# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-25-037776
**Filing Date:** 2025-12
**Character Count:** 16979
**Document Hash:** e82fec07dda2ab0eff0b23c907d4974f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037776.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037776

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**PERIOD START**: 20251031

**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:** 251574010

**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 Mid Cap Fund (Series ID: S000020651)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000057652 | Mid Cap Fund Class A  | merax           |
| C000057654 | Mid Cap Fund Class Y  | GTSGX           |
| C000124803 | Mid Cap Fund Class R6 | MMCRX           |
| C000221332 | Mid Cap Fund Class I  | MDCIX           |

## 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 Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000020651

- **c. LEI of Series:** 254900GFBYFLI6QYMW95

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $2157863678.27

**Total Liabilities:** $15485798.86

**Net Assets:** $2142377879.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057652 | -2.61%               | -5.23%               | -7.53%               |
| Class ID C000057654 | 3.40%                | 0.54%                | -1.90%               |
| Class ID C000124803 | 3.41%                | 0.58%                | -1.90%               |
| Class ID C000221332 | 3.39%                | 0.54%                | -1.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20.59                   | $71929509.23                               |
| Month 2  | $20472225.61             | $-7300898.54                               |
| Month 3  | $39313057.15             | $-80256124.32                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amphenol Corp                              | Amphenol Corp.                                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    721061 | NS      | $100472639.74 | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                        | Arista Networks, Inc.                                                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    296493 | NS      | $46753981.17  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                | Asbury Automotive Group, Inc.                                               | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |    199878 | NS      | $46891378.80  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                           | W.R. Berkley Corp.                                                          | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    960845 | NS      | $68546682.30  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                            | Bio-Techne Corp.                                                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    659175 | NS      | $41244579.75  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd            | Brookfield Asset Management Ltd.                                            | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |   1008895 | NS      | $54540863.70  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown, Inc.                                                         | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    999354 | NS      | $79688487.96  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                | CDW Corp.                                                                   | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    534256 | NS      | $85144378.72  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                           | Carlisle Cos., Inc.                                                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    263912 | NS      | $85784595.60  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                 | Copart, Inc.                                                                | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |   1720948 | NS      | $74017973.48  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers, Inc.                                                  | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    201078 | NS      | $24760744.92  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc | Expeditors International of Washington, Inc.                                | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    283401 | NS      | $34546581.90  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                 | Floor & Decor Holdings, Inc.                                                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    884850 | NS      | $55285428.00  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                | Gartner, Inc.                                                               | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    291369 | NS      | $72358577.46  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                        | Glacier Bancorp, Inc.                                                       | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    549185 | NS      | $22434207.25  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                  | Graco, Inc.                                                                 | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |    264104 | NS      | $21595784.08  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                  | Kinsale Capital Group, Inc.                                                 | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     86499 | NS      | $34553755.53  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                       | Labcorp Holdings, Inc.                                                      | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    291849 | NS      | $74117972.04  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                     | Liberty Broadband Corp.                                                     | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    721078 | NS      | $38808417.96  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One     | Liberty Media Corp.-Liberty Formula One                                     | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    322165 | NS      | $32168175.25  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One     | Liberty Media Corp.-Liberty Formula One                                     | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    454863 | NS      | $41383435.74  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                          | Lithia Motors, Inc.                                                         | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |    150917 | NS      | $47400011.36  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                    | MKS, Inc.                                                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    508730 | NS      | $73109588.30  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                       | Medpace Holdings, Inc.                                                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |    154229 | NS      | $90210084.39  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                   | Microchip Technology, Inc.                                                  | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    771671 | NS      | $48167703.82  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co.                                                                | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    645956 | NS      | $40908393.48  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                 | PACCAR, Inc.                                                                | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    868922 | NS      | $85501924.80  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                            | Ross Stores, Inc.                                                           | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    842858 | NS      | $133946993.36 | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                  | Teledyne Technologies, Inc.                                                 | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |    118180 | NS      | $62259587.60  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                        | Thor Industries, Inc.                                                       | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |    586242 | NS      | $61174352.70  | 2.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Trex Co Inc                                | Trex Co., Inc.                                                              | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1010047 | NS      | $48805471.04  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                | Waters Corp.                                                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    163925 | NS      | $57308180.00  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        | 103028320 | NS      | $103028320.09 | 4.81%             |  |  |  | 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        |  13984447 | NS      | $13984447.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group Ltd.                                                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   1797607 | NS      | $155151460.17 | 7.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-14

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer