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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08261

Madison Funds

(Exact name of registrant as specified in charter)

550 Science Drive, Madison, WI  53711

(Address of principal executive offices) (Zip code)

Steve J. Fredricks

Chief Legal Officer & Chief Compliance Officer

550 Science Drive

Madison, WI  53711

(Name and address of agent for service)

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

Date of fiscal year end:  October 31

Date of reporting period:  April 30, 2023

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

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

Semi-annual Report
(unaudited)
April 30, 2023
	Madison Conservative Allocation Fund
	Madison Moderate Allocation Fund
	Madison Aggressive Allocation Fund
	Madison Tax-Free Virginia Fund
	Madison Tax-Free National Fund
	Madison High Quality Bond Fund
	Madison Core Bond Fund
	Madison Diversified Income Fund
	Madison Covered Call & Equity Income Fund
	Madison Dividend Income Fund
	Madison Investors Fund
	Madison Sustainable Equity Fund
	Madison Mid Cap Fund
	Madison Small Cap Fund
	Madison International Stock Fund

Madison Funds | April 30, 2023

Table of Contents

Madison Funds | April 30, 2023

Period In Review (unaudited)

Coming off a historically challenging stretch that saw a peak-to-trough decline in the S&P 500 Index of nearly 25% combined with a stunning double digit drop for the Bloomberg US Aggregate Bond Index, the past six months have offered a very pleasant respite for investors. For the period, both stocks and bonds generated solidly positive returns as the S&P 500 Index climbed 8.6% (including dividends) and the Barclays US Aggregate Index moved up 6.9%. However, the biggest returns were found overseas where the MSCI ACWI ex-US Index eclipsed +20%.

The most likely catalyst for the newfound ebullience within the US emanated from the peaking of interest rates just prior to the start of the period as markets started looking to the end of the Federal Reserve’s rate hiking campaign. The yield on the benchmark 10-year US Treasury Note declined from 4.1% to 3.5% during the period as the Fed began dialing back the size of their rate increases each meeting from 0.75%, to 0.50%, to settling at 0.25% for the remainder of the period. With the change in interest rates came a dramatic change in market leadership. After being decimated as rates rose prior to the period, the beaten down Communication Services (+23%) and Technology (+19%) sectors regained leadership, whereas the inflation hedging Energy (-3%) sector declined.

Despite a very negative outlook for Europe at the start of the period due to the war in Ukraine and energy shortage concerns, European equities thrived with the MSCI Europe Index up +28%. The continent was aided by a surprisingly warm winter and the reopening of the Chinese economy, both of which staved off serious recession risks.

Overall, the strong returns masked the period’s main event, the emergence of a new banking crisis. The adage goes that the “Fed hikes rates until they break something”. By March, something appeared in the form of the three largest bank failures since the Great Financial Crisis of 2008. After a brief period of elevated volatility, stocks (outside of regional banks) reverted higher on the back of stepped-up FDIC insurance for the failed banks’ previously uninsured deposits and a new liquidity program, the Bank Term Funding Program (BTFP). The BTFP facility is unique in that it allows banks to borrow against the par value of their underwater Treasury and mortgage securities, however the term is limited to up to one year. Within roughly a week of the new facility’s launch, the Fed’s balance sheet had expanded by nearly $400B, which many market participants viewed as the first step to a reignition of quantitative easing.

As the period ended, questions remained around the health of the US economy and the trajectory for inflation. Economic growth was clearly slowing, yet the job market was very strong with unemployment at a 30-year low (3.4%). Inflation (CPI) had receded back to 5% and the bond market was pricing in a continued drop and possible recession with expectations for interest rate cuts over the back half of 2023. The US stock market breadth narrowed to a small set of very large growth stocks, and the S&P 500 Index carried a lofty price-to-earnings valuation of 18 times expected next 12-month earnings.

Moving forward, the direction of the equity market will be driven by earnings as it’s unlikely for the P/E to expand further in a higher interest rate and uncertain economic environment. High quality companies with durable business models appear well suited to outperform given this backdrop. And bonds, after spending over a decade in the low-to-no interest wilderness, once again offer compelling yields and total return potential.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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:

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

The Madison Conservative Allocation Fund (Class A at NAV) returned 6.34% for the period, underperforming the Conservative Allocation Custom Index return of 8.45%. The Fund outperformed its peers as measured by the Morningstar U.S. Allocation 15%-30% Equity category, which returned 6.02.%.

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

The Madison Moderate Allocation Fund (Class A at NAV) returned 6.46% for the period, underperforming its blended benchmark, the Moderate Allocation Custom Index, which returned 9.53%. The Fund underperformed its peers as measured by the Morningstar Allocation 50-70% Equity category, which returned 6.47%.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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

The Madison Aggressive Allocation Fund (Class A at NAV) returned 6.61% for the period, underperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 10.39%. The Fund underperformed its peers as measured by the Morningstar Allocation: 70-85% Equity category, which returned 7.47%.

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

The Madison Tax-Free Virginia Fund (Class Y) returned 4.98% for the period, underperforming its benchmark, the ICE BofA 1-22 Yr Municipal Securities Index, which returned 6.40%. The Fund underperformed its peers as measured by the Morningstar Municipal Single State Intermediate category, which returned 5.83% for the period.

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.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

PERFORMANCE DISCUSSION

The Madison Tax-Free National Fund (Class Y) returned 5.13% for the period, underperforming its benchmark, the ICE BofA 1-22 Yr Municipal Securities Index, which returned 6.40%. The Fund underperformed its peers as measured by the Morningstar Municipal National Intermediate category, which returned 6.52%.

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

The Madison High Quality Bond Fund (Class Y) returned 3.93% for the period, underperforming its benchmark, the Bloomberg U.S. Intermediate Gov’t/Credit A+ Bond Index, which returned 4.67%. The Fund outperformed its peers as measured by the Morningstar Short-Term Bond category, which returned 3.78%.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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

The Madison Core Bond Fund (Class Y) returned 6.35% for the period, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index®, which returned 6.91%.

The Fund underperformed its peers as measured by the Morningstar Intermediate Core Bond category, which returned 6.69%.

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 to invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund’s assets.

PERFORMANCE DISCUSSION

The Madison Diversified Income Fund (Class A at NAV) returned 2.64% for the period, underperforming its blended benchmark index (50% ICE BofA U.S. Corp. Gov’t & Mtg. Index and 50% S&P 500® Index) which returned 7.88%. The Fund underperformed its peers as measured by the Morningstar Moderate Allocation category, which returned 6.47%.

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.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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

Madison Covered Call & Equity Fund (Class Y) returned 9.50% for the period, outperforming both of its benchmarks, S&P 500® return of 8.63% and CBOE S&P 500 BuyWrite Index of 7.84%. The Fund outperformed its peers as measured by the Morningstar Derivative Income category, which returned 7.87%.

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

The Madison Dividend Income Fund (Class Y) returned 1.23% for the period, underperforming its benchmark, the S&P 500® Index, which returned 8.63%. The Fund underperformed its peers as measured by the Morningstar U.S. Large Value category, which returned 3.93%.

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.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

PERFORMANCE DISCUSSION

The Madison Investors Fund (Class Y) returned 11.02% for the period, outperforming its benchmark, the S&P 500® Index, which returned 8.63%. The Fund outperformed its peers as measured by the Morningstar U.S. Large Blend category, which returned 7.35%.

Madison Sustainable Equity Fund

INVESTMENT STRATEGY HIGHLIGHTS

The Madison Sustainable Equity Fund invests primarily in common stocks of high-quality, large cap companies that Madison believes incorporate sustainability into their overall strategy. Under normal conditions, at least 80% of the Fund’s net assets will be invested in stocks that meet Madison’s fundamental and sustainability criteria. The Fund generally invests in 35-50 companies at any given time. The Fund’s portfolio managers define “high-quality” companies as those businesses that exhibit durable growth, operate in large growing markets, and have strong competitive advantages with high barriers to entry. Stocks that meet these criteria are selected by using an integrated

research process that combines bottom-up fundamental analysis and sustainable research. The research process analyzes a company’s sustainable practices using quantitative and qualitative analysis and engagement with the company.

Madison follows a rigorous multi-step process when evaluating companies for the Fund, where Madison considers (1) the business model and overall strategy, (2) the company’s sustainable business practices starting with corporate governance, (3) the Board of Directors and the management team, and (4) the risk-reward of each potential

investment. Madison seeks to purchase securities trading at a discount to their intrinsic value as determined by applying relative multiples to projected earnings, discounted cash flows, and additional valuation methodologies. Often Madison finds companies that meet our business model and sustainability criteria but not our valuation hurdle.

Those companies are monitored for inclusion later when the price may be more appropriate.

Madison considers a number of sustainability metrics when reviewing a company for the portfolio, which may include, carbon footprint; waste management; water usage; diversity, equity, and inclusion; product safety; data management; board composition; ethical standards; and regulatory issues. Madison may sell stocks for several reasons,

including: (i) excessive valuation, (ii) the fundamental business prospects for the company have materially changed, (iii) the company no longer meets our sustainability criteria or inconsistent or negative changes in sustainability practices or (iv) Madison finds a more attractive alternative.

PERFORMANCE DISCUSSION

The Madison Sustainable Equity Fund (Class Y) returned 5.73% for the period, underperforming the benchmark, the S&P 500® Index, which returned 8.63% during the same period. The Fund underperformed its peers as measured by the Morningstar Large Blend category, which returned 7.35%.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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

Madison Mid Cap Fund (Class Y) returned 6.98% for the period, outperforming its benchmark both its index and peer group. The Russell Midcap® Index returned 3.80%. The Fund outperformed its peers as measured by the Morningstar Mid-Cap Blend category, which returned 3.04%.

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

Madison Small Cap Fund (Class Y) returned 2.49% for the period, outperforming its benchmark, the Russell 2000® Index returned -3.45%. The Fund outperformed its peer group as measured by the Morningstar U.S. Small Blend category, which returned -0.82%.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

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

Madison International Stock Fund (Class A) returned 21.46% for the period, outperforming its benchmark, the MSCI ACWI ex-USA Index (net), which returned 20.65%. The Fund underperformed its peer group as measured by the Morningstar Foreign Large Blend, which returned 21.99%.

Madison Funds | Review of Period (unaudited) - continued | April 30, 2023

Notes to Review of Period

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 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 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.

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 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.

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

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Madison Funds | April 30, 2023

Conservative Allocation Fund Portfolio of Investments (unaudited)

Madison Moderate Allocation Fund Portfolio of Investments (unaudited)

All or a portion of these securities, with an aggregate fair value of $3,484,826, are on loan as part of a securities lending program. See footnote (D) and Note 11 for details on the

Represents investments of cash collateral received in

See accompanying Notes to Financial Statements.

Madison Funds | April 30, 2023

Aggressive Allocation Fund Portfolio of Investments (unaudited)

Tax-Free Virginia Fund Portfolio of Investments (unaudited)

See accompanying Notes to Financial Statements.

Madison Funds | April 30, 2023

Tax-Free Virginia Fund Portfolio of Investments (unaudited)

Restricted. The cost of the security acquired on 6/13/19 is $663,314. The value is $645,416, representing 3.5% of (A) net assets.

MORAL

ST AID

Tax-Free National Fund Portfolio of Investments (unaudited)

See accompanying Notes to Financial Statements.

Madison Funds | April 30, 2023

Tax-Free National Fund Portfolio of Investments (unaudited)