# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-25-037773
**Filing Date:** 2025-12
**Character Count:** 13528
**Document Hash:** 929eed9a99a23a231be592e8ca394584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037773.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037773

**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:** 251574007

**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 Large Cap Fund (Series ID: S000040131)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000124794 | Large Cap Fund Class Y  | MINVX           |
| C000130690 | Large Cap Fund Class R6 | MNVRX           |
| C000130691 | Large Cap Fund Class A  | MNVAX           |
| C000221333 | Large Cap Fund Class I  | MIVIX           |

## 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 Large Cap Fund

- **b. EDGAR series identifier (if any):** S000040131

- **c. LEI of Series:** 5493000V85LMHCOTG216

**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:** $356873938.11

**Total Liabilities:** $287561.88

**Net Assets:** $356586376.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124794 | 1.98%                | -1.09%               | -0.52%               |
| Class ID C000130690 | 2.00%                | -1.08%               | -0.48%               |
| Class ID C000130691 | -3.91%               | -6.79%               | -6.25%               |
| Class ID C000221333 | 2.03%                | -1.10%               | -0.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2503042.57              | $5101984.28                                |
| Month 2  | $0.00                    | $-4218221.60                               |
| Month 3  | $-12532946.85            | $10674613.85                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agilent Technologies Inc     | Agilent Technologies, Inc.                                 | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     89587 | NS      | $13111953.32  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                   | Airbnb, Inc.                                               | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     78226 | NS      | $9898718.04   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                 | Alphabet, Inc.                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    114403 | NS      | $32241053.46  | 9.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc               | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     93613 | NS      | $22862166.86  | 6.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc           | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     47427 | NS      | $11104083.51  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp              | Brookfield Corp.                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    297208 | NS      | $13686428.40  | 3.84%             |  |  |  | No            |                  1 | On Loan: —       |
| CDW Corp/DE                  | CDW Corp.                                                  | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     64018 | NS      | $10202548.66  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                   | Copart, Inc.                                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    231369 | NS      | $9951180.69   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                 | Danaher Corp.                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     71949 | NS      | $15496375.62  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                   | Deere & Co.                                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     19605 | NS      | $9050256.15   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc     | Ferguson Enterprises, Inc.                                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     83038 | NS      | $20634943.00  | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc    | Keysight Technologies, Inc.                                | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     84803 | NS      | $15515556.88  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc               | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     58808 | NS      | $14003949.04  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                     | MSCI, Inc.                                                 | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     13971 | NS      | $8222632.05   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc     | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     46607 | NS      | $8303037.05   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                   | PACCAR, Inc.                                               | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    157556 | NS      | $15503510.40  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp         | Parker-Hannifin Corp.                                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     20859 | NS      | $16120460.97  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The         | Progressive Corp.                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     56189 | NS      | $11574934.00  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The      | Charles Schwab Corp.                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    110664 | NS      | $10459961.28  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp               | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     80416 | NS      | $6503241.92   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The              | TJX Cos., Inc.                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     64191 | NS      | $8995726.74   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc        | Texas Instruments, Inc.                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     91168 | NS      | $14719985.28  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     42505 | NS      | $14483153.70  | 4.06%             |  |  |  | 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        |   2433500 | NS      | $2433499.76   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                  | Workday, Inc.                                              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     23395 | NS      | $5612928.40   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd       | Arch Capital Group Ltd.                                    | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    255953 | NS      | $22091303.43  | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                | Accenture PLC                                              | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     34235 | NS      | $8562173.50   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                     | Alcon AG                                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     66275 | NS      | $4897059.75   | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer