# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-26-064092
**Filing Date:** 2026-6
**Character Count:** 25035
**Document Hash:** a8152b2e48a1e6b41bab772703eb781d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-064092.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001410368-26-064092

**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:** 261111827

**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 High Quality Bond Fund (Series ID: S000040129)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124792 | High Quality Bond Fund Class Y | MIIBX           |
| C000235947 | High Quality Bond Fund Class I | MIIRX           |

## 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 High Quality Bond Fund

- **b. EDGAR series identifier (if any):** S000040129

- **c. LEI of Series:** 2549008MT8CNV6MN7O44

**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:** $63360189.77

**Total Liabilities:** $504435.67

**Net Assets:** $62855754.10

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -38.99000000 | **1-Year:** -2294.69000000 | **5-Year:** -3829.90000000 | **10-Year:** -755.78000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124792 | 1.04%                | -1.13%               | 0.19%                |
| Class ID C000235947 | 1.03%                | -1.10%               | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $439689.36                                 |
| Month 2  | $0.00                    | $-874396.27                                |
| Month 3  | $2875.73                 | $-103788.37                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARS INC                     | Mars, Inc.                                                                  | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756895.76    | 1.20%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO          | JPMorgan Chase & Co.                                                        | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    850000 | PA      | $860159.00    | 1.37%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2410439.47   | 3.83%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                   | AbbVie, Inc.                                                                | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $760912.65    | 1.21%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                  | PepsiCo, Inc.                                                               | CUSIP: 713448FR4<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    750000 | PA      | $755721.45    | 1.20%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2183562.50   | 3.47%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HERSHEY COMPANY              | Hershey Co.                                                                 | CUSIP: 427866BL1<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |    800000 | PA      | $811917.18    | 1.29%             | 2030-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER     | Enterprise Products Operating LLC                                           | CUSIP: 29379VCK7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    750000 | PA      | $750981.43    | 1.19%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER      | Pfizer Investment Enterprises Pte. Ltd.                                     | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    750000 | PA      | $746802.35    | 1.19%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP       | Bank of New York Mellon Corp.                                               | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    850000 | PA      | $868476.37    | 1.38%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2304671.88   | 3.67%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2338183.59   | 3.72%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | 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        |    478362 | NS      | $478362.50    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2175000 | PA      | $2168373.04   | 3.45%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP            | State Street Corp.                                                          | CUSIP: 857477CP6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751749.59    | 1.20%             | 2027-10-22      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC       | UnitedHealth Group, Inc.                                                    | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    750000 | PA      | $762637.22    | 1.21%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    925000 | PA      | $926618.75    | 1.47%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC             | Welltower OP LLC                                                            | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    750000 | PA      | $750012.86    | 1.19%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC            | Cisco Systems, Inc.                                                         | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    750000 | PA      | $767697.71    | 1.22%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2375371.09   | 3.78%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                   | Federal National Mortgage Association                                       | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $478422.03    | 0.76%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: —       |
| JOHN DEERE CAPITAL CORP      | John Deere Capital Corp.                                                    | CUSIP: 24422EWR6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    750000 | PA      | $758646.35    | 1.21%             | 2028-01-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE      | Walt Disney Co.                                                             | CUSIP: 254687FQ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    750000 | PA      | $736285.12    | 1.17%             | 2030-03-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP         | Bank of America Corp.                                                       | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    800000 | PA      | $767331.07    | 1.22%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2175000 | PA      | $2175849.60   | 3.46%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EMERSON ELECTRIC CO          | Emerson Electric Co.                                                        | CUSIP: 291011BQ6<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473172.05    | 0.75%             | 2028-12-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2504980.48   | 3.99%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                   | U.S. Bancorp                                                                | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751191.04    | 1.20%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC               | Mastercard, Inc.                                                            | CUSIP: 57636QAR5<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    750000 | PA      | $745626.26    | 1.19%             | 2027-03-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2368598.64   | 3.77%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | 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        |    269168 | NS      | $269168.42    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                     | NIKE, Inc.                                                                  | CUSIP: 654106AJ2<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494580.60    | 0.79%             | 2027-03-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2557031.25   | 4.07%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC     | Marsh & McLennan Cos., Inc.                                                 | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $804474.86    | 1.28%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                  | PepsiCo, Inc.                                                               | CUSIP: 713448ES3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    750000 | PA      | $709772.03    | 1.13%             | 2030-03-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2294699.21   | 3.65%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP        | Truist Financial Corp.                                                      | CUSIP: 89788MAB8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452598.50    | 0.72%             | 2030-06-05      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $745136.72    | 1.19%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2486621.10   | 3.96%             | 2028-05-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO          | American Express Co.                                                        | CUSIP: 025816DU0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    800000 | PA      | $823385.02    | 1.31%             | 2030-04-25      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC           | Meta Platforms, Inc.                                                        | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740953.07    | 1.18%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY               | Morgan Stanley                                                              | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769073.03    | 1.22%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES       | PNC Financial Services Group, Inc.                                          | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    850000 | PA      | $870495.38    | 1.38%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1604474.99   | 2.55%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $995117.19    | 1.58%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2367949.22   | 3.77%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CHK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2505664.05   | 3.99%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC               | Home Depot, Inc.                                                            | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751484.96    | 1.20%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN       | Berkshire Hathaway Finance Corp.                                            | CUSIP: 084664DA6<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    750000 | PA      | $695220.05    | 1.11%             | 2032-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP        | Truist Financial Corp.                                                      | CUSIP: 89788MAL6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503577.07    | 0.80%             | 2029-01-26      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP      | Simon Property Group LP                                                     | CUSIP: 828807DF1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |    750000 | PA      | $703385.14    | 1.12%             | 2029-09-13      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Notes                                                         | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2259750.00   | 3.60%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | 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