<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000857016
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MADISON BOND FUND, INC.
001 B000000 811-5952
001 C000000 6082740300
002 A000000 6411 MINERAL POINT ROAD
002 B000000 MADISON
002 C000000 WI
002 D010000 53705
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MADISON INVESTMENT ADVISORS, INC.
008 B000001 A
008 C000001 801-9840
008 D010001 MADISON
008 D020001 WI
008 D030001 53705
012 A000001 FIRSTAR TRUST COMPANY
012 B000001 85-00410
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53202
013 A000001 WILLIAMS, YOUNG & ASSOCIATES LLC
013 B010001 MADISON
013 B020001 WI
013 B030001 53708
015 A000001 FIRSTAR TRUST COMPANY
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
<PAGE> PAGE 2
015 C030001 53202
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 16
019 C000000 GITINVESTM
020 A000001 PERSHING
020 B000001 23-1707341
020 C000001 6
020 A000002 DONALDSON, LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 7
022 A000001 RODMAN & RENSHAW
022 B000001 14-2969143
022 C000001 798
022 D000001 1386
022 A000002 DAIN BOSWORTH
022 B000002 41-1414269
022 C000002 779
022 D000002 1329
022 A000003 GX CLARKE
022 B000003 14-2969143
022 C000003 912
022 D000003 747
022 C000004 0
022 D000004 0
022 A000005 PAINE WEBBER
022 B000005 13-2638166
022 C000005 367
022 D000005 252
022 C000006 0
022 D000006 0
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007 250
022 D000007 0
022 A000008 RAYMOND JAMES
022 B000008 59-1237041
022 C000008 243
022 D000008 0
022 A000009 PIPER JAFFRAY
022 B000009 41-1422918
<PAGE> PAGE 3
022 C000009 101
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 3450
023 D000000 3714
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 A000004 DELETE
025 D000004 0
025 A000005 DELETE
025 D000005 0
025 A000006 DELETE
025 D000006 0
025 D000007 0
025 A000008 DELETE
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1
028 A020000 47
028 A030000 0
028 A040000 0
028 B010000 2
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 3
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 21
028 D020000 41
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 38
<PAGE> PAGE 4
028 F030000 0
028 F040000 0
028 G010000 27
028 G020000 126
028 G030000 0
028 G040000 0
028 H000000 0
029 000000 Y
030 A000000 0
030 B000000 2.50
030 C000000 2.50
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 Y
035 000000 8
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
<PAGE> PAGE 5
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 2.2
062 M000000 51.5
<PAGE> PAGE 6
062 N000000 7.2
062 O000000 0.0
062 P000000 31.4
062 Q000000 3.5
062 R000000 4.1
063 A000000 0
063 B000000 7.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 N
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 4199
<PAGE> PAGE 7
071 B000000 5661
071 C000000 4456
071 D000000 94
072 A000000 12
072 B000000 304
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 24
072 G000000 0
072 H000000 0
072 I000000 10
072 J000000 1
072 K000000 1
072 L000000 4
072 M000000 4
072 N000000 2
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 10
072 S000000 1
072 T000000 12
072 U000000 3
072 V000000 0
072 W000000 0
072 X000000 72
072 Y000000 0
072 Z000000 232
072AA000000 64
072BB000000 41
072CC010000 9
072CC020000 0
072DD010000 231
072DD020000 0
072EE000000 0
073 A010000 1.0660
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 92
074 D000000 3830
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 116
074 K000000 0
<PAGE> PAGE 8
074 L000000 65
074 M000000 0
074 N000000 4103
074 O000000 0
074 P000000 8
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 7
074 S000000 0
074 T000000 4088
074 U010000 198
074 U020000 0
074 V010000 20.63
074 V020000 0.00
074 W000000 0.0000
074 X000000 152
074 Y000000 0
075 A000000 0
075 B000000 4696
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 3000
081 A000000 Y
081 B000000 19
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ELIZABETH HENDRICKS
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
current forms NSAR, N1A and financial statements and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000857016
<NAME> MADISON BOND FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3,913,000
<INVESTMENTS-AT-VALUE> 3,921,000
<RECEIVABLES> 181,000
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,102,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,000
<TOTAL-LIABILITIES> 14,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,375,000
<SHARES-COMMON-STOCK> 198,179
<SHARES-COMMON-PRIOR> 273,563
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,000
<NET-ASSETS> 4,088,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 304
<OTHER-INCOME> 0
<EXPENSES-NET> 72,000
<NET-INVESTMENT-INCOME> 232,000
<REALIZED-GAINS-CURRENT> 23,000
<APPREC-INCREASE-CURRENT> (155,000)
<NET-CHANGE-FROM-OPS> (132,000)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 231,000
<DISTRIBUTIONS-OF-GAINS> 173,000
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,000
<NUMBER-OF-SHARES-REDEEMED> 86,000
<SHARES-REINVESTED> 8,000
<NET-CHANGE-IN-ASSETS> 1,704,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72,000
<AVERAGE-NET-ASSETS> 4,695,000
<PER-SHARE-NAV-BEGIN> 21.17
<PER-SHARE-NII> 1.07
<PER-SHARE-GAIN-APPREC> (0.55)
<PER-SHARE-DIVIDEND> 1.06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.63
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
