# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-26-064086
**Filing Date:** 2026-6
**Character Count:** 32728
**Document Hash:** e94e4b3af703f0b3c04c8dd217135a17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-064086.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001410368-26-064086

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**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:** 261111821

**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 Tax-Free National Fund (Series ID: S000040135)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000124800 | Tax-Free National Fund Class Y | GTFHX           |

## 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 Tax-Free National Fund

- **b. EDGAR series identifier (if any):** S000040135

- **c. LEI of Series:** 254900DRN3ZJ1ZWWSW82

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

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

- **b. Date as of which information is reported:** 2026-04-30

**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:** $18409563.53

**Total Liabilities:** $52782.50

**Net Assets:** $18356781.03

**Cash Not Reported:** $33405.10

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -35.55000000 | **1-Year:** -896.99000000 | **5-Year:** -3111.37000000 | **10-Year:** -4951.89000000 | **30-Year:** -1103.33000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.42000000 | **1-Year:** -9.13000000 | **5-Year:** -133.34000000 | **10-Year:** -132.46000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124800 | 0.82%                | -1.71%               | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $247.50                  | $123250.04                                 |
| Month 2  | $3634.74                 | $-378958.16                                |
| Month 3  | $0.00                    | $108956.38                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Village of Bourbonnais IL                                                     | Village of Bourbonnais                                                        | CUSIP: 102014EW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $338303.32    | 1.84%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                       | Port Authority of New York & New Jersey                                       | CUSIP: 733580YM0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180311.11    | 0.98%             | 2028-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | CUSIP: 54466HFX9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122610.73    | 0.67%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                   | Eastern Kentucky University                                                   | CUSIP: 276552DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $445629.50    | 2.43%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                           | Mobile County                                                                 | CUSIP: 6072677Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $648896.71    | 3.53%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                      | West Virginia University                                                      | CUSIP: 956704B33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $266439.08    | 1.45%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                     | Philadelphia Gas Works Co.                                                    | CUSIP: 71783MCZ6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    170000 | PA      | $185676.30    | 1.01%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Superior WI                                                           | City of Superior                                                              | CUSIP: 868392V73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142226.23    | 0.77%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | Indiana Finance Authority                                                     | CUSIP: 45471CDQ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244473.58    | 1.33%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington                                                           | CUSIP: 93974EC87<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     80000 | PA      | $89710.84     | 0.49%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                         | Harris County Toll Road Authority                                             | CUSIP: 41423PBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302697.12    | 1.65%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Americus-Sumter Payroll Development Authority                                 | Americus-Sumter Payroll Development Authority                                 | CUSIP: 03069XCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148814.60    | 0.81%             | 2033-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Ogden City UT Sewer & Water Revenue                                   | Ogden City Sewer & Water Revenue                                              | CUSIP: 676313AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262082.80    | 1.43%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 111 Burbank                                    | Cook County School District No. 111 Burbank                                   | CUSIP: 214579MB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201338.24    | 1.10%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                       | Elkhorn School District                                                       | CUSIP: 259309K76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $318883.16    | 1.74%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Center TX                                                             | Center                                                                        | CUSIP: 151717QJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $374350.25    | 2.04%             | 2034-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio Electric & Gas Systems Revenue                            | CUSIP: 79625GMF7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264439.13    | 1.44%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | Indiana Finance Authority                                                     | CUSIP: 45470YFJ5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    140000 | PA      | $146494.87    | 0.80%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                              | Commonwealth Financing Authority                                              | CUSIP: 20281PJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $371641.88    | 2.02%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                      | City of Portland Sewer System Revenue                                         | CUSIP: 736742K63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $368421.41    | 2.01%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Economic Development District                                  | Juban Crossing Economic Development District                                  | CUSIP: 48125RAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85469.87     | 0.47%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                 | New Jersey Turnpike Authority                                                 | CUSIP: 646139T47<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261662.80    | 1.43%             | 2028-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hialeah FL Utility System                                             | Hialeah Utility System                                                        | CUSIP: 428415AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429847.84    | 2.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Otero NM                                                            | Otero County                                                                  | CUSIP: 688869BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $199245.29    | 1.09%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka | Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka | CUSIP: 979302BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $345447.77    | 1.88%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                        | Wisconsin Department of Transportation                                        | CUSIP: 9771232K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101178.65    | 0.55%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elk City Industrial Authority                                                 | Elk City Industrial Authority                                                 | CUSIP: 287178AL1<br>LEI: 254900M6FZ4FQFLKMD91 | Long             | DBT              | MUN               | US        |    335000 | PA      | $343174.67    | 1.87%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Polk FL Utility System Revenue                                      | County of Polk Utility System Revenue                                         | CUSIP: 731167GU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362775.28    | 1.98%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                             | Tulsa County Industrial Authority                                             | CUSIP: 899521CF3<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399703.32    | 2.18%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Oakland Park FL                                                       | City of Oakland Park                                                          | CUSIP: 673530BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102033.88    | 0.56%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                  | West Virginia Economic Development Authority                                  | CUSIP: 95648XBG9<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    450000 | PA      | $458071.61    | 2.50%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sedgwick KS                                                         | County of Sedgwick                                                            | CUSIP: 815323TG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254570.40    | 1.39%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southampton County Industrial Development Authority                           | Southampton County Industrial Development Authority                           | CUSIP: 841013BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $481139.34    | 2.62%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                 | New Jersey Turnpike Authority                                                 | CUSIP: 646139T54<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267965.00    | 1.46%             | 2029-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                           | Wisconsin Health & Educational Facilities Authority                           | CUSIP: 97712DQP4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400028.72    | 2.18%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund            | Ohio Water Development Authority Water Pollution Control Loan Fund            | CUSIP: 67766WT44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271545.50    | 1.48%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority                                                      | CUSIP: 74444KCK8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214546.00    | 1.17%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Regional Jail Authority                                               | Western Regional Jail Authority                                               | CUSIP: 95984REA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252385.20    | 1.37%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                                               | Alexandria Sanitation Authority                                               | CUSIP: 015343AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208839.02    | 1.14%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority                                            | CUSIP: 64983SFU4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269531.33    | 1.47%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                          | Colorado Springs Utilities System Revenue                                     | CUSIP: 196632T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252485.15    | 1.38%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Whitewater WI                                                         | City of Whitewater                                                            | CUSIP: 966204RG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $314446.86    | 1.71%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Buffalo Grove IL                                                   | Village of Buffalo Grove                                                      | CUSIP: 119535PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $327183.87    | 1.78%             | 2038-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Green Bay WI                                                          | City of Green Bay WI                                                          | CUSIP: 392642BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $361126.73    | 1.97%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York                                                              | CUSIP: 64966SAX4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    280000 | PA      | $295503.77    | 1.61%             | 2047-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Palatine IL                                                        | Palatine Village                                                              | CUSIP: 696089N56<br>LEI: 549300JX7395NR6LU512 | Long             | DBT              | MUN               | US        |    175000 | PA      | $167304.15    | 0.91%             | 2028-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Wayland MI                                                            | City of Wayland MI                                                            | CUSIP: 944225DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186454.93    | 1.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lincoln Center Building Corp                                                  | Lincoln Center Building Corp.                                                 | CUSIP: 53307TAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $291598.86    | 1.59%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                        | Roanoke Economic Development Authority                                        | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269229.73    | 1.47%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No 186 Springfield                            | Sangamon County School District No. 186 Springfield                           | CUSIP: 800766PB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264317.83    | 1.44%             | 2058-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                 | Fairfax County Economic Development Authority                                 | CUSIP: 30382EHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93490.88     | 0.51%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                         | City of Pittsburgh                                                            | CUSIP: 725209NA4<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352570.51    | 1.92%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                            | Isle Wight County Industrial Development Authority                            | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420946.00    | 2.29%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Whitestown Redevelopment Authority                                            | Whitestown Redevelopment Authority                                            | CUSIP: 966100CP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $268936.75    | 1.47%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lafourche Parish School Board                                                 | Lafourche Parish School Board                                                 | CUSIP: 507012YE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155677.01    | 0.85%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                               | Tampa Bay Water                                                               | CUSIP: 875124HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212504.30    | 1.16%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp                                      | Medical Center Educational Building Corp.                                     | CUSIP: 584556FC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $485705.46    | 2.65%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Woods Public Schools                                                   | Warren Woods Public Schools                                                   | CUSIP: 936019RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312424.86    | 1.70%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington WI                                                         | City of Burlington WI                                                         | CUSIP: 122133SM4<br>LEI: 549300TTCJ3UTB6QDT32 | Long             | DBT              | MUN               | US        |    580000 | PA      | $594284.82    | 3.24%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                          | Pike Road                                                                     | CUSIP: 72129PBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170109.65    | 0.93%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                 | Montgomery Water Works & Sanitary Sewer Board                                 | CUSIP: 613105MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $338453.39    | 1.84%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                        | Utah Transit Authority                                                        | CUSIP: 917565KD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $321020.56    | 1.75%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No 111 Burbank                                    | Cook County School District No. 111 Burbank                                   | CUSIP: 214579MD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $559582.95    | 3.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-14

**Name of Applicant:** MADISON FUNDS

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer