# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146765
**Filing Date:** 2025-6
**Character Count:** 33172
**Document Hash:** cc2574763eefa0c5ade8fe13051f6a56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146765.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146765

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**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:** 251052051

**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 Tax-Free National Fund (Series ID: S000040135)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124800 | Tax-Free National Fund Class Y | GTFHX           |

## 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 Tax-Free National Fund

- **b. EDGAR series identifier (if any):** S000040135

- **c. LEI of Series:** 254900DRN3ZJ1ZWWSW82

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $19094630.85

**Total Liabilities:** $52628.86

**Net Assets:** $19042001.99

**Cash Not Reported:** $60592.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -60.76000000 | **1-Year:** -933.60000000 | **5-Year:** -3039.85000000 | **10-Year:** -5734.67000000 | **30-Year:** -1096.77000000

**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 C000124800 | 0.89%                | -1.39%               | -0.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $120405.19                                 |
| Month 2  | $0.00                    | $-306696.58                                |
| Month 3  | $-2423.51                | $-119394.64                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arkansas Development Finance Authority                                        | Arkansas Development Finance Authority                                        | CUSIP: 04109FBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175609.42    | 0.92%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Facilities Corp                                                | El Paso County Facilities Corp.                                               | CUSIP: 283493BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418155.52    | 2.20%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bourbonnais IL                                                     | Village of Bourbonnais                                                        | CUSIP: 102014EW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $334901.97    | 1.76%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                       | Port Authority of New York & New Jersey                                       | CUSIP: 733580YM0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    230000 | PA      | $238582.57    | 1.25%             | 2028-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | CUSIP: 54466HFX9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122580.50    | 0.64%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                   | Eastern Kentucky University                                                   | CUSIP: 276552DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $445431.21    | 2.34%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                           | Mobile County                                                                 | CUSIP: 6072677Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $647061.34    | 3.40%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                      | West Virginia University                                                      | CUSIP: 956704B33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $257676.41    | 1.35%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                     | Philadelphia Gas Works Co.                                                    | CUSIP: 71783MCZ6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    170000 | PA      | $178202.94    | 0.94%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | Indiana Finance Authority                                                     | CUSIP: 45471CDQ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    240000 | PA      | $241198.18    | 1.27%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington                                                           | CUSIP: 93974EC87<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     80000 | PA      | $88102.86     | 0.46%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                         | Harris County Toll Road Authority                                             | CUSIP: 41423PBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294157.08    | 1.54%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Americus-Sumter Payroll Development Authority                                 | Americus-Sumter Payroll Development Authority                                 | CUSIP: 03069XCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144027.21    | 0.76%             | 2033-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Public Schools                                                      | Kalamazoo Public Schools                                                      | CUSIP: 483270FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250330.93    | 1.31%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ogden City UT Sewer & Water Revenue                                   | Ogden City Sewer & Water Revenue                                              | CUSIP: 676313AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256336.63    | 1.35%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 111 Burbank                                    | Cook County School District No. 111 Burbank                                   | CUSIP: 214579MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199587.00    | 1.05%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                       | Elkhorn School District                                                       | CUSIP: 259309K76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $314789.61    | 1.65%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Center TX                                                             | Center                                                                        | CUSIP: 151717QJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $354102.45    | 1.86%             | 2034-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio Electric & Gas Systems Revenue                            | CUSIP: 79625GMF7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264675.88    | 1.39%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | Indiana Finance Authority                                                     | CUSIP: 45470YFJ5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    140000 | PA      | $144663.72    | 0.76%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                              | Commonwealth Financing Authority                                              | CUSIP: 20281PJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $370108.11    | 1.94%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                      | City of Portland Sewer System Revenue                                         | CUSIP: 736742K63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $363641.39    | 1.91%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Economic Development District                                  | Juban Crossing Economic Development District                                  | CUSIP: 48125RAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86353.74     | 0.45%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                 | New Jersey Turnpike Authority                                                 | CUSIP: 646139T47<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264699.60    | 1.39%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hialeah FL Utility System                                             | Hialeah Utility System                                                        | CUSIP: 428415AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423504.32    | 2.22%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Otero NM                                                            | Otero County                                                                  | CUSIP: 688869BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197704.12    | 1.04%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                | UAB Medicine Finance Authority Revenue                                        | CUSIP: 902562CT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155908.58    | 0.82%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka | Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka | CUSIP: 979302BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $336578.19    | 1.77%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elk City Industrial Authority                                                 | Elk City Industrial Authority                                                 | CUSIP: 287178AL1<br>LEI: 254900M6FZ4FQFLKMD91 | Long             | DBT              | MUN               | US        |    335000 | PA      | $339964.80    | 1.79%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Polk FL Utility System Revenue                                      | County of Polk Utility System Revenue                                         | CUSIP: 731167GU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361436.95    | 1.90%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                             | Tulsa County Industrial Authority                                             | CUSIP: 899521CF3<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    400000 | PA      | $385943.84    | 2.03%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DuPage County School District No 45                                           | Du Page County School District No. 45                                         | CUSIP: 263075RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401810.56    | 2.11%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                  | West Virginia Economic Development Authority                                  | CUSIP: 95648XBG9<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    450000 | PA      | $459784.13    | 2.41%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sedgwick KS                                                         | County of Sedgwick                                                            | CUSIP: 815323TG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247948.10    | 1.30%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southampton County Industrial Development Authority                           | Southampton County Industrial Development Authority                           | CUSIP: 841013BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $471868.23    | 2.48%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                 | New Jersey Turnpike Authority                                                 | CUSIP: 646139T54<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269484.23    | 1.42%             | 2029-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                           | Wisconsin Health & Educational Facilities Authority                           | CUSIP: 97712DQP4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $387717.16    | 2.04%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund            | Ohio Water Development Authority Water Pollution Control Loan Fund            | CUSIP: 67766WT44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264794.58    | 1.39%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority                                                      | CUSIP: 74444KCK8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $210038.10    | 1.10%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Regional Jail Authority                                               | Western Regional Jail Authority                                               | CUSIP: 95984REA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256126.55    | 1.35%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vanderburgh County Redevelopment District                                     | Vanderburgh County Redevelopment District, Tax Allocation                     | CUSIP: 92182PEM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505874.65    | 2.66%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                                               | Alexandria Sanitation Authority                                               | CUSIP: 015343AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208382.40    | 1.09%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority                                            | CUSIP: 64983SFU4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270499.63    | 1.42%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                          | Colorado Springs Utilities System Revenue                                     | CUSIP: 196632T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243053.38    | 1.28%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Whitewater WI                                                         | City of Whitewater                                                            | CUSIP: 966204RG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $304490.58    | 1.60%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Buffalo Grove IL                                                   | Village of Buffalo Grove                                                      | CUSIP: 119535PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322179.18    | 1.69%             | 2038-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Green Bay WI                                                          | City of Green Bay WI                                                          | CUSIP: 392642BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $349712.45    | 1.84%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Palatine IL                                                        | Palatine Village                                                              | CUSIP: 696089N56<br>LEI: 549300JX7395NR6LU512 | Long             | DBT              | MUN               | US        |    175000 | PA      | $160874.19    | 0.84%             | 2028-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Waverly Township Municipal Authority                                          | Waverly Township Municipal Authority                                          | CUSIP: 944007AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251487.00    | 1.32%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wayland MI                                                            | City of Wayland MI                                                            | CUSIP: 944225DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $176326.55    | 0.93%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lincoln Center Building Corp                                                  | Lincoln Center Building Corp.                                                 | CUSIP: 53307TAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $290263.98    | 1.52%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                        | Roanoke Economic Development Authority                                        | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264692.53    | 1.39%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                 | Fairfax County Economic Development Authority                                 | CUSIP: 30382EHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92733.84     | 0.49%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                         | City of Pittsburgh                                                            | CUSIP: 725209NA4<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350853.16    | 1.84%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Whitestown Redevelopment Authority                                            | Whitestown Redevelopment Authority                                            | CUSIP: 966100CP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $268104.80    | 1.41%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lafourche Parish School Board                                                 | Lafourche Parish School Board                                                 | CUSIP: 507012YE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153680.97    | 0.81%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                               | Tampa Bay Water                                                               | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209702.54    | 1.10%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp                                      | Medical Center Educational Building Corp.                                     | CUSIP: 584556FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $490036.46    | 2.57%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Woods Public Schools                                                   | Warren Woods Public Schools                                                   | CUSIP: 936019RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304237.29    | 1.60%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington WI                                                         | City of Burlington WI                                                         | CUSIP: 122133SM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $573806.06    | 3.01%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                          | Pike Road                                                                     | CUSIP: 72129PBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170011.00    | 0.89%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                 | Montgomery Water Works & Sanitary Sewer Board                                 | CUSIP: 613105MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $333873.41    | 1.75%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                        | Utah Transit Authority                                                        | CUSIP: 917565KD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $309306.45    | 1.62%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 111 Burbank                                    | Cook County School District No. 111 Burbank                                   | CUSIP: 214579MD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $560938.20    | 2.95%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-20

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer