# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146759
**Filing Date:** 2025-6
**Character Count:** 14533
**Document Hash:** 9278f0cddbcabd4643e2bd3c571908ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146759.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146759

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612

**ORGANIZATION NAME:**
- **EIN:** 391894316
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 251052043

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMBERS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19970609

## Series and Classes Contracts Data

### Madison Large Cap Fund (Series ID: S000040131)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MADISON FUNDS

- **b. Investment Company Act file number:** 811-08261

- **c. CIK number of Registrant:** 0001040612

- **d. LEI of Registrant:** 25490037IZEAAJ1OT743

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 SCIENCE DRIVE

  - **City:** MADISON

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

  - **Telephone number:** 608-274-0300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Madison Investors Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $402207583.45

**Total Liabilities:** $306659.26

**Net Assets:** $401900924.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221333 | -1.54%               | -4.60%               | -2.44%               |
| Class ID C000124794 | -1.56%               | -4.63%               | -2.43%               |
| Class ID C000130691 | -7.26%               | -10.13%              | -8.03%               |
| Class ID C000130690 | -1.55%               | -4.61%               | -2.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3037705.89              | $-9972802.80                               |
| Month 2  | $0.00                    | $-20307250.22                              |
| Month 3  | $7067596.28              | $-17280010.00                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accenture PLC                | Accenture PLC                                              | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     37134 | NS      | $11108636.10  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The         | Progressive Corp.                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     60947 | NS      | $17171207.78  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp       | Liberty Broadband Corp.                                    | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     82684 | NS      | $7473806.76   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd       | Arch Capital Group Ltd.                                    | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    276047 | NS      | $25031941.96  | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                     | NIKE, Inc.                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     78353 | NS      | $4419109.20   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc     | Agilent Technologies, Inc.                                 | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     93557 | NS      | $10066733.20  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                     | Alcon AG                                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    166764 | NS      | $16277834.04  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc        | Texas Instruments, Inc.                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     79359 | NS      | $12701407.95  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     46105 | NS      | $15929277.50  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc          | Elevance Health, Inc.                                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     22139 | NS      | $9311220.62   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                   | Fiserv, Inc.                                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    118047 | NS      | $21787934.79  | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc               | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     63788 | NS      | $14260445.28  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                  | CDW Corp.                                                  | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     39460 | NS      | $6335697.60   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                 | Alphabet, Inc.                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    184863 | NS      | $29742608.07  | 7.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc     | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     48673 | NS      | $10974301.31  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                   | Airbnb, Inc.                                               | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     52618 | NS      | $6415186.56   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                   | PACCAR, Inc.                                               | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    170897 | NS      | $15416618.37  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The              | TJX Cos., Inc.                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     69627 | NS      | $8959602.36   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc       | Berkshire Hathaway, Inc.                                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     18124 | NS      | $9664623.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp              | Brookfield Corp.                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    214918 | NS      | $11534649.06  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp         | Parker-Hannifin Corp.                                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     22625 | NS      | $13689482.50  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                   | Deere & Co.                                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     21265 | NS      | $9857603.40   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc           | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     71598 | NS      | $13955882.16  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The      | Charles Schwab Corp.                                       | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    120034 | NS      | $9770767.60   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp               | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     87225 | NS      | $6982361.25   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc     | Ferguson Enterprises, Inc.                                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     89953 | NS      | $15261425.98  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                   | Copart, Inc.                                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    250961 | NS      | $15316149.83  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc    | Keysight Technologies, Inc.                                | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     91985 | NS      | $13374619.00  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                 | Danaher Corp.                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     77714 | NS      | $15490731.62  | 3.85%             |  |  |  | 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        |   4425934 | NS      | $4425934.03   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc               | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    101538 | NS      | $18725637.96  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-20

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer