Madison Funds NCSR Certified annual shareholder report (management investment company)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08261

Madison Funds

(Exact name of registrant as specified in charter)

550 Science Drive, Madison, WI 53711

(Address of principal executive offices)(Zip code)

Steve J. Fredricks

Chief Legal Officer & Chief Compliance Officer

550 Science Drive

Madison, WI 53711

(Name and address of agent for service)

Registrant's telephone number, including area code: 608-274-0300

Date of fiscal year end: October 31

Date of reporting period: October 31, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Shareholders.

Annual Report

October 31, 2021



	Madison Conservative Allocation Fund
	Madison Moderate Allocation Fund
	Madison Aggressive Allocation Fund

	Madison Tax-Free Virginia Fund
	Madison Tax-Free National Fund

	Madison High Quality Bond Fund
	Madison Core Bond Fund

	Madison Diversified Income Fund
	Madison Covered Call & Equity Income Fund
	Madison Dividend Income Fund
	Madison Investors Fund
	Madison Mid Cap Fund
	Madison Small Cap Fund
	Madison International Stock Fund

Madison Funds | October 31, 2021

Table of Contents

	Page
Management’s Discussion of Fund Performance
Period in Review	2
Allocation Funds Summary	3
Conservative Allocation Fund	3
Moderate Allocation Fund	4
Aggressive Allocation Fund	5
Tax-Free Virginia Fund	6
Tax-Free National Fund	7
High Quality Bond Fund	8
Core Bond Fund	9
Diversified Income Fund	10
Covered Call & Equity Income Fund	11
Dividend Income Fund	12
Investors Fund	13
Mid Cap Fund	14
Small Cap Fund	15
International Stock Fund	16
Notes to Management’s Discussion of Fund Performance	18
Portfolios of Investments
Conservative Allocation Fund	20
Moderate Allocation Fund	20
Aggressive Allocation Fund	21
Tax-Free Virginia Fund	22
Tax-Free National Fund	22
High Quality Bond Fund	24
Core Bond Fund	25
Diversified Income Fund	28
Covered Call & Equity Income Fund	31
Dividend Income Fund	32
Investors Fund	32
Mid Cap Fund	33
Small Cap Fund	33
International Stock Fund	34
Financial Statements
Statements of Assets and Liabilities	35
Statements of Operations	37
Statements of Changes in Net Assets	39
Financial Highlights	45
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	69
Other Information	70
Trustees and Officers	77

Although each fund’s name begins with the word “Madison,” the word “Madison” may be omitted in this report for simplicity when referring to any particular fund, group of funds or list of funds.

Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.

For more complete information about Madison Funds, including charges and expenses, request a prospectus from your financial advisor or from Madison Funds, P.O. Box 219083, Kansas City, MO 64121-9083. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the funds.

For more current performance information, please call 1-800-877-6089 or visit our website at www.madisonfunds.com. Current performance may be lower or higher than the performance data quoted within this report. Performance data shown represents past performance, past performance does not guarantee future results.

Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.

Madison Funds | October 31, 2021

Management’s Discussion of Fund Performance (unaudited)

Period in Review

The trailing 12-month period has been an exceptionally rewarding experience for U.S. stock market investors. Propelled by the vaccine announcements of early November 2020, massive additional fiscal stimulus measures of early 2021, and excessively easy monetary policy, investors parlayed a monumental earnings recovery into a 43% return for the S&P 500® Index through October 31. The riskiest areas of the market led the way as evidenced by the 89% return for the S&P 500® High Beta Index and 51% showing from the small-cap Russell 2000® Index. International stocks also experienced sizeable gains but fell well short of domestic investments as the MSCI ACWI ex-US Index posted a 30% gain. Foreign markets were held back by the underperformance of emerging markets, most notably China which declined -9.0%. Whereas U.S. policy makers stomped both feet on the gas in terms of fiscal and monetary policy, China remained unwavering in addressing their debt excesses of the past cycle and kept two feet firmly on the policy brakes. Facing stiff headwinds from increasing interest rates and inflation expectations, bond markets were largely flat for the period with the Bloomberg U.S. Aggregate Bond Index falling -0.5%. Much like stocks, riskier securities experienced better returns with corporate bonds outperforming U.S. Treasuries.

Underneath the surface of the outsized market advance was a back-and-forth battle of leadership between economically sensitive reflation beneficiaries and the big growth stocks that have dominated for the past decade. Initially the U.S. equity market was led higher by the cyclical/reopening driven inertia generated from the late 2020 vaccine news and massive stimulus announcements. Value leaning sectors like energy and financials, as well as higher beta and smaller cap stocks vastly outperformed their growth and large cap counterparts. Interest rates and inflation expectations rose as investors priced in an explosive scenario for economic growth.

However, by mid-March the environment changed as value and small cap stocks began to underperform growth and large caps. Reversals in fortune weren’t limited to equities and the U.S. fixed-income market experienced one of the worst starts to a year in history. From December 31, 2020, to March 31, 2021, the interest rate on the U.S. 10-Year Treasury Note rose from 0.9% to 1.75%, resulting in a -3.4% return on the benchmark Bloomberg U.S. Aggregate Bond Index. Since March 31, the 10-year yield reverted below 1.2% in August before moving back near 1.6% by the end of the period, and the index returned a much more favorable 1.9%.

Inflation dominated the headlines throughout the period. The increases in interest rates and the vast outperformance of reflation beneficiaries in the stock market indicated that investors were preparing for a big uptick in the Consumer Price Index (CPI). The upturn arrived in mid-May with a reported 4.2% year-over-year rise in headline CPI. Big gains were to be expected given the very low CPI readings during the economic shutdowns and quarantines in the spring of 2020. However, moving into the end of the period inflation remained stubbornly high and rising at 5.4% year-over-year.

The evolution of inflation will be critical moving forward. Markets appear to be priced for a return to a lower inflationing environment over the coming year. Should inflation continue to run above expectations in 2022, the Federal Reserve could be forced to tighten policy more abruptly, which would likely lead to increased volatility and market disruption.

Since bottoming in late March 2020, the S&P 500® Index has increased by 111%, this performance in relation to a much lower, though very impressive, recovery in earnings has placed the index valuation near historical highs. Valuation is likely to act as a headwind on future equity returns. Overall, the U.S. economy remains in good shape, however we believe the rewards of unbridled risk-taking have likely peaked and that investors will be rewarded by being more discerning moving forward.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

Allocation Funds Summary

The Madison Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds invest primarily in shares of registered investment companies (the “Underlying Funds”). The funds are diversified among a number of asset classes and their allocation among Underlying Funds are based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the funds’ investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:

•

Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the funds’ aim to achieve a favorable overall risk profile for any targeted portfolio return.

•

Scenario analysis– historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the funds under different economic and market conditions.

•

Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. In addition, Madison has a flexible mandate which permits the funds, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.

Madison Conservative Allocation Fund

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison Conservative Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 35% equity investments and 65% fixed income investments. Underlying Funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the “Affiliated Underlying Funds”). Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge									% Return After Sales Charge⁵
		1 Year		3 Years		5 Years		10 Years			1 Year		3 Years		5 Years		10 Years
Class A Shares²		6.72	%	7.55	%	5.97	%	5.46	%		0.58	%	5.46	%	4.72	%	4.84	%
Class B Shares³		5.91	%	6.75	%	5.19	%	4.83	%		1.42	%	5.72	%	4.86	%	4.83	%
Class C Shares⁴		5.91	%	6.75	%	5.18	%	4.67	%		4.91	%	6.75	%	5.18	%	4.67	%
ICE Bank of America Merrill Lynch US Corp, Govt & Mortgage Index		-0.62	%	5.71	%	3.14	%	3.05	%		NA		NA		NA		NA
Conservative Allocation Fund Custom Index		12.33	%	10.48	%	7.80	%	6.71	%		NA		NA		NA		NA

Madison Conservative Allocation Fund (Class A at NAV) returned 6.72% for the one-year period, compared to its Conservative Allocation Custom benchmark’s 12.33%. The Fund’s peer group, Morningstar Allocation 15-30% Equity, returned 10.06%. The Fund provided a sizable absolute return over the past 12 months; however relative performance fell short of our peers and benchmark. The Fund’s relative underperformance was driven by four factors, excess cash at the start of the period, gold miner stocks, an overallocation to emerging Asia, and underperformance from the Fund’s two largest core U.S. equity holdings.

The Fund entered the period quite conservatively positioned. At the time, concerns were mounting over the decelerating U.S. economy, election uncertainty and the second wave of COVID-19. However, by mid-November news of two successful vaccines and talk of more fiscal stimulus flipped the script and had investors panic buying risky assets ahead of the prospective reopening of the economy, and the S&P 500® Index jumped over 15% by year-end. The Fund’s defensive excess cash holdings provided a significant performance drag during the explosive market rally.

Gold miner stocks were a high conviction position that turned out to be an outsized detractor. We favored gold miners not only for their attractive free cash-flow yields, but also based on our belief that the backdrop was very favorable for gold. Inflation was likely to increase with a Federal Reserve that was prepared to do nothing about it, real interest rates looked to remain very low. Gold has historically been a solid inflation hedge and negatively correlated with real rates. The thesis played out in terms of inflation and real rates, however gold and gold miners experienced negative returns.

We also believed emerging Asia looked poised to thrive as the global economy came back to life. Valuations were favorable and emerging markets generally thrive during an early economic expansion. However, the region continued to struggle with COVID-19 and the associated lockdowns. Bigger yet, China continued to remain steadfast in dealing with the excess debts built up over the past decade, refusing not only to stimulate their slowing economy, but by mid-year began stepping up regulatory efforts that further eroded the profitability of their larger industries. Our overallocation to the underperforming region was a headwind.

Within U.S. equities, material underperformance from the Fund’s two largest core holdings was a significant factor in the Fund’s performance lag. Both positions focus on high quality, durable companies, which were generally out of favor as the market gravitated toward both low quality cyclical stocks and already highly valued big growth stocks during the period.

On the positive side, the Fund was boosted by solid relative returns within the fixed income allocation where results were well ahead of our bond benchmark, the Bloomberg U.S. Aggregate Bond Index, led by an overweight to corporate bonds and outperformance by our core active holdings. Within equites, our other inflation hedge, commodities, provided a sizable positive contributor to performance and our long-standing overweight to technology stocks aided results. On the international equity side, our small-cap position and overweight allocation to the United Kingdom both provided boosts.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

In terms of positioning changes, we eliminated our holdings in emerging Asia after it became clear that China was a detriment and our thesis had broken down. Cash holdings have been brought back to a more modest level, and we have increased our holdings in high quality U.S. growth stocks, which we believe to be best suited for the normalization of both the U.S. economy and monetary policy. Our holdings in gold miner stocks remain, and we believe these companies offer unique value in a generally expensive stock market. Recent results have better aligned with our expectations, and we believe the Fund is well positioned for the coming year.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Alternative Funds	2.2	%
Bond Funds	63.3	%
Foreign Stock Funds	8.2	%
Short-Term Investments	10.7	%
Stock Funds	22.8	%
Net Other Assets and Liabilities	(7.2	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Madison Core Bond Fund Class I	22.9	%
Baird Aggregate Bond Fund Institutional Shares	11.8	%
iShares 3-7 Year Treasury Bond ETF	10.4	%
Madison Investors Fund Class R6	8.0	%
Janus Henderson Mortgage-Backed Securities ETF	6.4	%
Vanguard Short-Term Corporate Bond ETF	6.1	%
iShares 20+ Year Treasury Bond ETF	5.8	%
Invesco S&P 500 Quality ETF	5.5	%
Vanguard FTSE All-World ex-U.S. ETF	4.4	%
Schwab U.S. Dividend Equity ETF	3.0	%

Madison Moderate Allocation Fund

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison Moderate Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge									% Return After Sales Charge⁵
		1 Year		3 Years		5 Years		10 Years			1 Year		3 Years		5 Years		10 Years
Class A Shares²		12.66	%	9.31	%	8.24	%	7.56	%		6.21	%	7.17	%	6.97	%	6.92	%
Class B Shares³		11.80	%	8.45	%	7.42	%	6.91	%		7.30	%	7.45	%	7.12	%	6.91	%
Class C Shares⁴		11.79	%	8.47	%	7.43	%	6.75	%		10.79	%	8.47	%	7.43	%	6.75	%
S&P 500 Index		42.91	%	21.48	%	18.93	%	16.21	%		NA		NA		NA		NA
Moderate Allocation Fund Custom Index		22.25	%	13.78	%	11.08	%	9.28	%		NA		NA		NA		NA

The Madison Moderate Allocation Fund (Class A at NAV) returned 12.66% for the one-year period, compared to its Moderate Allocation Custom benchmark’s 22.25%. The Fund’s peer group, Morningstar Allocation 50-70% Equity, returned 25.82%. The Fund provided a sizable absolute return over the past 12 months; however relative performance fell short of our peers and benchmark. The Fund’s relative underperformance was driven by four factors, excess cash at the start of the period, gold miner stocks, an overallocation to emerging Asia, and underperformance from the Fund’s two largest core U.S. equity holdings.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

provided a sizable positive contributor to performance and our long-standing overweight to technology stocks aided results. On the international equity side, our small-cap position and overweight allocation to the United Kingdom both provided boosts.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Alternative Funds	3.8	%
Bond Funds	37.6	%
Foreign Stock Funds	14.9	%
Short-Term Investments	11.4	%
Stock Funds	38.6	%
Net Other Assets and Liabilities	(6.3	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Madison Investors Fund Class R6	12.7	%
Madison Core Bond Fund Class I	12.7	%
Invesco S&P 500 Quality ETF	8.7	%
Vanguard FTSE All-World ex-U.S. ETF	6.5	%
Baird Aggregate Bond Fund Institutional Shares	6.3	%
iShares 3-7 Year Treasury Bond ETF	6.0	%
Vanguard Information Technology ETF	4.7	%
iShares 20+ Year Treasury Bond ETF	4.6	%
Madison Dividend Income Fund Class I	4.5	%
Vanguard Short-Term Corporate Bond ETF	4.4	%

Madison Aggressive Allocation Fund

INVESTMENT STRATEGY HIGHLIGHTS

Under normal circumstances, the Madison Aggressive Allocation Fund’s total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 80% equity investments and 20% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund’s net assets, at the time of purchase, in Affiliated Underlying Funds.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge									% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		1 Year			3 Years		5 Years		10 Years
Class A Shares²		17.33	%	10.47	%	9.87	%	9.08	%		10.59	%	8.32	%	8.57	%	8.43	%
Class B Shares³		16.40	%	9.66	%	9.05	%	8.43	%		11.90	%	8.68	%	8.77	%	8.43	%
Class C Shares⁴		16.39	%	9.65	%	9.04	%	8.26	%		15.39	%	9.65	%	9.04	%	8.26	%
S&P 500 Index		42.91	%	21.48	%	18.93	%	16.21	%		NA		NA		NA		NA
Aggressive Allocation Fund Custom Index		30.68	%	16.31	%	13.65	%	11.30	%		NA		NA		NA		NA

The Madison Aggressive Allocation Fund (Class A at NAV) returned 17.33% for the one-year period, compared to its Aggressive Allocation Custom benchmark’s 30.68%. The Fund’s peer group, Morningstar Allocation: 70-85% Equity, returned 31.44%. The Fund provided a sizable absolute return over the past 12 months; however relative performance fell short of our peers and benchmark. The Fund’s relative underperformance was driven by four factors, excess cash at the start of the period, gold miner stocks, an overallocation to emerging Asia, and underperformance from the Fund’s two largest core U.S. equity holdings.

The Fund entered the period quite conservatively positioned. At the time, concerns were mounting over the decelerating U.S. economy, election uncertainty and the second wave of COVID-19. However, by mid- November news of two successful vaccines and talk of more fiscal stimulus flipped the script and had investors panic buying risky assets ahead of the prospective reopening of the economy, and the S&P 500® Index jumped over 15% by year-end. The Fund’s defensive excess cash holdings provided a significant performance drag during the explosive market rally.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Alternative Funds	4.9	%
Bond Funds	18.0	%
Foreign Stock Funds	21.2	%
Short-Term Investments	16.8	%
Stock Funds	50.6	%
Net Other Assets and Liabilities	(11.5	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Madison Investors Fund Class R6	14.2	%
Invesco S&P 500 Quality ETF	10.2	%
Vanguard FTSE All-World ex-U.S. ETF	8.0	%
Madison Core Bond Fund Class I	7.2	%
Madison Dividend Income Fund Class I	7.0	%
Vanguard Information Technology ETF	6.2	%
iShares MSCI Eurozone ETF	4.9	%
Invesco Optimum Yield Diversified Commodity Strategy	4.9	%
Vanguard FTSE All World ex-U.S. Small-Cap ETF	4.7	%
Schwab U.S. Dividend Equity ETF	4.6	%

Madison Tax-Free Virginia Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Tax-Free Virginia Fund seeks to achieve its investment objectives by investing at least 80% of its net assets in municipal bonds that are exempt from federal and state income tax for residents of Virginia. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge
	1 Year			3 Years		5 Years		10 Years
Class Y Shares⁶		0.10	%	3.66	%	2.00	%	2.51	%
ICE Bank of America Merrill Lynch 1-22 Yr Municipal Securities Index		2.33	%	4.77	%	3.11	%	3.51	%

The Madison Tax-Free Virginia Fund (Class Y) returned 0.10% for the one-year period, underperforming the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned 2.33%. The Morningstar Municipal Single State Intermediate peer group returned 1.30% for the period.

The Fund’s relative performance is attributable to yield curve positioning, sector allocation and the overall credit profile of the individual holdings. Specific to maturity profile, the Fund’s underweight in the 15 to 22 year maturity range was detractive to performance as longer dated bonds experienced price appreciation as the yield curve shifted lower for much of the year. In addition, the Fund’s up in quality bias detracted from performance as lower rated bonds in the single A and BBB spectrum handily outperformed AAA and AA high grade securities. In particular, the Fund has a substantial weighting in Prerefunded and Escrowed to Maturity bonds (18%) which detracted from performance due to their ultra-safe but lower yielding characteristics. Finally, the state-specific nature of the Virginia Fund lends itself to higher quality bonds and lower yields versus a national benchmark.

The municipal bond market has outperformed most traditional fixed income markets during the 12-month period as investor demand was robust after the 2020 presidential and congressional elections. Municipal bonds are considered a safe haven for high-tax bracket individual investors and the incoming administration proposed higher tax rates for the wealthy to pay for infrastructure, social and climate initiatives. Although many proposals remain in flux, the overwhelming majority of investors believe tax rates will increase at some point and demand for tax-free municipal bonds reflected that belief.

In addition, another nearly $2 trillion stimulus bill passed in May provided much needed relief to municipalities struggling with the lingering effects of the COVID-19 pandemic. The funds will be used for schools, mass transportation, ports and general state and local funding. These federal dollars relieved many credit fears in the municipal market that persisted throughout 2020 and added yet another reason to invest in tax-free income.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

The outlook for the municipal bond market is a mixed bag going into 2022. Although the reasons for continued robust demand remain in place (potentially higher taxes, lower net issuance and a natural fixed income diversifier), the general level and direction of interest rates could curtail additional flow of funds into the sector. Treasury rates have moved higher during the last couple of months as inflation concerns persist. In addition, the Federal Reserve has announced a curtailing of its Treasury and mortgage purchases and has indicated a possible increase in the Federal Funds rate sometime in the second half of next year. If rates move meaningfully higher, fixed income investors will be looking at negative returns and potentially moving some cash to alternative investments.

In general, we believe it is prudent to be conservatively positioned to guard against higher interest rates. We continue to position bonds in the intermediate tenor of the yield curve where the incremental yield pickup is the greatest before flattening out. We also like callable bonds as a yield enhancer while providing some protection from rising interest rates. We anticipate remaining up-in-quality from a credit perspective as lower rated bonds do not offer compensatory risk-return characteristics in our opinion.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Airport	3.0	%
Development	3.3	%
Education	9.2	%
Facilities	7.0	%
General	16.5	%
General Obligation	24.3	%
Medical	3.9	%
Power	1.5	%
Transportation	9.4	%
Utilities	1.5	%
Water	17.9	%
Net Other Assets and Liabilities	2.5	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Northern Virginia Transportation Authority, 5.0%, 6/1/30	4.2	%
County of Arlington VA, 5.0%, 8/15/30	3.5	%
James City County Economic Development Authority, 5.0%, 6/15/30	3.0	%
Metropolitan Washington Airports Authority Aviation Revenue, 5.0%, 10/1/43	3.0	%
County of Henrico VA Water & Sewer Revenue, 4.0%, 5/1/32	2.8	%
City of Norfolk VA, 5.0%, 8/1/47	2.8	%
Hampton Roads Transportation Accountability Commission, 5.0%, 7/1/42	2.7	%
Virginia Commonwealth Transportation Board, 5.0%, 3/15/25	2.7	%
Commonwealth of Virginia, 5.0%, 6/1/23	2.6	%
Virginia College Building Authority, 5.0%, 2/1/23	2.6	%

Madison Tax-Free National Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Tax-Free National Fund seeks to achieve its investment objective by investing at least 80% of its net assets in municipal bonds that are exempt from federal income taxes. These securities may be issued by state governments, their political subdivisions (for example, cities and counties) and public authorities (for example, school districts and housing authorities). The Fund may also invest in bonds that, under federal law, are exempt from federal and state income taxation, such as bonds issued by the District of Columbia, Puerto Rico, the Virgin Islands and Guam. The Fund invests in intermediate and long-term bonds having average, aggregate maturities (at the portfolio level) of 7 to 15 years. The primary difference between this Fund and the Madison Tax-Free Virginia Fund is that the Madison Tax-Free Virginia Fund will invest in bonds that are exempt from federal and state income tax for residents of Virginia, while this Fund will invest in bonds that are exempt from federal income tax.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge
	1 Year			3 Years		5 Years		10 Years
Class Y Shares⁶		0.75	%	4.06	%	2.24	%	2.89	%
ICE Bank of America Merrill Lynch 1-22 Yr Municipal Securities Index		2.33	%	4.77	%	3.11	%	3.51	%

The Madison Tax-Free National Fund (Class Y) returned 0.75% for the one-year period, underperforming the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned 2.33%. The Morningstar Municipal National Intermediate peer group returned 2.92%.

The Fund’s relative performance is attributable to yield curve positioning, sector allocation and the overall credit profile of the individual holdings. Specific to maturity profile, the Fund’s underweight in the 15 to 22 year maturity range was detractive to performance as longer dated bonds experienced price appreciation as the yield curve shifted lower for much of the year. In addition, the Fund’s up in quality bias detracted from performance as lower rated bonds in the single A and BBB spectrum handily outperformed AAA and AA high grade securities. The Fund’s higher allocation to local general obligation bonds and a substantial underweight to California and New York bonds versus the benchmark also was detractive to performance.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Alabama	6.4	%
Arkansas	0.9	%
California	0.7	%
Colorado	3.5	%
Florida	3.8	%
Georgia	2.1	%
Hawaii	2.3	%
Idaho	2.5	%
Illinois	6.9	%
Indiana	5.4	%
Kansas	3.7	%
Kentucky	2.2	%
Michigan	0.5	%
Mississippi	2.6	%
Missouri	2.1	%
Montana	1.5	%
New Jersey	5.7	%
New Mexico	1.0	%
New York	3.9	%
North Carolina	4.0	%
Ohio	2.5	%
Oklahoma	4.2	%
Pennsylvania	3.2	%
South Carolina	1.1	%
Tennessee	2.4	%
Texas	10.0	%
Utah	1.7	%
Virginia	5.5	%
Washington	1.0	%
West Virginia	2.4	%
Wisconsin	2.0	%
Net Other Assets and Liabilities	2.3	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Mobile County AL, General Obligation, 5.0%, 2/1/39	3.5	%
Cook County School District No. 111, General Obligation, 5.0%, 12/1/35	3.0	%
City of Austin TX, General Obligation, 5.0%, 9/1/26	2.9	%
Hampton Roads Sanitation District, 5.0%, 10/1/36	2.8	%
Johnston County NC, General Obligation, 4.0%, 2/1/32	2.7	%
Vanderburgh County Redevelopment District, Tax Allocation, 5.0%, 2/1/26	2.6	%
City of Wichita KS, General Obligation, 5.0%, 12/1/24	2.6	%
City of Fort Worth TX, General Obligation, 4.0%, 3/1/29	2.6	%
Medical Center Educational Building Corp., 5.0%, 6/1/30	2.6	%
Cleveland-Cuyahoga County Port Authority, 5.0%, 7/1/24	2.5	%

Madison High Quality Bond Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison High Quality Bond Fund seeks to achieve its investment objective through diversified investments in a broad range of corporate debt securities, obligations of the U.S. Government and its agencies, and money market instruments. In seeking to achieve the Fund’s goals, the Fund’s management will (1) shorten or lengthen the dollar weighted average maturity of the Fund based on its anticipation of the movement of interest rates (the dollar weighted average maturity is expected to be ten years or less), and (2) monitor the yields of the various bonds that satisfy the Fund’s investment guidelines to determine the best combination of yield, credit risk and diversification for the Fund. Under normal market conditions, the Fund will invest at least 80% of its net assets in higher quality bond issues and, therefore, intends to maintain an overall portfolio quality rating of A by Standard & Poor’s and/or A2 by Moody’s.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge
	1 Year			3 Years		5 Years		10 Years
Class Y Shares⁶		-1.21	%	3.05	%	1.65	%	1.42	%
Bloomberg U.S. Intermediate Govt/Credit A+ Bond Index		-1.22	%	4.10	%	2.26	%	2.13	%

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

The Madison High Quality Bond Fund (Class Y) returned -1.21% for the one-year period, slightly outperforming the benchmark Bloomberg U.S. Intermediate Government/ Credit A+ Bond Index, which returned -1.22%. The Fund underperformed the Morningstar Short-Term Bond category peer group’s return of 1.17% over the same period.

Conservative duration positioning was additive to returns to performance over the course of the period as interest rates moved sharply higher in response improving growth and a large-scale resumption in economic activity. Sector quality was additive to performance during the period as increased allocations to corporate credit contributed positively as credit risk premiums reacted favorably to economic growth. The portfolio’s conservative maturity positioning and high-quality holdings proved detractive to yield/income as the portfolio under yielded the benchmark. The shift in portfolio assets from 1-3 year Treasury to longer 7-10 year credit & agency holdings contributed to the positive impact of curve positioning during the period. Security selection contributed to portfolio returns over the period as risk premiums on high quality names tightened along with improved economic growth.

The Fund has recently adopted a more conservative view towards portfolio construction by allowing overall portfolio maturity to gradually decline while also taking a more selective view towards corporate securities. Recent market activity has increased our concern about the potential for rising rates and increased volatility in fixed income markets. As such we will continue to be selective regarding new purchases of corporate securities. We continue to view the 5-7 year maturities sector as relatively attractive given their position on a steeper yield curve providing meaningful yield relative to shorter issues. We anticipate continued curve steepening and will seek opportunities to move holdings out the curve as longer rates shift gradually higher. We feel that the opportunity to add 10-year maturities will come, but for now we will remain patient as we seek more attractive valuations to shift assets further out the curve.

The past 12 months has, once again, reinforced the need for diversification and rewarded those who have maintained exposure to high quality fixed income within their overall portfolio. We will continue to position the portfolio with a defensive duration posture and high-quality credit holdings as we navigate the coming months.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	2.6	%
Consumer Discretionary	5.8	%
Consumer Staples	5.3	%
Fannie Mae	9.5	%
Financials	19.6	%
Freddie Mac	7.3	%
Health Care	1.1	%
Industrials	1.1	%
Information Technology	3.9	%
Short-Term Investments	2.3	%
U.S. Treasury Notes	41.8	%
Utilities	0.4	%
Net Other Assets and Liabilities	(0.7	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Freddie Mac, 0.375%, 4/20/23	3.0	%
Fannie Mae, 2.125%, 4/24/26	2.8	%
U.S. Treasury Notes, 1.625%, 5/15/26	2.8	%
Freddie Mac, 0.375%, 7/21/25	2.7	%
U.S. Treasury Notes, 1.500%, 8/15/26	2.7	%
U.S. Treasury Notes, 2.375%, 8/15/24	2.7	%
U.S. Treasury Notes, 2.250%, 11/15/24	2.7	%
U.S. Treasury Notes, 2.125%, 5/15/25	2.7	%
U.S. Treasury Notes, 2.500%, 8/15/23	2.7	%
U.S. Treasury Notes, 1.750%, 5/15/23	2.6	%

Madison Core Bond Fund

INVESTMENT STRATEGY HIGHLIGHTS

Under normal market conditions, the Madison Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85- 115% of the market benchmark duration. The Fund strives to add incremental return in the portfolio by making strategic decisions related to credit risk, sector exposure and yield curve positioning. The Fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge											% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since Inception 2/26/2021			1 Year		3 Years		5 Years		10 Years
Class A Shares²		0.21	%	5.77	%	3.13	%	2.53	%	-			-4.31	%	4.16	%	2.18	%	2.06	%
Class B Shares³		-0.53	%	4.99	%	2.34	%	1.93	%	-			-4.89	%	3.92	%	1.97	%	1.93	%
Class Y Shares⁶		0.73	%	6.10	%	3.42	%	2.80	%	-			-		-		-		-
Class I Shares⁷		-		-		-		-		0.88	%		-		-		-		-
Bloomberg U.S. Aggregate Bond Index		-0.48	%	5.63	%	3.10	%	3.00	%	0.58	%		NA		NA		NA		NA

The Madison Core Bond Fund (Class Y) returned 0.73% for the one-year period, beating the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, which had a -0.48% return. The Fund outperformed the Morningstar Intermediate Core Bond peer group, which returned -0.13% for the period.

The primary drivers of Fund performance versus the benchmark were an overweight to corporate bonds and a more conservative positioning within the mortgage-backed securities (MBS) sector. Performance was also positively impacted by the yield advantage over the benchmark which averaged 20 basis points (bps) during the last year.

The Fund primarily added corporate bonds through the new issue market which continued to be robust. New issue concessions were attractive in late-2020 and early 2021 but have generally become poor over the last six months. The Fund also added high yield bonds which have performed well and generally have lower duration versus investment grade rated corporate bonds.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

When looking at the securitized sector, the Fund owns fewer fifteen and thirty-year agency MBS versus the benchmark. This underweight is due to tight spreads given the Federal Reserve’s quantitative easing program and higher demand from depository institutions. The Fund is overweight asset-backed securities given attractive spreads versus short investment grade corporate bonds and Treasuries.

Finally, Fund performance was hurt by owning longer Treasuries versus the benchmark over the trailing one-year period. Since October 2020, the two-, ten- and thirty-year Treasury yields increased 35, 68 and 27 basis points, respectively. The Fund’s Treasury duration was 8-10% longer than the benchmark during the last year. However, the Fund’s overall duration versus the benchmark was shorter, ranging between 92% to 96%, which was additive to performance.

Looking forward, the Fund will look to reduce exposure to corporate bonds given tight valuations and slightly worsening fundamentals. The Fund also will look to shift some of its corporate exposure into financials versus industrials given expected higher shareholder returns through mergers, dividend increases and share buybacks. Proceeds from corporate sells will be allocated into MBS and Treasuries until better valuations exist.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Asset Backed Securities	6.1	%
Collateralized Mortgage Obligations	6.8	%
Commercial Mortgage-Backed Securities	2.9	%
Corporate Notes and Bonds	36.6	%
Foreign Corporate Bonds	0.2	%
Mortgage Backed Securities	10.5	%
Short-Term Investments	5.6	%
U.S. Government and Agency Obligations	31.3	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
U.S. Treasury Notes, 2.750%, 2/15/24	3.9	%
U.S. Treasury Notes, 2.250%, 11/15/25	3.9	%
U.S. Treasury Notes, 0.375%, 1/31/26	3.3	%
U.S. Treasury Notes, 1.500%, 8/15/26	3.0	%
U.S. Treasury Notes, 0.625%, 8/15/30	2.2	%
U.S. Treasury Notes, 2.375%, 5/15/27	2.1	%
U.S. Treasury Bonds, 2.250%, 5/15/41	2.1	%
U.S. Treasury Notes, 2.625%, 2/15/29	1.4	%
U.S. Treasury Bonds, 6.625%, 2/15/27	1.4	%
U.S. Treasury Notes, 2.875%, 5/15/28	1.2	%

Madison Diversified Income Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the Fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds may constitute up to 80% of the Fund’s assets, stocks will constitute up to 70% of the Fund’s assets, real estate securities will constitute up to 25% of the Fund’s assets, foreign stocks and bonds will constitute up to 25% of the Fund’s assets and money market instruments may constitute up to 25% of the Fund’s assets. Although the Fund is permitted in invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund’s assets.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
		% Return Without Sales Charge										% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 7/31/12 Inception		1 Year		3 Years		5 Years		10 Years		Since 7/31/12 Inception
Class A Shares²		21.74	%	11.85	%	10.30	%	8.85	%	-		14.72	%	9.68	%	9.00	%	8.21	%	-
Class B Shares³		20.83	%	11.03	%	9.47	%	8.20	%	-		16.33	%	10.07	%	9.19	%	8.20	%	-
Class C Shares⁴		20.82	%	11.07	%	9.49	%	-		7.83	%	19.82	%	11.07	%	9.49	%	-		7.83	%
ICE Bank of America Merrill Lynch US Corp, Govt & Mortgage Index		-0.62	%	5.71	%	3.14	%	3.05	%	2.76	%	NA		NA		NA		NA		NA
S&P 500^® Index		42.91	%	21.48	%	18.93	%	16.21	%	16.22	%	NA		NA		NA		NA		NA
Custom Blended Index (50% Fixed 50% Equity)		19.54	%	13.84	%	11.11	%	9.70	%	9.55	%	NA		NA		NA		NA		NA

The Madison Diversified Income Fund (Class A at NAV) returned 21.74% for the one-year period, outperforming its blended benchmark index (50% Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index and 50% S&P 500® Index) which returned 19.54%. The Fund underperformed its Morningstar Moderate Allocation category peer group, which advanced 25.82% over the last year.

The equity portion of the Fund returned 34.74% for the twelve-month period ending October 31, 2021, which compared to the S&P 500® Index return of 42.91%. Relative to the index, sector allocation and stock selection were detractive. For sector allocation, underweight positions in Energy and Technology adversely impacted performance. Within Technology, there were several large companies that don’t pay a dividend and are therefore outside of the Fund’s investable universe. In terms of stock selection, there were positive results in Materials and Technology, which was more than offset by weakness in Health Care, Financials, Communication Services and Consumer Discretionary. Within Materials, steel producer Nucor (NUE) was the most additive stock in the portfolio. In Financials, asset manager BlackRock (BLK), asset custodian Northern Trust and global bank J.P. Morgan (JPM) each contributed nicely to results. Another notable outperforming stock was mining equipment manufacturer Caterpillar (CAT). On the negative side, in Communication Services, wireless phone carrier Verizon Communications (VZ) was the most detractive stock in the portfolio. Within Health Care, pharmaceutical

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

manufacturer Bristol-Myers Squibb (BMY) trailed the index. In Utilities, integrated energy company Dominion Energy (D) negatively impacted results. Other notable underperforming stocks were global fast food restaurant McDonald’s (MCD) in Consumer Discretionary and global snack manufacturer Nestle (NSRGY) in Consumer Staples. The Fund sold NSRGY during the period and continues to hold all other stocks mentioned.

The fixed portion of the Fund outperformed by 106 basis points, returning 0.59% versus the Bloomberg U.S. Aggregate Index’s return of -0.47%. The largest contributor to returns over the period was the Funds increased allocation to credit holdings as risk premiums responded favorably to policy initiatives following the COVID-19 shut down. Additionally, the portfolio’s yield advantage over the benchmark contributed positively to returns throughout the period.

We have recently adopted a more conservative view towards portfolio construction by allowing overall portfolio maturity to gradually decline while also taking a more selective view towards corporate credit. Recent market activity has increased our concern about the potential for rising rates and increased volatility in fixed income markets. The Fund has been gradually reducing and recycling credit risk while also diversifying holdings of securitized assets. The Fund continues to have a slightly more conservative duration position versus the index but maintains a yield advantage over the benchmark. We feel that the opportunity to add longer maturity issues will come, but for now we will remain patient as we seek more attractive valuations to shift assets further out the curve.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Asset Backed Securities	1.2	%
Collateralized Mortgage Obligations	1.5	%
Commercial Mortgage-Backed Securities	1.1	%
Common Stocks	68.5	%
Corporate Notes and Bonds	12.3	%
Long Term Municipal Bonds	0.4	%
Mortgage Backed Securities	3.8	%
Short-Term Investments	2.1	%
U.S. Government and Agency Obligations	9.1	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Home Depot, Inc.	2.8	%
BlackRock, Inc.	2.5	%
Cisco Systems, Inc.	2.4	%
Comcast Corp.	2.4	%
McDonald’s Corp.	2.3	%
Johnson & Johnson	2.3	%
Bristol-Myers Squibb Co.	2.3	%
Northern Trust Corp.	2.3	%
Travelers Cos., Inc.	2.3	%
Nucor Corp.	2.2	%

Madison Covered Call & Equity Income Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Covered Call & Equity Income Fund invests, under normal market conditions, primarily in common stocks of large- and mid-capitalization companies that are, in the view of the Fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the Fund’s assets among stocks in sectors of the economy based upon their views on forward earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.

The Fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The extent of option writing activity will depend upon market conditions and the portfolio managers’ ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the Fund by providing downside protection.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge											% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 7/31/12 Inception		1 Year			3 Years		5 Years		10 Years		Since 7/31/12 Inception
Class A Shares²		31.18	%	12.54	%	9.44	%	8.06	%	-			23.58	%	10.34	%	8.15	%	7.42	%	-
Class C Shares⁴		30.17	%	11.69	%	8.61	%	-		7.31	%		29.17	%	11.69	%	8.61	%	-		7.31	%
Class Y Shares⁶		31.54	%	12.78	%	9.69	%	8.31	%	-			-		-		-		-		-
Class R6 Shares⁷		31.69	%	12.96	%	9.86	%	-		8.53	%		-		-		-		-		-
S&P 500^® Index		42.91	%	21.48	%	18.93	%	16.21	%	16.22	%		NA		NA		NA		NA		NA
CBOE S&P 500 BuyWrite^® Index^SM		31.54	%	7.75	%	7.88	%	7.89	%	7.24	%		NA		NA		NA		NA		NA

Madison Covered Call & Equity Fund (Class Y) returned 31.54% for the one-year period, compared to the 42.91% return for the S&P 500® Index and 31.54% for its benchmark CBOE S&P 500 BuyWrite Index. The Fund’s peer group, the Morningstar Derivative Income, returned 26.64%.

Over the past 12 months, equity markets have steadily moved higher on a combination of economic reopening optimism and a continuing stream of global central bank liquidity which has had very few places to flow other than into equities. The Fund had kept pace with the S&P 500® Index for the first eight months of the period as it was positioned to benefit from a cyclical market recovery which, in fact, occurred. As the period came to a close, however, the market sustained its upward momentum but with more growth oriented, large cap stocks retaking the leadership role. In this environment, the Fund gave up relative performance. Despite lagging late in the period, the Fund’s overall return was quite good. Covered call writing is, unquestionably, a conservative strategy and not expected to keep up in a bull market environment. We continue to maintain that the greater risk to the market is to the downside and we will execute the strategy in order to generate income and downside protection rather than increasing market exposure and risk.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

As noted above, during the first portion of the period, cyclical sectors such as Energy, Financials and Industrials led the market’s resurgence. In the very early part of the period, industrial commodity exposed sectors also were very strong performers as global demand ramped up with the expectation of strong post-COVID economic growth although this area stalled as concerns grew over the inflationary impact of the price strength of certain commodities. The Fund entered the period with meaningful exposure in the Energy, Financial and Materials sectors and benefitted from their market leadership. The materials exposure was reduced as inflationary concerns grew. The Fund also remained underexposed to large cap growth holdings which are typically found in the Technology or Communication Services sectors. As these sectors lagged cyclicals, the Fund was able to keep up in a strong market given its structural positioning. This advantage reversed later in the period as momentum shifted to the large cap growth areas of the market. The Fund, which has also been defensively positioned via call writing and cash holdings, became even more defensively skewed as the market unrelentingly move higher. This was also a factor in the Fund lagging the market later in the period. From an attribution perspective relative to the S&P 500® Index, stock selection and sector allocation during the period were both very positive while exposure to cash and the call option overlay were detractive to relative performance. From an income generation perspective the Fund has continued to generate a very attractive yield which has fallen within our expected range.

Given the defensive nature of covered call writing as a strategy, and our conservative approach to actively managing the strategy, protecting downside risk and generating income in a low yield environment continues to offer a reasonable attraction to investors. We believe that the market has already discounted much of the positive scenario and has shown indifference to any negative scenarios. Fiscal and monetary accommodation, which has been a key support for markets, is in the later innings of influence. Federal Reserve tapering is coming soon, and we are just about done with the multi-trillion dollar fiscal aid packages coming out of D.C. If liquidity has been the primary fuel of this long bull market, we fear that with less fuel, the bull will stall. Earnings fundamentals have been a beneficiary of the market liquidity, but profit margins are set to be challenged on a number of fronts. The market prices itself on expectations. If expectations step lower, the market will reprice itself lower as well. Right now, we think expectations are too rosy and, as such, we continue to believe that a defensive posture is the right course of action.

PORTFOLIO ALLOCATION AS A PERCENTAGE OF TOTAL INVESTMENTS AS OF 10/31/21
Communication Services	8.3	%
Consumer Discretionary	6.9	%
Consumer Staples	5.6	%
Energy	12.3	%
Exchange Traded Funds	1.6	%
Financials	1.4	%
Health Care	13.5	%
Industrials	3.2	%
Information Technology	8.2	%
Materials	3.8	%
Short-Term Investments	31.7	%
Utilities	3.5	%


TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Range Resources Corp.	5.2	%
CVS Health Corp.	4.7	%
Fiserv, Inc.	3.8	%
Comcast Corp.	3.5	%
Baxter International, Inc.	3.3	%
PayPal Holdings, Inc.	3.2	%
T-Mobile U.S., Inc.	3.0	%
Las Vegas Sands Corp.	3.0	%
TJX Cos., Inc.	2.8	%
Gilead Sciences, Inc.	2.8	%

Madison Dividend Income Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Dividend Income Fund invests in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, at least 80% of the Fund’s net assets will be invested in dividend paying equity securities. The Fund typically owns 30-60 securities which generally have a dividend yield of at least the S&P 500 Index’s average yield, a strong balance sheet, a dividend that has been maintained and likely to increase and trades at a high relative dividend yield due to issues viewed by the adviser as temporary, among other characteristics.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge													% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 5/29/20 Inception		Since 8/31/20 Inception		1 Year			3 Years	5 Years	10 Years	Since 5/29/20 Inception
Class A Shares²		32.52	%	-		-		-		25.81	%	-			24.91	%	-	-	-	20.66	%
Class Y Shares⁶		32.81	%	14.77	%	14.61	%	12.88	%	-		-			-		-	-	-	-
Class I Shares⁷		32.95	%	-		-		-		-		23.71	%		-		-	-	-	-
S&P 500^® Index		42.91	%	21.48	%	18.93	%	16.21	%	35.97	%	28.37	%		NA		NA	NA	NA	NA
Russell 1000^® Value Index		43.76	%	13.90	%	12.39	%	12.85	%	32.39	%	32.11	%		NA		NA	NA	NA	NA
Lipper Equity Income Funds Index		38.10	%	14.26	%	12.98	%	12.20	%	28.57	%	26.94	%		NA		NA	NA	NA	NA

The Madison Dividend Income Fund (Class Y) returned 32.81% for the one-year period, which underperformed the S&P 500® Index return of 42.91% and underperformed its Morningstar peer group, U.S. Large Value, which returned 43.38%.

Relative to the index, sector allocation and stock selection were detractive to the Fund’s performance during the period. For sector allocation, underweight positions in Energy and Technology adversely impacted performance. Within Technology, there were several large companies that don’t pay a dividend and are therefore outside of the Fund’s investable universe. In terms of stock selection, there were positive results in Materials and Technology, which was more than offset by weakness in Health Care, Financials, Communication Services and Consumer Discretionary. Within Materials, steel producer Nucor (NUE) was the most additive stock in the portfolio. In Financials, asset manager BlackRock (BLK), asset custodian Northern Trust and global bank J.P. Morgan (JPM) each contributed nicely to results. Another notable outperforming stock was mining equipment manufacturer Caterpillar (CAT). On the negative side, in Communication Services, wireless phone carrier Verizon Communications (VZ) was the most

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

detractive stock in the portfolio. Within Health Care, pharmaceutical manufacturer Bristol-Myers Squibb (BMY) trailed the index. In Utilities, integrated energy company Dominion Energy (D) negatively impacted results. Other notable underperforming stocks were global fast food restaurant McDonald’s (MCD) in Consumer Discretionary and global snack manufacturer Nestle (NSRGY) in Consumer Staples. The Fund sold NSRGY during the period and continues to hold all other stocks mentioned.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	6.2	%
Consumer Discretionary	9.0	%
Consumer Staples	10.2	%
Energy	4.5	%
Financials	19.0	%
Health Care	16.3	%
Industrials	9.9	%
Information Technology	14.0	%
Materials	4.9	%
Real Estate	2.2	%
Utilities	2.3	%
Short-Term Investments	1.4	%
Net Other Assets and Liabilities	0.1	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Home Depot, Inc.	4.0	%
BlackRock, Inc.	3.7	%
Cisco Systems, Inc.	3.5	%
Comcast Corp.	3.4	%
McDonald’s Corp.	3.4	%
Travelers Cos., Inc.	3.3	%
Northern Trust Corp.	3.3	%
Bristol-Myers Squibb Co.	3.3	%
Johnson & Johnson	3.3	%
Nucor Corp.	3.2	%

Madison Investors Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Investors Fund invests primarily in the common stocks of established, high-quality growth companies selected via bottom-up fundamental analysis. The Fund typically owns 25-40 securities which have demonstrated stable revenue and earnings growth patterns, have high profitability metrics, and have maintained proportionately low levels of debt. A rigorous analytical process is followed when evaluating companies. The business model, the management team and the valuation of each potential investment are considered. Management strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows. Management corroborates this valuation work with additional valuation methodologies. The Fund typically sells a stock when the valuation target the portfolio managers have set for the stock has been exceeded, the fundamental business prospects for the company have materially changed, or the portfolio managers find a more attractive alternative.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge													% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 9/23/13 Inception		Since 8/31/20 Inception		1 Year			3 Years		5 Years		10 Years	Since 9/23/13 Inception
Class A Shares²		32.37	%	18.33	%	17.06	%	-		13.85	%	-			24.77	%	16.01	%	15.69	%	-	13.02	%
Class Y Shares⁶		32.72	%	18.64	%	17.37	%	14.96	%	-		-			-		-		-		-	-
Class I Shares⁷		32.87	%	-		-		-		-		24.51	%		-		-		-		-	-
Class R6 Shares⁷		32.96	%	18.85	%	17.57	%	-		14.35	%	-			-		-		-		-	-
S&P 500^® Index		42.91	%	21.48	%	18.93	%	16.21	%	15.31	%	28.37	%		NA		NA		NA		NA	NA

The Madison Investors Fund (Class Y) returned 32.72% for the one-year period, while the S&P 500® Index returned 42.91% for the same period. The Fund underperformed the Morningstar U.S. Large Blend peer group return of 40.38% for the year. We believe the sentiment in financial markets for the period is best characterized as “risk-seeking.” The Fund’s returns have historically trailed those of broader market indices during periods when the prevailing sentiment is risk-seeking.

Portfolio turnover was 17% over the period, and the Fund managers endeavored to improve the risk-reward proposition of the portfolio over the period. The portfolio managers added four new companies to the portfolio during the period from the following industries: internet & direct marketing retail, multi-line insurance, IT services, and machinery. These new holdings are expected to contribute positively to future returns, driven by fundamental factors related to business model and management quality. Furthermore, the new companies were purchased at prices the fund managers believe should allow for good appreciation over time. For example, the Fund’s new machinery stock is expected to benefit from a recovery in global OEM automotive production, increased commercial truck production, increasing oilfield rig counts, a recovery in commercial aerospace activity, increased capital spending on semiconductor fabrication facilities, and a pick-up in general industrial production as supply chain disruptions improve for the global economy.

Four companies were sold from the portfolio because they were deemed to have unfavorable prospective risk-reward profiles. In particular, the Fund’s specialized REIT holding was sold when its stock price exceeded the Fund managers’ expected value for the business. An IT service stock was sold as employee turnover escalated at the business, and an interactive media & services company was sold due to a sharp change in its capital allocation priorities that increased the uncertainty of returns on those capital plans. We believe the turnover has been productive because it related to improving the risk-reward proposition of the Fund.

For the year, the Fund underperformed compared to the S&P 500® Index’s return. The portfolio is positioned in growing, resilient, well-managed, highly profitable and conservatively capitalized businesses, with their stocks trading a good valuations. We perceive that the prevailing financial market sentiment over the past year favored groups of businesses with different characteristics, including new-entrant business models with narratives around their disruptive potential. Also, stocks of businesses perceived as enabling digital commerce have also experienced spectacular appreciation over the recent past, including the past year. The Fund’s underweight to these

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

groups of stocks has been a relative performance headwind. The portfolio managers are optimistic that the expectations embedded in current stock prices provide a good opportunity for future relative outperformance for the Fund.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	10.0	%
Consumer Discretionary	13.0	%
Financials	21.8	%
Health Care	13.3	%
Industrials	13.2	%
Information Technology	18.5	%
Materials	5.2	%
Short-Term Investments	4.9	%
Net Other Assets and Liabilities	0.1	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Alphabet Inc.	5.6	%
Lowe’s Cos., Inc.	4.8	%
Liberty Broadband Corp.	4.4	%
PACCAR, Inc.	4.3	%
Brookfield Asset Management, Inc.	4.2	%
Becton Dickinson and Co.	4.2	%
Jacobs Engineering Group, Inc.	3.9	%
Fiserv, Inc.	3.8	%
Progressive Corp.	3.8	%
US Bancorp	3.7	%

Madison Mid Cap Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Mid Cap Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in such midcap securities. The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The Fund’s portfolio managers believe in selecting stocks for the Fund that show steady, sustainable growth and reasonable valuation. The Fund generally holds 25-40 individual securities in its portfolio at any given time. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge															% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 2/29/12 Inception		Since 4/19/13 Inception		Since 8/31/20 Inception		1 Year			3 Years		5 Years		10 Years	Since 4/19/13 Inception
Class A Shares²		38.24	%	17.71	%	15.67	%	-		-		12.90	%	-			30.24	%	15.39	%	14.31	%	-	12.13	%
Class B Shares³		37.24	%	16.87	%	14.79	%	-		-		12.11	%	-			32.74	%	16.01	%	14.56	%	-	12.11	%
Class Y Shares⁶		38.89	%	18.21	%	16.14	%	14.00	%	-		-		-			-		-		-		-	-
Class I Shares⁷		39.01	%	-		-		-		-		-		29.38	%		-		-		-		-	-
Class R6 Shares⁷		39.20	%	18.47	%	16.39	%	-		13.73	%	-		-			-		-		-		-	-
Russell Midcap^® Index		45.40	%	19.85	%	16.47	%	14.78	%	14.22	%	14.05	%	36.26	%		NA		NA		NA		NA	NA

Madison Mid Cap Fund (Class Y) returned 38.89% for the one-year period, underperforming both its index and peer group. The Russell Midcap® Index returned 45.40% and the Morningstar Mid-Cap Blend peer group returned 45.09%.

The primary detractors were our stocks in the Financials and Communication Services sectors not keeping pace with sector peers as well as not owning any stocks in the two best performing sectors – Energy and Real Estate. Our overweight in Financials, the third best performing sector, did not help because our insurance stocks did not keep pace with other financial-related companies for most of the period. It is encouraging that our insurance holdings were a significant contributor to our outperformance during the last month of the period. True to our bottom-up approach, our strongest contributors to performance came from some of our largest and highest conviction holdings, spread across the Health Care, Information Technology, and Industrials sectors.

Portfolio turnover was 21%, which is within our expected annual range of 20% to 30%. During the year, we established seven new positions and exited six positions.

Two notable new positions were Cannae Holdings and PACCAR. While both check the box for two of our three investment pillars – good business model and attractive valuation – they are excellent examples of the third pillar: a high-quality management team.

Cannae Holdings is an investment holding company chaired by Bill Foley, an investor-executive with one of the most impressive long-term entrepreneurial track records in corporate America. The majority of Cannae’s value is in publicly-traded companies, which means its net asset value (“NAV”) can be reliably estimated. We purchased Cannae stock at an approximately 30% discount to its NAV.

PACCAR is the second largest manufacturer of heavy-duty trucks in the United States. PACCAR has best-in-class margins to go along with its superb +20% returns on capital. Despite operating in a notoriously cyclical industry, the company has been profitable for 82 consecutive years, and has paid a dividend every year for 50 years. PACCAR was ably led by a member of the founding Pigott family for many decades until two years ago, when a non-family member was chosen as CEO for the first time. The family remains heavily involved with a large ownership stake and Mark Pigott is remaining in the chairman role that he’s held for a quarter century.

Two notable exits were Fastenal and HD Supply. Fastenal is one of the largest industrial supply distributors in the country. We purchased our stake in 2014, and we near-tripled that original investment through capital appreciation and dividends, handily outpacing our index. In December 2020, we received cash for our shares of HD Supply, which had agreed to be acquired by Home Depot. We initially invested in the summer of 2019, so it was a short but successful investment. We would have been happy to hold on for a longer ride. But we’re not going to complain about a bird in hand.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	5.7	%
Consumer Discretionary	12.5	%
Consumer Staples	1.0	%
Financials	30.6	%
Health Care	4.2	%
Industrials	21.9	%
Information Technology	20.9	%
Short-Term Investments	3.7	%
Net Other Assets and Liabilities	(0.5	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Liberty Broadband Corp.	5.7	%
Arch Capital Group Ltd.	5.6	%
Gartner, Inc.	5.6	%
Dollar Tree, Inc.	4.7	%
Markel Corp.	4.6	%
Carlisle Cos., Inc.	4.6	%
Brown & Brown, Inc.	4.3	%
Laboratory Corp. of America Holdings	4.2	%
Arista Networks, Inc.	4.1	%
Copart, Inc.	4.0	%

Madison Small Cap Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Small Cap Fund invests primarily in a diversified mix of common stocks of small-cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the Fund will maintain at least 80% of its net assets in small-cap securities.

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

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge													% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years		Since 8/31/19 Inception		Since 2/26/2021 Inception			1 Year		3 Years	5 Years	10 Years	Since 8/31/19 Inception
Class A Shares²		50.17	%	-		-		-		25.49	%	-			41.58	%	-	-	-	22.12	%
Class Y Shares⁶		50.50	%	17.23	%	14.32	%	12.29	%	-		-			-		-	-	-	-
Class I Shares⁷		-		-		-		-		-		8.95	%		-		-	-	-	-
Russell 2000^® Index		50.80	%	16.47	%	15.52	%	13.50	%	57.78	%	5.03	%		NA		NA	NA	NA	NA
Russell 2500™ Index		49.43	%	18.43	%	16.31	%	14.25	%	58.27	%	9.42	%		NA		NA	NA	NA	NA

Madison Small Cap Fund (Class Y) returned 50.50% for the one-year period, which slightly underperformed its benchmark, the Russell 2000® Index return of 50.80%. The Fund’s peer group, Morningstar U.S. Small Blend, returned 53.46%.

The equity markets enjoyed a strong year and the Fund’s fiscal year-end will be remembered as a period of optimism and hope for the end of the pandemic. Vaccine clinical data was encouraging, lockdowns were lifted and companies began ramping up production to meet up with demand. Economically cyclical companies were strong performers in the year, as investors repositioned portfolios into recovery and away from “stay-at-home” companies.

However, the incredibly easy monetary policy and rapid reopening did have an unforeseen effect on the global economy. Supply chains stretched and broke under the strain of demand. Companies struggled to maintain adequate inventories. Workers were less enthused about returning to full time on-premises work. Projects, both construction and otherwise, experienced delays and cost overruns. In short, we had too much demand and too little supply of everything. Prices rose and the fears of hyperinflation overshadowed the otherwise rosy economic backdrop. The market shifted federal tapering expectations to early 2022 from 2023. This inflation debate combined with the rise in the Delta variant was the key macroeconomic factor for markets in 2021.

The economic forces at play certainly brought volatility back into the equity markets. The market is uncertain, there was a tug of war between economically sensitive, cyclical companies and growth companies. Our strategy was to balance the portfolio with a mix of quality more cyclical investments and quality growth companies whose valuations were palatable.

Looking forward, it seems the pandemic is far from over. However, the general population, businesses, supply chains and policy makers are adapting, and we believe the probability that economic adversity from future variants is low. The broader debate about inflation and monetary policy will continue to drive volatility in the markets. We think this is an excellent backdrop to find strong enduring companies with attractive growth potential. Our long-term investors know that quality and durability are primary traits in the companies we own. Which allows those companies to have pricing power that can overcome the cost pressures of the tight global supply chain.

If inflation is persistent, rather than transitory, investors generally prefer asset classes with return profiles strong enough to beat inflation. Small-cap companies have historically performed well versus other asset classes during inflationary periods. Additionally, the rise of Special Purpose Acquisition Companies (SPACs) has created many public companies with limited brokerage coverage in our universe. We believe these inefficiencies can be exploited by our time-tested investment process. There is a lot of excess in the

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

market, but that is to be expected at this point in the market cycle. Especially given the immense monetary stimulus that the markets experienced. Furthermore, the excess in the broader averages is driven by a small percentage of stocks. While the averages have advanced to record highs, most stocks have not and a significant subset have had severe sell offs. Our private market value process is designed to sift this river of opportunity for overlooked small cap companies we believe are durable and strategic assets.

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	6.1	%
Consumer Discretionary	4.0	%
Consumer Staples	9.3	%
Financials	11.0	%
Health Care	10.8	%
Industrials	22.7	%
Information Technology	20.6	%
Materials	8.5	%
Short-Term Investments	7.9	%
Net Other Assets and Liabilities	(0.9	)%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Hain Celestial Group, Inc.	3.9	%
WillScot Mobile Mini Holdings Corp.	3.2	%
Entegris, Inc.	2.9	%
Huntsman Corp.	2.6	%
PacWest Bancorp	2.6	%
Box, Inc.	2.3	%
Encompass Health Corp.	2.3	%
CommVault Systems, Inc.	2.3	%
LiveRamp Holdings, Inc.	2.2	%
Simply Good Foods Co.	2.2	%

Madison International Stock Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the Fund’s assets are invested in relatively large capitalization stocks of companies located or operating in developed countries. The Fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the Fund’s portfolio in such stocks which they believe have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The Fund may also invest in foreign debt and other income bearing securities at times when the portfolio managers believe that income bearing securities have greater capital appreciation potential than equity securities. The Fund usually holds securities of issuers located in at least three countries other than the U.S. and generally holds 50-70 individual securities in its portfolio at any given time.

PERFORMANCE DISCUSSION

Cumulative Performance of $10,000 Investment¹

Average Annual Total Return through October 31, 2021¹
	% Return Without Sales Charge									% Return After Sales Charge⁵
	1 Year			3 Years		5 Years		10 Years			1 Year		3 Years			5 Years		10 Years
Class A Shares²		20.48	%	7.25	%	6.22	%	5.64	%		13.56	%		5.15	%	4.98	%	5.02	%
Class B Shares³		19.62	%	6.46	%	5.43	%	5.00	%		15.12	%		5.42	%	5.10	%	5.00	%
Class Y Shares⁶		20.83	%	7.52	%	6.50	%	5.92	%		-			-		-		-
MSCI ACWI Ex USA Index (net)		29.66	%	12.00	%	9.77	%	6.66	%		NA			NA		NA		NA
MSCI EAFE Index (net)		34.18	%	11.54	%	9.79	%	7.37	%		NA			NA		NA		NA

Madison International Stock Fund (Class Y) returned 20.83% for the one-year period, underperforming its benchmark, the MSCI ACWI Ex USA Index (net), which returned 29.66%. The Fund’s peer group, Morningstar Foreign Large Blend, returned 31.46%.

The portfolio was transitioned from a previous subadviser on March 1, 2021, and therefore the performance and attribution commentary below will reference the period of March 1, 2021 - October 31, 2021. For this eight-month period, the Fund returned 2.40%, underperforming its benchmark the MSCI ACWI Ex USA Index (net), which returned 6.09%.

The COVID-19 global pandemic that has been prevalent for almost two years continued to influence political and economic decision making during the fiscal year. Negative effects from lockdowns and travel restrictions on business activity and economic growth lead major central banks to maintain loose monetary policy. However, as a recovery in GDP growth from prior year lows broadly continued, higher inflation levels became a more pressing concern. Now, many of these central banks are contending with rising inflation and the careful balance of monetary policy normalization to avoid economic destabilization.

Looking at the benchmark’s performance during the eight-month period in more detail, we saw that from a regional category perspective, North America realized the highest positive total return. In contrast, Emerging Markets realized the lowest negative total return. From a sector perspective Energy was by far the best performing, while Communication Services stood out with the most negative total return.

In comparing the Fund’s performance to the index, Emerging Markets was the largest regional detractor from relative performance relating to stock selection, however our Portfolio underweight had a positive impact. On the other hand, Pacific ex-Japan was the most significant contributor with stock selection as the key driver. From a sector point-of-view, Financials was the largest detractor, while the leading positive contributor was Consumer Discretionary. Stock selection was the dominant reasoning for both outcomes. The cash position detracted slightly given the positive index return. Larger sector allocation changes included moving from an underweight to overweight in Consumer Discretionary, and a decreased overweight in Financials despite one new addition. Over the period, a total of three new stocks were bought while five were sold. Three were sold for better opportunities, one related to deteriorating fundamentals, and one stock was taken private which realized a profit. For the Portfolio, sector and regional weights are determined through bottom-up stock selection, with internal sector and regional guardrails that keep exposure within modest tilts of the benchmark to ensure diversification and to manage risk.

Madison Funds | Management’s Discussion of Fund Performance - continued | October 31, 2021

In the near-term, global growth may be more volatile depending on the recovery trajectory and elevated inflation levels could persist. However, on a longer-term view, we anticipate the economic environment to be characterized by mild global growth and a more uncertain inflationary backdrop. Regardless of the path of the global pandemic, our team remains committed to employing our time-tested investment process to select high-quality growth companies with attractive valuations in a consistent and disciplined manner.

GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Japan	14.9	%
United Kingdom	11.4	%
Switzerland	7.6	%
France	7.5	%
Germany	7.5	%
China	7.1	%
India	7.0	%
Canada	5.1	%
Netherlands	4.3	%
Australia	3.7	%
Mexico	3.5	%
Brazil	3.0	%
Ireland	2.5	%
Israel	1.8	%
Sweden	1.8	%
Taiwan	1.7	%
Italy	1.6	%
Singapore	1.6	%
Denmark	1.4	%
Hong Kong	1.4	%
Spain	1.4	%
South Korea	1.0	%
United States	0.9	%
Guernsey	0.1	%
Other Net Assets	0.2	%

SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
Communication Services	3.8	%
Consumer Discretionary	13.6	%
Consumer Staples	11.5	%
Energy	4.4	%
Financials	19.9	%
Health Care	8.1	%
Industrials	13.0	%
Information Technology	17.0	%
Materials	7.6	%
Short-Term Investments	0.9	%
Net Other Assets and Liabilities	0.2	%

TOP TEN HOLDINGS AS A PERCENTAGE OF NET ASSETS AS OF 10/31/21
AstraZeneca PLC	3.7	%
Larsen & Toubro Ltd.	3.4	%
Tencent Holdings Ltd.	2.7	%
Alibaba Group Holding Ltd.	2.6	%
Prudential PLC	2.6	%
Credit Suisse Group AG	2.4	%
Sony Group Corp.	2.4	%
Royal Dutch Shell PLC	2.4	%
ASML Holding NV	2.4	%
HDFC Bank Ltd.	2.3	%

Madison Funds | Management’s Discussion of Fund Performance – continued | October 31, 2021

Notes to Management’s Discussion of Fund Performance

NA Not Applicable.

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

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

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

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

Assumes maximum applicable sales charge.

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

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

BENCHMARK DESCRIPTIONS

Allocation Fund Indexes*

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

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

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

Hybrid Fund Indexes*

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

Market Indexes

The CBOE S&P 500 BuyWrite® IndexSM (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy (i.e. holding a long position in and selling covered call options on that position) on the S&P 500® Index.

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

The ICE Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed-securities, asset-backed securities and corporate securities, with maturities greater than one year.

The Bloomberg U.S. Intermediate Government Credit A+ Bond Index measures the performance of U.S. dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities with quality ratings of A3/A- or better and maturities between one and 10 years.

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

THE MSCI ACWI ex-U.S. Index (net) is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The index includes both developed and emerging markets.

The MSCI EAFE (Europe, Australasia & Far East) Index (net) is a free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.

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

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.

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

The Russell 2500™ Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations of the U.S. equity universe.

Madison Funds | Management’s Discussion of Fund Performance – concluded | October 31, 2021

The Russell Midcap^® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.

The S&P 500^® Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.

S&P 500^® High Beta Index measures the performance of 100 constituents in the S&P 500^® that are most sensitive to changes in market returns.

*The Custom Indexes are calculated using a monthly re-balancing frequency (i.e., rebalanced back to original constituent weight every calendar month-end).

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Madison Funds | October 31, 2021

Madison Conservative Allocation Fund Portfolio of Investments

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 96.5%
Alternative Funds - 2.2%
Invesco Optimum Yield Diversified Commodity Strategy		66,725	$	1,476,624

Bond Funds - 63.3%
Baird Aggregate Bond Fund Institutional Shares		711,268		8,122,679
iShares 20+ Year Treasury Bond ETF (A)		26,919		3,975,667
iShares 3-7 Year Treasury Bond ETF		55,102		7,110,913
Janus Henderson Mortgage-Backed Securities ETF		82,807		4,384,631
Madison Core Bond Fund Class I (B)		1,515,566		15,701,268
Vanguard Short-Term Corporate Bond ETF		50,817		4,160,896
				43,456,054

Foreign Stock Funds - 8.2%
iShares MSCI Eurozone ETF (A)		20,406		1,026,830
iShares MSCI United Kingdom ETF (A)		10,453		352,057
JPMorgan BetaBuilders Japan ETF		6,127		350,526
Vanguard FTSE All World ex-U.S. Small-Cap ETF		6,265		864,445
Vanguard FTSE All-World ex-U.S. ETF		48,721		3,051,396
				5,645,254

Stock Funds - 22.8%
Invesco S&P 500 Quality ETF		73,999		3,810,209
iShares MSCI Global Gold Miners ETF		41,441		1,079,952
Madison Dividend Income Fund Class I (B)		39,306		1,344,272
Madison Investors Fund Class R6 (B)		188,845		5,493,514
Schwab U.S. Dividend Equity ETF		26,712		2,070,447
Vanguard Information Technology ETF		4,285		1,860,376
				15,658,770
Total Investment Companies (Cost $62,435,514)				66,236,702
SHORT-TERM INVESTMENTS - 10.7%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C)		2,363,029		2,363,029

State Street Navigator Securities Lending Government Money Market Portfolio,0.03% (C) (D)		4,998,440		4,998,440
Total Short-Term Investments (Cost $7,361,469)				7,361,469
TOTAL INVESTMENTS - 107.2% (Cost $69,796,983**)				73,598,171
NET OTHER ASSETS AND LIABILITIES - (7.2%)				(4,923,392	)
TOTAL NET ASSETS - 100.0%			$	68,674,779

**	Aggregate cost for Federal tax purposes was $69,901,856.
(A)	All or a portion of these securities, with an aggregate fair value of $5,250,266, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.
(B)	Affiliated Company (see Note 14).
(C)	7-day yield.
(D)	Represents investments of cash collateral received in connection with securities lending.

ETF	Exchange Traded Fund.
FTSE	The Financial Times Stock Exchange.

Madison Moderate Allocation Fund Portfolio of Investments

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 94.9%
Alternative Funds - 3.8%
Invesco Optimum Yield Diversified Commodity Strategy		229,534	$	5,079,588

Bond Funds - 37.6%
Baird Aggregate Bond Fund Institutional Shares		741,576		8,468,801
iShares 20+ Year Treasury Bond ETF (A)		41,744		6,165,171
iShares 3-7 Year Treasury Bond ETF		62,155		8,021,103
Janus Henderson Mortgage-Backed Securities ETF		94,425		4,999,804
Madison Core Bond Fund Class I (B)		1,644,741		17,039,519
Vanguard Short-Term Corporate Bond ETF		71,531		5,856,958
				50,551,356
Foreign Stock Funds - 14.9%
iShares MSCI Eurozone ETF (A)		80,608		4,056,195
iShares MSCI United Kingdom ETF (A)		51,479		1,733,813
JPMorgan BetaBuilders Japan ETF		24,249		1,387,285
Vanguard FTSE All World ex-U.S. Small-Cap ETF		30,328		4,184,657
Vanguard FTSE All-World ex-U.S. ETF		138,955		8,702,752
				20,064,702
Stock Funds - 38.6%
Invesco S&P 500 Quality ETF		228,055		11,742,552
iShares Core S&P U.S. Growth ETF (A)		6,330		706,491
iShares MSCI Global Gold Miners ETF		161,637		4,212,260
Madison Dividend Income Fund Class I (B)		178,968		6,120,707
Madison Investors Fund Class R6 (B)		587,102		17,078,788
Schwab U.S. Dividend Equity ETF		66,144		5,126,821
Vanguard Information Technology ETF		14,460		6,277,954
Vanguard S&P Mid-Cap 400 Growth ETF		3,390		717,791
				51,983,364
Total Investment Companies (Cost $112,490,893)				127,679,010
SHORT-TERM INVESTMENTS - 11.4%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C)		6,801,743		6,801,743
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (C) (D)		8,624,019		8,624,019

Total Short-Term Investments (Cost $15,425,762)				15,425,762

TOTAL INVESTMENTS - 106.3% (Cost $127,916,655**)				143,104,772
NET OTHER ASSETS AND LIABILITIES - (6.3%)				(8,520,732	)
TOTAL NET ASSETS - 100.0%			$	134,584,040

**	Aggregate cost for Federal tax purposes was $127,993,024.
(A)	All or a portion of these securities, with an aggregate fair value of $8,689,609, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.
(B)	Affiliated Company (see Note 14).
(C)	7-day yield.
(D)	Represents investments of cash collateral received in connection with securities lending.

ETF	Exchange Traded Fund.
FTSE	The Financial Times Stock Exchange.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Aggressive Allocation Fund Portfolio of Investments

	Shares		Value (Note 2,3)
INVESTMENT COMPANIES - 94.7%
Alternative Funds - 4.9%
Invesco Optimum Yield Diversified Commodity Strategy		149,055	$	3,298,587

Bond Funds - 18.0%
Baird Aggregate Bond Fund Institutional Shares		44,268		505,545
iShares 20+ Year Treasury Bond ETF (A)		13,818		2,040,780
iShares 3-7 Year Treasury Bond ETF (A)		12,876		1,661,648
Janus Henderson Mortgage-Backed Securities ETF		28,240		1,495,308
Madison Core Bond Fund Class I (B)		471,447		4,884,187
Vanguard Short-Term Corporate Bond ETF		18,621		1,524,688
				12,112,156
Foreign Stock Funds - 21.2%
iShares MSCI Eurozone ETF (A)		65,932		3,317,698
iShares MSCI United Kingdom ETF (A)		40,822		1,374,885
JPMorgan BetaBuilders Japan ETF		18,054		1,032,870
Vanguard FTSE All World ex-U.S. Small-Cap ETF		23,060		3,181,819
Vanguard FTSE All-World ex-U.S. ETF		85,802		5,373,779
				14,281,051
Stock Funds - 50.6%
Invesco S&P 500 Quality ETF		134,128		6,906,251
iShares Core S&P U.S. Growth ETF (A)		9,422		1,051,589
iShares MSCI Global Gold Miners ETF (A)		106,903		2,785,892
iShares MSCI Minimum Volatility Factor ETF		17,420		1,350,921
Madison Dividend Income Fund Class I (B)		137,574		4,705,036
Madison Investors Fund Class R6 (B)		328,391		9,552,885
Schwab U.S. Dividend Equity ETF		39,738		3,080,092
Vanguard Information Technology ETF		9,661		4,194,420
Vanguard S&P Mid-Cap 400 Growth ETF		2,530		535,697
				34,162,783

Total Investment Companies (Cost $54,260,284)				63,854,577
SHORT-TERM INVESTMENTS - 16.8%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C)		3,630,189		3,630,189
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (C) (D)		7,701,918		7,701,918

Total Short-Term Investments (Cost $11,332,107)				11,332,107
TOTAL INVESTMENTS - 111.5% (Cost $65,592,391**)				75,186,684
NET OTHER ASSETS AND LIABILITIES - (11.5%)				(7,728,877	)
TOTAL NET ASSETS - 100.0%			$	67,457,807

**	Aggregate cost for Federal tax purposes was $65,615,381.
(A)	All or a portion of these securities, with an aggregate fair value of $7,609,245, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.
(B)	Affiliated Company (see Note 14).
(C)	7-day yield.
(D)	Represents investments of cash collateral received in connection with securities lending.

ETF	Exchange Traded Fund.
FTSE	The Financial Times Stock Exchange.

Madison Tax-Free Virginia Fund Portfolio of Investments

	Par Value		Value (Note 2,3)
Municipal Bonds - 97.5%
Airport - 3.0%
Metropolitan Washington Airports Authority Aviation Revenue, Series A, AMT, 5%, 10/1/43	$	500,000	$	608,540
Development - 3.3%
Fairfax County Economic Development Authority, Series A, 5%, 10/1/26		150,000		169,771
Loudoun County Economic Development Authority, 5%, 12/1/25		125,000		147,061
Manassas Park Economic Development Authority, 3%, 12/15/44		345,000		364,099
				680,931
Education - 9.2%
Campbell County Industrial Development Authority, 3%, 6/1/48		415,000		440,244
Henrico County Economic Development Authority, (Prerefunded 4/15/22 @ $100), 4%, 4/15/42		220,000		223,766
Virginia College Building Authority, Series E, 5%, 2/1/23		500,000		529,947
Virginia Commonwealth University, Series A, 5%, 5/1/26		385,000		409,865
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/32		250,000		289,339
				1,893,161
Facilities - 7.0%
Henry County Virginia Industrial Development Authority, 4.125%, 11/1/50		250,000		277,264
New River Valley Regional Jail Authority, 5%, 10/1/25		100,000		116,281
Prince Edward County Industrial Development Authority, 5%, 9/1/32		405,000		482,458
Stafford County & Staunton Industrial Development Authority, Series B, (NATL-RE), 4.5%, 8/1/25		20,000		20,023
Western Regional Jail Authority, (Prerefunded 12/1/25 @ $100), 3.125%, 12/1/29		245,000		269,683
Western Regional Jail Authority, 3.125%, 12/1/29		255,000		273,232
				1,438,941
General - 16.5%
Chesterfield County Economic Development Authority Revenue, Series B, 3%, 4/1/38		285,000		310,515
James City County Economic Development Authority, 5%, 6/15/30		500,000		625,905
Northern Virginia Transportation Authority, 5%, 6/1/30		780,000		870,300
Virginia Beach Development Authority, 5%, 9/1/28		100,000		116,589
Virginia Beach Development Authority, 5%, 9/1/29		125,000		145,273
Virginia Beach Development Authority, Series A, 3.5%, 5/1/30		250,000		264,487
Virginia Public Building Authority, Series A, 5%, 8/1/31		110,000		141,324
Virginia Public Building Authority, Series B, 5%, 8/1/25		235,000		274,091
Virginia Resources Authority, Series C, 5%, 11/1/30		250,000		308,268
Virginia Resources Authority, Series C, (MORAL OBLG), 4%, 11/1/34		125,000		142,627
Wise County Industrial Development Authority, 5%, 11/1/22		100,000		104,593
Wise County Industrial Development Authority Revenue, 5%, 11/1/21		100,000		100,000
				3,403,972
General Obligation - 24.3%
City of Alexandria VA, Series A (ST AID WITHHLDG), 5%, 7/15/27		150,000		180,500
City of Alexandria VA, Series A, (ST AID WITHHLDG), 5%, 7/15/28		100,000		123,512
City of Danville VA, Series A, (ST AID WITHHLDG), 5%, 8/1/23		190,000		205,493
City of Norfolk VA, (Prerefunded 8/1/28 @ $100), (ST AID WITHHLDG), 5%, 8/1/47		455,000		576,453
City of Poquoson VA, (ST AID WITHHLDG), 4%, 2/15/29		425,000		504,027
City of Portsmouth VA, Series A, (Prerefunded 2/1/23 @ $100), (ST AID WITHHLDG), 5%, 2/1/31		75,000		79,472
City of Richmond VA, Series A, (ST AID WITHHLDG), 3%, 7/15/34		435,000		484,933
City of Virginia Beach VA, Series A, 4%, 8/1/22		300,000		308,573
Commonwealth of Virginia, Series A, 5%, 6/1/23		500,000		537,654
County of Arlington VA, Series B, (Prerefunded 8/15/24 @ $100), (ST AID WITHHLDG), 5%, 8/15/27		175,000		197,613
County of Arlington VA, Series A, (Prerefunded 8/15/26 @ $100), 5%, 8/15/30		600,000		724,455
County of Fairfax VA, Series B, (ST AID WITHHLDG), 4%, 10/1/22		250,000		258,723
County of Fairfax VA, Series A, (ST AID WITHHLDG), 5%, 10/1/26		410,000		495,328
County of Spotsylvania VA, (ST AID WITHHLDG), 5%, 1/15/24		200,000		220,741
Town of Leesburg VA, (ST AID WITHHLDG), 5%, 1/15/25		90,000		103,211
				5,000,688
Medical - 3.9%
Norfolk Economic Development Authority, Series B, 5%, 11/1/36		480,000		501,207
Stafford County Economic Development Authority Revenue, 5%, 6/15/25		260,000		300,069
				801,276
Power - 1.5%
Puerto Rico Electric Power Authority, Series V, (BHAC-CR, MBIA-RE, FGIC), 5.25%, 7/1/24		290,000		319,423

Transportation - 9.4%
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/37		170,000		217,852

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Tax-Free Virginia Fund Portfolio of Investments - continued

	Par Value		Value (Note 2,3)
Municipal Bonds - continued
Hampton Roads Transportation Accountability Commission, Series A, 5%, 7/1/42		470,000		563,242
Richmond Metropolitan Transportation Authority, (NATL-RE), 5.25%, 7/15/22		25,000		25,756
Virginia Commonwealth Transportation Board, 5%, 5/15/22		100,000		102,597
Virginia Commonwealth Transportation Board, Series A, (Prerefunded 3/15/22 @ $100), 5%, 9/15/24		225,000		229,019
Virginia Commonwealth Transportation Board, Series B, (Prerefunded 9/15/22 @ $100), 5%, 3/15/25		535,000		557,368
Virginia Commonwealth Transportation Board, 5%, 9/15/27		200,000		246,692
				1,942,526
Utilities - 1.5%
City of Richmond VA Public Utility Revenue, Series A, (Prerefunded 1/15/23 @ $100), 5%, 1/15/38		300,000		317,276

Water - 17.9%
County of Fairfax VA Sewer Revenue, Series A, 4%, 7/15/41		210,000		253,857
County of Henrico VA Water & Sewer Revenue, 4%, 5/1/32		500,000		586,265
County of Henrico VA Water & Sewer Revenue, (Prerefunded 05/01/26 @ $100), 5%, 5/1/27		150,000		179,318
Fairfax County Water Authority, Series B, 5.25%, 4/1/23		180,000		192,849
Fairfax County Water Authority, (Prerefunded 4/1/22 @ $100), 5%, 4/1/27		150,000		152,999
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/35		410,000		507,848
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36		250,000		309,663
Prince William County Service Authority, 5%, 7/1/22		250,000		258,011
Upper Occoquan Sewage Authority, 3%, 7/1/46		300,000		324,011
Upper Occoquan Sewage Authority, 3%, 7/1/49		380,000		409,378
Virginia Resources Authority, Series B, (Prerefunded 11/1/21@ $100), (MORAL OBLG), 5%, 11/1/23		30,000		30,000
Virginia Resources Authority, Series B, (MORAL OBLG), 5%, 11/1/23		5,000		5,018
Virginia Resources Authority, 3%, 10/1/38		445,000		488,828
				3,698,045

TOTAL INVESTMENTS - 97.5% (Cost $19,094,188**)				20,104,779
NET OTHER ASSETS AND LIABILITIES - 2.5%				515,386
TOTAL NET ASSETS - 100.0%			$	20,620,165

**		Aggregate cost for Federal tax purposes was $19,094,188.
AMT		Automated Manual Transmission
BHAC-CR		Berkshire Hathaway Assurance Corp.
FGIC		Financial Guaranty Insurance Co.
MBIA		MBIA Insurance Corp.
MORAL OBLG		Moral Obligation.
NATL-RE		National Public Finance Guarantee Corp.
ST AID WITHHLDG		State Aid Withholding.

Madison Tax-Free National Fund Portfolio of Investments

	Par Value		Value (Note 2,3)
Municipal Bonds - 97.7%
Alabama - 6.4%
Butler County Board of Education, (AGM), (Prerefunded 1/1/25 @ $100), 5%, 7/1/37	$	235,000	$	268,939
Mobile County AL, General Obligation, 5%, 2/1/39		610,000		783,341
Town of Pike Road Authority Revenue, 4%, 9/1/31		170,000		187,180
UAB Medicine Finance Authority Revenue, 5%, 9/1/27		150,000		184,569
				1,424,029
Arkansas - 0.9%
Arkansas Development Finance Authority, 5%, 2/1/26		175,000		204,304

California - 0.7%
Los Angeles County Metropolitan Transportation Authority, 5%, 7/1/40		120,000		145,726
Colorado - 3.5%
City of Colorado Springs Co. Utilities System Revenue, 4%, 11/15/40		250,000		297,588
El Paso County Facilities Corp., Certificate Participation, Series A, 5%, 12/1/27		400,000		491,093
				788,681
Florida - 3.8%
Orlando Utilities Commission, 5%, 10/1/22		525,000		548,160
Port St. Lucie Community Redevelopment Agency Revenue, Tax Allocation, 5%, 1/1/26		250,000		291,740
				839,900
Georgia - 2.1%
Americus-Sumter Payroll Development Authority, 3.25%, 6/1/33		150,000		161,965
City of Atlanta GA Water & Wastewater Revenue, (Prerefunded 5/1/25 @ $100), 5%, 11/1/43		275,000		318,455
				480,420
Hawaii - 2.3%
State of Hawaii, General Obligation, Series EY, 5%, 10/1/25		435,000		510,049

Idaho - 2.5%
Idaho Health Facilities Authority, Series A, 5%, 3/1/34		500,000		549,162

Illinois - 6.9%
Cook County School District No. 111, General Obligation, (BAM), 5%, 12/1/35		545,000		666,673
Du Page County School District No. 45, General Obligation, 4%, 1/1/26		460,000		519,456
Sales Tax Securitization Corp., Series C, 5%, 1/1/27		140,000		168,008
Village of Palatine IL, 2%, 12/1/28		175,000		182,893
				1,537,030
Indiana - 5.4%
Indianapolis Local Public Improvement Bond Bank Revenue, 5%, 2/1/24		275,000		303,410
Lincoln Center Building Corp., 4%, 8/1/28		285,000		328,740
Vanderburgh County Redevelopment District, Tax Allocation, (AGM), 5%, 2/1/26		500,000		584,635
				1,216,785
Kansas - 3.7%
City of Wichita KS, General Obligation, Series 816, 5%, 12/1/24		510,000		582,023
Shawnee County Unified School District No. 437, General Obligation, 4%, 9/1/24		220,000		241,782
				823,805
Kentucky - 2.2%
Eastern Kentucky University, (ST INTERCEPT), 5%, 4/1/33		445,000		502,224

Michigan - 0.5%
Redford Unified School District No. 1, General Obligation, (Q-SBLF), 5%, 5/1/22		110,000		112,628

Mississippi - 2.6%
Medical Center Educational Building Corp., 5%, 6/1/30		475,000		570,219

Missouri - 2.1%
Springfield School District No. R-12, General Obligation, Series B, (ST AID DIR DEP), 5%, 3/1/25		400,000		460,603

Montana - 1.5%
Four Corners County Water & Sewer District, Series A, (AGM), 4%, 7/1/25		300,000		334,492

New Jersey - 5.7%
New Jersey Economic Development Authority Revenue, (ST APPROP), 5%, 3/1/26		450,000		476,677
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/28		250,000		315,658
New Jersey State Turnpike Authority, Series A, (BHAC-CR, AGM), 5.25%, 1/1/29		250,000		322,466
Union County Improvement Authority, Series A, 4%, 2/1/25		150,000		161,923
				1,276,724
New Mexico - 1.0%
County of Otero NM, (BAM), 4%, 12/1/28		195,000		227,198

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Tax-Free National Fund Portfolio of Investments - continued

	Par Value		Value (Note 2,3)
Municipal Bonds - continued
New York - 3.9%
Brookhaven Local Development Corp., 5%, 11/1/24		110,000		123,342
New York State Dormitory Authority, Series 1, (BHAC-CR), 5.5%, 7/1/31		250,000		319,027
Port Authority of New York & New Jersey, (GO of AUTH), 5.375%, 3/1/28		370,000		437,068
				879,437
North Carolina - 4.0%
Johnston County NC, General Obligation, 4%, 2/1/32		480,000		592,571
Town of Cary NC Combined Utility Systems Revenue, (Prerefunded 12/1/22 @ $100), 5%, 12/1/23		285,000		299,766
				892,337
Ohio - 2.5%
Cleveland-Cuyahoga County Port (A) Authority, 5%, 7/1/24		500,000		556,382

Oklahoma - 4.2%
Elk City Industrial Authority, 4%, 5/1/30		435,000		502,178
Tulsa County Industrial Authority, 3%, 2/1/31		400,000		436,705
				938,883
Pennsylvania - 3.2%
Commonwealth Financing Authority Revenue, Series A, 5%, 6/1/35		370,000		423,822
Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4%, 2/15/26		250,000		280,804
				704,626
South Carolina - 1.1%
City of Newberry SC Revenue, (AGM), 4%, 4/1/22		240,000		243,644

Tennessee - 2.4%
City of Newport Tennessee Electric System Revenue, (AGM), 4%, 5/1/32		370,000		418,865
Town of Decatur TN Water & Sewer Revenue, General Obligation, 3%, 6/1/24		120,000		127,968
				546,833
Texas - 10.0%
City of Austin TX, General Obligation, 5%, 9/1/26		550,000		642,741
City of Center TX, General Obligation, 3%, 8/15/34		410,000		449,484
City of Fort Worth TX, General Obligation, 4%, 3/1/29		500,000		575,967
Harris County Toll Road Authority, 4%, 8/15/38		300,000		355,843
San Jacinto River Authority, (BAM), 4%, 10/1/23		200,000		212,926
				2,236,961
Utah - 1.7%
Utah Transit Authority, (BHAC-CR, MBIA), 5%, 6/15/35		280,000		378,934

Virginia - 5.5%
Hampton Roads Sanitation District, Series A, (Prerefunded 10/1/27 @ $100), 5%, 10/1/36		500,000		619,327
Western Regional Jail Authority, (Prerefunded 12/1/26 @ $100), 5%, 12/1/34		250,000		303,058
Western Regional Jail Authority, 5%, 12/1/34		250,000		300,649
				1,223,034
Washington - 1.0%
State of Washington, General Obligation, Series E, 5%, 2/1/29		205,000		225,643

West Virginia - 2.4%
West Virginia Economic Development Authority, Series A, 5%, 7/1/37		450,000		542,264

Wisconsin - 2.0%
Wisconsin Health & Educational Facilities Authority, Series A, 4%, 11/15/35		400,000		452,663

TOTAL INVESTMENTS - 97.7% (Cost $20,632,627**)				21,825,620
NET OTHER ASSETS AND LIABILITIES - 2.3%				504,921
TOTAL NET ASSETS - 100.0%			$	22,330,541

**	Aggregate cost for Federal tax purposes was $20,632,627.
(A)	Restricted. The aggregate cost of such securities is $500,000. The aggregate value is $556,382, representing 2.5% of net assets.
AGM	Assured Guaranty Municipal Corp.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corporation
CR	Custodial Receipts
GO of AUTH	General Obligation of the Authority.
MBIA	MBIA Insurance Corp.
ST AID DIR DEP	State Aid Direct Deposit.
ST AID WITHHLDG	State Aid Withholding.
ST APPROP	State Appropriations.
ST INTERCEPT	State Intercept.
Q-SBLF	Qualified School Board Loan Fund.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison High Quality Bond Fund Portfolio of Investments

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - 39.8%
Communication Services - 2.6%
Comcast Corp., 3.15%, 3/1/26	$	1,000,000	$	1,070,723
Walt Disney Co., 3.8%, 3/22/30		1,750,000		1,971,787
				3,042,510
Consumer Discretionary - 5.8%
Costco Wholesale Corp., 1.375%, 6/20/27		1,250,000		1,241,239
Cummins, Inc., 1.5%, 9/1/30		1,000,000		953,676
Home Depot, Inc., 2.7%, 4/15/30		1,750,000		1,844,738
NIKE, Inc., 2.75%, 3/27/27		1,250,000		1,328,525
Target Corp., 2.9%, 1/15/22		1,300,000		1,306,856
				6,675,034
Consumer Staples - 5.3%
Coca-Cola Co. (A), 1%, 3/15/28		1,350,000		1,292,491
Hershey Co. (A), 1.7%, 6/1/30		1,300,000		1,278,471
Kimberly-Clark Corp., 1.05%, 9/15/27		1,750,000		1,697,501
PepsiCo, Inc., 2.75%, 3/19/30		1,750,000		1,852,020
				6,120,483
Financials - 19.6%
American Express Credit Corp., 2.7%, 3/3/22		1,200,000		1,207,043
Bank of America Corp. (3M USD LIBOR + 0.930%) (B), 2.816%, 7/21/23		625,000		634,748
Bank of America Corp.(SOFR + 1.010%) (B), 1.197%, 10/24/26		1,500,000		1,475,210
Bank of New York Mellon Corp., 2.2%, 8/16/23		1,350,000		1,386,341
BlackRock, Inc., 3.5%, 3/18/24		1,350,000		1,436,233
Charles Schwab Corp., 0.9%, 3/11/26		1,750,000		1,717,862
Huntington National Bank, 3.55%, 10/6/23		1,250,000		1,315,046
JPMorgan Chase & Co., 2.972%, 1/15/23		1,350,000		1,357,189
JPMorgan Chase & Co. (3M USD LIBOR + 1.155%) (B), 3.22%, 3/1/25		1,800,000		1,886,843
Mastercard, Inc., 3.3%, 3/26/27		1,250,000		1,358,249
PNC Financial Services Group, Inc., 3.3%, 3/8/22		1,350,000		1,360,489
State Street Corp. (SOFR + 0.940%) (B), 2.354%, 11/1/25		1,500,000		1,556,951
Truist Financial Corp., 2.85%, 10/26/24		1,750,000		1,842,909
Truist Financial Corp., 1.95%, 6/5/30		1,000,000		991,712
U.S. Bancorp, 2.625%, 1/24/22		1,300,000		1,304,381
Wells Fargo & Co. (SOFR + 1.087%) (B), 2.406%, 10/30/25		1,800,000		1,859,454
				22,690,660
Health Care - 1.1%
UnitedHealth Group, Inc., 2.875%, 3/15/23		1,200,000		1,238,229

Industrials - 1.1%
John Deere Capital Corp., 2.65%, 1/6/22		1,300,000		1,305,278

Information Technology - 3.9%
Apple, Inc., 2.4%, 5/3/23		1,350,000		1,387,952
salesforce.com, Inc., 3.25%, 4/11/23		1,300,000		1,349,071
Texas Instruments, Inc., 1.375%, 3/12/25		1,750,000		1,765,093
				4,502,116
Utilities - 0.4%
National Rural Utilities Cooperative Finance Corp. (A), 1%, 6/15/26		500,000		491,574
Total Corporate Notes and Bonds (Cost $45,690,357)				46,065,884

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 58.6%
Fannie Mae - 9.5%
1.875%, 4/5/22		2,750,000		2,771,097
0.500%, 11/7/25		2,250,000		2,204,654
2.125%, 4/24/26		3,125,000		3,264,295
0.750%, 10/8/27		2,850,000		2,748,783
				10,988,829
Freddie Mac - 7.3%
2.375%, 1/13/22		1,750,000		1,757,760
0.375%, 4/20/23		3,500,000		3,502,233
0.375%, 7/21/25		3,250,000		3,181,165
				8,441,158
U.S. Treasury Notes - 41.8%
1.125%, 2/28/22		2,000,000		2,006,927
1.875%, 7/31/22		2,000,000		2,026,563
0.125%, 11/30/22		1,500,000		1,499,238
1.750%, 5/15/23		3,000,000		3,063,164
1.625%, 5/31/23		3,000,000		3,058,828
2.500%, 8/15/23		3,000,000		3,109,453
0.125%, 10/15/23		750,000		744,609
2.750%, 11/15/23		2,000,000		2,090,312
2.125%, 2/29/24		2,000,000		2,070,312
2.375%, 8/15/24		3,000,000		3,136,992
0.375%, 9/15/24		2,000,000		1,979,688
2.250%, 11/15/24		3,000,000		3,132,539
2.125%, 5/15/25		3,000,000		3,124,805
0.375%, 1/31/26		3,125,000		3,031,372
1.625%, 5/15/26		3,125,000		3,193,237
1.500%, 8/15/26		3,125,000		3,172,974
0.625%, 3/31/27		2,725,000		2,635,054
2.375%, 5/15/27		2,725,000		2,885,094
2.250%, 11/15/27		2,250,000		2,368,125
				48,329,286

Total U.S. Government and Agency Obligations (Cost $67,873,298)				67,759,273

	Shares
SHORT-TERM INVESTMENTS - 2.3%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (C)		1,367,759		1,367,759
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (C) (D)		1,292,080		1,292,080
Total Short-Term Investments (Cost $2,659,839)				2,659,839
TOTAL INVESTMENTS - 100.7% (Cost $116,223,494**)				116,484,996
NET OTHER ASSETS AND LIABILITIES - (0.7%)				(802,905	)
TOTAL NET ASSETS - 100.0%			$	115,682,091

**		Aggregate cost for Federal tax purposes was $116,223,494.
(A)		All or a portion of these securities, with an aggregate fair value of $1,264,028, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the securities lending program.
(B)		Floating rate or variable rate note. Rate shown is as of October 31, 2021.
(C)		7-day yield.
(D)		Represents investments of cash collateral received in connection with securities lending.
LIBOR		London Interbank Offered Rate.
SOFR		Secured Overnight Financing Rate.
USD		United States Dollar.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Core Bond Fund Portfolio of Investments

	Par Value		Value (Note 2,3)
ASSET BACKED SECURITIES - 6.1%
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27	$	537,429	$	538,146
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31		100,000		101,547
Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/16/32		137,394		137,842
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		385,000		396,441
Dell Equipment Finance Trust, Series 2020-2, Class A2 (A), 0.47%, 10/24/22		313,054		313,308
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		418,565		421,295
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		700,000		699,886
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		235,169		237,624
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24		500,000		512,308
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class B, 2.54%, 8/18/25		1,000,000		1,030,295
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22		35,697		35,744
JPMorgan Chase Bank NA, Series 2020-1, Class B (A), 0.991%, 1/25/28		662,505		663,716
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28		970,169		970,268
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28		815,727		814,852
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28		712,342		710,339
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29		766,027		763,580
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		943,790		944,565
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		500,000		520,502
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26		850,000		883,352
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23		70,911		71,161
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		350,000		356,427
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28		300,000		304,726
Total Asset Backed Securities (Cost $11,443,598)				11,427,924
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.8%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49		254,172		256,364
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (C) (D), 1.724%, 2/25/55		252,053		254,267
CIM Trust (A), 2.5%, 4/25/51		631,355		640,093
Fannie Mae REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30		802,091		73,985
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		418,072		446,393
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31		535,669		580,734
Fannie Mae REMICS, Series 2001-73, Class GZ, 6%, 12/25/31		124,245		139,146
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		100,019		114,896
Fannie Mae REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35		3,325,393		597,957
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42		128,910		130,635
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (C) (D), 2.5%, 9/25/41		686,181		704,033
Freddie Mac REMICS, Series 4066, Class DI, IO, 3%, 6/15/27		943,408		49,943
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 0.799%, 10/25/33		1,000,000		1,000,607
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (C), 0.699%, 1/25/34		554,176		554,508
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66		1,456,041		1,447,519
Government National Mortgage Association, Series 2015-53, Class IL, IO, 3%, 9/20/44		157,878		3,059
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (C) (D), 2.5%, 5/25/51		635,424		640,504
JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D), 4%, 11/25/49		62,996		63,745
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D), 3.5%, 2/25/50		166,775		169,284
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D), 2.5%, 6/25/51		829,461		837,917
JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (C) (D), 2.5%, 7/1/51		645,602		651,345
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51		913,210		927,836
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50		198,679		202,168
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (C) (D), 2.945%, 11/25/45		123,091		126,638
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49		46,230		46,432
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50		233,513		236,120
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51		1,113,714		1,131,551
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43		383,055		385,115
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63		322,802		322,125
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49		33,818		33,882
Total Collateralized Mortgage Obligations (Cost $13,057,369)				12,768,801

COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.9%
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (C) (D), 3.14%, 11/25/27		900,000		950,747
FHLMC Multifamily Structured Pass Through Certificates, Series K718, Class X1, IO (C) (D), 0.568%, 1/25/22		9,186,594		3,451
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25		325,958		343,481
FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/26		1,000,000		1,061,186
FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, IO (C) (D), 0.308%, 9/25/26		15,437,361		202,757
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		1,000,000		1,088,570
FREMF Mortgage Trust, Series 2013-K33, Class B (A) (C) (D), 3.497%, 8/25/46		900,000		938,196
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (C) (D), 3.562%, 11/25/47		850,000		868,672
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 10/31/6		772,000		-
Total Commercial Mortgage-Backed Securities (Cost $5,251,668)				5,457,060
CORPORATE NOTES AND BONDS - 36.6%
Communication Services - 3.6%
Alibaba Group Holding Ltd. (E) (F), 2.125%, 2/9/31		500,000		479,957
AT&T, Inc., 2.25%, 2/1/32		500,000		482,363
AT&T, Inc., 4.75%, 5/15/46		500,000		607,839
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 4.75%, 3/1/30		250,000		258,125
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22		500,000		510,178
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 3.85%, 4/1/61		400,000		386,290
Diamond Sports Group LLC / Diamond Sports Finance Co. (A), 5.375%, 8/15/26		100,000		56,500
Discovery Communications LLC, 5%, 9/20/37		500,000		595,914
eBay, Inc., 1.9%, 3/11/25		325,000		331,394
Expedia Group, Inc., 3.25%, 2/15/30		500,000		514,232
Hughes Satellite Systems Corp., 5.25%, 8/1/26		200,000		223,250
Lumen Technologies, Inc. (A), 4.5%, 1/15/29		125,000		120,781
T-Mobile USA, Inc., 2.625%, 4/15/26		250,000		253,782
VeriSign, Inc., 2.7%, 6/15/31		500,000		505,005
Verizon Communications, Inc., 4.4%, 11/1/34		500,000		583,285
Verizon Communications, Inc., 3.4%, 3/22/41		500,000		523,709
Vodafone Group PLC (F), 5%, 5/30/38		250,000		310,110
				6,742,714
Consumer Discretionary - 2.7%
7-Eleven, Inc. (A), 1.8%, 2/10/31		400,000		379,740
7-Eleven, Inc. (A), 2.5%, 2/10/41		250,000		232,089
Advance Auto Parts, Inc., 1.75%, 10/1/27		250,000		245,785
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (A) (F), 5.5%, 4/20/26		300,000		314,618
Delta Air Lines, Inc., 7.375%, 1/15/26		111,000		130,564
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25		250,000		260,613
Home Depot, Inc., 3.35%, 4/15/50		250,000		277,702
Lowe’s Cos., Inc., 3%, 10/15/50		500,000		500,077
McDonald’s Corp., 2.125%, 3/1/30		250,000		250,531
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25		225,000		236,813
QVC, Inc., 4.75%, 2/15/27		250,000		261,720
Scientific Games International, Inc. (A), 5%, 10/15/25		275,000		283,123
Southwest Airlines Co., 5.25%, 5/4/25		350,000		392,429
Southwest Airlines Co., 5.125%, 6/15/27		500,000		577,022
Tractor Supply Co., 1.75%, 11/1/30		550,000		524,165
Vail Resorts, Inc. (A), 6.25%, 5/15/25		250,000		263,325
				5,130,316
Consumer Staples - 1.6%
Bunge Ltd. Finance Corp., 1.63%, 8/17/25		500,000		501,852
Conagra Brands, Inc., 0.5%, 8/11/23		600,000		597,391
General Mills, Inc., 2.875%, 4/15/30		200,000		209,505
Hormel Foods Corp., 1.8%, 6/11/30		200,000		196,193
Keurig Dr Pepper, Inc., 3.8%, 5/1/50		300,000		338,274
Mars, Inc. (A), 3.875%, 4/1/39		400,000		465,688
Mars, Inc. (A), 2.375%, 7/16/40		350,000		337,832

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Core Bond Fund Portfolio of Investments - continued

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - continued
Consumer Staples - continued
Performance Food Group, Inc. (A), 5.5%, 10/15/27		150,000		156,375
Sysco Corp., 5.95%, 4/1/30		199,000		252,353
				3,055,463
Energy - 4.2%
Berry Petroleum Co. LLC (A), 7%, 2/15/26		150,000		152,175
Boardwalk Pipelines LP, 4.45%, 7/15/27		400,000		444,571
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29		350,000		364,127
Energy Transfer LP, 5.25%, 4/15/29		375,000		435,754
EnLink Midstream Partners LP, 5.45%, 6/1/47		400,000		400,000
Enterprise Products Operating LLC, 3.75%, 2/15/25		500,000		538,344
Kinder Morgan, Inc., 5.55%, 6/1/45		400,000		513,907
Marathon Petroleum Corp., 4.7%, 5/1/25		275,000		303,867
Marathon Petroleum Corp., 3.8%, 4/1/28		600,000		653,499
MPLX LP (E), 4.8%, 2/15/29		250,000		288,050
MPLX LP, 2.65%, 8/15/30		350,000		348,527
Occidental Petroleum Corp., 3.5%, 8/15/29		500,000		507,500
Occidental Petroleum Corp., 4.4%, 8/15/49		250,000		249,925
ONEOK, Inc., 5.85%, 1/15/26		150,000		174,484
Phillips 66, 0.9%, 2/15/24		500,000		498,679
Phillips 66, 2.15%, 12/15/30		500,000		483,541
Pioneer Natural Resources Co., 2.15%, 1/15/31		375,000		361,772
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30		250,000		285,005
Sunoco LP / Sunoco Finance Corp., 6%, 4/15/27		200,000		209,500
Valero Energy Corp., 6.625%, 6/15/37		500,000		680,853
				7,894,080
Financials - 12.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (F), 1.75%, 1/30/26		500,000		491,998
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (F), 4.625%, 10/15/27		250,000		278,271
Air Lease Corp., 2.875%, 1/15/26		500,000		516,872
Air Lease Corp., 1.875%, 8/15/26		250,000		247,414
Alliance Data Systems Corp. (A) (G), 4.75%, 12/15/24		500,000		511,496
Ally Financial, Inc., (5 year CMT + 3.868%) (C), 4.7%, 5/15/26		250,000		259,063
American International Group, Inc., 4.75%, 4/1/48		500,000		643,554
Athene Global Funding (A), 1.45%, 1/8/26		500,000		495,418
Avolon Holdings Funding Ltd. (A) (F), 2.125%, 2/21/26		500,000		494,378
Bank of America Corp. (SOFR + 0.910%) (C), 1.658%, 3/11/27		400,000		398,197
Bank of America Corp. (SOFR + 1.370%) (C), 1.922%, 10/24/31		250,000		238,569
Belrose Funding Trust (A), 2.33%, 8/15/30		350,000		344,883
Capital One Financial Corp., 3.3%, 10/30/24		350,000		371,847
Capital One Financial Corp. (5 year CMT + 3.157%) (C), 3.95%, 9/1/26		750,000		762,187
Cboe Global Markets, Inc., 3.65%, 1/12/27		445,000		487,668
Charles Schwab Corp. (10 year CMT + 3.079%) (C), 4%, 12/1/30		550,000		558,250
Credit Acceptance Corp. (A), 5.125%, 12/31/24		155,000		158,488
Empower Finance LP (A), 3.075%, 9/17/51		350,000		364,510
Enact Holdings, Inc. (A), 6.5%, 8/15/25		250,000		273,750
Fifth Third Bancorp, 2.55%, 5/5/27		350,000		363,646
Five Corners Funding Trust II (A), 2.85%, 5/15/30		250,000		258,940
Goldman Sachs BDC, Inc., 2.875%, 1/15/26		400,000		408,160
Goldman Sachs Group, Inc. (3M USD LIBOR + 1.201%) (C), 3.272%, 9/29/25		500,000		527,679
Host Hotels & Resorts LP, 3.5%, 9/15/30		350,000		361,182
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (C), 2.487%, 8/15/36		700,000		684,278
Huntington National Bank, 3.55%, 10/6/23		500,000		526,018
Intercontinental Exchange, Inc., 3.75%, 9/21/28		250,000		277,375
Iron Mountain, Inc. (A), 4.5%, 2/15/31		250,000		252,500
Jefferies Finance LLC / JFIN Co-Issuer Corp. (A), 5%, 8/15/28		250,000		253,390
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31		450,000		441,985
JPMorgan Chase & Co. (SOFR + 2.745%) (C), 4%, 4/1/25		600,000		600,000
JPMorgan Chase & Co. (SOFR + 0.695%) (C), 1.04%, 2/4/27		650,000		631,494
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50		250,000		267,289
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60		150,000		169,694
M&T Bank Corp., 3.55%, 7/26/23		250,000		261,681
MetLife, Inc., (5 year CMT + 3.576%) (C), 3.85%, 9/15/25		350,000		363,125
Morgan Stanley (SOFR + 1.990%) (C), 2.188%, 4/28/26		175,000		179,134
Morgan Stanley (SOFR + 0.879%) (C), 1.593%, 5/4/27		250,000		247,706
Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32		500,000		476,368
MPT Operating Partnership LP / MPT Finance Corp., 5%, 10/15/27		250,000		262,938
NASDAQ, Inc., 1.65%, 1/15/31		750,000		701,311
Old Republic International Corp., 3.85%, 6/11/51		300,000		328,164
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		250,000		253,795
PNC Bank NA, 2.7%, 10/22/29		250,000		260,906
Prudential Financial, Inc. (5 year CMT + 3.035%) (C), 3.7%, 10/1/50		250,000		257,958
Regions Financial Corp., 1.8%, 8/12/28		500,000		489,278
Royal Bank of Canada (F), 1.15%, 6/10/25		500,000		497,453
SBA Communications Corp., 3.875%, 2/15/27		250,000		257,820
State Street Corp. (SOFR + 1.490%) (C), 3.031%, 11/1/34		250,000		261,652
STORE Capital Corp., 4.5%, 3/15/28		500,000		560,841
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50		300,000		317,474
Truist Bank, 2.25%, 3/11/30		325,000		325,234
Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27		500,000		492,831
UBS Group AG (5 year CMT + 3.313%) (A) (C) (F), 4.375%, 2/10/31		400,000		397,300
USAA Capital Corp. (A), 2.125%, 5/1/30		175,000		175,405
Wells Fargo & Co., (5 year CMT + 3.453%) (C), 3.9%, 3/15/26		250,000		254,688
Wells Fargo & Co., (SOFR + 2.000%) (C), 2.188%, 4/30/26		350,000		357,684
Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28		250,000		254,136
Welltower, Inc., 2.05%, 1/15/29		500,000		492,292
				22,647,617
Health Care - 3.1%
AbbVie, Inc., 3.75%, 11/14/23		400,000		422,661
Centene Corp., 2.45%, 7/15/28		500,000		498,304
Cigna Corp., 4.9%, 12/15/48		500,000		646,548
CVS Health Corp., 5.125%, 7/20/45		500,000		657,228
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30		250,000		248,796
Humana, Inc., 1.35%, 2/3/27		250,000		243,485
PerkinElmer, Inc., 0.55%, 9/15/23		425,000		423,683
Royalty Pharma PLC (F), 2.2%, 9/2/30		500,000		484,147
Royalty Pharma PLC (F), 3.55%, 9/2/50		500,000		496,313
STERIS Irish FinCo UnLtd Co. (F), 3.75%, 3/15/51		500,000		548,534
UnitedHealth Group, Inc., 2.3%, 5/15/31		300,000		303,994
UnitedHealth Group, Inc., 3.7%, 8/15/49		250,000		289,123
Viatris, Inc., 2.7%, 6/22/30		400,000		399,911
Zoetis, Inc., 3%, 5/15/50		250,000		261,927
				5,924,654
Industrials - 4.5%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31		600,000		590,443
Ball Corp., 4.875%, 3/15/26		200,000		219,250
Boeing Co., 2.196%, 2/4/26		400,000		401,015
Boeing Co., 3.625%, 2/1/31		350,000		372,918
Boeing Co., 5.805%, 5/1/50		350,000		479,594
Carlisle Cos., Inc., 3.5%, 12/1/24		500,000		530,808
Carrier Global Corp., 3.577%, 4/5/50		200,000		216,410
Howmet Aerospace, Inc., 5.125%, 10/1/24		200,000		220,500
Martin Marietta Materials, Inc., 3.2%, 7/15/51		500,000		512,125
Otis Worldwide Corp., 2.565%, 2/15/30		350,000		357,141
Quanta Services, Inc., 2.9%, 10/1/30		500,000		516,739
Spirit AeroSystems, Inc. (A), 5.5%, 1/15/25		200,000		208,250
Square, Inc. (A), 2.75%, 6/1/26		400,000		404,398
SYNNEX Corp. (A), 1.75%, 8/9/26		500,000		489,654
SYNNEX Corp. (A), 2.65%, 8/9/31		250,000		242,801
Textron, Inc., 2.45%, 3/15/31		250,000		248,885
TransDigm, Inc. (A), 6.25%, 3/15/26		475,000		496,375
Vontier Corp. (A), 1.8%, 4/1/26		300,000		295,260
Vulcan Materials Co., 3.5%, 6/1/30		150,000		163,715
WRKCo, Inc., 3.9%, 6/1/28		700,000		775,817
WRKCo, Inc., 3%, 6/15/33		300,000		311,644
Xylem, Inc., 2.25%, 1/30/31		350,000		350,028
				8,403,770
Information Technology - 2.7%
Analog Devices, Inc. (E), 1.7%, 10/1/28		500,000		497,020
Broadcom, Inc., 4.15%, 11/15/30		238,000		261,627
Broadcom, Inc. (A), 3.187%, 11/15/36		12,000		11,812
Dell International LLC / EMC Corp., 8.35%, 7/15/46		350,000		581,111
HP, Inc. (A), 2.65%, 6/17/31		600,000		590,889
Intuit, Inc., 1.65%, 7/15/30		250,000		242,905
Lam Research Corp., 1.9%, 6/15/30		200,000		198,062
Marvell Technology, Inc. (A), 4.2%, 6/22/23		500,000		525,045
Micron Technology, Inc., 2.497%, 4/24/23		250,000		256,887
NXP BV / NXP Funding LLC / NXP USA, Inc. (A) (F), 3.15%, 5/1/27		200,000		211,227
Oracle Corp., 3.95%, 3/25/51		750,000		812,256
salesforce.com, Inc., 2.9%, 7/15/51		500,000		513,827
VMware, Inc., 2.2%, 8/15/31		500,000		486,867
				5,189,535
Materials - 0.7%
Arconic Corp. (A), 6%, 5/15/25		200,000		209,250
EI du Pont de Nemours and Co., 1.7%, 7/15/25		150,000		152,012
International Flavors & Fragrances, Inc. (A), 3.468%, 12/1/50		500,000		535,265
LYB International Finance III LLC, 3.625%, 4/1/51		400,000		425,314
				1,321,841
Utilities - 1.5%
AES Corp., 1.375%, 1/15/26		750,000		733,777
Berkshire Hathaway Energy Co., 1.65%, 5/15/31		350,000		332,791
Duke Energy Corp., 3.75%, 9/1/46		500,000		543,520

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Core Bond Fund Portfolio of Investments - continued

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - continued
Utilities - continued
Interstate Power & Light Co., 3.5%, 9/30/49		250,000		278,967
NextEra Energy Capital Holdings, Inc., 1.9%, 6/15/28		600,000		593,346
Wisconsin Electric Power Co., 1.7%, 6/15/28		300,000		296,190
				2,778,591
Total Corporate Notes and Bonds (Cost $66,145,985)				69,088,581
FOREIGN CORPORATE BONDS - 0.2%
Consumer Discretionary - 0.2%
Carnival Corp. (A), 5.75%, 3/1/27		200,000		203,560
Delta Air Lines, Inc. / SkyMiles IP Ltd. (A), 4.75%, 10/20/28		250,000		277,812
				481,372
Total Foreign Corporate Bonds (Cost $454,773)				481,372
MORTGAGE BACKED SECURITIES - 10.5%
Fannie Mae - 5.5%
3%, 9/1/30 Pool # 890696		435,512		460,375
3%, 12/1/30 Pool # AL8924		220,152		231,596
7%, 11/1/31 Pool # 607515		4,373		4,873
3.5%, 12/1/31 Pool # MA0919		142,726		151,518
6.5%, 3/1/32 Pool # 631377		16,605		18,677
6.5%, 5/1/32 Pool # 636758		950		1,068
7%, 5/1/32 Pool # 644591		440		457
6.5%, 6/1/32 Pool # 545691		31,157		35,298
3.5%, 8/1/32 Pool # MA3098		198,603		211,658
3.5%, 9/1/32 Pool # MA3126		140,063		149,274
5.5%, 11/1/33 Pool # 555880		36,764		42,083
5%, 5/1/34 Pool # 780890		16,998		19,411
7%, 7/1/34 Pool # 792636		6,683		6,963
4%, 2/1/35 Pool # MA2177		349,263		382,154
5%, 8/1/35 Pool # 829670		39,674		45,271
5%, 9/1/35 Pool # 835699		44,407		49,949
5%, 9/1/35 Pool # 820347		52,142		59,665
3.5%, 12/1/35 Pool # MA2473		338,134		361,870
4.5%, 12/1/35 Pool # 745147		5,428		6,029
5%, 12/1/35 Pool # 850561		13,573		15,506
6%, 11/1/36 Pool # 902510		40,070		47,341
6%, 10/1/37 Pool # 947563		44,561		52,661
6.5%, 12/1/37 Pool # 889072		32,903		38,334
6.5%, 8/1/38 Pool # 987711		88,174		105,245
3%, 11/1/39 Pool # MA3831		151,246		157,924
4%, 9/1/40 Pool # AE3039		361,131		399,083
4%, 1/1/41 Pool # AB2080		259,591		285,981
2.5%, 5/1/41 Pool # MA4334		962,745		993,227
5.5%, 7/1/41 Pool # AL6588		252,075		293,135
4%, 9/1/41 Pool # AJ1406		131,668		144,816
4%, 10/1/41 Pool # AJ4046		352,409		392,234
3.5%, 11/1/41 Pool # AB3867		131,980		143,044
4%, 3/1/42 Pool # AL1998		523,322		578,103
3.5%, 6/1/42 Pool # AO4134		561,983		609,900
3.5%, 8/1/42 Pool # AP2133		274,191		296,405
3%, 9/1/42 Pool # AP6568		60,379		64,265
3.5%, 9/1/42 Pool # AB6228		177,559		191,890
4%, 10/1/42 Pool # AP7363		372,673		411,772
3.5%, 1/1/43 Pool # AQ9326		328,373		357,364
3%, 2/1/43 Pool # AL3072		549,581		585,499
3.5%, 3/1/43 Pool # AT0310		279,846		303,693
3.5%, 4/1/43 Pool # AT2887		246,897		267,919
4%, 1/1/45 Pool # AS4257		86,565		95,330
4.5%, 10/1/46 Pool # MA2783		61,903		67,876
3%, 1/1/47 Pool # BE0108		418,231		444,793
2.5%, 12/1/47 Pool # FM3165		863,952		890,279
				10,471,808
Freddie Mac - 5.0%
4.5%, 2/1/25 Pool # J11722		35,157		36,770
4.5%, 5/1/25 Pool # J12247		75,463		79,235
8%, 6/1/30 Pool # C01005		343		400
6.5%, 1/1/32 Pool # C62333		16,793		18,894
2.5%, 2/1/32 Pool # ZS8641		301,684		314,890
3.5%, 8/1/32 Pool # C91485		167,262		179,056
4%, 5/1/33 Pool # G18693		348,038		371,492
4.5%, 6/1/34 Pool # C01856		210,068		233,562
2.5%, 6/1/35 Pool # RC1421		444,462		462,375
6.5%, 11/1/36 Pool # C02660		4,758		5,556
5.5%, 1/1/37 Pool # G04593		129,017		150,227
5.5%, 11/1/37 Pool # A68787		92,406		108,073
5.5%, 12/1/38 Pool # G05267		216,044		252,663
4.5%, 8/1/39 Pool # G08361		218,512		243,533
3.5%, 11/1/40 Pool # G06168		199,183		215,317
2%, 3/1/41 Pool # RB5105		1,171,173		1,191,930
4%, 10/1/41 Pool # Q04092		386,921		426,343
4.5%, 3/1/42 Pool # G07491		244,263		271,932
3%, 9/1/42 Pool # C04233		320,091		340,812
3%, 2/1/43 Pool # Q15767		230,457		244,387
3%, 4/1/43 Pool # V80025		235,887		251,175
3%, 4/1/43 Pool # V80026		230,374		245,273
3.5%, 8/1/44 Pool # Q27927		259,133		279,466
3%, 7/1/45 Pool # G08653		392,347		414,340
3.5%, 8/1/45 Pool # Q35614		295,084		317,430
3%, 11/1/45 Pool # G08675		323,812		342,557
3%, 1/1/46 Pool # G08686		412,385		435,095
3%, 10/1/46 Pool # G60722		424,133		450,088
3.5%, 11/1/47 Pool # Q52079		367,034		390,142
2.5%, 4/1/48 Pool # QA2240		1,064,019		1,097,047
				9,370,060
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		4,761		5,371
6.5%, 4/20/31 Pool # 3068		2,344		2,693
4%, 4/15/39 Pool # 698089		15,261		16,641
				24,705
Total Mortgage Backed Securities (Cost $19,137,368)				19,866,573

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 31.3%
U.S. Treasury Bonds - 9.5%
6.625%, 2/15/27		2,000,000		2,554,141
5.375%, 2/15/31		1,250,000		1,670,654
4.500%, 5/15/38		1,250,000		1,743,164
2.250%, 5/15/41		3,750,000		3,907,031
3.750%, 8/15/41		1,000,000		1,294,180
3.000%, 5/15/45		1,000,000		1,193,008
3.000%, 5/15/47		750,000		910,518
3.375%, 11/15/48		500,000		652,109
1.250%, 5/15/50		2,250,000		1,899,053
1.875%, 2/15/51		2,000,000		1,964,687
				17,788,545
U.S. Treasury Notes - 21.8%
2.750%, 2/15/24		7,000,000		7,342,891
2.250%, 12/31/24		1,500,000		1,567,266
2.250%, 11/15/25		7,000,000		7,337,695
0.375%, 1/31/26		6,500,000		6,305,254
1.500%, 8/15/26		5,500,000		5,584,434
2.375%, 5/15/27		3,750,000		3,970,312
2.875%, 5/15/28		2,000,000		2,183,984
2.625%, 2/15/29		2,500,000		2,701,953
0.625%, 8/15/30		4,500,000		4,172,520
				41,166,309
Total U.S. Government and Agency Obligations (Cost $57,696,444)				58,954,854


	Shares
SHORT-TERM INVESTMENTS - 5.6%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (H)		9,695,301		9,695,301
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (H) (I)		798,413		798,413
Total Short-Term Investments (Cost $10,493,714)				10,493,714
TOTAL INVESTMENTS - 100.0% (Cost $183,680,919**)				188,538,879
NET OTHER ASSETS AND LIABILITIES - 0.0%				23,087
TOTAL NET ASSETS - 100.0%			$	188,561,966

**		Aggregate cost for Federal tax purposes was $183,811,642.
(A)		Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(B)		Stepped rate security. Rate shown is as of October 31, 2021.
(C)		Floating rate or variable rate note. Rate shown is as of October 31, 2021.
(D)		Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(E)		All or a portion of these securities, with an aggregate fair value of $782,255, are on loan as part of a securities lending program. See footnote (I) and Note 11 for details on the securities lending program.
(F)		Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 2.7% of total net assets.
(G)		Restricted. The aggregate cost of such securities is $500,000. The aggregate value is $511,496,representing 0.3% of net assets.
(H)		7-day yield.
(I)		Represents investments of cash collateral received in connection with securities lending.
CMT		Constant Maturity Treasury.
DAC		Designated Activity Company.
FHLMC		Federal Home Loan Mortgage Corp or Freddie Mac.
FREMF		Freddie Mac Multifamily.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
LLC		Limited Liability Company.
LP		Limited Partnership.
PLC		Public Limited Company.
REMIC		Real Estate Mortgage Investment Conduit.
SOFR		Secured Overnight Financing Rate.
SOFR30A		30-day SOFR Average.
STACR		Structured Agency Credit Risk.
USD		United States Dollar.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Diversified Income Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 68.5%
Communication Services - 4.4%
Comcast Corp., Class A		85,950	$	4,420,409
Verizon Communications, Inc.		68,300		3,619,217
				8,039,626
Consumer Discretionary - 6.3%
Home Depot, Inc.		13,700		5,092,838
McDonald’s Corp.		17,600		4,321,680
Starbucks Corp.		20,650		2,190,346
				11,604,864
Consumer Staples - 7.2%
Archer-Daniels-Midland Co.		30,000		1,927,200
Coca-Cola Co.		35,150		1,981,405
Colgate-Palmolive Co.		23,100		1,759,989
Hershey Co.		8,150		1,429,103
PepsiCo, Inc.		21,800		3,522,880
Procter & Gamble Co.		18,250		2,609,567
				13,230,144
Energy - 3.1%
Baker Hughes Co.		120,500		3,022,140
EOG Resources, Inc.		29,400		2,718,324
				5,740,464
Financials - 13.1%
Aflac, Inc.		44,300		2,377,581
BlackRock, Inc.		4,975		4,693,713
CME Group, Inc.		11,850		2,613,517
JPMorgan Chase & Co.		23,275		3,954,190
Northern Trust Corp.		34,600		4,257,184
Travelers Cos., Inc.		26,125		4,202,990
U.S. Bancorp		34,550		2,085,784
				24,184,959
Health Care - 11.3%
AmerisourceBergen Corp.		16,250		1,982,825
Bristol-Myers Squibb Co.		73,450		4,289,480
CVS Health Corp.		43,350		3,870,288
Johnson & Johnson		26,350		4,291,888
Medtronic PLC		21,800		2,612,948
Pfizer, Inc.		87,800		3,840,372
				20,887,801
Industrials - 6.9%
3M Co.		14,650		2,617,662
Emerson Electric Co.		23,200		2,250,632
Fastenal Co.		49,000		2,796,920
Honeywell International, Inc.		6,000		1,311,720
PACCAR, Inc.		15,000		1,344,300
Union Pacific Corp.		9,875		2,383,825
				12,705,059
Information Technology - 9.7%
Analog Devices, Inc.		15,475		2,684,758
Automatic Data Processing, Inc.		7,550		1,694,899
Cisco Systems, Inc.		80,600		4,511,182
Oracle Corp.		23,900		2,292,966
Paychex, Inc.		23,075		2,844,686
Texas Instruments, Inc.		20,150		3,777,722
				17,806,213
Materials - 3.4%
Linde PLC		7,100		2,266,320
Nucor Corp.		36,400		4,064,060
				6,330,380
Real Estate - 1.5%
American Tower Corp., REIT		9,700		2,735,109
Utilities - 1.6%
Dominion Energy, Inc.		40,000		3,037,200

Total Common Stocks
(Cost $84,599,716)				126,301,819

		Par Value
ASSET BACKED SECURITIES - 1.2%
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27	$	250,800		251,135
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31		100,000		101,547
Chesapeake Funding II LLC, Series 2020-1A, Class A1 (A), 0.87%, 8/16/32		68,697		68,921
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		130,000		133,863
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		190,257		191,498
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		150,000		149,976
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		141,101		142,574
GM Financial Consumer Automobile Receivables Trust, Series 2019-2, Class B, 2.87%, 10/16/24		150,000		153,692
GreatAmerica Leasing Receivables Funding LLC, Series 2020-1, Class A2 (A), 1.76%, 6/15/22		11,899		11,915
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28		237,447		236,780
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29		222,844		222,132
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		235,947		236,141
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		150,000		156,151
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/23		21,359		21,434
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		100,000		101,836
Wheels SPV LLC, Series 2019-1A, Class A2 (A), 2.3%, 5/22/28		17,828		17,908

Total Asset Backed Securities
(Cost $2,191,472)				2,197,503
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.5%
CIM Trust (A), 2.5%, 4/25/51		168,361		170,692
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		95,559		102,033
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31		133,917		145,183
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		46,884		53,857
Fannie Mae REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35		1,134,546		204,009
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42		51,564		52,254
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41		98,026		100,576
Freddie Mac REMICS, Series 3187, Class Z, 5%, 7/15/36		122,602		136,885
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (B), 0.799%, 10/25/33		225,000		225,136
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (B), 0.699%, 1/25/34		55,418		55,451
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51		211,808		213,501
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50		51,244		52,015
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51		236,989		239,405
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51		319,623		324,743
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50		79,472		80,867
Onslow Bay Mortgage Loan Trust, Series 2015-1, Class 2A4 (A) (B) (C), 2.945%, 11/25/45		52,753		54,273
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49		9,246		9,286
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51		239,671		243,510
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43		183,710		184,698
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63		161,401		161,062
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4%, 4/25/49		56,081		56,189

Total Collateralized Mortgage Obligations
(Cost $2,827,349)				2,865,625
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1%
Fannie Mae-Aces, Series 2013-M12, Class APT (B) (C), 2.405%, 3/25/23		201,222		204,437
Fannie Mae-Aces, Series 2017-M15, Class A1 (B) (C), 2.959%, 9/25/27		344,322		362,430
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (B) (C), 3.14%, 11/25/27		250,000		264,096
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25		203,724		214,676
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		600,000		653,142
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (C), 3.562%, 11/25/47		250,000		255,492
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 10/31/6		534,000		-

Total Commercial Mortgage-Backed Securities
(Cost $1,856,722)				1,954,273
CORPORATE NOTES AND BONDS - 12.3%
Communication Services - 1.6%
Amazon.com, Inc., 1.65%, 5/12/28		350,000		348,890
AT&T, Inc., 2.25%, 2/1/32		150,000		144,709
AT&T, Inc., 4.75%, 5/15/46		200,000		243,136
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 4.464%, 7/23/22		200,000		204,071
Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 3.85%, 4/1/61		100,000		96,572
Comcast Corp., 4.15%, 10/15/28		275,000		313,931
Discovery Communications LLC, 5%, 9/20/37		250,000		297,957
eBay, Inc., 1.9%, 3/11/25		50,000		50,984
eBay, Inc., 2.6%, 5/10/31		250,000		253,037
Expedia Group, Inc., 3.25%, 2/15/30		200,000		205,693
T-Mobile USA, Inc., 2.625%, 4/15/26		100,000		101,513

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Diversified Income Fund Portfolio of Investments - continued

		Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - continued
Communication Services - continued
Verizon Communications, Inc., 4.329%, 9/21/28			331,000		377,999
Verizon Communications, Inc., 3.875%, 2/8/29			100,000		111,485
Verizon Communications, Inc., 3.7%, 3/22/61			200,000		216,472
					2,966,449
Consumer Discretionary - 0.9%
7-Eleven, Inc. (A), 1.8%, 2/10/31			100,000		94,935
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25			100,000		104,245
Home Depot, Inc., 3.35%, 4/15/50			100,000		111,081
Lowe’s Cos., Inc., 3%, 10/15/50			250,000		250,039
McDonald’s Corp., 2.125%, 3/1/30			50,000		50,106
McDonald’s Corp., 4.875%, 12/9/45			300,000		390,625
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25			90,000		94,725
Southwest Airlines Co., 5.25%, 5/4/25			50,000		56,061
Southwest Airlines Co., 5.125%, 6/15/27			200,000		230,809
Tractor Supply Co., 1.75%, 11/1/30			125,000		119,128
Vail Resorts, Inc. (A), 6.25%, 5/15/25			100,000		105,330
					1,607,084
Consumer Staples - 0.5%
Conagra Brands, Inc., 0.5%, 8/11/23			150,000		149,348
Hormel Foods Corp., 1.8%, 6/11/30			100,000		98,097
Keurig Dr Pepper, Inc., 3.8%, 5/1/50			75,000		84,568
Mars, Inc. (A), 2.375%, 7/16/40			250,000		241,308
Mars, Inc. (A), 3.95%, 4/1/49			200,000		243,882
Performance Food Group, Inc. (A), 5.5%, 10/15/27			50,000		52,125
Sysco Corp., 5.95%, 4/1/30			67,000		84,963
					954,291

Energy - 2.0%
BP Capital Markets America, Inc., 3.119%, 5/4/26			200,000		214,080
ConocoPhillips Co., 4.15%, 11/15/34			129,000		147,301
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29			150,000		156,054
Energy Transfer LP, 5.25%, 4/15/29			75,000		87,151
Enterprise Products Operating LLC, 3.75%, 2/15/25			300,000		323,007
Exxon Mobil Corp., 4.114%, 3/1/46			225,000		269,746
Kinder Morgan, Inc., 5.55%, 6/1/45			200,000		256,953
Marathon Petroleum Corp., 4.7%, 5/1/25			100,000		110,497
MPLX LP (D), 4.8%, 2/15/29			150,000		172,830
MPLX LP, 2.65%, 8/15/30			100,000		99,579
Occidental Petroleum Corp., 3.5%, 8/15/29			100,000		101,500
Phillips 66, 2.15%, 12/15/30			200,000		193,417
Phillips 66, 4.65%, 11/15/34			250,000		294,428
Pioneer Natural Resources Co., 2.15%, 1/15/31			75,000		72,354
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30			200,000		228,004
Schlumberger Holdings Corp. (A), 4%, 12/21/25			20,000		21,792
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28			292,000		319,937
Valero Energy Corp., 6.625%, 6/15/37			250,000		340,427
Valero Energy Partners LP, 4.5%, 3/15/28			300,000		337,190
					3,746,247
Financials - 3.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (E), 1.75%, 1/30/26			150,000		147,599
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (E), 4.625%, 10/15/27			150,000		166,963
Air Lease Corp., 1.875%, 8/15/26			100,000		98,966
Avolon Holdings Funding Ltd. (A) (E), 2.125%, 2/21/26			150,000		148,313
Bank of America Corp. (3M USD LIBOR + 1.090%) (B), 3.093%, 10/1/25			400,000		420,544
Bank of America Corp. (SOFR + 0.910%) (B), 1.658%, 3/11/27			200,000		199,099
Bank of America Corp. (SOFR + 1.370%) (B), 1.922%, 10/24/31			150,000		143,142
Bank of Montreal (E), 3.3%, 2/5/24			110,000		116,012
Belrose Funding Trust (A), 2.33%, 8/15/30			100,000		98,538
Capital One Financial Corp., 3.3%, 10/30/24			200,000		212,484
Capital One Financial Corp. (5 year CMT + 3.157%) (B), 3.95%, 9/1/26			250,000		254,062
Cboe Global Markets, Inc., 3.65%, 1/12/27			130,000		142,465
Charles Schwab Corp. (10 year CMT + 3.079%) (B), 4%, 12/1/30			175,000		177,625
Empower Finance LP (A), 3.075%, 9/17/51			100,000		104,146
Fifth Third Bancorp, 2.55%, 5/5/27			125,000		129,874
Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26			100,000		102,040
Goldman Sachs Group, Inc. (3M USD LIBOR + 1.201%) (B), 3.272%, 9/29/25			350,000		369,375
Healthpeak Properties, Inc., 3.25%, 7/15/26			100,000		106,997
Host Hotels & Resorts LP, 3.5%, 9/15/30			100,000		103,195
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (B), 2.487%, 8/15/36			200,000		195,508
Iron Mountain, Inc. (A), 4.5%, 2/15/31			50,000		50,500
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31			125,000		122,773
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (B), 4%, 4/1/25			250,000		250,000
JPMorgan Chase & Co. (SOFR + 0.695%) (B), 1.04%, 2/4/27			200,000		194,306
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50			125,000		133,644
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60			25,000		28,282
Markel Corp. (5 year CMT + 5.662%) (B), 6%, 6/1/25			100,000		110,000
Morgan Stanley, 3.875%, 1/27/26			100,000		109,175
Morgan Stanley, (SOFR + 0.879%) (B), 1.593%, 5/4/27			100,000		99,082
Morgan Stanley, (SOFR + 1.020%) (B), 1.928%, 4/28/32			250,000		238,184
NASDAQ, Inc. (D), 1.65%, 1/15/31			250,000		233,770
Omega Healthcare Investors, Inc., 3.375%, 2/1/31			100,000		101,518
PNC Financial Services Group, Inc., 3.45%, 4/23/29			300,000		330,147
Prudential Financial, Inc. (5 year CMT + 3.035%) (B), 3.7%, 10/1/50			125,000		128,979
STORE Capital Corp., 4.5%, 3/15/28	��		100,000		112,168
Synchrony Financial, 3.7%, 8/4/26			150,000		161,221
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50			100,000		105,825
Truist Bank, 2.25%, 3/11/30			50,000		50,036
Truist Financial Corp., 2.85%, 10/26/24			200,000		210,618
Truist Financial Corp., (SOFR + 0.609%) (B), 1.267%, 3/2/27			200,000		197,133
UBS Group AG (5 year CMT + 3.313%) (A) (B) (E), 4.375%, 2/10/31			200,000		198,650
Wells Fargo & Co. (5 year CMT + 3.453%) (B), 3.9%, 3/15/26			100,000		101,875
Wells Fargo & Co., (SOFR + 2.100%) (B), 2.393%, 6/2/28			100,000		101,654
Welltower, Inc., 2.05%, 1/15/29			100,000		98,458
					6,904,945
Health Care - 1.2%
Anthem, Inc., 2.375%, 1/15/25			50,000		51,761
Centene Corp., 2.45%, 7/15/28			150,000		149,491
Cigna Corp., 4.375%, 10/15/28			50,000		57,341
CVS Health Corp., 5.125%, 7/20/45			250,000		328,614
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30			50,000		49,759
PerkinElmer, Inc., 0.55%, 9/15/23			250,000		249,226
Royalty Pharma PLC (E), 2.2%, 9/2/30			250,000		242,074
Royalty Pharma PLC (E), 3.55%, 9/2/50			250,000		248,156
STERIS Irish FinCo UnLtd Co. (E), 3.75%, 3/15/51			150,000		164,560
UnitedHealth Group, Inc., 3.7%, 8/15/49			50,000		57,825
Viatris, Inc., 2.7%, 6/22/30			125,000		124,972
Zoetis, Inc., 3%, 9/12/27			350,000		373,783
Zoetis, Inc., 3%, 5/15/50			100,000		104,771
					2,202,333
Industrials - 1.0%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31			125,000		123,009
Boeing Co., 2.196%, 2/4/26			100,000		100,254
Boeing Co., 3.625%, 2/1/31			125,000		133,185
Boeing Co., 5.805%, 5/1/50			50,000		68,513
Martin Marietta Materials, Inc., 3.2%, 7/15/51			200,000		204,850
Otis Worldwide Corp., 2.565%, 2/15/30			125,000		127,550
Quanta Services, Inc., 2.9%, 10/1/30			150,000		155,022
Square, Inc. (A), 2.75%, 6/1/26			100,000		101,100
SYNNEX Corp. (A), 2.65%, 8/9/31			50,000		48,560
Textron, Inc., 2.45%, 3/15/31			100,000		99,554
TransDigm, Inc. (A), 6.25%, 3/15/26			75,000		78,375
Vulcan Materials Co., 3.5%, 6/1/30			100,000		109,143
WRKCo, Inc., 3.9%, 6/1/28			250,000		277,078
Xylem, Inc., 2.25%, 1/30/31			150,000		150,012
					1,776,205
Information Technology - 0.8%
Broadcom, Inc., 4.15%, 11/15/30			190,000		208,862
Broadcom, Inc. (A), 3.187%, 11/15/36			10,000		9,843
Citrix Systems, Inc., 4.5%, 12/1/27			55,000		59,606
Dell International LLC / EMC Corp., 8.35%, 7/15/46			75,000		124,524
HP, Inc. (A), 2.65%, 6/17/31			200,000		196,963
Intel Corp., 3.734%, 12/8/47			272,000		307,357
Intuit, Inc., 1.65%, 7/15/30			125,000		121,452
Micron Technology, Inc., 2.497%, 4/24/23			100,000		102,755
Oracle Corp., 3.95%, 3/25/51			150,000		162,451
salesforce.com, Inc., 2.9%, 7/15/51			100,000		102,765
					1,396,578
Materials - 0.3%
DuPont de Nemours, Inc., 4.725%, 11/15/28			180,000		210,557
EI du Pont de Nemours and Co., 1.7%, 7/15/25			50,000		50,671
International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27			250,000		246,747
					507,975
Utilities - 0.3%
AES Corp., 1.375%, 1/15/26			250,000		244,592
Berkshire Hathaway Energy Co., 1.65%, 5/15/31			125,000		118,854
Interstate Power & Light Co., 3.5%, 9/30/49			100,000		111,587
Wisconsin Electric Power Co., 1.7%, 6/15/28			100,000		98,730
					573,763

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Diversified Income Fund Portfolio of Investments - continued

	Par Value		Value (Note 2,3)
CORPORATE NOTES AND BONDS - continued
Utilities - continued
Total Corporate Notes and Bonds
(Cost $21,253,686)				22,635,870
LONG TERM MUNICIPAL BONDS - 0.4%
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31		325,000		415,318
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39		35,000		35,131
Washington County Hillsboro School District #1J, General Obligation, 4.355%, 6/30/34		200,000		218,350

Total Long Term Municipal Bonds
(Cost $638,782)				668,799
MORTGAGE BACKED SECURITIES - 3.8%
Fannie Mae - 2.2%
3%, 9/1/30 Pool # 890696		91,317		96,530
3%, 12/1/30 Pool # AL8924		146,768		154,397
7%, 11/1/31 Pool # 607515		4,373		4,873
3.5%, 12/1/31 Pool # MA0919		227,381		241,387
7%, 5/1/32 Pool # 644591		704		731
3.5%, 8/1/32 Pool # MA3098		66,201		70,553
3.5%, 9/1/32 Pool # MA3126		56,986		60,733
5.5%, 10/1/33 Pool # 254904		25,675		29,664
7%, 7/1/34 Pool # 792636		4,201		4,377
4%, 2/1/35 Pool # MA2177		151,348		165,600
5%, 8/1/35 Pool # 829670		23,067		26,320
5%, 9/1/35 Pool # 820347		31,102		35,590
5%, 9/1/35 Pool # 835699		27,641		31,091
3%, 12/1/35 Pool # AS6267		111,725		118,878
5%, 12/1/35 Pool # 850561		8,262		9,439
4%, 6/1/36 Pool # AL8618		111,339		121,649
5.5%, 9/1/36 Pool # 831820		42,203		48,690
5.5%, 10/1/36 Pool # 901723		10,995		12,490
5.5%, 12/1/36 Pool # 903059		34,859		39,607
3%, 11/1/39 Pool # MA3831		75,623		78,962
2.5%, 5/1/41 Pool # MA4334		240,686		248,307
4.5%, 7/1/41 Pool # AB3274		73,329		81,702
5.5%, 7/1/41 Pool # AL6588		75,623		87,941
3.5%, 6/1/42 Pool # AO4134		131,715		142,945
4%, 6/1/42 Pool # MA1087		85,343		94,022
3.5%, 8/1/42 Pool # AO8100		46,812		50,781
3.5%, 8/1/42 Pool # AP2133		82,257		88,922
4%, 10/1/42 Pool # AP7363		159,717		176,474
3%, 2/1/43 Pool # AB8486		132,493		140,470
3%, 2/1/43 Pool # AB8563		83,333		88,680
3%, 2/1/43 Pool # AL3072		167,784		178,749
3%, 3/1/43 Pool # AB8818		127,554		135,743
3.5%, 3/1/43 Pool # AT0310		79,956		86,770
4%, 1/1/45 Pool # MA2145		138,362		151,081
4%, 1/1/45 Pool # AS4257		45,561		50,174
4.5%, 2/1/45 Pool # MA2193		77,289		84,697
3.5%, 12/1/45 Pool # AS6309		61,812		66,325
3%, 1/1/47 Pool # BE0108		139,410		148,264
2.5%, 12/1/47 Pool # FM3165		287,984		296,760
3.5%, 12/1/47 Pool # MA3210		153,898		163,598
4%, 7/1/48 Pool # MA3415		42,700		45,669
				3,959,635
Freddie Mac - 1.6%
4.5%, 2/1/25 Pool # J11722		8,789		9,192
4.5%, 5/1/25 Pool # J12247		8,085		8,489
8%, 6/1/30 Pool # C01005		634		739
6.5%, 1/1/32 Pool # C62333		25,190		28,341
2.5%, 2/1/32 Pool # ZS8641		201,123		209,927
2.5%, 6/1/35 Pool # RC1421		148,154		154,125
4.5%, 8/1/39 Pool # G08361		109,256		121,766
3.5%, 11/1/40 Pool # G06168		105,657		114,216
2%, 3/1/41 Pool # RB5105		468,469		476,772
4.5%, 9/1/41 Pool # Q03516		66,550		74,432
4%, 10/1/41 Pool # Q04092		91,454		100,772
3%, 8/1/42 Pool # G08502		89,569		95,393
3%, 9/1/42 Pool # C04233		58,932		62,747
3%, 4/1/43 Pool # V80025		157,258		167,450
3%, 4/1/43 Pool # V80026		153,582		163,515
3.5%, 8/1/44 Pool # Q27927		200,828		216,586
3%, 7/1/45 Pool # G08653		130,782		138,113
3.5%, 8/1/45 Pool # Q35614		147,542		158,715
3%, 10/1/46 Pool # G60722		137,843		146,279
4%, 3/1/47 Pool # Q46801		69,633		75,113
3.5%, 12/1/47 Pool # Q52955		184,368		196,132
2.5%, 4/1/48 Pool # QA2240		236,449		243,788
				2,962,602
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		6,665		7,519
6.5%, 4/20/31 Pool # 3068		3,906		4,488
				12,007

Total Mortgage Backed Securities
(Cost $6,700,272)				6,934,244
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.1%
U.S. Treasury Bonds - 2.3%
6.625%, 2/15/27		700,000		893,949
2.250%, 5/15/41		250,000		260,469
3.750%, 8/15/41		400,000		517,672
3.000%, 5/15/42		550,000		644,467
2.500%, 2/15/45		500,000		547,109
2.500%, 5/15/46		200,000		220,375
3.000%, 2/15/48		250,000		304,180
1.250%, 5/15/50		500,000		422,012
1.875%, 2/15/51		500,000		491,172
				4,301,405
U.S. Treasury Notes - 6.8%
1.375%, 9/30/23		1,000,000		1,016,914
2.250%, 12/31/24		250,000		261,211
2.000%, 8/15/25		2,500,000		2,595,117
2.250%, 11/15/25		2,500,000		2,620,606
0.375%, 1/31/26		1,000,000		970,039
1.500%, 8/15/26		2,000,000		2,030,703
0.375%, 9/30/27		1,000,000		945,586
2.875%, 5/15/28		750,000		818,994
0.625%, 8/15/30		1,250,000		1,159,033
				12,418,203

Total U.S. Government and Agency Obligations
(Cost $16,457,106)				16,719,608

SHORT-TERM INVESTMENTS - 2.1%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (F)		3,622,134		3,622,134
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (F) (G)		355,058		355,058

Total Short-Term Investments
(Cost $3,977,192)				3,977,192

TOTAL INVESTMENTS - 100.0% (Cost $140,502,297**)				184,254,933
NET OTHER ASSETS AND LIABILITIES - 0.0%				(24,574	)
TOTAL NET ASSETS - 100.0%			$	184,230,359

**		Aggregate cost for Federal tax purposes was $140,667,422.
(A)		Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(B)		Floating rate or variable rate note. Rate shown is as of October 31, 2021.
(C)		Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(D)		All or a portion of these securities, with an aggregate fair value of $347,764, are on loan as part of a securities lending program. See footnote (G) and Note 11 for details on the securities lending program.
(E)		Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.8% of total net assets.
(F)		7-day yield.
(G)		Represents investments of cash collateral received in connection with securities lending.
CMT		Constant Maturity Treasury.
DAC		Designated Activity Company.
FHLMC		Federal Home Loan Mortgage Corp or Freddie Mac.
FREMF		Freddie Mac Multifamily.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
LLC		Limited Liability Company.
LP		Limited Partnership.
PLC		Public Limited Company.
REIT		Real Estate Investment Trust.
REMIC		Real Estate Mortgage Investment Conduit.
SOFR		Secured Overnight Financing Rate.
SOFR30A		30-day SOFR Average.
STACR		Structured Agency Credit Risk.
USD		United States Dollar.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Covered Call & Equity Income Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 72.3%
Communication Services - 9.0%
Comcast Corp., Class A (A)		62,500	$	3,214,375
Lumen Technologies, Inc.		189,000		2,241,540
T-Mobile U.S., Inc. *		23,500		2,703,205
				8,159,120
Consumer Discretionary - 7.5%
Las Vegas Sands Corp. * (A)		69,500		2,697,295
Nordstrom, Inc. * (A)		53,000		1,522,690
TJX Cos., Inc. (A)		39,500		2,586,855
				6,806,840
Consumer Staples - 6.1%
Archer-Daniels-Midland Co. (A)		15,000		963,600
Constellation Brands, Inc., Class A (A)		10,500		2,276,505
JM Smucker Co. (A)		18,700		2,297,482
				5,537,587
Energy - 13.3%
APA Corp. (A)		52,600		1,378,646
Baker Hughes Co.		96,300		2,415,204
EOG Resources, Inc. (A)		27,000		2,496,420
Range Resources Corp. * (A)		202,200		4,715,304
Transocean Ltd. *		295,000		1,041,350
				12,046,924
Financials - 1.5%
Aflac, Inc. (A)		25,000		1,341,750

Health Care - 14.6%
Abbott Laboratories (A)		12,000		1,546,680
Baxter International, Inc. (A)		37,500		2,961,000
CVS Health Corp. (A)		48,200		4,303,296
Gilead Sciences, Inc. (A)		38,500		2,497,880
Stryker Corp. (A)		7,200		1,915,704
				13,224,560
Industrials - 3.5%
3M Co. (A)		7,000		1,250,760
FedEx Corp. (A)		4,000		942,120
Jacobs Engineering Group, Inc. (A)		7,000		982,940
				3,175,820
Information Technology - 8.9%
Fiserv, Inc. * (A)		35,000		3,447,150
PayPal Holdings, Inc. * (A)		12,700		2,953,893
Visa, Inc., Class A (A)		8,000		1,694,160
				8,095,203
Materials - 4.1%
Barrick Gold Corp.		131,000		2,406,470
Newmont Corp. (A)		25,000		1,350,000
				3,756,470
Utilities - 3.8%
AES Corp. (A)		96,000		2,412,480
NextEra Energy, Inc. (A)		12,000		1,023,960
				3,436,440
Total Common Stocks (Cost $78,166,463)				65,580,714
EXCHANGE TRADED FUNDS - 1.8%
Stock Funds - 1.8%
VanEck Gold Miners ETF (A)		49,800		1,579,158
Total Exchange Traded Funds (Cost $1,945,372)				1,579,158
SHORT-TERM INVESTMENTS - 34.4%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (B)		31,200,172		31,200,172

Total Short-Term Investments (Cost $31,200,172)				31,200,172

TOTAL INVESTMENTS - 108.5% (Cost $111,312,007**)				98,360,044
NET OTHER ASSETS AND LIABILITIES - (6.3%)				(5,676,936	)

TOTAL CALL OPTIONS WRITTEN - (2.2%)				(2,009,555	)
TOTAL NET ASSETS - 100.0%			$	90,673,553

*		Non-income producing.
**		Aggregate cost for Federal tax purposes was $111,937,113.
(A)		All or a portion of these securities’ positions, with a value of $56,352,103, represent covers (directly or through conversion rights) for outstanding options written.
(B)		7-day yield.
ETF		Exchange Traded Fund.

Written Option Contracts Outstanding at October 31, 2021

Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Fair Value			Premiums (Received)			Unrealized Appreciation (Depreciation)
Call Options Written
3M Co.	$	190.00	12/17/21		(70	)	$	(1,330,000	)	$	(5,110	)	$	(16,028	)	$	10,918
Abbott Laboratories		120.00	12/17/21		(120	)		(1,440,000	)		(120,300	)		(29,844	)		(90,456	)
AES Corp.		25.00	01/21/22		(960	)		(2,400,000	)		(127,200	)		(87,885	)		(39,315	)
Aflac, Inc.		55.00	12/17/21		(27	)		(148,500	)		(2,362	)		(3,077	)		715
APA Corp.		28.50	11/19/21		(263	)		(749,550	)		(14,596	)		(22,583	)		7,987
Archer-Daniels-Midland Co.		65.00	01/21/22		(150	)		(975,000	)		(31,875	)		(19,971	)		(11,904	)
Baxter International, Inc.		80.00	11/19/21		(155	)		(1,240,000	)		(13,950	)		(22,315	)		8,365
Baxter International, Inc.		82.50	12/17/21		(48	)		(396,000	)		(4,320	)		(5,859	)		1,539
Baxter International, Inc.		85.00	01/21/22		(172	)		(1,462,000	)		(15,050	)		(40,242	)		25,192
Comcast Corp.		57.50	12/17/21		(230	)		(1,322,500	)		(5,060	)		(20,550	)		15,490
Comcast Corp.		57.50	01/21/22		(235	)		(1,351,250	)		(12,807	)		(29,823	)		17,016
Constellation Brands, Inc.		225.00	12/17/21		(105	)		(2,362,500	)		(26,775	)		(32,983	)		6,208
CVS Health Corp.		90.00	01/21/22		(482	)		(4,338,000	)		(175,930	)		(96,750	)		(79,180	)
EOG Resources, Inc.		100.00	12/17/21		(270	)		(2,700,000	)		(67,095	)		(79,446	)		12,351
FedEx Corp.		250.00	11/19/21		(40	)		(1,000,000	)		(3,880	)		(13,989	)		10,109
Fiserv, Inc.		105.00	12/17/21		(175	)		(1,837,500	)		(25,288	)		(23,308	)		(1,980	)
Gilead Sciences, Inc.		70.00	12/17/21		(177	)		(1,239,000	)		(9,204	)		(22,843	)		13,639
Gilead Sciences, Inc.		72.50	01/21/22		(208	)		(1,508,000	)		(14,040	)		(28,907	)		14,867
Jacobs Engineering Group, Inc.		150.00	12/17/21		(70	)		(1,050,000	)		(13,125	)		(11,828	)		(1,297	)
JM Smucker Co.		130.00	01/21/22		(187	)		(2,431,000	)		(39,738	)		(50,505	)		10,767
Las Vegas Sands Corp.		40.00	11/19/21		(350	)		(1,400,000	)		(36,400	)		(59,138	)		22,738
Las Vegas Sands Corp.		45.00	12/17/21		(345	)		(1,552,500	)		(19,665	)		(23,777	)		4,112
Newmont Corp.		57.50	01/21/22		(179	)		(1,029,250	)		(24,344	)		(30,318	)		5,974
NextEra Energy, Inc.		80.00	12/17/21		(120	)		(960,000	)		(70,800	)		(27,476	)		(43,324	)
Nordstrom, Inc.		32.50	12/17/21		(100	)		(325,000	)		(10,200	)		(11,423	)		1,223
Nordstrom, Inc.		32.50	01/21/22		(430	)		(1,397,500	)		(64,930	)		(81,475	)		16,545
PayPal Holdings, Inc.		250.00	12/17/21		(127	)		(3,175,000	)		(70,485	)		(76,072	)		5,587
Range Resources Corp.		20.00	12/17/21		(1,011	)		(2,022,000	)		(422,093	)		(176,464	)		(245,629	)
Range Resources Corp.		20.00	1/21/22		(1,011	)		(2,022,000	)		(477,698	)		(173,495	)		(304,203	)
Stryker Corp.		280.00	11/19/21		(40	)		(1,120,000	)		(5,100	)		(7,450	)		2,350
Stryker Corp.		280.00	1/21/22		(32	)		(896,000	)		(17,920	)		(15,007	)		(2,913	)
TJX Cos., Inc.		67.50	11/19/21		(195	)		(1,316,250	)		(18,135	)		(16,511	)		(1,624	)
TJX Cos., Inc.		67.50	12/17/21		(200	)		(1,350,000	)		(29,000	)		(24,573	)		(4,427	)
VanEck Gold Miners ETF		33.00	11/19/21		(250	)		(825,000	)		(9,250	)		(10,992	)		1,742
VanEck Gold Miners ETF		35.00	1/21/22		(65	)		(227,500	)		(4,030	)		(4,159	)		129
Visa, Inc.		240.00	11/19/21		(80	)		(1,920,000	)		(1,800	)		(16,043	)		14,243
Total Options Written, at Value										$	(2,009,555	)	$	(1,413,109	)	$	(596,446	)

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Dividend Income Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 98.5%
Communication Services - 6.2%
Comcast Corp., Class A		213,400	$	10,975,162
Verizon Communications, Inc.		169,700		8,992,403
				19,967,565
Consumer Discretionary - 9.0%
Home Depot, Inc.		34,400		12,787,856
McDonald’s Corp.		44,500		10,926,975
Starbucks Corp.		51,300		5,441,391
				29,156,222
Consumer Staples - 10.2%
Archer-Daniels-Midland Co.		76,200		4,895,088
Coca-Cola Co.		87,400		4,926,738
Colgate-Palmolive Co.		53,100		4,045,689
Hershey Co.		20,400		3,577,140
PepsiCo, Inc.		54,800		8,855,680
Procter & Gamble Co.		46,600		6,663,334
				32,963,669
Energy - 4.5%
Baker Hughes Co.		304,400		7,634,352
EOG Resources, Inc.		74,700		6,906,762
				14,541,114
Financials - 19.0%
Aflac, Inc.		113,300		6,080,811
BlackRock, Inc.		12,600		11,887,596
CME Group, Inc.		30,000		6,616,500
JPMorgan Chase & Co.		59,400		10,091,466
Northern Trust Corp.		87,000		10,704,480
Travelers Cos., Inc.		66,600		10,714,608
U.S. Bancorp		88,000		5,312,560
				61,408,021
Health Care - 16.3%
AmerisourceBergen Corp.		41,300		5,039,426
Bristol-Myers Squibb Co.		182,500		10,658,000
CVS Health Corp.		110,300		9,847,584
Johnson & Johnson		65,400		10,652,352
Medtronic PLC		55,300		6,628,258
Pfizer, Inc.		224,600		9,824,004
				52,649,624
Industrials - 9.9%
3M Co.		36,500		6,521,820
Emerson Electric Co.		59,100		5,733,291
Fastenal Co.		124,700		7,117,876
Honeywell International, Inc.		14,800		3,235,576
PACCAR, Inc.		37,500		3,360,750
Union Pacific Corp.		24,600		5,938,440
				31,907,753
Information Technology - 14.0%
Analog Devices, Inc.		40,000		6,939,600
Automatic Data Processing, Inc.		19,500		4,377,555
Cisco Systems, Inc.		203,500		11,389,895
Oracle Corp.		59,000		5,660,460
Paychex, Inc.		58,600		7,224,208
Texas Instruments, Inc.		51,300		9,617,724
				45,209,442
Materials - 4.9%
Linde PLC		18,200		5,809,440
Nucor Corp.		91,300		10,193,645
				16,003,085
Real Estate - 2.2%
American Tower Corp., REIT		24,700		6,964,659

Utilities - 2.3%
Dominion Energy, Inc.		99,400		7,547,442

Total Common Stocks (Cost $235,102,887)				318,318,596
SHORT-TERM INVESTMENTS - 1.4%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A)		4,563,775		4,563,775

Total Short-Term Investments (Cost $4,563,775)				4,563,775

TOTAL INVESTMENTS - 99.9% (Cost $239,666,662**)				322,882,371
NET OTHER ASSETS AND LIABILITIES - 0.1%				335,710
TOTAL NET ASSETS - 100.0%			$	323,218,081

**		Aggregate cost for Federal tax purposes was $240,010,912.
(A)		7-day yield.
PLC		Public Limited Company.
REIT		Real Estate Investment Trust.

Madison Investors Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 95.0%
Communication Services - 10.0%
Alphabet Inc., Class C *		7,709	$	22,860,346
Liberty Broadband Corp., Class C *		110,720		17,986,464
				40,846,810
Consumer Discretionary - 13.0%
Amazon.com, Inc. *		2,366		7,979,169
Dollar Tree, Inc. *		120,049		12,936,480
Lowe’s Cos., Inc.		84,610		19,783,510
TJX Cos., Inc.		193,285		12,658,235
				53,357,394
Financials - 21.8%
Arch Capital Group Ltd. *		305,220		12,764,300
Berkshire Hathaway Inc., Class B *		48,742		13,989,441
Brookfield Asset Management, Inc., Class A		284,704		17,193,275
Marsh & McLennan Cos., Inc.		88,952		14,837,194
Progressive Corp.		162,309		15,399,878
US Bancorp		248,190		14,983,230
				89,167,318
Health Care - 13.3%
Alcon, Inc.		159,808		13,321,595
Becton Dickinson and Co.		71,140		17,044,432
Danaher Corp.		36,869		11,494,648
Novartis AG, ADR		154,909		12,820,269
				54,680,944
Industrials - 13.2%
Copart, Inc. *		80,776		12,543,705
Jacobs Engineering Group, Inc.		113,000		15,867,460
PACCAR, Inc.		196,913		17,647,343
Parker-Hannifin Corp.		27,652		8,201,307
				54,259,815
Information Technology - 18.5%
Accenture PLC, Class A		34,276		12,297,886
Adobe, Inc. *		13,163		8,560,689
Analog Devices, Inc.		80,561		13,976,528
Fiserv, Inc. *		158,518		15,612,438
TE Connectivity Ltd.		84,744		12,372,624
Visa, Inc., Class A		60,955		12,908,440
				75,728,605
Materials - 5.2%
Linde PLC		25,688		8,199,610
PPG Industries, Inc.		80,334		12,899,230
				21,098,840

Total Common Stocks
(Cost $227,965,743)				389,139,726

SHORT-TERM INVESTMENTS - 4.9%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A)		20,236,146		20,236,146
Total Short-Term Investments (Cost $20,236,146)				20,236,146

TOTAL INVESTMENTS - 99.9% (Cost $248,201,889**)				409,375,872
NET OTHER ASSETS AND LIABILITIES - 0.1%				253,267
TOTAL NET ASSETS - 100.0%			$	409,629,139

*		Non-income producing.
**		Aggregate cost for Federal tax purposes was $248,875,148.
(A)		7-day yield.
ADR		American Depositary Receipt.
PLC		Public Limited Company.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison Mid Cap Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 96.8%
Communication Service - 5.7%
Liberty Broadband Corp., Class C *		255,569	$	41,517,184

Consumer Discretionary - 12.5%
CarMax, Inc. *		214,535		29,374,132
Dollar Tree, Inc. *		322,703		34,774,476
Ollie’s Bargain Outlet Holdings, Inc. *		128,765		8,712,240
Ross Stores, Inc.		169,831		19,224,869
				92,085,717
Consumer Staples - 1.0%
Brown-Forman Corp., Class B		102,624		6,967,143

Financials - 30.6%
Capital Markets - 4.9%
Brookfield Asset Management, Inc., Class A		402,729		24,320,804
Moelis & Co., Class A		155,463		11,308,379
				35,629,183
Commercial Banks - 1.8%
Glacier Bancorp, Inc.		239,337		13,232,943

Diversified Financial Services - 3.7%
Cannae Holdings, Inc. *		790,394		26,952,435

Insurance - 20.2%
Arch Capital Group Ltd. *		981,868		41,061,720
Brown & Brown, Inc.		495,349		31,261,475
Markel Corp. *		25,773		33,843,299
Progressive Corp.		263,949		25,043,481
W R Berkley Corp.		218,716		17,409,794
				148,619,769

				224,434,330
Health Care - 4.2%
Laboratory Corp. of America Holdings *		108,175		31,048,389

Industrials - 21.9%
Armstrong World Industries, Inc.		134,942		14,256,622
Carlisle Cos., Inc.		150,158		33,473,221
Clarivate PLC *		1,016,716		23,841,990
Copart, Inc. *		189,185		29,378,539
Expeditors International of Washington, Inc.		124,618		15,360,415
IHS Markit Ltd.		163,561		21,380,694
PACCAR, Inc.		255,150		22,866,543
				160,558,024
Information Technology - 20.9%
Amphenol Corp., Class A		283,303		21,749,172
Arista Networks, Inc. *		73,348		30,049,942
Black Knight, Inc. *		206,056		14,446,586
CDW Corp.		136,248		25,430,689
Gartner, Inc. *		123,544		41,005,489
Vontier Corp.		615,071		20,807,852
				153,489,730
Total Common Stocks (Cost $374,426,150)				710,100,517
SHORT-TERM INVESTMENTS - 3.7%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (A)		27,551,318		27,551,318
Total Short-Term Investments (Cost $27,551,318)				27,551,318

TOTAL INVESTMENTS - 100.5% (Cost $401,977,468**)				737,651,835
NET OTHER ASSETS AND LIABILITIES - (0.5%)				(3,842,031	)
TOTAL NET ASSETS - 100.0%			$	733,809,804

*		Non-income producing.
**		Aggregate cost for Federal tax purposes was $402,676,476.
(A)		7-day yield.
PLC		Public Limited Company.

Madison Small Cap Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 93.0%
Communication Services - 6.1%
Cogent Communications Holdings, Inc.		52,552	$	4,024,958
Gogo, Inc. * (A)		283,517		4,609,986
Magnite, Inc. *		180,518		4,879,402
Radius Global Infrastructure, Inc., Class A * (A)		208,628		3,615,523
				17,129,869
Consumer Discretionary - 4.0%
Bed Bath & Beyond, Inc. *		93,008		1,305,832
Casper Sleep, Inc. *		137,087		498,997
OneSpaWorld Holdings Ltd. *		306,501		3,310,211
Revolve Group, Inc. *		44,540		3,342,282
Shake Shack, Inc., Class A *		39,737		2,748,608
				11,205,930
Consumer Staples - 9.3%
Edgewell Personal Care Co.		118,308		4,139,597
Hain Celestial Group, Inc. *		245,305		11,006,835
Primo Water Corp.		310,564		4,937,968
Simply Good Foods Co. *		152,403		6,042,779
				26,127,179
Financials - 11.0%
Arch Capital Group Ltd. *		111,870		4,678,403
Axis Capital Holdings Ltd.		99,049		5,157,481
MGIC Investment Corp.		300,046		4,848,743
PacWest Bancorp		152,391		7,234,001
Veritex Holdings, Inc.		81,728		3,346,762
Western Alliance Bancorp		47,974		5,569,302
				30,834,692
Health Care - 10.8%
Castle Biosciences, Inc. *		53,433		3,331,547
Covetrus, Inc. *		221,992		4,482,018
Encompass Health Corp.		101,402		6,445,111
Globus Medical, Inc., Class A *		49,250		3,800,622
Owens & Minor, Inc.		156,728		5,623,401
PetIQ, Inc. * (A)		135,553		3,395,603
Supernus Pharmaceuticals, Inc. *		105,156		3,138,907
				30,217,209
Industrials - 22.7%
Armstrong World Industries, Inc.		42,753		4,516,855
Beacon Roofing Supply, Inc. *		93,886		4,963,753
Carlisle Cos., Inc.		17,934		3,997,847
Crane Co.		53,970		5,574,022
EnerSys		48,398		3,873,776
GXO Logistics, Inc. *		43,504		3,863,155
Healthcare Services Group, Inc.		60,141		1,154,106
Hillman Solutions Corp. *		126,033		1,382,582
Hydrofarm Holdings Group, Inc. *		97,520		3,215,234
Insperity, Inc.		23,836		2,979,500
Kennametal, Inc.		87,895		3,493,826
Knight-Swift Transportation Holdings, Inc.		74,262		4,209,913
Mercury Systems, Inc. *		27,752		1,430,338
Robert Half International, Inc.		28,260		3,195,358
Stericycle, Inc. *		52,254		3,496,838
WillScot Mobile Mini Holdings Corp. *		261,007		9,069,993
Zurn Water Solutions Corp.		86,047		3,121,785
				63,538,881
Information Technology - 20.6%
Box, Inc., Class A *		249,964		6,456,570
Ciena Corp. *		67,065		3,640,959
CommVault Systems, Inc. *		102,703		6,316,234
Entegris, Inc.		56,829		8,000,387
FormFactor, Inc. *		75,950		3,021,291
LiveRamp Holdings, Inc. *		116,430		6,230,169
National Instruments Corp.		110,275		4,683,379
New Relic, Inc. *		48,773		3,958,417
Power Integrations, Inc.		44,723		4,615,861
PTC, Inc. *		45,372		5,778,124
Varonis Systems, Inc. *		79,701		5,159,843
				57,861,234
Materials - 8.5%
Chemours Co.		136,742		3,831,511
Huntsman Corp.		224,848		7,325,548
Olin Corp.		75,082		4,278,172
Scotts Miracle-Gro Co.		25,651		3,808,148
Summit Materials, Inc., Class A *		130,354		4,647,120
				23,890,499

Total Common Stocks (Cost $176,021,232)				260,805,493
SHORT-TERM INVESTMENTS - 7.9%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (B)		20,898,256		20,898,256
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (B) (C)		1,175,091		1,175,091
Total Short-Term Investments (Cost $22,073,347)				22,073,347

TOTAL INVESTMENTS - 100.9% (Cost $198,094,579**)				282,878,840
NET OTHER ASSETS AND LIABILITIES - (0.9%)				(2,538,355	)
TOTAL NET ASSETS - 100.0%			$	280,340,485

*		Non-income producing.
**		Aggregate cost for Federal tax purposes was $198,532,201.
(A)		All or a portion of these securities, with an aggregate fair value of $8,305,768, are on loan as part of a securities lending program. See footnote (C) and Note 11 for details on the securities lending program.
(B)		7-day yield.
(C)		Represents investments of cash collateral received in connection with securities lending.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Madison International Stock Fund Portfolio of Investments

	Shares		Value (Note 2,3)
COMMON STOCKS - 98.8%
Australia - 3.7%
Macquarie Group Ltd. (A)		1,874	$	280,741
Treasury Wine Estates Ltd. (A)		42,969		373,152
				653,893
Brazil - 3.0%
Itau Unibanco Holding SA, ADR		37,105		151,017
Pagseguro Digital Ltd., Class A *		5,737		207,679
XP, Inc., ‘A’ *		5,291		173,598
				532,294
Canada - 5.1%
Cameco Corp.		14,163		344,161
Canadian Pacific Railway Ltd.		2,845		220,203
Manulife Financial Corp.		17,176		334,760
				899,124
China - 7.1%
Alibaba Group Holding Ltd., ADR *		2,794		460,842
Ping An Insurance Group Co. of China Ltd., Class H (A)		42,430		305,540
Tencent Holdings Ltd. (A)		7,740		480,548
				1,246,930
Denmark - 1.4%
Genmab AS * (A)		538		242,196

France - 7.5%
Air Liquide SA (A)		1,485		248,224
Airbus SE * (A)		3,047		390,645
EssilorLuxottica SA (A)		1,124		232,646
Hermes International (A)		139		220,765
LVMH Moet Hennessy Louis Vuitton SE (A)		283		221,864
				1,314,144
Germany - 7.5%
adidas AG (A)		771		252,500
KION Group AG (A)		2,756		300,794
SAP SE, ADR		1,373		198,783
Siemens AG (A)		2,279		369,432
Symrise AG (A)		1,455		201,162
				1,322,671
Hong Kong - 1.4%
AIA Group Ltd. (A)		22,044		249,116

India - 7.0%
HDFC Bank Ltd., ADR		5,532		397,806
Infosys Ltd., ADR		10,336		230,286
Larsen & Toubro Ltd., GDR (A)		24,458		597,459
				1,225,551

Ireland - 2.5%
Kerry Group PLC, Class A (A)		1,516		203,811
Ryanair Holdings PLC, ADR *		2,065		234,398
				438,209
Israel - 1.8%
CyberArk Software Ltd. *		1,799		324,018

Italy - 1.6%
Ferrari NV		1,172		277,963

Japan - 14.9%
CyberAgent, Inc. (A)		11,484		191,951
Disco Corp. (A)		705		189,935
Keyence Corp. (A)		367		221,305
Murata Manufacturing Co. Ltd. (A)		3,188		242,662
Nidec Corp. (A)		1,800		199,079
Seven & I Holdings Co. Ltd. (A)		7,200		302,110
Shiseido Co. Ltd. (A)		2,900		193,175
Sony Group Corp. (A)		3,646		421,414
Toray Industries, Inc. (A)		56,579		353,050
Toyota Motor Corp. (A)		17,500		307,935
				2,622,616
Mexico - 3.5%
Grupo Mexico SAB de CV, Series B		78,449		343,776
Wal-Mart de Mexico SAB de CV, ADR (B)		7,707		269,283
				613,059
Netherlands - 4.3%
ASML Holding NV		510		414,569
NXP Semiconductors NV		1,723		346,082
				760,651
Singapore - 1.6%
DBS Group Holdings Ltd. (A)		11,900		277,300

South Korea - 1.0%
LG Household & Health Care Ltd. (A)		171		171,654

Spain - 1.4%
Grifols SA (A)		11,199		256,393

Sweden - 1.8%
Telefonaktiebolaget LM Ericsson, Class B (A)		28,959		317,144

Switzerland - 7.6%
Credit Suisse Group AG (A)		40,675		424,341
Nestle SA (A)		1,936		255,727
Novartis AG (A)		3,417		282,775
Partners Group Holding AG (A)		106		185,378
Sika AG (A)		545		184,926
				1,333,147
Taiwan - 1.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,706		307,672

United Kingdom - 11.4%
AstraZeneca PLC (A)		5,195		648,201
Diageo PLC (A)		5,138		255,785
London Stock Exchange Group PLC (A)		2,449		238,077
Prudential PLC (A)		22,306		456,664
Royal Dutch Shell PLC, Class B (A)		18,118		415,475
				2,014,202
Total Common Stocks (Cost $16,881,867)				17,399,947
		Par Value
CORPORATE NOTES AND BONDS - 0.1%
Guernsey - 0.1%
Credit Suisse Group Guernsey VII Ltd. (B) (C), 3%, 11/12/21	$	12,000		14,430

Total Corporate Notes and Bonds (Cost $13,214)				14,430
		Shares
SHORT-TERM INVESTMENTS - 0.9%
State Street Institutional U.S. Government Money Market Fund, 0.03%, Premier Class (D)		145,309		145,309
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (D) (E)		18,805		18,805

Total Short-Term Investments (Cost $164,114)				164,114
TOTAL INVESTMENTS - 99.8% (Cost $17,059,195**)				17,578,491
NET OTHER ASSETS AND LIABILITIES - 0.2%				32,165
TOTAL NET ASSETS - 100.0%			$	17,610,656

*		Non-income producing.
**		Aggregate cost for Federal tax purposes was $17,103,844.

(A)		Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2).
(B)		All or a portion of these securities, with an aggregate fair value of $18,216, are on loan as part of a securities lending program. See footnote (E) and Note 11 for details on the securities lending program.
(C)		Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”
(D)		7-day yield.
(E)		Represents investments of cash collateral received in connection with securities lending.
ADR		American Depositary Receipt.
GDR		Global Depositary Receipt.
PLC		Public Limited Company.

See accompanying Notes to Financial Statements.

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Madison Funds | October 31, 2021

Statements of Assets and Liabilities as of October 31, 2021

	Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Tax-Free Virginia Fund		Tax-Free National Fund		High Quality Bond Fund		Core Bond Fund
Assets:
Investments in unaffiliated securities, at fair value^†§	$	51,059,117	$	102,865,758	$	56,044,576	$	20,104,779	$	21,825,620	$	116,484,996	$	188,538,879
Investments in affiliated securities, at fair value^1‡		22,539,054		40,239,014		19,142,108		-		-		-		-
Cash		-		-		-		301,264		252,881		-		674,868
Receivables:
Fund shares sold		93,341		160,317		6,208		50		18,383		73,156		18,918
Dividends and Interest		42,186		45,781		13,123		230,674		253,397		515,752		1,081,798
Due from Adviser		-		-		-		-		-		10,124		-
Other assets		-		-		-		-		-		-		61
Total assets		73,733,698		143,310,870		75,206,015		20,636,767		22,350,281		117,084,028		190,314,524
Liabilities:
Payables:
Investments purchased		-		-		-		-		-		-		641,516
Fund shares repurchased		3,683		10,244		928		854		2,994		56,107		74,384
Upon return of securities loaned		4,998,440		8,624,019		7,701,918		-		-		1,292,080		798,413
Advisory agreement fees		11,613		22,758		11,340		8,764		7,582		30,373		62,495
Administrative services agreement fees		14,517		28,446		14,174		6,135		6,634		19,236		20,701
Distribution fees - Class B		1,670		4,260		2,241		-		-		-		326
Distribution fees - Class C		12,870		5,663		1,936		-		-		-		-
Shareholder service fees		14,482		28,227		14,080		-		-		-		9,274
Due to Custodian		1,644		3,213		1,591		-		-		4,141		-
Dividends		-		-		-		849		2,530		-		145,449
Total liabilities		5,058,919		8,726,830		7,748,208		16,602		19,740		1,401,937		1,752,558
Net Assets	$	68,674,779	$	134,584,040	$	67,457,807	$	20,620,165	$	22,330,541	$	115,682,091	$	188,561,966
Net Assets consist of:
Common Stock/Shares:
Paid-in capital	$	61,869,711	$	111,375,378	$	53,213,719	$	19,541,147	$	20,954,321	$	114,733,778	$	184,768,328
Accumulated distributable earnings (loss)		6,805,068		23,208,662		14,244,088		1,079,018		1,376,220		948,313		3,793,638
Net Assets	$	68,674,779	$	134,584,040	$	67,457,807	$	20,620,165	$	22,330,541	$	115,682,091	$	188,561,966
Class A Shares:
Net Assets	$	45,932,115	$	119,035,436	$	60,837,095							$	43,576,690
Shares of beneficial interest outstanding		4,129,903		9,742,677		4,770,429								4,171,666
Net Asset Value and redemption price per share	$	11.12	$	12.22	$	12.75							$	10.45
Sales charge of offering price²		0.68		0.75		0.78								0.49
Maximum offering price per share	$	11.80	$	12.97	$	13.53							$	10.94
Class B Shares:
Net Assets	$	2,588,451	$	6,699,383	$	3,538,925							$	510,281
Shares of beneficial interest outstanding		229,233		554,745		288,168								48,850
Net Asset Value and redemption price per share³	$	11.29	$	12.08	$	12.28							$	10.45
Class C Shares:
Net Assets	$	20,154,213	$	8,849,221	$	3,081,787
Shares of beneficial interest outstanding		1,783,492		731,870		250,695
Net Asset Value and redemption price per share³	$	11.30	$	12.09	$	12.29
Class Y Shares:
Net Assets							$	20,620,165	$	22,330,541	$	115,682,091	$	10,783,320
Shares of beneficial interest outstanding								1,760,914		2,034,513		10,377,912		1,037,968
Net Asset Value and redemption price per share³							$	11.71	$	10.98	$	11.15	$	10.39
Class I Shares:⁴
Net Assets													$	133,691,675
Shares of beneficial interest outstanding														12,906,045
Net Asset Value and redemption price per share³													$	10.36
^† Cost of Investments in unaffiliated securities	$	49,003,687	$	95,497,375	$	51,209,646	$	19,094,188	$	20,632,627	$	116,223,494	$	183,680,919
^‡ Cost of investments in affiliated securities¹	$	20,793,296	$	32,419,280	$	14,382,745	$	-	$	-	$	-	$	-
^§ Fair Value of securities on loan	$	5,250,266	$	8,689,609	$	7,609,245	$	-	$	-	$	1,264,028	$	782,255

See Note 14 for information on affiliated issuers.

Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds and 4.50% for the Core Bond Fund.

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

⁴

The Core Bond Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Assets and Liabilities as of October 31, 2021 - continued

	Diversified Income Fund		Covered Call & Equity Income Fund			Dividend Income Fund		Investors Fund		Mid Cap Fund		Small Cap Fund		International Stock Fund
Assets:
Investments in unaffiliated securities, at fair value^†§	$	184,254,933	$	98,360,044		$	322,882,371	$	409,375,872	$	737,651,835	$	282,878,840	$	17,578,491
Cash		148,978		-			-		-		-		-		-
Foreign currency (cost of $6,688) (Note 2)		-		-			-		-		-		-		6,496
Receivables:
Investments sold		-		92,578			-		-		-		1,346,153		-
Fund shares sold		23,662		140,613			177,868		161,026		1,590,778		87,151		1,080
Dividends and Interest		541,308		46,813			653,782		407,197		32,712		4,546		67,874
Other assets		49		-			5,122		84,208		-		-		52
Total assets		184,968,930		98,640,048			323,719,143		410,028,303		739,275,325		284,316,690		17,653,993
Liabilities:
Payables:
Investments purchased		171,071		5,839,658			-		-		-		2,479,403		-
Fund shares repurchased		22,177		27,374			239,636		80,460		4,890,879		60,885		105
Upon return of securities loaned		355,058		-			-		-		-		1,175,091		18,805
Advisory agreement fees		100,539		65,835			191,074		239,756		446,114		208,935		15,746
Administrative services agreement fees		30,935		11,558			49,145		47,017		94,966		45,125		4,499
Distribution fees - Class B		3,200		-			-		-		732		-		226
Distribution fees - Class C		13,101		5,278			-		-		-		-		-
Shareholder service fees		41,584		4,915			12,874		22,590		15,961		1,040		3,553
Due to Custodian		-		2,322			8,333		9,341		16,869		5,726		403
Dividends		906		-			-		-		-		-		-
Options written, at value (premium received $1,413,109) (Note 8)		-		2,009,555			-		-		-		-		-
Total liabilities		738,571		7,966,495			501,062		399,164		5,465,521		3,976,205		43,337
Net Assets	$	184,230,359	$	90,673,553		$	323,218,081	$	409,629,139	$	733,809,804	$	280,340,485	$	17,610,656
Net Assets consist of:
Common Stock/Shares:
Paid-in capital	$	122,496,110	$	103,016,357		$	211,895,335	$	218,364,175	$	366,386,940	$	134,480,727	$	12,532,505
Accumulated distributable earnings (loss)		61,734,249		(12,342,804	)		111,322,746		191,264,964		367,422,864		145,859,758		5,078,151
Net Assets	$	184,230,359	$	90,673,553		$	323,218,081	$	409,629,139	$	733,809,804	$	280,340,485	$	17,610,656

Class A Shares:
Net Assets	$	158,336,401	$	14,811,013		$	62,716,345	$	108,514,693	$	76,624,766	$	4,846,734	$	16,374,737
Shares of beneficial interest outstanding		8,594,673		1,543,151			1,837,827		3,778,121		5,602,282		311,706		1,197,912
Net Asset Value and redemption price per share	$	18.42	$	9.60		$	34.13		$ 28.72	$	13.68	$	15.55	$	13.67
Sales charge of offering price²		1.12		0.59			2.08		1.75		0.83		0.95		0.83
Maximum offering price per share	$	19.54	$	10.19		$	36.21	$	30.47	$	14.51	$	16.50	$	14.50
Class B Shares:
Net Assets	$	5,081,561								$	1,180,136			$	348,410
Shares of beneficial interest outstanding		273,577									112,196				26,401
Net Asset Value and redemption price per share³	$	18.57								$	10.52			$	13.20
Class C Shares:
Net Assets	$	20,812,397	$	8,336,476
Shares of beneficial interest outstanding		1,120,295		953,789
Net Asset Value and redemption price per share³	$	18.58	$	8.74
Class Y Shares:
Net Assets			$	66,982,035		$	188,287,100	$	112,165,888	$	263,891,520	$	253,625,487	$	887,509
Shares of beneficial interest outstanding				6,731,065			5,507,847		3,897,803		18,043,910		16,168,563		65,090
Net Asset Value and redemption price per share³			$	9.95		$	34.19	$	28.78	$	14.62	$	15.69	$	13.64
Class R6 Shares:
Net Assets			$	544,029				$	84,331,142	$	105,878,203
Shares of beneficial interest outstanding				53,741					2,899,129		7,041,649
Net Asset Value and redemption price per share³			$	10.12				$	29.09	$	15.04
Class I Shares:⁴
Net Assets						$	72,214,636	$	104,617,416	$	286,235,179	$	21,868,264
Shares of beneficial interest outstanding							2,111,259		3,639,056		19,552,136		1,393,005
Net Asset Value and redemption price per share³						$	34.20	$	28.75	$	14.64	$	15.70

^† Cost of Investments in unaffiliated securities	$	140,502,297	$	111,312,007		$	239,666,662	$	248,201,889	$	401,977,468	$	198,094,579	$	17,059,195
^‡ Cost of investments in affiliated securities1	$	-	$	-		$	-	$	-	$	-	$	-	$	-
^§ Fair Value of securities on loan	$	347,764	$	-		$	-	$	-	$	-	$	8,305,768	$	18,216

See Note 14 for information on affiliated issuers.

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

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

⁴

The Small Cap Fund launched Class I shares on February 26, 2021 and the share class commenced operations effective March 1, 2021.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Operations for the Year Ended October 31, 2021

	Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Tax-Free Virginia Fund			Tax-Free National Fund			High Quality Bond Fund			Core Bond Fund
Investment Income:
Interest	$	617	$	1,556	$	872	$	508,671		$	550,054		$	1,923,843		$	3,756,902
Dividends
Unaffiliated issuers		697,014		1,326,614		640,585		-			-			-			-
Affiliated issuers¹		371,831		561,011		231,997		-			-			-			-
Income from securities lending		19,282		35,987		28,266		-			-			886			1,612
Total investment income		1,088,744		1,925,168		901,720		508,671			550,054			1,924,729			3,758,514
Expenses:²
Advisory agreement fees		138,570		272,445		135,605		104,663			91,223			459,325			735,447
Administrative services agreement fees		173,213		340,557		169,507		73,264			79,821			290,906			241,689
Trustee fees		6,833		13,430		6,692		2,067			2,261			17,284			16,428
Distribution fees - Class B		25,672		60,959		30,277		-			-			-			5,552
Distribution fees - Class C		153,045		69,725		22,350		-			-			-			-
Shareholder service fees - Class A		113,510		296,159		151,683		-			-			-			114,374
Shareholder service fees - Class B		8,558		20,297		10,039		-			-			-			1,851
Shareholder service fees - Class C		51,015		23,242		7,450		-			-			-			-
Other expenses		75		148		76		23			24			188			174
Total expenses before reimbursement/waiver		670,491		1,096,962		533,679		180,017			173,329			767,703			1,115,515
Less reimbursement/waiver		-		-		-		-			-			(153,108	)		-
Total expenses net of reimbursement/waiver		670,491		1,096,962		533,679		180,017			173,329			614,595			1,115,515
Net Investment Income (Loss)		418,253		828,206		368,041		328,654			376,725			1,310,134			2,642,999
Net Realized and Unrealized Gain (loss) on Investments						��
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
Options purchased		-		-		-		-			-			-			(16,995	)
Options written		-		-		-		-			-			-			5,505
Unaffiliated issuers		1,623,966		5,307,459		3,577,755		65,429			202,460			589,691			1,373,076
Affiliated issuers¹		1,051,767		837,042		200,617		-			-			-			-
Capital gain distributions received from underlying funds
Unaffiliated issuers		86,883		119,776		14,801		-			-			-			-
Affiliated issuers¹		766,393		1,679,745		849,725		-			-			-			-
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
Options written		-		-		-		-			-			-			-
Unaffiliated issuers		73,904		2,391,548		2,205,425		(363,257	)		(420,472	)		(3,725,034	)		(3,216,399	)
Affiliated Issuers¹		337,249		4,718,078		3,390,655		-			-			-			-
Net Realized and Unrealized Gain (Loss) on Investments		3,940,162		15,053,648		10,238,978		(297,828	)		(218,012	)		(3,135,343	)		(1,854,813	)
Net Increase (Decrease) in Net Assets from Operations	$	4,358,415	$	15,881,854	$	10,607,019	$	30,826		$	158,713		$	(1,825,209	)	$	788,186

See Note 14 for information on affiliated issuers.

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Operations for the Year Ended October 31, 2021 - continued

	Diversified Income Fund		Covered Call & Equity Income Fund			Dividend Income Fund		Investors Fund			Mid Cap Fund			Small Cap Fund			International Stock Fund
Investment Income:
Interest	$	1,217,016	$	6,264		$	1,110	$	2,851		$	11,745		$	3,233		$	405
Dividends
Unaffiliated issuers		2,995,584		1,190,877			7,861,913		4,518,196			5,935,289			2,057,302			415,750
Affiliated issuers¹		-		-			-		-			-			-			-
Less: Foreign taxes withheld/reclaimed		-		(12,678	)		-		(108,403	)		(49,395	)		(10,174	)		(26,679	)
Income from securities lending		773		1,827			-		2,222			144			10,119			1,504
Total investment income		4,213,373		1,186,290			7,863,023		4,414,866			5,897,783			2,060,480			390,980
Expenses:²
Advisory agreement fees		1,151,679		747,149			2,281,752		2,726,327			4,927,974			2,610,559			191,990
Administrative services agreement fees		354,363		130,944			594,122		552,995			1,080,673			595,725			54,854
Trustee fees		17,208		8,514			31,752		37,749			64,100			26,773			1,811
Distribution fees - Class B		45,340		-			-		-			9,506			-			3,542
Distribution fees - Class C		147,936		60,864			-		-			-			-			-
Shareholder service fees - Class A		377,592		35,273			148,527		257,299			176,707			11,232			41,910
Shareholder service fees - Class B		15,089		-			-		-			3,169			-			1,181
Shareholder service fees - Class C		48,491		20,288			-		-			-			-			-
Other expenses		181		89			337		407			688			311			19
Total expenses before reimbursement/waiver		2,157,879		1,003,121			3,056,490		3,574,777			6,262,817			3,244,600			295,307
Less reimbursement/waiver		-		-			-		-			-			(35,536	)		-
Total expenses net of reimbursement		2,157,879		1,003,121			3,056,490		3,574,777			6,262,817			3,209,064			295,307
Net Investment Income (Loss)		2,055,494		183,169			4,806,533		840,089			(365,034	)		(1,148,584	)		95,673
Net Realized and Unrealized Gain (loss) on Investments
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
Options purchased		-		(1,883,398	)		-		-			-			-			-
Options written		-		(256,515	)		-		-			-			-			-
Unaffiliated issuers		18,231,113		8,838,207			32,613,517		30,539,926			34,054,633			63,624,609			4,609,848
Affiliated issuers¹		-		-			-		-			-			-			-
Capital gain distributions received from underlying funds
Unaffiliated issuers		-		-			-		-			-			-			-
Affiliated issuers¹		-		-			-		-			-			-			-
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
Options written		-		(472,666	)		-		-			-			-			-
Unaffiliated issuers		13,312,033		16,353,038			50,170,146		75,885,427			175,673,705			44,695,638			(1,469,718	)
Affiliated Issuers¹		-		-			-		-			-			-			-
Net Realized and Unrealized Gain (Loss) on Investments		31,543,146		22,578,666			82,783,663		106,425,353			209,728,338			108,320,247			3,140,130
Net Increase in Net Assets from Operations	$	33,598,640	$	22,761,835		$	87,590,196	$	107,265,442		$	209,363,304		$	107,171,663		$	3,235,803

See Note 14 for information on affiliated issuers.

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets

	Conservative Allocation Fund						Moderate Allocation Fund						Aggressive Allocation Fund
Year Ended October 31,	2021			2020			2021			2020			2021			2020
Net Assets at beginning of period	$	68,546,140		$	68,422,301		$	129,932,373		$	136,276,491		$	63,118,605		$	63,324,971
Increase (decrease) in net assets from operations:
Net investment income		418,253			622,814			828,206			1,125,055			368,041			431,570
Net realized gain		3,529,009			3,781,024			7,944,022			10,276,139			4,642,898			4,976,485
Net change in unrealized appreciation (depreciation)		411,153			(937,234	)		7,109,626			(5,491,060	)		5,596,080			(3,096,627	)
Net increase in net assets from operations		4,358,415			3,466,604			15,881,854			5,910,134			10,607,019			2,311,428
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(2,991,634	)		(1,563,853	)		(9,947,296	)		(4,358,239	)		(4,829,669	)		(2,900,149	)
Class B		(241,397	)		(150,862	)		(713,541	)		(416,490	)		(335,113	)		(274,537	)
Class C		(1,190,848	)		(580,804	)		(747,499	)		(302,208	)		(218,193	)		(104,938	)
Total distributions		(4,423,879	)		(2,295,519	)		(11,408,336	)		(5,076,937	)		(5,382,975	)		(3,279,624	)
Capital Stock transactions:
Class A Shares
Shares sold		5,769,718			7,093,918			7,761,126			8,499,497			4,018,237			5,210,236
Issued to shareholders in reinvestment of distributions		2,985,967			1,561,932			9,924,011			4,354,000			4,828,116			2,899,065
Shares redeemed		(6,926,542	)		(7,905,177	)		(13,670,851	)		(15,420,297	)		(8,779,980	)		(6,160,758	)
Net increase (decrease) from capital stock transactions		1,829,143			750,673			4,014,286			(2,566,800	)		66,373			1,948,543
Class B Shares
Shares sold		23,089			129,043			25,082			38,539			54,537			21,981
Issued to shareholders in reinvestment of distributions		241,255			150,862			713,105			416,321			335,113			274,537
Shares redeemed		(1,925,117	)		(1,558,772	)		(3,894,208	)		(4,631,541	)		(1,549,614	)		(1,839,039	)
Net decrease from capital stock transactions		(1,660,773	)		(1,278,867	)		(3,156,021	)		(4,176,681	)		(1,159,964	)		(1,542,521	)
Class C Shares
Shares sold		1,461,772			1,038,152			477,855			337,161			147,571			513,887
Issued to shareholders in reinvestment of distributions		1,190,550			580,696			747,499			302,208			197,304			92,786
Shares redeemed		(2,626,589	)		(2,137,900	)		(1,905,470	)		(1,073,203	)		(136,126	)		(250,865	)
Net increase (decrease) from capital stock transactions		25,733			(519,052	)		(680,116	)		(433,834	)		208,749			355,808
Total net increase (decrease) from capital stock transactions		194,103			(1,047,246	)		178,149			(7,177,315	)		(884,842	)		761,830
Total increase (decrease) in net assets		128,639			123,839			4,651,667			(6,344,118	)		4,339,202			(206,366	)
Net Assets at end of period	$	68,674,779		$	68,546,140		$	134,584,040		$	129,932,373		$	67,457,807		$	63,118,605
Capital Share transactions:
Class A Shares
Shares sold		521,337			645,247			647,481			735,411			323,239			457,537
Issued to shareholders in reinvestment of distributions		273,153			146,128			856,996			376,970			408,125			247,150
Shares redeemed		(624,025	)		(725,523	)		(1,137,171	)		(1,339,052	)		(708,338	)		(530,897	)
Net increase (decrease) from capital share transactions		170,465			65,852			367,306			(226,671	)		23,026			173,790
Class B Shares
Shares sold		1,994			11,294			2,108			3,356			4,522			2,043
Issued to shareholders in reinvestment of distributions		21,715			13,893			61,901			36,328			29,217			24,082
Shares redeemed		(171,432	)		(139,752	)		(327,720	)		(406,737	)		(129,065	)		(166,506	)
Net increase (decrease) from capital share trasactions		(147,723	)		(114,565	)		(263,711	)		(367,053	)		(95,326	)		(140,381	)
Class C Shares
Shares sold		130,056			93,732			39,727			29,740			12,263			52,011
Issued to shareholders in reinvestment of distributions		107,064			53,455			64,831			26,348			17,187			8,132
Shares redeemed		(233,036	)		(195,177	)		(161,357	)		(94,703	)		(11,281	)		(22,199	)
Net increase (decrease) in shares outstanding		4,084			(47,990	)		(56,799	)		(38,615	)		18,169			37,944

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets - continued

	Tax-Free Virginia Fund						Tax-Free National Fund						High Quality Bond Fund
Year Ended October 31,	2021			2020			2021			2020			2021			2020
Net Assets at beginning of period	$	21,572,312		$	22,225,339		$	23,376,610		$	23,806,625		$	184,881,456		$	90,406,594
Increase (decrease) in net assets from operations:
Net investment income		328,654			366,206			376,725			449,163			1,310,134			1,680,974
Net realized gain (loss)		65,429			32,787			202,460			(23,679	)		589,691			712,867
Net change in unrealized appreciation (depreciation)		(363,257	)		320,970			(420,472	)		332,210			(3,725,034	)		2,324,163
Net increase (decrease) in net assets from operations		30,826			719,963			158,713			757,694			(1,825,209	)		4,718,004
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class Y		(340,711	)		(365,497	)		(375,173	)		(522,689	)		(1,861,048	)		(1,687,806	)
Total distributions		(340,711	)		(365,497	)		(375,173	)		(522,689	)		(1,861,048	)		(1,687,806	)
Capital Stock transactions:
Class Y Shares
Shares sold		728,698			404,399			587,401			554,843			30,517,770			126,840,088
Shares issued due to reorganization		–			–			–			–			–			–
Issued to shareholders in reinvestment of distributions		328,889			354,363			335,567			463,353			1,774,905			1,602,692
Shares redeemed		(1,699,849	)		(1,766,255	)		(1,752,577	)		(1,683,216	)		(97,805,783	)		(36,998,116	)
Net increase (decrease) from capital stock transactions		(642,262	)		(1,007,493	)		(829,609	)		(665,020	)		(65,513,108	)		91,444,664
Total net increase (decrease) from capital stock transactions		(642,262	)		(1,007,493	)		(829,609	)		(665,020	)		(65,513,108	)		91,444,664
Total increase (decrease) in net assets		(952,147	)		(653,027	)		(1,046,069	)		(430,015	)		(69,199,365	)		94,474,862
Net Assets at end of period	$	20,620,165		$	21,572,312		$	22,330,541		$	23,376,610		$	115,682,091		$	184,881,456

Capital Share transactions:
Class Y Shares
Shares sold		61,207			34,374			52,825			50,123			2,695,363			11,179,070
Shares issued due to reorganization		–			–			–			–			–			–
Issued to shareholders in reinvestment of distributions		27,733			29,921			30,251			41,998			157,142			141,816
Shares redeemed		(142,493	)		(148,543	)		(157,496	)		(155,120	)		(8,669,665	)		(3,261,956	)
Net increase (decrease) in shares outstanding		(53,553	)		(84,248	)		(74,420	)		(62,999	)		(5,817,160	)		8,058,930

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets - continued

	Core Bond Fund						Diversified Income Fund						Covered Call & Equity Income Fund						Dividend Income Fund
Year Ended October 31,	2021			2020			2021			2020			2021			2020			2021			2020
Net Assets at beginning of period	$	151,203,152		$	153,141,020		$	157,691,661		$	165,384,844		$	80,557,303		$	126,342,782		$	274,664,958		$	220,725,320
Increase (decrease) in net assets from operations:
Net investment income		2,642,999			2,497,838			2,055,494			2,478,215			183,169			870,687			4,806,533			3,966,281
Net realized gain (loss)		1,361,586			3,385,783			18,231,113			2,097,867			6,698,294			5,645,629			32,613,517			(2,465,979	)
Net change in unrealized appreciation (depreciation)		(3,216,399	)		2,068,235			13,312,033			(3,196,299	)		15,880,372			(4,251,373	)		50,170,146			(4,718,618	)
Net increase (decrease) in net assets from operations		788,186			7,951,856			33,598,640			1,379,783			22,761,835			2,264,943			87,590,196			(3,218,316	)
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(1,546,959	)		(645,424	)		(3,735,419	)		(9,163,171	)		(894,730	)		(897,441	)		(790,821	)		(184,150	)
Class B		(25,215	)		(13,418	)		(115,248	)		(523,581	)		–			–			–			–
Class C		-			-			(328,051	)		(933,947	)		(551,240	)		(561,426	)		–			–
Class Y		(3,007,506	)		(2,325,907	)		–			–			(4,021,979	)		(5,466,775	)		(3,121,769	)		(8,813,746	)
Class R6		–			(27,756	)		–			–			(47,320	)		(136,433	)		–			–
Class I		(1,440,171	)		–			–			–			–			–			(903,227	)		(194,116	)
Total distributions		(6,019,851	)		(3,012,505	)		(4,178,718	)		(10,620,699	)		(5,515,269	)		(7,062,075	)		(4,815,817	)		(9,192,012	)
Capital Stock transactions:
Class A Shares¹
Shares sold		4,060,884			4,643,482			7,842,231			11,099,530			839,893			531,031			1,459,428			162,725
Shares issued due to reorganization		–			15,724,357			–			–			–			–			–			53,099,374
Issued to shareholders in reinvestment of distributions		1,529,428			639,632			3,715,658			9,113,768			865,266			864,024			787,728			183,613
Shares redeemed		(7,858,376	)		(3,830,454	)		(12,487,945	)		(17,881,962	)		(1,634,055	)		(3,049,373	)		(6,157,358	)		(1,031,272	)
Net increase (decrease) from capital stock transactions		(2,268,064	)		17,177,017			(930,056	)		2,331,336			71,104			(1,654,318	)		(3,910,202	)		52,414,440
Class B Shares
Shares sold		48,279			34,679			–			69,932
Shares issued due to reorganization		–			338,012
Issued to shareholders in reinvestment of distributions		25,215			13,400			115,220			523,581
Shares redeemed		(623,518	)		(615,559	)		(2,730,475	)		(3,072,106	)
Net decrease from capital stock transactions		(550,024	)		(229,468	)		(2,615,255	)		(2,478,593	)
Class C Shares
Shares sold								1,638,999			2,780,751			686,500			193,176
Issued to shareholders in reinvestment of distributions								328,051			933,947			514,623			486,959
Shares redeemed								(1,302,963	)		(2,019,708	)		(1,550,410	)		(1,595,458	)
Net increase (decrease) from capital stock transactions								664,087			1,694,990			(349,287	)		(915,323	)
Class Y Shares
Shares sold		19,571,453			16,579,786									24,357,971			24,764,980			65,621,467			116,254,071
Shares issued due to reorganization		–			788,452									–			–			–			1,571,749
Issued to shareholders in reinvestment of distributions		377,419			155,659									4,017,939			5,380,457			3,076,555			8,694,762
Shares redeemed		(107,943,577	)		(39,308,599	)								(34,102,987	)		(67,683,070	)		(105,011,845	)		(166,053,975	)
Net decrease from capital stock transactions		(87,994,705	)		(21,784,702	)								(5,727,077	)		(37,537,633	)		(36,313,823	)		(39,533,393	)
Class R6 Shares²
Shares sold					516,746									89,018			196,722
Issued to shareholders in reinvestment of distributions					27,756									47,320			136,433
Shares redeemed					(2,584,568	)								(1,261,394	)		(1,214,228	)
Net increase (decrease) from capital stock transactions					(2,040,066	)								(1,125,056	)		(881,073	)
Class I Shares³
Shares sold		135,475,177																		30,379,706			58,779,537
Issued to shareholders in reinvestment of distributions		219,382																		898,002			194,116
Shares redeemed		(2,291,287	)																	(25,274,939	)		(5,504,734	)
Net increase from capital stock transactions		133,403,272																		6,002,769			53,468,919
Total net increase (decrease) from capital stock transactions		42,590,479			(6,877,219	)		(2,881,224	)		1,547,733			(7,130,316	)		(40,988,347	)		(34,221,256	)		66,349,966
Total increase (decrease) in net assets		37,358,814			(1,937,868	)		26,538,698			(7,693,183	)		10,116,250			(45,785,479	)		48,553,123			53,939,638
Net Assets at end of period	$	188,561,966		$	151,203,152		$	184,230,359		$	157,691,661		$	90,673,553		$	80,557,303		$	323,218,081		$	274,664,958

The Dividend Income Fund launched Class A shares on May 29, 2020 and the class commenced operations effective June 1, 2020.

The Core Bond converted Class R6 shares to Class Y shares effective May 28, 2020.

The Core Bond Fund launched Class I shares on February 26, 2021 and the class commenced operations effective March 1, 2021. The Dividend Income Fund launched Class I shares on August 31, 2020 and the class commenced operations effective September 1, 2020.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets - continued

														Covered Call & Equity
	Core Bond Fund							Diversified Income Fund						Income Fund						Dividend Income Fund
Year Ended October 31,	2021				2020			2021			2020			2021			2020			2021			2020
Capital Share transactions:
Class A Shares¹
Shares sold		384,731				435,951			445,855			708,750			88,654			68,252			46,241			6,198
Shares issued due to reorganization		–				1,444,073			–			–			–			–			–			1,986,832
Issued to shareholders in reinvestment of distributions		143,778				60,353			217,988			574,898			93,852			117,113			25,177			6,895
Shares redeemed		(745,179	)			(362,611	)		(715,677	)		(1,172,189	)		(177,692	)		(401,456	)		(195,209	)		(38,307	)
Net increase (decrease) from capital share transactions		(216,670	)			1,577,766			(51,834	)		111,459			4,814			(216,091	)		(123,791	)		1,961,618
Class B Shares
Shares sold		4,490				3,323			–			4,840
Shares issued due to reorganization		–				31,046			–			–
Issued to shareholders in reinvestment of distributions		2,362				1,271			6,808			32,643
Shares redeemed		(58,965	)			(58,337	)		(154,521	)		(199,335	)
Net decrease from capital share trasactions		(52,113	)			(22,697	)		(147,713	)		(161,852	)
Class C Shares
Shares sold									94,964			174,601			79,190			26,974
Issued to shareholders in reinvestment of distributions									19,311			58,291			61,047			71,118
Shares redeemed									(73,395	)		(130,056	)		(181,842	)		(223,580	)
Net increase (decrease) in shares outstanding									40,880			102,836			(41,605	)		(125,488	)
Class Y Shares
Shares sold		1,842,539				1,532,928									2,509,893			3,193,353			2,115,583			4,487,585
Shares issued due to reorganization		–				72,851									–			–			–			58,769
Issued to shareholders in reinvestment of distributions		35,784				14,786									421,067			703,392			97,902			323,368
Shares redeemed		(10,437,136	)			(3,833,415	)								(3,645,455	)		(9,103,025	)		(3,276,567	)		(6,282,108	)
Net increase (decrease) in shares outstanding		(8,558,813	)			(2,212,850	)								(714,495	)		(5,206,280	)		(1,063,082	)		(1,412,386	)
Class R6 Shares²
Shares sold						49,148									8,851			24,288
Issued to shareholders in reinvestment of distributions						2,673									5,044			17,687
Shares redeemed				��		(242,254	)								(136,246	)		(158,222	)
Net increase (decrease) in shares outstanding						(190,433	)								(122,351	)		(116,247	)
Class I Shares³
Shares sold		13,104,681																			915,213			2,179,685
Issued to shareholders in reinvestment of distributions		21,053																			28,401			7,281
Shares redeemed		(219,689	)																		(810,833	)		(208,488	)
Net increase in shares outstanding		12,906,045																			132,781			1,978,478

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets - continued

	Investors Fund						Mid Cap Fund						Small Cap Fund						International Stock Fund
Year Ended October 31,	2021			2020			2021			2020			2021			2020			2021			2020
Net Assets at beginning of period	$	338,058,006		$	338,982,611		$	537,181,623		$	587,164,499		$	218,848,130		$	266,983,694		$	15,919,225		$	19,233,863
Increase (decrease) in net assets from operations:
Net investment income (loss)		840,089			1,276,376			(365,034	)		(1,237,677	)		(1,148,584	)		263,504			95,673			84,089
Net realized gain		30,539,926			32,158,396			34,054,633			19,875,039			63,624,609			17,193,611			4,609,848			741,444
Net change in unrealized appreciation (depreciation)		75,885,427			(16,306,090	)		175,673,705			(41,477,178	)		44,695,638			(11,965,785	)		(1,469,718	)		(2,099,550	)
Net increase (decrease) in net assets from operations		107,265,442			17,128,682			209,363,304			(22,839,816	)		107,171,663			5,491,330			3,235,803			(1,274,017	)
Distributions to shareholders from:
Accumulated earnings (combined net investment income and net realized gains):
Class A		(8,787,439	)		(4,711,599	)		(2,391,040	)		(2,562,189	)		(236,905	)		(135,732	)		(705,083	)		(1,103,915	)
Class B		–			–			(61,728	)		(82,316	)		–			–			(21,551	)		(40,537	)
Class Y		(11,918,197	)		(13,142,531	)		(9,146,175	)		(16,177,313	)		(16,540,430	)		(10,012,090	)		(43,074	)		(72,055	)
Class R6		(6,777,217	)		(456,764	)		(3,415,023	)		(2,869,745	)		–			–			–			–
Class I		(6,435,009	)		–			(6,327,888	)		–			–			–			–			–
Total distributions		(33,917,862	)		(18,310,894	)		(21,341,854	)		(21,691,563	)		(16,777,335	)		(10,147,822	)		(769,708	)		(1,216,507	)
Capital Stock transactions:
Class A Shares
Shares sold		3,163,891			7,494,266			5,189,997			3,687,693			888,201			248,047			829,276			510,507
Issued to shareholders in reinvestment of distributions		8,750,372			4,679,379			2,379,913			2,548,026			236,219			135,376			703,445			1,100,645
Shares redeemed		(11,602,396	)		(9,962,407	)		(9,338,856	)		(8,422,960	)		(537,022	)		(814,557	)		(2,029,984	)		(1,971,303	)
Net increase (decrease) from capital stock transactions		311,867			2,211,238			(1,768,946	)		(2,187,241	)		587,398			(431,134	)		(497,263	)		(360,151	)
Class B Shares
Shares sold								15,000			9,912									–			–
Issued to shareholders in reinvestment of distributions								61,728			82,316									21,551			40,537
Shares redeemed								(428,012	)		(447,429	)								(239,518	)		(167,513	)
Net decrease from capital stock transactions								(351,284	)		(355,201	)								(217,967	)		(126,976	)
Class Y Shares
Shares sold		18,672,740			91,655,191			65,733,029			126,498,351			16,410,494			13,667,468			232,872			181,689
Issued to shareholders in reinvestment of distributions		11,152,740			12,775,182			8,893,537			13,304,045			16,073,049			9,797,935			43,074			72,055
Shares redeemed		(102,239,652	)		(179,734,212	)		(222,535,953	)		(246,093,510	)		(82,275,688	)		(66,513,341	)		(335,380	)		(590,731	)
Net decrease from capital stock transactions		(72,414,172	)		(75,303,839	)		(147,909,387	)		(106,291,114	)		(49,792,145	)		(43,047,938	)		(59,434	)		(336,987	)
Class R6 Shares
Shares sold		14,369,294			70,970,800			19,697,591			72,734,675
Issued to shareholders in reinvestment of distributions		6,777,217			456,764			1,103,541			823,094
Shares redeemed		(22,158,440	)		(18,869,977	)		(35,257,717	)		(32,262,113	)
Net increase (decrease) from capital stock transactions		(1,011,929	)		52,557,587			(14,456,585	)		41,295,656
Class I Shares¹
Shares sold		112,281,830			21,129,423			221,365,026			64,014,783			21,790,469
Issued to shareholders in reinvestment of distributions		6,429,197			–			6,327,888			–			–
Shares redeemed		(47,373,240	)		(336,802	)		(54,599,981	)		(1,928,380	)		(1,487,695	)
Net increase from capital stock transactions		71,337,787			20,792,621			173,092,933			62,086,403			20,302,774
Total net increase (decrease) from capital stock transactions		(1,776,447	)		257,607			8,606,731			(5,451,497	)		(28,901,973	)		(43,479,072	)		(774,664	)		(824,114	)
Total increase (decrease) in net assets.		71,571,133			(924,605	)		196,628,181			(49,982,876	)		61,492,355			(48,135,564	)		1,691,431			(3,314,638	)
Net Assets at end of period	$	409,629,139		$	338,058,006		$	733,809,804		$	537,181,623		$	280,340,485		$	218,848,130		$	17,610,656		$	15,919,225

The Small Cap Fund launched Class I shares on February 26, 2021 and the Class commenced operations effective March 1, 2021. The Investors Fund and Mid Cap Fund launched Class I shares on August 31, 2020 and the class for each fund commenced operations effective September 1, 2020.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Statements of Changes in Net Assets - continued

	Investors Fund						Mid Cap Fund						Small Cap Fund						International Stock Fund
Year Ended October 31,	2021			2020			2021			2020			2021			2020			2021			2020
Capital Share transactions:
Class A Shares
Shares sold		120,448			332,104			416,902			358,565			61,686			23,712			60,227			42,202
Issued to shareholders in reinvestment of distributions		359,506			198,111			208,764			233,764			18,073			12,066			51,686			83,068
Shares redeemed		(437,501	)		(434,697	)		(754,116	)		(833,683	)		(35,900	)		(78,362	)		(148,432	)		(162,615	)
Net increase (decrease) from capital share transactions		42,453			95,518			(128,450	)		(241,354	)		43,859			(42,584	)		(36,519	)		(37,345	)
Class B Shares
Shares sold								1,644			1,430									–			–
Issued to shareholders in reinvestment of distributions								6,999			9,583									1,630			3,135
Shares redeemed								(44,761	)		(58,359	)								(18,280	)		(14,483	)
Net decrease from capital share trasactions								(36,118	)		(47,346	)								(16,650	)		(11,348	)
Class Y Shares
Shares sold		707,367			4,008,921			5,099,702			11,871,976			1,133,998			1,323,704			17,090			14,756
Issued to shareholders in reinvestment of distributions		458,395			541,321			732,581			1,152,864			1,221,356			868,611			3,179			5,446
Shares redeemed		(3,896,147	)		(8,178,001	)		(17,514,737	)		(22,912,098	)		(5,623,527	)		(6,300,930	)		(24,774	)		(47,161	)
Net decrease in shares outstanding		(2,730,385	)		(3,627,759	)		(11,682,454	)		(9,887,258	)		(3,268,173	)		(4,108,615	)		(4,505	)		(26,959	)
Class R6 Shares
Shares sold		499,474			3,462,149			1,393,584			6,590,295
Issued to shareholders in reinvestment of distributions		275,945			19,152			88,567			69,577
Shares redeemed		(798,993	)		(893,715	)		(2,620,953	)		(3,100,308	)
Net increase (decrease) in shares outstanding		(23,574	)		2,587,586			(1,138,802	)		3,559,564
Class I Shares¹
Shares sold		4,261,808			879,497			17,408,710			5,843,622			1,489,779
Issued to shareholders in reinvestment of distributions		264,685			–			521,243			–			–
Shares redeemed		(1,753,224	)		(13,710	)		(4,048,722	)		(172,717	)		(96,774	)
Net increase in shares outstanding		2,773,269			865,787			13,881,231			5,670,905			1,393,005

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding

	CONSERVATIVE ALLOCATION FUND
	CLASS A															CLASS B															CLASS C
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.15		$	10.96		$	10.39		$	10.97		$	10.46		$	11.31		$	11.10		$	10.47		$	11.05		$	10.52		$	11.32		$	11.11		$	10.48		$	11.06		$	10.53
Income from Investment Operations:
Net investment income		0.10			0.13	¹		0.36	^1,2		0.19			0.15	¹		0.06			0.06	¹		0.31	^1,2		0.12			0.08	¹		0.01			0.04	¹		0.29	^1,2		0.11			0.08	¹
Net realized and unrealized gain (loss) on investments		0.63			0.46			0.68	²		(0.26	)		0.69			0.59			0.46			0.66	²		(0.28	)		0.69			0.64			0.48			0.68	²		(0.27	)		0.69
Total from investment operations		0.73			0.59			1.04			(0.07	)		0.84			0.65			0.52			0.97			(0.16	)		0.77			0.65			0.52			0.97			(0.16	)		0.77
Less Distributions From:
Net investment income		(0.18	)		(0.19	)		(0.18	)		(0.24	)		(0.18	)		(0.09	)		(0.10	)		(0.05	)		(0.15	)		(0.09	)		(0.09	)		(0.10	)		(0.05	)		(0.15	)		(0.09	)
Capital gains		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)		(0.58	)		(0.21	)		(0.29	)		(0.27	)		(0.15	)
Total distributions		(0.76	)		(0.40	)		(0.47	)		(0.51	)		(0.33	)		(0.67	)		(0.31	)		(0.34	)		(0.42	)		(0.24	)		(0.67	)		(0.31	)		(0.34	)		(0.42	)		(0.24	)
Net increase (decrease) in net asset value		(0.03	)		0.19			0.57			(0.58	)		0.51			(0.02	)		0.21			0.63			(0.58	)		0.53			(0.02	)		0.21			0.63			(0.58	)		0.53
Net Asset Value at end of period	$	11.12		$	11.15		$	10.96		$	10.39		$	10.97		$	11.29		$	11.31		$	11.10		$	10.47		$	11.05		$	11.30		$	11.32		$	11.11		$	10.48		$	11.06
Total Return (%)³		6.72			5.62			10.37			(0.75	)		8.25			5.91			4.89			9.51			(1.51	)		7.47			5.91			4.89			9.50			(1.51	)		7.46
Ratios/Supplemental Data:
Net Assets at end of period (in 000's)	$	45,932		$	44,146		$	42,662		$	42,247		$	45,005		$	2,588		$	4,263		$	5,457		$	6,049		$	8,119		$	20,154		$	20,137		$	20,303		$	20,001		$	20,960
Ratios of expenses to average net assets (%)		0.71			0.70			0.70			0.70			0.70			1.46			1.45			1.45			1.45			1.45			1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		0.86			1.19			3.38	²		1.74			1.46			0.15			0.48			2.68	²		1.04			0.74			0.11			0.45			2.60	²		0.99			0.71
Portfolio turnover (%)⁴		63			73			57			63			48			63			73			57			63			48			63			73			57			63			48

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

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

Total return without applicable sales charge.

⁴

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

	MODERATE ALLOCATION FUND
	CLASS A															CLASS B															CLASS C
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.85		$	11.76		$	11.59		$	12.20		$	11.18		$	11.69		$	11.60		$	11.46		$	12.06		$	11.05		$	11.70		$	11.61		$	11.47		$	12.07		$	11.06
Income from Investment Operations:
Net investment income		0.09			0.12	¹		0.51	^1,2		0.17			0.14	¹		0.04			0.05	¹		0.53	^1,2		0.10			0.07	¹		(0.01	)		0.02	¹		0.42	^1,2		0.08			0.06	¹
Net realized and unrealized gain (loss) on investments		1.35			0.43			0.60	²		(0.17	)		1.35			1.29			0.41			0.48	²		(0.18	)		1.33			1.34			0.44			0.59	²		(0.16	)		1.34
Total from investment operations		1.44			0.55			1.11			—			1.49			1.33			0.46			1.01			(0.08	)		1.40			1.33			0.46			1.01			(0.08	)		1.40
Less Distributions From:
Net investment income		(0.13	)		(0.17	)		(0.17	)		(0.17	)		(0.15	)		—			(0.08	)		(0.10	)		(0.08	)		(0.07	)		—			(0.08	)		(0.10	)		(0.08	)		(0.07	)
Capital gains		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)		(0.94	)		(0.29	)		(0.77	)		(0.44	)		(0.32	)
Total distributions		(1.07	)		(0.46	)		(0.94	)		(0.61	)		(0.47	)		(0.94	)		(0.37	)		(0.87	)		(0.52	)		(0.39	)		(0.94	)		(0.37	)		(0.87	)		(0.52	)		(0.39	)
Net increase (decrease) in net asset value		0.37			0.09			0.17			(0.61	)		1.02			0.39			0.09			0.14			(0.60	)		1.01			0.39			0.09			0.14			(0.60	)		1.01
Net Asset Value at end of period	$	12.22		$	11.85		$	11.76		$	11.59		$	12.20		$	12.08		$	11.69		$	11.60		$	11.46		$	12.06		$	12.09		$	11.70		$	11.61		$	11.47		$	12.07
Total Return (%)³		12.66			4.75			10.69			(0.12	)		13.88			11.80			4.00			9.79			(0.82	)		13.07			11.79			3.99			9.78			(0.82	)		13.06
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	119,035		$	111,135		$	112,916		$	108,459		$	115,586		$	6,699		$	9,568		$	13,754		$	17,481		$	23,101		$	8,849		$	9,230		$	9,607		$	9,338		$	9,625
Ratios of expenses to average net assets (%)		0.71			0.70			0.70			0.70			0.70			1.46			1.45			1.45			1.45			1.45			1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		0.70			0.96			4.42	²		1.39			1.23			(0.01	)		0.27			4.01	²		0.73			0.56			(0.03	)		0.22			3.68	²		0.62			0.52
Portfolio turnover (%)⁴		71			87			64			75			50			71			87			64			75			50			71			87			64			75			50

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

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

Total return without applicable sales charge.

⁴

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	AGGRESSIVE ALLOCATION FUND
	CLASS A															CLASS B															CLASS C
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.81		$	12.02		$	12.01		$	12.71		$	11.12		$	11.41		$	11.62		$	11.65		$	12.35		$	10.83		$	11.42		$	11.63		$	11.66		$	12.36		$	10.84
Income from Investment Operations:
Net investment income (loss)		0.08			0.10	¹		0.56	^1,2		0.14			0.13	¹		(0.09	)		(0.06	)¹		0.55	^1,2		0.03			0.02	¹		(0.01	)		0.03	¹		0.48	^1,2		0.04			0.02	¹
Net realized and unrealized gain (loss) on investments		1.89			0.33			0.57	²		(0.11	)		1.88			1.90			0.39			0.47	²		(0.10	)		1.85			1.82			0.30			0.54	²		(0.11	)		1.85
Total from investment operations		1.97			0.43			1.13			0.03			2.01			1.81			0.33			1.02			(0.07	)		1.87			1.81			0.33			1.02			(0.07	)		1.87
Less Distributions From:
Net investment income		(0.09	)		(0.16	)		(0.14	)		(0.15	)		(0.13	)		—			(0.06	)		(0.07	)		(0.05	)		(0.06	)		—			(0.06	)		(0.07	)		(0.05	)		(0.06	)
Capital gains		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)		(0.94	)		(0.48	)		(0.98	)		(0.58	)		(0.29	)
Total distributions		(1.03	)		(0.64	)		(1.12	)		(0.73	)		(0.42	)		(0.94	)		(0.54	)		(1.05	)		(0.63	)		(0.35	)		(0.94	)		(0.54	)		(1.05	)		(0.63	)		(0.35	)
Net increase (decrease) in net asset value		0.94			(0.21	)		0.01			(0.70	)		1.59			0.87			(0.21	)		(0.03	)		(0.70	)		1.52			0.87			(0.21	)		(0.03	)		(0.70	)		1.52
Net Asset Value at end of period	$	12.75		$	11.81		$	12.02		$	12.01		$	12.71		$	12.28		$	11.41		$	11.62		$	11.65		$	12.35		$	12.29		$	11.42		$	11.63		$	11.66		$	12.36
Total Return (%)³		17.33			3.59			10.93			0.06			18.66			16.40			2.88			10.12			(0.74	)		17.83			16.39			2.88			10.11			(0.74	)		17.81
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	60,837		$	56,089		$	54,974		$	51,274		$	52,811		$	3,539		$	4,375		$	6,088		$	7,938		$	10,442		$	3,082		$	2,655		$	2,263		$	2,160		$	2,300
Ratios of expenses to average net assets (%)		0.71			0.70			0.70			0.70			0.70			1.46			1.45			1.45			1.45			1.45			1.46			1.45			1.45			1.45			1.45
Ratio of net investment income to average net assets (%)		0.62			0.78			4.77	²		1.08			1.02			(0.10	)		0.11			4.50	²		0.45			0.35			(0.14	)		(0.01	)		4.15	²		0.32			0.45
Portfolio turnover (%)⁴		84			105			79			71			45			84			105			79			71			45			84			105			79			71			45

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

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

Total return without applicable sales charge.

⁴

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

	TAX-FREE VIRGINIA FUND															TAX-FREE NATIONAL FUND															HIGH QUALITY BOND FUND
	CLASS Y															CLASS Y															CLASS Y
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.89		$	11.71		$	11.08		$	11.49		$	11.67		$	11.08		$	10.96		$	10.41		$	10.85		$	11.10		$	11.42		$	11.11		$	10.64		$	10.93		$	11.06
Income from Investment Operations:
Net investment income		0.19			0.20	¹		0.23	¹		0.24			0.24	¹		0.18			0.21	¹		0.24	¹		0.24			0.25	¹		0.10			0.13	¹		0.21	¹		0.18			0.14	¹
Net realized and unrealized gain (loss) on investments		(0.17	)		0.18			0.63			(0.41	)		(0.16	)		(0.10	)		0.15			0.61			(0.41	)		(0.18	)		(0.24	)		0.32			0.47			(0.30	)		(0.12	)
Total from investment operations		0.02			0.38			0.86			(0.17	)		0.08			0.08			0.36			0.85			(0.17	)		0.07			(0.14	)		0.45			0.68			(0.12	)		0.02
Less Distributions From:
Net investment income		(0.19	)		(0.20	)		(0.23	)		(0.24	)		(0.24	)		(0.18	)		(0.21	)		(0.24	)		(0.24	)		(0.25	)		(0.10	)		(0.14	)		(0.21	)		(0.17	)		(0.14	)
Capital gains		(0.01	)		—			—			—			(0.02	)		—			(0.03	)		(0.06	)		(0.03	)		(0.07	)		(0.03	)		—			—			—			(0.01	)
Total distributions		(0.20	)		(0.20	)		(0.23	)		(0.24	)		(0.26	)		(0.18	)		(0.24	)		(0.30	)		(0.27	)		(0.32	)		(0.13	)		(0.14	)		(0.21	)		(0.17	)		(0.15	)
Net increase (decrease) in net asset value		(0.18	)		0.18			0.63			(0.41	)		(0.18	)		(0.10	)		0.12			0.55			(0.44	)		(0.25	)		(0.27	)		0.31			0.47			(0.29	)		(0.13	)
Net Asset Value at end of period	$	11.71		$	11.89		$	11.71		$	11.08		$	11.49		$	10.98		$	11.08		$	10.96		$	10.41		$	10.85		$	11.15		$	11.42		$	11.11		$	10.64		$	10.93
Total Return (%)²		0.10			3.24			7.78			(1.52	)		0.68			0.75			3.36			8.20			(1.56	)		0.72			(1.21	)		4.08			6.43			(1.09	)		0.25
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	20,620		$	21,572		$	22,225		$	20,868		$	21,866		$	22,331		$	23,377		$	23,807		$	23,325		$	25,294		$	115,682			$184,881		$	90,407		$	89,253		$	100,536
Ratios of expenses to average net assets (%)
Before reimbursement of expenses by Adviser (%)		0.86			0.85			0.85			0.85			0.86			0.76			0.75			0.75			0.75			0.75			0.50			0.49			0.49			0.49			0.49
After reimbursement of expenses by Adviser (%)		0.86			0.85			0.85			0.85			0.86			0.76			0.75			0.75			0.75			0.75			0.40			0.46			0.49			0.49			0.49
Ratio of net investment income (loss) to average net assets
Before reimbursement of expenses by Adviser (%)		1.57			1.66			1.96			2.09			2.06			1.65			1.91			2.19			2.25			2.30			0.76			1.17			1.88			1.64			1.32
After reimbursement and waiver of expenses by Adviser (%)		1.57			1.66			1.96			2.09			2.06			1.65			1.91			2.19			2.25			2.30			0.86			1.20			1.88			1.64			1.32
Portfolio turnover (%)³		10			7			22			26			8			18			13			26			31			6			13			21			20			31			26

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

Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	CORE BOND FUND
	CLASS A															CLASS B															CLASS Y
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	10.78		$	10.28		$	9.55		$	10.03		$	10.20		$	10.78		$	10.29		$	9.55		$	10.03		$	10.21		$	10.71		$	10.25		$	9.52		$	9.99		$	10.17
Income from Investment Operations:
Net investment income		0.14			0.18	¹		0.24	¹		0.21			0.20	¹		0.16			0.12	¹		0.161			0.15			0.14	¹		(0.02	)		0.20	¹		0.25	¹		0.24			0.23	¹
Net realized and unrealized gain (loss) on investments		(0.12	)		0.53			0.74			(0.46	)		(0.10	)		(0.22	)		0.51			0.75			(0.47	)		(0.12	)		0.10			0.52			0.75			(0.45	)		(0.11	)
Total from investment operations		0.02			0.71			0.98			(0.25	)		0.10			(0.06	)		0.63			0.91			(0.32	)		0.02			0.08			0.72			1.00			(0.21	)		0.12
Less Distributions From:
Net investment income		(0.14	)		(0.19	)		(0.25	)		(0.23	)		(0.22	)		(0.06	)		(0.12	)		(0.17	)		(0.16	)		(0.15	)		(0.19	)		(0.24	)		(0.27	)		(0.26	)		(0.25	)
Capital gains		(0.21	)		(0.02	)		–			(0.00	)²		(0.05	)		(0.21	)		(0.02	)		–			(0.00	)²		(0.05	)		(0.21	)		(0.02	)		–			(0.00	)²		(0.05	)
Total distributions		(0.35	)		(0.21	)		(0.25	)		(0.23	)		(0.27	)		(0.27	)		(0.14	)		(0.17	)		(0.16	)		(0.20	)		(0.40	)		(0.26	)		(0.27	)		(0.26	)		(0.30	)
Net increase (decrease) in net asset value		(0.33	)		0.50			0.73			(0.48	)		(0.17	)		(0.33	)		0.49			0.74			(0.48	)		(0.18	)		(0.32	)		0.46			0.73			(0.47	)		(0.18	)
Net Asset Value at end of period	$	10.45		$	10.78		$	10.28		$	9.55		$	10.03		$	10.45		$	10.78		$	10.29		$	9.55		$	10.03		$	10.39		$	10.71		$	10.25		$	9.52		$	9.99
Total Return (%)³		0.21			7.00			10.37			(2.45	)		1.05			(0.53	)		6.10			9.65			(3.18	)		0.20			0.73			7.13			10.67			(2.12	)		1.22
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	43,577		$	47,304		$	28,902		$	29,605		$	33,738		$	510		$	1,088		$	1,272		$	1,466		$	2,004		$	10,783		$	102,811		$	121,000		$	138,186		$	170,169
Ratios of expenses to average net assets (%)		0.87			0.90			0.90			0.90			0.90			1.63			1.66			1.65			1.65			1.65			0.65			0.65			0.65			0.65			0.65
Ratio of net investment income to average net assets (%)		1.31			1.78			2.35			2.20			2.00			0.59			1.05			1.60			1.44			1.25			1.65			2.03			2.60			2.44			2.25
Portfolio turnover (%)⁴		30			61			36			26			27			30			61			36			26			27			30			61			36			26			27

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

Amounts represent less than $(0.005) per share.

Total return without applicable sales charge.

⁴

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

	CORE BOND FUND
	CLASS I¹
	Period Ended
	October 31,
	2021
Net Asset Value at beginning of period	$	10.39
Income from Investment Operations:
Net investment income		0.11
Net realized and unrealized gain (loss) on investments		(0.02	)
Total from investment operations		0.09
Less Distributions From:
Net investment income		(0.12	)
Total distributions		(0.12	)
Net increase (decrease) in net asset value		(0.03	)
Net Asset Value at end of period	$	10.36
Total Return (%)²		0.88	³
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	133,692
Ratios of expenses to average net assets (%)		0.50	⁴
Ratio of net investment income to average net assets (%)		1.57	⁴
Portfolio turnover (%)⁵		30	³

Class I shares commenced operations effective March 1, 2021.

Total return without applicable sales charge.

Not annualized

⁴

Annualized

⁵

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	DIVERSIFIED INCOME FUND
	CLASS A															CLASS B															CLASS C
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	15.52		$	16.37		$	15.98		$	15.93		$	14.92		$	15.64		$	16.48		$	16.08		$	16.04		$	15.01		$	15.65		$	16.48		$	16.07		$	16.03		$	15.01
Income from Investment Operations:
Net investment income		0.23			0.26	¹		0.28	¹		0.28			0.26	¹		0.11			0.14	¹		0.16	¹		0.16			0.14	¹		0.09			0.15	¹		0.16	¹		0.16			0.14	¹
Net realized and unrealized gain (loss) on investments		3.11			(0.04	)		1.64			0.30			1.56			3.12			(0.03	)		1.65			0.29			1.58			3.14			(0.03	)		1.66			0.29			1.57
Total from investment operations		3.34			0.22			1.92			0.58			1.82			3.23			0.11			1.81			0.45			1.72			3.23			0.12			1.82			0.45			1.71
Less Distributions From:
Net investment income		(0.24	)		(0.27	)		(0.29	)		(0.29	)		(0.27	)		(0.10	)		(0.15	)		(0.17	)		(0.17	)		(0.15	)		(0.10	)		(0.15	)		(0.17	)		(0.17	)		(0.15	)
Capital gains		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)		(0.20	)		(0.80	)		(1.24	)		(0.24	)		(0.54	)
Total distributions		(0.44	)		(1.07	)		(1.53	)		(0.53	)		(0.81	)		(0.30	)		(0.95	)		(1.41	)		(0.41	)		(0.69	)		(0.30	)		(0.95	)		(1.41	)		(0.41	)		(0.69	)
Net increase (decrease) in net asset value		2.90			(0.85	)		0.39			0.05			1.01			2.93			(0.84	)		0.40			0.04			1.03			2.93			(0.83	)		0.41			0.04			1.02
Net Asset Value at end of period	$	18.42		$	15.52		$	16.37		$	15.98		$	15.93		$	18.57		$	15.64		$	16.48		$	16.08		$	16.04		$	18.58		$	15.65		$	16.48		$	16.07		$	16.03
Total Return (%)²		21.74			1.27			13.51			3.63			12.57			20.83			0.56			12.64			2.77			11.79			20.82			0.62			12.72			2.77			11.72
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	158,336		$	134,213		$	139,683		$	131,127		$	137,863		$	5,082		$	6,591		$	9,612		$	10,832		$	12,702		$	20,812		$	16,888		$	16,090		$	14,647		$	15,103
Ratios of expenses to average net assets (%)		1.11			1.10			1.10			1.10			1.10			1.86			1.85			1.85			1.85			1.85			1.85			1.85			1.84			1.85			1.85
Ratio of net investment income to average net assets (%)		1.27			1.66			1.80			1.72			1.65			0.53			0.92			1.06			0.97			0.91			0.52			0.91			1.05			0.97			0.89
Portfolio turnover (%)³		34			31			34			27			21			34			31			34			27			21			34			31			34			27			21

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

Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	COVERED CALL & EQUITY INCOME FUND
	CLASS A															CLASS C															CLASS Y
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	7.80		$	7.84		$	8.52		$	8.88		$	8.95		$	7.19		$	7.31		$	8.04		$	8.47		$	8.63		$	8.05		$	8.06		$	8.73		$	9.06	$		9.11
Income from Investment Operations:
Net investment income (loss)		0.02			(0.09	)¹		0.03	¹		0.06			0.07			(0.08	)		(0.18	)¹		(0.05	)¹		(0.10	)		0.02			0.04			(0.39	)¹		0.12	¹		0.10			0.14
Net realized and unrealized gain (loss) on investments		2.37			0.60			0.05			0.30			0.46			2.21			0.60			0.07			0.38			0.42			2.45			0.94			(0.02	)		0.29			0.42
Total from investment operations		2.39			0.51			0.08			0.36			0.53			2.13			0.42			0.02			0.28			0.44			2.49			0.55			0.10			0.39			0.56
Less Distributions From:
Net investment income		(0.43	)		(0.39	)		(0.44	)		(0.43	)		(0.39	)		(0.42	)		(0.38	)		(0.43	)		(0.42	)		(0.39	)		(0.43	)		(0.40	)		(0.45	)		(0.43	)		(0.40	)
Capital gains		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)
Total distributions		(0.59	)		(0.55	)		(0.76	)		(0.72	)		(0.60	)		(0.58	)		(0.54	)		(0.75	)		(0.71	)		(0.60	)		(0.59	)		(0.56	)		(0.77	)		(0.72	)		(0.61	)
Net increase (decrease) in net asset value		1.80			(0.04	)		(0.68	)		(0.36	)		(0.07	)		1.55			(0.12	)		(0.73	)		(0.43	)		(0.16	)		1.90			(0.01	)		(0.67	)		(0.33	)		(0.05	)
Net Asset Value at end of period	$	9.60		$	7.80		$	7.84		$	8.52		$	8.88		$	8.74		$	7.19		$	7.31		$	8.04		$	8.47		$	9.95		$	8.05		$	8.06		$	8.73	$		9.06
Total Return (%)²		31.18			7.10			1.46			3.96			5.97			30.17			6.31			0.68			3.21			5.09			31.54			7.34			1.60			4.29			6.15
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	14,811		$	11,996		$	13,748		$	16,035		$	16,773		$	8,336		$	7,156		$	8,191		$	9,638		$	13,299		$	66,982		$	59,966		$	102,018		$	106,576		$	95,640
Ratios of expenses to average net assets (%)		1.26			1.25			1.25			1.25			1.25			2.01			2.01			2.00			2.00			2.00			1.01			1.01			1.00			1.00			1.00
Ratio of net investment income to average net assets (%)		0.09			0.70			1.05			0.47			1.03			(0.66	)		(0.05	)		0.29			(0.28	)		0.28			0.34			0.98			1.28			0.73			1.26
Portfolio turnover (%)³		162			108			116			130			166			162			108			116			130			166			162			108			116			130			166

	COVERED CALL & EQUITY INCOME FUND
	CLASS R6
	Year Ended October 31,
	2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	8.17		$	8.16		$	8.81		$	9.13		$	9.16
Income from Investment Operations:
Net investment income (loss)		0.17			(0.45	)¹		0.18	¹		0.06			0.14
Net realized and unrealized gain (loss) on investments		2.37			1.02			(0.06	)		0.34			0.44
Total from investment operations		2.54			0.57			0.12			0.40			0.58
Less Distributions From:
Net investment income		(0.43	)		(0.40	)		(0.45	)		(0.43	)		(0.40	)
Capital gains		(0.16	)		(0.16	)		(0.32	)		(0.29	)		(0.21	)
Total distributions		(0.59	)		(0.56	)		(0.77	)		(0.72	)		(0.61	)
Net increase (decrease) in net asset value		1.95			0.01			(0.65	)		(0.32	)		(0.03	)
Net Asset Value at end of period	$	10.12		$	8.17		$	8.16		$	8.81		$	9.13
Total Return (%)²		31.69			7.51			1.82			4.37			6.34
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	544		$	1,439		$	2,385		$	2,388		$	2,531
Ratios of expenses to average net assets (%)		0.88			0.87			0.87			0.87			0.87
Ratio of net investment income to average net assets (%)		0.60			1.10			1.41			0.85			1.26
Portfolio turnover (%)³		162			108			116			130			166

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

Total return without applicable sales charge.

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	DIVIDEND INCOME FUND
	CLASS A^*						CLASS Y															CLASS I^**
	Year Ended			Period Ended																		Year Ended			Period Ended
	October 31,			October 31,			Year Ended October 31,															October 31,			October 31,
	2021			2020			2021			2020			2019			2018			2017			2021			2020
Net Asset Value at beginning of period	$	26.10		$	25.17		$	26.14		$	27.65		$	27.01		$	26.18		$	22.38		$	26.14		$	27.19
Income from Investment Operations:
Net investment income		0.39			0.16	¹		0.50			0.51	¹		0.46	¹		0.47			0.44	¹		0.52			0.06	¹
Net realized and unrealized gain (loss) on investments		8.06			0.98			8.03			(0.88	)		3.12			1.42			4.34			8.05			(1.02	)
Total from investment operations		8.45			1.14			8.53			(0.37	)		3.58			1.89			4.78			8.57			(0.96	)
Less Distributions From:
Net investment income		(0.42	)		(0.21	)		(0.48	)		(0.45	)		(0.43	)		(0.47	)		(0.44	)		(0.51	)		(0.09	)
Capital gains		–			–			–			(0.69	)		(2.51	)		(0.59	)		(0.54	)		–			–
Total distributions		(0.42	)		(0.21	)		(0.48	)		(1.14	)		(2.94	)		(1.06	)		(0.98	)		(0.51	)		(0.09	)
Net increase (decrease) in net asset value		8.03			0.93			8.05			(1.51	)		0.64			0.83			3.80			8.06			(1.05	)
Net Asset Value at end of period	$	34.13		$	26.10		$	34.19		$	26.14		$	27.65		$	27.01		$	26.18		$	34.20		$	26.14
Total Return (%)²		32.52			4.53	³		32.81			(1.42	)		15.48			7.35			21.85			32.95			(3.53	)³
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s) $		62,716		$	51,207		$	188,287		$	171,733		$	220,725		$	111,457		$	107,411		$	72,215		$	51,725
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.16			1.17	⁴		0.91			1.02			1.10			1.10			1.10			0.81			0.82	⁴
After reimbursement of expenses by Adviser (%).		1.16			1.17	⁴		0.91			0.93			0.95			0.95			0.95			0.81			0.82	⁴
Ratio of net investment income (loss) to average net assets
Before reimbursement of expenses by Adviser (%)		1.25			1.09	⁴		1.50			1.72			1.64			1.60			1.66			1.60			1.55	⁴
After reimbursement and waiver of expenses by Adviser (%)		1.25			1.09	⁴		1.50			1.81			1.79			1.75			1.81			1.60			1.55	⁴
Portfolio turnover (%)⁵		31			33	³		31			33			28			32			19			31			33	³

Class A shares commenced operations effective June 1, 2020.

^**

Class I shares commenced operations effective September 1, 2020.

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

Total return without applicable sales charge.

Not annualized.

⁴

Annualized.

⁵

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	INVESTORS FUND
	CLASS A															CLASS Y															CLASS R⁶
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	23.81		$	23.76		$	23.85		$	23.22		$	19.57		$	23.84		$	23.83		$	23.92		$	23.29		$	19.62		$	24.12		$	24.06		$	24.07		$	23.44		$	19.74
Income from Investment Operations:
Net investment income (loss)		(0.01	)		0.04	¹		0.06	¹		0.05			0.03	¹		0.12			0.14	¹		0.12	¹		0.11			0.09	¹		0.11			0.03	¹		0.16	¹		0.15			0.13	¹
Net realized and unrealized gain (loss) on investments		7.29			1.31			3.39			1.87			4.23			7.24			1.29			3.39			1.87			4.24			7.37			1.45			3.43			1.88			4.26
Total from investment operations		7.28			1.35			3.45			1.92			4.26			7.36			1.43			3.51			1.98			4.33			7.48			1.48			3.59			2.03			4.39
Less Distributions From:
Net investment income		–			–			(0.10	)		(0.03	)		–			(0.05	)		(0.12	)		(0.16	)		(0.09	)		(0.05	)		(0.14	)		(0.12	)		(0.16	)		(0.14	)		(0.08	)
Capital gains		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)		(2.37	)		(1.30	)		(3.44	)		(1.26	)		(0.61	)
Total distributions		(2.37	)		(1.30	)		(3.54	)		(1.29	)		(0.61	)		(2.42	)		(1.42	)		(3.60	)		(1.35	)		(0.66	)		(2.51	)		(1.42	)		(3.60	)		(1.40	)		(0.69	)
Net increase (decrease) in net asset value		4.91			0.05			(0.09	)		0.63			3.65			4.94			0.01			(0.09	)		0.63			3.67			4.97			0.06			(0.01	)		0.63			3.70
Net Asset Value at end of period	$	28.72		$	23.81		$	23.76		$	23.85		$	23.22		$	28.78		$	23.84		$	23.83		$	23.92		$	23.29		$	29.09		$	24.12		$	24.06		$	24.07		$	23.44
Total Return (%)²		32.37			5.75			18.37			8.50			22.30			32.72			6.06			18.63			8.75			22.62			32.96			6.21			18.88			8.90			22.87
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	108,515		$	88,934		$	86,476		$	78,043		$	77,891		$	112,166		$	157,991		$	244,443		$	208,942		$	222,363		$	84,331		$	70,490		$	8,063		$	6,919		$	6,898
Ratios of expenses to average net
assets (%)		1.16			1.18			1.20			1.20			1.20			0.91			0.94			0.95			0.95			0.95			0.73			0.74			0.77			0.77			0.77
Ratio of net investment income to average
net assets (%)		(0.03	)		0.18			0.23			0.22			0.14			0.25			0.54			0.47			0.47			0.39			0.39			0.26			0.65			0.64			0.56
Portfolio turnover (%)³		17			41			23			40			33			17			41			23			40			33			17			41			23			40			33

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

Total return without applicable sales charge.

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

	INVESTORS FUND
	CLASS I*
	Year Ended			Period Ended
	October 31,			October 31,
	2021			2020
Net Asset Value at beginning of period	$	23.84		$	24.51
Income from Investment Operations:
Net investment income		0.10			0.00	^1,2
Net realized and unrealized gain (loss) on investments		7.28			(0.67	)
Total from investment operations		7.38			(0.67	)
Less Distributions From:
Net investment income		(0.10	)		–
Capital gains		(2.37	)		–
Total distributions		(2.47	)		–
Net increase (decrease) in net asset value		4.91			(0.67	)
Net Asset Value at end of period	$	28.75		$	23.84
Total Return (%)³		32.87			(2.73	)⁴
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	104,617		$	20,643
Ratios of expenses to average net assets (%)		0.81			0.82	⁵
Ratio of net investment income to average net assets (%)		0.30			0.02	⁵
Portfolio turnover (%)⁶		17			41	⁴

Class I shares commenced operations effective September 1, 2020.

Amounts represent less than $0.005 per share.

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

Total return without applicable sales charge.

⁴

Not annualized.

⁵

Annualized.

⁶

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

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

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

Total return without applicable sales charge.

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

	MID CAP FUND
	CLASS Y															CLASS R6															CLASS I*
																															Year Ended			Period Ended
	Year Ended October 31,															Year Ended October 31,															October 31,			October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020
Net Asset Value at beginning of period	$	10.89		$	11.71		$	10.23		$	9.76		$	8.64		$	11.19		$	11.99		$	10.44		$	9.94		$	8.77		$	10.90		$	11.21
Income from Investment Operations:
Net investment income (loss)		0.02			(0.03	)¹		(0.02	)¹		(0.01	)		(0.01	)¹		0.02			(0.02	)¹		(0.10	)¹		0.01			0.01	¹		(0.03	)		(0.01	)¹
Net realized and unrealized gain (loss) on investments		4.13			(0.36	)		2.18			0.83			1.51			4.27			(0.35	)		2.33			0.84			1.54			4.19			(0.30	)
Total from investment operations		4.15			(0.39	)		2.16			0.82			1.50			4.29			(0.37	)		2.23			0.85			1.55			4.16			(0.31	)
Less Distributions From:
Net Investment Income		–			(0.00	)²		–			–			–			(0.02	)		(0.00	)²		–			–			–			(0.00	)²		–
Capital gains		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.42	)		–
Total distributions		(0.42	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.44	)		(0.43	)		(0.68	)		(0.35	)		(0.38	)		(0.42	)		–
Net increase (decrease) in net asset value		3.73			(0.82	)		1.48			0.47			1.12			3.85			(0.80	)		1.55			0.50			1.17			3.74			(0.31	)
Net Asset Value at end of period	$	14.62		$	10.89		$	11.71		$	10.23		$	9.76		$	15.04		$	11.19		$	11.99		$	10.44		$	9.94		$	14.64		$	10.90
Total Return (%)³		38.89			(3.52	)		23.27			8.55			17.85			39.20			(3.26	)		23.49			8.71			18.17			39.01			(2.77	)⁵
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	263,892		$	323,841		$	463,768		$	351,716		$	270,989		$	105,878		$	91,562		$	55,417		$	12,886		$	11,713		$	286,235		$	61,805
Ratios of expenses to average net assets (%)		0.95			0.97			0.98			0.98			0.98			0.77			0.77			0.76			0.77			0.77			0.85			0.86	⁶
Ratio of net investment income to average net assets (%)		(0.04	)		(0.20	)		(0.18	)		(0.09	)		(0.11	)		0.14			(0.03	)		(0.06	)		0.12			0.10			(0.01	)		(0.43	)⁶
Portfolio turnover (%)⁴		24			24			25			27			22			24			24			25			27			22			24			24	⁵

*	Class I shares commenced operations effective September 1, 2020

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

Amounts represent less than $0.005 per share.

Total return without applicable sales charge.

⁴

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

⁵

Not annualized.

⁶

Annualized.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	SMALL CAP FUND
	CLASS A												CLASS Y																		CLASS I*
										Inception to									Period Ended												Period Ended
	Year Ended October 31,									September 30,			Year Ended October 31,						October 31,			Year Ended September 30,									October 31,
	2021			2020			2019			2019¹			2021			2020			2019²			2019			2018³			2017³			2021
Net Asset Value at beginning of period	$	11.04		$	11.14		$	10.82		$	10.53		$	11.11		$	11.19		$	10.87		$	15.56		$	15.03		$	14.09		$	14.41
Income from Investment Operations:
Net investment income (loss)		(0.09	)		(0.02	)⁴		(0.01	)⁴		(0.01	)⁴		(0.07	)		0.02	⁴		(0.01	)⁴		(0.04	)⁴		(0.08	)		(0.09	)		(0.03	)
Net realized and unrealized gain (loss) on investments		5.46			0.36			0.33			0.30			5.51			0.35			0.33			(1.39	)		2.21			1.70			1.32
Total from investment operations		5.37			0.34			0.32			0.29			5.44			0.37			0.32			(1.43	)		2.13			1.61			1.29
Less Distributions From:
Net investment income		–			–			–			–			–			(0.01	)		–			–			–			–			–
Capital gains		(0.86	)		(0.44	)		–			–			(0.86	)		(0.44	)		–			(3.26	)		(1.60	)		(0.67	)		–
Total distributions		(0.86	)		(0.44	)		–			–			(0.86	)		(0.45	)		–			(3.26	)		(1.60	)		(0.67	)
Net increase (decrease) in net asset value		4.51			(0.10	)		0.32			0.29			4.58			(0.08	)		0.32			(4.69	)		0.53			0.94			1.29
Net Asset Value at end of period	$	15.55		$	11.04		$	11.14		$	10.82		$	15.69		$	11.11		$	11.19		$	10.87		$	15.56		$	15.03		$	15.70
Total Return (%)⁵		50.17			3.02			2.96	⁶		2.75	⁶		50.50			3.27			2.94	⁶		(8.81	)		15.29			11.58			8.95	⁶
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	4,847		$	2,958		$	3,457		$	3,420		$	253,625		$	215,890		$	263,527		$	274,824		$	543,961		$	611,730		$	21,868
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser (%)		1.39			1.51			1.50	⁷		1.50	⁷		1.15			1.26			1.25	⁷		1.29			1.21			1.23			1.00	⁷
After reimbursement of expenses by Adviser (%)		1.38			1.47			1.46	⁷		1.46	⁷		1.14			1.22			1.21	⁷		1.29			1.21			1.23			1.00	⁷
Ratio of net investment income to average net assets
Before reimbursement of expenses by Adviser (%)		(0.67	)		(0.18	)		(1.07	)⁷		(1.28	)⁷		(0.42	)		0.08			(0.82	)⁷		(0.36	)		(0.57	)		(0.64	)		(0.36	)⁷
After reimbursement of expenses by Adviser (%)		(0.66	)		(0.14	)		(1.03	)⁷		(1.24	)⁷		(0.40	)		0.12			(0.78	)⁷		(0.36	)		(0.57	)		(0.64	)		(0.36	)⁷
Portfolio turnover (%)⁸		44			47			3			73			44			47			3			73			49			53			44	⁶

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

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

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

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

⁴

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

⁵

Total return without applicable sales charge.

⁶

Not annualized.

⁷

Annualized.

⁸

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year.

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Financial Highlights for a Share of Beneficial Interest Outstanding - continued

	INTERNATIONAL STOCK FUND
	CLASS A															CLASS B															CLASS Y
	Year Ended October 31,															Year Ended October 31,															Year Ended October 31,
	2021			2020			2019			2018			2017			2021			2020			2019			2018			2017			2021			2020			2019			2018			2017
Net Asset Value at beginning of period	$	11.83		$	13.53		$	12.92		$	14.00		$	12.03		$	11.47		$	13.14		$	12.56		$	13.63		$	11.73		$	11.83		$	13.57		$	12.96		$	14.04		$	12.05
Income from Investment Operations:
Net investment income (loss)		0.07			0.06	¹		0.18	¹		0.16			0.10	¹		(0.21	)		(0.08	)¹		0.06	¹		0.03			0.00	^1,2		0.41			1.30	¹		0.62	¹		2.47			0.34	¹
Net realized and unrealized gain (loss) on investments		2.35			(0.89	)		0.99			(1.12	)		2.01			2.46			(0.82	)		0.99			(1.07	)		1.97			2.05			(2.10	)		0.58			(3.40	)		1.82
Total from investment operations		2.42			(0.83	)		1.17			(0.96	)		2.11			2.25			(0.90	)		1.05			(1.04	)		1.97			2.46			(0.80	)		1.20			(0.93	)		2.16
Less Distributions From:
Net investment income		(0.06	)		(0.19	)		(0.19	)		(0.12	)		(0.14	)		-			(0.09	)		(0.10	)		(0.03	)		(0.07	)		(0.13	)		(0.26	)		(0.22	)		(0.15	)		(0.17	)
Capital gains		(0.52	)		(0.68	)		(0.37	)		-			-			(0.52	)		(0.68	)		(0.37	)		-			-			(0.52	)		(0.68	)		(0.37	)		-			-
Total distributions		(0.58	)		(0.87	)		(0.56	)		(0.12	)		(0.14	)		(0.52	)		(0.77	)		(0.47	)		(0.03	)		(0.07	)		(0.65	)		(0.94	)		(0.59	)		(0.15	)		(0.17	)
Net increase (decrease) in net asset value		1.84			(1.70	)		0.61			(1.08	)		1.97			1.73			(1.67	)		0.58			(1.07	)		1.90			1.81			(1.74	)		0.61			(1.08	)		1.99
Net Asset Value at end of period	$	13.67		$	11.83		$	13.53		$	12.92		$	14.00		$	13.20		$	11.47		$	13.14		$	12.56		$	13.63		$	13.64		$	11.83		$	13.57		$	12.96		$	14.04
Total Return (%)³		20.48			(6.78	)		9.85			(6.94	)		17.79			19.62			(7.49	)		9.04			(7.65	)		16.89			20.83			(6.58	)		10.10			(6.72	)		18.18
Ratios/Supplemental Data:
Net Assets at end of period (in 000’s)	$	16,375		$	14,602		$	17,209		$	17,679		$	20,520		$	348		$	494		$	715		$	840		$	1,195		$	888		$	823		$	1,310		$	1,434		$	10,098
Ratios of expenses to average net assets (%)		1.61			1.60			1.60			1.60			1.60			2.36			2.36			2.35			2.35			2.35			1.36			1.36			1.35			1.35			1.35
Ratio of net investment income to average net assets (%)		0.53			0.50			1.42			1.14			0.82			(0.19	)		(0.26	)		0.65			0.36			0.05			0.79			0.73			1.67			1.12			1.06
Portfolio turnover (%)⁴		120			34			37			29			32			120			34			37			29			32			120			34			37			29			32

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

Amounts represent less than $0.005 per share.

Total return without applicable sales charge.

⁴

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

See accompanying Notes to Financial Statements.

Madison Funds | October 31, 2021

Notes to the Financial Statements

1. ORGANIZATION

Madison Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. As of the date of this report, the Trust offers the following funds (individually, a “fund,” collectively, the “funds”), with the share classes listed:

Fund		Share Class(es) Offered¹
Conservative Allocation²		Class A, Class B, Class C
Moderate Allocation²		Class A, Class B, Class C
Aggressive Allocation²		Class A, Class B, Class C
Tax-Free Virginia		Class Y
Tax-Free National		Class Y
High Quality Bond		Class Y
Core Bond³		Class A, Class B, Class Y, Class I
Diversified Income		Class A, Class B, Class C
Covered Call & Equity Income		Class A, Class C, Class Y, Class R6
Dividend Income		Class A, Class Y, Class I
Investors		Class A, Class Y, Class I, Class R6
Mid Cap		Class A, Class B, Class Y, Class I, Class R6
Small Cap³		Class A, Class Y, Class I
International Stock		Class A, Class B, Class Y

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

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

The Core Bond and Small Cap Funds launched Class I shares on February 26, 2021, and the share Class commenced operations effective March 1, 2021.

Each Class of shares represents an interest in the assets of the respective fund and has identical voting, dividend, liquidation and other rights, except that each Class of shares bears its own distribution fees and servicing fees, if any, and its proportional share of fund level expenses; is subject to its own sales charge, if any; and has exclusive voting rights on matters pertaining to Rule 12b-1 of the 1940 Act as it relates to that Class or other Class-specific matters.

The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest of the Trust without par value. The Trust has entered into an Investment Advisory Agreement with Madison Asset Management, LLC (the “Investment Adviser” or “Madison”). Effective February 28, 2021, Madison took over management of the International Stock Fund from Lazard Asset Management, LLC, the previous Subadviser of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

The following is a summary of significant accounting policies consistently followed by each fund in the preparation of its financial statements.

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

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

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time, on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

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

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

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

Recently Issued Accounting Pronouncements:

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

Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the fund’s ex-distribution date. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the funds are informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.

Expenses: Expenses that are directly related to one fund are charged directly to that fund. Other operating expenses are prorated to the funds on the basis of relative net assets. Class-specific expenses are borne by that class.

Share Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.

Repurchase Agreements: Each fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The funds will enter into repurchase agreements only with members of the Federal Reserve System and with “primary dealers” in U.S. Government securities. As of October 31, 2021, none of the funds held open repurchase agreements.

The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the funds’ custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a fund could experience one of the following: delays in liquidating the underlying securities during the period in which the fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Foreign Currency Transactions: The fund’s books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., fair value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the funds at the spot rate at settlement.

Each fund, except the Tax-Free Virginia and Tax-Free National Funds, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading “Net realized gain (loss) on investments”. The Covered Call & Equity Fund had net realized losses of ($16), and The International Stock Fund had net realized gains of $8,558 related to foreign currency transactions.

The funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.

Forward Foreign Currency Exchange Contracts: Each fund, except the Tax-Free Virginia and Tax-Free National Funds, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. During the year ended October 31, 2021, none of the funds had open forward foreign currency exchange contracts.

If a fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the fund will be required to place cash or other liquid assets in a segregated account with the fund’s custodian in an amount equal to the value of the fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the fund’s commitment with respect to the contract.

Cash Concentration: At times, the funds maintain cash balances at financial institutions in excess of federally insured limits. The funds monitor this credit risk and have not experienced any losses related to this risk.

Illiquid Securities: Each fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Based upon the determination of the Board of Trustees, at October 31, 2021, there were no illiquid securities held in the funds.

Delayed Delivery Securities: Each fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the fund segregates cash or other liquid securities, of any type or maturity, equal in value to the fund’s commitment. Losses may arise due to changes in the fair value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of October 31, 2021, none of the funds had entered into such transactions.

Indemnifications: Under the funds’ organizational documents, the funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In the normal course of business, the funds enter into contracts that contain a variety of representations and provide general indemnifications. The funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the funds. However, based on experience, management expects the risk of loss to be remote.

3. FAIR VALUE MEASUREMENTS

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

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

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

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

The valuation techniques used by the funds to measure fair value for the year ended October 31, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of October 31, 2021, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of October 31, 2021, 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):

Fund¹	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 10/31/21
Conservative Allocation
Investment Companies	$	66,236,702		$	—	$	—	$	66,236,702
Short-Term Investments		7,361,469			—		—		7,361,469
		73,598,171			—		—		73,598,171
Moderate Allocation
Investment Companies		127,679,010			—		—		127,679,010
Short-Term Investments		15,425,762			—		—		15,425,762
		143,104,772			—		—		143,104,772
Aggressive Allocation
Investment Companies		63,854,577			—		—		63,854,577
Short-Term Investments		11,332,107			—		—		11,332,107
		75,186,684			—		—		75,186,684
Tax-Free Virginia
Municipal Bonds		—			20,104,779		—		20,104,779
Tax-Free National
Municipal Bonds		—			21,825,620		—		21,825,620
High Quality Bond
Corporate Notes and Bonds		—			46,065,884		—		46,065,884
U.S. Government and Agency Obligations		—			67,759,273		—		67,759,273
Short-Term Investments		2,659,839			—		—		2,659,839
		2,659,839			113,825,157		—		116,484,996
Core Bond
Asset Backed Securities		—			11,427,924		—		11,427,924
Collateralized Mortgage Obligations		—			12,768,801		—		12,768,801
Commercial Mortgage-Backed Securities		—			5,457,060		—		5,457,060
Corporate Notes and Bonds		—			69,088,581		—		69,088,581
Foreign Corporate Bonds		—			481,372		—		481,372
Mortgage Backed Securities		—			19,866,573		—		19,866,573
U.S. Government and Agency Obligations		—			58,954,854		—		58,954,854
Short-Term Investments		10,493,714			—		—		10,493,714
		10,493,714			178,045,165		—		188,538,879
Diversified Income
Common Stocks		126,301,819			—		—		126,301,819
Asset Backed Securities		—			2,197,503		—		2,197,503
Collateralized Mortgage Obligations		—			2,865,625		—		2,865,625
Commercial Mortgage-Backed Securities		—			1,954,273		—		1,954,273
Corporate Notes and Bonds		—			22,635,870		—		22,635,870
Long Term Municipal Bonds		—			668,799		—		668,799
Mortgage Backed Securities		—			6,934,244		—		6,934,244
U.S. Government and Agency Obligations		—			16,719,608		—		16,719,608
Short-Term Investments		3,977,192			—		—		3,977,192
		130,279,011			53,975,922		—		184,254,933
Covered Call & Equity Income
Assets:
Common Stocks		65,580,714			—		—		65,580,714
Exchange Traded Funds		1,579,158			—		—		1,579,158
Short-Term Investments		31,200,172			—		—		31,200,172
		98,360,044			—		—		98,360,044
Liabilities:
Call Options Written		(2,009,555	)		—		—		(2,009,555	)

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Dividend Income
Common Stocks	318,318,596	—	—	318,318,596
Short-Term Investments	4,563,775	—	—	4,563,775
	322,882,371	—	—	322,882,371
Investors
Common Stocks	389,139,726	—	—	389,139,726
Short-Term Investments	20,236,146	—	—	20,236,146
	409,375,872	—	—	409,375,872
Mid Cap
Common Stocks	710,100,517	—	—	710,100,517
Short-Term Investments	27,551,318	—	—	27,551,318
	737,651,835	—	—	737,651,835
Small Cap
Common Stocks	260,805,493	—	—	260,805,493
Short-Term Investments	22,073,347	—	—	22,073,347
	282,878,840	—	—	282,878,840
International Stock
Common Stocks
Australia	—	653,893	—	653,893
Brazil	532,294	—	—	532,294
Canada	899,124	—	—	899,124
China	460,842	786,088	—	1,246,930
Denmark	—	242,196	—	242,196
France	—	1,314,144	—	1,314,144
Germany	198,783	1,123,888	—	1,322,671
Hong Kong	—	249,116	—	249,116
India	1,225,551	—	—	1,225,551
Ireland	234,398	203,811	—	438,209
Israel	324,018	—	—	324,018
Italy	277,963	—	—	277,963
Japan	—	2,622,616	—	2,622,616
Mexico	269,283	343,776	—	613,059
Netherlands	760,651	—	—	760,651
Singapore	—	277,300	—	277,300
South Korea	—	171,654	—	171,654
Spain	—	256,393	—	256,393
Sweden	—	317,144	—	317,144
Switzerland	—	1,333,147	—	1,333,147
Taiwan	307,672	—	—	307,672
United Kingdom	—	2,014,202	—	2,014,202
Corporate Notes and Bonds	—	14,430	—	14,430
Short-Term Investments	164,114	—	—	164,114
	5,654,693	11,923,798	—	17,578,491

See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying Funds held in the Allocation Funds, including shareholder prospectuses and financial reports, please visit each Underlying Fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

4. DERIVATIVES

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

The following table presents the types of derivatives in the fund by location and as presented on the Statements of Assets and Liabilities as of October 31, 2021.

Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments

Asset Derivatives

Liability Derivatives

Fund

Underlying Risk

Statements of Assets

and Liabilities Location

Fair Value

Statements of Assets

and Liabilities Location

Fair Value

Covered Call & Equity Income

Equity

Options purchased

—

Options written

(2,009,555

)

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

The following table presents the effect of derivative instruments on the Statements of Operations for the year ended October 31, 2021.

Fund	Underlying Risk	Statement of Operations	Realized Gain (Loss) on Derivatives			Change in Unrealized Appreciation (Depreciation) on Derivatives
Core Bond	Equity	Option Purchased	$	(16,995	)	$	—
	Equity	Option Written		5,505			—
Total			$	(11,490	)	$	—

Covered Call & Equity Income	Equity	Option Purchased	$	(1,883,398	)	$	—
	Equity	Option Written		(256,515	)		(472,666	)
Total			$	(2,139,913	)	$	(472,666	)

The average volume (based on the open positions at each month-end) of derivative activity during the year ended October 31, 2021.

	Options Purchased Contracts⁽¹⁾		Options Written Contracts⁽¹⁾
Core Bond		3		3
Covered Call & Equity Income		275		8,117

⁽¹⁾

Numbers of Contracts

There is no impact on the financial statement of the other funds as they did not hold derivative investments during the year ended October 31, 2021.

5. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS

Advisory Agreement. For its investment advisory services to the funds, pursuant to the terms of an Investment Advisory Agreement between Madison and the Trust, Madison is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows as of October 31, 2021:

Fund	Management Fee	Fund	Management Fee
Conservative Allocation	0.20%	Diversified Income²	0.65%
Moderate Allocation	0.20%	Covered Call & Equity Income	0.85%
Aggressive Allocation	0.20%	Dividend Income²	0.70%
Tax-Free Virginia	0.50%	Investors²	0.70%
Tax-Free National	0.40%	Mid Cap^2,4	0.75%
High Quality Bond1	0.30%	Small Cap^2,5	0.89%
Core Bond2,3	0.39%	International Stock²	1.05%

For the period August 7, 2020 to February 27, 2021, Madison voluntary waived 0.10% of its 0.30% annual management fee. Effective February 28, 2021, Madison contractually agreed to waive 0.10% of its 0.30% annual management fee until at least February 27, 2022. The fee waiver agreement may be terminated at any time or for any reason, but only with fund Board approval. Any fees waived will not be subject to later recoupment by Madison.

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

Effective February 28, 2021, the annual management fee was reduced from 0.50% to 0.39%.

⁴

During the period ended October 31, 2021, the effective management fee rate was 0.74%

⁵

Effective February 28, 2021, the annual management fee was reduced from 1.00% to 0.89%.

The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of its management fees and/or reimburse each fund’s operating expenses to ensure that each fund’s operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval.

During the year ended October 31, 2021, the Investment Adviser agreed to waive management fees for the following fund:

Fund	Arrangement	Management Fee Waiver			Amount Waived
High Quality Bond	Voluntary (ended February 27, 2021)		0.10	%	$	59,886
High Quality Bond	Contractual (until at least February 27, 2022)		0.10	%		93,222

The amounts waived for the year ended October 31, 2021, are reflected as fees waived in the accompanying Statements of Operations. The Investment Adviser does not have the right to recoup waived fees.

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

During the year ended October 31, 2021, the funds and their respective share classes were charged the following fees under the Administrative Services Agreement:

Fund	Class A			Class B			Class C			Class Y			Class R6			Class I
Conservative Allocation		0.25	%		0.25	%		0.25	%		N/A			N/A			N/A
Moderate Allocation		0.25	%		0.25	%		0.25	%		N/A			N/A			N/A
Aggressive Allocation		0.25	%		0.25	%		0.25	%		N/A			N/A			N/A
Tax-Free Virginia		N/A			N/A			N/A			0.35	%		N/A			N/A
Tax-Free National		N/A			N/A			N/A			0.35	%		N/A			N/A
High Quality Bond		N/A			N/A			N/A			0.19	%		N/A			N/A
Core Bond		0.20	%¹		0.20	%¹		N/A			0.20	%¹		N/A			0.10	%²
Diversified Income		0.20	%		0.20	%		0.20	%		N/A			N/A			N/A
Covered Call & Equity Income		0.15	%		N/A			0.15	%		0.15	%		0.02	%		N/A
Dividend Income		0.20	%		N/A			N/A			0.20	%		N/A			0.10	%
Investors		0.20	%		N/A			N/A			0.20	%		0.02	%		0.10	%
Mid Cap		0.40	%		0.40	%		N/A			0.20	%		0.02	%		0.10	%
Small Cap		0.20	%³		N/A			N/A			0.20	%³		N/A			0.10	%²
International Stock		0.30	%		0.30	%		N/A			0.30	%		N/A			N/A

Effective February 28, 2021, the annual administrative services fee was increased from 0.15% to 0.20%.

The Core Bond Fund and Small Cap Fund launched Class I shares on February 26, 2021 and the class commenced operations effective March 1, 2021.

Effective February 28, 2021, the Board of Trustees approved the termination of Madison’s contractual agreement to waive 0.04% of the fund’s 0.25% annual administrative services fee which commenced August 31, 2019 and was set to expire on August 31, 2021. The annual administrative services fee was simultaneously reduced from 0.25% to 0.20%. Madison does not have the right to recoup any waived fees.

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

The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of it’s the administrative services fees and/or reimburse each fund’s operating expenses to ensure that each fund’s operating expenses do not exceed the expense limitation listed below. Contractual fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. Any fees waived will not be subject to later recoupment by Madison. During the year ended October 31, 2021, the Investment Adviser waived $35,536 in Administrative Services fees for the Small Cap Fund.

Shareholder Service and Distribution Plans (Rule 12b-1). The Trust has adopted, on behalf of certain funds and share classes, distribution and/or service plans pursuant to Rule 12b-1 under the 1940 Act. These plans permit the applicable share classes to pay for distribution of their shares and servicing of their shareholders out of fund assets; therefore, the cost of these plans is indirectly borne by all shareholders who own shares of the affected funds and share classes. These plans are described below:

Shareholder Service Fees (Class A, B and C shares). Service plans have been adopted pursuant to Rule 12b-1 under the 1940 Act for Class A, B and C shares of each of the funds. Under the terms of these plans, each fund pays MFD Distributor, LLC (“MFD”) a service fee equal to 0.25% of the average daily net assets attributable to each class of shares of that fund. The service fee is used by MFD to offset costs of servicing shareholder accounts or to compensate other qualified broker/dealers who sell shares of the funds pursuant to agreements with MFD for their costs of servicing shareholder accounts. MFD may retain any portion of the service fee for which there is no broker/dealer of record as partial consideration for its services with respect to shareholder accounts.

Distribution Fees (Class B and C shares only). Distribution plans have been adopted pursuant to Rule 12b-1 under 1940 Act for Class B and C shares of each of the funds. Under the terms of each plan, each fund pays its principal distributor, MFD, a fee equal to 0.75% of the average daily net assets attributable to Class B and C shares of that fund. MFD may use this fee to cover its distribution-related expenses (including commissions paid to broker/dealers for selling Class B and C shares) or distribution-related expenses of dealers. This fee increases the cost of investment in the Class B and C shares of a fund and, over time, may cost more than paying the initial sales charge for Class A shares.

The Shareholder Servicing & Distribution Fees are computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each fund as follows:

	Shareholder Servicing Fee							Distribution Fee					Total Shareholder Servicing and Distribution Fees (Rule 12b-1)
Fund		Class A		Class B		Class C			Class B		Class C			Class A		Class B		Class C
Conservative Allocation		0.25	%	0.25	%	0.25	%		0.75	%	0.75	%		0.25	%	1.00	%	1.00	%
Moderate Allocation		0.25	%	0.25	%	0.25	%		0.75	%	0.75	%		0.25	%	1.00	%	1.00	%
Aggressive Allocation		0.25	%	0.25	%	0.25	%		0.75	%	0.75	%		0.25	%	1.00	%	1.00	%
Tax-Free Virginia		N/A		N/A		N/A			N/A		N/A			N/A		N/A		N/A
Tax-Free National		N/A		N/A		N/A			N/A		N/A			N/A		N/A		N/A
High Quality Bond		N/A		N/A		N/A			N/A		N/A			N/A		N/A		N/A
Core Bond		0.25	%	0.25	%	N/A			0.75	%	N/A			0.25	%	1.00	%	N/A
Diversified Income		0.25	%	0.25	%	0.25	%		0.75	%	0.75	%		0.25	%	1.00	%	1.00	%
Covered Call & Equity Income		0.25	%	N/A		0.25	%		N/A		0.75	%		0.25	%	N/A		1.00	%
Dividend Income		0.25	%	N/A		N/A			N/A		N/A			0.25	%	N/A		N/A
Investors		0.25	%	N/A		N/A			N/A		N/A			0.25	%	N/A		N/A
Mid Cap		0.25	%	0.25	%	N/A			0.75	%	N/A			0.25	%	1.00	%	N/A
Small Cap		0.25	%	N/A		N/A			N/A		N/A			0.25	%	N/A		N/A
International Stock		0.25	%	0.25	%	N/A			0.75	%	N/A			0.25	%	1.00	%	N/A

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the funds. For the year October 31, 2021, no fees were waived. MFD does not have the right to recoup these waived fees.

Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the funds. Rather, they are deducted from the proceeds of sales of Fund shares prior to investment (Class A shares) or from redemption proceeds prior to remittance (Class A, B, and C shares), as applicable. MFD, in turn, uses a portion of these fees to pay financial advisors who sell fund shares, as disclosed in the prospectus. The sales charges and CDSC collected and retained for the year ended October 31, 2021, were as follows:

	Amount Collected						Amount Retained
Fund	Class A		Class B		Class C		Class A		Class B		Class C
Conservative Allocation	$	79,552	$	291	$	573	$	9,783	$	291	$	573
Moderate Allocation		104,247		3,909		594		12,212		3,909		594
Aggressive Allocation		55,215		837		11		6,086		837		11
Core Bond		36,118		392		n/a		4,838		392		n/a
Diversified Income		112,321		633		214		13,986		633		214
Dividend Income		22,740		n/a		n/a		2,702		n/a		n/a
Covered Call & Equity Income		23,369		n/a		0		2,683		n/a		0
Investors		52,044		n/a		n/a		6,246		n/a		n/a
Mid Cap		28,529		229		n/a		3,564		229		n/a
Small Cap		6,215		n/a		n/a		732		n/a		n/a
International Stock		10,093		193		n/a		1,228		193		n/a

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

Officers and Trustees: Certain officers and trustees of the funds are also officers of the Investment Adviser. The funds do not compensate their officers or affiliated trustees. Independent Trustees are compensated from the funds.

6. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS

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

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

7. SECURITIES TRANSACTIONS

For the year ended October 31, 2021, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:

	U.S. Government Securities				Other Investment Securities
Fund	Purchases		Sales		Purchases		Sales
Conservative Allocation	$	—	$	—	$	41,832,324	$	43,502,177
Moderate Allocation		—		—		91,658,870		96,427,418
Aggressive Allocation		—		—		53,001,459		54,538,241
Tax-Free Virginia		—		—		1,994,827		2,180,086
Tax-Free National		—		—		3,922,329		4,273,009
High Quality Bond		13,790,480		58,480,436		5,727,734		23,906,880
Core Bond		55,558,239		19,655,064		48,568,966		28,732,973
Diversified Income		14,909,376		5,492,081		44,337,134		55,780,924
Covered Call & Equity Income		—		—		104,348,698		122,305,543
Dividend Income		—		—		96,759,315		131,149,796
Investors		—		—		63,635,571		98,000,971
Mid Cap		—		—		166,364,660		145,819,433
Small Cap		—		—		117,281,251		162,759,744
International Stock		—		—		21,191,610		22,531,943

8. COVERED CALL AND PUT OPTIONS

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

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

9. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS

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

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

During the year ended October 30, 2021, the Fund did not enter into any futures contracts.

Options on Futures Contracts. The acquisition of put and call options on futures contracts will give the Core Bond Fund and Covered Call & Equity Fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the funds’ obtain the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

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

During the year ended October 31, 2021, the funds did not enter into any options on futures contracts.

10. FOREIGN SECURITIES

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

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

11. SECURITIES LENDING

The Board of Trustees has authorized the funds to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the “Agreement”) and subject to certain securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S. government securities, initially equal to at least 102% of

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

the value of domestic securities and 105% of non-domestic securities. The loaned securities and collateral are marked to market daily to maintain collateral at 102% of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The fund could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The funds do not have a master netting agreement.

As of October 31, 2021, the aggregate fair value of securities on loan for the Madison Fund family was $32,267,151. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is invested in U.S. treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund’s portfolio of investments for individual securities identified on loan.

Fund	Market Value		Cash Collateral*		Non-Cash Collateral*
Conservative Allocation	$	5,250,266	$	4,998,440	$	355,469
Moderate Allocation		8,689,609		8,624,019		267,773
Aggressive Allocation		7,609,245		7,701,918		85,712
High Quality Bond		1,264,028		1,292,080		—
Core Bond		782,255		798,413		—
Diversified Income		347,764		355,058		—
Small Cap		8,305,768		1,175,091		7,404,985
International Stock		18,216		18,805		—

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

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

	Remaining Contractual Maturity of the Agreements As of October 31, 2021
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions⁽¹⁾
Conservative Allocation
Government Money Market	$	4,998,440	$	—	$	—	$	—	$	4,998,440
Total Borrowings	$	4,998,440	$	—	$	—	$	—	$	4,998,440
Gross amount of recognized liabilities for securities lending transactions									$	4,998,440
Moderate Allocation
Government Money Market	$	8,624,019	$	—	$	—	$	—	$	8,624,019
Total Borrowings	$	8,624,019	$	—	$	—	$	—	$	8,624,019
Gross amount of recognized liabilities for securities lending transactions									$	8,624,019
Aggressive Allocation
Government Money Market	$	7,701,918	$	—	$	—	$	—	$	7,701,918
Total Borrowings	$	7,701,918	$	—	$	—	$	—	$	7,701,918
Gross amount of recognized liabilities for securities lending transactions									$	7,701,918
High Quality Bond
Government Money Market	$	1,292,080	$	—	$	—	$	—	$	1,292,080
Total Borrowings	$	1,292,080	$	—	$	—	$	—	$	1,292,080
Gross amount of recognized liabilities for securities lending transactions									$	1,292,080
Core Bond
Government Money Market	$	798,413	$	—	$	—	$	—	$	798,413
Total Borrowings	$	798,413	$	—	$	—	$	—	$	798,413
Gross amount of recognized liabilities for securities lending transactions									$	798,413
Diversified Income
Government Money Market	$	355,058	$	—	$	—	$	—	$	355,058
Total Borrowings	$	355,058	$	—	$	—	$	—	$	355,058
Gross amount of recognized liabilities for securities lending transactions									$	355,058
Small Cap
Government Money Market	$	1,175,091	$	—	$	—	$	—	$	1,175,091
Total Borrowings	$	1,175,091	$	—	$	—	$	—	$	1,175,091
Gross amount of recognized liabilities for securities lending transactions									$	1,175,091
International Stock
Government Money Market	$	18,805	$	—	$	—	$	—	$	18,805
Total Borrowings	$	18,805	$	—	$	—	$	—	$	18,805
Gross amount of recognized liabilities for securities lending transactions									$	18,805

⁽¹⁾

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

12. FEDERAL INCOME TAX INFORMATION

It is each fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.

The funds have not recorded any liabilities for material unrecognized tax benefits as of October 31, 2021. It is each fund’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended October 31, 2018 through October 31, 2021.

The tax character of distributions paid during the years ended October 31, 2021 and 2020 were as follows:

	Ordinary Income				Long- Term Capital Gain
Fund	2021		2020		2021		2020
Conservative Allocation	$	1,463,938	$	980,997	$	2,959,941	$	1,314,552
Moderate Allocation		2,291,576		1,762,698		9,116,760		3,314,239
Aggressive Allocation		430,089		752,210		4,952,886		2,527,414
High Quality Bond		1,415,730		1,687,806		445,318		—
Core Bond		3,624,747		3,012,505		2,395,104		—
Diversified Income		2,185,309		2,561,840		1,993,409		8,058,859
Covered Call & Equity Income		5,515,269		7,062,075		—		—
Dividend Income		4,815,817		3,828,226		—		5,363,786
Investors		1,642,194		1,479,715		32,275,668		16,831,180
Mid Cap		259,456		17,207		21,082,398		21,674,356
Small Cap		—		194,223		16,777,335		9,953,599
International Stock		80,397		269,008		689,311		947,499

	Tax Exempt Income				Ordinary Income				Capital Gain
Fund	2021		2020		2021		2020		2021		2020
Tax-Free Virginia	$	327,983	$	365,497	$	—	$	—	$	12,728	$	—
Tax-Free National		375,173		448,384		—		6,609		—		67,696

As of October 31, 2021, the components of distributable earnings on a tax basis were as follows:

Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain
Conservative Allocation	$	931,088	$	—	$	2,177,668
Moderate Allocation		3,721,345		—		4,375,570
Aggressive Allocation		2,077,698		—		2,595,089
Tax-Free Virginia		—		3,848		65,428
Tax-Free National		14,769		5,809		165,179
High Quality Bond		97,121		—		589,691
Core Bond		174,203		—		1,031,083
Diversified Income		2,072,703		—		16,074,942
Covered Call & Equity Income		1,830,712		—		—
Dividend Income		3,856,421		—		26,172,810
Investors		1,308,664		—		29,455,574
Mid Cap		175,838		—		32,271,669
Small Cap		12,282,142		—		49,230,979
International Stock		895,246		—		3,711,055

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

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

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

For the year-ended October 31, 2021, capital losses utilized for each Fund were as follows:

Fund		Amount Utilized
Tax-Free National	$	23,679
Dividend Income		2,799,818
Core Bond		149,972

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

At October 31, 2021, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each fund were as follows:

Fund	Appreciation		Depreciation			Net
Conservative Allocation	$	4,037,323	$	(341,008	)	$	3,696,315
Moderate Allocation		15,507,805		(396,057	)		15,111,748
Aggressive Allocation		9,692,857		(121,554	)		9,571,303
Tax-Free Virginia		1,030,959		(20,368	)		1,010,591
Tax-Free National		1,239,834		(46,841	)		1,192,993
High quality bond		1,148,220		(886,718	)		261,502
Core Bond Fund		6,262,195		(1,534,958	)		4,727,237
Diversified Income		44,206,308		(618,797	)		43,587,511
Covered Call & Equity Income		348,874		(13,925,942	)		(13,577,068	)
Dividend Income		83,463,243		(591,784	)		82,871,459
Investors		164,631,072		(4,130,348	)		160,500,724
Small Cap		89,909,210		(5,562,571	)		84,346,639
Mid Cap		341,665,679		(6,690,320	)		334,975,359
International Stock		1,934,957		(1,460,310	)		474,647

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

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

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

To the extent these book-tax differences are permanent in nature, such amounts are reclassified at the end of the fiscal year among paid-in capital in excess of par value, accumulated undistributed net investment income (loss) and accumulated net realized gain (loss) on investments and foreign currency translations. Accordingly, at October 31, 2021, reclassifications were recorded as follows:

Fund	Paid-in Capital		Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Conservative Allocation	$	-	$	494,898		$	(494,898	)
Moderate Allocation		-		606,010			(606,010	)
Aggressive Allocation		-		234,980			(234,980	)
Tax-Free Virginia		-		-			-
Tax-Free National		-		(1,167	)		1,167
High quality bond		-		-			-
Core Bond Fund		-		310,514			(310,514	)
Diversified Income		-		123,525			(123,525	)
Covered Call & Equity Income		-		3,817,897			(3,817,897	)
Dividend Income		70,388		(70,388	)		-
Investors		-		-			-
Small Cap		-		1,562,582			(1,562,582	)
Mid Cap		-		624,524			(624,524	)
International Stock		-		(8,558	)		8,558

13. CERTAIN RISKS

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

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

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.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

The Core Bond Fund may invest in futures contracts or options on futures contracts. Investing in futures contracts and options on futures entail certain other risks such as:

unanticipated changes in interest rates, securities prices or currency exchange rates, and may result in a poorer overall performance for the fund than if it had not entered into any futures contracts or options transactions. In the event of an imperfect correlation between a futures position and portfolio position which is intended to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. Perfect correlation between the fund’s futures positions and portfolio positions may be difficult to achieve.

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

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

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

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

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

14. CAPITAL SHARES AND AFFILIATED OWNERSHIP

The Allocation Funds invest in Underlying Funds, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Issuers”). A summary of the transactions with each Affiliated Underlying Fund during the year ended October 31, 2021 follows:

Fund/Underlying Fund	Beginning value as of 10/31/2020		Gross Additions		Gross Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (depreciation)			Value at 10/31/2021		Shares		Dividend Income		Distributions Received¹
Conservative Allocation Fund
Madison Core Bond Fund Class Y²	$	15,767,502	$	-	$	(15,027,452	)	$	22,724		$	(762,774	)	$	-		-	$	105,388	$	312,878
Madison Core Bond Fund Class I		-		15,476,932		-			-			224,336			15,701,268		1,515,566		198,607		-
Madison Dividend Income Fund Class I³		3,979,989		40,217		(3,539,974	)		264,693			599,347			1,344,272		39,306		40,217		-
Madison Investors Fund Class R64		4,691,920		1,780,715		(1,924,580	)		607,204			338,255			5,493,514		188,845		26,202		429,514
Madison Mid Cap Fund Class R6⁴		729,280		25,416		(849,927	)		157,146			(61,915	)		-		-		1,417		23,999
Totals	$	25,168,691	$	17,323,280	$	(21,341,933	)	$	1,051,767		$	337,249		$	22,539,054			$	371,831	$	766,391
Moderate Allocation Fund
Madison Core Bond Fund Class Y²	$	16,075,227	$	600,000	$	(15,634,981	)	$	-		$	(1,040,246	)	$	-		-	$	113,074	$	330,803
Madison Core Bond Fund Class I		-		16,559,981		-			-			479,538			17,039,519		1,644,741		216,521		-
Madison Dividend Income Fund Class I³		11,483,821		149,238		(8,359,695	)		263,675			2,583,668			6,120,707		178,968		149,238		-
Madison Investors Fund Class R64		14,792,518		3,771,797		(4,458,643	)		90,952			2,882,164			17,078,788		587,102		78,872		1,292,926
Madison Mid Cap Fund Class R6⁴		2,203,193		59,323		(2,557,885	)		482,415			(187,046	)		-		-		3,306		56,016
Totals	$	44,554,759	$	21,140,339	$	(31,011,204	)	$	837,042		$	4,718,078		$	40,239,014			$	561,011	$	1,679,745
Aggressive Allocation Fund
Madison Core Bond Fund Class Y²	$	3,564,656	$	375,000	$	(3,721,531	)	$	-		$	(218,125	)	$	-		-	$	26,703	$	78,121
Madison Core Bond Fund Class I		-		4,796,531		-			-			87,656			4,884,187		471,447		56,810		-
Madison Dividend Income Fund Class I³		7,003,254		101,479		(4,202,060	)		(142,310	)		1,944,673			4,705,036		137,574		101,479		-
Madison Investors Fund Class R64		7,973,078		2,333,670		(2,421,417	)		(74,999	)		1,742,553			9,552,885		328,391		45,057		738,614
Madison Mid Cap Fund Class R6⁴		1,956,503		34,939		(2,243,266	)		417,926			(166,102	)		-		-		1,948		32,990
Totals	$	20,497,491	$	7,641,619	$	(12,588,274	)	$	200,617		$	3,390,655		$	19,142,108			$	231,997	$	849,725

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

During the year ended October 31, 2021, all Class Y shares were exchanged tax-free into Class I shares.

During the year ended October 31, 2020, all Class Y shares were exchanged tax-free into Class I shares.

⁴

During the year ended October 31, 2020, all Class Y shares were exchanged tax-free into Class R6 shares.

15. IMPACTS OF COVID-19

The global outbreak of COVID-19 has disrupted financial markets and the prolonged economic impact is uncertain. The performance of the funds’ investments depends on future developments, including the duration and spread of the outbreak and the creation, distribution and efficacy of a vaccine. Events related to COVID-19 may result in further global economic disruption and market volatility which in turn may impact the value of each of the fund’s investments.

16. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the funds through the date the financial statements were available for issue. Madison will launch a new Fund, the Madison Sustainable Equity Fund, with an inception date of December 31, 2021. The Fund will commence operations on January 3, 2022. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Madison Funds (the “Funds”) comprising Madison Conservative Allocation Fund, Madison Moderate Allocation Fund, Madison Aggressive Allocation Fund, Madison Tax-Free Virginia Fund, Madison Tax-Free National Fund, Madison High Quality Bond Fund, Madison Core Bond Fund, Madison Diversified Income Fund, Madison Covered Call & Equity Income Fund, Madison Dividend Income Fund, Madison Investors Fund, Madison Mid Cap Fund, and Madison International Stock Fund, including the portfolios of investments as of October 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended; and the related notes, except for Madison Small Cap Fund, which we have audited the statement of assets and liabilities, including the portfolio of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, the period from October 1, 2019 through October 31, 2019, and the year ended September 30, 2019; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds constituting the Madison Funds, except Madison Small Cap Fund, as of October 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Madison Small Cap Fund as of October 31, 2021, the results of its operations for the year then ended, changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, the period from October 1, 2019 through October 31, 2019, and for the year ended September 30, 2019, in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, IL
December 21, 2021

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Other Information (unaudited)

DISCUSSION OF CONTRACT RENEWAL PROCESS AND CONSIDERATIONS

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of the Madison Funds (the “Trust”) held on August 5, 2021, the Board, and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement (the “Agreement”) between the Trust and Madison Asset Management, LLC (the “Adviser”) with respect to the individual series of the Trust (each a “fund” and together, the “funds”).

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

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

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

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

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

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

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

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

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

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

The Trustees compared each fund’s total expense ratio and advisory fee to those of comparable funds with similar investment objectives and strategies. The Board noted the relatively simple expense structure maintained by the Trust, an advisory fee and a capped administrative “services” fee, plus expenses for Trustee compensation which are not covered by the administrative services fee. The Board reviewed total expense ratios paid by other funds with similar investment objectives and asset size, recognizing that such a comparison, while not dispositive, was an important consideration.

The Trustees also considered the following fee reductions, which were effective February 28, 2021:

The Adviser contractually agreed to waive 0.10% of its 0.30% annual management fee for the High Quality Bond Fund until at least February 27, 2022 (which was previously being voluntarily waived). The contractual fee waiver agreement may be terminated by the Board of Trustees of the Fund at any time and for any reason; however, the Board has no intention of terminating this agreement in the next year. Any fees waived will not be subject to later recoupment by Madison.

The Core Bond Fund contractually agreed to (1) reduce its management fee from 0.50% to 0.39%, (2) increase its administrative services fee from 0.15% to 0.20% for Class A, B and Y shares; however, the overall expense ratio for these share classes was reduced due to the lower management fee; and (3) set the administrative services fee for Class I shares of the Fund at 0.10%.

The Small Cap Fund contractually agreed to (1) reduce its management fee from 1.00% to 0.89% for all share classes, (2) terminate the administrative services fee waiver of 0.04% for Class A and Class Y shares, and (3) reduce the annual administrative services fee from 0.25% to 0.20% for Class A and Class Y shares, and (4) set the administrative services fee for Class I shares at 0.10%.

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

The Trustees also noted that the Services Agreement was amended in August 2020 to reflect that Independent Trustee compensation, including Lead Independent Trustee compensation, is no longer being paid by the Adviser from the services fees it receives pursuant to the Services Agreement and, instead, is directly paid by the funds.

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

In reviewing costs and profits, the Board noted that for some smaller funds, the salaries of all portfolio management personnel, trading desk personnel, corporate accounting personnel and employees of the Adviser who serve as Trust officers, as well as facility costs (e.g., rent, etc.), could not be supported by fees received from such portfolios alone. However, the Board recognized that the Trust is profitable to the Adviser because such salaries and fixed costs are already paid in whole or in part from revenue generated by management of other client assets managed by the Adviser, including the Trust as a consolidated family of investment companies. The Trustees noted that total assets managed by the Adviser and its affiliates were approximately $19 billion as of December 31, 2020, and approximately $25 billion at the time of the meeting. The recent increase in assets was due, in part, to the acquisition of the Milwaukee-based Reinhart Fixed Income team, fixed income investment strategies and clients. As a result, although the fees paid by an individual fund at its present size might not be sufficient to profitably support a stand-alone fund, each Trust is reasonably profitable to the Adviser as part of its larger, diversified organization. In sum, the Trustees recognized that the Trust is important to the Adviser and is managed with the attention given to the Adviser’s other clients.

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

With regard to the extent to which economies of scale would be realized as each fund’s assets increase, the Trustees recognized that at their current asset levels, it was premature to discuss any economies of scale not already factored into the compensation payable under existing Investment Advisory and Services Agreement. In addition, the Trustees recognized the fee changes that went into effect during the period, discussed above, and also that the Adviser was currently waiving certain fees under the Investment Advisory Agreements and/or Services Agreements with regard to: the High Quality Bond Fund, as well as the Conservative, Moderate and Aggressive Allocation Funds.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

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

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

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

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Other Information (unaudited)

FUND EXPENSES PAID BY SHAREHOLDERS

As shareholders of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended October 31, 2021. Expenses paid during the period in the tables below are equal to the fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half fiscal year period).

Actual Expenses

The table below provides information about actual account values using actual expenses and actual returns for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Class A									Class B
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation*	$	1,000	$	1,017.00		0.71	%	$	3.61	$	1,013.90		1.46	%	$	7.41
Moderate Allocation*		1,000		1,022.60		0.71	%		3.62		1,018.60		1.46	%		7.43
Aggressive Allocation*		1,000		1,024.90		0.71	%		3.62		1,021.60		1.46	%		7.44
Core Bond		1,000		1,008.30		0.87	%		4.30		1,004.60		1.63	%		8.08
Diversified Income		1,000		1,047.20		1.11	%		5.73		1,042.90		1.86	%		9.58
Dividend Income		1,000		1,064.80		1.16	%		6.04		1,000.00		N/A			N/A
Covered Call & Equity Income		1,000		1,035.60		1.26	%		6.46		N/A		N/A			N/A
Investors		1,000		1,058.60		1.16	%		6.02		1,000.00		N/A			N/A
Mid Cap		1,000		1,075.50		1.39	%		7.27		1,071.30		2.15	%		11.17
Small Cap		1,000		1,019.70		1.38	%		6.87		1,000.00		N/A			N/A
International Stock		1,000		1,008.90		1.61	%		8.15		1,005.30		2.36	%		11.93

	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation*	$	1,000	$	1,013.90		1.46	%	$	7.41
Moderate Allocation*		1,000		1,018.50		1.46	%		7.43
Aggressive Allocation*		1,000		1,021.60		1.46	%		7.44
Diversified Income		1,000		1,043.50		1.85	%		9.53
Covered Call & Equity Income		1,000		1,031.90		2.01	%		10.29

	Class Y
Fund		Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Tax-Free Virginia		$	1,000	$	994.90		0.86	%	$	4.32
Tax-Free National			1,000		998.00		0.76	%		3.83
High Quality Bond			1,000		996.70		0.40	%		2.01
Core Bond			1,000		1,009.60		0.60	%		3.04
Covered Call & Equity Income			1,000		1,036.40		1.01	%		5.18
Dividend Income			1,000		1,066.40		0.91	%		4.74
Investors			1,000		1,060.00		0.91	%		4.73
Mid Cap			1,000		1,076.60		0.94	%		4.92
Small Cap			1,000		1,020.80		1.10	%		5.60
International Stock			1,000		1,010.40		1.36	%		6.89

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,000.00		N/A			$ N/A
Covered Call & Equity Income		1,000		1,036.80		0.88	%		4.52
Investors		1,000		1,060.90		0.73	%		3.79
Mid Cap		1,000		1,078.90		0.76	%		3.98

	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,010.20		0.61	%	$	3.09
Dividend Income		1,000		1,066.60		1.23	%		6.41
Investors		1,000		1,060.50		1.32	%		6.86
Mid Cap		1,000		1,078.10		1.39	%		7.28
Small Cap		1,000		1,021.50		1.21	%		6.17

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

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

	Class A									Class B
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation*	$	1,000	$	1,021.63		0.71	%	$	3.62	$	1,017.85		1.46	%	$	7.43
Moderate Allocation*		1,000		1,021.63		0.71	%		3.62		1,017.85		1.46	%		7.43
Aggressive Allocation*		1,000		1,021.63		0.71	%		3.62		1,017.85		1.46	%		7.43
Core Bond		1,000		1,020.92		0.87	%		4.33		1,017.14		1.63	%		8.13
Diversified Income		1,000		1,019.61		1.11	%		5.65		1,015.83		1.86	%		9.45
Dividend Income		1,000		1,019.36		1.16	%		5.90		1,000.00		N/A			N/A
Covered Call & Equity Income		1,000		1,018.85		1.26	%		6.41		N/A		N/A			N/A
Investors		1,000		1,019.36		1.16	%		5.90		1,000.00		N/A			N/A
Mid Cap		1,000		1,018.20		1.39	%		7.07		1,014.42		2.15	%		10.87
Small Cap		1,000		1,018.40		1.38	%		6.87		1,000.00		N/A			N/A
International Stock		1,000		1,017.09		1.61	%		8.19		1,013.31		2.36	%		11.98

	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Conservative Allocation*	$	1,000	$	1,017.85		1.46	%	$	7.43
Moderate Allocation*		1,000		1,017.85		1.46	%		7.43
Aggressive Allocation*		1,000		1,017.85		1.46	%		7.43
Diversified Income		1,000		1,015.88		1.85	%		9.40
Covered Call & Equity Income		1,000		1,015.07		2.01	%		10.21

	Class Y
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Tax-Free Virginia	$	1,000	$	1,020.87		0.86	%	$	4.38
Tax-Free National		1,000		1,021.37		0.76	%		3.87
High Quality Bond		1,000		1,023.19		0.40	%		2.04
Core Bond		1,000		1,022.18		0.60	%		3.06
Covered Call & Equity Income		1,000		1,020.11		1.01	%		5.14
Dividend Income		1,000		1,020.62		0.91	%		4.63
Investors		1,000		1,020.62		0.91	%		4.63
Mid Cap		1,000		1,020.47		0.94	%		4.79

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

	Class Y
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Small Cap		1,000		1,019.66		1.10	%		5.60
International Stock		1,000		1,018.35		1.36	%		6.92

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,000.00		N/A			$N/A
Covered Call & Equity Income		1,000		1,020.77		0.88	%		4.48
Investors		1,000		1,021.53		0.73	%		3.72
Mid Cap		1,000		1,021.37		0.76	%		3.87

	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
Core Bond	$	1,000	$	1,022.68		0.61	%	$	3.11
Dividend Income		1,000		1,021.12		1.23	%		6.27
Investors		1,000		1,021.12		1.32	%		6.72
Mid Cap		1,000		1,020.92		1.39	%		7.08
Small Cap		1,000		1,020.16		1.21	%		6.16

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

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC“) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4“). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 22. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Statement Regarding Liquidity Risk Management

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

On May 20, 2021, the Board reviewed the Program Administrator’s annual written report for the period of the first quarter of 2020 through the fourth quarter of 2020 (the “Report”). The Report provided an assessment of each fund’s liquidity risk: the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator uses State Street Bank and Trust Company, a third-party vendor, to provide portfolio investment classification services, and the Report noted that each fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each fund’s portfolio is expected to primarily hold highly liquid investments and each fund will be considered a “primarily highly liquid fund” (as defined in the Program) and can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a HLIM for each fund and to adopt policies and procedures for responding to a HLIM shortfall. None of the funds held a significant portion of illiquid investments and the Trust was not required to file Form N-LIQUID during the review period. The Report noted that no material changes had been made to the Program since the Board’s initial approval of the Program.

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

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-EX. Form NPORT-EX is available upon request to shareholders at no cost by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. Form NPORT-EX may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PROXY VOTING POLICIES, PROCEDURES AND RECORDS

A description of the policies and procedures used by the funds to vote proxies related to portfolio securities is available to shareholders at no cost on the funds’ website at www.madisonfunds.com or upon request by calling 1-800-877-6089 or on the SEC’s website at www.sec.gov. The proxy voting records for the funds for the most recent twelve-month period ended June 30 are available to shareholders at no cost upon request by calling 1-800-SEC-0330 on the SEC’s website at www.sec.gov.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

FORWARD-LOOKING STATEMENT DISCLOSURE

One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in the “Management’s Discussion of Fund Performance” are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as estimate, may, will, expect, believe, plan and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

TAX INFORMATION

Foreign Tax Credits: The funds expect to make an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the funds to their shareholders. For the year ended 2021, the following funds intend to pass through foreign tax credits and have derived gross income from foreign countries amounting to:

Fund		Foreign Tax Credit Pass-Through				Foreign Source Income
International Stock		$	24,077			$	415,747

Complete information regarding the funds’ foreign tax credit pass through to shareholders for the year ended October 31, 2021, will be reported in conjunction with Form 1099-DIV.

Corporate Dividends Received Deduction: For the taxable year ended 2021, the following percentage of income dividends paid by the fund qualify for the dividends received deduction available to corporations:

Fund	Percentage			Fund	Percentage
Conservative Allocation		10.14	%	Dividend Income		91.33	%
Moderate Allocation		12.04	%	Investors		100.00	%
Aggressive Allocation		31.22	%	Mid Cap		100.00	%
Diversified Income		68.35	%
Covered Call Equity Income		20.51	%

Qualified Dividend Income: For the taxable year ended 2021, the funds hereby designate the maximum amount of dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income (“QDI”) eligible for reduced tax rates (the rates range from 5% to 15% depending upon individual’s tax bracket). Complete information regarding each fund’s income distributions paid during the calendar year 2021, including the portion, if any, which qualify as QDI, will be reported in conjunction with Form 1099-DIV.

Fund	Amount		Fund	Amount
Conservative Allocation	$	165,014	Dividend Income	$	7,768,964
Moderate Allocation		566,096	Investors		1,409,998
Aggressive Allocation		366,656	Mid Cap		5,587,818
Diversified Income		2,960,912	Small Cap		2,057,302
Covered Call & Equity Income		1,124,608	International Stock		111,192

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Trustees and Officers

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

Interested Trustees and Officers

Name and Age	Position(s) Held, Length of Time Served and Term of Office	Principal Occupation(s) During Past Five Years	Portfolios Overseen in Fund Complex by Director/Trustee¹	Other Directorships Held by Director/ Trustee
Paul A. Lefurgey²56	Trustee, 2020 – Present; Vice President, 2009 - Present	Madison Investment Holdings, Inc. (“MIH”), Madison Asset Management, LLC (“Madison”) and Madison Investment Advisors, LLC (“MIA”), CEO, 2017 – Present; Co-Head of Fixed Income, 2019 – 2021; Director of Fixed Income Investments, 2016 - 2019; Executive Director and Head of Fixed Income Investments, 2013 – 2016; Chairman - Executive Committee, 2015 - 2017 Ultra Series Fund (14 portfolios), Vice President, 2009 - Present; Madison Covered Call & Equity Strategy Fund, Vice President, 2012 – Present; Madison Strategic Sector Premium Fund, Vice President, 2010 – 2018	15	Madison Covered Call & Equity Strategy Fund, 2021 - Present
Patrick F. Ryan 41	President, 2020 - Present	MIH, MIA and Madison, Head of Multi-Asset Solutions and Portfolio Manager, 2018 – Present; Co-Head of Multi-Asset Solutions and Portfolio Manager, 2016 – 2017 Ultra Series (14) and Madison Covered Call & Equity Strategy Fund, President, 2020 - Present	N/A	N/A
Greg D. Hoppe 52	Vice President, 2020 – Present; Chief Financial Officer 2019 – Present; Treasurer, 2009 – 2019	MIH and MIA, Vice President, 1999 - Present; Madison, Vice President, 2009 – Present Ultra Series Fund (14), Vice President, 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2009 - 2019; Madison Covered Call & Equity Strategy Fund, Vice President, March 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2012 – 2019; Madison Strategic Sector Premium Fund, Treasurer, 2009 – 2018	N/A	N/A
Holly S. Baggot 60	Secretary, 1999 – Present; Assistant Treasurer, 1999 – 2007 and 2009 – Present	MIH and MIA, Vice President, 2010 – Present; Madison, Vice President, 2009 – Present; MFD Distributor, LLC (“MFD”) (an affiliated brokerage firm of Madison), Vice President, 2012 – Present Ultra Series Fund (14), Secretary, 1999 – Present and Assistant Treasurer, 2009 - Present; Madison Covered Call & Equity Strategy Fund, Secretary and Assistant Treasurer, 2012 – Present; Ultra Series Fund and Madison Covered Call & Equity Strategy Fund, Anti-Money Laundering Officer, 2019 – 2020; Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2010 – 2018	N/A	N/A
Steve J. Fredricks 51	Chief Compliance Officer and Assistant Secretary, 2018 - Present	MIH, MIA and Madison, Chief Legal Officer, 2020 – Present; Chief Compliance Officer, 2018 – Present Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, Chief Compliance Officer and Assistant Secretary, 2018 – Present; Madison Strategic Sector Premium Fund, Chief Compliance Officer during 2018 Jackson National Asset Management, LLC, Senior Vice President and Chief Compliance Officer, 2005 - 2018	N/A	N/A
Trey D. Edgerle 31	Assistant Secretary, 2017 – Present; Anti-Money Laundering Officer, November 2020 - Present	MIH, MIA and Madison, Senior Mutual Fund and Compliance Associate, 2016 – Present Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, Assistant Secretary, 2017 – Present; Anti-Money Laundering Officer, 2020 – Present; Madison Strategic Sector Premium Fund, Assistant Secretary, 2017 – 2018 U.S. Bancorp, Mutual Fund Compliance Officer, 2013 – 2016	N/A	N/A

As of the date of this report, the fund complex consists of Madison Funds with 14 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 29 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the “Fund Complex” in the following tables have the meaning disclosed in this paragraph.

²	“Interested person” as defined in the 1940 Act. Considered an interested Trustee because of the position held with the investment adviser of Madison Funds.

Madison Funds | October 31, 2021

Notes to the Financial Statements - continued

Independent Trustees

Name and Age	Position(s) Held, First Elected and Term of Office¹	Principal Occupation(s) During Past Five Years	Portfolios Overseen in Fund Complex by Director/Trustee²	Other Directorships Held by Director/ Trustee
Scott C. Jones 59	Trustee, 2019 – 2034	Managing Director, Carne Global Financial Services (US) LLC (a provider of independent governance and distribution support for the asset management industry), 2013 – Present Managing Director, Park Agency, Inc., 2020 - Present	15	XAI Octagon Floating Rate & Alternative Income Term Trust (2 portfolios), 2017 – Present Manager Directed Portfolios (open-end fund family, 9 portfolios), 2016 - Present and Lead Independent Trustee since 2017 Guestlogix Inc. (a provider of ancillary-focused technology to the travel industry), 2015 – 2016 Madison Covered Call & Equity Strategy Fund, 2021 – Present
Steven P. Riege 67	Trustee, 2005 – 2028	Ovation Leadership (management consulting) Milwaukee, WI, Owner/President, 2001 - Present Robert W. Baird & Company (financial services), Milwaukee, WI, Senior Vice President-Marketing and Vice President-Human Resources, 1986 - 2001	29	Ultra Series Fund (14), 2005 - Present Madison Covered Call & Equity Strategy Fund, 2015 - Present
Richard E. Struthers 69	Trustee, 2004 – 2028	Clearwater Capital Management (investment advisory firm), Naples, FL, Chair and Chief Executive Officer 1998 - Present Park Nicollet Health Services, Minneapolis, MN, Chairman, Finance and Investment Committee, 2006 - 2012	29	Ultra Series Fund (14), 2004 – Present Madison Covered Call & Equity Strategy Fund, 2017 – Present
Carrie J. Thome 53	Trustee, 2017- 2032	NVNG Investment Advisors, LLC, Madison, WI, Managing Director, 2019 - Present Wisconsin Alumni Research Foundation, Madison, WI, Chief Investment Officer, 2007 – 2019	28	Ultra Series Fund (14), 2017 - Present

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

As of the date of this report, the fund complex consists of Madison Funds with 14 portfolios, the Ultra Series Fund with 14 portfolios and the Madison Covered Call & Equity Strategy Fund (closed end fund), for a grand total of 29 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the “Fund Complex” in the preceding tables have the meaning disclosed in this paragraph.

SEC File Number: 811-08261

Item 2. Code of Ethics.

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

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

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

Item 3. Audit Committee Financial Expert.

In August 2021, Richard Struthers, an “independent” Trustee and a member of the Trust’s audit committee, was appointed to serve as the Trust’s audit committee financial expert among the four independent Trustees who so qualify to serve in that capacity.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Total audit fees paid (or to be paid) to the registrant's principal accountant for the fiscal years ended October 31, 2021 and 2020, respectively were $198,000 ($416,000 including the Ultra Series Fund and the Madison Covered Call & Equity Strategy Fund, all affiliated investment companies “together, the “Affiliated Funds”) and $212,030 ($430,030 including the Affiliated Funds).

(b) Audit-Related Fees. For the fiscal years ended October 31, 2021 and October 31, 2020, the aggregate fees for professional services rendered by Deloitte & Touche for assurance and related services by such firm that were reasonably related to the performance of the audit of the Trust's annual financial statements other than those referenced in paragraph (a) above, totaled $0 and $12,500, respectively.

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

For the fiscal years ended October 31, 2021 and October 31, 2020, the aggregate fees paid (or to be paid) for professional services rendered by Deloitte & Touche for tax compliance, tax advice and tax planning are approximately $42,336 ($79,706 including the Affiliated Funds) and $59,259 ($95,715 including the Affiliated Funds), respectively.

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

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

(d) All Other Fees. None.

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

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

(f) None.

(g) None.

(h) None.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

Schedule included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Trust does not normally hold shareholder meetings. There have been no changes to the Trust's procedures during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.

(b) There were no changes in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)

(1) Code of ethics - See Item 2.

(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. – Filed herewith.

(3) Not applicable.

(4) There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Madison Funds

/s/ Steve J. Fredricks
Steve J. Fredricks, Chief Legal Officer & Chief Compliance Officer

Date: December 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Patrick F. Ryan
Patrick F. Ryan, Principal Executive Officer

Date: December 29, 2021

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

Date: December 29, 2021

Madison Funds N-CSRCertified annual shareholder report (management investment company)