# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146768
**Filing Date:** 2025-6
**Character Count:** 9998
**Document Hash:** 453e2d979a1048124f1de7618ac87a5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146768.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146768

**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:** 251052053

**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 Aggressive Allocation Fund (Series ID: S000020662)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000057675 | Aggressive Allocation Fund Class A | magsx           |

## 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 Aggressive Allocation Fund

- **b. EDGAR series identifier (if any):** S000020662

- **c. LEI of Series:** 254900QK8DPJA3JLJE64

**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:** $56706954.79

**Total Liabilities:** $5550902.85

**Net Assets:** $51156051.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057675 | -5.90%               | -8.50%               | -6.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $146939.04               | $-261145.67                                |
| Month 2  | $-9299.04                | $-1637393.19                               |
| Month 3  | $-125465.62              | $-289073.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI Eurozone ETF                                        | iShares MSCI Eurozone ETF                                                   | CUSIP: 464286608<br>LEI: 549300Q88WD2SU6SPH06 | Long             | EC               | RF                | US        |     31057 | NS      | $1730496.04   | 3.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality Etf | Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality ETF            | CUSIP: 46137V241<br>LEI: 549300CMNB8U49G4GY75 | Long             | EC               | RF                | US        |    109651 | NS      | $7253413.65   | 14.18%            |  |  |  | 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        |   5521766 | NS      | $5521765.75   | 10.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Distillate US Fundamental Stability & Value ETF                  | Distillate U.S. Fundamental Stability & Value ETF                           | CUSIP: 26922A321<br>LEI: 5493002W0E8K4UD8QD78 | Long             | EC               | RF                | US        |     92013 | NS      | $4837123.41   | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treasury ETF                            | SPDR Portfolio Long Term Treasury ETF                                       | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |     22548 | NS      | $606541.20    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund                                   | Energy Select Sector SPDR Fund ETF                                          | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             | EC               | RF                | US        |     12061 | NS      | $970910.50    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Information Technology ETF                              | Vanguard Information Technology ETF                                         | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             | EC               | RF                | US        |      5817 | NS      | $3196150.65   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Investors Fund                                           | Madison Investors Fund                                                      | CUSIP: 557492386<br>LEI: 5493000V85LMHCOTG216 | Long             | EC               | RF                | US        |    303509 | NS      | $8586275.61   | 16.78%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Small-Cap ETF                                   | iShares Core S&P Small-Cap ETF                                              | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             | EC               | RF                | US        |     23021 | NS      | $2305092.73   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF                                         | Vanguard FTSE Europe ETF                                                    | CUSIP: 922042874<br>LEI: 5493000IQHGUVNGQR883 | Long             | EC               | RF                | US        |     57750 | NS      | $4210552.50   | 8.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Franklin FTSE Japan ETF                                          | Franklin FTSE Japan ETF                                                     | CUSIP: 35473P744<br>LEI: 549300V7MZYC1Z30JS82 | Long             | EC               | RF                | US        |     96500 | NS      | $2949040.00   | 5.76%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI Emerging Markets Asia ETF                           | iShares MSCI Emerging Markets Asia ETF                                      | CUSIP: 464286426<br>LEI: 549300QNROXHZ53JWF91 | Long             | EC               | RF                | US        |     37691 | NS      | $2771042.32   | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Bank ETF                                                | SPDR S&P Bank ETF                                                           | CUSIP: 78464A797<br>LEI: 549300WRV3OCU6OV1X49 | Long             | EC               | RF                | US        |     47574 | NS      | $2408671.62   | 4.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Madison Core Bond Fund                                           | Madison Core Bond Fund                                                      | CUSIP: 557492196<br>LEI: 254900KXQJDPZNNEA190 | Long             | EC               | RF                | US        |    833989 | NS      | $7480877.86   | 14.62%            |  |  |  | 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        |   1031202 | NS      | $1031201.52   | 2.02%             |  |  |  | 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        |     18274 | NS      | $824157.40    | 1.61%             |  |  |  | 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