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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, 2024

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.

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

Madison Funds | April 30, 2024

Table of Contents

Madison Funds | April 30, 2024

Management’s Discussion of Fund Performance (unaudited)

Period In Review

Markets charged higher over the past six months as it became clear that the Fed Funds rate had likely peaked at 5.25-5.50%, and the Federal Reserve’s monetary tightening campaign was coming to an end. Additional support came from the slowing of inflation over the final months of 2023. Fixed income market participants extrapolated the nascent disinflation into an aggressive interest rate cut outlook for 2024, peaking at roughly seven cuts (1.75%) in total for the year, expecting the first cut to commence in March.

US stocks (S&P 500 Index) advanced a staggering +21.0% for the period. Initially, lower rate beneficiaries such as US small cap and other higher beta equities led the way as interest rates plunged on outsized Fed rate cut expectations. However, as the calendar turned to 2024, the path to rate cuts by March started to evaporate and investors moved back to a strong preference for large, high-quality growth stocks. From a sector perspective, Communication Services (+28.2%), Financials (+26.0%), and Technology (+24.9%) led the way. While Real Estate (+11.2%), Energy (+11.7%), and Consumer Staples (+13.9%) lagged the broad market.

Interest rates were volatile, the benchmark 10-year US Treasury yield started the period at 4.9%, fell to 3.8%, then popped back up to 4.7%. Bonds (Bloomberg US Aggregate Index) returned a respectable +5.0%. However, returns were front-loaded in the first two months, with a +8.5% gain as rates fell, and then lost ground as rates rose to close out the remainder of the period. Risk was favored and corporate bonds vastly outperformed Treasuries, with below investment grade issues seeing the highest returns.

The intra-period narrative shift around inflation and interest rate expectations was remarkable. As the data rolled in, consensus thinking received its first challenge with an upside surprise to the January Consumer Price Index (CPI) data released in mid-February. Then came a +3.4% real GDP reading for the 4th quarter of 2023, interest rates bottomed roughly a week later as the need for rate cuts came under further scrutiny. Stocks pivoted from rallying on rate cuts to advancing on a strong economy driven by resilient consumers. A second miss on inflation to the high side in March further dented the outlook for lower rates but did little to slow down the rise in stocks. Finally, a third consecutive upside CPI miss in April brought back the possibility that rates would in fact need to stay higher for longer. Both stocks and bonds declined on this unwelcome likelihood and the seven expected rate cuts set to start in March morphed into one or two cuts, hopefully by September.

Moving forward, questions remain around the true health of the US economy. Manufacturing is showing signs of bottoming, the service industry appears healthy, the labor market is holding up, and although slowing from a hot pace, GDP growth is firm. Yet, declining leading economic indicators, an inverted yield curve, discouraging small business confidence and the souring mood of US consumers linger as cautionary signposts. The Fed has given the markets every indication that their next move will be to cut interest rates, despite the stickiness of inflation, and the markets are tethered to the belief in lower rates in the not-too-distant future. The near-term twist here is that better economic data might not necessarily be associated with rising markets and vice versa, as it would likely lessen the possibility of lower rates. Fortunately, our investment teams continue to find select opportunities in both stocks and bonds. With the abundance of crosscurrents, we believe active management remains paramount as risk appears underappreciated and overpriced in several key markets.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

Allocation Funds Summary

The Madison Conservative Allocation, Moderate Allocation, Aggressive Allocation and Diversified Income 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 8.26% for the period, underperforming the Conservative Allocation Custom Index return of 10.11%. The Fund outperformed its peers as measured by the Morningstar Conservative Allocation category, which returned 7.99%.

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 10.89% for the period, underperforming its blended benchmark, the Moderate Allocation Custom Index, which returned 13.88%. The Fund underperformed its peers as measured by the Morningstar Moderate Allocation category, which returned 12.97%.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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 12.92% for the period, underperforming its blended benchmark, the Aggressive Allocation Fund Custom Index, which returned 16.95%. The Fund underperformed its peers as measured by the Morningstar Moderately Aggressive category, which returned 15.55%.

Diversified Income Fund

Investment Strategy Highlights

Under normal circumstances, the 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 funds advised by Madison and/or its affiliates, including other Madison Funds and ETFs. Generally, Madison will not invest more than 80% of the Fund’s net assets, at the time of purchase, in affiliated underlying funds.

Performance Discussion

The Madison Diversified Income Fund (Class A at NAV) returned 6.99% for the period, underperforming 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 12.79%. The Fund underperformed its peers as measured by the Morningstar Moderate Allocation category, which returned 12.97%.

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 5.12% for the period, underperforming its benchmark, the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned 6.12%. The Fund underperformed its peers as measured by the Morningstar Municipal Single State Intermediate category, which returned 6.35% for the period.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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

The Madison Tax-Free National Fund (Class Y) returned 5.18% for the period, underperforming its benchmark, the ICE Bank of America Merrill Lynch 1-22 Year Municipal Securities Index, which returned 6.12%. The Fund underperformed its peers as measured by the Morningstar Municipal National Intermediate category, which returned 6.55%.

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.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

Performance Discussion

The Madison High Quality Bond Fund (Class Y) returned 2.85% for the period, underperforming its benchmark, the Bloomberg U.S. Intermediate Government/Credit A+ Bond Index, which returned 3.03%. The Fund underperformed its peers as measured by the Morningstar Short-Term Bond category, which returned 3.76%.

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 to 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 5.36% for the period, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index^®, which returned 4.97%. The Fund outperformed its peers as measured by the Morningstar Intermediate Core Bond category, which returned 5.07%.

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

Madison Covered Call & Equity Income Fund (Class Y) returned 5.92% for the period, underperforming its benchmarks the S&P 500^® return of 20.98% and the CBOE S&P 500 BuyWrite Index of 9.70%. The Fund underperformed its peers as measured by the Morningstar Derivative Income category, which returned 14.06%.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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 8.81% for the period, underperforming its benchmark, the S&P 500^® Index, which returned 20.98%. The Fund underperformed its peers as measured by the Morningstar Large Value category, which returned 18.02%.

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

The Madison Investors Fund (Class Y) returned 19.32% for the period, underperforming its benchmark, the S&P 500^® Index, which returned 20.98%. The Fund underperformed its peers as measured by the Morningstar Large Blend category, which returned 19.90%.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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 18.23% for the period, underperforming its benchmark, the S&P 500^® Index, which returned 20.98%. The Fund underperformed its peers as measured by the Morningstar Large Blend category, which returned 19.90%.

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 17.19% for the period, underperforming its benchmark, the Russell Midcap^® Index, which returned 22.00%. The Fund underperformed its peers as measured by the Morningstar Mid-Cap Blend category, which returned 20.82%.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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 24.47% for the period, outperforming its benchmark, the Russell 2000^® Index, which returned 19.66%. The Fund outperformed its peers as measured by the Morningstar Small Blend category, which returned 18.84%.

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 Y) returned 16.65% for the period, underperforming its benchmark, the MSCI ACWI Ex USA Index (net), which returned 17.69%. The Fund outperformed its peers as measured by the Morningstar Foreign Large Blend category, which returned 16.62%.

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

Madison Funds | Management’s Discussion of Fund Performance (unaudited) - continued | April 30, 2024

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

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). © 2024 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, 2024

Conservative Allocation Fund Portfolio of Investments (unaudited)

Moderate Allocation Fund Portfolio of Investments (unaudited)

See accompanying Notes to Financial Statements.

Madison Funds | April 30, 2024

Aggressive Allocation Fund Portfolio of Investments (unaudited)

Diversified Income Fund Portfolio of Investments (unaudited)

See accompanying Notes to Financial Statements.

Madison Funds | April 30, 2024

Tax-Free Virginia Fund Portfolio of Investments (unaudited)