# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-26-064087
**Filing Date:** 2026-6
**Character Count:** 21890
**Document Hash:** f9ca48e5e8dbb2fb05f42ac4a4cece70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-064087.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001410368-26-064087

**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:** 261111822

**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 Covered Call & Equity Income Fund (Series ID: S000026831)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000080723 | Covered Call & Equity Income Fund Class A  | menax           |
| C000080724 | Covered Call & Equity Income Fund Class Y  | menyx           |
| C000116936 | Covered Call & Equity Income Fund Class R6 | MENRX           |
| C000235946 | Covered Call & Equity Income Fund Class I  | MENIX           |

## 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 Covered Call & Equity Income Fund

- **b. EDGAR series identifier (if any):** S000026831

- **c. LEI of Series:** 254900477U55H8MDFD06

**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:** $149264181.39

**Total Liabilities:** $7959846.84

**Net Assets:** $141304334.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116936 | 4.00%                | -1.97%               | 2.65%                |
| Class ID C000080724 | 4.00%                | -2.02%               | 2.73%                |
| Class ID C000235946 | 4.11%                | -2.02%               | 2.72%                |
| Class ID C000080723 | -2.00%               | -7.70%               | -3.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $128371.73               | $5699284.33                                |
| Month 2  | $-75091.51               | $-2410838.45                               |
| Month 3  | $126274.90               | $3889601.48                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honeywell International Inc  | Honeywell International, Inc.                                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     12000 | NS      | $2571960.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | CVS HEALTH CORP                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -781 | NC      | $-372927.50   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | HONEYWELL INTERNATIONAL INC                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -120 | NC      | $-13800.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                | Accenture PLC                                                | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     13100 | NS      | $2341101.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | ARCHER-DANIELS-MIDLAND CO                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -960 | NC      | $-336000.00   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | ACCENTURE PLC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -131 | NC      | $-18995.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                     | NIKE, Inc.                                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     42500 | NS      | $1885300.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd               | Transocean Ltd.                                              | CUSIP: 000000000<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |   1700000 | NS      | $11594000.00  | 8.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | BROADCOM INC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -90 | NC      | $-686475.00   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                | Medtronic PLC                                                | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     48500 | NS      | $3927045.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                  | PepsiCo, Inc.                                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     51900 | NS      | $8225631.00   | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | MICROSOFT CORP                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -102 | NC      | $-88230.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                | CME Group, Inc.                                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      8700 | NS      | $2504034.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | PAYPAL HOLDINGS INC                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -765 | NC      | $-123165.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc          | PayPal Holdings, Inc.                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     76500 | NS      | $3835710.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | CONSTELLATION BRANDS INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -321 | NC      | $-69817.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc     | Microchip Technology, Inc.                                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     78000 | NS      | $7246980.00   | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8700 | NS      | $2869608.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | MEDTRONIC PLC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -485 | NC      | $-5577.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co    | Archer-Daniels-Midland Co.                                   | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     96000 | NS      | $7155840.00   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                   | Fiserv, Inc.                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     33500 | NS      | $2098775.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | NIKE INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -425 | NC      | $-4462.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | MATADOR RESOURCES CO                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1327 | NC      | $-776295.00   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | FISERV INC                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -335 | NC      | $-70350.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp               | Microsoft Corp.                                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10200 | NS      | $4159356.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc     | Constellation Brands, Inc.                                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     32100 | NS      | $5026218.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                    | Adobe, Inc.                                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     16600 | NS      | $4085260.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | COLGATE-PALMOLIVE CO                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -320 | NC      | $-52000.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp              | CVS Health Corp.                                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     78100 | NS      | $6504949.00   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc     | Marsh & McLennan Cos., Inc.                                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     26300 | NS      | $4410773.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | AMAZON.COM INC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -83 | NC      | $-246717.50   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | APA CORP                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1949 | NC      | $-307942.00   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                 | Broadcom, Inc.                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9000 | NS      | $3756870.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | PFIZER INC                                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1230 | NC      | $-5535.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | WEYERHAEUSER CO                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -625 | NC      | $-42187.50    | -0.03%            |  |  |  | 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        |  19654733 | NS      | $19654732.94  | 13.91%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                     | APA Corp.                                                    | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    194900 | NS      | $7938277.00   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                   | Pfizer, Inc.                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    123000 | NS      | $3284100.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | VISA INC                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -87 | NC      | $-93090.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                 | AES Corp.                                                    | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    302000 | NS      | $4363900.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | PEPSICO INC                                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -519 | NC      | $-197220.00   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co         | Matador Resources Co.                                        | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    137000 | NS      | $8691280.00   | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                 | Danaher Corp.                                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     17500 | NS      | $3131625.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | T-MOBILE US INC                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -183 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | MICROCHIP TECHNOLOGY INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -780 | NC      | $-1489800.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | DANAHER CORP                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -175 | NC      | $-2625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc              | T-Mobile U.S., Inc.                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     18300 | NS      | $3577650.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co              | Weyerhaeuser Co.                                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    125000 | NS      | $3065000.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp         | Las Vegas Sands Corp.                                        | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     61000 | NS      | $3331210.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co         | Colgate-Palmolive Co.                                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     32000 | NS      | $2731520.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc               | Amazon.com, Inc.                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8300 | NS      | $2199998.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | CME GROUP INC                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -87 | NC      | $-10657.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | ADOBE INC                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -166 | NC      | $-26975.00    | -0.02%            |  |  |  | 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