# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-25-037775
**Filing Date:** 2025-12
**Character Count:** 17533
**Document Hash:** 45cda7c02848243afc71d2ec9e8e5efe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037775.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037775

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 251574009

**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 Dividend Income Fund (Series ID: S000040132)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000124795 | Dividend Income Fund Class Y | BHBFX           |
| C000221334 | Dividend Income Fund Class I | MDMIX           |
| C000235948 | Dividend Income Fund Cass R6 | MADRX           |

## 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 Dividend Income Fund

- **b. EDGAR series identifier (if any):** S000040132

- **c. LEI of Series:** 2549003L8OSO2VIZPK74

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $111969335.53

**Total Liabilities:** $96731.58

**Net Assets:** $111872603.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124795 | 3.81%                | -0.19%               | -2.33%               |
| Class ID C000221334 | 3.81%                | -0.20%               | -2.29%               |
| Class ID C000235948 | 3.77%                | -0.18%               | -2.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-144653.84              | $4409179.68                                |
| Month 2  | $1123938.66              | $-1536454.44                               |
| Month 3  | $-912223.16              | $-1924017.11                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories             | Abbott Laboratories                                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     25750 | NS      | $3183215.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                      | AbbVie, Inc.                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     15000 | NS      | $3270600.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc  | Air Products & Chemicals, Inc.                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      7500 | NS      | $1819425.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp             | American Tower Corp.                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     14000 | NS      | $2505720.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc              | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     10500 | NS      | $2458365.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc             | Elevance Health, Inc.                                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      5000 | NS      | $1586000.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc   | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     12800 | NS      | $3331840.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp            | Bank of America Corp.                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     64300 | NS      | $3436835.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                   | Blackrock, Inc.                                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      4000 | NS      | $4331240.00   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                   | CME Group, Inc.                                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     14800 | NS      | $3929252.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                 | Caterpillar, Inc.                                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      3150 | NS      | $1818369.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                    | Chevron Corp.                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25300 | NS      | $3990316.00   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co            | Colgate-Palmolive Co.                                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     21800 | NS      | $1679690.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                     | Cummins, Inc.                                              | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      4725 | NS      | $2068038.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc               | EOG Resources, Inc.                                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     27400 | NS      | $2900016.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                | Exxon Mobil Corp.                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     27000 | NS      | $3087720.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                     | Fastenal Co.                                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     60600 | NS      | $2493690.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                  | Hershey Co.                                                | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     10050 | NS      | $1704781.50   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The              | Home Depot, Inc.                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10300 | NS      | $3909777.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc     | Honeywell International, Inc.                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     17600 | NS      | $3543408.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc         | Illinois Tool Works, Inc.                                  | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     13200 | NS      | $3219744.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co             | JPMorgan Chase & Co.                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     10325 | NS      | $3212314.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson               | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     26900 | NS      | $5080603.00   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                  | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     12700 | NS      | $3024251.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc        | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     10350 | NS      | $1843852.50   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                 | McDonald's Corp.                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5200 | NS      | $1551836.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                  | Morgan Stanley                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     29200 | NS      | $4788800.00   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc              | NextEra Energy, Inc.                                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     56400 | NS      | $4590960.00   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                        | NIKE, Inc.                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     25623 | NS      | $1654989.57   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                     | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     16200 | NS      | $2366658.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The         | Procter & Gamble Co.                                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     14400 | NS      | $2165328.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                    | QUALCOMM, Inc.                                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12600 | NS      | $2279340.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc         | Rockwell Automation, Inc.                                  | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      5900 | NS      | $2173324.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc | Solstice Advanced Materials, Inc.                          | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      4400 | NS      | $198308.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                  | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     15300 | NS      | $1237311.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc           | Texas Instruments, Inc.                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     18900 | NS      | $3051594.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp              | Union Pacific Corp.                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     15750 | NS      | $3470827.50   | 3.10%             |  |  |  | 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        |   1606846 | NS      | $1606846.10   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                   | Medtronic PLC                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     38500 | NS      | $3491950.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC             | TE Connectivity PLC                                        | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     15100 | NS      | $3729851.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer