| Portfolio turnover (%)<sup>6</sup> | 31<sup>4</sup> | 55 | 71 | 99 | 84 | 105 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **DIVERSIFIED INCOME FUND** |
|  | **CLASS A** | **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,** |
|  | **(unaudited)** <br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $12.96 | $13.70 | $15.06 | $18.42 | $15.52 | $16.37 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.23<sup>1</sup> | 0.76<sup>1</sup> | 0.31 | 0.27 | 0.23 | 0.26<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.27) | 0.97 | (0.47) | (1.54) | 3.11 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.04) | 1.73 | (0.16) | (1.27) | 3.34 | 0.22 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.80) | (0.31) | (0.28) | (0.24) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.11) | (1.67) | (0.89) | (1.81) | (0.20) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (2.47) | (1.20) | (2.09) | (0.44) | (1.07) |
| Net increase (decrease) in net asset value | (0.45) | (0.74) | (1.36) | (3.36) | 2.90 | (0.85) |
| **Net Asset Value at end of period** | $12.51 | $12.96 | $13.70 | $15.06 | $18.42 | $15.52 |
| **Total Return (%)**<sup>3</sup>** | (0.32)<sup>4</sup> | 13.50 | (1.35) | (7.92) | 21.74 | 1.27 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $126995 | $116187 | $119989 | $136578 | $158336 | $134213 |
| Ratios of expenses to average net assets (%) | 0.66<sup>5</sup> | 0.66 | 1.00 | 1.11 | 1.11 | 1.10 |
| Ratio of net investment income to average net assets (%) | 3.55<sup>5</sup> | 5.85 | 2.14 | 1.61 | 1.27 | 1.66 |
| Portfolio turnover (%)<sup>6</sup> | 22<sup>4</sup> | 8 | 118 | 32 | 34 | 31 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **TAX-FREE NATIONAL FUND** |
|  | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $9.99 | $9.57 | $9.73 | $10.98 | $11.08 | $10.96 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.12<sup>1</sup> | 0.22<sup>1</sup> | 0.20 | 0.18 | 0.18 | 0.21<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 0.42 | (0.09) | (1.15) | (0.10) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.01) | 0.64 | 0.11 | (0.97) | 0.08 | 0.36 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.22) | (0.20) | (0.18) | (0.18) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | (0.07) | (0.10) | – | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.22) | (0.27) | (0.28) | (0.18) | (0.24) |
| Net increase (decrease) in net asset value | (0.13) | 0.42 | (0.16) | (1.25) | (0.10) | 0.12 |
| **Net Asset Value at end of period** | $9.86 | $9.99 | $9.57 | $9.73 | $10.98 | $11.08 |
| **Total Return (%)**<sup>3</sup>** | (0.14)<sup>4</sup> | 6.66 | 1.06 | (8.98) | 0.75 | 3.36 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $19076 | $17479 | $17114 | $17621 | $22331 | $23377 |
| Ratios of expenses to average net assets (%) | 0.76<sup>5</sup> | 0.76 | 0.76 | 0.76 | 0.76 | 0.75 |
| Ratio of net investment income to average net assets (%) | 2.39<sup>5</sup> | 2.15 | 2.02 | 1.74 | 1.65 | 1.91 |
| Portfolio turnover (%)<sup>6</sup> | 6<sup>4</sup> | 13 | 16 | 10 | 18 | 13 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **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** | **CLASS Y** | **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,** | | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **(unaudited)<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **Period Ended<br> **October 31,**<br>**2022<sup>1</sup>** |
| **Net Asset Value at beginning of period** | $10.41 | $9.99 | $9.99 | $11.15 | $11.42 | $11.11 | $10.48 | $10.05 | $10.05 | $10.84 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.16<sup>1</sup> | 0.29<sup>1</sup> | 0.20 | 0.13 | 0.10 | 0.13<sup>2</sup> | 0.18<sup>2</sup> | 0.31<sup>2</sup> | 0.22 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.16 | 0.42 | (0.01) | (1.11) | (0.24) | 0.32 | 0.15 | 0.42 | (0.02) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.32 | 0.71 | 0.19 | (0.98) | (0.14) | 0.45 | 0.33 | 0.73 | 0.20 | (0.70) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.29) | (0.19) | (0.12) | (0.10) | (0.14) | (0.17) | (0.30) | (0.20) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | - | – | – | (0.06) | (0.03) | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.29) | (0.19) | (0.18) | (0.13) | (0.14) | (0.17) | (0.30) | (0.20) | (0.09) |
| Net increase (decrease) in net asset value | 0.16 | 0.42 |  | (1.16) | (0.27) | 0.31 | 0.16 | 0.43 |  | (0.79) |
| **Net Asset Value at end of period** | $10.57 | $10.41 | $9.99 | $9.99 | $11.15 | $11.42 | $10.64 | $10.48 | $10.05 | $10.05 |
| **Total Return (%)**<sup>4</sup>** | 3.14<sup>5</sup> | 7.20 | 1.92 | (8.88) | (1.21) | 4.08 | 3.17<sup>5</sup> | 7.35 | 2.00 | (6.44) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $45266 | $47051 | $42307 | $61707 | $115682 | $184881 | $12609 | $14466 | $11248 | $15078 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.50<sup>6</sup> | 0.50 | 0.50 | 0.50 | 0.50 | 0.49 | 0.41<sup>6</sup> | 0.41 | 0.41 | 0.41<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.50<sup>6</sup> | 0.50 | 0.50 | 0.46 | 0.40 | 0.46 | 0.41<sup>6</sup> | 0.41 | 0.41 | 0.41<sup>6</sup> |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 3.27<sup>6</sup> | 2.84 | 1.91 | 1.04 | 0.76 | 1.17 | 3.36<sup>6</sup> | 2.94 | 2.00 | 1.32<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 3.27<sup>6</sup> | 2.84 | 1.91 | 1.07 | 0.86 | 1.20 | 3.36<sup>6</sup> | 2.94 | 2.00 | 1.32<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 19<sup>5</sup> | 33 | 45 | 23 | 13 | 21 | 19<sup>4</sup> | 33 | 45 | 23 |

---

 

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

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

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

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

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** | | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** | **Year Ended October 31** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $9.02 | $8.43 | $8.65 | $10.45 | $10.78 | $10.28 | $8.96 | $8.38 | $8.60 | $10.39 | $10.71 | $10.25 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.16<sup>1</sup> | 0.30<sup>1</sup> | 0.24 | 0.16 | 0.14 | 0.18<sup>2</sup> | 0.16<sup>1</sup> | 0.32<sup>1</sup> | 0.25 | 0.13 | (0.02) | 0.20<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.04 | 0.58 | (0.23) | (1.75) | (0.12) | 0.53 | 0.05 | 0.57 | (0.21) | (1.69) | 0.10 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 | 0.88 | 0.01 | (1.59) | 0.02 | 0.71 | 0.21 | 0.89 | 0.04 | (1.56) | 0.08 | 0.72 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.29) | (0.23) | (0.15) | (0.14) | (0.19) | (0.16) | (0.31) | (0.26) | (0.17) | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.06) | (0.21) | (0.02) | – | – | – | (0.06) | (0.21) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.29) | (0.23) | (0.21) | (0.35) | (0.21) | (0.16) | (0.31) | (0.26) | (0.23) | (0.40) | (0.26) |
| Net increase (decrease) in net asset value | 0.05 | 0.59 | (0.22) | (1.80) | (0.33) | 0.50 | 0.05 | 0.58 | (0.22) | (1.79) | (0.32) | 0.46 |
| **Net Asset Value at end of period** | $9.07 | $9.02 | $8.43 | $8.65 | $10.45 | $10.78 | $9.01 | $8.96 | $8.38 | $8.60 | $10.39 | $10.71 |
| **Total Return (%)**<sup>3</sup>** | 2.26<sup>4</sup> | 10.48 | 0.07 | (15.47) | 0.21 | 7.00 | 2.40<sup>4</sup> | 10.70 | 0.32 | (15.25) | 0.73 | 7.13 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $27885 | $29007 | $29453 | $32990 | $43577 | $47304 | $4246 | $5320 | $6482 | $6954 | $10783 | $102811 |
| Ratios of expenses to average net assets (%) | 0.85<sup>5</sup> | 0.85 | 0.85 | 0.85 | 0.87 | 0.90 | 0.60<sup>5</sup> | 0.60 | 0.60 | 0.60 | 0.65 | 0.65 |
| Ratio of net investment income to average net assets (%) | 3.53<sup>5</sup> | 3.33 | 2.65 | 1.57 | 1.31 | 1.78 | 3.77<sup>5</sup> | 3.57 | 2.90 | 1.80 | 1.65 | 2.03 |
| Portfolio turnover (%)<sup>6</sup> | 9<sup>4</sup> | 23 | 30 | 21 | 30 | 61 | 9<sup>4</sup> | 23 | 30 | 21 | 30 | 61 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** | **CORE BOND FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **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,** | |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **Period Ended**<br>**October 31,**<br>**2021<sup>1</sup>** | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **Period Ended**<br>**October 31,**<br>**2022<sup>2</sup>** |
| **Net Asset Value at beginning of period** | $8.92 | $8.34 | $8.56 | $10.36 | $10.39 | $8.92 | $8.34 | $8.56 | $9.90 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.17<sup>3</sup> | 0.33<sup>3</sup> | 0.27 | 0.17 | 0.11 | 0.17<sup>3</sup> | 0.33<sup>3</sup> | 0.27 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.05 | 0.57 | (0.22) | (1.72) | (0.02) | 0.05 | 0.58 | (0.22) | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.22 | 0.90 | 0.05 | (1.55) | 0.09 | 0.22 | 0.91 | 0.05 | (1.20) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.32) | (0.27) | (0.19) | (0.12) | (0.17) | (0.33) | (0.27) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | - | (0.06) | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.32) | (0.27) | (0.25) | (0.12) | (0.17) | (0.33) | (0.27) | (0.14) |
| Net increase (decrease) in net asset value | 0.05 | 0.58 | (0.22) | (1.80) | (0.03) | 0.05 | 0.58 | (0.22) | (1.34) |
| **Net Asset Value at end of period** | $8.97 | $8.92 | $8.34 | $8.56 | $10.36 | $8.97 | $8.92 | $8.34 | $8.56 |
| **Total Return (%)**<sup>4</sup>** | 2.46<sup>5</sup> | 10.86 | 0.42 | (15.20) | 0.88 | 2.50<sup>4</sup> | 10.95 | 0.50 | (12.22) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $66385 | $59134 | $52699 | $45963 | $133692 | $103038 | $102632 | $92952 | $93641 |
| Ratios of expenses to average net assets (%) | 0.50<sup>6</sup> | 0.50 | 0.50 | 0.50 | 0.50<sup>6</sup> | 0.42<sup>6</sup> | 0.42 | 0.42 | 0.42<sup>6</sup> |
| Ratio of net investment income to average net assets (%) | 3.88<sup>6</sup> | 3.68 | 3.01 | 1.77 | 1.57<sup>6</sup> | 3.96<sup>6</sup> | 3.75 | 3.09 | 2.20<sup>6</sup> |
| Portfolio turnover (%)<sup>7</sup> | 9<sup>5</sup> | 23 | 30 | 21 | 30 | 9<sup>5</sup> | 23 | 30 | 21 |

---

 

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

<sup>2</sup> Class R6 shares commenced investment operations on March 1, 2021

<sup>3</sup> Per share amounts have been calculated using the average shares method.

<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** \| April 30, 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** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)**<br>**Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2022** |
| **Net Asset Value at beginning of period** | $9.41 | $9.18 | $9.19 | $9.60 | $7.80 | $7.84 | $9.91 | $9.61 | $9.57 | $9.95 | $8.05 | $8.06 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.06<sup>1</sup> | 0.17<sup>1</sup> | 0.32 | 0.05 | 0.02 | (0.09)<sup>2</sup> | 0.09<sup>1</sup> | 0.21<sup>1</sup> | 0.17 | (0.21) | 0.04 | (0.39)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.81) | 0.81 | 0.33 | 0.17 | 2.37 | 0.60 | (0.87) | 0.85 | 0.54 | 0.46 | 2.45 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.75) | 0.98 | 0.65 | 0.22 | 2.39 | 0.51 | (0.78) | 1.06 | 0.71 | 0.25 | 2.49 | 0.55 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.75) | (0.66) | (0.43) | (0.43) | (0.39) | (0.45) | (0.76) | (0.67) | (0.43) | (0.43) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.20) | (0.16) | (0.16) | – | – | – | (0.20) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.75) | (0.66) | (0.63) | (0.59) | (0.55) | (0.45) | (0.76) | (0.67) | (0.63) | (0.59) | (0.56) |
| Net increase (decrease) in net asset value | (1.20) | 0.23 | (0.01) | (0.41) | 1.80 | (0.04) | (1.23) | 0.30 | 0.04 | (0.38) | 1.90 | (0.01) |
| **Net Asset Value at end of period** | $8.21 | $9.41 | $9.18 | $9.19 | $9.60 | $7.80 | $8.68 | $9.91 | $9.61 | $9.57 | $9.95 | $8.05 |
| **Total Return (%)<sup>3</sup>** | (8.25)<sup>4</sup> | 11.01 | 7.18 | 2.50 | 31.18 | 7.10 | (8.08)<sup>4</sup> | 11.32 | 7.49 | 2.78 | 31.54 | 7.34 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $28286 | $21991 | $20690 | $14044 | $14811 | $11996 | $19134 | $37801 | $57277 | $36964 | $66982 | $59966 |
| Ratios of expenses to average net assets (%) | 1.26<sup>5</sup> | 1.26 | 1.26 | 1.26 | 1.26 | 1.25 | 1.01<sup>5</sup> | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
| Ratio of net investment income to average net assets (%) | 1.59<sup>5</sup> | 1.81 | 1.50 | 0.57 | 0.09 | 0.70 | 2.00<sup>5</sup> | 2.14 | 1.75 | 0.84 | 0.34 | 0.98 |
| Portfolio turnover (%)<sup>6</sup> | 31<sup>4</sup> | 144 | 102 | 99 | 162 | 108 | 31<sup>4</sup> | 144 | 102 | 99 | 162 | 108 |

---

 

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** | **COVERED CALL & EQUITY INCOME FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br>**Six-Months<br> Ended**<br>**4/30/25** | **2024** | **2023** | **2022<sup>7</sup>** |<br>**(unaudited)**<br>**Six-Months<br> Ended**<br>**4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $9.92 | $9.62 | $9.57 | $9.79 | $10.14 | $9.81 | $9.74 | $10.12 | $8.17 | $8.16 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.21<sup>1</sup> | 0.29 | 0.38 | 0.09<sup>1</sup> | 0.22<sup>1</sup> | 0.03 | 0.04 | 0.17 | (0.45)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.88) | 0.85 | 0.43 | (0.18) | (0.89) | 0.87 | 0.71 | 0.23 | 2.37 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.78) | 1.06 | 0.72 | 0.20 | (0.80) | 1.09 | 0.74 | 0.27 | 2.54 | 0.57 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.76) | (0.67) | (0.42) | (0.46) | (0.76) | (0.67) | (0.45) | (0.43) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | – | – | – | – | (0.20) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.46) | (0.76) | (0.67) | (0.42) | (0.46) | (0.76) | (0.67) | (0.65) | (0.59) | (0.56) |
| Net increase (decrease) in net asset value | (2.65) | 0.30 | 0.05 | (0.22) | (1.26) | 0.33 | 0.07 | (0.38) | 1.95 | 0.01 |
| **Net Asset Value at end of period** | $8.68 | $9.92 | $9.62 | $9.57 | $8.88 | $10.14 | $9.81 | $9.74 | $10.12 | $8.17 |
| **Total Return** (%)<sup>3</sup>** | (8.16)<sup>4</sup> | 11.33 | 7.61 | 2.22 | (8.16)<sup>4</sup> | 11.44 | 7.71 | 2.89 | 31.69 | 7.51 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $144872 | $174678 | $150951 | $75060 | $891 | $860 | $1178 | $765 | $544 | $1439 |
| Ratios of expenses to average net assets (%) | 0.96<sup>5</sup> | 0.96 | 0.96 | 0.96<sup>5</sup> | 0.88<sup>5</sup> | 0.88 | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net investment income to average net assets (%) | 1.96<sup>5</sup> | 2.09 | 1.80 | 1.06<sup>5</sup> | 1.92<sup>5</sup> | 2.23 | 1.85 | 0.95 | 0.60 | 1.10 |
| Portfolio turnover (%)<sup>6</sup> | 31<sup>4</sup> | 144 | 102 | 99 | 31<sup>4</sup> | 144 | 102 | 99 | 162 | 108 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

<sup>7</sup> Class I shares commenced investment operations on March 1, 2022

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **DIVIDEND INCOME FUND** | **DIVIDEND INCOME FUND** | **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** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br> **Six-Months**<br> **Ended**<br>**4/30/25** | **2024** | **2023** | **2022** | **2021** | **Period**<br> **Ended**<br> **October 31,**<br>**2020<sup>1</sup>** | **(unaudited)**<br> **Six-Months**<br> **Ended**<br>**4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $29.11 | $25.34 | $29.27 | $34.13 | $26.10 | $25.17 | $29.12 | $25.36 | $29.29 | $34.19 | 26.14 | $27.65 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.22<sup>2</sup> | 0.50<sup>2</sup> | 0.56 | 0.52 | 0.39 | 0.16<sup>3</sup> | 0.26<sup>2</sup> | 0.58<sup>2</sup> | 0.69 | 0.60 | 0.50 | 0.513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.26) | 4.77 | (1.90) | (1.73) | 8.06 | 0.98 | (1.26) | 4.75 | (1.96) | (1.73 | 8.03 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.04) | 5.27 | (1.34) | (1.21) | 8.45 | 1.14 | (1.00) | 5.33 | (1.27) | (1.13) | 8.53 | (0.37) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.50) | (0.58) | (0.44) | (0.42) | (0.21) | (0.28) | (0.57) | (0.65) | (0.56) | (0.48) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) | (3.21) | – | – | (3.01) | (1.00) | (2.01) | (3.21 | – | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.25) | (1.50) | (2.59) | (3.65) | (0.42) | (0.21) | (3.29) | (1.57) | (2.66) | (3.77) | (0.48) | (1.14) |
| Net Increase (decrease) in net asset value | (4.29) | 3.77 | (3.93) | (4.86) | 8.03 | 0.93 | (4.29) | 3.76 | (3.93) | (4.90) | 8.05 | (1.51) |
| **Net Asset Value at end of period** | $24.82 | $29.11 | $25.34 | $29.27 | $34.13 | $26.10 | $24.83 | $29.12 | $25.36 | $29.29 | $34.19 | $26.14 |
| **Total Return** (%)<sup>4</sup>** | (3.88)<sup>5</sup> | 21.41 | (5.23) | (4.23) | 32.52 | 4.53<sup>5</sup> | (3.76)<sup>5</sup> | 21.65 | (4.99) | (3.98) | 32.81 | (1.42) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $48495 | $52720 | $48746 | $55902 | $62716 | $51207 | $51815 | $69409 | $98291 | $165998 | $188287 | $171733 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 1.16<sup>6</sup> | 1.16 | 1.16 | 1.16 | 1.16 | 1.17<sup>6</sup> | 0.91<sup>6</sup> | 0.91 | 0.91 | 0.91 | 0.91 | 1.02 |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) |  |  |  |  |  |  | 0.91<sup>6</sup> | 0.91 | 0.91 | 0.91 | 0.91 | 0.93 |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | 1.67<sup>6</sup> | 1.85 | 1.97 | 1.64 | 1.25 | 1.09<sup>6</sup> | 1.91<sup>6</sup> | 2.13 | 2.23 | 1.89 | 1.50 | 1.72 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) |  |  |  |  |  |  | 1.91<sup>6</sup> | 2.13 | 2.23 | 1.89 | 1.50 | 1.81 |
| Portfolio turnover (%)<sup>7</sup> | 8<sup>5</sup> | 28 | 26 | 33 | 31 | 33<sup>5</sup> | 8<sup>5</sup> | 28 | 26 | 33 | 31 | 33 |

---

 

<sup>1</sup> Class A shares commenced investment operations on June 1, 2020

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

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

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

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **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,** | | | | | | |
|  | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **Period Ended**<br> **October 31,**<br>**2020<sup>7</sup>** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2023** | **Period Ended**<br> **October 31,**<br>**2022<sup>8</sup>** |
| **Net Asset Value at beginning of period** | $29.11 | $25.34 | $29.27 | $34.20 | $26.14 | $27.19 | $29.11 | $25.35 | $— | 29.28 | $31.05 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.27<sup>2</sup> | 0.61<sup>2</sup> | 0.67 | 0.63 | 0.52 | 0.06<sup>3</sup> | 0.27<sup>2</sup> | 0.65 |  | 0.63 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.27) | 4.76 | (1.91) | (1.73) | 8.05 | (1.02) | (1.24) | 4.73 |  | (1.85) | (1.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.00) | 5.37 | (1.24) | (1.10) | 8.57 | (0.96) | (0.97) | 5.38 |  | (1.22) | (1.33) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.60) | (0.68) | (0.62) | (0.51) | (0.09) | (0.30) | (0.62) |  | (0.70) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (3.01) | (1.00) | (2.01) | (3.21) | – | – | (3.01) | (1.00 |  | (2.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.30) | (1.60) | (2.69) | (3.83) | (0.51) | (0.09) | (3.31) | (1.62) |  | (2.71) | (0.44) |
| Net increase (decrease) in net asset value | (4.30) | 3.77 | (3.93) | (4.93) | 8.06 | (1.05) | (4.28) | 3.76 |  | (3.93) | (1.77) |
| **Net Asset Value at end of period** | $24.81 | $29.11 | $25.34 | $29.27 | $34.20 | $26.14 | $24.83 | $29.11 | $— | 25.35 | $29.28 |
| **Total Return** (%)<sup>3</sup>** | (3.75)<sup>4</sup> | 21.84 | (4.90) | (3.88) | 32.95 | (3.53)<sup>4</sup> | (3.64)<sup>4</sup> | 21.88 |  | (4.82) | (4.25) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $15320 | $24274 | $38826 | $59812 | $72215 | $51725 | $2164 | $2527 | $— | 11657 | $19575 |
| Ratios of expenses to average net assets (%) | 0.81<sup>5</sup> | 0.81 | 0.81 | 0.81 | 0.81 | 0.82<sup>5</sup> | 0.72<sup>5</sup> | 0.73 |  | 0.73 | 0.73<sup>5</sup> |
| Ratio of net investment income to average net assets (%) | 2.02<sup>5</sup> | 2.24 | 2.34 | 2.02 | 1.60 | 1.55<sup>5</sup> | 2.08<sup>5</sup> | 2.42 |  | 2.41 | 2.03<sup>5</sup> |
| Portfolio turnover (%)<sup>6</sup> | 8<sup>4</sup> | 28 | 26 | 33 | 31 | 33<sup>4</sup> | 8<sup>4</sup> | 28 |  | 26 | 33 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

<sup>7</sup> Class I shares commenced investment operations on September 1, 2020

<sup>8</sup> Class R6 shares commenced investment operations on March 1, 2022

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **LARGE CAP FUND** | **LARGE CAP FUND** | **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** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)**<br> **Six-Months**<br>** <br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $30.23 | $25.28 | $23.65 | $28.72 | $23.81 | $23.76 | $30.34 | $25.36 | $23.72 | $28.78 | $23.84 | $23.83 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13<sup>1</sup> | 0.02<sup>1</sup> | (0.01) | (0.01) | (0.01) | 0.04<sup>2</sup> | 0.16<sup>1</sup> | 0.09<sup>1</sup> | 0.06 | 0.05 | 0.12 | 0.14<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.62) | 7.03 | 3.09 | (2.92) | 7.29 | 1.31 | (0.62) | 7.06 | 3.09 | (2.93) | 7.24 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.49) | 7.05 | 3.08 | (2.93) | 7.28 | 1.35 | (0.46) | 7.15 | 3.15 | (2.88) | 7.36 | 1.43 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) |  |  |  |  |  | (0.18) | (0.07) | (0.06) | (0.04) | (0.05) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) | (1.30) | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.69) | (2.10) | (1.45) | (2.14) | (2.37) | (1.30) | (1.77) | (2.17) | (1.51) | (2.18) | (2.42) | (1.42) |
| Net increase (decrease) in net asset value | (2.18) | 4.95 | 1.63 | (5.07) | 4.91 | 0.05 | (2.23) | 4.98 | 1.64 | (5.06) | 4.94 | 0.01 |
| **Net Asset Value at end of period** | $28.05 | $30.23 | $25.28 | $23.65 | $28.72 | $23.81 | $28.11 | $30.34 | $25.36 | $23.72 | $28.78 | $23.84 |
| **Total Return** (%)<sup>3</sup>** | (1.86)<sup>4</sup> | 29.08 | 13.75 | (11.33) | 32.37 | 5.75 | (1.77)<sup>4</sup> | 29.43 | (14.03) | (11.13) | 32.72 | 6.06 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $105583 | $112454 | $93711 | $88286 | $108515 | $88934 | $120911 | $131142 | $97446 | $89391 | $112166 | $157991 |
| Ratios of expenses to average net assets (%) | 1.16<sup>5</sup> | 1.16 | 1.16 | 1.16 | 1.16 | 1.18 | 0.91<sup>5</sup> | 0.91 | 0.91 | 0.91 | 0.91 | 0.94 |
| Ratio of net investment income to average net assets (%) | 0.85<sup>5</sup> | 0.09 | (0.03) | (0.05) | (0.03) | 0.18 | 1.11<sup>5</sup> | 0.32 | 0.22 | 0.21 | 0.25 | 0.54 |
| Portfolio turnover (%)<sup>6</sup> | 8<sup>4</sup> | 16 | 22 | 18 | 17 | 41 | 8<sup>4</sup> | 16 | 22 | 18 | 17 | 41 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LARGE CAP FUND** | **LARGE CAP FUND** | **LARGE CAP FUND** | **LARGE CAP FUND** | **LARGE CAP FUND** | **LARGE CAP FUND** | **LARGE CAP FUND** | **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** | **CLASS I** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **Period Ended**<br> **October 31,**<br>**2020<sup>7</sup>** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $30.19 | $25.28 | $23.67 | $28.75 | $23.84 | $24.51 | $30.55 | $25.57 | $23.95 | $29.09 | $24.12 | $24.06 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.17<sup>1</sup> | 0.12<sup>1</sup> | 0.10 | 0.07 | 0.10 | 0.00<sup>2,8</sup> | 0.19<sup>1</sup> | 0.15<sup>1</sup> | 0.11 | 0.08 | 0.11 | 0.03<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.61) | 7.01 | 3.07 | (2.91) | 7.28 | (0.67) | (0.62) | 7.10 | 3.10 | (2.93) | 7.37 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.44) | 7.13 | 3.17 | (2.84) | 7.38 | (0.67) | (0.43) | 7.25 | 3.21 | (2.85) | 7.48 | 1.48 |
| &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) |  | (0.24) | (0.17) | (0.14) | (0.15) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) | – | (1.59) | (2.10) | (1.45) | (2.14) | (2.37) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.80) | (2.22) | (1.56) | (2.24) | (2.47) |  | (1.83) | (2.27) | (1.59) | (2.29) | (2.51) | (1.42) |
| Net increase (decrease) in net asset value | (2.24) | 4.91 | 1.61 | (5.08) | 4.91 | (0.67) | (2.26) | 4.98 | 1.62 | (5.14) | 4.97 | 0.06 |
| **Net Asset Value at end of period** | $27.95 | $30.19 | $25.28 | $23.67 | $28.75 | $23.84 | $28.29 | $30.55 | $25.57 | $23.95 | $29.09 | $24.12 |
| **Total Return** (%)<sup>3</sup>** | (1.71)<sup>4</sup> | 29.51 | 14.17 | (11.03) | 32.87 | (2.73)<sup>4</sup> | (1.67)<sup>4</sup> | 29.66 | 14.23 | (10.96) | 32.96 | 6.21 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $112656 | $107831 | $80308 | $71885 | $104617 | $20643 | $62806 | $66687 | $61787 | $50843 | $84331 | $70490 |
| Ratios of expenses to average net assets (%) | 0.81<sup>5</sup> | 0.81 | 0.81 | 0.81 | 0.81 | 0.82<sup>5</sup> | 0.73<sup>5</sup> | 0.73 | 0.73 | 0.73 | 0.73 | 0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 1.18<sup>5</sup> | 0.42 | 0.31 | 0.31 | 0.30 | 0.02<sup>5</sup> | 1.26<sup>5</sup> | 0.52 | 0.40 | 0.41 | 0.39 | 0.26 |
| Portfolio turnover (%)<sup>6</sup> | 8<sup>4</sup> | 16 | 22 | 18 | 17 | 41<sup>4</sup> | 8<sup>4</sup> | 16 | 22 | 18 | 17 | 41 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

<sup>7</sup> Class I shares commenced investment operations on September 1, 2020

<sup>8</sup> Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)** <br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $15.69 | $12.66 | $11.68 | $13.68 | $10.26 | $11.09 | $17.07 | $13.72 | $12.58 | $14.62 | $10.89 | $11.71 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.06<sup>1</sup> | (0.01)<sup>1</sup> | (0.04) | (0.09) | (0.07) | (0.08)<sup>2</sup> | 0.11<sup>1</sup> | 0.06<sup>1</sup> | 0.03 | (0.03) | 0.02 | (0.03)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.58) | 3.21 | 1.27 | (1.27) | 3.91 | (0.32) | (0.64) | 3.48 | 1.36 | (1.37) | 4.13 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | 3.20 | 1.23 | (1.36) | 3.84 | (0.40) | (0.53) | 3.54 | 1.39 | (1.40) | 4.15 | (0.39) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |  |  |  |  | (0.12) | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) | (0.43) | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.17) | (0.25) | (0.64) | (0.42) | (0.43) | (0.94) | (0.19) | (0.25) | (0.64) | (0.42) | (0.43) |
| Net increase (decrease) in net asset value | (1.38) | 3.03 | 0.98 | (2.00) | 3.42 | (0.83) | (1.47) | 3.35 | 1.14 | (2.04) | 3.73 | (0.82) |
| **Net Asset Value at end of period** | $14.31 | $15.69 | $12.66 | $11.68 | $13.68 | $10.26 | $15.60 | $17.07 | $13.72 | $12.58 | $14.62 | $10.89 |
| **Total Return** (%)<sup>3</sup>** | (3.61)<sup>4</sup> | 25.43 | 10.68 | (10.62) | 38.24 | (3.81) | (3.39)<sup>4</sup> | 25.97 | 11.20 | (10.17) | 38.89 | (3.52) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $80654 | $88044 | $66717 | $63417 | $76625 | $58782 | $429893 | $479998 | $260474 | $253477 | $263892 | $323841 |
| Ratios of expenses to average net assets (%) | 1.35<sup>5</sup> | 1.36 | 1.39 | 1.40 | 1.39 | 1.40 | 0.90<sup>5</sup> | 0.91 | 0.94 | 0.95 | 0.95 | 0.97 |
| Ratio of net investment income to average net assets (%) | 0.81<sup>5</sup> | (0.08) | (0.25) | (0.59) | (0.50) | (0.64) | 1.26<sup>5</sup> | 0.34 | 0.20 | (0.14) | (0.04) | (0.20) |
| Portfolio turnover (%)<sup>6</sup> | 9<sup>4</sup> | 16 | 10 | 24 | 24 | 24 | 9<sup>4</sup> | 16 | 10 | 24 | 24 | 24 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** | **MID CAP FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **Period Ended**<br> **October 31,**<br>**2020<sup>7</sup>** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $17.11 | $13.75 | $12.60 | $14.64 | $10.90 | $11.21 | $17.60 | $14.15 | $12.94 | $15.04 | $11.19 | $11.99 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10<sup>1</sup> | 0.07<sup>1</sup> | 0.04 | 0.00<sup>8</sup> | (0.03) | (0.01)<sup>2</sup> | 0.12<sup>1</sup> | 0.08<sup>1</sup> | 0.04 | 0.01 | 0.02 | (0.02)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.61) | 3.49 | 1.36 | (1.38) | 4.19 | (0.30) | (0.65) | 3.60 | 1.42 | (1.43) | 4.27 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.51) | 3.56 | 1.40 | (1.38) | 4.16 | (0.31) | (0.53) | 3.68 | 1.46 | (1.42) | 4.29 | (0.37) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.03) |  | (0.02) |  |  | (0.15) | (0.06) |  | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) | – | (0.82) | (0.17) | (0.25) | (0.64) | (0.42) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.96) | (0.20) | (0.25) | (0.66) | (0.42) |  | (0.97) | (0.23) | (0.25) | (0.68) | (0.44) | (0.43) |
| Net increase (decrease) in net asset value | (1.47) | 3.36 | 1.15 | (2.04) | 3.74 | (0.31) | (1.50) | 3.45 | 1.21 | (2.10) | 3.85 | (0.80) |
| **Net Asset Value at end of period** | $15.64 | $17.11 | $13.75 | $12.60 | $14.64 | $10.90 | $16.10 | $17.60 | $14.15 | $12.94 | $15.04 | $11.19 |
| **Total Return** (%)<sup>3</sup>** | (3.28)<sup>4</sup> | 26.09 | 11.26 | (10.08) | 39.01 | (2.77)<sup>4</sup> | (3.29)<sup>4</sup> | 26.18 | 11.43 | (10.07) | 39.20 | (3.26) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $1228230 | $987984 | $376668 | $274918 | $286235 | $61805 | $338506 | $329471 | $114320 | $88723 | $105878 | $91562 |
| Ratios of expenses to average net assets (%) | 0.80<sup>5</sup> | 0.81 | 0.84 | 0.85 | 0.85 | 0.86<sup>5</sup> | 0.72<sup>5</sup> | 0.73 | 0.76 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income to average net assets (%) | 1.23<sup>5</sup> | 0.41 | 0.28 | (0.04) | (0.01) | (0.43)<sup>5</sup> | 1.37<sup>5</sup> | 0.48 | 0.37 | 0.05 | 0.14 | (0.03) |
| Portfolio turnover (%)<sup>6</sup> | 9<sup>4</sup> | 16 | 10 | 24 | 24 | 24<sup>4</sup> | 9<sup>4</sup> | 16 | 10 | 24 | 24 | 24 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

<sup>7</sup> Class I shares commenced investment operations on September 1, 2020

<sup>8</sup> Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **SMALL CAP FUND** | **SMALL CAP FUND** | **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** | **CLASS A** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** | **CLASS Y** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(unaudited)** <br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value at beginning of period** | $11.75 | $8.56 | $9.22 | $15.55 | $11.04 | $11.14 | $11.99 | $8.71 | $9.35 | $15.69 | $11.11 | $11.19 |
| &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) | (0.02)<sup>2</sup> | 0.01<sup>1</sup> | 0.00<sup>1,7</sup> | (0.02) | (0.03) | (0.07) | 0.02<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.87) | 3.25 | (0.14) | (2.81) | 5.46 | 0.36 | (0.90) | 3.31 | (0.14) | (2.84) | 5.51 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.88) | 3.22 | (0.18) | (2.86) | 5.37 | 0.34 | (0.89) | 3.31 | (0.16) | (2.87) | 5.44 | 0.37 |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  | (0.01) |  |  | 0.007 |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) | (0.44) | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.08) | (0.03) | (0.48) | (3.47) | (0.86) | (0.44) | (1.09) | (0.03) | (0.48) | (3.47) | (0.86) | (0.45) |
| Net increase (decrease) in net asset value | (1.96) | 3.19 | (0.66) | (6.33) | 4.51 | (0.10) | (1.98) | 3.28 | (0.64) | (6.34) | 4.58 | (0.08) |
| **Net Asset Value at end of period** | $9.79 | $11.75 | $8.56 | $9.22 | $15.55 | $11.04 | $10.01 | $11.99 | $8.71 | $9.35 | $15.69 | $11.11 |
| **Total Return** (%)<sup>3</sup>** | (8.60)<sup>4</sup> | 37.67 | (1.94) | (23.74) | 50.17 | 3.02 | (8.55)<sup>4</sup> | 38.06 | (1.69) | (23.55) | 50.50 | 3.27 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3374 | $4014 | $3275 | $3417 | $4847 | $2958 | $145410 | $168664 | $143591 | $166238 | $253625 | $215890 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 1.35<sup>5</sup> | 1.35 | 1.35 | 1.35 | 1.39 | 1.51 | 1.105 | 1.10 | 1.10 | 1.10 | 1.15 | 1.26 |
| &nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 1.35<sup>5</sup> | 1.35 | 1.35 | 1.35 | 1.38 | 1.47 | 1.105 | 1.10 | 1.10 | 1.10 | 1.14 | 1.22 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Adviser (%) | (0.08)<sup>5</sup> | (0.25) | (0.42) | (0.52) | (0.67) | (0.18) | 0.17<sup>5</sup> | 0.00<sup>8</sup> | (0.17) | (0.27) | (0.42) | 0.08 |
| &nbsp;&nbsp;&nbsp;After reimbursement of expenses by Adviser (%) | (0.08)<sup>5</sup> | (0.25) | (0.42) | (0.52) | (0.66) | (0.14) | 0.17<sup>5</sup> | 0.00<sup>8</sup> | (0.17) | (0.27) | (0.40) | 0.12 |
| Portfolio turnover (%)<sup>6</sup> | 21<sup>4</sup> | 39 | 39 | 41 | 44 | 47 | 21<sup>4</sup> | 39 | 39 | 41 | 44 | 47 |

---

 

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

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

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

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

<sup>7</sup> Amounts represent less than $0.005 per share.

<sup>8</sup> Amounts represent less than 0.01%.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 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** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** | **SMALL CAP FUND** |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | | | | | |
|  | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **2024** | **2023** | **2022** | **Period Ended**<br> **October 31,**<br>**2021<sup>6</sup>** | **(unaudited)**<br> **Six-Months**<br>**Ended 4/30/25** | **Year Ended**<br> **October 31,**<br>**2024** | **2023** | **Period Ended**<br> **October 31,**<br>**2022**<sup>7</sup>** |
| **Net Asset Value at beginning of period** | $12.02 | $8.72 | $9.36 | $15.70 | $14.41 | $12.05 | $8.74 | $9.36 | $11.30 |
| &nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.01<sup>1</sup> | 0.01<sup>1</sup> | (0.01) | (0.02) | (0.03) | 0.02<sup>1</sup> | 0.02<sup>1</sup> |  | 0.00<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.89) | 3.32 | (0.15) | (2.83) | 1.32 | (0.90) | 3.32 | (0.14) | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.88) | 3.33 | (0.16) | (2.85) | 1.29 | (0.88) | 3.34 | (0.14) | (1.94) |
| &nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |  | (0.02) |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.08) | (0.03) | (0.48) | (3.47) | – | (1.08) | (0.03) | (0.48) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.10) | (0.03) | (0.48) | (3.49) |  | (1.11) | (0.03) | (0.48) |  |
| Net increase (decrease) in net asset value | (1.98) | 3.30 | (0.64) | (6.34) | 1.29 | (1.99) | 3.31 | (0.62) | (1.94) |
| **Net Asset Value at end of period** | $10.04 | $12.02 | $8.72 | $9.36 | $15.70 | $10.06 | $12.05 | $8.74 | $9.36 |
| **Total Return** (%)<sup>2</sup> | (8.42)<sup>3</sup> | 38.24 | (1.58) | (23.52) | 8.95 | (8.42)<sup>3</sup> | 38.27 | (1.46) | (17.17) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $12735 | $14828 | $11925 | $13863 | $21868 | $600 | $498 | $220 | $161 |
| Ratios of expenses to average net assets (%) | 1.00<sup>4</sup> | 1.00 | 1.00 | 1.00 | 1.00<sup>4</sup> | 0.91<sup>4</sup> | 0.92 | 0.92 | 0.92<sup>4</sup> |
| Ratio of net investment income to average net assets (%) | 0.27<sup>4</sup> | 0.10 | (0.07) | (0.16) | (0.36)<sup>4</sup> | 0.27<sup>4</sup> | 0.16 | (0.01) | (0.06)<sup>4</sup> |
| Portfolio turnover (%)<sup>5</sup> | 21<sup>3</sup> | 39 | 39 | 41 | 44 | 21<sup>3</sup> | 39 | 39 | 41 |

---

 

<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> Not annualized.

<sup>4</sup> Annualized.

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

<sup>6</sup> Class I shares commenced investment operations on March 1, 2021

<sup>7</sup> Class R6 shares commenced investment operations on March 1, 2022

<sup>8</sup> Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements (unaudited)**

**1.&nbsp;&nbsp;&nbsp;&nbsp; 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 |

---

 

<sup>1</sup> The Conservative Allocation, Moderate Allocation, Aggressive Allocation and Diversified Income Funds are collectively referred to herein as the "Allocation Funds".

<sup>2</sup> 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.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

The 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.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

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.

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 of a Fund 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 its 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** \| April 30, 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.

Each Fund, Tax-Free National Fund, may invest in foreign currency transactions. Such 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". For the period ended, April 30, 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:** Each Fund, except the Tax-Free National Fund, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The Funds' net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. During the period April 30, 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. As of April 30, 2025, there were no illiquid securities held in the Funds.

**Delayed Delivery Securities:** Each Fund may purchase securities on a when-issued or delayed delivery basis. "When-issued" refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund may segregate cash or other liquid securities, of any type or maturity, equal in value to the 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. As of April 30, 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 unobservable "inputs" and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

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

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

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

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

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

The valuation techniques used by the Funds to measure fair value for the period ended April 30, 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 April 30, 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 April 30, 2025, in valuing the Funds' investments carried at fair value (please see the portfolio of Investmets 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> 4/30/25** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $19085915 | $– | $– | $19085915 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 20030815 |  |  | 20030815 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2004299 | – | – | 2004299 |
|  | 41121029 |  |  | 41121029 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 50318054 |  |  | 50318054 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 34795274 |  |  | 34795274 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 11219424 | – | – | 11219424 |
|  | 96332752 |  |  | 96332752 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 34063192 |  |  | 34063192 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 16067153 |  |  | 16067153 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 6552968 | – | – | 6552968 |
|  | 56683313 |  |  | 56683313 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 169 |  | 169 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 126264654 |  |  | 126264654 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 6618 |  | 6618 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 943526 | – | – | 943526 |
|  | 127208180 | 6787 |  | 127214967 |
| **Tax-Free National** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | – | 18790709 | – | 18790709 |
|  |  | 18790709 |  | 18790709 |
| **High Quality Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 21100013 |  | 21100013 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 739658 |  | 739658 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 35235139 |  | 35235139 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1268591 | – | – | 1268591 |
|  | 1268591 | 57074810 |  | 58343401 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 5203666 |  | 5203666 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 12114818 |  | 12114818 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 3295205 |  | 3295205 |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 51839234 |  | 51839234 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 5208473 |  | 5208473 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 69999056 |  | 69999056 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 49772051 |  | 49772051 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3552713 | – | – | 3552713 |
|  | 3552713 | 197432503 |  | 200985216 |
| **Covered Call & Equity Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 164185052 |  |  | 164185052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 31086432 | – | – | 31086432 |
|  | 195271484 |  |  | 195271484 |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | (2007265) | – | – | (2007265) |
|  | (2007265) |  |  | (2007265) |

---

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements – continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at<br> 4/30/25** |
| **Dividend Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $115263414 | $– | $– | $115263414 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2437701 | – | – | 2437701 |
|  | 117701115 |  |  | 117701115 |
| **Large Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 397007503 |  |  | 397007503 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4425934 | – | – | 4425934 |
|  | 401433437 |  |  | 401433437 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 1994985007 |  |  | 1994985007 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 79420791 | – | – | 79420791 |
|  | 2074405798 |  |  | 2074405798 |
| **Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 151996849 |  |  | 151996849 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 10265058 | – | – | 10265058 |
|  | 162261907 |  |  | 162261907 |

---

 

<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 April 30, 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 April 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** |
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Fund** | <br>**Underlying Risk** | **Statements of Assets and**<br> **Liabilities Location** | **Fair Value** | **Statements of Assets** <br> **and Liabilities Location** | **Fair Value** |
| **Covered Call & Equity Income** | Equity | Options Purchased | $– | Options Written | $2007265 |

---

The following table presents the effect of derivative instruments on the Statements of Operations for the period ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Risk** | **Statement of Operations** | **Realized Gain**<br> **(Loss) on Derivatives** | **Change in Unrealized Appreciation**<br> **(Depreciation) on Derivatives** |
| **Covered Call & Equity Income** | Equity | Option Written | $4916098 | $969104 |
| **Total** |  |  | 4916098 | 969104 |

---

The average volume (based on the open positions at each month-end) of derivative activity during the period ended April 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Options Purchased Contracts<sup>1</sup>** | **Options Written Contracts<sup>1</sup>** |
| <sup>1</sup>Number of Contracts | – | (18616) |

---

There is no impact on the financial statement of the other funds as they did not hold derivative investments during the period ended April 30, 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 April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management Fee** | **Fund** | **Management Fee** |
| Conservative Allocation | 0.25% | Core Bond<sup>1</sup> | 0.39% |
| Moderate Allocation | 0.20% | Covered Call & Equity Income | 0.85% |
| Aggressive Allocation | 0.20% | Dividend Income<sup>1</sup> | 0.70% |
| Diversified Income<sup>1</sup> | 0.20% | Large Cap<sup>1</sup> | 0.70% |
| Tax-Free National | 0.40% | Mid Cap<sup>1</sup> | 0.75% |
| High Quality Bond | 0.30% | Small Cap<sup>1</sup> | 0.89% |

---

<sup>1</sup> The Fund's management fee will be reduced by 0.05% on assets exceeding $500 million, and by another 0.05% on assets exceeding $1 billion.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

**Administrative Services Agreement.** In addition to the management fee, the Investment Adviser is entitled to receive an administrative services fee from each Fund pursuant to the terms of a separate Administrative Services Agreement. Under this fee agreement, the Investment Adviser provides or arranges for each Fund to have all of the necessary operational and support services it needs for a fee. These fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund.

During the period April 30, 2025, the Funds and their respective share classes were charged the following fees under the Administrative Services Agreement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class Y** | **Class I** | **Class R6** |
| Conservative Allocation | 0.25% | N/A | N/A | N/A |
| Moderate Allocation | 0.25% | N/A | N/A | N/A |
| Aggressive Allocation | 0.25% | N/A | N/A | N/A |
| Diversified Income | 0.20% | N/A | N/A | N/A |
| Tax-Free National | N/A | 0.35% | N/A | N/A |
| High Quality Bond | N/A | 0.19% | 0.10% | N/A |
| Core Bond | 0.20% | 0.20% | 0.10% | 0.02% |
| Covered Call & Equity | 0.15% | 0.15% | 0.10% | 0.02% |
| Dividend Income | 0.20% | 0.20% | 0.10% | 0.02% |
| Large Cap | 0.20% | 0.20% | 0.10% | 0.02% |
| Mid Cap | 0.40% | 0.20% | 0.10% | 0.02% |
| Small Cap | 0.20% | 0.20% | 0.10% | 0.02% |

---

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 Fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected funds and share classes. These plans are described below:

 ****

***Shareholder Service Fees (Class A)*.** 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 and contingent deferred sales charges ("CDSC") do not represent expenses of the Funds. Rather, they are deducted from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance, as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell Fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the period ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Amount Collected** | **Amount Retained** |
| <br>**Fund** | **Class A** | **Class A** |
| Conservative Allocation | $7365 | $971 |
| Moderate Allocation | 22703 | 2826 |
| Aggressive Allocation | 15862 | 1972 |
| Core Bond | 2635 | 349 |
| Diversified Income | 21028 | 2536 |
| Dividend Income | 11641 | 1509 |
| Covered Call & Equity Income | 6983 | 831 |
| Large Cap | 23347 | 3154 |
| Mid Cap | 43735 | 5423 |
| Small Cap | 1241 | 152 |

---

**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.

**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.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

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

**7. SECURITIES TRANSACTIONS**

For the period ended April 30, 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 | $– | $– | $9262343 | $12101426 |
| Moderate Allocation |  |  | 24362506 | 28996261 |
| Aggressive Allocation |  |  | 16357186 | 17766317 |
| Diversified Income |  | 50 | 28908782 | 32958065 |
| Tax-Free National |  |  | 2958064 | 1006375 |
| High Quality Bond | 4489877 | 8540595 | 6164292 | 6493885 |
| Core Bond | 21154251 | 13826571 | 7367760 | 2909325 |
| Covered Call & Equity Income |  |  | 56083323 | 59450539 |
| Dividend Income |  |  | 10236804 | 35731020 |
| Large Cap |  |  | 34648857 | 37455358 |
| Mid Cap |  |  | 486635025 | 170280827 |
| Small Cap |  |  | 35916344 | 44881726 |

---

**8. COVERED CALL AND PUT OPTIONS**

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

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

When an option is written, the premium received is recorded as an asset with an equal liability and is subsequently marked to market to reflect the current fair value of the option written. These liabilities are reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transactions, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. See Note 4 for information on derivatives.

**9. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS**

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

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

During the period ended April 30, 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 the Fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

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

During the period ended April 30, 2025, the Fund did not enter into any options on futures contracts.

**10. FOREIGN SECURITIES**

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

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

**11. SECURITIES LENDING**

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

As of April 30, 2025, the aggregate fair value of securities on loan for the Trustwas $17,644,146. 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 | $1818434 | $1370796 | $501631 |
| Moderate Allocation | 9268719 | 9515218 |  |
| Aggressive Allocation | 5394508 | 5521766 |  |
| Diversified Income | 2033 | 2075 |  |
| High Quality Bond | 915270 | 932225 |  |
| Core Bond | 245182 | 250513 |  |

---

 

<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 days 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 Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
|  | **Overnight and**<br>**Continuous** |<br>**<30 days** | **Between 30 & 90**<br>**days** |<br>**>90 Days** |<br>**Total** |
| <u>**<u>Securities Lending Transactions<sup>1</sup></u>**</u> |  |  |  |  |  |
| **Conservative Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1370796 | $– | $– | $– | $1370796 |
| **Total Borrowings** | $1370796 | $– | $– | $– | $1370796 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $1370796 |
| **Moderate Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $9515218 | $– | $– | $– | $9515218 |
| **Total Borrowings** | $9515218 | $– | $– | $– | $9515218 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $9515218 |
| **Aggressive Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $5521766 | $– | $– | $– | $5521766 |
| **Total Borrowings** | $5521766 | $– | $– | $– | $5521766 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $5521766 |

---

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements – continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
|  | **Overnight and**<br>**Continuous** |<br>**<30 days** | **Between 30 & 90**<br>**days** |<br>**>90 Days** |<br>**Total** |
| **Diversified Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $2075 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $– | $2075 |
| **Total Borrowings** | $2075 | $– | $– | $– | $2075 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $2075 |
| **High Quality Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $932225 | $– | $– | $– | $932225 |
| **Total Borrowings** | $932225 | $– | $– | $– | $932225 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $932225 |
| **Core Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $250513 | $– | $– | $– | $250513 |
| **Total Borrowings** | $250513 | $– | $– | $– | $250513 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $250513 |

---

 

<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 April 30, 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 October 31, 2021 through October 31, 2024.

For federal income tax purposes, the Funds listed below have capital loss carryforwards as of October 31, 2024, 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 | $2271405 |  |
| Tax-Free National |  | 45625 |
| High Quality Bond | 339111 | 4779280 |
| Core Bond | 580526 | 12131712 |
| Dividend Income | 118226 |  |

---

As of April 30, 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 | $1209424 | $(2255119) | $(1045695) |
| Moderate Allocation | 6614677 | (3224292) | 3390385 |
| Aggressive Allocation | 5617198 | (1476182) | 4141016 |
| Diversified Income | 2948580 | (3539074) | (590494) |
| Tax-Free National | 36562 | (665160) | (628598) |
| High Quality Bond | 618610 | (476464) | 142146 |
| Core Bond | 1240240 | (10837875) | (9597635) |
| Covered Call & Equity Income | 1404984 | (50078708) | (48673724) |
| Dividend Income | 26650965 | (2663869) | 23987096 |
| Large Cap | 173906818 | (5177244) | 168729574 |
| Mid Cap | 435099221 | (91319363) | 343779858 |
| Small Cap | 36014381 | (12893115) | 23121266 |

---

**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.

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

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

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

The Funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund's investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a Fund that does not invest in derivatives.

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

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

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

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

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

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

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

**Madison Funds** \| April 30, 2025

**Notes to Financial Statements - continued**

**14. CAPITAL SHARES AND AFFILIATED OWNERSHIP**

All capital shares outstanding at April 30, 2025, are owned by separate investment accounts and/or pension plans of TruStage.

The Allocation Funds invest in Underlying Funds, including the Madison Funds (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. Madison Funds' historical financial information 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 Madison Funds' website at www.madisonfunds.com. (the "Affiliated Issuers"). A summary of the transactions with each Affiliated Underlying Fund during the period ended April 30, 2025 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning** <br> **value as of** <br> **10/31/2024** | **Gross** <br> **Additions** | **Gross**<br> **Sales** | **Realized** <br> **Gain** <br> **(Loss)** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(depreciation)** | **Value at** <br> **4/30/2025** | **Shares** | **Dividend** <br> **Income** | **Distributions**<br> **Received**<sup>1</sup> |
| **Conservative Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class R6 | $16747681 | $– | $– | $– | $93877 | $16841558 | 1877543 | $– | $320782 |
| Madison Large Cap Fund Class R6 | 3022004 | 647654 | (200285) | (143) | (279973) | 3189257 | 112734 | 172177 | 25476 |
| **Totals** | $19769685 | $647654 | $(200285) | $(143) | $(186096) | 20030815 |  | $172177 | $346258 |
| **<u>Moderate Allocation Fund</u>** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class R6 | 23353112 |  |  |  | 130903 | 23484015 | 2618062 |  | 447301 |
| Madison Large Cap Fund Class R6 | 11588254 | 1293419 | (650928) | 1161 | (920647) | 11311259 | 399832 | 604041 | 89378 |
| **Totals** | $34941366 | $1293419 | $(650928) | $1161 | $(789744) | 34795274 |  | $604041 | $536679 |
| **<u>Aggressive Allocation Fund</u>** |  |  |  |  |  |  |  |  |  |
| Madison Core Bond Fund Class R6 | 7101233 | 336906 |  |  | 42739 | 7480878 | 833989 |  | 142082 |
| Madison Large Cap Fund Class R6 | 8705111 | 855696 | (275393) | (187) | (698952) | 8586275 | 303509 | 462292 | 68404 |
| **Totals** | $15806344 | $1192602 | $(275393) | $(187) | $(656213) | 16067153 |  | $462292 | $210486 |
| **<u>Diversified Income Fund</u>** |  |  |  |  |  |  |  |  |  |
| Madison Aggregate Bond ETF | $23903730 |  | (1518896) | 5583 | (31487) | 22358930 | 1100000 | 32759 | 566835 |
| Madison Covered Call ETF | 30897224 |  | (8209471) | (751728) | (2064712) | 19871313 | 1155000 | 657324 | 376500 |
| Madison Dividend Value ETF | 24090000 |  |  |  | (877140) | 23212860 | 1100000 |  | 253763 |
| Madison Short Term Strategic Income ETF | 29390981 | – | (511549) | 9861 | 129672 | 29018965 | 1412500 | – | 768962 |
| **Totals** | $108281935 | $– | $(10239916) | $(736284) | $(2843667) | 94462068 |  | $690083 | $1966060 |

---

 

<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 events have taken place that meet the definition of a subsequent event that requires adjustment to, or disclosure in the financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**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.**

There were no investment advisory contracts for the registrant's board of directors to approve during the Fund's most recent fiscal half-year.

**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.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(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**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1)
 Code of ethics – See Item 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. –](g207335_ex99302cert.htm) *[Filed herewith.](g207335_ex99302cert.htm)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) There was no change in the registrant's independent public accountant for the period covered by this report.

[(b)](g207335_ex99906cert.htm) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - Filed herewith.](g207335_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>June 26, 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>June 26, 2025</u>

/s/ Greg D. Hoppe

Greg D. Hoppe, Principal Financial Officer & Principal Accounting Officer

Date: <u>June 26, 2025</u>

## Ex-99

**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: June 26, 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: June 26, 2025

/s/ Patrick F. Ryan

Patrick F. Ryan<br> Principal Executive Officer

## Ex-99

**Exhibit 99-906.Cert**

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

**Madison Funds** <br> **Semi-Annual Report dated April 30, 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 26<sup>th</sup> day of June, 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 Ultra Series Fund and will be retained by Ultra Series Fund and furnished to the SEC or its staff upon request.*