# EDGAR Filing Document

**Accession Number:** 0001040612
**File Stem:** 0001752724-25-146764
**Filing Date:** 2025-6
**Character Count:** 11274
**Document Hash:** 09177e751be0ed48a3ab2abe24c399d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-146764.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001752724-25-146764

**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:** 251052049

**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:** 2025-04-30

**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:** $127215002.89

**Total Liabilities:** $402121.45

**Net Assets:** $126812881.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057658 | -4.86%               | -6.73%               | -6.82%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-117286.48              | $967044.32                                 |
| Month 2  | $39555.82                | $-2007396.76                               |
| Month 3  | $-396823.60              | $-1504028.26                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PSMC 2019-2 Trust                                     | PSMC Trust                                                                  | CUSIP: 69374XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       170 | PA      | $169.02       | 0.00%             | 2049-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Madison Covered Call ETF                              | Madison Covered Call ETF                                                    | CUSIP: 557441409<br>LEI: 5493000IABPYPS2KRC89 | Long             | EC               | RF                | US        |   1155000 | NS      | $19871313.00  | 15.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Aggregate Bond ETF                            | Madison Aggregate Bond ETF                                                  | CUSIP: 557441300<br>LEI: 5493000IAHAFHNP0JZ30 | Long             | EC               | RF                | US        |   1100000 | NS      | $22358930.00  | 17.63%            |  |  |  | No            |                  1 | On Loan: —       |
| Global X MLP ETF                                      | Global X MLP ETF                                                            | CUSIP: 37954Y343<br>LEI: 5493002HV8507QNNGD19 | Long             | EC               | RF                | US        |    102449 | NS      | $5044588.76   | 3.98%             |  |  |  | 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        |      2075 | NS      | $2075.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                                    | CUSIP: 36202DMR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1778 | PA      | $1858.18      | 0.00%             | 2031-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Madison Dividend Value ETF                            | Madison Dividend Value ETF                                                  | CUSIP: 557441508<br>LEI: 5493000IABVCBRPOIQ09 | Long             | EC               | RF                | US        |   1100000 | NS      | $23212860.00  | 18.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                           | Federal Home Loan Mortgage Corp.                                            | CUSIP: 3128PRP86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        31 | PA      | $31.07        | 0.00%             | 2025-05-01      | Fixed         | 4.50%                 | No            |                  2 | 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        |     48457 | NS      | $2543507.93   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Short-Term Strategic Income ETF               | Madison Short-Term Strategic Income ETF                                     | CUSIP: 557441201<br>LEI: 5493000IALOEBWLDVK15 | Long             | EC               | RF                | US        |   1412500 | NS      | $29018965.00  | 22.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                            | Federal National Mortgage Association                                       | CUSIP: 31390FC49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       196 | PA      | $204.53       | 0.00%             | 2032-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                           | Federal Home Loan Mortgage Corp.                                            | CUSIP: 31292HDJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       360 | PA      | $377.16       | 0.00%             | 2030-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF                    | SPDR Portfolio High Yield Bond ETF                                          | CUSIP: 78468R606<br>LEI: N/A                  | Long             | EC               | RF                | US        |    542954 | NS      | $12623680.50  | 9.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA CLO ETF                           | Janus Henderson AAA CLO ETF                                                 | CUSIP: 47103U845<br>LEI: 549300N7UZ9PO4OVKA94 | Long             | EC               | RF                | US        |     14937 | NS      | $754915.98    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association              | Government National Mortgage Association                                    | CUSIP: 36202DAP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2075 | PA      | $2127.29      | 0.00%             | 2029-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                            | Federal National Mortgage Association                                       | CUSIP: 31388K3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1935 | PA      | $2019.39      | 0.00%             | 2031-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Schwab US Dividend Equity ETF                         | Schwab U.S. Dividend Equity ETF                                             | CUSIP: 808524797<br>LEI: 549300MUIMRQQDWJ5226 | Long             | EC               | RF                | US        |    172293 | NS      | $4448605.26   | 3.51%             |  |  |  | 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        |    941451 | NS      | $941451.00    | 0.74%             |  |  |  | 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        |    141625 | NS      | $6387287.50   | 5.04%             |  |  |  | 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