# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-25-037772
**Filing Date:** 2025-12
**Character Count:** 20310
**Document Hash:** 2ebdf3347214dc7421e31d08854cc39a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037772.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037772

**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:** 251574006

**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 Small Cap Fund (Series ID: S000020659)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000057667 | Small Cap Fund Class A  | masmx           |
| C000057669 | Small Cap Fund Class Y  | bvaox           |
| C000227347 | Small Cap Fund Class I  | MSCIX           |
| C000235945 | Small Cap Fund Class R6 | MSCRX           |

## 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 Small Cap Fund

- **b. EDGAR series identifier (if any):** S000020659

- **c. LEI of Series:** 254900U33OEQ9KZ4RR52

**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:** $159338760.69

**Total Liabilities:** $148783.55

**Net Assets:** $159189977.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057667 | -4.13%               | -6.94%               | -5.94%               |
| Class ID C000057669 | 1.71%                | -1.22%               | -0.19%               |
| Class ID C000227347 | 1.71%                | -1.21%               | -0.09%               |
| Class ID C000235945 | 1.80%                | -1.21%               | -0.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-50556.53               | $2646054.29                                |
| Month 2  | $1239506.78              | $-3224910.43                               |
| Month 3  | $2510083.61              | $-2646539.06                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Drainage Systems Inc                | Advanced Drainage Systems, Inc.                            | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     19978 | NS      | $2797918.90   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The              | Baldwin Insurance Group, Inc.                              | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90359 | NS      | $1996933.90   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                      | Box, Inc.                                                  | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    139751 | NS      | $4484609.59   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                     | CTS Corp.                                                  | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     62452 | NS      | $2592382.52   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                             | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     11694 | NS      | $3801134.70   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc | Charles River Laboratories International, Inc.             | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     10641 | NS      | $1916124.87   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                   | Ciena Corp.                                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     21390 | NS      | $4062388.80   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc           | Cogent Communications Holdings, Inc.                       | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72077 | NS      | $2973176.25   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                        | CommVault Systems, Inc.                                    | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     20582 | NS      | $2865426.04   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                                | Confluent, Inc.                                            | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    179058 | NS      | $4184585.46   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                              | Core & Main, Inc.                                          | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99659 | NS      | $5200206.62   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                     | Crane Co.                                                  | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     19151 | NS      | $3638690.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                 | Crane NXT Co.                                              | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     38846 | NS      | $2457009.50   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                          | Eagle Materials, Inc.                                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      7283 | NS      | $1546326.56   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                    | Edgewell Personal Care Co.                                 | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    115839 | NS      | $2246118.21   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                        | Encompass Health Corp.                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     62988 | NS      | $7171183.80   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                                 | Entegris, Inc.                                             | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     53840 | NS      | $4930128.80   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                               | FormFactor, Inc.                                           | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     92739 | NS      | $5096008.05   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                           | Globus Medical, Inc.                                       | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     12968 | NS      | $783137.52    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The              | Hanover Insurance Group, Inc.                              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     15367 | NS      | $2625912.96   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                         | Hayward Holdings, Inc.                                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363575 | NS      | $6169867.75   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                             | HealthEquity, Inc.                                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     52394 | NS      | $4955424.52   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                  | Hexcel Corp.                                               | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     22187 | NS      | $1584151.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                                 | Knowles Corp.                                              | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    188621 | NS      | $4453341.81   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                             | Leonardo DRS, Inc.                                         | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     90484 | NS      | $3308095.04   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                         | Medpace Holdings, Inc.                                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      3743 | NS      | $2189318.13   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                  | Moelis & Co.                                               | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     53688 | NS      | $3400061.04   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                   | Mueller Water Products, Inc.                               | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     87599 | NS      | $2247790.34   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                            | Chord Energy Corp.                                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     21395 | NS      | $1940954.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                    | Olin Corp.                                                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     86140 | NS      | $1783098.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc          | Ollie's Bargain Outlet Holdings, Inc.                      | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     19920 | NS      | $2406535.20   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                       | Option Care Health, Inc.                                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    140623 | NS      | $3660416.69   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                       | Power Integrations, Inc.                                   | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     88947 | NS      | $3725989.83   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                            | Primo Brands Corp.                                         | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |    123523 | NS      | $2713800.31   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc                            | Revolve Group, Inc.                                        | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111734 | NS      | $2471556.08   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The                    | Scotts Miracle-Gro Co.                                     | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     96443 | NS      | $5161629.36   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                              | Shake Shack, Inc.                                          | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     44653 | NS      | $4309461.03   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The                     | Simply Good Foods Co.                                      | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123980 | NS      | $2426288.60   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc                 | Texas Capital Bancshares, Inc.                             | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     52364 | NS      | $4390197.76   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                                      | VF Corp.                                                   | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    203318 | NS      | $2854584.72   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                          | Viavi Solutions, Inc.                                      | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    144663 | NS      | $2560535.10   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                       | WillScot Holdings Corp.                                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    182426 | NS      | $3967765.50   | 2.49%             |  |  |  | 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        |   8110219 | NS      | $8110218.72   | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                  | Workiva, Inc.                                              | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     45556 | NS      | $3872715.56   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                    | Axis Capital Holdings Ltd.                                 | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     44521 | NS      | $4169836.86   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                     | OneSpaWorld Holdings Ltd.                                  | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    134043 | NS      | $3119180.61   | 1.96%             |  |  |  | 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