# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-23-062737
**Filing Date:** 2023-3
**Character Count:** 220391
**Document Hash:** e75a92d597e79c85bbfa8d2e033a61ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-062737.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001752724-23-062737

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 23751500

**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 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           |

## Nport-Ex

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| &nbsp;&nbsp;Conservative Allocation Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| | | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **INVESTMENT COMPANIES - 93.1%** | **INVESTMENT COMPANIES - 93.1%** |  |  |
| **Alternative Funds - 0.4%** | **Alternative Funds - 0.4%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | Invesco Optimum Yield Diversified Commodity Strategy ETF | 15462 | $231157 |
| **Bond Funds - 64.5%** | **Bond Funds - 64.5%** |  |  |
| iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | 61752 | 3122181 |
| Janus Henderson Mortgage-Backed Securities ETF | Janus Henderson Mortgage-Backed Securities ETF | 56451 | 2656584 |
| Madison Core Bond Fund, Class R6 (A) | Madison Core Bond Fund, Class R6 (A) | 1569138 | 14122241 |
| Schwab Intermediate-Term U.S. Treasury ETF | Schwab Intermediate-Term U.S. Treasury ETF | 113728 | 5728480 |
| Vanguard Extended Duration Treasury ETF (B) | Vanguard Extended Duration Treasury ETF (B) | 33626 | 3068709 |
| Vanguard Short-Term Corporate Bond ETF | Vanguard Short-Term Corporate Bond ETF | 61686 | 4717745 |
|  |  |  | 33415940 |
| **Foreign Stock Funds - 5.8%** | **Foreign Stock Funds - 5.8%** |  |  |
| iShares MSCI China ETF | iShares MSCI China ETF | 12123 | 649550 |
| iShares MSCI International Quality Factor ETF | iShares MSCI International Quality Factor ETF | 22545 | 791104 |
| Vanguard FTSE All-World ex-U.S. ETF | Vanguard FTSE All-World ex-U.S. ETF | 29048 | 1583116 |
|  |  |  | 3023770 |
| **Stock Funds - 22.4%** | **Stock Funds - 22.4%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | Distillate U.S. Fundamental Stability & Value ETF | 73694 | 3213795 |
| Energy Select Sector SPDR Fund ETF | Energy Select Sector SPDR Fund ETF | 8642 | 777175 |
| iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | 10273 | 1064694 |
| Madison Dividend Income Fund, Class R6 (A) | Madison Dividend Income Fund, Class R6 (A) | 18349 | 526240 |
| Madison Investors Fund, Class R6 (A) | Madison Investors Fund, Class R6 (A) | 132850 | 3257477 |
| Schwab U.S. Dividend Equity ETF (B) | Schwab U.S. Dividend Equity ETF (B) | 10375 | 800016 |
| VanEck Gold Miners ETF | VanEck Gold Miners ETF | 15763 | 504731 |
| Vanguard Health Care ETF | Vanguard Health Care ETF | 2107 | 518491 |
| Vanguard Information Technology ETF (B) | Vanguard Information Technology ETF (B) | 2686 | 941121 |
|  |  |  | 11603740 |
| **Total Investment Companies**<br>(Cost $50,856,265) | **Total Investment Companies**<br>(Cost $50,856,265) | **Total Investment Companies**<br>(Cost $50,856,265) | 48274607 |
| **SHORT-TERM INVESTMENTS - 9.7%** | **SHORT-TERM INVESTMENTS - 9.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 3285041 | 3285041 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 1727142 | 1727142 |
| **Total Short-Term Investments**<br>(Cost $5,012,183) | **Total Short-Term Investments**<br>(Cost $5,012,183) | **Total Short-Term Investments**<br>(Cost $5,012,183) | 5012183 |
| **TOTAL INVESTMENTS** - **102.8%** (Cost $55,868,448) | **TOTAL INVESTMENTS** - **102.8%** (Cost $55,868,448) | **TOTAL INVESTMENTS** - **102.8%** (Cost $55,868,448) | 53286790 |
| **NET OTHER ASSETS AND LIABILITIES** - **(2.8%)** | **NET OTHER ASSETS AND LIABILITIES** - **(2.8%)** | **NET OTHER ASSETS AND LIABILITIES** - **(2.8%)** | (1439466) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $51847324 |
| (A) | Affiliated Company. | Affiliated Company. | Affiliated Company. |
| (B) | All or a portion of these securities, with an aggregate fair value of $1,754,025, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $1,754,025, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $1,754,025, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. |
| (C) | 7-day yield. | 7-day yield. | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. | Morgan Stanley Capital International. | Morgan Stanley Capital International. |
| SPDR | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. |
| S&P | Standard & Poor's. | Standard & Poor's. | Standard & Poor's. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| &nbsp;&nbsp;Moderate Allocation Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| | | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **INVESTMENT COMPANIES - 90.5%** | **INVESTMENT COMPANIES - 90.5%** |  |  |
| **Alternative Funds - 0.9%** | **Alternative Funds - 0.9%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | Invesco Optimum Yield Diversified Commodity Strategy ETF | 61032 | $912428 |
| **Bond Funds - 41.2%** | **Bond Funds - 41.2%** |  |  |
| iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | 143360 | 7248282 |
| Janus Henderson Mortgage-Backed Securities ETF (A) | Janus Henderson Mortgage-Backed Securities ETF (A) | 56759 | 2671078 |
| Madison Core Bond Fund, Class R6 (B) | Madison Core Bond Fund, Class R6 (B) | 2055357 | 18498210 |
| Schwab Intermediate-Term U.S. Treasury ETF | Schwab Intermediate-Term U.S. Treasury ETF | 118322 | 5959879 |
| Vanguard Extended Duration Treasury ETF (A) | Vanguard Extended Duration Treasury ETF (A) | 43791 | 3996367 |
| Vanguard Short-Term Corporate Bond ETF | Vanguard Short-Term Corporate Bond ETF | 54584 | 4174584 |
|  |  |  | 42548400 |
| **Foreign Stock Funds - 10.5%** | **Foreign Stock Funds - 10.5%** |  |  |
| iShares MSCI China ETF | iShares MSCI China ETF | 42525 | 2278490 |
| iShares MSCI International Quality Factor ETF (A) | iShares MSCI International Quality Factor ETF (A) | 81003 | 2842395 |
| Vanguard FTSE All-World ex-U.S. ETF | Vanguard FTSE All-World ex-U.S. ETF | 105290 | 5738305 |
|  |  |  | 10859190 |
| **Stock Funds - 37.9%** | **Stock Funds - 37.9%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | Distillate U.S. Fundamental Stability & Value ETF | 200334 | 8736566 |
| Energy Select Sector SPDR Fund ETF | Energy Select Sector SPDR Fund ETF | 31835 | 2862921 |
| iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | 40917 | 4240638 |
| Madison Dividend Income Fund, Class R6 (B) | Madison Dividend Income Fund, Class R6 (B) | 36660 | 1051413 |
| Madison Investors Fund, Class R6 (B) | Madison Investors Fund, Class R6 (B) | 447118 | 10963337 |
| Schwab U.S. Dividend Equity ETF | Schwab U.S. Dividend Equity ETF | 47916 | 3694803 |
| VanEck Gold Miners ETF | VanEck Gold Miners ETF | 47022 | 1505644 |
| Vanguard Health Care ETF | Vanguard Health Care ETF | 8518 | 2096109 |
| Vanguard Information Technology ETF | Vanguard Information Technology ETF | 11362 | 3981018 |
|  |  |  | 39132449 |
| **Total Investment Companies**<br>(Cost $94,171,089) | **Total Investment Companies**<br>(Cost $94,171,089) | **Total Investment Companies**<br>(Cost $94,171,089) | 93452467 |
| **SHORT-TERM INVESTMENTS - 10.9%** | **SHORT-TERM INVESTMENTS - 10.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 9974187 | 9974187 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 1258150 | 1258150 |
| **Total Short-Term Investments**<br>(Cost $11,232,337) | **Total Short-Term Investments**<br>(Cost $11,232,337) | **Total Short-Term Investments**<br>(Cost $11,232,337) | 11232337 |
| **TOTAL INVESTMENTS** - **101.4%** (Cost $105,403,426) | **TOTAL INVESTMENTS** - **101.4%** (Cost $105,403,426) | **TOTAL INVESTMENTS** - **101.4%** (Cost $105,403,426) | 104684804 |
| **NET OTHER ASSETS AND LIABILITIES** - **(1.4%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.4%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.4%)** | (1398999) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $103285805 |
| (A) | All or a portion of these securities, with an aggregate fair value of $1,345,685, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $1,345,685, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $1,345,685, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. |
| (B) | Affiliated Company. | Affiliated Company. | Affiliated Company. |
| (C) | 7-day yield. | 7-day yield. | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. | Morgan Stanley Capital International. | Morgan Stanley Capital International. |
| SPDR | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. |
| S&P | Standard & Poor's. | Standard & Poor's. | Standard & Poor's. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Aggressive Allocation Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| | | Shares | Value (Note 1,3) |
| **INVESTMENT COMPANIES - 87.4%** | **INVESTMENT COMPANIES - 87.4%** |  |  |
| **Alternative Funds - 1.1%** | **Alternative Funds - 1.1%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | Invesco Optimum Yield Diversified Commodity Strategy ETF | 39555 | $591347 |
| **Bond Funds - 22.3%** | **Bond Funds - 22.3%** |  |  |
| iShares Treasury Floating Rate Bond ETF | iShares Treasury Floating Rate Bond ETF | 81319 | 4111489 |
| Janus Henderson Mortgage-Backed Securities ETF (A) | Janus Henderson Mortgage-Backed Securities ETF (A) | 11517 | 541990 |
| Madison Core Bond Fund, Class R6 (B) | Madison Core Bond Fund, Class R6 (B) | 520677 | 4686096 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | Schwab Intermediate-Term U.S. Treasury ETF (A) | 21787 | 1097411 |
| Vanguard Extended Duration Treasury ETF (A) | Vanguard Extended Duration Treasury ETF (A) | 14482 | 1321627 |
| Vanguard Short-Term Corporate Bond ETF | Vanguard Short-Term Corporate Bond ETF | 7006 | 535819 |
|  |  |  | 12294432 |
| **Foreign Stock Funds - 14.9%** | **Foreign Stock Funds - 14.9%** |  |  |
| iShares MSCI China ETF | iShares MSCI China ETF | 30695 | 1644638 |
| iShares MSCI International Quality Factor ETF (A) | iShares MSCI International Quality Factor ETF (A) | 46765 | 1640984 |
| Vanguard FTSE All-World ex-U.S. ETF | Vanguard FTSE All-World ex-U.S. ETF | 90742 | 4945439 |
|  |  |  | 8231061 |
| **Stock Funds - 49.1%** | **Stock Funds - 49.1%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | Distillate U.S. Fundamental Stability & Value ETF | 127384 | 5555216 |
| Energy Select Sector SPDR Fund ETF | Energy Select Sector SPDR Fund ETF | 22354 | 2010295 |
| iShares Core S&P Small-Cap ETF | iShares Core S&P Small-Cap ETF | 28437 | 2947211 |
| Madison Dividend Income Fund, Class R6 (B) | Madison Dividend Income Fund, Class R6 (B) | 28260 | 810487 |
| Madison Investors Fund, Class R6 (B) | Madison Investors Fund, Class R6 (B) | 304418 | 7464323 |
| Schwab U.S. Dividend Equity ETF (A) | Schwab U.S. Dividend Equity ETF (A) | 32195 | 2482556 |
| VanEck Gold Miners ETF | VanEck Gold Miners ETF | 37327 | 1195211 |
| Vanguard Health Care ETF (A) | Vanguard Health Care ETF (A) | 6626 | 1630526 |
| Vanguard Information Technology ETF (A) | Vanguard Information Technology ETF (A) | 8418 | 2949499 |
|  |  |  | 27045324 |
| **Total Investment Companies**<br>(Cost $47,116,361) | **Total Investment Companies**<br>(Cost $47,116,361) | **Total Investment Companies**<br>(Cost $47,116,361) | 48162164 |
| **SHORT-TERM INVESTMENTS - 22.9%** | **SHORT-TERM INVESTMENTS - 22.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 7001189 | 7001189 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 5592504 | 5592504 |
| **Total Short-Term Investments**<br>(Cost $12,593,693) | **Total Short-Term Investments**<br>(Cost $12,593,693) | **Total Short-Term Investments**<br>(Cost $12,593,693) | 12593693 |
| **TOTAL INVESTMENTS** - **110.3%** (Cost $59,710,054) | **TOTAL INVESTMENTS** - **110.3%** (Cost $59,710,054) | **TOTAL INVESTMENTS** - **110.3%** (Cost $59,710,054) | 60755857 |
| **NET OTHER ASSETS AND LIABILITIES** - **(10.3%)** | **NET OTHER ASSETS AND LIABILITIES** - **(10.3%)** | **NET OTHER ASSETS AND LIABILITIES** - **(10.3%)** | (5688228) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $55067629 |
| (A) | All or a portion of these securities, with an aggregate fair value of $6,416,192, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $6,416,192, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $6,416,192, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. |
| (B) | Affiliated Company. | Affiliated Company. | Affiliated Company. |
| (C) | 7-day yield. | 7-day yield. | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. | Morgan Stanley Capital International. | Morgan Stanley Capital International. |
| SPDR | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. | Standard & Poor's Depositary Receipt. |
| S&P | Standard & Poor's. | Standard & Poor's. | Standard & Poor's. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Tax-Free Virginia Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Par Value</u> | <u>Value (Note 1,3)</u> |
| **MUNICIPAL BONDS - 98.0%** |  |  |
| **Airport - 5.4%** |  |  |
| Manassas Park Economic Development Authority, 5%, 12/15/28 | $200000 | $227851 |
| Metropolitan Washington Airports Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43 | 500000 | 525258 |
| Norfolk Airport Authority, Series A, 4%, 7/1/23 | 255000 | 256414 |
|  |  | 1009523 |
| **Development - 8.5%** |  |  |
| Fairfax County Economic Development Authority, Series A, (Prerefunded 10/1/24 @ $100), 5%, 10/1/26 | 150000 | 156309 |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/25 | 125000 | 134719 |
| Loudoun County Economic Development Authority, Series A, 5%, 12/1/30 | 165000 | 193998 |
| Loudoun County Economic Development Authority, Series A, 4%, 12/1/37 | 500000 | 526370 |
| Manassas Park Economic Development Authority, 3%, 12/15/44 | 345000 | 286828 |
| Roanoke Economic Development Authority, Series A, 5%, 7/1/47 | 250000 | 291914 |
|  |  | 1590138 |
| **Education - 10.8%** |  |  |
| Campbell County Industrial Development Authority, 3%, 6/1/48 | 415000 | 334438 |
| Richmond, Series A, (ST AID WITHHLDG), 3%, 7/15/34 | 435000 | 438654 |
| Virginia College Building Authority, Series E, 5%, 2/1/23 | 500000 | 500000 |
| Virginia College Building Authority, Series A, 5%, 9/1/34 | 125000 | 141714 |
| Virginia Commonwealth University, Series A, 5%, 5/1/26 | 385000 | 386900 |
| Virginia Public School Authority, Series A, (ST AID WITHHLDG), 5%, 8/1/30 | 175000 | 209209 |
|  |  | 2010915 |
| **Facilities - 9.4%** |  |  |
| Henry County Industrial Development Authority, 4.125%, 11/1/50 | 250000 | 250678 |
| Lynchburg, (ST AID WITHHLDG), 5%, 6/1/26 | 115000 | 119009 |
| New River Valley Regional Jail Authority, 5%, 10/1/25 | 100000 | 106605 |
| Prince Edward County Industrial Development Authority, 5%, 9/1/32 | 405000 | 443078 |
| Pulaski County, (ST AID WITHHLDG), 5%, 2/1/24 | 325000 | 333344 |
| Western Regional Jail Authority, (Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29 | 245000 | 249810 |
| Western Regional Jail Authority, 3.125%, 12/1/29 | 255000 | 258759 |
|  |  | 1761283 |
| **General Obligation - 38.7%** |  |  |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/27 | 150000 | 164287 |
| Alexandria, Series A, (ST AID WITHHLDG), 5%, 7/15/28 | 100000 | 112602 |
| Arlington County, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27 | 175000 | 182041 |
| Arlington County, Series A, (Prerefunded 8/15/26 @ $100) (A), 5%, 8/15/30 | 600000 | 658065 |
| Chesterfield County Economic Development Authority, Series B, 3%, 4/1/38 | 285000 | 261847 |
| Commonwealth of Virginia, Series A, 5%, 6/1/23 | 500000 | 504334 |
| Commonwealth of Virginia, Series A, 3%, 6/1/32 | 300000 | 308581 |
| Danville, Series A, (ST AID WITHHLDG), 5%, 8/1/23 | 190000 | 192490 |
| Fairfax County, Series A, (ST AID WITHHLDG), 5%, 10/1/26 | 410000 | 451702 |
| Fairfax County, Series A, (ST AID WITHHLDG), 5%, 10/1/36 | 270000 | 311844 |
| James City County Economic Development Authority, 5%, 6/15/30 | 500000 | 572130 |
| Leesburg, (ST AID WITHHLDG), 5%, 1/15/25 | 90000 | 94719 |
| Loudoun County, Series A, (ST AID WITHHLDG), 5%, 12/1/24 | 400000 | 419605 |
| Norfolk, (Prerefunded 8/1/28 @ $100), (ST AID WITHHLDG), 5%, 8/1/47 | 455000 | 522506 |
| Poquoson, (ST AID WITHHLDG), 4%, 2/15/29 | 425000 | 462749 |
| Portsmouth, Series A, (Prerefunded 2/1/23 @ $100), (ST AID WITHHLDG), 5%, 2/1/31 | 75000 | 75000 |
| Spotsylvania County, (ST AID WITHHLDG), 5%, 1/15/24 | 200000 | 205036 |
| Suffolk, 5%, 2/1/29 | 100000 | 113742 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Tax-Free Virginia Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Vienna, (ST AID WITHHLDG), 4%, 3/1/30 | Vienna, (ST AID WITHHLDG), 4%, 3/1/30 | 225000 | 245158 |
| Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | Virginia Beach Development Authority, Series A, 3.5%, 5/1/30 | 250000 | 253012 |
| Virginia Public Building Authority, Series A, 5%, 8/1/31 | Virginia Public Building Authority, Series A, 5%, 8/1/31 | 110000 | 128736 |
| Virginia Public Building Authority, Series B, 5%, 8/1/25 | Virginia Public Building Authority, Series B, 5%, 8/1/25 | 235000 | 251175 |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32 | 250000 | 267771 |
| Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23 | 5000 | 5011 |
| Virginia Resources Authority, Series A, 5%, 11/1/28 | Virginia Resources Authority, Series A, 5%, 11/1/28 | 60000 | 61237 |
| Virginia Resources Authority, Series C, 5%, 11/1/30 | Virginia Resources Authority, Series C, 5%, 11/1/30 | 250000 | 282796 |
| Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34 | Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34 | 125000 | 131361 |
|  |  |  | 7239537 |
| **Medical - 1.5%** | **Medical - 1.5%** |  |  |
| Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | Stafford County Economic Development Authority Revenue, 5%, 6/15/25 | 260000 | 273386 |
| **Multifamily Housing - 1.0%** | **Multifamily Housing - 1.0%** |  |  |
| Virginia Housing Development Authority, Series K, (GNMA/FNMA/FHLMC COLL), 2.125%, 12/1/36 | Virginia Housing Development Authority, Series K, (GNMA/FNMA/FHLMC COLL), 2.125%, 12/1/36 | 245000 | 192777 |
| **Power - 4.4%** | **Power - 4.4%** |  |  |
| Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24 | 290000 | 297640 |
| Virginia Commonwealth Transportation Board, 5%, 5/15/26 | Virginia Commonwealth Transportation Board, 5%, 5/15/26 | 220000 | 240098 |
| Virginia Small Business Financing Authority, 5%, 11/1/25 | Virginia Small Business Financing Authority, 5%, 11/1/25 | 265000 | 283399 |
|  |  |  | 821137 |
| **Transportation - 9.3%** | **Transportation - 9.3%** |  |  |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37 | Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37 | 170000 | 193421 |
| Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42 | 470000 | 508081 |
| Northern Virginia Transportation Authority, 5%, 6/1/30 | Northern Virginia Transportation Authority, 5%, 6/1/30 | 780000 | 804903 |
| Virginia Commonwealth Transportation Board, 5%, 9/15/27 | Virginia Commonwealth Transportation Board, 5%, 9/15/27 | 200000 | 225337 |
|  |  |  | 1731742 |
| **Water - 9.0%** | **Water - 9.0%** |  |  |
| Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | Fairfax County Water Authority, Series B, 5.25%, 4/1/23 | 180000 | 180861 |
| Fairfax Sewer Revenue County, Series A, 4%, 7/15/41 | Fairfax Sewer Revenue County, Series A, 4%, 7/15/41 | 210000 | 220803 |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35 | 410000 | 461066 |
| Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36 | 250000 | 280548 |
| Henrico Water & Sewer Revenue County, (Prerefunded 5/1/26 @ $100), 5%, 5/1/27 | Henrico Water & Sewer Revenue County, (Prerefunded 5/1/26 @ $100), 5%, 5/1/27 | 150000 | 163099 |
| Upper Occoquan Sewage Authority, 3%, 7/1/46 | Upper Occoquan Sewage Authority, 3%, 7/1/46 | 300000 | 263242 |
| Upper Occoquan Sewage Authority, 3%, 7/1/49 | Upper Occoquan Sewage Authority, 3%, 7/1/49 | 140000 | 119563 |
|  |  |  | 1689182 |
| **TOTAL INVESTMENTS** - **98.0%** (Cost $18,607,358) | **TOTAL INVESTMENTS** - **98.0%** (Cost $18,607,358) | **TOTAL INVESTMENTS** - **98.0%** (Cost $18,607,358) | 18319620 |
| **NET OTHER ASSETS AND LIABILITIES** - **2.0%** | **NET OTHER ASSETS AND LIABILITIES** - **2.0%** | **NET OTHER ASSETS AND LIABILITIES** - **2.0%** | 373178 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $18692798 |
| (A) | Restricted. The cost of the security acquired on 6/13/19 is $667,897. The value is $658,065, representing 3.5% of net assets. | Restricted. The cost of the security acquired on 6/13/19 is $667,897. The value is $658,065, representing 3.5% of net assets. | Restricted. The cost of the security acquired on 6/13/19 is $667,897. The value is $658,065, representing 3.5% of net assets. |
| AMT | Alternative Minimum Tax. | Alternative Minimum Tax. | Alternative Minimum Tax. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. | Berkshire Hathaway Assurance Corp. | Berkshire Hathaway Assurance Corp. |
| FGIC | Financial Guaranty Insurance Co. | Financial Guaranty Insurance Co. | Financial Guaranty Insurance Co. |
| FHLMC | Federal Home Loan Mortgage Corp or Freddie Mac. | Federal Home Loan Mortgage Corp or Freddie Mac. | Federal Home Loan Mortgage Corp or Freddie Mac. |
| FNMA | Federal National Mortgage Association. | Federal National Mortgage Association. | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. | Government National Mortgage Association. | Government National Mortgage Association. |
| MBIA | MBIA Insurance Corp. | MBIA Insurance Corp. | MBIA Insurance Corp. |
| MORAL OBLG | Moral Obligation. | Moral Obligation. | Moral Obligation. |
| ST AID WITHHLDG | State Aid Withholding. | State Aid Withholding. | State Aid Withholding. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Tax-Free National Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Par Value</u> | <u>Value (Note 1,3)</u> |
| **MUNICIPAL BONDS - 98.6%** |  |  |
| **Alabama - 7.0%** |  |  |
| Butler County Board of Education, (AGM), (Prerefunded 1/1/25 @ $100), 5%, 7/1/37 | $235000 | $246207 |
| Mobile County, General Obligation, 5%, 2/1/39 | 610000 | 691621 |
| Pike Road, Authority Revenue, 4%, 9/1/31 | 170000 | 175218 |
| UAB Medicine Finance Authority Revenue, Series B, 5%, 9/1/27 | 150000 | 166699 |
|  |  | 1279745 |
| **Arkansas - 1.0%** |  |  |
| Arkansas Development Finance Authority, 5%, 2/1/26 | 175000 | 184026 |
| **California - 0.7%** |  |  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5%, 7/1/40 | 120000 | 130487 |
| **Colorado - 3.9%** |  |  |
| Colorado Springs Utilities System Revenue, Series A, 4%, 11/15/40 | 250000 | 255467 |
| El Paso County Facilities Corp., Series A, 5%, 12/1/27 | 400000 | 448427 |
|  |  | 703894 |
| **Florida - 2.0%** |  |  |
| City Of South Miami Health Facilities Authority, Inc., 5%, 8/15/24 | 100000 | 103706 |
| Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26 | 250000 | 267801 |
|  |  | 371507 |
| **Georgia - 2.4%** |  |  |
| Americus-Sumter Payroll Development Authority, Series A, 3.25%, 6/1/33 | 150000 | 152990 |
| Atlanta Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43 | 275000 | 291502 |
|  |  | 444492 |
| **Hawaii - 2.6%** |  |  |
| Hawaii, General Obligation, Series EY, 5%, 10/1/25 | 435000 | 466294 |
| **Idaho - 2.8%** |  |  |
| Idaho Health Facilities Authority, Series A, 5%, 3/1/34 | 500000 | 510135 |
| **Illinois - 8.8%** |  |  |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 5%, 12/1/35 | 545000 | 606229 |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 4%, 12/1/37 | 200000 | 203830 |
| Du Page County School District No. 45, 4%, 1/1/26 | 460000 | 479632 |
| Palatine Village, General Obligation, 2%, 12/1/28 | 175000 | 165818 |
| Sales Tax Securitization Corp., Series C, 5%, 1/1/27 | 140000 | 152065 |
|  |  | 1607574 |
| **Indiana - 5.6%** |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series C, 5%, 2/1/24 | 175000 | 179458 |
| Lincoln Center Building Corp., 4%, 8/1/28 | 285000 | 307390 |
| Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26 | 500000 | 535997 |
|  |  | 1022845 |
| **Kansas - 1.2%** |  |  |
| Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24 | 220000 | 225386 |
| **Kentucky - 2.6%** |  |  |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5%, 4/1/33 | 445000 | 463727 |
| **Louisiana - 0.9%** |  |  |
| Lafourche Parish School Board, 4%, 3/1/33 | 150000 | 163903 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Tax-Free National Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Michigan - 1.5%** | | |
| Kalamazoo Public Schools, 5%, 5/1/26 | 250000 | 263705 |
| **Mississippi - 2.9%** |  |  |
| Medical Center Educational Building Corp., Series A, 5%, 6/1/30 | 475000 | 523213 |
| **Montana - 1.7%** |  |  |
| Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25 | 300000 | 310283 |
| **New Jersey - 6.5%** |  |  |
| New Jersey Economic Development Authority Revenue, Series NN, 5%, 3/1/26 | 450000 | 450819 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28 | 250000 | 285533 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29 | 250000 | 291474 |
| Union County Improvement Authority, Series A, 4%, 2/1/25 | 150000 | 152371 |
|  |  | 1180197 |
| **New Mexico - 1.2%** |  |  |
| Otero County, (BAM), 4%, 12/1/28 | 195000 | 208778 |
| **New York - 4.2%** |  |  |
| Brookhaven Local Development Corp., 5%, 11/1/24 | 110000 | 111658 |
| New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31 | 250000 | 290568 |
| Port Authority of New York & New Jersey, Series 85th, (GO of AUTH), 5.375%, 3/1/28 | 325000 | 352947 |
|  |  | 755173 |
| **Ohio - 2.8%** |  |  |
| Cleveland-Cuyahoga County Port Authority (A), 5%, 7/1/24 | 500000 | 516296 |
| **Oklahoma - 4.2%** |  |  |
| Elk City Industrial Authority, 4%, 5/1/30 | 335000 | 357380 |
| Tulsa County Industrial Authority, 3%, 2/1/31 | 400000 | 402937 |
|  |  | 760317 |
| **Pennsylvania - 5.6%** |  |  |
| City of Pittsburgh, 4%, 9/1/35 | 350000 | 367925 |
| Commonwealth Financing Authority, Series A, 5%, 6/1/35 | 370000 | 386566 |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26 | 250000 | 261646 |
|  |  | 1016137 |
| **Texas - 7.1%** |  |  |
| Austin, General Obligation, 5%, 9/1/26 | 550000 | 588079 |
| Center, General Obligation, 3%, 8/15/34 | 410000 | 399905 |
| Harris County Toll Road Authority, 4%, 8/15/38 | 300000 | 305895 |
|  |  | 1293879 |
| **Utah - 3.4%** |  |  |
| Ogden City Sewer & Water Revenue, Series A, 4%, 6/15/31 | 250000 | 276539 |
| Utah Transit Authority, Series A, (BHAC-CR), 5%, 6/15/35 | 280000 | 337186 |
|  |  | 613725 |
| **Virginia - 7.9%** |  |  |
| Fairfax County Economic Development Authority, Series A, 5%, 9/1/38 | 90000 | 99396 |
| Roanoke Economic Development Authority, Series A, 5%, 7/1/47 | 250000 | 291914 |
| Southampton County Industrial Development Authority, 5%, 6/1/35 | 440000 | 505045 |
| Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34 | 250000 | 274246 |
| Western Regional Jail Authority, 5%, 12/1/34 | 250000 | 270428 |
|  |  | 1441029 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Tax-Free National Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Washington - 1.2%** | **Washington - 1.2%** | | |
| Washington, General Obligation, Series E, 5%, 2/1/29 | Washington, General Obligation, Series E, 5%, 2/1/29 | 205000 | 210612 |
| **West Virginia - 2.7%** | **West Virginia - 2.7%** |  |  |
| West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | West Virginia Economic Development Authority, Series A, 5%, 7/1/37 | 450000 | 487140 |
| **Wisconsin - 4.2%** | **Wisconsin - 4.2%** |  |  |
| Green Bay, Series A, 4%, 4/1/38 | Green Bay, Series A, 4%, 4/1/38 | 355000 | 364162 |
| Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35 | 400000 | 404930 |
|  |  |  | 769092 |
| **TOTAL INVESTMENTS** - **98.6%** (Cost $18,001,841) | **TOTAL INVESTMENTS** - **98.6%** (Cost $18,001,841) | **TOTAL INVESTMENTS** - **98.6%** (Cost $18,001,841) | 17923591 |
| **NET OTHER ASSETS AND LIABILITIES** - **1.4%** | **NET OTHER ASSETS AND LIABILITIES** - **1.4%** | **NET OTHER ASSETS AND LIABILITIES** - **1.4%** | 257681 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $18181272 |
| (A) | Restricted. The cost of security acquired on 4/5/13 is $516,054. The value is $516,296, representing 2.8% of net assets. | Restricted. The cost of security acquired on 4/5/13 is $516,054. The value is $516,296, representing 2.8% of net assets. | Restricted. The cost of security acquired on 4/5/13 is $516,054. The value is $516,296, representing 2.8% of net assets. |
| AGM | Assured Guaranty Municipal Corp. | Assured Guaranty Municipal Corp. | Assured Guaranty Municipal Corp. |
| BAM | Build America Mutual Assurance Co. | Build America Mutual Assurance Co. | Build America Mutual Assurance Co. |
| BHAC-CR | Berkshire Hathaway Assurance Corp. | Berkshire Hathaway Assurance Corp. | Berkshire Hathaway Assurance Corp. |
| GO of AUTH | General Obligation of the Authority. | General Obligation of the Authority. | General Obligation of the Authority. |
| HUD SECT 8 | HUD Insured Multifamily Housing. | HUD Insured Multifamily Housing. | HUD Insured Multifamily Housing. |
| NATL-RE | National Public Finance Guarantee Corp. | National Public Finance Guarantee Corp. | National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed. | Permanent School Fund Guaranteed. | Permanent School Fund Guaranteed. |
| Q-SBLF | Qualified School Board Loan Fund. | Qualified School Board Loan Fund. | Qualified School Board Loan Fund. |
| ST AID WITHHLDG | State Aid Withholding. | State Aid Withholding. | State Aid Withholding. |
| ST INTERCEPT | State Intercept. | State Intercept. | State Intercept. |
| TCRS | Transferable Custodial Receipts. | Transferable Custodial Receipts. | Transferable Custodial Receipts. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| High Quality Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Par Value</u> | <u>Value (Note 1,3)</u> |
| **CORPORATE NOTES AND BONDS - 37.2%** |  |  |
| **Communication Services - 2.6%** |  |  |
| Comcast Corp., 3.15%, 3/1/26 | $1000000 | $964111 |
| Walt Disney Co., 3.8%, 3/22/30 | 1100000 | 1054906 |
|  |  | 2019017 |
| **Consumer Discretionary - 3.2%** |  |  |
| Cummins, Inc., 1.5%, 9/1/30 | 1000000 | 813421 |
| Home Depot, Inc., 2.7%, 4/15/30 | 1100000 | 988744 |
| NIKE, Inc., 2.75%, 3/27/27 | 750000 | 710989 |
|  |  | 2513154 |
| **Consumer Staples - 4.9%** |  |  |
| Coca-Cola Co., 1%, 3/15/28 | 1000000 | 860376 |
| Hershey Co., 1.7%, 6/1/30 | 1300000 | 1081498 |
| Kimberly-Clark Corp., 1.05%, 9/15/27 | 1000000 | 870656 |
| PepsiCo, Inc., 2.75%, 3/19/30 | 1100000 | 997697 |
|  |  | 3810227 |
| **Financials - 19.0%** |  |  |
| Bank of America Corp., (SOFR + 1.010%) (A), 1.197%, 10/24/26 | 1500000 | 1351530 |
| Bank of New York Mellon Corp., (SOFR + 1.802%) (A), 5.802%, 10/25/28 | 1000000 | 1049872 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 1000000 | 893842 |
| BlackRock, Inc., 3.5%, 3/18/24 | 1000000 | 987554 |
| Charles Schwab Corp., 0.9%, 3/11/26 | 1000000 | 894208 |
| Huntington National Bank, 3.55%, 10/6/23 | 1000000 | 990184 |
| JPMorgan Chase & Co., (3 mo. USD LIBOR + 1.155%) (A), 3.22%, 3/1/25 | 1500000 | 1467253 |
| Mastercard, Inc., 3.3%, 3/26/27 | 750000 | 727268 |
| Morgan Stanley, (SOFR + 2.240%) (A), 6.296%, 10/18/28 | 1000000 | 1055500 |
| Public Storage, 1.95%, 11/9/28 | 1000000 | 875937 |
| State Street Corp., (SOFR + 0.940%) (A), 2.354%, 11/1/25 | 1500000 | 1439859 |
| Truist Financial Corp., 2.85%, 10/26/24 | 1250000 | 1216232 |
| Truist Financial Corp., (B), 1.95%, 6/5/30 | 1000000 | 830418 |
| Wells Fargo & Co., (SOFR + 1.087%) (A), 2.406%, 10/30/25 | 1000000 | 954275 |
|  |  | 14733932 |
| **Health Care - 1.6%** |  |  |
| UnitedHealth Group, Inc., 2.875%, 3/15/23 | 1200000 | 1197695 |
| **Industrials - 1.1%** |  |  |
| Emerson Electric Co., 2%, 12/21/28 | 1000000 | 878250 |
| **Information Technology - 4.2%** |  |  |
| Apple, Inc., 2.4%, 5/3/23 | 1000000 | 994383 |
| Salesforce, Inc., 3.25%, 4/11/23 | 1300000 | 1296203 |
| Texas Instruments, Inc., 1.375%, 3/12/25 | 1000000 | 938453 |
|  |  | 3229039 |
| **Utilities - 0.6%** |  |  |
| National Rural Utilities Cooperative Finance Corp., 1%, 6/15/26 | 500000 | 445964 |
| **Total Corporate Notes and Bonds**<br>(Cost $31,118,561) | **Total Corporate Notes and Bonds**<br>(Cost $31,118,561) | 28827278 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 60.6%** |  |  |
| **Fannie Mae - 8.6%** |  |  |
| 0.500%, 11/7/25 | 2250000 | 2045097 |
| 2.125%, 4/24/26 | 2500000 | 2368475 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| High Quality Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| 0.750%, 10/8/27 (B) | 0.750%, 10/8/27 (B) | 2600000 | 2273233 |
|  |  |  | 6686805 |
| **Freddie Mac - 6.2%** | **Freddie Mac - 6.2%** |  |  |
| 0.375%, 4/20/23 | 0.375%, 4/20/23 | 2500000 | 2476082 |
| 0.375%, 7/21/25 | 0.375%, 7/21/25 | 2500000 | 2280971 |
|  |  |  | 4757053 |
| **U.S. Treasury Notes - 45.8%** | **U.S. Treasury Notes - 45.8%** |  |  |
| 2.125%, 2/29/24 | 2.125%, 2/29/24 | 2000000 | 1944922 |
| 1.750%, 6/30/24 | 1.750%, 6/30/24 | 2000000 | 1922891 |
| 2.375%, 8/15/24 | 2.375%, 8/15/24 | 2000000 | 1937266 |
| 1.250%, 8/31/24 | 1.250%, 8/31/24 | 2000000 | 1902422 |
| 0.375%, 9/15/24 | 0.375%, 9/15/24 | 2000000 | 1874844 |
| 2.250%, 11/15/24 | 2.250%, 11/15/24 | 2000000 | 1928828 |
| 2.125%, 5/15/25 | 2.125%, 5/15/25 | 2000000 | 1913906 |
| 0.250%, 10/31/25 | 0.250%, 10/31/25 | 2000000 | 1808594 |
| 0.375%, 1/31/26 | 0.375%, 1/31/26 | 2000000 | 1802187 |
| 1.625%, 5/15/26 | 1.625%, 5/15/26 | 2000000 | 1863203 |
| 1.500%, 8/15/26 | 1.500%, 8/15/26 | 2000000 | 1847656 |
| 1.500%, 1/31/27 | 1.500%, 1/31/27 | 2000000 | 1834062 |
| 0.625%, 3/31/27 | 0.625%, 3/31/27 | 2250000 | 1984746 |
| 2.375%, 5/15/27 | 2.375%, 5/15/27 | 2000000 | 1893984 |
| 2.250%, 11/15/27 | 2.250%, 11/15/27 | 2500000 | 2345117 |
| 1.875%, 2/28/29 | 1.875%, 2/28/29 | 2500000 | 2262598 |
| 3.875%, 11/30/29 | 3.875%, 11/30/29 | 2250000 | 2286211 |
| 1.375%, 11/15/31 | 1.375%, 11/15/31 | 2500000 | 2102051 |
|  |  |  | 35455488 |
| **Total U.S. Government and Agency Obligations**<br>(Cost $50,163,430) | **Total U.S. Government and Agency Obligations**<br>(Cost $50,163,430) | **Total U.S. Government and Agency Obligations**<br>(Cost $50,163,430) | 46899346 |
|  |  | <u>Shares</u> |  |
| **SHORT-TERM INVESTMENTS - 5.2%** | **SHORT-TERM INVESTMENTS - 5.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 913241 | 913241 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 3110275 | 3110275 |
| **Total Short-Term Investments**<br>(Cost $4,023,516) | **Total Short-Term Investments**<br>(Cost $4,023,516) | **Total Short-Term Investments**<br>(Cost $4,023,516) | 4023516 |
| **TOTAL INVESTMENTS** - **103.0%** (Cost $85,305,507) | **TOTAL INVESTMENTS** - **103.0%** (Cost $85,305,507) | **TOTAL INVESTMENTS** - **103.0%** (Cost $85,305,507) | 79750140 |
| **NET OTHER ASSETS AND LIABILITIES** - **(3.0%)** | **NET OTHER ASSETS AND LIABILITIES** - **(3.0%)** | **NET OTHER ASSETS AND LIABILITIES** - **(3.0%)** | (2290656) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $77459484 |
| (A) | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. |
| (B) | All or a portion of these securities, with an aggregate fair value of $3,054,655, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,054,655, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,054,655, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. |
| (C) | 7-day yield. | 7-day yield. | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| LIBOR | London Interbank Offered Rate. | London Interbank Offered Rate. | London Interbank Offered Rate. |
| SOFR | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. |
| USD | United States Dollar. | United States Dollar. | United States Dollar. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Par Value</u> | <u>Value (Note 1,3)</u> |
| **ASSET BACKED SECURITIES - 4.4%** |  |  |
| Americredit Automobile Receivables Trust, Series 2018-3, Class C, 3.74%, 10/18/24 | $144072 | $143882 |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | 143619 | 141083 |
| Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32 | 68769 | 68159 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 199488 | 199325 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 365399 | 354687 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 4963 | 4957 |
| Enterprise Fleet Financing LLC, Series 2022-1, Class A2 (A), 3.03%, 1/20/28 | 939229 | 915852 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, 10/22/29 | 1100000 | 1111139 |
| GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25 | 1000000 | 969076 |
| JPMorgan Chase Bank NA, Series 2020-1, Class B (A), 0.991%, 1/25/28 | 160281 | 158104 |
| JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 318815 | 311635 |
| JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 338656 | 326748 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 302049 | 290458 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 391479 | 369729 |
| LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | 284078 | 275445 |
| LAD Auto Receivables Trust, Series 2022-1A, Class A (A), 5.21%, 6/15/27 | 954946 | 942435 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 500000 | 467575 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 1350000 | 1340940 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 350000 | 347449 |
| **Total Asset Backed Securities**<br>(Cost $9,012,197) | **Total Asset Backed Securities**<br>(Cost $9,012,197) | 8738678 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.2%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49 | 147348 | 138086 |
| Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55 | 129760 | 123996 |
| CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | 534278 | 475675 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 554799 | 23027 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 5.06%, 10/25/33 | 409833 | 407318 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (D), 5.31%, 12/25/41 | 317558 | 313840 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 558717 | 43892 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 306894 | 298612 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 397852 | 392710 |
| Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6%, 12/25/31 | 83346 | 85220 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 77083 | 79515 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 2435130 | 388455 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 41190 | 40623 |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41 | 583555 | 518104 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | 725595 | 619322 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 64910 | 775 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (C) (D), 2.5%, 5/25/51 | 499155 | 416170 |
| JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D), 4%, 11/25/49 | 27108 | 25516 |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D), 3.5%, 2/25/50 | 95397 | 86548 |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | 683035 | 569481 |
| JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (C) (D), 2.5%, 7/25/51 | 897021 | 747891 |
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | 765052 | 676914 |
| JPMorgan Mortgage Trust, Series 2021-14, Class A4 (A) (C) (D), 2.5%, 5/25/52 | 862637 | 763256 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | 146452 | 124793 |
| PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | 10109 | 9849 |
| PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | 125096 | 110444 |
| PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | 906702 | 801652 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | 666185 | 589437 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (C) (D), 2.5%, 1/25/52 | 463885 | 408563 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | 293776 | 261364 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | 166891 | 156840 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | 13752 | 13316 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (C) (D), 2.5%, 9/25/51 | 657052 | 547817 |
| **Total Collateralized Mortgage Obligations**<br>(Cost $11,959,428) | **Total Collateralized Mortgage Obligations**<br>(Cost $11,959,428) | 10259021 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.1%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 219671 | 213112 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K058, Class A2, 2.653%, 8/25/26 | 1000000 | 949823 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.304%, 9/25/26 | 15078270 | 134721 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 1000000 | 962961 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31 | 505000 | 426142 |
| Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (C) (D), 3.154%, 11/25/27 | 770669 | 741029 |
| Federal National Mortgage Association-Aces, Series 2022-M1, Class A2 (C) (D), 1.669%, 10/25/31 | 1250000 | 1024736 |
| FREMF Mortgage Trust, Series 2013-K33, Class B (A) (C) (D), 3.495%, 8/25/46 | 900000 | 889702 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (C) (D), 3.719%, 1/25/48 | 750000 | 726407 |
| GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36 | 722000 | - |
| **Total Commercial Mortgage-Backed Securities**<br>(Cost $6,329,589) | **Total Commercial Mortgage-Backed Securities**<br>(Cost $6,329,589) | 6068633 |
| **CORPORATE NOTES AND BONDS - 27.9%** |  |  |
| **Communication Services - 2.3%** |  |  |
| AT&T, Inc., 4.75%, 5/15/46 | 500000 | 458544 |
| CCO Holdings LLC/CCO Holdings Capital Corp. (A) (E), 4.75%, 3/1/30 | 300000 | 262815 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | 500000 | 497018 |
| Discovery Communications LLC, 5%, 9/20/37 | 250000 | 219918 |
| eBay, Inc., 1.9%, 3/11/25 | 325000 | 306775 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 500000 | 438776 |
| Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 200000 | 193750 |
| Meta Platforms, Inc., 3.85%, 8/15/32 | 250000 | 231929 |
| Netflix, Inc., 6.375%, 5/15/29 | 250000 | 267880 |
| SBA Communications Corp., 3.875%, 2/15/27 | 350000 | 323263 |
| VeriSign, Inc. (E), 2.7%, 6/15/31 | 500000 | 428830 |
| Verizon Communications, Inc., 4.4%, 11/1/34 | 500000 | 479154 |
| Verizon Communications, Inc., 3.4%, 3/22/41 | 500000 | 400612 |
|  |  | 4509264 |
| **Consumer Discretionary - 1.8%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | 400000 | 318203 |
| 7-Eleven, Inc. (A), 2.5%, 2/10/41 | 250000 | 175184 |
| Advance Auto Parts, Inc., 1.75%, 10/1/27 | 250000 | 216288 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 350000 | 342999 |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 350000 | 347531 |
| Home Depot, Inc., 3.35%, 4/15/50 | 250000 | 199006 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 500000 | 341013 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 750000 | 632641 |
| Southwest Airlines Co., 5.125%, 6/15/27 | 500000 | 503833 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| Tractor Supply Co., 1.75%, 11/1/30 | 550000 | 436972 |
|  |  | 3513670 |
| **Consumer Staples - 1.3%** |  |  |
| Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 500000 | 460261 |
| Conagra Brands, Inc., 0.5%, 8/11/23 | 600000 | 585829 |
| GE HealthCare Technologies, Inc. (A), 6.377%, 11/22/52 | 250000 | 287093 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 200000 | 168197 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 300000 | 241270 |
| Mars, Inc. (A), 3.875%, 4/1/39 | 400000 | 356767 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 350000 | 255061 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 325000 | 312806 |
|  |  | 2667284 |
| **Energy - 2.7%** |  |  |
| Boardwalk Pipelines LP, 4.45%, 7/15/27 | 400000 | 388564 |
| Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 350000 | 313003 |
| Energy Transfer LP, 5.25%, 4/15/29 | 275000 | 277050 |
| EnLink Midstream Partners LP, 5.45%, 6/1/47 | 400000 | 331088 |
| Enterprise Products Operating LLC, 5.35%, 1/31/33 | 500000 | 518503 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 400000 | 387899 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 275000 | 274353 |
| Marathon Petroleum Corp., 3.8%, 4/1/28 | 600000 | 566627 |
| MPLX LP, 2.65%, 8/15/30 | 350000 | 298004 |
| ONEOK, Inc., 5.85%, 1/15/26 | 150000 | 153552 |
| Phillips 66, 0.9%, 2/15/24 | 500000 | 479266 |
| Phillips 66, 2.15%, 12/15/30 | 500000 | 416003 |
| Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 300000 | 299829 |
| Valero Energy Corp., 6.625%, 6/15/37 | 500000 | 555102 |
| Valero Energy Corp., 4%, 6/1/52 | 175000 | 141221 |
|  |  | 5400064 |
| **Financials - 9.8%** |  |  |
| Air Lease Corp., 2.875%, 1/15/26 | 500000 | 468474 |
| Air Lease Corp., 1.875%, 8/15/26 | 250000 | 222526 |
| American Express Co., 5.85%, 11/5/27 | 500000 | 527970 |
| American International Group, Inc., 4.75%, 4/1/48 | 150000 | 142331 |
| Athene Global Funding (A) (E), 1.45%, 1/8/26 | 500000 | 444986 |
| AvalonBay Communities, Inc., 5%, 2/15/33 | 250000 | 259142 |
| Bank of America Corp., Series N, (SOFR + 0.910%) (D), 1.658%, 3/11/27 | 400000 | 360806 |
| Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37 | 350000 | 304217 |
| Bank of New York Mellon Corp., (SOFR + 2.074%) (D), 5.834%, 10/25/33 | 500000 | 540097 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 350000 | 275285 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 500000 | 446921 |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 350000 | 299764 |
| BlackRock, Inc., 2.1%, 2/25/32 | 350000 | 290105 |
| Bread Financial Holdings, Inc. (A) (F), 4.75%, 12/15/24 | 500000 | 453750 |
| Capital One Financial Corp., (SOFR + 2.057%) (D), 4.927%, 5/10/28 | 350000 | 345005 |
| Capital One Financial Corp., (SOFR + 1.790%) (D), 3.273%, 3/1/30 | 350000 | 309383 |
| Citigroup, Inc., (SOFR + 2.086%) (D), 4.91%, 5/24/33 | 350000 | 344717 |
| Discover Financial Services, 6.7%, 11/29/32 | 500000 | 532445 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 350000 | 231946 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 350000 | 322290 |
| Fifth Third Bancorp, (SOFR + 1.660%) (D), 4.337%, 4/25/33 | 350000 | 329932 |
| Five Corners Funding Trust II (A), 2.85%, 5/15/30 | 250000 | 215994 |
| GE HealthCare Technologies, Inc. (A), 5.6%, 11/15/25 | 750000 | 762006 |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | 400000 | 331526 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 400000 | 374112 |
| Goldman Sachs Group, Inc., (SOFR + 0.913%) (D), 1.948%, 10/21/27 | 500000 | 446944 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (D), 2.487%, 8/15/36 | 700000 | 526199 |
| Huntington National Bank, (SOFR + 1.205%) (D), 4.008%, 5/16/25 | 500000 | 492175 |
| Intercontinental Exchange, Inc., 3.75%, 9/21/28 | 250000 | 241341 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 350000 | 346145 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 450000 | 368460 |
| JPMorgan Chase & Co., (3 mo. USD SOFR + 0.695%) (D), 1.04%, 2/4/27 | 650000 | 578186 |
| KeyBank NA, 5%, 1/26/33 | 250000 | 249747 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250000 | 176262 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 150000 | 110870 |
| M&T Bank Corp., 3.55%, 7/26/23 | 250000 | 248388 |
| Morgan Stanley, (SOFR + 1.990%) (D), 2.188%, 4/28/26 | 175000 | 164379 |
| Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32 | 500000 | 396160 |
| Morgan Stanley, (5 year CMT + 2.430%), 5.948%, 1/19/38 | 600000 | 610756 |
| MPT Operating Partnership LP/MPT Finance Corp. (E), 5%, 10/15/27 | 250000 | 211334 |
| NASDAQ, Inc., 1.65%, 1/15/31 | 450000 | 355365 |
| Old Republic International Corp., 3.85%, 6/11/51 | 300000 | 226030 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250000 | 201802 |
| PNC Bank NA, 2.7%, 10/22/29 | 250000 | 219042 |
| Public Storage, 1.95%, 11/9/28 | 250000 | 218984 |
| Realty Income Corp., 4.85%, 3/15/30 | 400000 | 399916 |
| Regions Financial Corp., 1.8%, 8/12/28 | 100000 | 86872 |
| State Street Corp., (SOFR + 1.490%) (D), 3.031%, 11/1/34 | 250000 | 218745 |
| Synchrony Financial, 7.25%, 2/2/33 | 275000 | 274585 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 300000 | 224643 |
| Truist Bank, 2.25%, 3/11/30 | 325000 | 272648 |
| Truist Financial Corp., (SOFR + 0.609%) (D), 1.267%, 3/2/27 | 500000 | 451661 |
| Truist Financial Corp., (SOFR + 1.852%), 5.122%, 1/26/34 | 400000 | 404012 |
| U.S. Bancorp, (SOFR + 1.660%) (D), 4.548%, 7/22/28 | 500000 | 498111 |
| Wells Fargo & Co., (SOFR + 2.000%) (D), 2.188%, 4/30/26 | 350000 | 329103 |
| Welltower OP LLC, 2.05%, 1/15/29 | 500000 | 419121 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 300000 | 262964 |
|  |  | 19366680 |
| **Health Care - 2.0%** |  |  |
| Baxter International, Inc., 2.272%, 12/1/28 | 400000 | 348556 |
| Block, Inc., 2.75%, 6/1/26 | 450000 | 408978 |
| Centene Corp., 2.45%, 7/15/28 | 500000 | 433420 |
| Cigna Corp., 4.9%, 12/15/48 | 500000 | 475945 |
| CVS Health Corp., 5.125%, 7/20/45 | 500000 | 479119 |
| Gartner, Inc. (A), 4.5%, 7/1/28 | 400000 | 379996 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 250000 | 207673 |
| Humana, Inc., 1.35%, 2/3/27 | 250000 | 219796 |
| PerkinElmer, Inc., 0.55%, 9/15/23 | 425000 | 412098 |
| UnitedHealth Group, Inc., 2.3%, 5/15/31 | 300000 | 257404 |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | 250000 | 210475 |
| Zoetis, Inc., 3%, 5/15/50 | 250000 | 179538 |
|  |  | 4012998 |
| **Industrials - 3.1%** |  |  |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 600000 | 482554 |
| Ball Corp., 4.875%, 3/15/26 | 475000 | 467887 |
| Boeing Co., 2.196%, 2/4/26 | 400000 | 369021 |
| Boeing Co., 5.805%, 5/1/50 | 350000 | 354614 |
| Carlisle Cos., Inc., 3.5%, 12/1/24 | 500000 | 484168 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| Carrier Global Corp., 3.577%, 4/5/50 | 200000 | 154713 |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 500000 | 366037 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 350000 | 304683 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 500000 | 428327 |
| TD SYNNEX Corp., 1.75%, 8/9/26 | 500000 | 434455 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 250000 | 198537 |
| Textron, Inc. (E), 2.45%, 3/15/31 | 250000 | 209142 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 475000 | 473260 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 500000 | 496875 |
| Vontier Corp., 1.8%, 4/1/26 | 300000 | 260622 |
| WRKCo, Inc., 3.9%, 6/1/28 | 350000 | 331764 |
| WRKCo, Inc., 3%, 6/15/33 | 300000 | 253368 |
|  |  | 6070027 |
| **Information Technology - 2.2%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 9141 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 87000 | 104668 |
| Dell International LLC/EMC Corp., (A), 3.45%, 12/15/51 | 625000 | 412412 |
| Fiserv, Inc., 3.5%, 7/1/29 | 750000 | 696005 |
| HP, Inc., 2.65%, 6/17/31 | 600000 | 484974 |
| Intuit, Inc., 1.65%, 7/15/30 | 250000 | 206571 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 275000 | 235645 |
| Lam Research Corp., 1.9%, 6/15/30 | 200000 | 167772 |
| Marvell Technology, Inc., 4.2%, 6/22/23 | 500000 | 497701 |
| Oracle Corp., 3.95%, 3/25/51 | 750000 | 579960 |
| Salesforce, Inc., 2.9%, 7/15/51 | 500000 | 354726 |
| VMware, Inc., 2.2%, 8/15/31 | 500000 | 395482 |
| Workday, Inc., 3.7%, 4/1/29 | 300000 | 281786 |
|  |  | 4426843 |
| **Materials - 0.6%** |  |  |
| Arconic Corp. (A), 6%, 5/15/25 | 250000 | 247567 |
| Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 250000 | 252877 |
| International Flavors & Fragrances, Inc. (A), 3.468%, 12/1/50 | 500000 | 367519 |
| LYB International Finance III LLC, 3.625%, 4/1/51 | 400000 | 291305 |
|  |  | 1159268 |
| **Utilities - 2.1%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 400000 | 360206 |
| Ameren Illinois Co., 5.9%, 12/1/52 | 500000 | 577561 |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 350000 | 280377 |
| Duke Energy Corp., 3.75%, 9/1/46 | 500000 | 395226 |
| Duke Energy Progress LLC, 3.7%, 10/15/46 | 1000000 | 805747 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 700000 | 505299 |
| Interstate Power & Light Co., 3.5%, 9/30/49 | 250000 | 190166 |
| NextEra Energy Capital Holdings, Inc., 1.9%, 6/15/28 | 600000 | 524431 |
| PECO Energy Co., 3.05%, 3/15/51 | 750000 | 545790 |
|  |  | 4184803 |
| **Total Corporate Notes and Bonds**<br>(Cost $61,703,242) | **Total Corporate Notes and Bonds**<br>(Cost $61,703,242) | 55310901 |
| **FOREIGN CORPORATE BONDS - 2.5%** |  |  |
| **Communication Services - 0.3%** |  |  |
| Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | 500000 | 411234 |
| Vodafone Group PLC, 5%, 5/30/38 | 250000 | 245927 |
|  |  | 657161 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Consumer Discretionary - 0.1%** | | |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.75%, 10/20/28 | 250000 | 243222 |
| **Financials - 1.5%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 500000 | 449389 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 250000 | 241404 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 500000 | 446764 |
| Bank of Montreal, 5.203%, 2/1/28 | 400000 | 407292 |
| Royal Bank of Canada, 4.9%, 1/12/28 | 400000 | 403187 |
| Toronto-Dominion Bank, 5.156%, 1/10/28 | 400000 | 407580 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 300000 | 293671 |
| UBS Group AG, (1 year CMT + 2.050%) (A) (D), 4.703%, 8/5/27 | 400000 | 394406 |
|  |  | 3043693 |
| **Health Care - 0.5%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 200000 | 162620 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 500000 | 350351 |
| STERIS Irish FinCo UnLtd Co. (E), 3.75%, 3/15/51 | 500000 | 386835 |
|  |  | 899806 |
| **Information Technology - 0.1%** |  |  |
| Analog Devices, Inc., 1.7%, 10/1/28 | 100000 | 86892 |
| **Total Foreign Corporate Bonds**<br>(Cost $5,406,305) | **Total Foreign Corporate Bonds**<br>(Cost $5,406,305) | 4930774 |
| **MORTGAGE BACKED SECURITIES - 18.5%** |  |  |
| **Fannie Mae - 11.4%** |  |  |
| 3%, 9/1/30 Pool # 890696 | 304456 | 296217 |
| 3%, 12/1/30 Pool # AL8924 | 152533 | 148039 |
| 7%, 11/1/31 Pool # 607515 | 3795 | 3887 |
| 3.5%, 12/1/31 Pool # MA0919 | 103440 | 102598 |
| 6.5%, 3/1/32 Pool # 631377 | 12752 | 13205 |
| 6.5%, 5/1/32 Pool # 636758 | 785 | 813 |
| 7%, 5/1/32 Pool # 644591 | 395 | 395 |
| 6.5%, 6/1/32 Pool # 545691 | 20943 | 21947 |
| 3.5%, 8/1/32 Pool # MA3098 | 133939 | 131498 |
| 3.5%, 9/1/32 Pool # MA3126 | 94606 | 92879 |
| 5.5%, 11/1/33 Pool # 555880 | 27951 | 28869 |
| 5%, 5/1/34 Pool # 780890 | 12567 | 12899 |
| 4%, 2/1/35 Pool # MA2177 | 260892 | 258098 |
| 5%, 8/1/35 Pool # 829670 | 26679 | 27192 |
| 5%, 9/1/35 Pool # 820347 | 40968 | 42204 |
| 5%, 9/1/35 Pool # 835699 | 37559 | 38346 |
| 3.5%, 12/1/35 Pool # MA2473 | 253916 | 248713 |
| 4.5%, 12/1/35 Pool # 745147 | 4177 | 4223 |
| 5%, 12/1/35 Pool # 850561 | 10763 | 11021 |
| 6%, 11/1/36 Pool # 902510 | 34484 | 36399 |
| 6%, 10/1/37 Pool # 947563 | 32641 | 34521 |
| 6.5%, 12/1/37 Pool # 889072 | 24899 | 26441 |
| 6.5%, 8/1/38 Pool # 987711 | 59482 | 63852 |
| 3%, 11/1/39 Pool # MA3831 | 106364 | 100214 |
| 4%, 9/1/40 Pool # AE3039 | 267449 | 264719 |
| 4%, 1/1/41 Pool # AB2080 | 202172 | 199502 |
| 2.5%, 5/1/41 Pool # MA4334 | 1346966 | 1221147 |
| 5.5%, 7/1/41 Pool # AL6588 | 196501 | 206202 |
| 4%, 9/1/41 Pool # AJ1406 | 95332 | 94074 |
| 4%, 10/1/41 Pool # AJ4046 | 276787 | 275325 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| 3.5%, 11/1/41 Pool # AB3867 | 103585 | 99919 |
| 2.5%, 3/1/42 Pool # MA4571 | 1877455 | 1685875 |
| 2.5%, 3/1/42 Pool # CB3076 | 714382 | 639265 |
| 4%, 3/1/42 Pool # AL1998 | 415411 | 411172 |
| 3.5%, 6/1/42 Pool # AO4134 | 453061 | 437029 |
| 3.5%, 8/1/42 Pool # AP2133 | 215795 | 208159 |
| 3%, 9/1/42 Pool # AP6568 | 53512 | 50264 |
| 3.5%, 9/1/42 Pool # AB6228 | 129335 | 124759 |
| 4%, 10/1/42 Pool # AP7363 | 285505 | 281441 |
| 3.5%, 1/1/43 Pool # AQ9326 | 267178 | 257720 |
| 3%, 2/1/43 Pool # AL3072 | 428103 | 402119 |
| 3.5%, 3/1/43 Pool # AT0310 | 213091 | 205547 |
| 3.5%, 4/1/43 Pool # AT2887 | 214031 | 206320 |
| 4%, 1/1/45 Pool # AS4257 | 67878 | 66814 |
| 4.5%, 10/1/46 Pool # MA2783 | 34358 | 34579 |
| 3%, 1/1/47 Pool # BE0108 | 355690 | 330367 |
| 2.5%, 12/1/47 Pool # FM3165 | 713741 | 634708 |
| 3%, 8/1/48 Pool # FS0517 | 848353 | 786645 |
| 4%, 11/1/50 Pool # FM5530 | 628787 | 611480 |
| 3.5%, 5/1/52 Pool # FS1866 | 978220 | 918622 |
| 4%, 5/1/52 Pool # CB3627 | 1222571 | 1179574 |
| 4%, 5/1/52 Pool # CB3678 | 977318 | 945817 |
| 4%, 5/1/52 Pool # FS1704 | 466275 | 454361 |
| 4%, 5/1/52 Pool # FS1818 | 730654 | 706736 |
| 3.5%, 6/1/52 Pool # CB3845 | 969712 | 911497 |
| 3.5%, 8/1/52 Pool # CB4361 | 983452 | 924411 |
| 4.5%, 8/1/52 Pool # CB4383 | 993071 | 987795 |
| 4.5%, 8/1/52 Pool # FS2605 | 496797 | 490285 |
| 4.5%, 9/1/52 Pool # FS2821 | 735411 | 730103 |
| 5%, 10/1/52 Pool # MA4785 | 976724 | 979185 |
| 5.5%, 10/1/52 Pool # MA4786 | 963966 | 979113 |
| 5%, 11/1/52 Pool # MA4806 | 983891 | 986370 |
|  |  | 22673490 |
| **Freddie Mac - 7.1%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 15679 | 15859 |
| 4.5%, 5/1/25 Pool # J12247 | 34125 | 34501 |
| 8%, 6/1/30 Pool # C01005 | 280 | 296 |
| 6.5%, 1/1/32 Pool # C62333 | 8830 | 9152 |
| 2.5%, 2/1/32 Pool # ZS8641 | 223439 | 212389 |
| 3.5%, 8/1/32 Pool # C91485 | 119521 | 117486 |
| 4%, 5/1/33 Pool # G18693 | 206824 | 207565 |
| 4.5%, 6/1/34 Pool # C01856 | 157885 | 159646 |
| 2.5%, 6/1/35 Pool # RC1421 | 341746 | 319627 |
| 6.5%, 11/1/36 Pool # C02660 | 3521 | 3731 |
| 5.5%, 1/1/37 Pool # G04593 | 104245 | 109449 |
| 5.5%, 11/1/37 Pool # A68787 | 65645 | 68958 |
| 5.5%, 12/1/38 Pool # G05267 | 161952 | 170110 |
| 4.5%, 8/1/39 Pool # G08361 | 165188 | 167860 |
| 3.5%, 11/1/40 Pool # G06168 | 149217 | 144055 |
| 2%, 3/1/41 Pool # RB5105 | 1008561 | 886216 |
| 2.5%, 6/1/41 Pool # SC0151 | 842038 | 763372 |
| 4%, 10/1/41 Pool # Q04092 | 297227 | 293600 |
| 4.5%, 3/1/42 Pool # G07491 | 181229 | 184207 |
| 3%, 9/1/42 Pool # C04233 | 256376 | 241064 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| 3%, 2/1/43 Pool # Q15767 | 182610 | 171705 |
| 3%, 4/1/43 Pool # V80025 | 195112 | 183456 |
| 3%, 4/1/43 Pool # V80026 | 191909 | 180445 |
| 3.5%, 8/1/44 Pool # Q27927 | 210281 | 202263 |
| 3%, 7/1/45 Pool # G08653 | 302170 | 281272 |
| 3.5%, 8/1/45 Pool # Q35614 | 229077 | 219916 |
| 3%, 11/1/45 Pool # G08675 | 249671 | 232300 |
| 3%, 1/1/46 Pool # G08686 | 318324 | 295983 |
| 3%, 10/1/46 Pool # G60722 | 334141 | 310016 |
| 3.5%, 11/1/47 Pool # Q52079 | 276496 | 264380 |
| 2.5%, 4/1/48 Pool # QA2240 | 845516 | 750981 |
| 3%, 7/1/49 Pool # QA1033 | 380749 | 349574 |
| 3.5%, 4/1/52 Pool # SD0960 | 1208420 | 1142156 |
| 3.5%, 5/1/52 Pool # RA7380 | 727965 | 684263 |
| 3.5%, 5/1/52 Pool # QE2363 | 718509 | 673507 |
| 5.5%, 11/1/52 Pool # SD8268 | 1713770 | 1740190 |
| 5.5%, 11/1/52 Pool # SD1859 | 989214 | 1012670 |
| 4.5%, 12/1/52 Pool # SD1921 | 1245615 | 1239768 |
|  |  | 14043988 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 2/20/29 Pool # 2714 | 3472 | 3586 |
| 6.5%, 4/20/31 Pool # 3068 | 1715 | 1803 |
| 4%, 4/15/39 Pool # 698089 | 11883 | 11767 |
|  |  | 17156 |
| **Total Mortgage Backed Securities**<br>(Cost $38,438,038) | **Total Mortgage Backed Securities**<br>(Cost $38,438,038) | 36734634 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 36.4%** |  |  |
| **U.S. Treasury Bonds - 9.8%** |  |  |
| 6.625%, 2/15/27 | 2000000 | 2212734 |
| 5.375%, 2/15/31 | 1250000 | 1407275 |
| 4.500%, 5/15/38 | 1250000 | 1384131 |
| 2.250%, 5/15/41 | 4250000 | 3375928 |
| 3.750%, 8/15/41 | 4750000 | 4760762 |
| 3.000%, 5/15/45 | 1000000 | 875547 |
| 3.000%, 5/15/47 | 750000 | 654961 |
| 3.375%, 11/15/48 | 500000 | 468594 |
| 1.250%, 5/15/50 | 3000000 | 1746914 |
| 1.875%, 2/15/51 | 3750000 | 2562598 |
|  |  | 19449444 |
| **U.S. Treasury Notes - 26.6%** |  |  |
| 2.750%, 2/15/24 | 3750000 | 3673828 |
| 2.250%, 12/31/24 | 5750000 | 5537295 |
| 2.250%, 11/15/25 | 6750000 | 6449678 |
| 0.375%, 1/31/26 | 4750000 | 4280195 |
| 1.500%, 8/15/26 | 5000000 | 4619141 |
| 2.375%, 5/15/27 | 6000000 | 5681953 |
| 2.875%, 5/15/28 | 5750000 | 5532803 |
| 2.625%, 2/15/29 | 6000000 | 5671406 |
| 3.875%, 11/30/29 | 1000000 | 1016094 |
| 0.625%, 8/15/30 | 4500000 | 3655371 |
| 1.375%, 11/15/31 | 7000000 | 5885742 |
| 4.125%, 11/15/32 | 500000 | 524531 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Core Bond Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | 52528037 |
| **Total U.S. Government and Agency Obligations**<br>(Cost $78,467,146) | **Total U.S. Government and Agency Obligations**<br>(Cost $78,467,146) | **Total U.S. Government and Agency Obligations**<br>(Cost $78,467,146) | 71977481 |
| | | <u>Shares</u> | |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (G), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (G), 4.18% | 2713932 | 2713932 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (G) (H), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (G) (H), 4.35% | 2092528 | 2092528 |
| **Total Short-Term Investments**<br>(Cost $4,806,460) | **Total Short-Term Investments**<br>(Cost $4,806,460) | **Total Short-Term Investments**<br>(Cost $4,806,460) | 4806460 |
| **TOTAL INVESTMENTS** - **100.4%** (Cost $216,122,405) | **TOTAL INVESTMENTS** - **100.4%** (Cost $216,122,405) | **TOTAL INVESTMENTS** - **100.4%** (Cost $216,122,405) | 198826582 |
| **NET OTHER ASSETS AND LIABILITIES** - **(0.4%)** | **NET OTHER ASSETS AND LIABILITIES** - **(0.4%)** | **NET OTHER ASSETS AND LIABILITIES** - **(0.4%)** | (853892) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $197972690 |
| (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." | 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." | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." |
| (B) | Stepped rate security. Rate shown is as of January 31, 2023. | Stepped rate security. Rate shown is as of January 31, 2023. | Stepped rate security. Rate shown is as of January 31, 2023. |
| (C) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. |
| (D) | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. |
| (E) | All or a portion of these securities, with an aggregate fair value of $2,055,487, are on loan as part of a securities lending program. See footnote (H) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $2,055,487, are on loan as part of a securities lending program. See footnote (H) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $2,055,487, are on loan as part of a securities lending program. See footnote (H) and Note 5 for details on the securities lending program. |
| (F) | Restricted. The cost of security acquired on 12/17/19 is $500,000. The value is $453,750, representing 0.2% of net assets. | Restricted. The cost of security acquired on 12/17/19 is $500,000. The value is $453,750, representing 0.2% of net assets. | Restricted. The cost of security acquired on 12/17/19 is $500,000. The value is $453,750, representing 0.2% of net assets. |
| (G) | 7-day yield. | 7-day yield. | 7-day yield. |
| (H) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| BDC | Business Development Company | Business Development Company | Business Development Company |
| CMT | Constant Maturity Treasury. | Constant Maturity Treasury. | Constant Maturity Treasury. |
| DAC | Designated Activity Company. | Designated Activity Company. | Designated Activity Company. |
| FREMF | Freddie Mac Multifamily Securities | Freddie Mac Multifamily Securities | Freddie Mac Multifamily Securities |
| IO | Interest Only. | Interest Only. | Interest Only. |
| LLC | Limited Liability Company. | Limited Liability Company. | Limited Liability Company. |
| LP | Limited Partnership. | Limited Partnership. | Limited Partnership. |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. |
| REMIC | Real Estate Mortgage Investment Conduit. | Real Estate Mortgage Investment Conduit. | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. |
| SOFR30A | 30-day SOFR Average. | 30-day SOFR Average. | 30-day SOFR Average. |
| STACR | Structured Agency Credit Risk. | Structured Agency Credit Risk. | Structured Agency Credit Risk. |
| USD | United States Dollar. | United States Dollar. | United States Dollar. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 70.0%** |  |  |
| **Communication Service - 2.1%** |  |  |
| Comcast Corp., Class A | 90600 | $3565110 |
| **Consumer Discretionary - 6.8%** |  |  |
| Home Depot, Inc. | 12600 | 4084542 |
| Lowe's Cos., Inc. | 6200 | 1291150 |
| McDonald's Corp. | 8000 | 2139200 |
| Starbucks Corp. | 18500 | 2019090 |
| Target Corp. | 10450 | 1798863 |
|  |  | 11332845 |
| **Consumer Staples - 5.2%** |  |  |
| Archer-Daniels-Midland Co. | 36100 | 2990885 |
| Coca-Cola Co. | 31450 | 1928514 |
| PepsiCo, Inc. | 10875 | 1859843 |
| Procter & Gamble Co. | 12500 | 1779750 |
|  |  | 8558992 |
| **Energy - 7.6%** |  |  |
| Baker Hughes Co. | 108200 | 3434268 |
| Chevron Corp. | 18800 | 3271576 |
| EOG Resources, Inc. | 22000 | 2909500 |
| Kinder Morgan, Inc. | 163200 | 2986560 |
|  |  | 12601904 |
| **Financials - 15.6%** |  |  |
| Aflac, Inc. | 40200 | 2954700 |
| BlackRock, Inc. | 4875 | 3701149 |
| CME Group, Inc. | 20200 | 3568532 |
| JPMorgan Chase & Co. | 26100 | 3652956 |
| Morgan Stanley | 34350 | 3343285 |
| Northern Trust Corp. | 20025 | 1941824 |
| Travelers Cos., Inc. | 18400 | 3516608 |
| U.S. Bancorp | 65400 | 3256920 |
|  |  | 25935974 |
| **Health Care - 8.6%** |  |  |
| Bristol-Myers Squibb Co. | 34900 | 2535485 |
| CVS Health Corp. | 20092 | 1772516 |
| Johnson & Johnson | 24350 | 3979277 |
| Medtronic PLC | 41500 | 3473135 |
| Pfizer, Inc. | 58200 | 2570112 |
|  |  | 14330525 |
| **Industrials - 10.2%** |  |  |
| Caterpillar, Inc. | 15200 | 3834808 |
| Emerson Electric Co. | 20800 | 1876576 |
| Fastenal Co. | 43950 | 2221673 |
| Honeywell International, Inc. | 15525 | 3236652 |
| PACCAR, Inc. | 36250 | 3962487 |
| Union Pacific Corp. | 8900 | 1817291 |
|  |  | 16949487 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Information Technology - 7.0%** | | |
| Analog Devices, Inc. | 8025 | 1376047 |
| Automatic Data Processing, Inc. | 6800 | 1535508 |
| Cisco Systems, Inc. | 85700 | 4171019 |
| Paychex, Inc. | 10950 | 1268667 |
| Texas Instruments, Inc. | 18150 | 3216361 |
|  |  | 11567602 |
| **Materials - 3.4%** |  |  |
| Air Products & Chemicals, Inc. | 12000 | 3846120 |
| Newmont Corp. | 35400 | 1873722 |
|  |  | 5719842 |
| **Real Estate - 1.5%** |  |  |
| American Tower Corp., REIT | 11125 | 2485214 |
| **Utilities - 2.0%** |  |  |
| Dominion Energy, Inc. | 52600 | 3347464 |
| **Total Common Stocks**<br>(Cost $87,360,328) | **Total Common Stocks**<br>(Cost $87,360,328) | 116394959 |
|  | <u>Par Value</u> |  |
| **ASSET BACKED SECURITIES - 0.8%** |  |  |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $67022 | 65839 |
| Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/15/32 | 34384 | 34080 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 67360 | 67305 |
| Dell Equipment Finance Trust, Series 2021-1, Class A3 (A), 0.43%, 5/22/26 | 123431 | 121397 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 78300 | 76004 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 2978 | 2974 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, 10/22/29 | 150000 | 151519 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 100683 | 96819 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 113885 | 107558 |
| LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | 94693 | 91815 |
| LAD Auto Receivables Trust, Series 2022-1A, Class A (A), 5.21%, 6/15/27 | 171890 | 169638 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 150000 | 140272 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 91667 | 91052 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 100000 | 99271 |
| **Total Asset Backed Securities**<br>(Cost $1,352,006) | **Total Asset Backed Securities**<br>(Cost $1,352,006) | 1315543 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.4%** |  |  |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C) | 142474 | 126847 |
| Federal Home Loan Mortgage Corp. REMICS, Series 3187, Class Z | 95950 | 97190 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C) | 92212 | 91647 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C) | 127023 | 125536 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB | 70147 | 68254 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB | 99463 | 98177 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT | 36133 | 37273 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO | 830809 | 132532 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA | 16476 | 16249 |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C) | 83365 | 74015 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (B) (C) | 166385 | 138723 |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C) | 29312 | 26593 |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C) | 195153 | 162709 |
| JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C) | 112128 | 93486 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C) | 267768 | 236920 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C) | 58581 | 49917 |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C) | 2022 | 1970 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C) | 303927 | 268714 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C) | 177649 | 157183 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C) | 185554 | 163425 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C) | 140892 | 125348 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C) | 83446 | 78420 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C) | 22805 | 22082 |
| **Total Collateralized Mortgage Obligations**<br>(Cost $2,639,229) | **Total Collateralized Mortgage Obligations**<br>(Cost $2,639,229) | 2393210 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 137294 | 133195 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 600000 | 577777 |
| Federal National Mortgage Association-Aces, Series 2013-M12, Class APT (B) (C), 2.561%, 3/25/23 | 33060 | 32893 |
| Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.154%, 11/25/27 | 214075 | 205842 |
| Federal National Mortgage Association-Aces, Series 2022-M1, Class A2 (B) (C), 1.669%, 10/25/31 | 250000 | 204947 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (B) (C), 3.719%, 1/25/48 | 240000 | 232450 |
| GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | 534000 | - |
| **Total Commercial Mortgage-Backed Securities**<br>(Cost $1,440,800) | **Total Commercial Mortgage-Backed Securities**<br>(Cost $1,440,800) | 1387104 |
| **CORPORATE NOTES AND BONDS - 8.7%** |  |  |
| **Communication Services - 1.1%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 125000 | 101812 |
| AT&T, Inc., 4.75%, 5/15/46 | 200000 | 183418 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | 200000 | 198807 |
| Comcast Corp., 4.15%, 10/15/28 | 275000 | 272096 |
| Discovery Communications LLC, 5%, 9/20/37 | 125000 | 109959 |
| eBay, Inc., 1.9%, 3/11/25 | 50000 | 47196 |
| eBay, Inc. (D), 2.6%, 5/10/31 | 250000 | 212638 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 200000 | 175511 |
| Meta Platforms, Inc., 3.85%, 8/15/32 | 100000 | 92772 |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | 100000 | 92820 |
| Verizon Communications, Inc., 4.329%, 9/21/28 | 150000 | 147663 |
| Verizon Communications, Inc., 3.875%, 2/8/29 | 100000 | 96071 |
|  |  | 1730763 |
| **Consumer Discretionary - 0.7%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | 100000 | 79551 |
| Hilton Domestic Operating Co., Inc. (A) (D), 5.375%, 5/1/25 | 100000 | 99294 |
| Home Depot, Inc., 3.35%, 4/15/50 | 100000 | 79603 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 250000 | 170506 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 125000 | 105440 |
| McDonald's Corp., 4.875%, 12/9/45 | 300000 | 295151 |
| Southwest Airlines Co., 5.25%, 5/4/25 | 50000 | 50310 |
| Southwest Airlines Co., 5.125%, 6/15/27 | 200000 | 201533 |
| Tractor Supply Co., 1.75%, 11/1/30 | 125000 | 99312 |
|  |  | 1180700 |
| **Consumer Staples - 0.5%** |  |  |
| Conagra Brands, Inc., 0.5%, 8/11/23 | 150000 | 146457 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| GE HealthCare Technologies, Inc. (A), 6.377%, 11/22/52 | 100000 | 114837 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 100000 | 84099 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 75000 | 60318 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 250000 | 182186 |
| Mars, Inc. (A), 3.95%, 4/1/49 | 200000 | 173663 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 50000 | 48124 |
| Sysco Corp., 5.95%, 4/1/30 | 42000 | 44992 |
|  |  | 854676 |
| **Energy - 1.5%** |  |  |
| BP Capital Markets America, Inc., 3.119%, 5/4/26 | 200000 | 191992 |
| ConocoPhillips Co., 4.15%, 11/15/34 | 129000 | 118592 |
| Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 150000 | 134144 |
| Energy Transfer LP, 5.25%, 4/15/29 | 75000 | 75559 |
| Enterprise Products Operating LLC, 5.35%, 1/31/33 | 125000 | 129626 |
| Exxon Mobil Corp., 4.114%, 3/1/46 | 125000 | 113288 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 200000 | 193950 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 100000 | 99765 |
| MPLX LP, 4.8%, 2/15/29 | 150000 | 148371 |
| MPLX LP, 2.65%, 8/15/30 | 100000 | 85144 |
| Phillips 66, 2.15%, 12/15/30 | 200000 | 166401 |
| Phillips 66, 4.65%, 11/15/34 | 150000 | 147494 |
| Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | 292000 | 278199 |
| Valero Energy Corp., 6.625%, 6/15/37 | 250000 | 277551 |
| Valero Energy Corp., 4%, 6/1/52 | 50000 | 40349 |
| Valero Energy Partners LP, 4.5%, 3/15/28 | 300000 | 296731 |
|  |  | 2497156 |
| **Financials - 2.6%** |  |  |
| Air Lease Corp., 1.875%, 8/15/26 | 100000 | 89010 |
| Bank of America Corp., Series N, (SOFR + 0.910%) (C), 1.658%, 3/11/27 | 200000 | 180403 |
| Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37 | 150000 | 130379 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 100000 | 78653 |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 100000 | 85647 |
| BlackRock, Inc., 2.1%, 2/25/32 | 150000 | 124331 |
| Capital One Financial Corp., (SOFR+ 2.057%) (C), 4.927%, 5/10/28 | 125000 | 123216 |
| Capital One Financial Corp., (SOFR+ 1.790%) (C), 3.273%, 3/1/30 | 100000 | 88395 |
| Cboe Global Markets, Inc., 3.65%, 1/12/27 | 130000 | 126532 |
| Citigroup, Inc., (SOFR+ 2.086%) (C), 4.91%, 5/24/33 | 75000 | 73868 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 100000 | 66270 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 125000 | 115103 |
| Fifth Third Bancorp, (SOFR+ 1.660%) (C), 4.337%, 4/25/33 | 125000 | 117833 |
| GLP Capital LP/GLP Financing II, Inc. (D), 3.25%, 1/15/32 | 100000 | 82881 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 100000 | 93528 |
| Goldman Sachs Group, Inc., (SOFR+ 0.913%) (C), 1.948%, 10/21/27 | 200000 | 178777 |
| Healthpeak Properties, Inc., 3.25%, 7/15/26 | 50000 | 47643 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (C), 2.487%, 8/15/36 | 200000 | 150343 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 100000 | 98899 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 125000 | 102350 |
| JPMorgan Chase & Co., (3 mo. USD SOFR + 0.695%) (C), 1.04%, 2/4/27 | 200000 | 177903 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 125000 | 88131 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 25000 | 18478 |
| Morgan Stanley, 3.875%, 1/27/26 | 100000 | 97536 |
| Morgan Stanley, (SOFR+ 1.020%) (C), 1.928%, 4/28/32 | 100000 | 79232 |
| Morgan Stanley, 5.948%, 1/19/38 | 100000 | 101793 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| NASDAQ, Inc., 1.65%, 1/15/31 | 175000 | 138197 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 100000 | 80721 |
| PNC Financial Services Group, Inc., 3.45%, 4/23/29 | 300000 | 283625 |
| Public Storage (D), 1.85%, 5/1/28 | 100000 | 87960 |
| Realty Income Corp., 4.85%, 3/15/30 | 100000 | 99979 |
| Synchrony Financial, 3.7%, 8/4/26 | 150000 | 139357 |
| Synchrony Financial, 7.25%, 2/2/33 | 50000 | 49925 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 100000 | 74881 |
| Truist Bank, 2.25%, 3/11/30 | 50000 | 41946 |
| Truist Financial Corp., (SOFR+ 0.609%) (C), 1.267%, 3/2/27 | 200000 | 180664 |
| Truist Financial Corp., 5.122%, 1/26/34 | 100000 | 101003 |
| Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28 | 100000 | 90482 |
| Welltower OP LLC, 2.05%, 1/15/29 | 100000 | 83824 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 150000 | 131482 |
|  |  | 4301180 |
| **Health Care - 0.5%** |  |  |
| Block, Inc., 2.75%, 6/1/26 | 100000 | 90884 |
| Centene Corp., 2.45%, 7/15/28 | 150000 | 130026 |
| Cigna Corp., 4.375%, 10/15/28 | 50000 | 49484 |
| CVS Health Corp., 5.125%, 7/20/45 | 250000 | 239559 |
| Gartner, Inc. (A) (D), 4.5%, 7/1/28 | 100000 | 94999 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 50000 | 41535 |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | 50000 | 42095 |
| Zoetis, Inc., 3%, 9/12/27 | 100000 | 94169 |
| Zoetis, Inc., 3%, 5/15/50 | 100000 | 71815 |
|  |  | 854566 |
| **Industrials - 0.8%** |  |  |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 125000 | 100532 |
| Boeing Co., 2.196%, 2/4/26 | 100000 | 92255 |
| Boeing Co., 5.805%, 5/1/50 | 50000 | 50659 |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 200000 | 146415 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 125000 | 108816 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 150000 | 128498 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 50000 | 39708 |
| Textron, Inc. (D), 2.45%, 3/15/31 | 100000 | 83657 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 75000 | 74725 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 200000 | 198750 |
| Vulcan Materials Co., 3.5%, 6/1/30 | 100000 | 91265 |
| WRKCo, Inc., 3.9%, 6/1/28 | 125000 | 118487 |
|  |  | 1233767 |
| **Information Technology - 0.5%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 10000 | 7618 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 19000 | 22858 |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 150000 | 98979 |
| HP, Inc., 2.65%, 6/17/31 | 200000 | 161658 |
| Intel Corp., 3.734%, 12/8/47 | 272000 | 215081 |
| Intuit, Inc., 1.65%, 7/15/30 | 125000 | 103285 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 50000 | 42845 |
| Oracle Corp., 3.95%, 3/25/51 | 150000 | 115992 |
| Salesforce, Inc., 2.9%, 7/15/51 | 100000 | 70945 |
|  |  | 839261 |
| **Materials - 0.2%** |  |  |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 100000 | 101151 |
| DuPont de Nemours, Inc., 4.725%, 11/15/28 | 80000 | 80991 |
| International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27 | 250000 | 215989 |
|  |  | 398131 |
| **Utilities - 0.3%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 150000 | 135077 |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 125000 | 100135 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 150000 | 108278 |
| Interstate Power & Light Co., 3.5%, 9/30/49 | 100000 | 76067 |
| PECO Energy Co., 3.05%, 3/15/51 | 193000 | 140450 |
|  |  | 560007 |
| **Total Corporate Notes and Bonds**<br>(Cost $16,173,595) | **Total Corporate Notes and Bonds**<br>(Cost $16,173,595) | 14450207 |
| **FOREIGN CORPORATE BONDS - 0.8%** |  |  |
| **Financials - 0.5%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 150000 | 134816 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 150000 | 144843 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 150000 | 134029 |
| Bank of Montreal, Series E, 3.3%, 2/5/24 | 110000 | 108231 |
| Bank of Montreal, 5.203%, 2/1/28 | 100000 | 101823 |
| Royal Bank of Canada, 4.9%, 1/12/28 | 100000 | 100797 |
| Toronto-Dominion Bank, 5.156%, 1/10/28 | 100000 | 101895 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 100000 | 97890 |
|  |  | 924324 |
| **Health Care - 0.3%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 175000 | 142293 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 250000 | 175176 |
| STERIS Irish FinCo UnLtd Co. (D), 3.75%, 3/15/51 | 150000 | 116050 |
|  |  | 433519 |
| **Total Foreign Corporate Bonds**<br>(Cost $1,516,016) | **Total Foreign Corporate Bonds**<br>(Cost $1,516,016) | 1357843 |
| **LONG TERM MUNICIPAL BONDS - 0.4%** |  |  |
| Hillsboro School District No 1J, General Obligation, 4.35%, 6/30/34 | 200000 | 195066 |
| Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 325000 | 348321 |
| University of Massachusetts Building Authority Revenue, Series B, 6.573%, 5/1/39 | 35000 | 35052 |
| **Total Long Term Municipal Bonds**<br>(Cost $629,322) | **Total Long Term Municipal Bonds**<br>(Cost $629,322) | 578439 |
| **MORTGAGE BACKED SECURITIES - 6.2%** |  |  |
| **Fannie Mae - 4.0%** |  |  |
| 3%, 9/1/30 Pool # 890696 | 63838 | 62110 |
| 3%, 12/1/30 Pool # AL8924 | 101689 | 98693 |
| 7%, 11/1/31 Pool # 607515 | 3795 | 3887 |
| 3.5%, 12/1/31 Pool # MA0919 | 164793 | 163451 |
| 7%, 5/1/32 Pool # 644591 | 632 | 632 |
| 3.5%, 8/1/32 Pool # MA3098 | 44646 | 43833 |
| 3.5%, 9/1/32 Pool # MA3126 | 38491 | 37788 |
| 5.5%, 10/1/33 Pool # 254904 | 19673 | 20525 |
| 4%, 2/1/35 Pool # MA2177 | 113053 | 111843 |
| 5%, 8/1/35 Pool # 829670 | 15511 | 15809 |
| 5%, 9/1/35 Pool # 835699 | 23379 | 23869 |
| 5%, 9/1/35 Pool # 820347 | 24437 | 25174 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| 3%, 12/1/35 Pool # AS6267 | 83372 | 79586 |
| 5%, 12/1/35 Pool # 850561 | 6551 | 6709 |
| 4%, 6/1/36 Pool # AL8618 | 78830 | 77986 |
| 5.5%, 9/1/36 Pool # 831820 | 35261 | 36441 |
| 5.5%, 10/1/36 Pool # 901723 | 4377 | 4444 |
| 5.5%, 12/1/36 Pool # 903059 | 32605 | 33465 |
| 3%, 11/1/39 Pool # MA3831 | 53182 | 50107 |
| 2.5%, 5/1/41 Pool # MA4334 | 210463 | 190804 |
| 4.5%, 7/1/41 Pool # AB3274 | 58785 | 59691 |
| 5.5%, 7/1/41 Pool # AL6588 | 58950 | 61861 |
| 2.5%, 3/1/42 Pool # MA4571 | 234682 | 210734 |
| 2.5%, 3/1/42 Pool # CB3076 | 238128 | 213089 |
| 3.5%, 6/1/42 Pool # AO4134 | 106186 | 102429 |
| 4%, 6/1/42 Pool # MA1087 | 63662 | 62821 |
| 3.5%, 8/1/42 Pool # AP2133 | 64739 | 62448 |
| 3.5%, 8/1/42 Pool # AO8100 | 36619 | 35323 |
| 4%, 10/1/42 Pool # AP7363 | 122359 | 120617 |
| 3%, 2/1/43 Pool # AL3072 | 130697 | 122765 |
| 3%, 2/1/43 Pool # AB8563 | 69344 | 65134 |
| 3%, 2/1/43 Pool # AB8486 | 105491 | 99087 |
| 3%, 3/1/43 Pool # AB8818 | 103141 | 96880 |
| 3.5%, 3/1/43 Pool # AT0310 | 60883 | 58728 |
| 4%, 1/1/45 Pool # AS4257 | 35725 | 35165 |
| 4%, 1/1/45 Pool # MA2145 | 108869 | 107162 |
| 4.5%, 2/1/45 Pool # MA2193 | 66154 | 66580 |
| 3.5%, 12/1/45 Pool # AS6309 | 59271 | 56792 |
| 3%, 1/1/47 Pool # BE0108 | 118563 | 110122 |
| 2.5%, 12/1/47 Pool # FM3165 | 237914 | 211569 |
| 3.5%, 12/1/47 Pool # MA3210 | 111253 | 106076 |
| 4%, 7/1/48 Pool # MA3415 | 28741 | 28086 |
| 3%, 8/1/48 Pool # FS0517 | 212088 | 196661 |
| 4%, 11/1/50 Pool # FM5530 | 209596 | 203827 |
| 3.5%, 5/1/52 Pool # FS1866 | 244555 | 229655 |
| 4%, 5/1/52 Pool # FS1818 | 243551 | 235579 |
| 4%, 5/1/52 Pool # FS1704 | 139883 | 136308 |
| 4%, 5/1/52 Pool # CB3678 | 244329 | 236454 |
| 4%, 5/1/52 Pool # CB3627 | 489028 | 471829 |
| 3.5%, 6/1/52 Pool # CB3845 | 242428 | 227874 |
| 4.5%, 8/1/52 Pool # FS2605 | 248399 | 245142 |
| 4.5%, 8/1/52 Pool # CB4383 | 248268 | 246949 |
| 5%, 10/1/52 Pool # MA4785 | 244181 | 244796 |
| 5.5%, 10/1/52 Pool # MA4786 | 192793 | 195823 |
| 5%, 11/1/52 Pool # MA4806 | 491946 | 493185 |
|  |  | 6544397 |
| **Freddie Mac - 2.2%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 3920 | 3965 |
| 4.5%, 5/1/25 Pool # J12247 | 3656 | 3697 |
| 8%, 6/1/30 Pool # C01005 | 518 | 547 |
| 6.5%, 1/1/32 Pool # C62333 | 13245 | 13728 |
| 2.5%, 2/1/32 Pool # ZS8641 | 148959 | 141593 |
| 2.5%, 6/1/35 Pool # RC1421 | 113915 | 106542 |
| 4.5%, 8/1/39 Pool # G08361 | 82594 | 83930 |
| 3.5%, 11/1/40 Pool # G06168 | 79153 | 76414 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| 2%, 3/1/41 Pool # RB5105 | 403425 | 354486 |
| 2.5%, 6/1/41 Pool # SC0151 | 210509 | 190843 |
| 4.5%, 9/1/41 Pool # Q03516 | 48721 | 49382 |
| 4%, 10/1/41 Pool # Q04092 | 70254 | 69396 |
| 3%, 8/1/42 Pool # G08502 | 70559 | 66345 |
| 3%, 9/1/42 Pool # C04233 | 47201 | 44382 |
| 3%, 4/1/43 Pool # V80026 | 127939 | 120297 |
| 3%, 4/1/43 Pool # V80025 | 130075 | 122304 |
| 3.5%, 8/1/44 Pool # Q27927 | 162968 | 156754 |
| 3%, 7/1/45 Pool # G08653 | 100723 | 93757 |
| 3.5%, 8/1/45 Pool # Q35614 | 114539 | 109958 |
| 3%, 10/1/46 Pool # G60722 | 108596 | 100755 |
| 4%, 3/1/47 Pool # Q46801 | 40495 | 39792 |
| 3.5%, 12/1/47 Pool # Q52955 | 144104 | 137774 |
| 2.5%, 4/1/48 Pool # QA2240 | 187892 | 166885 |
| 3%, 7/1/49 Pool # QA1033 | 113196 | 103928 |
| 3.5%, 4/1/52 Pool # SD0960 | 483368 | 456862 |
| 3.5%, 5/1/52 Pool # QE2363 | 239503 | 224502 |
| 3.5%, 5/1/52 Pool # RA7380 | 242655 | 228088 |
| 5.5%, 11/1/52 Pool # SD1859 | 148382 | 151900 |
| 5.5%, 11/1/52 Pool # SD8268 | 244824 | 248599 |
|  |  | 3667405 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 2/20/29 Pool # 2714 | 4861 | 5020 |
| 6.5%, 4/20/31 Pool # 3068 | 2859 | 3006 |
|  |  | 8026 |
| **Total Mortgage Backed Securities**<br>(Cost $10,755,490) | **Total Mortgage Backed Securities**<br>(Cost $10,755,490) | 10219828 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.9%** |  |  |
| **U.S. Treasury Bonds - 2.8%** |  |  |
| 6.625%, 2/15/27 | 700000 | 774457 |
| 2.250%, 5/15/41 | 1500000 | 1191504 |
| 3.750%, 8/15/41 | 400000 | 400906 |
| 3.000%, 5/15/42 | 400000 | 356234 |
| 2.500%, 2/15/45 | 500000 | 401192 |
| 2.500%, 5/15/46 | 200000 | 159516 |
| 3.000%, 2/15/48 | 250000 | 218525 |
| 1.250%, 5/15/50 | 1250000 | 727881 |
| 1.875%, 2/15/51 | 500000 | 341680 |
|  |  | 4571895 |
| **U.S. Treasury Notes - 7.1%** |  |  |
| 2.250%, 12/31/24 | 750000 | 722256 |
| 2.000%, 8/15/25 | 1500000 | 1426875 |
| 2.250%, 11/15/25 | 1750000 | 1672139 |
| 0.375%, 1/31/26 | 1500000 | 1351641 |
| 1.500%, 8/15/26 | 1500000 | 1385742 |
| 2.375%, 5/15/27 | 505000 | 478231 |
| 0.375%, 9/30/27 | 300000 | 258035 |
| 2.875%, 5/15/28 | 1100000 | 1058449 |
| 2.625%, 2/15/29 | 1000000 | 945234 |
| 3.875%, 11/30/29 | 250000 | 254024 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Diversified Income Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| 0.625%, 8/15/30 | 0.625%, 8/15/30 | 1500000 | 1218457 |
| 1.375%, 11/15/31 | 1.375%, 11/15/31 | 1290000 | 1084658 |
|  |  |  | 11855741 |
| **Total U.S. Government and Agency Obligations**<br>(Cost $18,420,135) | **Total U.S. Government and Agency Obligations**<br>(Cost $18,420,135) | **Total U.S. Government and Agency Obligations**<br>(Cost $18,420,135) | 16427636 |
|  |  | <u>Shares</u> |  |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (E), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (E), 4.18% | 1432974 | 1432974 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (E) (F), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (E) (F), 4.35% | 784000 | 784000 |
| **Total Short-Term Investments**<br>(Cost $2,216,974) | **Total Short-Term Investments**<br>(Cost $2,216,974) | **Total Short-Term Investments**<br>(Cost $2,216,974) | 2216974 |
| **TOTAL INVESTMENTS** - **100.3%** (Cost $142,503,895) | **TOTAL INVESTMENTS** - **100.3%** (Cost $142,503,895) | **TOTAL INVESTMENTS** - **100.3%** (Cost $142,503,895) | 166741743 |
| **NET OTHER ASSETS AND LIABILITIES** - **(0.3%)** | **NET OTHER ASSETS AND LIABILITIES** - **(0.3%)** | **NET OTHER ASSETS AND LIABILITIES** - **(0.3%)** | (434170) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $166307573 |
| (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." | 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." | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." |
| (B) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate as of January 31, 2023. |
| (C) | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. | Floating rate or variable rate note. Rate shown is as of January 31, 2023. |
| (D) | All or a portion of these securities, with an aggregate fair value of $768,551, are on loan as part of a securities lending program. See footnote (F) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $768,551, are on loan as part of a securities lending program. See footnote (F) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $768,551, are on loan as part of a securities lending program. See footnote (F) and Note 5 for details on the securities lending program. |
| (E) | 7-day yield. | 7-day yield. | 7-day yield. |
| (F) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| BDC | Business Development Company. | Business Development Company. | Business Development Company. |
| CMT | Constant Maturity Treasury. | Constant Maturity Treasury. | Constant Maturity Treasury. |
| DAC | Designated Activity Company. | Designated Activity Company. | Designated Activity Company. |
| FREMF | Freddie Mac Multifamily. | Freddie Mac Multifamily. | Freddie Mac Multifamily. |
| IO | Interest Only. | Interest Only. | Interest Only. |
| LIBOR | London Interbank Offered Rate. | London Interbank Offered Rate. | London Interbank Offered Rate. |
| LLC | Limited Liability Company. | Limited Liability Company. | Limited Liability Company. |
| LP | Limited Partnership. | Limited Partnership. | Limited Partnership. |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. |
| REIT | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |
| REMIC | Real Estate Mortgage Investment Conduit. | Real Estate Mortgage Investment Conduit. | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. | Secured Overnight Financing Rate. |
| SOFR30A | 30-day SOFR Average. | 30-day SOFR Average. | 30-day SOFR Average. |
| STACR | Structured Agency Credit Risk. | Structured Agency Credit Risk. | Structured Agency Credit Risk. |
| USD | United States Dollar. | United States Dollar. | United States Dollar. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Covered Call & Equity Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 69.9%** |  |  |
| **Communication Services - 5.8%** |  |  |
| Alphabet, Inc., Class C \* (A) | 32500 | $3245775 |
| Comcast Corp., Class A | 27500 | 1082125 |
| Lumen Technologies, Inc. | 189000 | 992250 |
| T-Mobile U.S., Inc. \* (A) | 31000 | 4628610 |
|  |  | 9948760 |
| **Consumer Discretionary - 8.3%** |  |  |
| Amazon.com, Inc. \* (A) | 33000 | 3403290 |
| Las Vegas Sands Corp. \* (A) | 99000 | 5841000 |
| Nordstrom, Inc. (B) | 168000 | 3282720 |
| Target Corp. (A) | 10000 | 1721400 |
|  |  | 14248410 |
| **Consumer Staples - 2.5%** |  |  |
| Constellation Brands, Inc., Class A (A) | 18500 | 4283120 |
| **Energy - 13.2%** |  |  |
| APA Corp. (A) | 74300 | 3293719 |
| Baker Hughes Co. (A) | 140000 | 4443600 |
| Diamondback Energy, Inc. (A) | 25000 | 3653000 |
| EOG Resources, Inc. (A) | 24000 | 3174000 |
| EQT Corp. (A) | 75000 | 2450250 |
| Transocean Ltd. \* (A) | 850000 | 5729000 |
|  |  | 22743569 |
| **Financials - 7.9%** |  |  |
| BlackRock, Inc. (A) | 6200 | 4707102 |
| CME Group, Inc. (A) | 20800 | 3674528 |
| JPMorgan Chase & Co. (A) | 35000 | 4898600 |
| Morgan Stanley (A) | 2900 | 282257 |
|  |  | 13562487 |
| **Health Care - 6.5%** |  |  |
| CVS Health Corp. (A) | 46300 | 4084586 |
| Danaher Corp. (A) | 12000 | 3172560 |
| Medtronic PLC (A) | 47100 | 3941799 |
|  |  | 11198945 |
| **Industrials - 2.8%** |  |  |
| 3M Co. (A) | 7000 | 805560 |
| FedEx Corp. (A) | 11900 | 2306934 |
| Jacobs Solutions, Inc. (A) | 14000 | 1729700 |
|  |  | 4842194 |
| **Information Technology - 13.6%** |  |  |
| Adobe, Inc. \* (A) | 10500 | 3888570 |
| Analog Devices, Inc. (A) | 22000 | 3772340 |
| Ciena Corp. \* (A) | 44500 | 2314890 |
| Fiserv, Inc. \* (A) | 55000 | 5867400 |
| Microsoft Corp. (A) | 14000 | 3469340 |
| PayPal Holdings, Inc. \* | 50000 | 4074500 |
|  |  | 23387040 |
| **Materials - 4.6%** |  |  |
| Barrick Gold Corp. | 206000 | 4027300 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Covered Call & Equity Income Fund Portfolio of Investments (unaudited) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Newmont Corp. (A) | Newmont Corp. (A) | Newmont Corp. (A) | Newmont Corp. (A) | Newmont Corp. (A) | 74000 | 74000 | 74000 | 3916820 | 3916820 |  |  |
|  |  |  |  |  |  |  |  | 7944120 | 7944120 |  |  |
| **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** |  |  |  |  |  |  |  |
| American Tower Corp., REIT (A) | American Tower Corp., REIT (A) | American Tower Corp., REIT (A) | American Tower Corp., REIT (A) | American Tower Corp., REIT (A) | 17200 | 17200 | 17200 | 3842308 | 3842308 |  |  |
| **Utilities - 2.5%** | **Utilities - 2.5%** | **Utilities - 2.5%** | **Utilities - 2.5%** | **Utilities - 2.5%** |  |  |  |  |  |  |  |
| AES Corp. (A) | AES Corp. (A) | AES Corp. (A) | AES Corp. (A) | AES Corp. (A) | 157000 | 157000 | 157000 | 4303370 | 4303370 |  |  |
| **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | **Total Common Stocks**<br>(Cost $128,776,974) | 120304323 | 120304323 |  |  |
| **EXCHANGE TRADED FUNDS - 0.7%** | **EXCHANGE TRADED FUNDS - 0.7%** | **EXCHANGE TRADED FUNDS - 0.7%** | **EXCHANGE TRADED FUNDS - 0.7%** | **EXCHANGE TRADED FUNDS - 0.7%** |  |  |  |  |  |  |  |
| **Stock Funds - 0.7%** | **Stock Funds - 0.7%** | **Stock Funds - 0.7%** | **Stock Funds - 0.7%** | **Stock Funds - 0.7%** |  |  |  |  |  |  |  |
| VanEck Gold Miners ETF | VanEck Gold Miners ETF | VanEck Gold Miners ETF | VanEck Gold Miners ETF | VanEck Gold Miners ETF | 36500 | 36500 | 36500 | 1168730 | 1168730 |  |  |
| **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | **Total Exchange Traded Funds**<br>(Cost $1,399,225) | 1168730 | 1168730 |  |  |
| **SHORT-TERM INVESTMENTS - 32.2%** | **SHORT-TERM INVESTMENTS - 32.2%** | **SHORT-TERM INVESTMENTS - 32.2%** | **SHORT-TERM INVESTMENTS - 32.2%** | **SHORT-TERM INVESTMENTS - 32.2%** |  |  |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 52363966 | 52363966 | 52363966 | 52363966 | 52363966 |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 3164604 | 3164604 | 3164604 | 3164604 | 3164604 |  |  |
| **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | **Total Short-Term Investments**<br>(Cost $55,528,570) | 55528570 | 55528570 |  |  |
| **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | **TOTAL PUT OPTIONS PURCHASED** - **0.9%** (Cost $2,148,006) | 1519000 | 1519000 |  |  |
| **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | **TOTAL INVESTMENTS** - **103.7%** (Cost $187,852,775) | 178520623 | 178520623 |  |  |
| **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | **TOTAL CALL & PUT OPTIONS WRITTEN** - **(2.1%)** | (3680920) | (3680920) |  |  |
| **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | **NET OTHER ASSETS AND LIABILITIES** - **(1.6%)** | (2761930) | (2761930) |  |  |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $172077773 | $172077773 |  |  |
| \* | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. | Non-income producing. |  |  |
| (A) | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. | All or a portion of these securities' positions, with a value of $106,845,428, represent covers (directly or through conversion rights) for outstanding options written. |  |  |
| (B) | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $3,212,278, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. |  |  |
| (C) | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. | 7-day yield. |  |  |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |  |  |
| ETF | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. | Exchange Traded Fund. |  |  |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. | Public Limited Company. |  |  |
| REIT | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |  |  |
| **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** | **Purchased Option Contracts Outstanding at January 31, 2023** |  |  |
| Description | Description | Exercise Price | Expiration Date | Number of Contracts | Number of Contracts | Notional Amount | Market Value | Market Value | Premiums Paid | Unrealized Appreciation (Depreciation) | Unrealized Appreciation (Depreciation) |
| **Put Option Purchased** | **Put Option Purchased** | **Put Option Purchased** | **Put Option Purchased** | **Put Option Purchased** | **Put Option Purchased** | **Put Option Purchased** |  |  |  |  |  |
| S&P 500 Index | S&P 500 Index | 3900 | 3/17/23 | 350 | 350 | $136500000 | $1519000 | 1519000 | 2148006 | $(629006) | (629006) |
| **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** | **Total Put Options Purchased** |  |  | $1519000 | 1519000 | 2148006 | $(629006) | (629006) |
| **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** | **Written Option Contracts Outstanding at January 31, 2023** |  |  |
| Description | Description | Exercise Price | Expiration Date | Number of Contracts | Number of Contracts | Notional Amount | Market Value | Market Value | Premiums (Received) | Unrealized Appreciation (Depreciation) | Unrealized Appreciation (Depreciation) |
| **Call Options Written** | **Call Options Written** | **Call Options Written** | **Call Options Written** | **Call Options Written** | **Call Options Written** | **Call Options Written** |  |  |  |  |  |
| 3M Co. | 3M Co. | 135.00 | 2/17/23 | (70) | (70) | $(945000.00) | $(175) | (175) | (12884) | $12709 | 12709 |
| Adobe, Inc. | Adobe, Inc. | 380.00 | 3/17/23 | (105) | (105) | (3990000) |  | (154613) | (94631) |  | (59982) |
| AES Corp. | AES Corp. | $30.00 | 2/17/23 | $(750.00) | (750.00) | (2250000) |  |  | (55500) |  | 55500 |
| AES Corp. | AES Corp. | 30.00 | 5/19/23 | (400) | (400) | (1200000) |  | (27000) | (21592) |  | (5408) |
| Alphabet, Inc., Class C | Alphabet, Inc., Class C | 100.00 | 2/17/23 | (325) | (325) | (3250000) | (125125) | (125125) | (58470) | (66655) | (66655) |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Covered Call & Equity Income Fund Portfolio of Investments (unaudited) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amazon.com, Inc. | 100.00 | 2/17/23 | (330) | (3300000) |  | (231000) |  | (71533) |  | (159467) |
| American Tower Corp., REIT | 220.00 | 2/17/23 | (42) | (924000) |  | (33180) |  | (22637) |  | (10543) |
| American Tower Corp. REIT | 230.00 | 3/17/23 | (130) | (2990000) |  | (80600) |  | (67466) |  | (13134) |
| Analog Devices, Inc. | 175.00 | 2/17/23 | (220) | (3850000) |  | (79200) |  | (107085) |  | 27885 |
| APA Corp. | 52.50 | 2/17/23 | (343) | (1800750) |  | (2744) |  | (42525) |  | 39781 |
| APA Corp. | 50.00 | 3/17/23 | (400) | (2000000) |  | (39200) |  | (62671) |  | 23471 |
| Baker Hughes Co. | 33.00 | 2/17/23 | (350) | (1155000) |  | (14875) |  | (24143) |  | 9268 |
| Baker Hughes Co. | 35.00 | 4/21/23 | (302) | (1057000) |  | (25670) |  | (37294) |  | 11624 |
| BlackRock, Inc. | 750.00 | 2/17/23 | (62) | (4650000) |  | (155000) |  | (117189) |  | (37811) |
| Ciena Corp. | 50.00 | 2/17/23 | (230) | (1150000) |  | (63825) |  | (46919) |  | (16906) |
| Ciena Corp. | 55.00 | 3/17/23 | (215) | (1182500) |  | (37087) |  | (32035) |  | (5052) |
| CME Group, Inc. | 180.00 | 3/17/23 | (208) | (3744000) |  | (82160) |  | (55716) |  | (26444) |
| Constellation Brands, Inc. | 235.00 | 3/17/23 | (22) | (517000) |  | (11220) |  | (10980) |  | (240) |
| CVS Health Corp. | 100.00 | 2/17/23 | (463) | (4630000) |  | (4398) |  | (95750) |  | 91352 |
| Danaher Corp. | 270.00 | 2/17/23 | (120) | (3240000) |  | (45000) |  | (85978) |  | 40978 |
| Diamondback Energy, Inc. | 145.00 | 2/17/23 | (250) | (3625000) |  | (118750) |  | (126940) |  | 8190 |
| EOG Resources, Inc. | 140.00 | 2/17/23 | (90) | (1260000) |  | (8775) |  | (26908) |  | 18133 |
| EOG Resources, Inc. | 150.00 | 4/21/23 | (150) | (2250000) |  | (35250) |  | (53846) |  | 18596 |
| EQT Corp. | 40.00 | 2/17/23 | (450) | (1800000) |  | (3150) |  | (53541) |  | 50391 |
| FedEx Corp. | 200.00 | 3/17/23 | (119) | (2380000) |  | (71995) |  | (45098) |  | (26897) |
| Fiserv, Inc. | 110.00 | 2/17/23 | (324) | (3564000) |  | (53460) |  | (74908) |  | 21448 |
| Fiserv, Inc. | 110.00 | 3/17/23 | (226) | (2486000) |  | (60455) |  | (45025) |  | (15430) |
| Jacobs Solutions, Inc. | 125.00 | 4/21/23 | (140) | (1750000) |  | (77000) |  | (58656) |  | (18344) |
| JPMorgan Chase & Co. | 145.00 | 3/17/23 | (190) | (2755000) |  | (41135) |  | (57641) |  | 16506 |
| JPMorgan Chase & Co. | 145.00 | 4/21/23 | (160) | (2320000) |  | (59200) |  | (42667) |  | (16533) |
| Las Vegas Sands Corp. | 55.00 | 3/17/23 | (495) | (2722500) |  | (273488) |  | (72413) |  | (201075) |
| Las Vegas Sands Corp. | 60.00 | 3/17/23 | (495) | (2970000) |  | (122265) |  | (74031) |  | (48234) |
| Medtronic PLC | 82.50 | 3/17/23 | (240) | (1980000) |  | (91800) |  | (45472) |  | (46328) |
| Medtronic PLC | 85.00 | 3/17/23 | (231) | (1963500) |  | (57173) |  | (41592) |  | (15581) |
| Microsoft Corp. | 255.00 | 2/17/23 | (140) | (3570000) |  | (38850) |  | (106955) |  | 68105 |
| Morgan Stanley | 90.00 | 2/17/23 | (29) | (261000) |  | (22982) |  | (6561) |  | (16421) |
| Newmont Corp. | 57.50 | 3/17/23 | (740) | (4255000) |  | (61420) |  | (81377) |  | 19957 |
| T-Mobile U.S., Inc. | 150.00 | 2/17/23 | (310) | (4650000) |  | (122450) |  | (97332) |  | (25118) |
| Target Corp. | 175.00 | 3/17/23 | (100) | (1750000) |  | (73750) |  | (51302) |  | (22448) |
| Transocean Ltd. | 7.00 | 3/17/23 | (8500) | (5950000) |  | (442000) |  | (356837) |  | (85163) |
| **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** | **Total Call Options Written** |  | $(3047420) | (3047420) | $(2642100) | (2642100) | $(405320) | (405320) |
| **Put Options Written** | **Put Options Written** | **Put Options Written** | **Put Options Written** | **Put Options Written** |  |  |  |  |  |  |
| S&P 500 Index | $3700 | 3/17/23 | (350) | (129500000) | $(633500) | (633500) | $(937794) | (937794) | $304294 | 304294 |
| **Total Options Written, at Value** | **Total Options Written, at Value** | **Total Options Written, at Value** | **Total Options Written, at Value** |  | $(3680920) | (3680920) | $(3579894) | (3579894) | $(101026) | (101026) |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Dividend Income Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 99.0%** |  |  |
| **Communication Service - 3.0%** |  |  |
| Comcast Corp., Class A | 232500 | $9148875 |
| **Consumer Discretionary - 9.7%** |  |  |
| Home Depot, Inc. | 33000 | 10697610 |
| Lowe's Cos., Inc. | 16000 | 3332000 |
| McDonald's Corp. | 21000 | 5615400 |
| Starbucks Corp. | 48600 | 5304204 |
| Target Corp. | 27000 | 4647780 |
|  |  | 29596994 |
| **Consumer Staples - 7.3%** |  |  |
| Archer-Daniels-Midland Co. | 94500 | 7829325 |
| Coca-Cola Co. | 82500 | 5058900 |
| PepsiCo, Inc. | 28800 | 4925376 |
| Procter & Gamble Co. | 32800 | 4670064 |
|  |  | 22483665 |
| **Energy - 10.8%** |  |  |
| Baker Hughes Co. | 284000 | 9014160 |
| Chevron Corp. | 49300 | 8579186 |
| EOG Resources, Inc. | 57700 | 7630825 |
| Kinder Morgan, Inc. | 421000 | 7704300 |
|  |  | 32928471 |
| **Financials - 22.0%** |  |  |
| Aflac, Inc. | 105500 | 7754250 |
| BlackRock, Inc. | 12800 | 9717888 |
| CME Group, Inc. | 52000 | 9186320 |
| JPMorgan Chase & Co. | 68500 | 9587260 |
| Morgan Stanley | 90000 | 8759700 |
| Northern Trust Corp. | 51500 | 4993955 |
| Travelers Cos., Inc. | 47500 | 9078200 |
| U.S. Bancorp | 165000 | 8217000 |
|  |  | 67294573 |
| **Health Care - 12.1%** |  |  |
| Bristol-Myers Squibb Co. | 90000 | 6538500 |
| CVS Health Corp. | 52101 | 4596350 |
| Johnson & Johnson | 63700 | 10409854 |
| Medtronic PLC | 105000 | 8787450 |
| Pfizer, Inc. | 152500 | 6734400 |
|  |  | 37066554 |
| **Industrials - 14.5%** |  |  |
| Caterpillar, Inc. | 39900 | 10066371 |
| Emerson Electric Co. | 54500 | 4916990 |
| Fastenal Co. | 113200 | 5722260 |
| Honeywell International, Inc. | 40600 | 8464288 |
| PACCAR, Inc. | 95000 | 10384450 |
| Union Pacific Corp. | 23400 | 4778046 |
|  |  | 44332405 |
| **Information Technology - 9.8%** |  |  |
| Analog Devices, Inc. | 21000 | 3600870 |
| Automatic Data Processing, Inc. | 17800 | 4019418 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Dividend Income Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| Cisco Systems, Inc. | Cisco Systems, Inc. | 224500 | 10926415 |
| Paychex, Inc. | Paychex, Inc. | 28300 | 3278838 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 46500 | 8240265 |
|  |  |  | 30065806 |
| **Materials - 4.9%** | **Materials - 4.9%** |  |  |
| Air Products & Chemicals, Inc. | Air Products & Chemicals, Inc. | 31400 | 10064014 |
| Newmont Corp. | Newmont Corp. | 93000 | 4922490 |
|  |  |  | 14986504 |
| **Real Estate - 2.1%** | **Real Estate - 2.1%** |  |  |
| American Tower Corp., REIT | American Tower Corp., REIT | 28500 | 6366615 |
| **Utilities - 2.8%** | **Utilities - 2.8%** |  |  |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 135200 | 8604128 |
| **Total Common Stocks**<br>(Cost $245,489,791) | **Total Common Stocks**<br>(Cost $245,489,791) | **Total Common Stocks**<br>(Cost $245,489,791) | 302874590 |
| **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.18% | 2555817 | 2555817 |
| **Total Short-Term Investments**<br>(Cost $2,555,817) | **Total Short-Term Investments**<br>(Cost $2,555,817) | **Total Short-Term Investments**<br>(Cost $2,555,817) | 2555817 |
| **TOTAL INVESTMENTS** - **99.8%** (Cost $248,045,608) | **TOTAL INVESTMENTS** - **99.8%** (Cost $248,045,608) | **TOTAL INVESTMENTS** - **99.8%** (Cost $248,045,608) | 305430407 |
| **NET OTHER ASSETS AND LIABILITIES** - **0.2%** | **NET OTHER ASSETS AND LIABILITIES** - **0.2%** | **NET OTHER ASSETS AND LIABILITIES** - **0.2%** | 602334 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $306032741 |
| (A) | 7-day yield. | 7-day yield. | 7-day yield. |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. |
| REIT | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Investors Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 97.8%** |  |  |
| **Communication Services - 9.2%** |  |  |
| Alphabet, Inc., Class C \* | 216481 | $21619957 |
| Liberty Broadband Corp., Class C \* | 86804 | 7793263 |
|  |  | 29413220 |
| **Consumer Discretionary - 17.1%** |  |  |
| Amazon.com, Inc. \* | 107279 | 11063683 |
| Dollar Tree, Inc. \* | 95403 | 14327623 |
| Lowe's Cos., Inc. | 67369 | 14029594 |
| NIKE, Inc., Class B | 25167 | 3204514 |
| TJX Cos., Inc. | 148765 | 12177903 |
|  |  | 54803317 |
| **Financials - 25.1%** |  |  |
| *Capital Markets - 3.2%* |  |  |
| Brookfield Asset Management Ltd., Class A \* | 56744 | 1852692 |
| Brookfield Corp., Class A | 226977 | 8443544 |
|  |  | 10296236 |
| *Commercial Banks - 4.1%* |  |  |
| US Bancorp | 262709 | 13082908 |
| *Diversified Financial Services - 3.8%* |  |  |
| Berkshire Hathaway, Inc., Class B \* | 39358 | 12260804 |
| *Insurance - 14.0%* |  |  |
| Arch Capital Group Ltd. \* | 316366 | 20358152 |
| Marsh & McLennan Cos., Inc. | 70753 | 12375408 |
| Progressive Corp. | 87677 | 11954759 |
|  |  | 44688319 |
|  |  | 80328267 |
| **Health Care - 11.0%** |  |  |
| Alcon, Inc. | 176210 | 13252754 |
| Becton Dickinson & Co. | 56252 | 14187880 |
| Danaher Corp. | 29151 | 7706941 |
|  |  | 35147575 |
| **Industrials - 15.3%** |  |  |
| Copart, Inc. \* | 132056 | 8796250 |
| Ferguson PLC | 40013 | 5695450 |
| Jacobs Solutions, Inc. | 90443 | 11174233 |
| PACCAR, Inc. | 120324 | 13152617 |
| Parker-Hannifin Corp. | 30830 | 10050580 |
|  |  | 48869130 |
| **Information Technology - 20.1%** |  |  |
| Accenture PLC, Class A | 27086 | 7558348 |
| Adobe, Inc. \* | 13634 | 5049216 |
| Analog Devices, Inc. | 75617 | 12966047 |
| Black Knight, Inc. \* | 89593 | 5428440 |
| Fiserv, Inc. \* | 124766 | 13310037 |
| TE Connectivity Ltd. | 67262 | 8552363 |
| Visa, Inc., Class A | 48690 | 11208925 |
|  |  | 64073376 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Investors Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Total Common Stocks**<br>(Cost $189,255,656) | **Total Common Stocks**<br>(Cost $189,255,656) | **Total Common Stocks**<br>(Cost $189,255,656) | 312634885 |
| **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (A), 4.18% | 6646954 | 6646954 |
| **Total Short-Term Investments**<br>(Cost $6,646,954) | **Total Short-Term Investments**<br>(Cost $6,646,954) | **Total Short-Term Investments**<br>(Cost $6,646,954) | 6646954 |
| **TOTAL INVESTMENTS** - **99.9%** (Cost $195,902,610) | **TOTAL INVESTMENTS** - **99.9%** (Cost $195,902,610) | **TOTAL INVESTMENTS** - **99.9%** (Cost $195,902,610) | 319281839 |
| **NET OTHER ASSETS AND LIABILITIES** - **0.1%** | **NET OTHER ASSETS AND LIABILITIES** - **0.1%** | **NET OTHER ASSETS AND LIABILITIES** - **0.1%** | 301535 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $319583374 |
| \* | Non-income producing. | Non-income producing. | Non-income producing. |
| (A) | 7-day yield. | 7-day yield. | 7-day yield. |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Sustainable Equity Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 94.7%** |  |  |
| **Communication Services - 6.7%** |  |  |
| Alphabet, Inc., Class C \* | 3809 | $380405 |
| Walt Disney Co. \* | 2124 | 230433 |
|  |  | 610838 |
| **Consumer Discretionary - 12.1%** |  |  |
| Home Depot, Inc. | 726 | 235347 |
| McDonald's Corp. | 303 | 81022 |
| NIKE, Inc., Class B | 1882 | 239635 |
| Target Corp. | 1875 | 322763 |
| TJX Cos., Inc. | 2849 | 233219 |
|  |  | 1111986 |
| **Consumer Staples - 8.5%** |  |  |
| Costco Wholesale Corp. | 701 | 358309 |
| Estee Lauder Cos., Inc., Class A | 347 | 96147 |
| Nestle SA, ADR | 1196 | 146169 |
| PepsiCo, Inc. | 472 | 80721 |
| Procter & Gamble Co. | 694 | 98812 |
|  |  | 780158 |
| **Financials - 11.4%** |  |  |
| BlackRock, Inc. | 332 | 252058 |
| JPMorgan Chase & Co. | 1792 | 250808 |
| Progressive Corp. | 1891 | 257838 |
| U.S. Bancorp | 5718 | 284756 |
|  |  | 1045460 |
| **Health Care - 17.1%** |  |  |
| Becton Dickinson & Co. | 871 | 219684 |
| Bristol-Myers Squibb Co. | 3248 | 235967 |
| Danaher Corp. | 1329 | 351361 |
| Eli Lilly & Co. | 1144 | 393708 |
| UnitedHealth Group, Inc. | 598 | 298516 |
| Vertex Pharmaceuticals, Inc. \* | 204 | 65912 |
|  |  | 1565148 |
| **Industrials - 5.9%** |  |  |
| Jacobs Solutions, Inc. | 1932 | 238698 |
| Union Pacific Corp. | 620 | 126598 |
| United Parcel Service, Inc., Class B | 943 | 174672 |
|  |  | 539968 |
| **Information Technology - 24.5%** |  |  |
| Accenture PLC, Class A | 672 | 187522 |
| Analog Devices, Inc. | 1166 | 199934 |
| Apple, Inc. | 2451 | 353655 |
| Automatic Data Processing, Inc. | 495 | 111776 |
| Cisco Systems, Inc. | 2104 | 102402 |
| Microsoft Corp. | 1935 | 479512 |
| QUALCOMM, Inc. | 1650 | 219796 |
| TE Connectivity Ltd. | 1631 | 207382 |
| Visa, Inc., Class A | 1658 | 381688 |
|  |  | 2243667 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Sustainable Equity Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Materials - 4.7%** | **Materials - 4.7%** | | |
| Ecolab, Inc. | Ecolab, Inc. | 1122 | 173719 |
| Linde PLC | Linde PLC | 790 | 261443 |
|  |  |  | 435162 |
| **Real Estate - 1.5%** | **Real Estate - 1.5%** |  |  |
| American Tower Corp., REIT | American Tower Corp., REIT | 620 | 138502 |
| **Utilities - 2.3%** | **Utilities - 2.3%** |  |  |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 2894 | 215979 |
| **TOTAL INVESTMENTS** - **94.7%** (Cost $9,059,692) | **TOTAL INVESTMENTS** - **94.7%** (Cost $9,059,692) | **TOTAL INVESTMENTS** - **94.7%** (Cost $9,059,692) | 8686868 |
| **NET OTHER ASSETS AND LIABILITIES** - **5.3%** | **NET OTHER ASSETS AND LIABILITIES** - **5.3%** | **NET OTHER ASSETS AND LIABILITIES** - **5.3%** | 484590 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $9171458 |
| \* | Non-income producing. | Non-income producing. | Non-income producing. |
| ADR | American Depositary Receipt. | American Depositary Receipt. | American Depositary Receipt. |
| PLC | Public Limited Company. | Public Limited Company. | Public Limited Company. |
| REIT | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Mid Cap Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 94.4%** |  |  |
| **Communication Services - 6.3%** |  |  |
| Liberty Broadband Corp., Class C \* | 315841 | $28356205 |
| Liberty Media Corp.-Liberty Formula One, Class A \* | 133808 | 8520893 |
| Take-Two Interactive Software, Inc. \* | 77751 | 8803746 |
|  |  | 45680844 |
| **Consumer Discretionary - 18.3%** |  |  |
| CarMax, Inc. \* | 272950 | 19229327 |
| Dollar Tree, Inc. \* | 221627 | 33283943 |
| Floor & Decor Holdings, Inc., Class A \* | 249927 | 22685874 |
| Ross Stores, Inc. | 369182 | 43633621 |
| Thor Industries, Inc. | 150394 | 14337060 |
|  |  | 133169825 |
| **Consumer Staples - 0.9%** |  |  |
| Brown-Forman Corp., Class B | 102225 | 6806141 |
| **Financials - 28.6%** |  |  |
| *Capital Markets - 5.8%* |  |  |
| Brookfield Asset Management Ltd., Class A \* (A) | 100290 | 3274469 |
| Brookfield Corp., Class A | 401162 | 14923226 |
| Moelis & Co., Class A | 513584 | 24010052 |
|  |  | 42207747 |
| *Commercial Banks - 1.5%* |  |  |
| Glacier Bancorp, Inc. | 238405 | 10868884 |
| *Insurance - 21.3%* |  |  |
| Arch Capital Group Ltd. \* | 976034 | 62807788 |
| Brown & Brown, Inc. | 493421 | 28894734 |
| Markel Corp. \* | 14339 | 20203364 |
| Progressive Corp. | 170178 | 23203770 |
| W R Berkley Corp. | 280582 | 19680022 |
|  |  | 154789678 |
|  |  | 207866309 |
| **Health Care - 3.7%** |  |  |
| Laboratory Corp. of America Holdings | 107754 | 27166938 |
| **Industrials - 14.2%** |  |  |
| Armstrong World Industries, Inc. | 133321 | 10320379 |
| Carlisle Cos., Inc. | 105946 | 26577614 |
| Copart, Inc. \* | 376899 | 25105242 |
| Expeditors International of Washington, Inc. | 124133 | 13424984 |
| PACCAR, Inc. | 253733 | 2773554 |
|  |  | 103163773 |
| **Information Technology - 22.4%** |  |  |
| Amphenol Corp., Class A | 282201 | 22511174 |
| Arista Networks, Inc. \* | 188975 | 23814629 |
| Black Knight, Inc. \* | 259620 | 15730376 |
| CDW Corp. | 135718 | 26604799 |
| Gartner, Inc. \* | 127623 | 43154441 |
| Microchip Technology, Inc. | 110551 | 8580969 |
| MKS Instruments, Inc. | 221228 | 22636049 |
|  |  | 163032437 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Mid Cap Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Total Common Stocks**<br>(Cost $385,677,726) | **Total Common Stocks**<br>(Cost $385,677,726) | **Total Common Stocks**<br>(Cost $385,677,726) | 686886267 |
| **SHORT-TERM INVESTMENTS - 4.0%** | **SHORT-TERM INVESTMENTS - 4.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.18% | 26699005 | 26699005 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.35% | 2538430 | 2538430 |
| **Total Short-Term Investments**<br>(Cost $29,237,435) | **Total Short-Term Investments**<br>(Cost $29,237,435) | **Total Short-Term Investments**<br>(Cost $29,237,435) | 29237435 |
| **TOTAL INVESTMENTS** - **98.4%** (Cost $414,915,161) | **TOTAL INVESTMENTS** - **98.4%** (Cost $414,915,161) | **TOTAL INVESTMENTS** - **98.4%** (Cost $414,915,161) | 716123702 |
| **NET OTHER ASSETS AND LIABILITIES** - **1.6%** | **NET OTHER ASSETS AND LIABILITIES** - **1.6%** | **NET OTHER ASSETS AND LIABILITIES** - **1.6%** | 11506131 |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $727629833 |
| \* | Non-income producing. | Non-income producing. | Non-income producing. |
| (A) | All or a portion of these securities, with an aggregate fair value of $2,569,914, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $2,569,914, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $2,569,914, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. |
| (B) | 7-day yield. | 7-day yield. | 7-day yield. |
| (C) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Small Cap Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 91.8%** |  |  |
| **Communication Services - 8.8%** |  |  |
| Cogent Communications Holdings, Inc. | 70198 | $4813477 |
| Gogo, Inc. \* | 248169 | 4161794 |
| Magnite, Inc. \* | 295060 | 3564325 |
| Radius Global Infrastructure, Inc., Class A \* | 348899 | 4699669 |
|  |  | 17239265 |
| **Consumer Discretionary - 9.6%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. \* | 35615 | 1950277 |
| OneSpaWorld Holdings Ltd. \* | 600086 | 6306904 |
| Revolve Group, Inc. \* (A) | 92372 | 2636297 |
| Shake Shack, Inc., Class A \* | 80291 | 4566952 |
| Xometry, Inc., Class A \* | 66953 | 2344694 |
| YETI Holdings, Inc. \* | 19997 | 895066 |
|  |  | 18700190 |
| **Consumer Staples - 8.9%** |  |  |
| Edgewell Personal Care Co. | 113532 | 4865981 |
| Hain Celestial Group, Inc. \* | 154502 | 3170381 |
| Primo Water Corp. | 327631 | 5127425 |
| Simply Good Foods Co. \* | 117242 | 4255885 |
|  |  | 17419672 |
| **Financials - 8.9%** |  |  |
| Arch Capital Group Ltd. \* | 44045 | 2834296 |
| Axis Capital Holdings Ltd. | 84414 | 5281784 |
| BRP Group, Inc., Class A \* | 147286 | 4219744 |
| Texas Capital Bancshares, Inc. \* | 76010 | 5021980 |
|  |  | 17357804 |
| **Health Care - 6.1%** |  |  |
| Encompass Health Corp. | 111458 | 6960552 |
| Globus Medical, Inc., Class A \* | 66365 | 5010558 |
|  |  | 11971110 |
| **Industrials - 16.4%** |  |  |
| Armstrong World Industries, Inc. | 48034 | 3718312 |
| Carlisle Cos., Inc. | 14871 | 3730539 |
| Concrete Pumping Holdings, Inc. \* | 131400 | 1069596 |
| Crane Holdings Co. | 31831 | 3689531 |
| Helios Technologies, Inc. | 31418 | 2073588 |
| Hillman Solutions Corp. \* | 404900 | 3887040 |
| Robert Half International, Inc. | 24103 | 2023688 |
| Saia, Inc. \* | 11451 | 3123604 |
| WillScot Mobile Mini Holdings Corp. \* | 180214 | 8733170 |
|  |  | 32049068 |
| **Information Technology - 25.8%** |  |  |
| *Communications Equipment - 1.6%* |  |  |
| Ciena Corp. \* | 58802 | 3058880 |
| *Electronic Equipment, Instruments & Components - 4.6%* |  |  |
| CTS Corp. | 92427 | 4113926 |
| National Instruments Corp. | 89734 | 4845636 |
|  |  | 8959562 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Small Cap Fund Portfolio of Investments (unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Semiconductors & Semiconductor Equipment - 5.1%* | *Semiconductors & Semiconductor Equipment - 5.1%* |  |  |
| Entegris, Inc. | Entegris, Inc. | 56577 | 4566330 |
| FormFactor, Inc. \* | FormFactor, Inc. \* | 93388 | 2627938 |
| Power Integrations, Inc. | Power Integrations, Inc. | 32163 | 2768913 |
|  |  |  | 9963181 |
| *Software - 14.5%* | *Software - 14.5%* |  |  |
| Alteryx, Inc., Class A \* | Alteryx, Inc., Class A \* | 79731 | 4424273 |
| Box, Inc., Class A \* | Box, Inc., Class A \* | 195284 | 6247135 |
| CommVault Systems, Inc. \* | CommVault Systems, Inc. \* | 56131 | 3493032 |
| Model N, Inc. \* | Model N, Inc. \* | 92249 | 3658596 |
| New Relic, Inc. \* | New Relic, Inc. \* | 76826 | 4690227 |
| PTC, Inc. \* | PTC, Inc. \* | 43375 | 5850420 |
|  |  |  | 28363683 |
|  |  |  | 50345306 |
| **Materials - 7.3%** | **Materials - 7.3%** |  |  |
| Chemours Co. | Chemours Co. | 76606 | 2787692 |
| Huntsman Corp. | Huntsman Corp. | 94564 | 2996733 |
| Olin Corp. | Olin Corp. | 59410 | 3837292 |
| Summit Materials, Inc., Class A \* | Summit Materials, Inc., Class A \* | 140604 | 4620248 |
|  |  |  | 14241965 |
| **Total Common Stocks**<br>(Cost $136,240,136) | **Total Common Stocks**<br>(Cost $136,240,136) | **Total Common Stocks**<br>(Cost $136,240,136) | 179324380 |
| **SHORT-TERM INVESTMENTS - 8.2%** | **SHORT-TERM INVESTMENTS - 8.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.18% | State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.18% | 15742882 | 15742882 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.35% | State Street Navigator Securities Lending Government Money Market Portfolio, (B) (C), 4.35% | 362561 | 362561 |
| **Total Short-Term Investments**<br>(Cost $16,105,443) | **Total Short-Term Investments**<br>(Cost $16,105,443) | **Total Short-Term Investments**<br>(Cost $16,105,443) | 16105443 |
| **TOTAL INVESTMENTS** - **100.0%** (Cost $152,345,579) | **TOTAL INVESTMENTS** - **100.0%** (Cost $152,345,579) | **TOTAL INVESTMENTS** - **100.0%** (Cost $152,345,579) | 195429823 |
| **NET OTHER ASSETS AND LIABILITIES** - **0.0%** | **NET OTHER ASSETS AND LIABILITIES** - **0.0%** | **NET OTHER ASSETS AND LIABILITIES** - **0.0%** | (38635) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $195391188 |
| \* | Non-income producing. | Non-income producing. | Non-income producing. |
| (A) | All or a portion of these securities, with an aggregate fair value of $366,282, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $366,282, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $366,282, are on loan as part of a securities lending program. See footnote (C) and Note 5 for details on the securities lending program. |
| (B) | 7-day yield. | 7-day yield. | 7-day yield. |
| (C) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| International Stock Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| | <u>Shares</u> | <u>Value (Note 1,3)</u> |
| **COMMON STOCKS - 98.2%** |  |  |
| **Australia - 2.0%** |  |  |
| Treasury Wine Estates Ltd. (A) | 26323 | $271078 |
| **Brazil - 3.5%** |  |  |
| Itau Unibanco Holding SA, ADR | 29225 | 145540 |
| Pagseguro Digital Ltd., Class A \* | 17198 | 173528 |
| XP, Inc., Class A \* | 9413 | 167740 |
|  |  | 486808 |
| **Canada - 5.7%** |  |  |
| Cameco Corp. | 12179 | 341134 |
| Canadian Pacific Railway Ltd. | 2053 | 161982 |
| Manulife Financial Corp. (B) | 14607 | 289218 |
|  |  | 792334 |
| **China - 7.8%** |  |  |
| Alibaba Group Holding Ltd., ADR \* | 2940 | 323988 |
| Meituan, Class B \* (A) | 744 | 16575 |
| Ping An Insurance Group Co. of China Ltd., Class H (A) | 48878 | 381520 |
| Tencent Holdings Ltd. (A) | 7440 | 362629 |
|  |  | 1084712 |
| **Denmark - 1.6%** |  |  |
| Genmab AS \* (A) | 577 | 225705 |
| **France - 9.5%** |  |  |
| Air Liquide SA (A) | 1436 | 228846 |
| Airbus SE (A) | 2633 | 329920 |
| EssilorLuxottica SA (A) | 811 | 148400 |
| Hermes International (A) | 84 | 157424 |
| LVMH Moet Hennessy Louis Vuitton SE (A) | 249 | 217523 |
| Worldline SA \* (A) | 5129 | 232364 |
|  |  | 1314477 |
| **Germany - 10.2%** |  |  |
| adidas AG (A) | 1338 | 214460 |
| Deutsche Telekom AG (A) | 12089 | 268954 |
| KION Group AG (A) | 7496 | 300125 |
| SAP SE, ADR | 2104 | 249387 |
| Siemens AG (A) | 1634 | 253868 |
| Symrise AG (A) | 1192 | 126292 |
|  |  | 1413086 |
| **Hong Kong - 1.8%** |  |  |
| AIA Group Ltd. (A) | 22344 | 252320 |
| **India - 7.1%** |  |  |
| HDFC Bank Ltd., ADR | 5400 | 363744 |
| Infosys Ltd., ADR | 10834 | 203679 |
| Larsen & Toubro Ltd., GDR (A) | 16062 | 411681 |
|  |  | 979104 |
| **Ireland - 1.8%** |  |  |
| Kerry Group PLC, Class A (A) | 2571 | 241357 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| International Stock Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Israel - 1.3%** | | |
| CyberArk Software Ltd. \* | 1257 | 177086 |
| **Italy - 1.5%** |  |  |
| Ferrari NV | 840 | 211100 |
| **Japan - 15.5%** |  |  |
| CyberAgent, Inc. (A) (B) | 18984 | 177890 |
| Keyence Corp. (A) | 367 | 169527 |
| Lasertec Corp. (A) | 1200 | 238441 |
| Murata Manufacturing Co. Ltd. (A) | 3288 | 188909 |
| Nidec Corp. (A) | 2500 | 138333 |
| Pan Pacific International Holdings Corp. (A) | 12200 | 225362 |
| Shin-Etsu Chemical Co. Ltd. (A) | 1600 | 238313 |
| Shiseido Co. Ltd. (A) | 3100 | 161761 |
| Sony Group Corp. (A) | 3546 | 316552 |
| Toray Industries, Inc. (A) | 47679 | 293066 |
|  |  | 2148154 |
| **Mexico - 3.2%** |  |  |
| Grupo Mexico SAB de CV, Series B | 58349 | 259511 |
| Wal-Mart de Mexico SAB de CV, ADR | 4720 | 184552 |
|  |  | 444063 |
| **Netherlands - 4.1%** |  |  |
| ASML Holding NV | 442 | 292091 |
| NXP Semiconductors NV | 1480 | 272779 |
|  |  | 564870 |
| **Norway - 1.3%** |  |  |
| Norsk Hydro ASA (A) | 21840 | 176947 |
| **Singapore - 2.1%** |  |  |
| DBS Group Holdings Ltd. (A) | 10600 | 290178 |
| **Switzerland - 6.6%** |  |  |
| Lonza Group AG (A) | 390 | 222641 |
| Nestle SA (A) | 1103 | 134601 |
| Partners Group Holding AG (A) | 177 | 166351 |
| Roche Holding AG (A) | 607 | 189708 |
| Sika AG (A) | 721 | 205270 |
|  |  | 918571 |
| **Taiwan - 1.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2046 | 189726 |
| **United Kingdom - 10.2%** |  |  |
| AstraZeneca PLC (A) | 2217 | 290068 |
| Diageo PLC (A) | 4539 | 197209 |
| London Stock Exchange Group PLC (A) | 2100 | 192399 |
| Prudential PLC (A) | 19144 | 317240 |
| Shell PLC (A) | 13877 | 407599 |
|  |  | 1404515 |
| **Total Common Stocks**<br>(Cost $14,416,411) | **Total Common Stocks**<br>(Cost $14,416,411) | 13586191 |
| **SHORT-TERM INVESTMENTS - 4.5%** |  |  |
| **United States - 4.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (C), 4.18% | 216059 | 216059 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.35% | 413651 | 413651 |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| International Stock Fund Portfolio of Investments (unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Total Short-Term Investments**<br>(Cost $629,710) | **Total Short-Term Investments**<br>(Cost $629,710) | 629710 |
| **TOTAL INVESTMENTS** - **102.7%** (Cost $15,046,121) | **TOTAL INVESTMENTS** - **102.7%** (Cost $15,046,121) | 14215901 |
| **NET OTHER ASSETS AND LIABILITIES** - **(2.7%)** | **NET OTHER ASSETS AND LIABILITIES** - **(2.7%)** | (378450) |
| **TOTAL NET ASSETS** - **100.0%** | **TOTAL NET ASSETS** - **100.0%** | $13837451 |
| \* | Non-income producing. | Non-income producing. |
| (A) | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). | Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2). |
| (B) | All or a portion of these securities, with an aggregate fair value of $405,053, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. | All or a portion of these securities, with an aggregate fair value of $405,053, are on loan as part of a securities lending program. See footnote (D) and Note 5 for details on the securities lending program. |
| (C) | 7-day yield. | 7-day yield. |
| (D) | Represents investments of cash collateral received in connection with securities lending. | Represents investments of cash collateral received in connection with securities lending. |
| ADR | American Depositary Receipt. | American Depositary Receipt. |
| GDR | Global Depositary Receipt. | Global Depositary Receipt. |
| PLC | Public Limited Company. | Public Limited Company. |

---

---

| | | |
|:---|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS<br>AS OF 1/31/23** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS<br>AS OF 1/31/23** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS<br>AS OF 1/31/23** |
| Communication Services | 5.8 | % |
| Consumer Discretionary | 12.1 | % |
| Consumer Staples | 8.7 | % |
| Energy | 5.4 | % |
| Financials | 18.5 | % |
| Health Care | 7.7 | % |
| Industrials | 11.6 | % |
| Information Technology | 17.4 | % |
| Materials | 11.0 | % |
| Short-Term Investments | 4.5 | % |
| Net Other Assets and Liabilities | (2.7) | % |

---

<u>See accompanying Notes to Portfolios of Investments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

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

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on the New York Stock Exchange (the "NYSE"), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the "Underlying Funds"), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

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

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

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

**2. Illiquid Securities:** Each fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. At January 31, 2023, there were no illiquid securities held in the funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

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

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

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

Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the funds to measure fair value for the period ended January 31, 2023 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 January 31, 2023, 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 January 31, 2023, in valuing the funds' investments carried at fair value (please see the Portfolio of Investments for each fund for a listing of all securities within each category):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **Value at** |
| **<u>Fund</u>**<sup>1</sup> | **<u>Level 1</u>** | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>1/31/23</u>** |
| **Conservative Allocation** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | $48274607.00 | 48274607.00 | $— | $— | $48274607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments |  | 5012183 |  |  | 5012183 |
|  |  | 53286790 |  |  | 53286790 |
| **Moderate Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies |  | &nbsp;&nbsp;&nbsp;&nbsp;93452467 |  |  | 93452467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments |  | 11232337 |  |  | 11232337 |
|  |  | 104684804 |  |  | 104684804 |
| **Aggressive Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies |  | 48162164 |  |  | 48162164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments |  | 12593693 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12593693 |
|  |  | 60755857 |  |  | 60755857 |
| **Tax-Free Virginia** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  |  | 18319620 |  | 18319620 |
| **Tax-Free National** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  |  | 17923591 |  | 17923591 |
| **High Quality Bond** |  |  |  |  |  |
| &nbsp;&nbsp;Corporate Notes and Bonds |  |  | 28827278 |  | 28827278 |
| &nbsp;&nbsp;U.S. Government and Agency Obligations |  |  | 46899346 |  | 46899346 |
| &nbsp;&nbsp;Short-Term Investments |  | 4023516 |  |  | 4023516 |
|  |  | 4023516 | 75726624 | &nbsp;&nbsp;&nbsp;&nbsp;— | 79750140 |
| **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;Asset Backed Securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8738678 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8738678 |
| &nbsp;&nbsp;Collateralized Mortgage Obligations |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10259021 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10259021 |
| &nbsp;&nbsp;Collateralized Mortgage-Backed Securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6068633 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6068633 |
| &nbsp;&nbsp;Corporate Notes and Bonds |  |  | &nbsp;&nbsp;&nbsp;&nbsp;55310901 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55310901 |
| &nbsp;&nbsp;Foreign Corporate Bonds |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4930774 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4930774 |
| &nbsp;&nbsp;Mortgage Backed Securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36734634 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36734634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;U.S. Government and Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;71977481 | &nbsp;&nbsp;&nbsp;&nbsp;71977481 |
| &nbsp;&nbsp;Short-Term Investments | 4806460 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4806460 |
|  | 4806460 | 194020122 | 198826582 |
| **Diversified Income** |  |  |  |
| &nbsp;&nbsp;Common Stocks | 116394959 |  | 116394959 |
| &nbsp;&nbsp;Asset Backed Securities |  | 1315543 | 1315543 |
| &nbsp;&nbsp;Collateralized Mortgage Obligations |  | 2393210 | 2393210 |
| &nbsp;&nbsp;Collateralized Mortgage-Backed Securities |  | 1387104 | 1387104 |
| &nbsp;&nbsp;Corporate Notes and Bonds |  | 14450207 | 14450207 |
| &nbsp;&nbsp;Foreign Corporate Bonds |  | 1357843 | 1357843 |
| &nbsp;&nbsp;Long Term Municipal Bonds |  | 578439 | 578439 |
| &nbsp;&nbsp;Mortgage Backed Securities |  | 10219828 | 10219828 |
| &nbsp;&nbsp;U.S. Government and Agency Obligations |  | 16427636 | 16427636 |
| &nbsp;&nbsp;Short-Term Investments | 2216974 |  | 2216974 |
|  | 118611933 | 48129810 | 166741743 |
| **Covered Call & Equity Income** |  |  |  |
| &nbsp;&nbsp;Assets: |  |  |  |
| &nbsp;&nbsp;Common Stocks | 120304323 |  | 120304323 |
| &nbsp;&nbsp;Exchange Traded Funds | 1168730 |  | 1168730 |
| &nbsp;&nbsp;Short-Term Investments | 55528570 |  | 55528570 |
| &nbsp;&nbsp;Put Options Purchased | 1519000 |  | 1519000 |
|  | 178520623 |  | 178520623 |
| &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;Call Options Written | (3680920) |  | (3680920) |
| **Dividend Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;302874590 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;302874590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2555817 |  | 2555817 |
|  | 305430407 |  | 305430407 |
| **Investors** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 312634885 |  | 312634885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 6646954 |  | 6646954 |
|  | 319281839 |  | 319281839 |
| **Sustainable Equity** |  |  |  |
| &nbsp;&nbsp;Short-Term Investments | 8686868 |  | 8686868 |
| **Mid Cap** |  |  |  |
| &nbsp;&nbsp;Common Stocks | 686886267 |  | 686886267 |
| &nbsp;&nbsp;Short-Term Investments | 26699005 |  | 26699005 |
|  | 713585272 |  | 713585272 |
| **Small Cap** |  |  |  |
| &nbsp;&nbsp;Common Stocks | 179324380 |  | 179324380 |
| &nbsp;&nbsp;Short-Term Investments | 16105443 |  | 16105443 |
|  | 195429823 |  | 195429823 |
| **International Stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 271078 | &nbsp;&nbsp;&nbsp;&nbsp;271078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 486808 |  | &nbsp;&nbsp;&nbsp;&nbsp;486808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 792334 |  | &nbsp;&nbsp;&nbsp;&nbsp;792334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 323988 | 760724 | &nbsp;&nbsp;&nbsp;&nbsp;1084712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 225705 | &nbsp;&nbsp;&nbsp;&nbsp;225705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 1314477 | &nbsp;&nbsp;&nbsp;&nbsp;1314477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 249387 | 1163699 | &nbsp;&nbsp;&nbsp;&nbsp;1413086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 252320 | &nbsp;&nbsp;&nbsp;&nbsp;252320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 979104 |  | &nbsp;&nbsp;&nbsp;&nbsp;979104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 241357 | &nbsp;&nbsp;&nbsp;&nbsp;241357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 177086 |  | &nbsp;&nbsp;&nbsp;&nbsp;177086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 211100 |  | &nbsp;&nbsp;&nbsp;&nbsp;211100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 2148154 | &nbsp;&nbsp;&nbsp;&nbsp;2148154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 184552 | 259511 | &nbsp;&nbsp;&nbsp;&nbsp;444063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 564870 |  | &nbsp;&nbsp;&nbsp;&nbsp;564870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 176947 | &nbsp;&nbsp;&nbsp;&nbsp;176947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 290178 | &nbsp;&nbsp;&nbsp;&nbsp;290178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 918571 | &nbsp;&nbsp;&nbsp;&nbsp;918571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 189726 |  | &nbsp;&nbsp;&nbsp;&nbsp;189726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 1404515 | &nbsp;&nbsp;&nbsp;&nbsp;1404515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments  | 629710 |  | &nbsp;&nbsp;&nbsp;&nbsp;629710 |
|  | 4788665 | 9427236 | 14215901 |

---

<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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

**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, results of operations.

The following table presents the types of derivatives in the Covered Call & Equity Income Fund as of January 31, 2023 and their effects:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Asset & Liability Presentation of Fair Values of Derivative Instruments** |
| **Fund** | **Underlying Risk** | **Asset Derivatives** | **Fair Value** | **Liability Derivatives** | **Fair Value** |
| **Covered Call & Equity Income** | Equity | Options purchased | $1519000 | Options written | $(3680920) |

---

**4. FEDERAL INCOME TAX INFORMATION**

At January 31, 2023, 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** |
| &nbsp;&nbsp;Conservative Allocation | $525111 | 525111 | $(3106769) | (3106769) | $(2581658) | (2581658) |
| &nbsp;&nbsp;Moderate Allocation |  | 2638637 |  | (3357259) |  | (718622) |
| &nbsp;&nbsp;Aggressive Allocation |  | 2311117 |  | (1265314) |  | 1045803 |
| &nbsp;&nbsp;Tax-Free Virginia |  | 203077 |  | (490815) |  | (287738) |
| &nbsp;&nbsp;Tax-Free National |  | 282518 |  | (360768) |  | (78250) |
| &nbsp;&nbsp;High Quality Bond |  | 94170 |  | (5649537) |  | (5555367) |
| &nbsp;&nbsp;Core Bond |  | 826001 |  | (18121824) |  | (17295823) |
| &nbsp;&nbsp;Diversified Income |  | 31850984 |  | (7613136) |  | 24237848 |
| &nbsp;&nbsp;Covered Call & Equity Income |  | 4115302 |  | (13548480) |  | (9433178) |
| &nbsp;&nbsp;Dividend Income |  | 64175051 |  | (6790252) |  | 57384799 |
| &nbsp;&nbsp;Investors |  | 127059692 |  | (3680463) |  | 123379229 |
| &nbsp;&nbsp;Mid Cap |  | 310093778 |  | (8885237) |  | 301208541 |
| &nbsp;&nbsp;Small Cap |  | 45276455 |  | (2192211) |  | 43084244 |
| &nbsp;&nbsp;Sustainable Equity |  | 305701 |  | (678525) |  | (372824) |
| &nbsp;&nbsp;International Stock |  | 1356297 |  | (2186517) |  | (830220) |

---

**5. 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. 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 January 31, 2023, the aggregate fair value of securities on loan for the Madison fund family was $21,948,122. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S. treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund's portfolio of investments for individual securities identified on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Market Value** | **Cash Collateral\*** | **Non-Cash Collateral\*** |
| &nbsp;&nbsp;Conservative Allocation | 1754025  | 1727142  | 47165  |
| &nbsp;&nbsp;Moderate Allocation | 1345685  | 1258150  | 110725  |
| &nbsp;&nbsp;Aggressive Allocation | 6416192  | 5592504  | 907746  |
| &nbsp;&nbsp;High Quality | 3054655  | 3110275  |  |
| &nbsp;&nbsp;Core Bond | 2055487  | 2092528  |  |
| &nbsp;&nbsp;Diversified Income | 768551  | 784000  |  |
| &nbsp;&nbsp;Covered Call & Equity Income Fund | 3212278 | 3164604 |  |
| &nbsp;&nbsp;Mid Cap | 2569914  | &nbsp;&nbsp;&nbsp;&nbsp;2538430 |  |
| &nbsp;&nbsp;Small Cap | 366282  | 362561  |  |
| &nbsp;&nbsp;International Stock | 405053  | 413651  |  |
| \* 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 or securities loaned. | \* 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 or securities loaned. | \* 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 or securities loaned. | \* 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 or securities loaned. |

---

**6. CONCENTRATION OF RISK** 

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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49

------

---

| |
|:---|
| **Madison Funds** \| January 31, 2023 |
| Notes to Portfolio of Investments (Unaudited) |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MADISON FUNDS

- **b. Investment Company Act file number:** 811-08261

- **c. CIK number of Registrant:** 0001040612

- **d. LEI of Registrant:** 25490037IZEAAJ1OT743

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 SCIENCE DRIVE

  - **City:** MADISON

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

  - **Telephone number:** 608-274-0300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Madison High Quality Bond Fund

- **b. EDGAR series identifier (if any):** S000040129

- **c. LEI of Series:** 2549008MT8CNV6MN7O44

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $80485694.73

**Total Liabilities:** $3142805.55

**Net Assets:** $77342889.18

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -107.77000000 | **1-Year:** -1829.34000000 | **5-Year:** -5949.35000000 | **10-Year:** -2281.07000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124792 | 1.60%                | 0.07%                | 1.28%                |
| Class ID C000235947 | 1.69%                | -0.01%               | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-226602.89              | $1395277.97                                |
| Month 2  | $-93332.04               | $14457.33                                  |
| Month 3  | $-61716.93               | $1009403.77                                |

### Schedule of Portfolio Investments

| Name                         | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HUNTINGTON NATIONAL BANK     | Huntington National Bank                                                    | CUSIP: 44644AAE7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990183.65    | 1.28%             | 2023-10-06      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828R36<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1863203.12   | 2.41%             | 2026-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE               | Public Storage                                                              | CUSIP: 74460DAH2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |   1000000 | PA      | $875936.66    | 1.13%             | 2028-11-09      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Apple Inc                    | Apple, Inc.                                                                 | CUSIP: 037833AK6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994382.59    | 1.29%             | 2023-05-03      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co          | JPMorgan Chase & Co.                                                        | CUSIP: 46647PAH9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1467252.93   | 1.90%             | 2025-03-01      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2250000 | PA      | $1984746.11   | 2.57%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY              | Hershey Co.                                                                 | CUSIP: 427866BE7<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1081497.46   | 1.40%             | 2030-06-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORP          | Kimberly-Clark Corp.                                                        | CUSIP: 494368CC5<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $870656.18    | 1.13%             | 2027-09-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                   | Federal National Mortgage Association                                       | CUSIP: 3135G06G3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2250000 | PA      | $2045097.16   | 2.64%             | 2025-11-07      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP       | Bank of New York Mellon Corp.                                               | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1049872.15   | 1.36%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   3110275 | NS      | $3110275.00   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 9128282A7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1847656.24   | 2.39%             | 2026-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828W48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1944921.88   | 2.51%             | 2024-02-29      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828YE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1902421.88   | 2.46%             | 2024-08-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                 | Comcast Corp.                                                               | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964111.58    | 1.25%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP     | National Rural Utilities Cooperative Finance Corp.                          | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445963.99    | 0.58%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CCX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1874843.76   | 2.42%             | 2024-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY        | Wells Fargo & Co.                                                           | CUSIP: 95000U2H5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954274.90    | 1.23%             | 2025-10-30      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP         | Bank of America Corp.                                                       | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1351530.00   | 1.75%             | 2026-10-24      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                   | Federal National Mortgage Association                                       | CUSIP: 3135G0K36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2368474.90   | 3.06%             | 2026-04-24      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828D56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1937265.62   | 2.50%             | 2024-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CUMMINS INC                  | Cummins, Inc.                                                               | CUSIP: 231021AT3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $813421.26    | 1.05%             | 2030-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828XB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1913906.24   | 2.47%             | 2025-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2102050.78   | 2.72%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC               | Home Depot, Inc.                                                            | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $988743.73    | 1.28%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2262597.65   | 2.93%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BlackRock Inc                | BlackRock, Inc.                                                             | CUSIP: 09247XAL5<br>LEI: 549300LRIF3NWCU26A80 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987553.65    | 1.28%             | 2024-03-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                   | Federal National Mortgage Association                                       | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2600000 | PA      | $2273233.09   | 2.94%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: —       |
| WALT DISNEY COMPANY/THE      | Walt Disney Co.                                                             | CUSIP: 254687FQ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1054905.78   | 1.36%             | 2030-03-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 9128286Z8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1922890.62   | 2.49%             | 2024-06-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CAT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1808593.76   | 2.34%             | 2025-10-31      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    913241 | NS      | $913240.99    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC                  | Federal Home Loan Mortgage Corp.                                            | CUSIP: 3137EAEQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2476081.43   | 3.20%             | 2023-04-20      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CBH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1802187.50   | 2.33%             | 2026-01-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| EMERSON ELECTRIC CO          | Emerson Electric Co.                                                        | CUSIP: 291011BQ6<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $878250.39    | 1.14%             | 2028-12-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc       | UnitedHealth Group, Inc.                                                    | CUSIP: 91324PCC4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1197694.68   | 1.55%             | 2023-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE             | Coca-Cola Co.                                                               | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860376.39    | 1.11%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC               | Mastercard, Inc.                                                            | CUSIP: 57636QAR5<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    750000 | PA      | $727268.27    | 0.94%             | 2027-03-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2250000 | PA      | $2286210.94   | 2.96%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828G38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1928828.12   | 2.49%             | 2024-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NIKE INC                     | NIKE, Inc.                                                                  | CUSIP: 654106AJ2<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |    750000 | PA      | $710988.98    | 0.92%             | 2027-03-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                  | PepsiCo, Inc.                                                               | CUSIP: 713448ES3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $997697.17    | 1.29%             | 2030-03-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC               | Salesforce, Inc.                                                            | CUSIP: 79466LAE4<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1296202.96   | 1.68%             | 2023-04-11      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP        | Truist Financial Corp.                                                      | CUSIP: 89788MAB8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $830418.16    | 1.07%             | 2030-06-05      | Fixed         | 1.95%                 | No            |                  2 | On Loan: —       |
| STATE STREET CORP            | State Street Corp.                                                          | CUSIP: 857477BE2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1439859.48   | 1.86%             | 2025-11-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY               | Morgan Stanley                                                              | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1055500.58   | 1.36%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 9128283F5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2345117.20   | 3.03%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC        | Texas Instruments, Inc.                                                     | CUSIP: 882508BH6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $938453.25    | 1.21%             | 2025-03-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                  | Federal Home Loan Mortgage Corp.                                            | CUSIP: 3137EAEU9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2280971.38   | 2.95%             | 2025-07-21      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1893984.38   | 2.45%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1834062.50   | 2.37%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN       | Berkshire Hathaway Finance Corp.                                            | CUSIP: 084664DA6<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $893841.91    | 1.16%             | 2032-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP        | Truist Financial Corp.                                                      | CUSIP: 05531FBB8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1216231.81   | 1.57%             | 2024-10-26      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP          | Charles Schwab Corp.                                                        | CUSIP: 808513BF1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $894207.64    | 1.16%             | 2026-03-11      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-20

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer