# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146757
**Filing Date:** 2025-6
**Character Count:** 19887
**Document Hash:** 43032e33ad1d0ef1c0cc0c752fc48e08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146757.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146757

**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:** 251052042

**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:** 2025-04-30

**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:** $162275962.45

**Total Liabilities:** $146064.84

**Net Assets:** $162129897.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057667 | -10.30%              | -12.81%              | -8.33%               |
| Class ID C000235945 | -4.77%               | -7.60%               | -2.71%               |
| Class ID C000057669 | -4.87%               | -7.55%               | -2.72%               |
| Class ID C000227347 | -4.78%               | -7.53%               | -2.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4035222.92              | $-13407738.21                              |
| Month 2  | $656631.54               | $-14616221.50                              |
| Month 3  | $700612.83               | $-5274843.33                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Revolve Group Inc                   | Revolve Group, Inc.                                        | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111734 | NS      | $2221271.92   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hain Celestial Group Inc/The        | Hain Celestial Group, Inc.                                 | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               | CORP              | US        |    487759 | NS      | $1482787.36   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                     | Core & Main, Inc.                                          | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120975 | NS      | $6372963.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                         | Workiva, Inc.                                              | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     55096 | NS      | $4147075.92   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc                   | Legalzoom.com, Inc.                                        | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |    165705 | NS      | $1212960.60   | 0.75%             |  |  |  | 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        |     23027 | NS      | $2443394.97   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc              | Power Integrations, Inc.                                   | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     88947 | NS      | $4369076.64   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                           | Olin Corp.                                                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     86140 | NS      | $1862346.80   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp              | WillScot Holdings Corp.                                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    182426 | NS      | $4582541.12   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                    | Leonardo DRS, Inc.                                         | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |    100859 | NS      | $3727748.64   | 2.30%             |  |  |  | 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      | $4858798.34   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                        | Knowles Corp.                                              | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    188621 | NS      | $2968894.54   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                            | CTS Corp.                                                  | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     41304 | NS      | $1572856.32   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp            | Western Alliance Bancorp                                   | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     40890 | NS      | $2850441.90   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                            | Saia, Inc.                                                 | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3673 | NS      | $896212.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                     | Shake Shack, Inc.                                          | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     44509 | NS      | $3905219.66   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The            | Simply Good Foods Co.                                      | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145830 | NS      | $5265921.30   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                             | Box, Inc.                                                  | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |    166226 | NS      | $5189575.72   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd           | Axis Capital Holdings Ltd.                                 | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     53982 | NS      | $5199546.24   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                        | Crane NXT Co.                                              | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     25707 | NS      | $1206172.44   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                    | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     11694 | NS      | $4437639.12   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                  | Globus Medical, Inc.                                       | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     74095 | NS      | $5317798.15   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc          | Mueller Water Products, Inc.                               | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     87599 | NS      | $2298597.76   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                        | Entegris, Inc.                                             | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     40040 | NS      | $3167964.80   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The     | Baldwin Insurance Group, Inc.                              | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98205 | NS      | $4087292.10   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                | Medpace Holdings, Inc.                                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      5281 | NS      | $1628607.59   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                            | Crane Co.                                                  | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     19151 | NS      | $3082927.98   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                      | FormFactor, Inc.                                           | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    129038 | NS      | $3631129.32   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd            | OneSpaWorld Holdings Ltd.                                  | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    233935 | NS      | $3906714.50   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                          | Ciena Corp.                                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     35559 | NS      | $2388142.44   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                | Hayward Holdings, Inc.                                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319686 | NS      | $4261414.38   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                   | Chord Energy Corp.                                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     16812 | NS      | $1516946.76   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp              | Hillman Solutions Corp.                                    | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148046 | NS      | $1034841.54   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc              | Option Care Health, Inc.                                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    140623 | NS      | $4543529.13   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc        | Texas Capital Bancshares, Inc.                             | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     48282 | NS      | $3290418.30   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                    | HealthEquity, Inc.                                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     60262 | NS      | $5165658.64   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc  | Cogent Communications Holdings, Inc.                       | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70653 | NS      | $3839990.55   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                         | Moelis & Co.                                               | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     46756 | NS      | $2505186.48   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                   | Primo Brands Corp.                                         | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |    126517 | NS      | $4133310.39   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc               | CommVault Systems, Inc.                                    | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     20582 | NS      | $3439869.66   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp               | Encompass Health Corp.                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     62988 | NS      | $7368966.12   | 4.55%             |  |  |  | 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        |  10265058 | NS      | $10265058.15  | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co           | Edgewell Personal Care Co.                                 | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    100196 | NS      | $3060987.80   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                             | VF Corp.                                                   | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    203318 | NS      | $2415417.84   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The     | Hanover Insurance Group, Inc.                              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      9702 | NS      | $1611502.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                       | Confluent, Inc.                                            | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    148097 | NS      | $3526189.57   | 2.17%             |  |  |  | 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