# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146761
**Filing Date:** 2025-6
**Character Count:** 16017
**Document Hash:** 593d4942ab9dc68e1edef25df35902d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146761.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146761

**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:** 251052045

**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 Mid Cap Fund (Series ID: S000020651)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000057652 | Mid Cap Fund Class A  | merax           |
| C000057654 | Mid Cap Fund Class Y  | GTSGX           |
| C000124803 | Mid Cap Fund Class R6 | MMCRX           |
| C000221332 | Mid Cap Fund Class I  | MDCIX           |

## 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 Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000020651

- **c. LEI of Series:** 254900GFBYFLI6QYMW95

**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:** $2077426366.86

**Total Liabilities:** $1400228.55

**Net Assets:** $2076026138.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124803 | -3.12%               | -5.16%               | -0.43%               |
| Class ID C000057654 | -3.16%               | -5.14%               | -0.51%               |
| Class ID C000221332 | -3.16%               | -5.13%               | -0.45%               |
| Class ID C000057652 | -8.83%               | -10.62%              | -6.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-71150124.76                              |
| Month 2  | $14642502.71             | $-126145724.54                             |
| Month 3  | $-25519461.94            | $14425151.19                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Teledyne Technologies Inc                  | Teledyne Technologies, Inc.                                | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |    115546 | NS      | $53847902.38  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc | Expeditors International of Washington, Inc.               | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    277086 | NS      | $30454522.26  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                     | Liberty Broadband Corp.                                    | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    705012 | NS      | $63726034.68  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                | Trex Co., Inc.                                             | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    987794 | NS      | $57114249.08  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                              | Amphenol Corp.                                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |   1259841 | NS      | $96944764.95  | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd            | Brookfield Asset Management Ltd.                           | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |    986416 | NS      | $52605565.28  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp                          | Brown-Forman Corp.                                         | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |    989138 | NS      | $34461567.92  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group Ltd.                                    | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |   1757554 | NS      | $159374996.72 | 7.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                          | Lithia Motors, Inc.                                        | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |    147554 | NS      | $43197909.04  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                   | Microchip Technology, Inc.                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    754478 | NS      | $34766346.24  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                | Asbury Automotive Group, Inc.                              | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |    195425 | NS      | $42630009.50  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                | CDW Corp.                                                  | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    522850 | NS      | $83948796.00  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                           | W.R. Berkley Corp.                                         | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    939437 | NS      | $67348238.53  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                | Gartner, Inc.                                              | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    284877 | NS      | $119956007.16 | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                 | PACCAR, Inc.                                               | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    849562 | NS      | $76638988.02  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                           | Carlisle Cos., Inc.                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    258032 | NS      | $97917983.36  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                       | Medpace Holdings, Inc.                                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |    151021 | NS      | $46573366.19  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                       | Labcorp Holdings, Inc.                                     | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    285346 | NS      | $68771239.46  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                        | Arista Networks, Inc.                                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    602790 | NS      | $49591533.30  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One     | Liberty Media Corp.-Liberty Formula One                    | CUSIP: 531229771<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    454863 | NS      | $36639214.65  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                            | Ross Stores, Inc.                                          | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    824078 | NS      | $114546842.00 | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers, Inc.                                 | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    196598 | NS      | $22897769.06  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown, Inc.                                        | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    999354 | NS      | $110528552.40 | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                        | MKS Instruments, Inc.                                      | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    708972 | NS      | $49727296.08  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One     | Liberty Media Corp.-Liberty Formula One                    | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    308794 | NS      | $27380763.98  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                 | Copart, Inc.                                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |   1682604 | NS      | $102689322.12 | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                  | Kinsale Capital Group, Inc.                                | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     84571 | NS      | $36810373.46  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co.                                               | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    631563 | NS      | $33839145.54  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                        | Glacier Bancorp, Inc.                                      | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    536948 | NS      | $21886000.48  | 1.05%             |  |  |  | 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        |  79420791 | NS      | $79420790.91  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                        | Thor Industries, Inc.                                      | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |    573180 | NS      | $41509695.60  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                | Waters Corp.                                               | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    160273 | NS      | $55731730.29  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                  | Graco, Inc.                                                | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |    258220 | NS      | $21073334.20  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                 | Floor & Decor Holdings, Inc.                               | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    557880 | NS      | $39854947.20  | 1.92%             |  |  |  | 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