# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001410368-25-037766
**Filing Date:** 2025-12
**Character Count:** 10046
**Document Hash:** 6e73a945719c590897b9bd7725b77f97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-037766.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001410368-25-037766

**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:** 251573999

**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 Diversified Income Fund (Series ID: S000020653)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000057658 | Diversified Income Fund Class A | mblax           |

## 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 Diversified Income Fund

- **b. EDGAR series identifier (if any):** S000020653

- **c. LEI of Series:** 2549004YBX4K09HCUE64

**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:** $121746523.80

**Total Liabilities:** $5813831.87

**Net Assets:** $115932691.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057658 | -3.97%               | -5.65%               | -6.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26870.00               | $1992753.93                                |
| Month 2  | $116522.41               | $-545968.14                                |
| Month 3  | $19002.50                | $-1055470.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freddie Mac                                           | Federal Home Loan Mortgage Corp.                                            | CUSIP: 31292HDJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       327 | PA      | $341.06       | 0.00%             | 2030-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Federal National Mortgage Association                                       | CUSIP: 31388K3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1717 | PA      | $1793.48      | 0.00%             | 2031-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Federal National Mortgage Association                                       | CUSIP: 31390FC49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       179 | PA      | $186.59       | 0.00%             | 2032-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                                    | CUSIP: 36202DAP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1701 | PA      | $1753.22      | 0.00%             | 2029-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                                    | CUSIP: 36202DMR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1486 | PA      | $1548.35      | 0.00%             | 2031-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global X MLP ETF                                      | Global X MLP ETF                                                            | CUSIP: 37954Y343<br>LEI: 5493002HV8507QNNGD19 | Long             | EC               | RF                | US        |     86949 | NS      | $4177899.45   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | iShares 5-10 Year Investment Grade Corporate Bond ETF                       | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |     27605 | NS      | $1492602.35   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Mortgage-Backed Securities ETF        | Janus Henderson Mortgage-Backed Securities ETF                              | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |    110419 | NS      | $5066023.72   | 4.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Madison Short-Term Strategic Income ETF               | Madison Short-Term Strategic Income ETF                                     | CUSIP: 557441201<br>LEI: 5493000IALOEBWLDVK15 | Long             | EC               | RF                | US        |   1362500 | NS      | $28087937.50  | 24.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Aggregate Bond ETF                            | Madison Aggregate Bond ETF                                                  | CUSIP: 557441300<br>LEI: 5493000IAHAFHNP0JZ30 | Long             | EC               | RF                | US        |    900000 | NS      | $18490500.00  | 15.95%            |  |  |  | No            |                  1 | On Loan: —       |
| Madison Covered Call ETF                              | Madison Covered Call ETF                                                    | CUSIP: 557441409<br>LEI: 5493000IABPYPS2KRC89 | Long             | EC               | RF                | US        |    985000 | NS      | $18182213.50  | 15.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Dividend Value ETF                            | Madison Dividend Value ETF                                                  | CUSIP: 557441508<br>LEI: 5493000IABVCBRPOIQ09 | Long             | EC               | RF                | US        |   1010000 | NS      | $22774490.00  | 19.64%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio High Yield Bond ETF       | State Street SPDR Portfolio High Yield Bond ETF                             | CUSIP: 78468R606<br>LEI: 549300B3SM8J1H4W2052 | Long             | EC               | RF                | US        |    521954 | NS      | $12422505.20  | 10.72%            |  |  |  | No            |                  1 | On Loan: —       |
| Schwab US Dividend Equity ETF                         | Schwab U.S. Dividend Equity ETF                                             | CUSIP: 808524797<br>LEI: 549300MUIMRQQDWJ5226 | Long             | EC               | RF                | US        |    172202 | NS      | $4606403.50   | 3.97%             |  |  |  | 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        |    971947 | NS      | $971947.35    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                          | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   5468070 | NS      | $5468070.00   | 4.72%             |  |  |  | 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