# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-26-064083
**Filing Date:** 2026-6
**Character Count:** 22582
**Document Hash:** e223aabb9b657415cfae2ab748c895c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-064083.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001410368-26-064083

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612

**ORGANIZATION NAME:**
- **EIN:** 391894316
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 261111818

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMBERS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19970609

## Series and Classes Contracts Data

### Madison Small Cap Fund (Series ID: S000020659)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000057667 | Small Cap Fund Class A  | masmx           |
| C000057669 | Small Cap Fund Class Y  | bvaox           |
| C000227347 | Small Cap Fund Class I  | MSCIX           |
| C000235945 | Small Cap Fund Class R6 | MSCRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** MADISON

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

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

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

- **a. Name of Series:** Madison Small Cap Fund

- **b. EDGAR series identifier (if any):** S000020659

- **c. LEI of Series:** 254900U33OEQ9KZ4RR52

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $156598292.68

**Total Liabilities:** $1835239.10

**Net Assets:** $154763053.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057667 | -3.29%               | -12.16%              | 0.51%                |
| Class ID C000235945 | 2.58%                | -6.77%               | 6.74%                |
| Class ID C000057669 | 2.60%                | -6.82%               | 6.69%                |
| Class ID C000227347 | 2.59%                | -6.79%               | 6.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1487226.83              | $2450863.11                                |
| Month 2  | $2784226.13              | $-13553004.69                              |
| Month 3  | $-110590.09              | $10081574.13                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Revolve Group Inc                            | Revolve Group, Inc.                                                         | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111734 | NS      | $2843630.30   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc | Charles River Laboratories International, Inc.                              | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     14426 | NS      | $2408709.22   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                          | Viavi Solutions, Inc.                                                       | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     79784 | NS      | $4180681.60   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                      | Mirion Technologies, Inc.                                                   | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    144252 | NS      | $2848977.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                              | Core & Main, Inc.                                                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99659 | NS      | $5019823.83   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                  | Workiva, Inc.                                                               | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     53178 | NS      | $2843959.44   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc                | Advanced Drainage Systems, Inc.                                             | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     16743 | NS      | $2498892.75   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplitude Inc                                | Amplitude, Inc.                                                             | CUSIP: 03213A104<br>LEI: 984500EZ87C703978858 | Long             | EC               | CORP              | US        |    270431 | NS      | $1922764.41   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc                 | SiteOne Landscape Supply, Inc.                                              | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     14542 | NS      | $1833019.10   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc          | Ollie's Bargain Outlet Holdings, Inc.                                       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     19920 | NS      | $1723279.20   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                 | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   1694070 | NS      | $1694070.50   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                       | Power Integrations, Inc.                                                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     72338 | NS      | $5259695.98   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                    | Olin Corp.                                                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     68033 | NS      | $1937579.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                                | Celanese Corp.                                                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     24196 | NS      | $1639520.96   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                       | WillScot Holdings Corp.                                                     | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     39396 | NS      | $891925.44    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                             | Leonardo DRS, Inc.                                                          | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     77611 | NS      | $3153334.93   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The                    | Scotts Miracle-Gro Co.                                                      | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     90522 | NS      | $5675729.40   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                                 | Knowles Corp.                                                               | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    178736 | NS      | $5574775.84   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                     | CTS Corp.                                                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     62452 | NS      | $3566009.20   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                              | Shake Shack, Inc.                                                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     49849 | NS      | $5107528.54   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                      | Box, Inc.                                                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    117983 | NS      | $2855188.60   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                    | Axis Capital Holdings Ltd.                                                  | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     31058 | NS      | $3118533.78   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                          | Eagle Materials, Inc.                                                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      9007 | NS      | $1892460.77   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                 | Crane NXT Co.                                                               | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     38846 | NS      | $1735639.28   | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Carlisle Cos Inc                             | Carlisle Cos., Inc.                                                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     11694 | NS      | $4154410.44   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                   | Mueller Water Products, Inc.                                                | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     87599 | NS      | $2443136.11   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                 | Entegris, Inc.                                                              | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     24879 | NS      | $3517393.02   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                     | Procore Technologies, Inc.                                                  | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     38306 | NS      | $2167353.48   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The              | Baldwin Insurance Group, Inc.                                               | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89332 | NS      | $2029623.04   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                         | Medpace Holdings, Inc.                                                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      5352 | NS      | $2240668.32   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                     | Crane Co.                                                                   | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     15687 | NS      | $2788050.51   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                               | FormFactor, Inc.                                                            | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     14203 | NS      | $1930613.79   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                 | State Street Institutional U.S. Government Money Market Fund                | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   9211909 | NS      | $9211908.74   | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                         | Hayward Holdings, Inc.                                                      | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363575 | NS      | $5457260.75   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                                   | Gitlab, Inc.                                                                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |    108728 | NS      | $2407237.92   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                       | Option Care Health, Inc.                                                    | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    140623 | NS      | $2858865.59   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                 | Vericel Corp.                                                               | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     43207 | NS      | $1500579.11   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc                 | Texas Capital Bancshares, Inc.                                              | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     37069 | NS      | $3732848.30   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                             | HealthEquity, Inc.                                                          | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     52394 | NS      | $4297879.82   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                         | Matador Resources Co.                                                       | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     34251 | NS      | $2172883.44   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                  | Moelis & Co.                                                                | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     53688 | NS      | $3496162.56   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                              | ICU Medical, Inc.                                                           | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     15553 | NS      | $1853917.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                            | Primo Brands Corp.                                                          | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |    123523 | NS      | $2517398.74   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                        | CommVault Systems, Inc.                                                     | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     28851 | NS      | $2852786.88   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                  | Hexcel Corp.                                                                | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     28166 | NS      | $2643942.42   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                        | Encompass Health Corp.                                                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     62988 | NS      | $6298800.00   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                    | Edgewell Personal Care Co.                                                  | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    115839 | NS      | $2612169.45   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                                      | VF Corp.                                                                    | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    203318 | NS      | $3848809.74   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                     | AAON, Inc.                                                                  | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26241 | NS      | $2448547.71   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The              | Hanover Insurance Group, Inc.                                               | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     15367 | NS      | $2884232.23   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-14

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer