# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146767
**Filing Date:** 2025-6
**Character Count:** 10766
**Document Hash:** 24c53e121e65d360f9968e17392429a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146767.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146767

**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:** 251052052

**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 Moderate Allocation Fund (Series ID: S000020661)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000057673 | Moderate Allocation Fund Class A | MMDAX           |

## 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 Moderate Allocation Fund

- **b. EDGAR series identifier (if any):** S000020661

- **c. LEI of Series:** 254900LKLNXJ22VCUZ89

**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:** $96406969.30

**Total Liabilities:** $9565312.12

**Net Assets:** $86841657.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057673 | -5.42%               | -7.80%               | -6.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $243923.18                                 |
| Month 2  | $-47823.52               | $-2146684.90                               |
| Month 3  | $-61735.02               | $-475918.49                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI Eurozone ETF                                        | iShares MSCI Eurozone ETF                                                   | CUSIP: 464286608<br>LEI: 549300Q88WD2SU6SPH06 | Long             | EC               | RF                | US        |     49554 | NS      | $2761148.88   | 3.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality Etf | Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality ETF            | CUSIP: 46137V241<br>LEI: 549300CMNB8U49G4GY75 | Long             | EC               | RF                | US        |    145115 | NS      | $9599357.25   | 11.05%            |  |  |  | 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        |   9515218 | NS      | $9515217.75   | 10.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Distillate US Fundamental Stability & Value ETF                  | Distillate U.S. Fundamental Stability & Value ETF                           | CUSIP: 26922A321<br>LEI: 5493002W0E8K4UD8QD78 | Long             | EC               | RF                | US        |    116208 | NS      | $6109054.56   | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treasury ETF                            | SPDR Portfolio Long Term Treasury ETF                                       | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |     40163 | NS      | $1080384.70   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund                                   | Energy Select Sector SPDR Fund ETF                                          | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             | EC               | RF                | US        |     15280 | NS      | $1230040.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Information Technology ETF                              | Vanguard Information Technology ETF                                         | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             | EC               | RF                | US        |      7294 | NS      | $4007688.30   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Investors Fund                                           | Madison Investors Fund                                                      | CUSIP: 557492386<br>LEI: 5493000V85LMHCOTG216 | Long             | EC               | RF                | US        |    399832 | NS      | $11311259.05  | 13.03%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Small-Cap ETF                                   | iShares Core S&P Small-Cap ETF                                              | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             | EC               | RF                | US        |     26074 | NS      | $2610789.62   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF                                         | Vanguard FTSE Europe ETF                                                    | CUSIP: 922042874<br>LEI: 5493000IQHGUVNGQR883 | Long             | EC               | RF                | US        |     62436 | NS      | $4552208.76   | 5.24%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares 5-10 Year Investment Grade Corporate Bond ETF            | iShares 5-10 Year Investment Grade Corporate Bond ETF                       | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |     16504 | NS      | $866294.96    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin FTSE Japan ETF                                          | Franklin FTSE Japan ETF                                                     | CUSIP: 35473P744<br>LEI: 549300V7MZYC1Z30JS82 | Long             | EC               | RF                | US        |    124124 | NS      | $3793229.44   | 4.37%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI Emerging Markets Asia ETF                           | iShares MSCI Emerging Markets Asia ETF                                      | CUSIP: 464286426<br>LEI: 549300QNROXHZ53JWF91 | Long             | EC               | RF                | US        |     47433 | NS      | $3487274.16   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Bank ETF                                                | SPDR S&P Bank ETF                                                           | CUSIP: 78464A797<br>LEI: 549300WRV3OCU6OV1X49 | Long             | EC               | RF                | US        |     57827 | NS      | $2927781.01   | 3.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Schwab Intermediate-Term U.S. Treasury ETF                       | Schwab Intermediate-Term U.S. Treasury ETF                                  | CUSIP: 808524854<br>LEI: 549300LPS1K6133V2Q55 | Long             | EC               | RF                | US        |    121026 | NS      | $3037752.60   | 3.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Madison Core Bond Fund                                           | Madison Core Bond Fund                                                      | CUSIP: 557492196<br>LEI: 254900KXQJDPZNNEA190 | Long             | EC               | RF                | US        |   2618062 | NS      | $23484015.38  | 27.04%            |  |  |  | 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        |   1704206 | NS      | $1704205.99   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Mortgage-Backed Securities ETF                   | Janus Henderson Mortgage-Backed Securities ETF                              | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |     94347 | NS      | $4255049.70   | 4.90%             |  |  |  | No            |                  1 | 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