# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-26-028913
**Filing Date:** 2026-3
**Character Count:** 124399
**Document Hash:** 836e147b69dc56183b32628d7b9f8432
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-028913.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001410368-26-028913

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**PERIOD START**: 20261031

**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:** 26782320

**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 Covered Call & Equity Income Fund (Series ID: S000026831)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000080723 | Covered Call & Equity Income Fund Class A  | menax           |
| C000080724 | Covered Call & Equity Income Fund Class Y  | menyx           |
| C000116936 | Covered Call & Equity Income Fund Class R6 | MENRX           |
| C000235946 | Covered Call & Equity Income Fund Class I  | MENIX           |

## Nport-Ex

**Madison Funds** \| January 31, 2026

**Quarterly Report**

**Madison Funds** \| January 31, 2026

**Conservative Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value<br> (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 48.0%** |  |  |
| **Bond Funds - 15.2%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 20289 | $1095809 |
| Janus Henderson Mortgage-Backed Securities ETF | 31825 | 1455994 |
| Schwab Intermediate-Term U.S. Treasury ETF | 72985 | 1829734 |
| VanEck J. P. Morgan EM Local Currency Bond ETF (A) | 42597 | 1120301 |
|  |  | 5501838 |
| **Foreign Stock Funds - 11.7%** |  |  |
| Franklin FTSE Japan ETF | 12547 | 458969 |
| iShares MSCI Emerging Markets Asia ETF (A) | 12770 | 1284662 |
| iShares MSCI Eurozone ETF | 4573 | 304836 |
| Vanguard FTSE All-World ex-U.S. ETF | 11125 | 864746 |
| Vanguard FTSE Europe ETF | 15029 | 1315038 |
|  |  | 4228251 |
| **Stock Funds - 21.1%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 31800 | 1905774 |
| Invesco S&P 500 Quality ETF | 35521 | 2748970 |
| iShares Core S&P Small-Cap ETF | 5991 | 761037 |
| State Street SPDR S&P Bank ETF (A) | 17159 | 1090798 |
| Vanguard Information Technology ETF (A) | 1473 | 1101686 |
|  |  | 7608265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $14,756,425) |  | 17338354 |
| **INVESTMENT COMPANIES - 51.2%** |  |  |
| **Bond Funds - 48.0%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 1901554 | 17323152 |
| **Stock Funds - 3.2%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 39275 | 1151949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $19,843,274) |  | 18475101 |
| **SHORT-TERM INVESTMENTS - 12.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.650% | 262422 | 262422 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D), 3.710% (E) | 4292636 | 4292636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $4,555,058) |  | 4555058 |
| **TOTAL INVESTMENTS - 111.8%**<br> (Cost $39,154,757) |  | 40368513 |
| **NET OTHER ASSETS AND LIABILITIES - (11.8%)** |  | (4270761) |
| **TOTAL NET ASSETS - 100.0%** |  | $36097752 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $4,142,472, collateralized by cash collateral of $4,292,636.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Greater
 than 25% of the portfolio. For more information refer the website madisonfunds.com/individual/core-bond-fund/.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(D) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Represents
 investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

MSCI Morgan Stanley Capital International.

S&P Standard & Poor's.

SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Moderate Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value <br> (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 63.9%** |  |  |
| **Bond Funds - 9.0%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (A) | 32739 | $1768233 |
| Janus Henderson Mortgage-Backed Securities ETF | 38652 | 1768329 |
| Schwab Intermediate-Term U.S. Treasury ETF | 123705 | 3101284 |
| VanEck J. P. Morgan EM Local Currency Bond ETF (A) | 50456 | 1326993 |
|  |  | 7964839 |
| **Foreign Stock Funds - 19.9%** |  |  |
| Franklin FTSE Japan ETF | 49454 | 1809027 |
| iShares MSCI Emerging Markets Asia ETF (A) | 51285 | 5159271 |
| iShares MSCI Eurozone ETF | 14270 | 951238 |
| Vanguard FTSE All-World ex-U.S. ETF | 53280 | 4141455 |
| Vanguard FTSE Europe ETF | 62436 | 5463150 |
|  |  | 17524141 |
| **Stock Funds - 35.0%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 128351 | 7692075 |
| Invesco S&P 500 Quality ETF | 133659 | 10343870 |
| iShares Core S&P Small-Cap ETF | 24282 | 3084543 |
| State Street SPDR S&P Bank ETF (A) | 72991 | 4640038 |
| Vanguard Information Technology ETF (A) | 6774 | 5066410 |
|  |  | 30826936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $45,399,767) |  | 56315916 |
| **INVESTMENT COMPANIES - 35.1%** |  |  |
| **Bond Funds - 28.6%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 2760193 | 25145361 |
| **Stock Funds - 6.5%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 195283 | 5727653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,008,173) |  | 30873014 |
| **SHORT-TERM INVESTMENTS - 15.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.650% | 1034687 | 1034687 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D), 3.710% (E) | 12437355 | 12437355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,472,042) |  | 13472042 |
| **TOTAL INVESTMENTS - 114.3%** |  |  |
| (Cost $89,879,982) |  | 100660972 |
| **NET OTHER ASSETS AND LIABILITIES - (14.3%)** |  | (12611019) |
| **TOTAL NET ASSETS - 100.0%** |  | $88049953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $12,009,498, collateralized by cash collateral of $12,437,355.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Greater
 than 25% of the portfolio. For more information refer the website madisonfunds.com/individual/core-bond-fund/.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(D) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Represents
 investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

MSCI Morgan Stanley Capital International.

S&P Standard & Poor's.

SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Aggressive Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value <br> (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 74.9%** |  |  |
| **Bond Funds - 2.7%** |  |  |
| Janus Henderson Mortgage-Backed Securities ETF | 19386 | $886909 |
| Schwab Intermediate-Term U.S. Treasury ETF | 23636 | 592555 |
|  |  | 1479464 |
| **Foreign Stock Funds - 27.0%** | **Foreign Stock Funds - 27.0%** | **Foreign Stock Funds - 27.0%** |
| Franklin FTSE Japan ETF | 43060 | 1575135 |
| iShares MSCI Emerging Markets Asia ETF | 40916 | 4116149 |
| iShares MSCI Eurozone ETF | 11112 | 740726 |
| Vanguard FTSE All-World ex-U.S. ETF | 42226 | 3282227 |
| Vanguard FTSE Europe ETF | 57750 | 5053125 |
|  |  | 14767362 |
| **Stock Funds - 45.2%** | **Stock Funds - 45.2%** | **Stock Funds - 45.2%** |
| Distillate U.S. Fundamental Stability & Value ETF | 104457 | 6260108 |
| Invesco S&P 500 Quality ETF | 97479 | 7543900 |
| iShares Core S&P Small-Cap ETF | 22476 | 2855126 |
| State Street SPDR S&P Bank ETF (A) | 58483 | 3717764 |
| Vanguard Information Technology ETF (A) | 5817 | 4350651 |
|  |  | 24727549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** <br> (Cost $31,821,233) |  | 40974375 |
| **INVESTMENT COMPANIES - 23.9%** | **INVESTMENT COMPANIES - 23.9%** | **INVESTMENT COMPANIES - 23.9%** |
| **Bond Funds - 14.4%** | **Bond Funds - 14.4%** | **Bond Funds - 14.4%** |
| Madison Core Bond Fund, Class R6 (B) | 863241 | 7864122 |
| **Stock Funds - 9.5%** | **Stock Funds - 9.5%** | **Stock Funds - 9.5%** |
| Madison Large Cap Fund, Class R6 (B) | 177417 | 5203644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $11,654,110) |  | 13067766 |
| **SHORT-TERM INVESTMENTS - 9.9%** | **SHORT-TERM INVESTMENTS - 9.9%** | **SHORT-TERM INVESTMENTS - 9.9%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.650% | 592226 | 592226 |
| State Street Navigator Securities Lending Government Money Market Portfolio (C), 3.710% (D) | 4825027 | 4825027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $5,417,253) |  | 5417253 |
| **TOTAL INVESTMENTS - 108.7%**<br> (Cost $48,892,596) |  | 59459394 |
| **NET OTHER ASSETS AND LIABILITIES - (8.7%)** |  | (4736734) |
| **TOTAL NET ASSETS - 100.0%** |  | $54722660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $4,651,747, collateralized by cash collateral of $4,825,027.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(C) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Represents
 investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange. MSCI Morgan Stanley Capital International.

S&P Standard & Poor's.

SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Diversified Income Fund Portfolio of Investments** **(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Par Value | Par Value | Value <br> (Note 1, 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%** |  |  |  |
| GSAMP Trust, Series 2006-S5, Class M5 (A) (B), 7.488%, 9/25/36 | $| 534000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage- Backed Securities** (Cost $–) |  |  |  |
| **MORTGAGE BACKED SECURITIES - 0.0%** | **MORTGAGE BACKED SECURITIES - 0.0%** | **MORTGAGE BACKED SECURITIES - 0.0%** | **MORTGAGE BACKED SECURITIES - 0.0%** |
| **Fannie Mae - 0.0%** | **Fannie Mae - 0.0%** | **Fannie Mae - 0.0%** | **Fannie Mae - 0.0%** |
| 7.000%, 11/1/31 Pool # 607515 |  | 1605 | 1675 |
| 7.000%, 5/1/32 Pool # 644591 |  | 168 | 176 |
|  |  |  | 1851 |
| **Freddie Mac - 0.0%** | **Freddie Mac - 0.0%** | **Freddie Mac - 0.0%** | **Freddie Mac - 0.0%** |
| 8.000%, 6/1/30 Pool # C01005 |  | 292 | 305 |
| **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** |
| 6.500%, 2/20/29 Pool # 2714 |  | 1484 | 1535 |
| 6.500%, 4/20/31 Pool # 3068 |  | 1377 | 1435 |
|  |  |  | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** <br> (Cost $4,936) |  |  | 5126 |
|  |  | Shares |  |
| **EXCHANGE TRADED FUNDS - 99.5%** |  |  |  |
| **Bond Funds - 56.0%** |  |  |  |
| Janus Henderson Mortgage-Backed Securities ETF  |  | 50531 | 2311793 |
| Madison Aggregate Bond ETF (C) (D) |  | 900000 | 18445500 |
| Madison Short-Term Strategic Income ETF (C) (D) |  | 1187500 | 24331875 |
| State Street SPDR Portfolio High Yield Bond ETF |  | 521954 | 12432944 |
| VanEck J. P. Morgan EM Local Currency Bond ETF (C) |  | 214000 | 5628200 |
|  |  |  | 63150312 |
| **Stock Funds - 43.5%** |  |  |  |
| Global X MLP ETF |  | 80949 | 4168064 |
| Madison Covered Call ETF (D) |  | 835000 | 15725722 |
| Madison Dividend Value ETF (D) |  | 985000 | 24052124 |
| Schwab U.S. Dividend Equity ETF <br>|  | 172202 | 5135064 |
|  |  |  | 49080974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $106,204,308) |  |  | 112231286 |
| **SHORT-TERM INVESTMENTS - 6.6%** | **SHORT-TERM INVESTMENTS - 6.6%** | **SHORT-TERM INVESTMENTS - 6.6%** | **SHORT-TERM INVESTMENTS - 6.6%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (E), 3.650% |  | 690651 | 690651 |
| State Street Navigator Securities Lending Government Money Market Portfolio (E), 3.710% (F) |  | 6735470 | 6735470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $7,426,121) |  |  | 7426121 |
| **TOTAL INVESTMENTS - 106.1%** <br> (Cost $113,635,365) |  |  | 119662533 |
| **NET OTHER ASSETS AND LIABILITIES - (6.1%)** |  |  | (6853427) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $112809106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Floating
 rate or variable rate note. Coupon rate may change based on changes of the underlying
 collateral or prepayments of principal. The coupon rate shown represents the rate at
 January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Defaulted
 Security. Security was deemed illiquid by Madison. Interest is not being accrued.

&nbsp;&nbsp;&nbsp;&nbsp;(C) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $6,511,693, collateralized by cash collateral of $6,735,470.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(E) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(F) Represents
 investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund.

SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Portfolios of Investments.

`

**Madison Funds** \| January 31, 2026

**Tax-Free National Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **MUNICIPAL BONDS - 98.6%** | **MUNICIPAL BONDS - 98.6%** | **MUNICIPAL BONDS - 98.6%** |
| **Alabama - 7.0%** | **Alabama - 7.0%** | **Alabama - 7.0%** |
| Mobile County, General Obligation, 5.000%, 2/1/39 | $610000 | $657309 |
| Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42 | 315000 | 341438 |
| Pike Road, Authority Revenue, 4.000%, 9/1/31 | 170000 | 170168 |
| UAB Medicine Finance Authority Revenue, Series B, 5.000%, 9/1/27 | 150000 | 155723 |
|  |  | 1324638 |
| **Arkansas - 0.9%** | **Arkansas - 0.9%** | **Arkansas - 0.9%** |
| Arkansas Development Finance Authority, 5.000%, 2/1/26 | 175000 | 175000 |
| **California - 0.7%** | **California - 0.7%** | **California - 0.7%** |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5.000%, 7/1/40 | 120000 | 123516 |
| **Colorado - 3.5%** | **Colorado - 3.5%** | **Colorado - 3.5%** |
| Colorado Springs Utilities System Revenue, Series A, 4.000%, 11/15/40 | 250000 | 254914 |
| El Paso County Facilities Corp., Series A, 5.000%, 12/1/27 | 400000 | 418250 |
|  |  | 673164 |
| **Florida - 5.9%** | **Florida - 5.9%** | **Florida - 5.9%** |
| City of Oakland Park, 4.000%, 2/1/36 | 100000 | 103591 |
| County of Polk Utility System Revenue, 5.000%, 10/1/54 | 350000 | 364085 |
| Hialeah Utility System, 5.000%, 10/1/35 | 400000 | 439837 |
| Tampa Bay Water, Series A, 5.250%, 10/1/54 | 200000 | 211318 |
|  |  | 1118831 |
| **Georgia - 0.8%** | **Georgia - 0.8%** | **Georgia - 0.8%** |
| Americus-Sumter Payroll Development Authority, Series A, 3.250%, 6/1/33 | 150000 | 150668 |
| **Illinois - 10.3%** | **Illinois - 10.3%** | **Illinois - 10.3%** |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 5.000%, 12/1/35 | 545000 | 565045 |
| Cook County School District No. 111 Burbank, (BAM-TCRS), 4.000%, 12/1/37 | 200000 | 202794 |
| Palatine Village, General Obligation, 2.000%, 12/1/28 | 175000 | 168552 |
| Village of Bourbonnais, (BAM), 5.250%, 12/1/46 | 325000 | 337372 |
| Village of Buffalo Grove, 5.000%, 12/30/38 | 300000 | 332472 |
| Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, (BAM), 5.000%, 11/1/42 | 325000 | 346356 |
|  |  | 1952591 |
| **Indiana - 6.6%** | **Indiana - 6.6%** | **Indiana - 6.6%** |
| Indiana Finance Authority, Series A, 5.000%, 10/1/46 | 140000 | 145577 |
| Indiana Finance Authority, 5.250%, 3/1/54 | 240000 | 245560 |
| Lincoln Center Building Corp., 4.000%, 8/1/28 | 285000 | 294218 |
| Vanderburgh County Redevelopment District, Tax Allocation, (AG), 5.000%, 2/1/26 | 300000 | 300000 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **Indiana - 6.6%** | **Indiana - 6.6%** | **Indiana - 6.6%** |
| Whitestown Redevelopment Authority, 5.000%, 7/15/38 | $260000 | $271356 |
|  |  | 1256711 |
| **Kansas - 1.4%** | **Kansas - 1.4%** | **Kansas - 1.4%** |
| Sedgwick County, Series A, 4.000%, 8/1/40 | 250000 | 257566 |
| **Kentucky - 2.3%** | **Kentucky - 2.3%** | **Kentucky - 2.3%** |
| Eastern Kentucky University, Series A, (ST INTERCEPT), 5.000%, 4/1/33 | 445000 | 445774 |
| **Louisiana - 1.3%** | **Louisiana - 1.3%** | **Louisiana - 1.3%** |
| Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26 | 85000 | 85988 |
| Lafourche Parish School Board, 4.000%, 3/1/33 | 150000 | 158307 |
|  |  | 244295 |
| **Michigan - 4.0%** | **Michigan - 4.0%** | **Michigan - 4.0%** |
| City of Wayland MI, (AG), 4.000%, 10/1/40 | 185000 | 189141 |
| Kalamazoo Public Schools, 5.000%, 5/1/26 | 250000 | 250505 |
| Warren Woods Public Schools, (BAM), 4.000%, 5/1/35 | 300000 | 319457 |
|  |  | 759103 |
| **Mississippi - 2.6%** | **Mississippi - 2.6%** | **Mississippi - 2.6%** |
| Medical Center Educational Building Corp., Series A, 5.000%, 6/1/30 | 475000 | 490441 |
| **Nebraska - 1.7%** | **Nebraska - 1.7%** | **Nebraska - 1.7%** |
| Elkhorn School District, 4.000%, 12/15/36 | 315000 | 322274 |
| **New Jersey - 2.8%** | **New Jersey - 2.8%** | **New Jersey - 2.8%** |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/28 | 250000 | 264131 |
| New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/29 | 250000 | 270813 |
|  |  | 534944 |
| **New Mexico - 1.1%** | **New Mexico - 1.1%** | **New Mexico - 1.1%** |
| Otero County, (BAM), 4.000%, 12/1/28 | 195000 | 201159 |
| **New York - 2.4%** | **New York - 2.4%** | **New York - 2.4%** |
| New York State Dormitory Authority, Series 1, (AMBAC, BHAC-CR), 5.500%, 7/1/31 | 250000 | 273913 |
| Port Authority of New York & New Jersey, Series 85TH, (GO of AUTH), 5.375%, 3/1/28 | 175000 | 182061 |
|  |  | 455974 |
| **Ohio - 1.4%** | **Ohio - 1.4%** | **Ohio - 1.4%** |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44 | 250000 | 271449 |
| **Oklahoma - 4.0%** | **Oklahoma - 4.0%** | **Oklahoma - 4.0%** |
| Elk City Industrial Authority, 4.000%, 5/1/30 | 335000 | 347128 |
| Tulsa County Industrial Authority, 3.000%, 2/1/31 | 400000 | 403797 |
|  |  | 750925 |
| **Oregon - 1.9%** | **Oregon - 1.9%** | **Oregon - 1.9%** |
| City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49 | 350000 | 368174 |
| **Pennsylvania - 6.1%** | **Pennsylvania - 6.1%** | **Pennsylvania - 6.1%** |
| City of Pittsburgh, 4.000%, 9/1/35 | 350000 | 355699 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Tax-Free National Fund Portfolio of Investments** **(unaudited) - concluded**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **Pennsylvania - 6.1%** | **Pennsylvania - 6.1%** | **Pennsylvania - 6.1%** |
| Commonwealth Financing Authority, Series A, 5.000%, 6/1/35 | $370000 | $372125 |
| Philadelphia Gas Works Co., Series A, 5.000%, 8/1/40 | 170000 | 188828 |
| Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4.000%, 2/15/26 | 250000 | 250134 |
|  |  | 1166786 |
| **Texas - 5.0%** |  |  |
| Center, General Obligation, 3.000%, 8/15/34 | 410000 | 384598 |
| City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49 | 250000 | 266171 |
| Harris County Toll Road Authority, 4.000%, 8/15/38 | 300000 | 306602 |
|  |  | 957371 |
| **Utah - 3.1%** |  |  |
| Ogden City Sewer & Water Revenue, Series A, 4.000%, 6/15/31 | 250000 | 266446 |
| Utah Transit Authority, Series A, (BHAC-CR, NPFG), 5.000%, 6/15/35 | 280000 | 329385 |
|  |  | 595831 |
| **Virginia - 6.9%** |  |  |
| Alexandria Sanitation Authority, 5.000%, 7/15/54 | 200000 | 209202 |
| Fairfax County Economic Development Authority, Series A, 5.000%, 9/1/38 | 90000 | 94054 |
| Roanoke Economic Development Authority, Series A, 5.000%, 7/1/47 | 250000 | 269188 |
| Southampton County Industrial Development Authority, 5.000%, 6/1/35 | 440000 | 492702 |
| Western Regional Jail Authority, 5.000%, 12/1/34 | 250000 | 254050 |
|  |  | 1319196 |
| **Washington - 0.5%** |  |  |
| State of Washington, Series R-2023A, 5.000%, 8/1/36 | 80000 | 91583 |
| **West Virginia - 3.8%** |  |  |
| West Virginia Economic Development Authority, Series A, 5.000%, 7/1/37 | 450000 | 461187 |
| West Virginia University, Series A, 4.000%, 10/1/39 | 265000 | 269205 |
|  |  | 730392 |
| **Wisconsin - 10.6%** |  |  |
| City of Burlington WI, Series A, (BAM), 4.000%, 4/1/36 | 580000 | 605422 |
| City of Green Bay WI, Series A, 4.000%, 4/1/38 | 355000 | 366176 |
| City of Whitewater, Series A, (BAM), 5.000%, 6/1/38 | 290000 | 319463 |
| Public Finance Authority, Series A, 5.000%, 10/1/32 | 200000 | 219527 |
| Wisconsin Department of Transportation, Series A, 4.000%, 7/1/39 | 100000 | 101846 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **Wisconsin - 10.6%** | **Wisconsin - 10.6%** | **Wisconsin - 10.6%** |
| Wisconsin Health & Educational Facilities Authority, Series A, 4.000%, 11/15/35 | $400000 | $400589 |
|  |  | 2013023 |
| **TOTAL INVESTMENTS - 98.6%** <br> (Cost $18,810,108) |  | 18751379 |
| **NET OTHER ASSETS AND LIABILITIES - 1.4%** |  | 266762 |
| **TOTAL NET ASSETS - 100.0%** |  | $19018141 |

---

---

| | |
|:---|:---|
| AG | &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty. |
| AMBAC | &nbsp;&nbsp;&nbsp;&nbsp;American Municipal Bond Assurance Corporation. |
| BAM | &nbsp;&nbsp;&nbsp;&nbsp;Build America Mutual Assurance Co. |
| BHAC-CR | &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Assurance Corp. |
| GO of AUTH | &nbsp;&nbsp;&nbsp;&nbsp;General Obligation of the Authority. |
| NPFG | &nbsp;&nbsp;&nbsp;&nbsp;National Public Finance Guarantee Corporation. |
| ST AID | &nbsp;&nbsp;&nbsp;&nbsp;State Aid Withholding. |
| ST | &nbsp;&nbsp;&nbsp;&nbsp;State Intercept. |
| TCRS | &nbsp;&nbsp;&nbsp;&nbsp;Transferable Custodial Receipts. |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**High Quality Bond Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **CORPORATE NOTES AND BONDS - 34.3%** | **CORPORATE NOTES AND BONDS - 34.3%** | **CORPORATE NOTES AND BONDS - 34.3%** |
| **Communication Services - 2.4%** | **Communication Services - 2.4%** | **Communication Services - 2.4%** |
| Cisco Systems, Inc., 4.950%, 2/26/31 | $750000 | $776245 |
| Walt Disney Co., 3.800%, 3/22/30 | 750000 | 743634 |
|  |  | 1519879 |
| **Communications - 1.2%** |  |  |
| Meta Platforms, Inc., 4.600%, 11/15/32 | 750000 | 751890 |
| **Consumer Discretionary - 2.0%** |  |  |
| Home Depot, Inc., 4.500%, 9/15/32 | 750000 | 758499 |
| NIKE, Inc., 2.750%, 3/27/27 | 500000 | 494678 |
|  |  | 1253177 |
| **Consumer Staples - 6.2%** |  |  |
| AbbVie, Inc., 4.800%, 3/15/29 | 750000 | 768361 |
| Hershey Co., 4.750%, 2/24/30 | 800000 | 819636 |
| Mars, Inc., 5.200%, 3/1/35 | 750000 | 768347 |
| PepsiCo, Inc., 4.450%, 5/15/28 | 750000 | 761807 |
| PepsiCo, Inc., 2.750%, 3/19/30 | 750000 | 713346 |
|  |  | 3831497 |
| **Energy - 1.2%** |  |  |
| Enterprise Products Operating LLC, 4.600%, 1/15/31 | 750000 | 759659 |
| **Financials - 18.1%** |  |  |
| American Express Co., (1 day USD SOFR + 1.090%) (A), 5.532%, 4/25/30 | 800000 | 833231 |
| Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (A), 3.194%, 7/23/30 | 800000 | 773955 |
| Bank of New York Mellon Corp., (1 day USD SOFR + 1.802%) (A), 5.802%, 10/25/28 | 850000 | 877226 |
| Berkshire Hathaway Finance Corp., 2.875%, 3/15/32 | 750000 | 699075 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.310%) (A), 5.012%, 1/23/30 | 850000 | 871496 |
| Marsh & McLennan Cos., Inc., 4.650%, 3/15/30 | 800000 | 814589 |
| Mastercard, Inc., 3.300%, 3/26/27 | 750000 | 746824 |
| Morgan Stanley, (1 day USD SOFR + 2.240%) (A), 6.296%, 10/18/28 | 750000 | 778036 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 1.841%) (A), 5.582%, 6/12/29 | 850000 | 880075 |
| Simon Property Group LP, 2.450%, 9/13/29 | 750000 | 709651 |
| State Street Corp., 4.330%, 10/22/27 | 750000 | 757017 |
| Truist Financial Corp., (1 day USD SOFR + 1.435%) (A), 4.873%, 1/26/29 | 500000 | 507871 |
| Truist Financial Corp., 1.950%, 6/5/30 | 500000 | 454874 |
| U.S. Bancorp, (1 day USD SOFR + 1.660%) (A), 4.548%, 7/22/28 | 750000 | 756106 |
| Welltower OP LLC, 4.500%, 7/1/30 | 750000 | 757734 |
|  |  | 11217760 |
| **Health Care - 1.2%** | **Health Care - 1.2%** | **Health Care - 1.2%** |
| UnitedHealth Group, Inc., 5.250%, 2/15/28 | 750000 | 768942 |
| **Industrials - 2.0%** | **Industrials - 2.0%** | **Industrials - 2.0%** |
| Emerson Electric Co., 2.000%, 12/21/28 | 500000 | 475227 |
| John Deere Capital Corp., 4.750%, 1/20/28 | 750000 | 765514 |
|  |  | 1240741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** <br> (Cost $21,225,797) |  | 21343545 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **FOREIGN CORPORATE BONDS - 1.2%** | **FOREIGN CORPORATE BONDS - 1.2%** | **FOREIGN CORPORATE BONDS - 1.2%** |
| **Health Care - 1.2%** | **Health Care - 1.2%** | **Health Care - 1.2%** |
| Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/33 | $750000 | $758055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds <br> (Cost $744,377)** |  | 758055 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.0%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.0%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.0%** |
| **Fannie Mae - 2.4%** | **Fannie Mae - 2.4%** | **Fannie Mae - 2.4%** |
| 2.125%, 4/24/26 | 1000000 | 996558 |
| 0.750%, 10/8/27 (B) | 500000 | 477441 |
|  |  | 1473999 |
| **U.S. Treasury Notes - 60.6%** | **U.S. Treasury Notes - 60.6%** | **U.S. Treasury Notes - 60.6%** |
| 3.750%, 4/15/26 | 850000 | 850111 |
| 4.375%, 8/15/26 | 1000000 | 1003820 |
| 4.125%, 1/31/27 | 1500000 | 1508297 |
| 3.250%, 6/30/27 | 1250000 | 1245312 |
| 4.000%, 2/29/28 | 2150000 | 2169484 |
| 3.625%, 5/31/28 | 2500000 | 2503516 |
| 4.000%, 6/30/28 | 2150000 | 2172004 |
| 4.875%, 10/31/28 | 2500000 | 2582910 |
| 4.500%, 5/31/29 | 2250000 | 2309766 |
| 4.000%, 7/31/29 | 2250000 | 2274961 |
| 3.875%, 9/30/29 | 2250000 | 2264766 |
| 3.875%, 11/30/29 | 2250000 | 2263887 |
| 3.875%, 12/31/29 | 2250000 | 2263887 |
| 4.000%, 7/31/30 | 2250000 | 2272412 |
| 4.375%, 11/30/30 | 2000000 | 2051016 |
| 4.125%, 2/29/32 | 2000000 | 2020625 |
| 4.125%, 11/15/32 | 2000000 | 2014766 |
| 3.375%, 5/15/33 | 2000000 | 1915312 |
| 4.000%, 2/15/34 | 2000000 | 1984687 |
|  |  | 37671539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations**<br> (Cost $38,808,797) |  | 39145538 |
|  | Shares |  |
| **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.650% | 173231 | 173231 |
| State Street Navigator Securities Lending Government Money Market Portfolio (C), 3.710% (D) | 39050 | 39050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** <br> (Cost $212,281) |  | 212281 |
| **TOTAL INVESTMENTS - 98.9%** <br> (Cost $60,991,252) |  | 61459419 |
| **NET OTHER ASSETS AND LIABILITIES - 1.1%** |  | 690071 |
| **TOTAL NET ASSETS - 100.0%** |  | $62149490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Floating
rate or variable rate note. Coupon rate may change based on changes of the underlying collateral or prepayments of principal.
The coupon rate shown represents the rate at January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(B) All
or a portion of these securities is on loan. The total value of the securities on loan is $38,289, collateralized by cash collateral
of $39,050.

&nbsp;&nbsp;&nbsp;&nbsp;(C) 7-day
yield.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**High Quality Bond Fund Portfolio of Investments** **(unaudited) - concluded**

&nbsp;&nbsp;&nbsp;&nbsp;(D) Represents
investments of cash collateral received in connection with securities lending.

LLC Limited Liability Corporation.

LP Limited Partnership.

OP Operating Partnership.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **ASSET BACKED SECURITIES - 1.7%** | **ASSET BACKED SECURITIES - 1.7%** | **ASSET BACKED SECURITIES - 1.7%** |
| CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28 | $287906 | $289836 |
| Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.650%, 5/15/35 | 229551 | 230609 |
| Chesapeake Funding II LLC, Series 2023- 2A, Class A1 (A), 6.160%, 10/15/35 | 189674 | 191665 |
| Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.510%, 1/22/29 | 18045 | 18073 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29 | 75405 | 75610 |
| Evergreen Credit Card Trust, Series 2025- 1A, Class B, 4.240%, 10/15/29 | 500000 | 500122 |
| John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28 | 378291 | 380543 |
| Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29 | 200000 | 200771 |
| Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B), 5.848%, 1/25/64 | 689934 | 694368 |
| Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30 | 1250000 | 1272839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** <br> (Cost $3,838,771) |  | 3854436 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0%** |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (C), 2.879%, 7/25/49 | 39136 | 38596 |
| CIM Trust, Series 2021-J2, Class A4 (A) (B), 2.500%, 4/25/51 | 419978 | 382527 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27 | 73483 | 836 |
| Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49 | 218479 | 218389 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1 (A) (B), 4.697%, 12/25/41 | 43897 | 43897 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30 | 237237 | 9712 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31 | 142705 | 140596 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31 | 192665 | 191941 |
| Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31 | 40302 | 41780 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35 | 44101 | 45917 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35 | 1102532 | 154831 |
| Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48 | 425122 | 437114 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51 | $506147 | $511091 |
| Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51 | 687405 | 693865 |
| Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B), 2.500%, 9/25/41 | 407158 | 372108 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (B), 0.874%, 1/25/66 | 440613 | 396640 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44 | 8223 | 26 |
| Government National Mortgage Association REMICS, Series 2025-214, Class ND, 4.750%, 12/20/55 | 997108 | 996350 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B), 2.500%, 5/25/51 | 419869 | 355267 |
| JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B), 4.000%, 11/25/49 | 14539 | 13813 |
| JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B), 3.470%, 2/25/50 | 70539 | 64582 |
| JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B), 2.500%, 6/25/51 | 552802 | 465361 |
| JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B), 2.500%, 7/25/51 | 747124 | 630328 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B), 2.500%, 10/25/51 | 585363 | 532364 |
| JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B), 2.500%, 5/25/52 | 633574 | 572867 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B), 6.000%, 11/25/54 | 426810 | 430923 |
| JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B), 3.000%, 2/25/50 | 117955 | 104123 |
| PSMC Trust, Series 2020-2, Class A2 (A) (B), 3.000%, 5/25/50 | 80295 | 72276 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B), 2.500%, 3/25/51 | 702855 | 634771 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B), 2.500%, 12/25/51 | 506439 | 456806 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B), 2.500%, 1/25/52 | 349491 | 314480 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B), 3.000%, 6/25/43 | 209789 | 192098 |
| Towd Point Mortgage Trust, Series 2024-4, Class A1A (B), 4.593%, 10/27/64 | 1353090 | 1362407 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B), 4.000%, 4/25/49 | 7765 | 7426 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B), 2.500%, 9/25/51 | 515836 | 435196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** <br> (Cost $12,388,957) |  | 11321304 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds \|** January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.5%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B), 0.244%, 9/25/26 | $12500189 | $12256 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31 | 505000 | 450986 |
| Federal National Mortgage Association- ACES, Series 2022-M1, Class A2 (B), 1.668%, 10/25/31 | 1250000 | 1092451 |
| FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B), 3.737%, 9/25/49 | 320000 | 318159 |
| FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B), 3.563%, 3/25/53 | 750000 | 709946 |
| Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65 | 722636 | 717523 |
| GSAMP Trust, Series 2006-S5, Class M5 (B) (D), 7.488%, 9/25/36 | 772000 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage- Backed Securities<br> (Cost $3,266,494)** |  | 3301321 |
| **CORPORATE NOTES AND BONDS - 23.6%** | **CORPORATE NOTES AND BONDS - 23.6%** | **CORPORATE NOTES AND BONDS - 23.6%** |
| **Basic Materials - 0.2%** | **Basic Materials - 0.2%** | **Basic Materials - 0.2%** |
| Rio Tinto Finance USA PLC, 5.000%, 3/14/32 | 500000 | 514781 |
| **Communication Services - 0.8%** | **Communication Services - 0.8%** | **Communication Services - 0.8%** |
| AT&T, Inc., 4.750%, 5/15/46 | 500000 | 432471 |
| Expedia Group, Inc., 3.250%, 2/15/30 | 250000 | 240110 |
| SBA Communications Corp., 3.875%, 2/15/27 | 350000 | 347406 |
| VeriSign, Inc., 2.700%, 6/15/31 | 500000 | 455024 |
| Verizon Communications, Inc., 3.400%, 3/22/41 | 300000 | 233888 |
|  |  | 1708899 |
| **Communications - 0.7%** | **Communications - 0.7%** | **Communications - 0.7%** |
| Meta Platforms, Inc., 4.875%, 11/15/35 | 500000 | 495119 |
| NTT Finance Corp., 5.502%, 7/16/35 | 500000 | 516778 |
| Verizon Communications, Inc., 5.875%, 11/30/55 | 600000 | 593707 |
|  |  | 1605604 |
| **Consumer Discretionary - 1.1%** | **Consumer Discretionary - 1.1%** | **Consumer Discretionary - 1.1%** |
| Advance Auto Parts, Inc., 1.750%, 10/1/27 | 250000 | 237680 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26 | 29167 | 29190 |
| BorgWarner, Inc., 5.400%, 8/15/34 | 250000 | 257037 |
| Home Depot, Inc., 3.350%, 4/15/50 | 250000 | 177492 |
| Lowe's Cos., Inc., 3.000%, 10/15/50 | 500000 | 321135 |
| Lowe's Cos., Inc., 4.250%, 4/1/52 | 750000 | 597115 |
| Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 250000 | 263382 |
| Tractor Supply Co., 5.250%, 5/15/33 | 150000 | 154800 |
| Walmart, Inc., 4.900%, 4/28/35 | 500000 | 512448 |
|  |  | 2550279 |
| **Consumer Staples - 1.3%** | **Consumer Staples - 1.3%** | **Consumer Staples - 1.3%** |
| Diageo Investment Corp., 5.125%, 8/15/30 | 400000 | 414016 |
| GE HealthCare Technologies, Inc., 4.800%, 8/14/29 | 500000 | 510206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Keurig Dr. Pepper, Inc., 3.800%, 5/1/50 | $| 300000 | $| 218694 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 |  | 250000 |  | 250348 |
| Mars, Inc., 5.200%, 3/1/35 |  | 225000 |  | 230504 |
| Mars, Inc., 5.700%, 5/1/55 |  | 600000 |  | 599610 |
| PayPal Holdings, Inc., 5.100%, 4/1/35 |  | 250000 |  | 253357 |
| Performance Food Group, Inc. (A), 5.500%, 10/15/27 |  | 325000 |  | 325159 |
|  |  |  |  | 2801894 |
| **Energy - 2.9%** | **Energy - 2.9%** | **Energy - 2.9%** | **Energy - 2.9%** | **Energy - 2.9%** |
| Boardwalk Pipelines LP, 4.450%, 7/15/27 |  | 400000 |  | 401798 |
| Devon Energy Corp. (E), 5.200%, 9/15/34 (E) |  | 800000 |  | 807191 |
| Diamondback Energy, Inc., 5.400%, 4/18/34 |  | 550000 |  | 563506 |
| Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29 |  | 350000 |  | 336145 |
| Energy Transfer LP, 5.250%, 4/15/29 |  | 275000 |  | 282923 |
| Energy Transfer LP, 6.550%, 12/1/33 |  | 300000 |  | 328567 |
| Kinder Morgan, Inc. (E), 5.850%, 6/1/35 (E) |  | 250000 |  | 264714 |
| Kinder Morgan, Inc., 5.550%, 6/1/45 |  | 400000 |  | 389111 |
| Marathon Petroleum Corp., 3.800%, 4/1/28 |  | 350000 |  | 348380 |
| Marathon Petroleum Corp., 5.150%, 3/1/30 |  | 250000 |  | 257399 |
| MPLX LP, 2.650%, 8/15/30 |  | 350000 |  | 324485 |
| ONEOK, Inc., 5.450%, 6/1/47 |  | 400000 |  | 373440 |
| Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27 |  | 400000 |  | 400442 |
| Valero Energy Corp., 5.150%, 2/15/30 |  | 650000 |  | 669491 |
| Valero Energy Corp., 6.625%, 6/15/37 |  | 500000 |  | 552062 |
| Valero Energy Corp., 4.000%, 6/1/52 |  | 175000 |  | 129595 |
|  |  |  |  | 6429249 |
| **Financials - 10.7%** | **Financials - 10.7%** | **Financials - 10.7%** | **Financials - 10.7%** | **Financials - 10.7%** |
| Air Lease Corp., 1.875%, 8/15/26 |  | 250000 |  | 247106 |
| American Express Co., (1 day USD SOFR + 1.940%) (B), 6.489%, 10/30/31 |  | 500000 |  | 544694 |
| American International Group, Inc., 4.750%, 4/1/48 |  | 150000 |  | 134217 |
| Athene Holding Ltd., 6.250%, 4/1/54 |  | 250000 |  | 243894 |
| Bank of America Corp., (1 day USD SOFR + 1.910%) (B), 5.288%, 4/25/34 |  | 350000 |  | 359828 |
| Bank of America Corp., (1 day USD SOFR + 1.650%) (B), 5.468%, 1/23/35 |  | 250000 |  | 259482 |
| Bank of America Corp., Series N, (1 day USD SOFR + 0.910%) (B), 1.658%, 3/11/27 |  | 400000 |  | 399011 |
| Bank of New York Mellon Corp., (1 day USD SOFR + 2.074%) (B), 5.834%, 10/25/33 |  | 500000 |  | 537275 |
| Berkshire Hathaway Finance Corp., 3.850%, 3/15/52 |  | 350000 |  | 267792 |
| Capital One Financial Corp., (1 day USD SOFR + 2.057%) (B), 4.927%, 5/10/28 |  | 350000 |  | 353640 |
| Capital One Financial Corp., (1 day USD SOFR + 2.640%) (B), 6.312%, 6/8/29 |  | 400000 |  | 418758 |
| Capital One Financial Corp., (1 day USD SOFR + 1.790%) (B), 3.273%, 3/1/30 |  | 350000 |  | 339507 |
| CBRE Services, Inc., 4.800%, 6/15/30 |  | 250000 |  | 253647 |
| Citibank NA, 5.803%, 9/29/28 |  | 250000 |  | 261949 |
| Citigroup, Inc., (1 day USD SOFR + 2.086%) (B), 4.910%, 5/24/33 |  | 350000 |  | 353661 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| Citigroup, Inc., (5 yr. CMT + 1.730%) (B), 5.411%, 9/19/39 | $400000 | $400253 |
| Citizens Financial Group, Inc., (5 yr. CMT + 1.450%) (B), 5.299%, 1/29/36 | 500000 | 502535 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 350000 | 227852 |
| Fifth Third Bancorp, 2.550%, 5/5/27 | 350000 | 343999 |
| Fifth Third Bancorp, (1 day USD SOFR + 2.340%) (B), 6.339%, 7/27/29 | 400000 | 420579 |
| Fifth Third Bancorp, (1 day USD SOFR + 1.660%) (B), 4.337%, 4/25/33 | 350000 | 343203 |
| Five Corners Funding Trust II (A), 2.850%, 5/15/30 | 250000 | 235810 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32 | 400000 | 362078 |
| Goldman Sachs Group, Inc., (1 day USD SOFR + 0.913%) (B), 1.948%, 10/21/27 | 500000 | 492570 |
| Goldman Sachs Group, Inc., (1 day USD SOFR + 1.190%) (B), 5.065%, 1/21/37 | 500000 | 498237 |
| Huntington Bancshares, Inc., (1 day USD SOFR + 2.020%) (B), 6.208%, 8/21/29 | 350000 | 366892 |
| Intercontinental Exchange, Inc., 4.600%, 3/15/33 | 350000 | 352287 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.620%) (B), 5.336%, 1/23/35 | 500000 | 515044 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.680%) (B), 5.572%, 4/22/36 | 500000 | 522340 |
| Keybank National Association, 5.000%, 1/26/33 | 250000 | 251711 |
| KeyCorp, 4.100%, 4/30/28 | 400000 | 400687 |
| KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50 | 250000 | 174902 |
| Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60 | 150000 | 104810 |
| LPL Holdings, Inc. (A), 4.000%, 3/15/29 | 350000 | 345161 |
| Morgan Stanley, (1 day USD SOFR + 1.830%) (B), 6.407%, 11/1/29 | 450000 | 476262 |
| Morgan Stanley, (1 day USD SOFR + 1.108%) (B), 5.230%, 1/15/31 | 350000 | 360433 |
| Morgan Stanley, (1 day USD SOFR + 1.020%) (B), 1.928%, 4/28/32 | 500000 | 439491 |
| Morgan Stanley, (1 day USD SOFR + 1.730%) (B), 5.466%, 1/18/35 | 500000 | 517696 |
| Nasdaq, Inc., 1.650%, 1/15/31 | 450000 | 398529 |
| Old Republic International Corp., 3.850%, 6/11/51 | 300000 | 217653 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 250000 | 233943 |
| PNC Bank NA, 2.700%, 10/22/29 | 250000 | 236683 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 1.333%) (B), 4.899%, 5/13/31 | 540000 | 551637 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 2.284%) (B), 6.875%, 10/20/34 | 300000 | 337356 |
| Realty Income Corp., 4.850%, 3/15/30 | 400000 | 410077 |
| Realty Income Corp., 5.125%, 4/15/35 | 250000 | 254314 |
| Regions Financial Corp., 1.800%, 8/12/28 | 500000 | 473665 |
| Simon Property Group LP, 4.300%, 1/15/31 | 500000 | 498927 |
| Simon Property Group LP, 5.125%, 10/1/35 | 500000 | 506333 |
| State Street Corp., (1 day USD SOFR + 1.490%) (B), 3.031%, 11/1/34 | 250000 | 237389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50 | $| 300000 | $| 206959 |
| Truist Bank, 2.250%, 3/11/30 |  | 325000 |  | 297621 |
| Truist Financial Corp., (1 day USD SOFR + 1.309%) (B), 5.071%, 5/20/31 |  | 250000 |  | 256257 |
| Truist Financial Corp., (1 day USD SOFR + 1.852%) (B), 5.122%, 1/26/34 |  | 400000 |  | 406166 |
| Truist Financial Corp., (1 day USD SOFR + 2.361%) (B), 5.867%, 6/8/34 |  | 600000 |  | 635952 |
| U.S. Bancorp, (1 day USD SOFR + 1.660%) (B), 4.548%, 7/22/28 |  | 500000 |  | 504071 |
| U.S. Bancorp, (1 day USD SOFR + 1.560%) (B), 5.384%, 1/23/30 |  | 250000 |  | 258772 |
| U.S. Bancorp, (1 day USD SOFR + 1.600%) (B), 4.839%, 2/1/34 |  | 525000 |  | 527389 |
| Wells Fargo & Co., (1 day USD SOFR + 1.740%) (B), 5.574%, 7/25/29 |  | 500000 |  | 517414 |
| Wells Fargo & Co., (1 day USD SOFR + 1.500%) (B), 5.198%, 1/23/30 |  | 600000 |  | 617888 |
| Wells Fargo & Co., (1 day USD SOFR + 1.110%) (B), 5.244%, 1/24/31 |  | 500000 |  | 516639 |
| Wells Fargo & Co., (1 day USD SOFR + 2.020%) (B), 5.389%, 4/24/34 |  | 350000 |  | 362133 |
| Wells Fargo & Co., (1 day USD SOFR + 1.100%) (B), 4.960%, 1/23/37 |  | 250000 |  | 248175 |
| Welltower OP LLC, 2.050%, 1/15/29 |  | 500000 |  | 473491 |
| Weyerhaeuser Co., 3.375%, 3/9/33 |  | 300000 |  | 274288 |
|  |  |  |  | 24089014 |
| **Health Care - 1.1%** | **Health Care - 1.1%** | **Health Care - 1.1%** | **Health Care - 1.1%** | **Health Care - 1.1%** |
| AbbVie, Inc., 5.400%, 3/15/54 |  | 675000 |  | 656310 |
| Amgen, Inc., 5.650%, 3/2/53 |  | 150000 |  | 147844 |
| Block, Inc., 2.750%, 6/1/26 |  | 450000 |  | 447329 |
| Centene Corp., 2.450%, 7/15/28 |  | 500000 |  | 470427 |
| GE HealthCare Technologies, Inc., 6.377%, 11/22/52 |  | 250000 |  | 271538 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30 |  | 250000 |  | 227273 |
| Humana, Inc., 5.375%, 4/15/31 |  | 250000 |  | 256119 |
|  |  |  |  | 2476840 |
| **Industrials - 1.6%** | **Industrials - 1.6%** | **Industrials - 1.6%** | **Industrials - 1.6%** | **Industrials - 1.6%** |
| Ashtead Capital, Inc. (A), 2.450%, 8/12/31 |  | 600000 |  | 536136 |
| Boeing Co., 6.858%, 5/1/54 |  | 500000 |  | 564771 |
| Carrier Global Corp., 3.577%, 4/5/50 |  | 68000 |  | 50291 |
| Carrier Global Corp. (E), 6.200%, 3/15/54 (E) |  | 174000 |  | 188791 |
| Nordson Corp., 5.800%, 9/15/33 |  | 100000 |  | 105700 |
| Norfolk Southern Corp., 5.950%, 3/15/64 |  | 250000 |  | 255364 |
| Otis Worldwide Corp., 2.565%, 2/15/30 |  | 350000 |  | 328020 |
| Quanta Services, Inc., 2.900%, 10/1/30 |  | 500000 |  | 468747 |
| TD SYNNEX Corp., 1.750%, 8/9/26 |  | 500000 |  | 493492 |
| Textron, Inc., 2.450%, 3/15/31 |  | 250000 |  | 226455 |
| Vontier Corp., 1.800%, 4/1/26 |  | 300000 |  | 298735 |
|  |  |  |  | 3516502 |
| **Information Technology - 1.3%** | **Information Technology - 1.3%** | **Information Technology - 1.3%** | **Information Technology - 1.3%** | **Information Technology - 1.3%** |
| Broadcom, Inc. (A), 3.187%, 11/15/36 |  | 12000 |  | 10177 |
| Dell International LLC/EMC Corp., 8.350%, 7/15/46 |  | 87000 |  | 109865 |
| Dell International LLC/EMC Corp. (E), 3.450%, 12/15/51 (E) |  | 625000 |  | 428509 |
| Fiserv, Inc., 3.500%, 7/1/29 |  | 250000 |  | 242974 |
| Gartner, Inc. (A), 4.500%, 7/1/28 |  | 400000 |  | 399120 |
| HP, Inc., 2.650%, 6/17/31 |  | 600000 |  | 540947 |
| Iron Mountain, Inc. (A), 4.500%, 2/15/31 |  | 275000 |  | 262798 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Oracle Corp., 3.950%, 3/25/51 | $| 750000 | $| 493347 |
| VMware LLC, 2.200%, 8/15/31 |  | 500000 |  | 445250 |
|  |  |  |  | 2932987 |
| **Materials - 0.1%** | **Materials - 0.1%** | **Materials - 0.1%** | **Materials - 0.1%** | **Materials - 0.1%** |
| LYB International Finance III LLC, 3.625%, 4/1/51 |  | 400000 |  | 255511 |
| **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** | **Technology - 0.5%** |
| Micron Technology, Inc., 5.650%, 11/1/32 |  | 250000 |  | 264013 |
| NetApp, Inc., 5.500%, 3/17/32 |  | 400000 |  | 416386 |
| Paychex, Inc., 5.600%, 4/15/35 |  | 500000 |  | 518964 |
|  |  |  |  | 1199363 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |
| Berkshire Hathaway Energy Co., 1.650%, 5/15/31 |  | 350000 |  | 305603 |
| DTE Electric Co., 5.400%, 4/1/53 |  | 250000 |  | 243714 |
| Duke Energy Corp., 3.750%, 9/1/46 |  | 500000 |  | 379661 |
| Duke Energy Progress LLC, 3.700%, 10/15/46 |  | 500000 |  | 383556 |
| Florida Power & Light Co., 2.875%, 12/4/51 |  | 700000 |  | 448195 |
| Interstate Power & Light Co., 3.500%, 9/30/49 |  | 250000 |  | 180135 |
| NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28 |  | 500000 |  | 477130 |
| PECO Energy Co., 3.050%, 3/15/51 |  | 750000 |  | 492131 |
|  |  |  |  | 2910125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** <br> (Cost $55,160,162) |  |  |  | 52991048 |
| **FOREIGN CORPORATE BONDS - 2.0%** | **FOREIGN CORPORATE BONDS - 2.0%** | **FOREIGN CORPORATE BONDS - 2.0%** | **FOREIGN CORPORATE BONDS - 2.0%** | **FOREIGN CORPORATE BONDS - 2.0%** |
| **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** | **Consumer Discretionary - 0.1%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28 |  | 229167 |  | 230927 |
| **Energy - 0.1%** | **Energy - 0.1%** | **Energy - 0.1%** | **Energy - 0.1%** | **Energy - 0.1%** |
| Enbridge, Inc., 5.700%, 3/8/33 |  | 250000 |  | 262293 |
| **Financials - 0.9%** | **Financials - 0.9%** | **Financials - 0.9%** | **Financials - 0.9%** | **Financials - 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 |  | 250000 |  | 252056 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 |  | 201000 |  | 200722 |
| Mitsubishi UFJ Financial Group, Inc., (1 yr. CMT + 1.530%) (B), 5.475%, 2/22/31 |  | 500000 |  | 519876 |
| Royal Bank of Canada, 5.150%, 2/1/34 |  | 400000 |  | 415388 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 |  | 300000 |  | 299996 |
| UBS Group AG, (1 yr. CMT + 2.050%) (A) (B), 4.703%, 8/5/27 |  | 400000 |  | 401266 |
|  |  |  |  | 2089304 |
| **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** | **Health Care - 0.5%** |
| Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53 |  | 400000 |  | 380188 |
| Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63 |  | 250000 |  | 233152 |
| Royalty Pharma PLC, 2.200%, 9/2/30 |  | 200000 |  | 181828 |
| STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51 |  | 500000 |  | 375006 |
|  |  |  |  | 1170174 |
| **Industrials - 0.3%** | **Industrials - 0.3%** | **Industrials - 0.3%** | **Industrials - 0.3%** | **Industrials - 0.3%** |
| BAE Systems PLC (A), 5.300%, 3/26/34 |  | 500000 |  | 517773 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **Materials - 0.1%** | **Materials - 0.1%** | **Materials - 0.1%** |
| Nutrien Ltd., 5.800%, 3/27/53 | $250000 | $251274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** <br> (Cost $4,614,588) |  | 4521745 |
| **MORTGAGE BACKED SECURITIES - 34.0%** | **MORTGAGE BACKED SECURITIES - 34.0%** | **MORTGAGE BACKED SECURITIES - 34.0%** |
| **Fannie Mae - 18.4%** | **Fannie Mae - 18.4%** | **Fannie Mae - 18.4%** |
| 3.000%, 9/1/30 Pool # 890696 | 127191 | 125024 |
| 3.000%, 12/1/30 Pool # AL8924 | 53263 | 52607 |
| 7.000%, 11/1/31 Pool # 607515 | 1604 | 1675 |
| 3.500%, 12/1/31 Pool # MA0919 | 51720 | 50993 |
| 6.500%, 3/1/32 Pool # 631377 | 5814 | 6025 |
| 6.500%, 5/1/32 Pool # 636758 | 235 | 244 |
| 7.000%, 5/1/32 Pool # 644591 | 105 | 110 |
| 6.500%, 6/1/32 Pool # 545691 | 11668 | 12136 |
| 3.500%, 8/1/32 Pool # MA3098 | 73606 | 72758 |
| 3.500%, 9/1/32 Pool # MA3126 | 48153 | 47655 |
| 5.500%, 11/1/33 Pool # 555880 | 15957 | 16352 |
| 4.000%, 2/1/35 Pool # MA2177 | 153126 | 151954 |
| 3.500%, 12/1/35 Pool # MA2473 | 160572 | 156642 |
| 4.500%, 12/1/35 Pool # 745147 | 2543 | 2557 |
| 2.500%, 9/1/36 Pool # FS4049 | 458561 | 436204 |
| 6.000%, 11/1/36 Pool # 902510 | 20334 | 21399 |
| 6.000%, 10/1/37 Pool # 947563 | 25556 | 26974 |
| 6.500%, 12/1/37 Pool # 889072 | 16214 | 17192 |
| 4.500%, 5/1/38 Pool # MA5013 | 776737 | 778573 |
| 6.500%, 8/1/38 Pool # 987711 | 45731 | 48383 |
| 3.000%, 11/1/39 Pool # MA3831 | 76185 | 71531 |
| 4.000%, 9/1/40 Pool # AE3039 | 163864 | 161392 |
| 4.000%, 1/1/41 Pool # AB2080 | 134225 | 132061 |
| 2.500%, 5/1/41 Pool # MA4334 | 1034879 | 937766 |
| 5.500%, 7/1/41 Pool # AL6588 | 123448 | 128766 |
| 2.500%, 8/1/41 Pool # FM8460 | 202570 | 183894 |
| 4.000%, 9/1/41 Pool # AJ1406 | 61327 | 60307 |
| 4.000%, 10/1/41 Pool # AJ4046 | 191821 | 189474 |
| 3.500%, 11/1/41 Pool # AB3867 | 71219 | 68208 |
| 2.500%, 3/1/42 Pool # MA4571 | 2621830 | 2353583 |
| 4.000%, 3/1/42 Pool # AL1998 | 289109 | 283913 |
| 3.500%, 6/1/42 Pool # AO4134 | 304022 | 290118 |
| 3.500%, 8/1/42 Pool # AP2133 | 161354 | 153792 |
| 3.000%, 9/1/42 Pool # AP6568 | 43714 | 40510 |
| 3.500%, 9/1/42 Pool # AB6228 | 91578 | 87027 |
| 4.000%, 10/1/42 Pool # AP7363 | 215847 | 211311 |
| 3.500%, 1/1/43 Pool # AQ9326 | 188891 | 179717 |
| 3.000%, 2/1/43 Pool # AL3072 | 299372 | 277431 |
| 3.500%, 3/1/43 Pool # AT0310 | 146302 | 139196 |
| 3.500%, 4/1/43 Pool # AT2887 | 152816 | 145149 |
| 5.000%, 11/1/44 Pool # MA5539 | 590276 | 596612 |
| 4.000%, 1/1/45 Pool # AS4257 | 45668 | 44510 |
| 5.000%, 9/1/45 Pool # MA5833 | 698029 | 704866 |
| 4.500%, 10/1/46 Pool # MA2783 | 26824 | 26826 |
| 3.000%, 1/1/47 Pool # BE0108 | 281514 | 257731 |
| 2.500%, 12/1/47 Pool # FM3165 | 847384 | 741862 |
| 3.000%, 1/1/48 Pool # FM1303 | 915222 | 837947 |
| 3.000%, 8/1/48 Pool # FS0517 | 626114 | 570810 |
| 3.000%, 1/1/49 Pool # FS4296 | 603222 | 557906 |
| 4.000%, 11/1/50 Pool # FM5530 | 471587 | 454481 |
| 3.000%, 12/1/51 Pool # FS3478 | 807527 | 717500 |
| 2.000%, 1/1/52 Pool # FS0173 | 911966 | 755328 |
| 2.500%, 1/1/52 Pool # CB2548 | 402983 | 346906 |
| 2.000%, 3/1/52 Pool # CB3105 | 385242 | 318938 |
| 2.500%, 3/1/52 Pool # BV4133 | 477249 | 406555 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| 3.000%, 3/1/52 Pool # CB3115 | $| 739205 | $| 666463 |
| 2.500%, 4/1/52 Pool # FS4138 |  | 1491796 |  | 1296957 |
| 3.500%, 5/1/52 Pool # FS1866 |  | 800040 |  | 744750 |
| 4.000%, 5/1/52 Pool # FS1818 |  | 2818798 |  | 2708374 |
| 3.500%, 6/1/52 Pool # CB3845 |  | 767504 |  | 714463 |
| 3.500%, 7/1/52 Pool # FS2812 |  | 479791 |  | 450516 |
| 3.500%, 8/1/52 Pool # CB4361 |  | 1626267 |  | 1510396 |
| 4.500%, 8/1/52 Pool # FS2605 |  | 1209441 |  | 1190686 |
| 4.000%, 9/1/52 Pool # MA4732 |  | 599162 |  | 573276 |
| 4.500%, 9/1/52 Pool # FS2821 |  | 569250 |  | 561682 |
| 4.000%, 10/1/52 Pool # MA4783 |  | 1040597 |  | 995801 |
| 4.500%, 10/1/52 Pool # MA4784 |  | 559566 |  | 550883 |
| 5.000%, 10/1/52 Pool # MA4785 |  | 2170560 |  | 2179715 |
| 5.500%, 10/1/52 Pool # MA4786 |  | 668182 |  | 680217 |
| 5.000%, 11/1/52 Pool # MA4806 |  | 764563 |  | 767474 |
| 5.000%, 12/1/52 Pool # MA4841 |  | 2758580 |  | 2769083 |
| 5.500%, 12/1/52 Pool # MA4842 |  | 808619 |  | 824005 |
| 4.500%, 7/1/53 Pool # FS4996 |  | 521649 |  | 514876 |
| 5.500%, 7/1/53 Pool # MA5072 |  | 3011311 |  | 3058507 |
| 5.500%, 9/1/53 Pool # FS5575 |  | 560323 |  | 575771 |
| 5.500%, 5/1/54 Pool # FS7759 |  | 893291 |  | 911066 |
| 5.000%, 1/1/55 Pool # MA5585 |  | 928916 |  | 929074 |
| 4.000%, 7/1/55 Pool # FA2986 |  | 734917 |  | 709531 |
|  |  |  |  | 41342947 |
| **Freddie Mac - 15.6%** | **Freddie Mac - 15.6%** | **Freddie Mac - 15.6%** | **Freddie Mac - 15.6%** | **Freddie Mac - 15.6%** |
| 8.000%, 6/1/30 Pool # C01005 |  | 158 |  | 165 |
| 6.500%, 1/1/32 Pool # C62333 |  | 3889 |  | 4025 |
| 2.500%, 2/1/32 Pool # ZS8641 |  | 120080 |  | 116011 |
| 3.500%, 8/1/32 Pool # C91485 |  | 66030 |  | 65047 |
| 4.000%, 5/1/33 Pool # G18693 |  | 108949 |  | 109033 |
| 4.500%, 6/1/34 Pool # C01856 |  | 100777 |  | 101000 |
| 2.500%, 6/1/35 Pool # RC1421 |  | 222240 |  | 210685 |
| 2.000%, 1/1/36 Pool # SB0546 |  | 562597 |  | 520704 |
| 6.500%, 11/1/36 Pool # C02660 |  | 1872 |  | 1978 |
| 5.500%, 1/1/37 Pool # G04593 |  | 60709 |  | 63396 |
| 5.500%, 11/1/37 Pool # A68787 |  | 40803 |  | 42538 |
| 5.500%, 12/1/38 Pool # G05267 |  | 117404 |  | 122104 |
| 4.500%, 8/1/39 Pool # G08361 |  | 112681 |  | 113431 |
| 5.000%, 5/1/40 Pool # SB8384 |  | 783312 |  | 792608 |
| 3.500%, 11/1/40 Pool # G06168 |  | 107115 |  | 102945 |
| 2.000%, 3/1/41 Pool # RB5105 |  | 781492 |  | 692580 |
| 2.500%, 6/1/41 Pool # SC0151 |  | 603999 |  | 548307 |
| 4.000%, 10/1/41 Pool # Q04092 |  | 268699 |  | 264176 |
| 4.500%, 3/1/42 Pool # G07491 |  | 126295 |  | 126980 |
| 2.500%, 9/1/42 Pool # SC0314 |  | 392684 |  | 353597 |
| 3.000%, 9/1/42 Pool # C04233 |  | 193181 |  | 179232 |
| 3.000%, 2/1/43 Pool # Q15767 |  | 132674 |  | 123508 |
| 3.000%, 4/1/43 Pool # V80026 |  | 1067410 |  | 989263 |
| 3.500%, 8/1/44 Pool # Q27927 |  | 154122 |  | 146247 |
| 3.000%, 7/1/45 Pool # G08653 |  | 231257 |  | 212220 |
| 3.500%, 8/1/45 Pool # Q35614 |  | 164455 |  | 156050 |
| 3.000%, 11/1/45 Pool # G08675 |  | 190893 |  | 174854 |
| 3.000%, 1/1/46 Pool # G08686 |  | 242079 |  | 221567 |
| 3.000%, 10/1/46 Pool # G60722 |  | 247345 |  | 226026 |
| 3.500%, 11/1/47 Pool # Q52079 |  | 197825 |  | 186448 |
| 2.500%, 4/1/48 Pool # QA2240 |  | 1945475 |  | 1701141 |
| 3.000%, 7/1/49 Pool # QA1033 |  | 283013 |  | 254614 |
| 2.500%, 6/1/51 Pool # QC2842 |  | 778542 |  | 666924 |
| 2.500%, 1/1/52 Pool # SD7552 |  | 3073683 |  | 2657773 |
| 3.500%, 4/1/52 Pool # SD0960 |  | 1072225 |  | 1006800 |
| 3.500%, 5/1/52 Pool # RA7380 |  | 1131503 |  | 1050798 |
| 3.000%, 8/1/52 Pool # SD7556 |  | 1277145 |  | 1149010 |
| 4.000%, 9/1/52 Pool # SD8244 |  | 627296 |  | 600389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| 4.500%, 9/1/52 Pool # SD8245 | $| 585691 | $| 576603 |
| 4.500%, 10/1/52 Pool # SD8257 |  | 1900350 |  | 1869688 |
| 4.500%, 11/1/52 Pool # SD8266 |  | 2305892 |  | 2267263 |
| 5.000%, 11/1/52 Pool # SD8267 |  | 2305265 |  | 2319244 |
| 5.500%, 11/1/52 Pool # SD8268 |  | 1998745 |  | 2044408 |
| 4.500%, 12/1/52 Pool # SD1921 |  | 1121189 |  | 1105696 |
| 5.000%, 12/1/52 Pool # RA8278 |  | 2338305 |  | 2348989 |
| 5.500%, 12/1/52 Pool # SD8277 |  | 1102127 |  | 1123210 |
| 5.000%, 2/1/53 Pool # SD8299 |  | 684319 |  | 685992 |
| 5.500%, 2/1/53 Pool # SD2172 |  | 468003 |  | 482299 |
| 5.000%, 5/1/53 Pool # SD2875 |  | 1224177 |  | 1241332 |
| 5.500%, 6/1/53 Pool # SD3174 |  | 789642 |  | 811569 |
| 5.500%, 8/1/53 Pool # SD8349 |  | 579733 |  | 588819 |
| 6.000%, 9/1/53 Pool # SD3739 |  | 1001707 |  | 1036647 |
| 5.500%, 2/1/54 Pool # SD4901 |  | 580113 |  | 593461 |
|  |  |  |  | 35149394 |
| **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** |
| 6.500%, 2/20/29 Pool # 2714 |  | 1060 |  | 1096 |
| 6.500%, 4/20/31 Pool # 3068 |  | 827 |  | 861 |
| 4.000%, 4/15/39 Pool # 698089 |  | 8134 |  | 7883 |
|  |  |  |  | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** <br> (Cost $77,013,042) |  |  |  | 76502181 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%** |
| **U.S. Treasury Bonds - 10.1%** | **U.S. Treasury Bonds - 10.1%** | **U.S. Treasury Bonds - 10.1%** | **U.S. Treasury Bonds - 10.1%** | **U.S. Treasury Bonds - 10.1%** |
| 6.625%, 2/15/27 (E) |  | 2000000 |  | 2063033 |
| 5.375%, 2/15/31 |  | 2000000 |  | 2141797 |
| 4.500%, 5/15/38 |  | 1250000 |  | 1266797 |
| 2.250%, 5/15/41 |  | 3000000 |  | 2204414 |
| 3.750%, 8/15/41 |  | 4250000 |  | 3825000 |
| 4.625%, 5/15/44 |  | 3500000 |  | 3431367 |
| 3.000%, 5/15/45 |  | 1000000 |  | 768984 |
| 3.000%, 5/15/47 |  | 500000 |  | 375313 |
| 1.250%, 5/15/50 |  | 1500000 |  | 718711 |
| 1.875%, 2/15/51 |  | 1500000 |  | 838535 |
| 4.125%, 8/15/53 |  | 2000000 |  | 1767344 |
| 4.250%, 8/15/54 |  | 3500000 |  | 3158066 |
|  |  |  |  | 22559361 |
| **U.S. Treasury Notes - 19.1%** | **U.S. Treasury Notes - 19.1%** | **U.S. Treasury Notes - 19.1%** | **U.S. Treasury Notes - 19.1%** | **U.S. Treasury Notes - 19.1%** |
| 4.625%, 6/15/27 |  | 3000000 |  | 3043477 |
| 4.000%, 2/29/28 |  | 5000000 |  | 5045312 |
| 4.625%, 9/30/28 |  | 6000000 |  | 6157969 |
| 2.625%, 2/15/29 |  | 1000000 |  | 971758 |
| 3.875%, 11/30/29 |  | 4000000 |  | 4024687 |
| 4.000%, 7/31/30 |  | 3500000 |  | 3534863 |
| 4.000%, 1/31/31 |  | 2250000 |  | 2269600 |
| 4.250%, 6/30/31 |  | 4250000 |  | 4331846 |
| 4.125%, 11/15/32 |  | 5000000 |  | 5036914 |
| 4.000%, 2/15/34 |  | 4000000 |  | 3969375 |
| 4.375%, 5/15/34 |  | 4500000 |  | 4577344 |
|  |  |  |  | 42963145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations**<br> (Cost $67,823,397) |  |  |  | 65522506 |
|  | Shares | Shares |  |  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 3.650% |  | 4271169 |  | 4271169 |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Core Bond Fund Portfolio of Investments** **(unaudited) - concluded**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| State Street Navigator Securities Lending Government Money Market Portfolio (F), 3.710% (G) | 1740296 | $1740296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $6,011,465) |  | 6011465 |
| **TOTAL INVESTMENTS - 99.7%** <br> (Cost $230,116,876) |  | 224026006 |
| **NET OTHER ASSETS AND LIABILITIES - 0.3%** |  | 737305 |
| **TOTAL NET ASSETS - 100.0%** |  | $224763311 |

---

(A) Security
 sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933,
 as amended, and may be sold only to dealers in that program or other qualified institutional buyers."

(B) Floating
 rate or variable rate note. Coupon rate may change based on changes of the underlying collateral or prepayments of principal.
 The coupon rate shown represents the rate at January 31, 2026.

(C) Stepped
 rate security. Rate shown is as of January 31, 2026.

(D) Defaulted
 Security. Security was deemed illiquid by Madison. Interest is not being accrued.

(E) All
 or a portion of these securities is on loan. The total value of the securities on loan is $1,704,014, collateralized by cash
 collateral of $1,740,296.

(F) 7-day
 yield.

(G) Represents
 investments of cash collateral received in connection with securities lending.

---

| | |
|:---|:---|
| CMT | &nbsp;&nbsp;&nbsp;&nbsp;Constant Maturity Treasury. |
| DAC | &nbsp;&nbsp;&nbsp;&nbsp;Designated Activity Company. |
| FREMF | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Securities. |
| IO | &nbsp;&nbsp;&nbsp;&nbsp;Interest Only. |
| LLC | &nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Corporation. |
| LP | &nbsp;&nbsp;&nbsp;&nbsp;Limited Partnership. |
| OP | &nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership. |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;Public Limited Company. |
| REMIC | &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Mortgage Investment Conduit. |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate. |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;United States Dollar. |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Covered Call & Equity Income Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 95.0%** |  |  |
| **Communication Services - 3.4%** |  |  |
| T-Mobile U.S., Inc. (A) | 23000 | $4535830 |
| **Consumer Discretionary - 5.9%** |  |  |
| Amazon.com, Inc.\* (A) | 8300 | 1986190 |
| Las Vegas Sands Corp. | 61000 | 3216530 |
| NIKE, Inc., Class B (A) | 42500 | 2626925 |
|  |  | 7829645 |
| **Consumer Staples - 16.7%** |  |  |
| Archer-Daniels-Midland Co. (A) | 96000 | 6461760 |
| Colgate-Palmolive Co. (A) | 32000 | 2889280 |
| Constellation Brands, Inc., Class A (A) | 32100 | 5030070 |
| PepsiCo, Inc. (A) | 51900 | 7973397 |
|  |  | 22354507 |
| **Energy - 20.4%** |  |  |
| APA Corp. (A) | 205000 | 5414050 |
| ConocoPhillips (A) | 69200 | 7212716 |
| Matador Resources Co. | 137000 | 6197880 |
| Transocean Ltd.\* | 1700000 | 8449000 |
|  |  | 27273646 |
| **Equity Real Estate Investment Trusts (REITs) - 2.4%** |  |  |
| Weyerhaeuser Co., REIT (A) | 125000 | 3222500 |
| **Financials - 10.5%** |  |  |
| CME Group, Inc. (A) | 5000 | 1445300 |
| Fiserv, Inc.\* (A) | 33500 | 2134955 |
| Marsh & McLennan Cos., Inc. (A) | 26300 | 4949397 |
| PayPal Holdings, Inc. (A) | 76500 | 4030785 |
| Visa, Inc., Class A (A) | 4500 | 1448235 |
|  |  | 14008672 |
| **Health Care - 10.0%** |  |  |
| CVS Health Corp. (A) | 78100 | 5820012 |
| Danaher Corp. (A) | 10000 | 2188900 |
| Medtronic PLC (A) | 20000 | 2059200 |
| Pfizer, Inc. (A) | 123000 | 3252120 |
|  |  | 13320232 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **Industrials - 5.1%** |  |  |
| Honeywell International, Inc. (A) | 30100 | $6848352 |
| **Information Technology - 14.0%** |  |  |
| Accenture PLC, Class A (A) | 13100 | 3453684 |
| Adobe, Inc.\* (A) | 16600 | 4867950 |
| Microchip Technology, Inc. (A) | 78000 | 5921760 |
| Microsoft Corp. (A) | 10200 | 4388958 |
|  |  | 18632352 |
| **Utilities - 6.6%** |  |  |
| AES Corp. (A) | 602000 | 8819300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks <br> (Cost $153,707,817)** |  | 126845036 |
| **SHORT-TERM INVESTMENTS - 7.1%** |  |  |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class (B), 3.650% | 9527430 | 9527430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments <br> (Cost $9,527,430)** |  | 9527430 |
| **TOTAL INVESTMENTS - 102.1%** |  |  |
| (Cost $163,235,247) |  | 136372466 |
| **TOTAL CALL AND PUT OPTIONS WRITTEN - (2.3%)** |  | (3072411) |
| **NET OTHER ASSETS AND LIABILITIES - 0.2%** |  | 313262 |
| **TOTAL NET ASSETS - 100.0%** |  | $133613317 |

---

\* Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(A) All or a portion of these securities' positions, with
a value of $108,981,626, represent covers (directly or through conversion rights) for outstanding options written.

&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day yield.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

**Written Option Contracts Outstanding at January 31, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desription** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Market Value** | **Premiums Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Call Options Written** |  |  |  |  |  |  |  |
| Accenture PLC | $310.00 | 3/20/26 | (131) | $(4061000) | $(21615) | $(76881) | $55266 |
| Adobe, Inc. | 400.00 | 3/20/26 | (166) | (6640000) | (13363) | (145692) | 132329 |
| AES Corp. | 16.00 | 3/20/26 | (3010) | (4816000) | (100835) | (118293) | 17458 |
| Amazon.com, Inc. | 255.00 | 3/20/26 | (83) | (2116500) | (62873) | (78765) | 15892 |
| APA Corp. | 30.00 | 3/20/26 | (1025) | (3075000) | (65600) | (66416) | 816 |
| Archer-Daniels-Midland Co. | 62.50 | 3/20/26 | (480) | (3000000) | (276000) | (54795) | (221205) |
| Archer-Daniels-Midland Co. | 70.00 | 3/20/26 | (480) | (3360000) | (76800) | (61909) | (14891) |
| CME Group, Inc. | 290.00 | 3/20/26 | (50) | (1450000) | (42250) | (32799) | (9451) |
| Colgate-Palmolive Co. | 90.00 | 3/20/26 | (320) | (2880000) | (84800) | (36504) | (48296) |
| ConocoPhillips | 105.00 | 3/20/26 | (346) | (3633000) | (138400) | (64435) | (73965) |
| ConocoPhillips | 110.00 | 4/17/26 | (346) | (3806000) | (109855) | (74036) | (35819) |
| Constellation Brands, Inc. | 160.00 | 3/20/26 | (321) | (5136000) | (168525) | (116599) | (51926) |
| CVS Health Corp. | 87.50 | 3/20/26 | (781) | (6833750) | (28897) | (131970) | 103073 |
| Danaher Corp. | 250.00 | 3/20/26 | (100) | (2500000) | (5500) | (68898) | 63398 |
| Fiserv, Inc. | 75.00 | 2/20/26 | (335) | (2512500) | (33500) | (121001) | 87501 |
| Honeywell International, Inc. | 210.00 | 3/20/26 | (301) | (6321000) | (591465) | (120095) | (471370) |
| Marsh & McLennan Cos., Inc. | 200.00 | 4/17/26 | (263) | (5260000) | (97967) | (86712) | (11255) |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Covered Call & Equity Income Fund Portfolio of Investments** **(unaudited) - concluded**

**Written Option Contracts Outstanding at January 31, 2026 (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desription** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Market Value** | **Premiums Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Call Options Written (continued)** |  |  |  |  |  |  |  |
| Medtronic PLC | $105.00 | 3/20/26 | (200) | $(2100000) | $(52900) | $(43823) | $(9077) |
| Microchip Technology, Inc. | 75.00 | 3/20/26 | (780) | (5850000) | (429000) | (198109) | (230891) |
| Microsoft Corp. | 520.00 | 3/20/26 | (102) | (5304000) | (10251) | (117197) | 106946 |
| NIKE, Inc. | 70.00 | 3/20/26 | (165) | (1155000) | (17242) | (27059) | 9817 |
| NIKE, Inc. | 65.00 | 3/20/26 | (260) | (1690000) | (57720) | (47576) | (10144) |
| PayPal Holdings, Inc. | 65.00 | 2/20/26 | (355) | (2307500) | (8698) | (63185) | 54487 |
| PayPal Holdings, Inc. | 70.00 | 3/20/26 | (410) | (2870000) | (12095) | (50834) | 38739 |
| PepsiCo, Inc. | 155.00 | 4/17/26 | (519) | (8044500) | (282855) | (139599) | (143256) |
| Pfizer, Inc. | 28.00 | 3/20/26 | (772) | (2161600) | (30880) | (43468) | 12588 |
| T-Mobile U.S., Inc. | 230.00 | 2/20/26 | (100) | (2300000) | (6050) | (39402) | 33352 |
| T-Mobile U.S., Inc. | 195.00 | 3/20/26 | (130) | (2535000) | (135850) | (55295) | (80555) |
| Visa, Inc. | 340.00 | 3/20/26 | (45) | (1530000) | (16875) | (28304) | 11429 |
| Weyerhaeuser Co. | 25.00 | 2/20/26 | (625) | (1562500) | (73438) | (27492) | (45946) |
| Weyerhaeuser Co. | 28.00 | 3/20/26 | (625) | (1750000) | (20312) | (46235) | 25923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options Written** |  |  |  |  | $(3072411) | $(2383378) | $(689033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Options Written, at Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Options Written, at Value** |  |  |  | $(3072411) | $(2383378) | $(689033) |

---

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Dividend Income Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 98.4%** |  |  |
| **Consumer Discretionary - 8.3%** |  |  |
| Home Depot, Inc. | 9325 | $3493052 |
| Lowe's Cos., Inc. | 11400 | 3044484 |
| McDonald's Corp. | 8700 | 2740500 |
|  |  | 9278036 |
| **Consumer Staples - 9.1%** |  |  |
| Colgate-Palmolive Co. | 27600 | 2492004 |
| Hershey Co. | 9300 | 1811175 |
| PepsiCo, Inc. | 14600 | 2242998 |
| Procter & Gamble Co. | 23400 | 3551418 |
|  |  | 10097595 |
| **Energy - 13.1%** |  |  |
| Chevron Corp. | 28450 | 5032805 |
| ConocoPhillips | 14900 | 1553027 |
| EOG Resources, Inc. | 25200 | 2825676 |
| Exxon Mobil Corp. | 36350 | 5139890 |
|  |  | 14551398 |
| **Financials - 17.2%** |  |  |
| Bank of America Corp. | 58400 | 3106880 |
| Blackrock, Inc. | 3600 | 4028184 |
| CME Group, Inc. | 15600 | 4509336 |
| JPMorgan Chase & Co. | 9400 | 2875366 |
| Marsh & McLennan Cos., Inc. | 9600 | 1806624 |
| Morgan Stanley | 15550 | 2842540 |
|  |  | 19168930 |
| **Health Care - 14.7%** |  |  |
| Abbott Laboratories | 23500 | 2568550 |
| AbbVie, Inc. | 13800 | 3077538 |
| Elevance Health, Inc. | 4550 | 1573117 |
| Johnson & Johnson | 24275 | 5516494 |
| Medtronic PLC | 35050 | 3608748 |
|  |  | 16344447 |
| **Industrials - 19.3%** |  |  |
| Automatic Data Processing, Inc. | 11550 | 2850771 |
| Cummins, Inc. | 3400 | 1967988 |
| Deere & Co. | 2200 | 1161600 |
| Fastenal Co. | 56200 | 2436832 |
| Honeywell International, Inc. | 19125 | 4351320 |
| Illinois Tool Works, Inc. | 12100 | 3161246 |
| Rockwell Automation, Inc. | 5250 | 2213663 |
| Union Pacific Corp. | 14225 | 3344297 |
|  |  | 21487717 |
| **Information Technology - 10.9%** |  |  |
| Analog Devices, Inc. | 9750 | 3031080 |
| QUALCOMM, Inc. | 15900 | 2410281 |
| TE Connectivity PLC | 13700 | 3052086 |
| Texas Instruments, Inc. | 17200 | 3707460 |
|  |  | 12200907 |
| **Materials - 1.7%** |  |  |
| Air Products & Chemicals, Inc. | 6900 | 1880250 |
| **Utilities - 4.1%** |  |  |
| NextEra Energy, Inc. | 51750 | 4548825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $75,940,542) |  | 109558105 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **SHORT-TERM INVESTMENTS - 1.5%** |  |  |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class (A), 3.650% | 1666661 | $1666661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $1,666,661) |  | 1666661 |
| **TOTAL INVESTMENTS - 99.9%** <br> (Cost $77,607,203) |  | 111224766 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 86570 |
| **TOTAL NET ASSETS - 100.0%** |  | $111311336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 7-day yield.

PLC Public Limited Company.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Large Cap Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 94.2%** |  |  |
| **Communication Services - 8.3%** |  |  |
| Alphabet, Inc., Class C | 83491 | $28264208 |
| **Consumer Discretionary - 14.0%** |  |  |
| Airbnb, Inc., Class A\* | 64313 | 8320173 |
| Amazon.com, Inc.\* | 76963 | 18417246 |
| Lowe's Cos., Inc. | 48348 | 12911817 |
| TJX Cos., Inc. | 52773 | 7905923 |
|  |  | 47555159 |
| **Financials - 22.4%** |  |  |
| Arch Capital Group Ltd.\* | 210426 | 20209313 |
| Brookfield Corp. | 244344 | 11129869 |
| Charles Schwab Corp. | 90980 | 9454642 |
| Marsh & McLennan Cos., Inc. | 38317 | 7210876 |
| MSCI, Inc. | 11486 | 6997501 |
| Progressive Corp. | 46195 | 9608560 |
| Visa, Inc., Class A | 36175 | 11642200 |
|  |  | 76252961 |
| **Health Care - 7.9%** |  |  |
| Agilent Technologies, Inc. | 71402 | 9557158 |
| Alcon AG (A) | 54487 | 4412357 |
| Danaher Corp. | 59151 | 12947562 |
|  |  | 26917077 |
| **Industrials - 21.5%** |  |  |
| Copart, Inc.\* | 190215 | 7718925 |
| Deere & Co. | 16118 | 8510304 |
| Ferguson Enterprises, Inc. | 68267 | 17234687 |
| Honeywell International, Inc. | 34238 | 7789830 |
| PACCAR, Inc. | 129532 | 15920778 |
| Parker-Hannifin Corp. | 17148 | 16047784 |
|  |  | 73222308 |
| **Information Technology - 20.1%** |  |  |
| Accenture PLC, Class A | 28145 | 7420148 |
| Analog Devices, Inc. | 38991 | 12121522 |
| CDW Corp. | 52631 | 6652032 |
| Gartner, Inc.\* | 33543 | 7030948 |
| Keysight Technologies, Inc.\* | 69719 | 15082311 |
| Texas Instruments, Inc. | 74952 | 16155904 |
| Workday, Inc., Class A\* | 20873 | 3665925 |
|  |  | 68128790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $156,796,911) |  | 320340503 |
| **SHORT-TERM INVESTMENTS - 7.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.650% | 20200888 | 20200888 |
| State Street Navigator Securities Lending Government Money Market Portfolio (B), 3.710% (C) | 4431951 | 4431951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** <br> (Cost $24,632,839) |  | 24632839 |
| **TOTAL INVESTMENTS - 101.4%** <br> (Cost $181,429,750) |  | 344973342 |
| **NET OTHER ASSETS AND LIABILITIES - (1.4%)** |  | (4779997) |
| **TOTAL NET ASSETS - 100.0%** |  | $340193345 |

---

\* Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(A) All or a portion of these securities is on loan. The
total value of the securities on loan is $4,324,089, collateralized by cash collateral of $4,431,951.

&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Represents investments of cash collateral received in
connection with securities lending.

MSCI Morgan Stanley Capital International.

PLC Public Limited Company.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Mid Cap Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 97.4%** |  |  |
| **Communication Services - 4.4%** | 635443 | $30571163 |
| Liberty Broadband Corp., Class C\* Liberty Media Corp.-Liberty Formula One, Class A\* | 454863 | 36248032 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 229480 | 19969350 |
|  |  | 86788545 |
| **Consumer Discretionary - 16.7%** |  |  |
| Asbury Automotive Group, Inc.\* | 176140 | 41306591 |
| Floor & Decor Holdings, Inc., Class A\* | 779900 | 51442204 |
| Lithia Motors, Inc. | 132994 | 43015579 |
| Ross Stores, Inc. | 742761 | 140121863 |
| Thor Industries, Inc. | 516621 | 57794391 |
|  |  | 333680628 |
| **Financials - 22.3%** |  |  |
| Arch Capital Group Ltd.\* | 1584124 | 152139269 |
| Brook ield Asset Management Ltd., Class (A) | 889079 | 44196117 |
| Brown & Brown, Inc. | 992716 | 71574824 |
| Cullen/Frost Bankers, Inc. | 177198 | 24421428 |
| Glacier Bancorp, Inc. | 483963 | 24527245 |
| Kinsale Capital Group, Inc. | 76226 | 30176349 |
| Moelis & Co., Class A | 569243 | 40797646 |
| W.R. Berkley Corp. | 846737 | 58069223 |
|  |  | 445902101 |
| **Health Care - 12.0%** |  |  |
| Bio-Techne Corp. | 593396 | 38030750 |
| Labcorp Holdings, Inc. | 257189 | 69831957 |
| Medpace Holdings, Inc.\* | 135913 | 79166604 |
| Waters Corp.\* | 144458 | 53553470 |
|  |  | 240582781 |
| **Industrials - 19.8%** |  |  |
| A.O. Smith Corp. | 606423 | 44566026 |
| Carlisle Cos., Inc. | 232570 | 79280787 |
| Copart, Inc.\* | 1516569 | 61542370 |
| Expeditors International of Washington, Inc. | 249744 | 40093902 |
| Graco, Inc. | 232739 | 20325097 |
| MSA Safety, Inc. | 312096 | 55287807 |
| PACCAR, Inc. | 765730 | 94115874 |
|  |  | 395211863 |
| **Information Technology - 22.2%** |  |  |
| Amphenol Corp., Class A | 654223 | 94260450 |
| Arista Networks, Inc.\* | 266072 | 37713045 |
| CDW Corp. | 470808 | 59505423 |
| Gartner, Inc.\* | 256766 | 53820721 |
| MKS, Inc. | 457315 | 107656524 |
| ServiceTitan, Inc., Class A\* | 318526 | 24953327 |
| Teledyne Technologies, Inc.\* | 104145 | 64601144 |
|  |  | 442510634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $1,391,470,287) |  | 1944676552 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **SHORT-TERM INVESTMENTS - 2.6%** |  |  |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class (B), 3.650% | 52701691 | $52701691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** <br> (Cost $52,701,691) |  | 52701691 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost $1,444,171,978) |  | 1997378243 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | 156052 |
| **TOTAL NET ASSETS - 100.0%** |  | $1997534295 |

---

\* Non-income producing

&nbsp;&nbsp;&nbsp;&nbsp;(A) All or a portion of these securities is on loan. The
total value of the securities on loan is $44,166,045, collateralized by non-cash collateral of $51,230,475.

&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day yield.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Small Cap Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 94.8%** |  |  |
| **Consumer Discretionary - 10.4%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 19920 | $2197375 |
| OneSpaWorld Holdings Ltd. | 134043 | 2633945 |
| Revolve Group, Inc.\* | 111734 | 3089445 |
| Shake Shack, Inc., Class A\* | 49849 | 4415126 |
| VF Corp. | 203318 | 3983000 |
|  |  | 16318891 |
| **Consumer Staples - 4.4%** |  |  |
| Edgewell Personal Care Co. | 115839 | 2254227 |
| Primo Brands Corp. | 123523 | 2339526 |
| Simply Good Foods Co.\* | 123980 | 2327104 |
|  |  | 6920857 |
| **Energy - 1.4%** |  |  |
| Matador Resources Co. | 47311 | 2140350 |
| **Financials - 10.7%** |  |  |
| Axis Capital Holdings Ltd. | 31058 | 3204565 |
| Baldwin Insurance Group, Inc.\* | 89332 | 1958157 |
| Hanover Insurance Group, Inc. | 15367 | 2676009 |
| Moelis & Co., Class A | 53688 | 3847819 |
| Texas Capital Bancshares, Inc.\* | 49354 | 4993144 |
|  |  | 16679694 |
| **Health Care - 15.7%** |  |  |
| Charles River Laboratories International, Inc.\* | 13359 | 2811802 |
| Encompass Health Corp. | 62988 | 5954256 |
| Globus Medical, Inc., Class A\* | 12968 | 1175938 |
| HealthEquity, Inc.\* | 52394 | 4488594 |
| ICU Medical, Inc.\* | 10290 | 1542471 |
| Medpace Holdings, Inc.\* | 3743 | 2180223 |
| Option Care Health, Inc.\* | 140623 | 4781182 |
| Vericel Corp.\* | 43207 | 1554588 |
|  |  | 24489054 |
| **Industrials - 21.3%** |  |  |
| AAON, Inc. | 23929 | 2178975 |
| Advanced Drainage Systems, Inc. | 19978 | 3037455 |
| Carlisle Cos., Inc. | 11694 | 3986368 |
| Core & Main, Inc., Class A\* | 99659 | 5317804 |
| Crane Co. | 15687 | 2865074 |
| Hayward Holdings, Inc.\* | 363575 | 5868101 |
| Hexcel Corp. | 28166 | 2332426 |
| Leonardo DRS, Inc. | 90484 | 3715273 |
| Mueller Water Products, Inc., Class A | 87599 | 2371305 |
| WillScot Holdings Corp. | 79379 | 1589961 |
|  |  | 33262742 |
| **Information Technology - 24.6%** |  |  |
| Amplitude, Inc., Class A\* | 164993 | 1512986 |
| Box, Inc., Class A\* | 139751 | 3542688 |
| CommVault Systems, Inc.\* | 28851 | 2472531 |
| Crane NXT Co. | 38846 | 1962500 |
| CTS Corp. | 62452 | 3210657 |
| Entegris, Inc. | 45178 | 5334166 |
| FormFactor, Inc.\* | 32582 | 2296705 |
| Gitlab, Inc., Class A\* | 66319 | 2319839 |
| Knowles Corp.\* | 188621 | 4572173 |
| Mirion Technologies, Inc.\* | 48427 | 1202927 |
| Power Integrations, Inc. | 88947 | 4086225 |
| Viavi Solutions, Inc.\* | 102956 | 2518304 |
| Workiva, Inc.\* | 45556 | 3508723 |
|  |  | 38540424 |
| **Materials - 6.3%** |  |  |
| Eagle Materials, Inc. | 9007 | 1835717 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| Olin Corp. | 86140 | $1792573 |
| Scotts Miracle-Gro Co. | 96443 | 6193569 |
|  |  | 9821859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** <br> (Cost $116,067,537) |  | 148173871 |
| **SHORT-TERM INVESTMENTS - 5.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.650% | 8320442 | 8320442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** <br> (Cost $8,320,442) |  | 8320442 |
| **TOTAL INVESTMENTS - 100.1%** <br> (Cost $124,387,979) |  | 156494313 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (194418) |
| **TOTAL NET ASSETS - 100.0%** |  | $156299895 |

---

\* Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(A) 7-day yield.

See accompanying Notes to Portfolios of Investments.

**Madison Funds** \| January 31, 2026

**Notes to Portfolio of Investments** **(unaudited)**

**1. Portfolio Valuation:** Madison Funds, a Delaware business trust (the "Trust" and each series of the Trust referred to individually as a "Fund" and collectively, the "Funds") values securities and other investments as follows: Equity securities, including American Depositary Receipts ("ADRs"), Global Depository Receipts ("GDRs") and exchange-traded funds ("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the Funds utilize the NASDAQ Official Closing Price ("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on the New York Stock Exchange (the "NYSE"), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each Fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the "Underlying Funds"), the NAV of each Fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee (the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these Funds. However, an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund's NAV.

Rule 2a-5 under the 1940 Act (the "Valuation Rule") establishes requirements for determining fair value in good faith , including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available," which is the threshold for determining whether a fund must fair value a security. Among other things, the Valuation Rule permits a board of trustees of a fund to designate a fund's investment adviser as valuation designee to perform a fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to

**Madison Funds** \| January 31, 2026

**Notes to Portfolio of Investments** **(unaudited) - continued**

oversee a fund's investment adviser fair value determinations. The Board has designated the Funds' investment adviser as Valuation Designee and the Valuation Designee has delegated valuation decisions to the Committee.

A Fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's primary market or exchange (for example, a foreign exchange or market) and the time the Fund's share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.

**2. Fair Value Measurements:** Each Fund has adopted Financial Accounting Standards Board (the "FASB") guidance on fair value measurements. Fair value is defined as the price that each Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value for the period ended January 31, 2026 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As January 31, 2026, none of the Funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of January 31, 2026, in valuing the funds' investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each category):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at<br> 1/31/26** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $17338354 | $– | $– | $17338354 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 18475101 |  |  | 18475101 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4555058 | – | – | 4555058 |
|  | 40368513 |  |  | 40368513 |

---

**Madison Funds** \| January 31, 2026

**Notes to Portfolio of Investments** **(unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at<br> 1/31/26** |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $56315916 | $– | $– | $56315916 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 30873014 |  |  | 30873014 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 13472042 | – | – | 13472042 |
|  | 100660972 |  |  | 100660972 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 40974375 |  |  | 40974375 |
| &nbsp;&nbsp;&nbsp;Investment Companies | 13067766 |  |  | 13067766 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 5417253 | – | – | 5417253 |
|  | 59459394 |  |  | 59459394 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 112231286 |  |  | 112231286 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 5126 |  | 5126 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 7426121 | – | – | 7426121 |
|  | 119657407 | 5126 |  | 119662533 |
| **Tax-Free National** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | – | 18751379 | – | 18751379 |
|  |  | 18751379 |  | 18751379 |
| **High Quality Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 21343545 |  | 21343545 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 758055 |  | 758055 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 39145538 |  | 39145538 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 212281 | – | – | 212281 |
|  | 212281 | 61247138 |  | 61459419 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 3854436 |  | 3854436 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 11321304 |  | 11321304 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 3301321 |  | 3301321 |
| &nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 52991048 |  | 52991048 |
| &nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 4521745 |  | 4521745 |
| &nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 76502181 |  | 76502181 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 65522506 |  | 65522506 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 6011465 | – | – | 6011465 |
|  | 6011465 | 218014541 |  | 224026006 |
| **Covered Call & Equity Income** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 126845036 |  |  | 126845036 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 9527430 | – | – | 9527430 |
|  | 136372466 |  |  | 136372466 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options | (3072411) | – | – | (3072411) |
|  | (3072411) |  |  | (3072411) |
| **Dividend Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 109558105 |  |  | 109558105 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1666661 | – | – | 1666661 |
|  | 111224766 |  |  | 111224766 |
| **Large Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 320340503 |  |  | 320340503 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 24632839 | – | – | 24632839 |
|  | 344973342 |  |  | 344973342 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 1944676552 |  |  | 1944676552 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 52701691 | – | – | 52701691 |
|  | 1997378243 |  |  | 1997378243 |

---

**Madison Funds** \| January 31, 2026

**Notes to Portfolio of Investments** **(unaudited) - concluded**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at<br> 1/31/26** |
| **Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $148173871 | $– | $– | $148173871 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 8320442 | – | – | 8320442 |
|  | 156494313 |  |  | 156494313 |

---

<sup>1</sup>See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying Funds held in the Allocation Funds, including shareholder prospectuses and financial reports, please visit each Underlying fund's website or visit the Securities and Exchange Commission's website at http://www.sec.gov.

**Derivatives:** The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a Fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a Fund's financial position, results of operations.

The following table presents the types of derivatives in the Covered Call & Equity Income Fund as of January 31, 2026 and their effects:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** | **Statements of Asset & Liability Presentation of Fair Values of Derivative Instruments** |
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Fund** | <br>**Underlying Risk** | **Statements of Assets and<br> Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities Location** | **Fair Value** |
| **Covered Call & Equity Income** | Equity | Options Purchased | $– | Options Written | $(3072411) |

---

## 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 Covered Call & Equity Income Fund

- **b. EDGAR series identifier (if any):** S000026831

- **c. LEI of Series:** 254900477U55H8MDFD06

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $139246965.95

**Total Liabilities:** $5594586.57

**Net Assets:** $133652379.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080723 | -4.06%               | -5.27%               | -2.72%               |
| Class ID C000080724 | 1.93%                | 0.56%                | 3.26%                |
| Class ID C000116936 | 1.88%                | 0.58%                | 3.28%                |
| Class ID C000235946 | 1.93%                | 0.58%                | 3.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1333543.42              | $994246.94                                 |
| Month 2  | $376945.96               | $-856317.23                                |
| Month 3  | $-3543.36                | $6420297.65                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp/The                 | AES Corp.                                                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    602000 | NS      | $8819300.00   | 6.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                    | Adobe, Inc.                                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     16600 | NS      | $4867950.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc               | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8300 | NS      | $1986190.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                     | APA Corp.                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    205000 | NS      | $5414050.00   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co    | Archer-Daniels-Midland Co.                                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     96000 | NS      | $6461760.00   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                | CME Group, Inc.                                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5000 | NS      | $1445300.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp              | CVS Health Corp.                                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     78100 | NS      | $5820012.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co         | Colgate-Palmolive Co.                                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     32000 | NS      | $2889280.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips               | ConocoPhillips                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     69200 | NS      | $7212716.00   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc     | Constellation Brands, Inc.                                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     32100 | NS      | $5030070.00   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                 | Danaher Corp.                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     10000 | NS      | $2188900.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                   | Fiserv, Inc.                                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     33500 | NS      | $2134955.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc  | Honeywell International, Inc.                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     30100 | NS      | $6848352.00   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp         | Las Vegas Sands Corp.                                      | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     61000 | NS      | $3216530.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc     | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     26300 | NS      | $4949397.00   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co         | Matador Resources Co.                                      | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    137000 | NS      | $6197880.00   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp               | Microsoft Corp.                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10200 | NS      | $4388958.00   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc     | Microchip Technology, Inc.                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     78000 | NS      | $5921760.00   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                     | NIKE, Inc.                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     42500 | NS      | $2626925.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc          | PayPal Holdings, Inc.                                      | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     76500 | NS      | $4030785.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                  | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     51900 | NS      | $7973397.00   | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                   | Pfizer, Inc.                                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    123000 | NS      | $3252120.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc              | T-Mobile U.S., Inc.                                        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     23000 | NS      | $4535830.00   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4500 | NS      | $1448235.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co              | Weyerhaeuser Co.                                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    125000 | NS      | $3222500.00   | 2.41%             |  |  |  | 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        |   9527430 | NS      | $9527430.33   | 7.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -100 | NC      | $-6050.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -335 | NC      | $-33500.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -301 | NC      | $-591465.00   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -200 | NC      | $-52900.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -83 | NC      | $-62872.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -780 | NC      | $-429000.00   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -166 | NC      | $-13363.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -321 | NC      | $-168525.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -625 | NC      | $-73437.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -102 | NC      | $-10251.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -260 | NC      | $-57720.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -410 | NC      | $-12095.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -480 | NC      | $-276000.00   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -355 | NC      | $-8697.50     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -263 | NC      | $-97967.50    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -781 | NC      | $-28897.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -131 | NC      | $-21615.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -165 | NC      | $-17242.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -480 | NC      | $-76800.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1025 | NC      | $-65600.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -130 | NC      | $-135850.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -625 | NC      | $-20312.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -320 | NC      | $-84800.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -100 | NC      | $-5500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -346 | NC      | $-138400.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -772 | NC      | $-30880.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -3010 | NC      | $-100835.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -519 | NC      | $-282855.00   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -45 | NC      | $-16875.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -346 | NC      | $-109855.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.       | Option                                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -50 | NC      | $-42250.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                | Accenture PLC                                              | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     13100 | NS      | $3453684.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                | Medtronic PLC                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     20000 | NS      | $2059200.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd               | Transocean Ltd.                                            | CUSIP: 000000000<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |   1700000 | NS      | $8449000.00   | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-18

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer